New Strand Sale <$6mPosted on Wednesday, February 9th, 2011 at 4:47am.
Last year – no surprise – the 3 highest-priced sales in MB were on The Strand, including 1200 The Strand (5br/5ba, 4250 sq. ft.) (pictured).
1200 was the priciest publicly offered property to sell in MB in 2010 at $7.5m. (See "High/Low Prices of 2010, Sand.")
There was also an off-market sale last year at 2020 The Strand, which had to qualify as a lot sale though there's a somewhat updated – if quirky – home on the land now. That one went privately for $9m in April 2010, only to pop up early this year in forced combination with 2016 The Strand (purchased for $7.9m in June 2007) with an asking price that caused a shudder – $30m for the primo double lot.
While they're pushing the envelope 10 blocks north, there's been another Strand sale near the pier that's a bit more realistic.
1012 The Strand is charming in its own right, and generating income, but it was marketed, too, as a dirt sale.
It also came in a tick below $6m, at $5.895m.
One obvious comparison is a fairly nearby neighbor, 908 The Strand, a dirt sale that hit the market a year ago at $5.595m – willfully underpriced – but wound up selling for more: $6.030m.
Put yourself a little closer to the pier and the hoi polloi thereabouts, and there will be a discount – in this case, $135k over a year's time for 1012.
Did you ever wonder about the bucks per square foot for lot sales in this highfalutin area? If you look at dirt sales alone, consider:
- 204 & 208 The Strand – separate sales at $6.1m and $6.7m each, respectively, in March 2009, average dirt PPSF = $1,921. (The lots were combined and a big home is well under way.)
- 908 The Strand – $1,809/PSF for the land.
- 1012 The Strand – $1,769/PSF for the dirt.
We'll come back to The Strand soon – literally, probably in the morning, and on MBC, within a couple of weeks.
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