Close the Books on 3112 The Strand

Posted by Dave Fratello on Friday, September 9th, 2011 at 12:01am.

Failed Overreach: 3112 The Strand
After once aiming for stratospheric heights, 3112 The Strand sold off-market in August for $5.350m.

It was quite a tumble for the listing, which launched at $6.9m late last year. MBC called that price "ambitious" at the time. Well, yeah.

By May, we were saying, "It's a wonder that it took 6 months for 3112 The Strand to reach $6m. (Technically, $5.999m.)." Truth be told, 6ish would have been a wiser start price.

Earlier this week, we noted that 3112 The Strand had sold this Summer, right after the listing quit on Aug. 1. That meant the sale price wasn't reported on the MLS. Moreover, one common subscription tool that agents use for finding sale prices was not showing a price at all.

But if someone was trying to conceal the sale price, too bad: The county assessor's office prints it right on their website now. As we said: $5.350m.

For a refresher on the big duplex, here's what we said in our January open-house review:

The late-60s build is nicely situated high above the walking & bike paths and beach, with stunning 2-story view windows in the main (top) unit that are featured from the main upstairs bedroom. It's very nice to be up there. The downstairs, rental unit, isn't bad, either, since there are only so many addresses literally on The Strand.

The building does suffer from a dated, plain-vanilla (i.e. rental) feeling overall, plus a quirky layout in the main unit, and as such is probably more valuable for the land and location than for the structure – at least as-is.
The semi-spectacular fall at 3112 The Strand, a drop of $1.550m off the ambitious start (-22%), and perhaps 10%+ below what you might have figured for its market value early this year, calls to mind the even more drastic drop from 2008-2009 nearby at 3216 The Strand. That one came out at $7.3m and cascaded down to $4.7m (-$2.6m/-36%) by Aug. 2009.

The sale at 3216 was more significant, perhaps, as the lowest-priced dirt trade on The Strand for several years before and, perhaps, to come.

Looking ahead, the $5.3ish price at 3112 recasts the potential values for the series of remaining, lingering Strand listings – especially the 2 SFRs that bring less to the table than 3112 The Strand and are both priced over $6m.

308 The Strand
Related Strand Note: If you blinked, you missed it. 308 The Strand was offered for sale for $9.9m as a lot sale for 6 days in late August.

We were geared up to say something like, "Hey, the South End is special, but that's no lot-value price." And then poof! it was gone. Another off-market deal to watch for, perhaps?

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