Let’s start with one of the early-2022 eye-openers, 1460 11th. (Framed in yellow in this image from the listing.)
This is a full, 7500 sqft. lot, one of the classic Mira Costa district 50′ x 150′ lots that allows for a maximum new build, or a good-size build and big yard.
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.
Once you get into the 1800s, you know Aviation Blvd. isn’t far away, and that you’re not really close to much besides North Redondo.
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.