The 4th quarter of 2015 has brought on strong sales in the Manhattan Beach sand section town home market. Gone are the days of yesteryear (2013) when you could grab a $900 per square foot town home in the sand. Today you can expect to pay $1,100 to $1,500 per square foot, easily.
This past summer, a spec town home development caught our eye at 315 Marine Avenue and 316 Marine Place selling for $3,520,000 and $3,499,00 respectively. For their relatively humble size of three bedrooms and in the low 2,000 square foot range, these town homes made game changing sales pushing the $1,700 price per square foot range. The new construction paired with the better than average views, moved these town homes at the highest price of the year in terms of the sand section.
We were not sure how these sales on Marine would affect the market, but we figured a rising tide would lift all boats. Sure enough, the 4th quarter has brought on very high sales to reinforce…pricey town homes are here to stay.
Take a look at a few of these notable sales that occurred in the last quarter of 2015:
301 2nd Street, Manhattan Beach
– 2,111 square feet
– 3 bedrooms
– 3 1/2 bathrooms
This south Manhattan town home, located on the corner of Highland and 2nd Street, moved in under a month just a tad below listing price at $2,725,000. This 1991 construction is clean but certainly starting to show a bit of its age. It moved at almost $1,300 per square foot.
1211 Bayview Drive, Manhattan Beach
– 2,350 square feet
– 4 bedrooms
– 4 bathrooms
In the heart of downtown Manhattan Beach, this newer-construction home (built in 2007), further demonstrates that high sales prices are not going anywhere. Of course the price is impressive, but what was even more impressive was the manner in which the property sold. Astonishingly, this home sold in five days, $105,000 over asking at $3,600,000. And let me be clear, it did not go to escrow in five days, it CLOSED in a mere five days from listing. Wow.
3016 Highland Avenue, Manhattan Beach
– 2,293 square feet
– 4 bedrooms
– 4 bathrooms
Now, we can’t forget about north of the pier; the sales are still strong as you get closer to Rosecrans. This town home, with great views and wonderful master bathroom updates, closed last week over list for $2,660,000.
All in all, with 4th quarter sales of 2015 legitimizing that town homes can, in many cases, be 25% to 50% higher than two years ago, buyers are proving that they will continue to pay top dollar, even with a shared lot, to get a slice of the Manhattan Beach sand.
Richard Haynes
DRE: 01779425
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The Richard Haynes Real Estate ShowA leader in South Bay real estate for the better part of a decade, Richard thrives as an advisor to his clients with over $248 million in sales as a broker or investment principal at his boutique agency, Haynes. Richard is known for his keen local market insights which have been featured in the L.A. Times, The Street, and Forbes, along with his weekly South Bay real estate blog. [read more]