Unique Opportunity for a Legacy Home in El Segundo at 728 W Mariposa

Under construction on a double lot - 728 W mariposa

Update* This home is currently in escrow

There have only ever been 3 homes on the market in El Segundo priced over $3,000,000 and none have actually sold.  Two of them are currently on the market and the home at 728 Mariposa may be the first home ever to sell in this rarified air.  

What makes this home so unique is that it sits on a double flag lot.  The property currently has a small single level home which will become an ADU for the main home.  The main house will be new construction offering 5 bedrooms, 5 baths and almost 4,500 square feet.

Priced at $3,750,000 we’ll update the sales price as soon as it’s released.

Information on 728 W Mariposa, El Segundo

April 2018’s Big Home Sale in El Segundo – 321 Lomita

April was a solid month in El Segundo real estate with 13 residential properties closing escrow.  The most notable sale of the month was at 321 Lomita.  This was a beautiful newly remodeled single family residence with 5 bedrooms, 5 baths and over 3000 square feet.  While multi-million dollar luxury homes are common in nearby Manhattan Beach, it’s rare to see any homes sell over $2.0M in this small coastal community.  It’s especially rare for a remodeled and expanded home.  It wasn’t all that long ago that we were writing about whether a $2,000,000 sale was possible in El Segundo as that had been an unheard of price tag at one point.  The real estate market has certainly shown that El Segundo buyers are willing to pay over $2.0M for those special homes that come along.  View all of the current homes for sale in El Segundo CA or sign up for free El Segundo home alerts and know about new listings as soon as they become available.

8 of 11 Homes in El Segundo Ever Sold Over $2.0M Have Been in 2016*

By Keith Kyle340_Via_Colusa_front6 copy

If you need any evidence that prices are sky high in El Segundo just look towards the luxury market.  It wasn’t long ago that we wrote a post on whether El Segundo was ready for $2,000,000 homes and it seems that it’s relatively commonplace just 12 months later.  As of July 17th there are 3 single family homes in El Segundo priced over $2,000,000.  In the nearby luxury real estate markets of Manhattan Beach and Hermosa Beach this wouldn’t be unusual but in El Segundo it’s fairly unbelievabe. It’s certainly due, in part, to many buyers being priced out of the South Bay and their money goes much further in El Segundo.  In addition there is a pending sale and 4 closed sales in 2016 priced over the formerly unheard of $2.0M mark.
El_Segundo_2_Million_Dollar_Homes_1

In 2016 we’ve seen 4 $2.0M+ homes plus the one home in currently in escrow (as of 7/16/16)

El_Segundo_2_Million_Dollar_Homes_2

*Statistics based on MLS sales of single family homes.

Is El Segundo Ready for $2.0M+ homes?

By Keith Kyle840_Center_Street

El Segundo is a fantastic little town that has a small town feel that most areas can’t duplicate.  While there are an abundance of townhomes and condos, the bulk of the homes are some version of the original beach bungalow.  Many have been nicely updated and expanded while some are in fairly original condition.

Unlike neighboring Manhattan Beach, El Segundo hasn’t seen quite the same building boom creating oversized luxury homes and there are several reasons.  The primary reason is that values, while having gone up considerably in the past 2 years, haven’t rocketed upwards to the same extent and builders eager to build high end luxury properties may not see the margins and are searching elsewhere.

View the current homes for sale in El Segundo priced over $2,000,000

So will El Segundo see an increase in luxury $2,000,000 homes?  It still appears unlikely other than the rare case of a truly special home on an oversized lot in an A+ location.  There will be a limited amount of homeowners that simply love El Segundo that build their dream house and at some point those homes will be sold, but it’s very unlikely we’ll see too many luxury spec homes built as the cost of lots/tear down homes, plus the cost of building makes for a challenging investment.

ARE YOU INTERESTED

IT'S TIME TO DISCOVER

el segundo homes for sale

Welcome

Welcome to real estate in the South Bay and El Segundo.  We hope that we are your one source for everything real estate in El Segundo.  From free home search, to MLS access to information on this charming city.

ADDRESS:

2501 N Sepulveda Blvd, Manhattan Beach CA, 90266

Phone:

E-mail:

keith@keithkylehomes.com

CONTACT AGENT

DRE#01712785

keith kyle

Top Producing Realtor

About Vista Sotheby's

Vista Sotheby's

Vista Sotheby's International Realty is one of the top real estate brokersages in Southern California.

El Segundo Real Estate. All information deemed reliable but not guaranteed.