The recent sale of 512 Pacific Avenue in Manhattan Beach for $5.5 million has set a new record for the price of land in the Hill Section, according to the agents who represented both the seller and the buyer.
“It’s a very sexy sale,” said Pier to Pier Brokers’ Blake Roberts, who worked with his wife Diana on the deal.
Realtor Dave Fratello, who publishes the MB Confidential real estate blog and wasn’t involved with the sale, said that it was a record for at least the past 18 months.
According to the Robertses, the former record was the 2014 sale of 828 Highview Avenue for $5.4 million.
The 11,000-square-foot lot with ocean views on Pacific Avenue went on the market on Jan. 25 and sold above its asking price in four days, according to the Robertses. The deal was closed on Feb. 9.
The seller is the son of the house’s most recent occupants, the last of whom passed away about a year ago. The son grew up in the house, according to the Robertses.
The Robertses advertised the land rather than the house, which they said hadn’t been updated since it was built in 1948. The lot, which sits between 5th and 6th streets and looks out over the Greenbelt and Palos Verdes, is larger than what they said was the 7,500 square feet typical of the Hill Section.
“It’s the difference between a standard Hill Section lot and an estate,” said Blake.
The buyer, whom the Robertses declined to name but said was a well-known local family, is planning on demolishing the house. Right now, the property includes a 2,800-square-foot, two-story house, detached garage and large backyard. The buyers plan to build a 7- to 9,000-square-foot house, pool and casita, the Roberts said.
The sale is notable, too, in that the lot next door at 500 Pacific Avenue, which is the same size, has been on the market since October. It was originally priced at $6.8 million, and recently reduced to $6.3 million, according to MB Confidential.
The Robertses said they took this into consideration in pricing 512 Pacific Avenue at $4.6 million. It sold for $5.5 million.
“Within 24 hours, we had four offers,” said Diana.
Fratello wrote that the Robertses’ asking price “was a ‘come hither’ number, a clarion call that echoed across the Manhattan Beach landscape.”
All the prospective buyers were from the neighborhood and had the “desire to step up into a larger property,” according to the Roberts.
The couple said they were surprised by the amount of interest.
“The most exciting thing was the number of buyers,” said Blake. “We didn’t think there’d be the kind of activity we saw.” ER
