New Strand Sale <$6m

Posted by Dave Fratello on Wednesday, February 9th, 2011 at 4:47am.

The Strand's great, we can all agree on that – if you like the fishbowl life, anyway. (It's not for everyone.)

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.

The triplex at 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.
There's lots more going on around The Strand this year, and even more to come, we're feeling. For now, we've got another intriguing anchor with the sale at 1012.

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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