Manhattan Beach ultraluxe listings ratchet up

Manhattan Beach’s residential listings have rarely approached the stratospheric prices of Malibu and Bel-Air, but currently the small coastal city is having a Malibu moment. 

In the past two months, two listings went on the market with prices at or above $20 million in the city south of El Segundo and north of Hermosa Beach.

On Nov. 8, the more than 6,000-square-foot mansion at 1000 The Strand listed for $30 million. Located in the fashionable beachside district of The Strand, it offers a main building and two townhouses. The compound’s seller is 1000 Cherry Oca LLC. The entity bought the home for $21 million in 2017.

It follows a $20 million listing at 808 John Street. The 6.600-square-foot home is located on a half-acre in the ritzy Hill section. It was listed on Sept. 28. 808, with the seller named John Street Properties LLC. The entity bought the home in 2003 for $3.5 million. In 2014, it acquired neighboring property at 816 John Street for $5.3 million. The structure at 816 John Street later was demolished and replaced with green space.

Another Manhattan Beach property at 500 North Poinsettia Avenue listed in May for $19 million. It made a market debut in 2022, when it listed for $22 million.

The price on these listings put them within striking distance of one of Manhattan Beach’s record holders for priciest sale, which is 809 Highview Avenue. It sold for $21 million in September 2022. 

The median sales price in Manhattan Beach in October was $2.5 million, according to Redfin.

Agents representing Manhattan Beach mansions say the enclave has a place in Southern California’s ultraluxe market. 

“Manhattan Beach has been undervalued,” said Brett Zebrowski, owner of Palm Realty Boutique. He represents 1000 The Strand, as well as a neighboring multifamily building, 3608 The Strand, which was listed for $21 million in September.  

Fueling price increases in Manhattan Beach is low inventory, and what Zebrowski calls a remodeling boom. He recalled a few years ago, a Manhattan Beach city official told him the government had issued 13,000 permits for building and remodeling in the city of 35,000 residents.

Jen Caskey of Compass, who represents 808 John Street, thinks that an uptick of ultraluxe listings might result from sellers wanting to list before the end of the year. She also noted most of the prospective buyers at showings have been Manhattan Beach locals. 

“Most of the buyers touring 808 John Street live locally, love the community and are seeking more privacy, views or a larger property,” Caskey said.

Evan Haug, founder of Always Buyers, a platform for discounted properties, said while Manhattan Beach is wealthy, it won’t offer the sizable number of ultraluxe listings consistently offered by Malibu. 

“Manhattan Beach is not the next Malibu and I don’t believe it ever will be,” said Haug, a Manhattan Beach resident. “The main reason is that Manhattan Beach is constrained by its lot sizes.” 

Through an MLS search, he found the average lot size for a single-family residence on the market in Manhattan Beach is about 4,800 square feet, while the average in Malibu is about 64,400 square feet. 

Zebrowski forecast that Malibu prices won’t be out of the ordinary. “I feel confident that the $20 million and above listings will become more commonplace as the market adjusts to demand,” he said.

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