At Last, 2920 The Strand GoesPosted on Friday, January 27th, 2012 at 5:05am.
The big (7br/7ba, 5675 sq. ft.) beachfront home was ready for a new owner, just about 3 years after a July 2006 sale at $9.0m.
But the seller believed he had a really rare jewel, and wanted a healthy markup. Surely the land was rare – a corner lot with about 1/3rd more dirt than the typical Strand lot (4500 sq. ft. vs. about 3300).
The listing launched at $12.5m, a markup of +$3.5m/+39%.
Can you remember what the world was like in June 2009? That markup was a fanciful request any time, but especially so then. You can almost say our market had bottomed right then, and optimism was scarce.
What ensued was over 800 DOM in a series of stop-and-start listings, with the price always far too high, making 2920 The Strand perhaps the most market-exposed property we've covered here at MBC over almost 5 years.
Before the last listing expired in October 2011, the asking price was still $10.995m.
Finally, someone called the seller's bluff and offered much, much less.
Now 2920 The Strand has sold for $9.250m, almost $1.75m less than the last ask, and $3.250m off the start price.
On the positive side, it's 2.7% more than that peak-year acquisition price.
With MB's median price currently in 2004 territory, anyone who gets more than a 2006 price is accomplishing something. Just not highway robbery.
For more on the home, check out our review from October 2009.
We became more openly skeptical of this property over time, as did the seller.
Acknowledging that the home needs a major reworking, the seller had an architect reimagine the house and posted the video – but at that point still had not adjusted the price to reflect that revelation.
As we said in "The Vision Thing," discussing a few homes marketed as something other than what they currently are, the video on 2920 The Strand purports to ask and answer the question: Wouldn't this home make a great, totally different home?
With a new owner, we're about to find out.
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