So how much is the sand worth in the Sand Section? No, this is not some Zen riddle. 713 N Valley Drive was just listed for sale for $1,699,000 and is being advertised as being sold for "lot value" with the 932 SqFt house described as a teardown.
The lot is 2371 SqFt so at basically $1.7M that's about $717 SqFt for the lot. Assuming you don't want to spend more than 33% of your final purchase price on the land the house you would have to be able to build on this lot would need to be valued at over $5,000,000 when you are done. I do see Sand Section listings further west priced at $5M +/- on less than 3000 SqFt lots. I'll be very curious as to what happens on this one because it may be a good indication of how far into a bubble we might be.
Manhattan Beach Teardowns and Fixers wanted. I have Cash Buyers!