There have been 4 sales  in the last 2+ months on 8th St. in the Manhattan Hill section all of which sold in the low $3,000,000 range.

(going oldest to newest sale)
864 8th St. Manhattan Beach, sold in October for $3,150,000 by Vintage Real Estate (Stroyke Brothers)
This house was a nice cape cod style house, 4 bedrooms, 5 bathrooms, built in 2007. 3,882 square feet of house and 5,680 square feet of land.

717 N. Poinsettia, Manhattan Beach, sold in late November for $3,110,000.
This house was on the corner of 8th St. and Poinsettia Ave., it has great curb appeal.  The inside was a little dated since it was built in 1987, the house was 4 bedrooms, 5 baths, 4,180 square feet, and the lot was 11,423.  This is a great looking home on a large lot but definitely needs to be updated which I am told the new owners are doing.

 718 N. Poinsettia, Manhattan Beach is currently in escrow, it was a brand new house, never been lived in.  It is very large at 5,725 square feet on a 6,495 square foot lot.  This house is a 6 bedroom, 6 bathroom house designed by Louie Tomaro and built by a local builder.  It was last listed at $3,485,000 and I was told it sold in the low $3,000,000 range on par with the other 3 sales.

877 8th Street, Manhattan Beach was last listed at $ 3,299,000 and is currently in escrow supposedly close to that price. This home is listed by South Bay Brokers and has been on the market for 209 days.
This home was built in 2006 with 4,658 square feet of house and 5,760 square feet of land.  It features 6 bedrooms and 7 bathrooms with lots of nice features.

It is interesting that all for of these sales literally happened with in 50 ft of each other…

I think it does prove a “base line” of what a nice 5,000 +/- square foot house  on 8th Street will sell for, it also shows that there are  buyers out there that can and will buy high end homes in this market, as well as the fact that banks are lending in this price range, I do know that at least 3 of these properties had to get financing in order to buy these homes.  Also it should be mentioned that none of these homes had an ocean view!

Why would these buyers not just go buy a nice tree section house and save themselves $1,000,000 in mortgage?  The answer is the size of the house, these homes are much bigger then your average newer home in the tree section and honestly people also like the idea that they live in the “Hill Section” as well.  There are a lot of families with 3 and 4 kids and there is a need for houses of this size.

2 other notable sales in this price range:
1019 Duncan sold for $2,900,000; new house, 4,800 sft. (this did have an ocean view)
502 Anderson sold for $3,150,000; built in 2004, 4,200 sft. (no view)