We recently teamed up with noted developer Dennis Cleland on the purchase of two adjoining 50 x 130 lots in East Manhattan Beach at 1823 and 1827 11th Street.
The lots are slated for a 6-unit townhome development which is the ideal use for those two properties. Currently, the lots are occupied by two dilapidated structures (one of which, 1823 11th, pictured below, is only 560 sqft) and appear to have been in the same family since they were constructed in the late '30s.
Currently, there is strong demand for townhome units in Manhattan Beach; indeed, the townhome/condo segment of the market saw the median sale price jump 23.6% from the year ending in February, 2017, to the year ending this past February.
Compare this to the median price of a single family home which increased 9.7% over the same time frame. Admittedly, single family residences are a much larger part of the residential market in Manhattan Beach, which means prices don't jump around as much as they do for the smaller sample sizes of townhome sales (usually around 70/year). Still, 23.6% is impressive.
As an example of the preceding point about townhome demand in Manhattan Beach, one need only look at the townhome units that were recently developed at the corner of Laurel and Manhattan Beach Blvd. Two of the units - 757 Manhattan Beach Blvd and 761 Manhattan Beach Blvd - have just two bedrooms and are priced at $2,025,000 and $1,925,000 respectively, yet both are in escrow.