Land in East Manhattan Beach Getting Pricier

Real Estate

Let’s start with one of the early-2022 eye-openers, 1460 11th. (Framed in yellow in this image from the listing.)

Had the sellers not seen lot sales going over $2M?

Sure they had. But they priced conservatively anyway, starting out in early February asking $1.950M.

Were they thinking that 11th St. is not as prime of a location as some of the higher land-value sales?

Not to worry. That’s not what buyers felt.

The closing was much higher: $2.400M.

This appears to be the new peak value for one of these lots.

Last week, we got the closed price on another 7500 sqft. lot, this one inarguably in a lesser location: 1827 8th.

They also priced conservatively, in late February, asking $1.990M.

The closed price: $2.200M. (Did that include the old Bug? Because that would have been a nice throw-in).

So there’s your location-adjusted value, still 10% over $2M.

The truth is, lot sales in East Manhattan weren’t always in the 2’s.

Indeed, until recently, typical lot values never were over $2M.

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