Whenever the real estate market is on fire, as it is right now in Manhattan Beach, the demand for luxury homes intensifies and builders are happy to take advantage of this dramatic increase in demand…..and why wouldn’t they?
It’s not hard to see why builders are scrambling to buy any fixer, tear down, or even the charming, but smaller, beach bungalow. We’re seeing prices of new construction reach heights that would have seemed impossible not long ago and the usual constraints such as smaller lots, less than ideal locations, and even lot prices well beyond lot values don’t seem to matter.
Let’s look at a few recent properties:
Sold December 2013 (above left 1952 1138 ft bungalow on 5417 foot lot) at $1,552,000 and recently listed (above right 5 bed/5 bath 5000 sq feet) at $4,499,000
1905 Elm in the Tree Section
Sold in May of 2013 (above left – 1952 beach bungalow) for $1,131,000 and currently in escrow (above right – 5 bed/5 bath 3111 square feet) with list price of $3,100,000
128 14th Street in the sand section
Sold in April 2012 (1954 built triplex) for $1,950,000 and currently in escrow (4 bed/5 bath 4000 feet) with list price of $5,995,800.
433 Marine Place in the Sand Section
Very poor condition home at 433 Marine Place sold for $957,000 in March 2012. Home was torn down with 2 new townhomes put on the lot. Townhome at 433 Marine Place (3 bed/4 bath 2000 square feet) selling at $1,979,000….while second townhome at 432 23rd Street (3 bed/4 bath 1929 square feet) sold for $2,152,000
There are countless other recent sales and a number of new construction projects coming on the market in the next few months.
Call/text us at 310-251-2344 for more information or contact us with any questions.