By Keith Kyle
There is no question that the real estate market in Manhattan Beach has been on fire since the beginning of 2013. Record low inventory and intense demand for luxury homes and prime locations has created a building boom not seen in a long while. Multiple offer situations seem to be the norm and the number of all cash buyers continues to drive this already competitive market. This continued demand from buyers and builders alike has driven prices upward to record numbers and nowhere is the demand greater than in the sand section.
The most recent example was the walkstreet home located at 2401 Manhattan Ave. Just a block to the beach and having fantastic corner lot ocean views this home was certainly going to interest both the owner/user looking for a great location and builders seeking the same. The home was listed at $2,495,000 which is already a huge number for a half lot home but all indications appear that the home had at least 11 offers and sold over $3.0M* which is a staggering number for a home with the limitations that come along with a 1,352 square foot lot. Any future build will be limited to around a max square footage of 2000 feet. The last sale of a new construction half lot (not on a walkstreet which certainly adds value) closed at $3.3M at 124 23rd Street. Over $3.0M for this likely tear down at 2401 Manhattan Ave is a very large number indeed and shows just how far values have come in the past 24 months.
*Sales price and number of offers is not verified information