Manhattan Beach Leads South Bay in High-Priced Sales

Posted by Mike Michalski on Sunday, August 13th, 2017.

Manhattan Beach seems to have stepped out in front of all the cities of the South Bay in terms of highest-priced homes that have actually found buyers with the recent sales of 1000 The Strand for $21,000,000 and 814 Pacific Avenue (pictured above) for $20,000,000. 

Oh, sure, Palos Verdes Estates has 2701 Via Elevado priced at $23,450,000 and Rolling Hills has the highest-priced home of all, 1 Buggy Whip Drive, a 51,000 sq.ft. home priced at a cool $40 million, but neither of these homes has yet to go under contract.  Via Elevado has even dropped its price by $3,230,000 while Buggy Whip started back in 2013 at $53,000,000 and is now on its 4th set of agents, at one time even being listed by Josh Altman of the reality TV show "Million Dollar Listing Los Angeles" (so much for the cachet of that hit show).  Below is the  indoor pool for that mega-estate.Even Hermosa Beach sports a 6-bedroom, 8-bath, 6392 sqft home on a half acre or so with panoramic ocean views at 2805 Tennyson Place that started at $22,500,000 and just received its second price reduction to $20,900,000.  Still, after 157 days on the market, no takers.

But in Manhattan Beach, it's a different story with the ultra-high end market. 

First came the sale of 104 The Strand for $18.4 million in March.  That brand new 6123 sqft 4-story beachfront home featured, among other things, 5 bedrooms, 8 baths, a basement with a wine room and state-of-the-art home theater and a 4-car garage, including a one-car lift.

Things really heated up in August, however, with a pair of closed sales that, for the first time, pushed Manhattan Beach into the $20 million club, starting with 814 Pacific Avenue (pictured at the beginning of this post and below).  This was the former Hill section residence of the owner of a private equity and real estate investment firm and now the home of a neighbor who obviously wanted more elbow room (the new owner has his current Hill section home at 624 9th Street on the market for $8,999,000).

More elbow room?  Well, yes, when you consider the home at 814 Pacific is 10,000 sqft and sits on a very rare half acre double lot west of Sepulveda.

In any case, the sale is now closed at the MLS-reported price of $20 million (although tax records show, $19,950,000 so perhaps the listing agent, who also represented the buyer, gave a commission concession to the seller to make the deal happen and just reported the gross sale on the MLS).

Then there's 1000 The Strand, an older 9-bedroom, 8-bath home (currently set up as a 4-plex with three 2-bedroom apartments) on a prime, oversized (4979 sqft) corner lot, pictured below.

This property finally sold for its lot value (we assume) after spending almost a year and a half on the market.  The starting price was $28,900,000 (Yikes! Someone was a tad unrealistic, to say the least).

Finally, we see that another trophy property, this one at 3420 The Strand and listed for $16,500,000, just went under contract. While the sale price hasn't been announced yet,  this beautiful 5-bedroom home, designed by KAA Design Group and constructed in 2003 on a highly desirable 3517 sqft corner lot, will undoubtedly fetch something close to list.So, as you can see, high-end real estate is booming in Manhattan Beach.

This entry was posted under Manhattan Beach, and South Bay Real Estate News.