Post-Summer Strand UpdatePosted on Friday, August 31st, 2012 at 4:35pm.
For a while there, things were surprisingly rocky for MB's prime beachfront real estate. Even amid a quickening market, listings were hanging around, and often selling below expectations.
|2812 The Strand|
You might have reason to love an old complex like this – it sports a 1930s build date and a 1970s look – but that's hard to figure.
This one had "lot sale" written all over it.
So what might the land be worth?
They priced it at $6.295m and got that quick deal. Call that a bullish sign. Consider the other recent sales, many underperforming on dreams and expectations.
|3308 The Strand|
Up north of Marine along The Strand, you've seen recent sales at:
- 3308 The Strand (technically 3309 Ocean) at $5.500m (May 2012);
- 3504 The Strand at $5.200m (April 2012);
- 3112 The Strand, at $5.350m in August 2011; and
- 2504 The Strand at $5.150m in October 2011.
So it's a big jump from 3504's $5.2m and 3308's $5.5m in May to 2812 getting a quick deal at $6.3m.
Sure, 2812 is the better location along the beach among those 3, but $800k-$1.1m better? Wow.
|1204 The Strand|
This duplex with 2200 sq. ft. main house and 425 sq. ft. guest house is a 1920s MB original, spruced up if not modernized.
You know we love to see the original homes in MB preserved when possible. So far, this one's still alive.
The off-market sale on this one posted in March at $5.750m, notably higher than both the April and May sales referenced above. There is going to be more value south of Marine generally, and 1204 is right near the pier.
|808 The Strand (top unit)|
That was a correction of 25% over the span of 300 DOM.
$3.7m or so for a dated, 80s condo speaks much more to the location, of course, than the building itself. We'll see where that one winds up.
Let's go back to the beginning of 2012, and recall the last full-blown luxury SFR sale along The Strand.
|1712 The Strand|
1712 was acquired new in March 2009 for $9.0m, tried and failed to resell in 2011, then returned in mid-January 2012 at $10.5m and made a deal within 3 weeks.
Still looking for love... a few Strand listings that just can't seem to get traction.
|2020 & 2016 The Strand|
We've previously called it "the city's highest-priced and most-overpriced listing."
You may see this one among the recent price cuts, but it's a chop that's not.
For the past 6 months they've been offering 2016/2020 The Strand jointly at $22.499m. Each was listed at that price, but referencing the other property. The recent cut for one of the properties (2020) brought that one to $11,249,500, or exactly half of that $22.499m figure.
But it's no 50% discount. It's still $22.499m for the both. They're still absolutely firm on selling these 2 lots jointly.
There's some kind of premium being added for the unique opportunity of getting these lots together – perhaps $5m-$10m. That's been too rich so far to draw in a buyer, at 589 DOM and counting.
4320 The Strand is a little duplex on a small, ocean-front almost-half-lot lot in furthest-north MB.
The property first came out in June 2009 at $2.750m. In mid-June this year, previewing an open house, we wrote that the listing had "an incredible 896 DOM on Redfin as we write."
But that listing got wiped out 2 weeks later. So now it's all new at 57 DOM. Yeah.
It's the cheapest Strand offering by far at $2.399m currently, but it's not quite a half lot at just 1564 sq. ft., making it tough to compare to almost anything else.
108 The Strand (4br/6ba, 4025 sq. ft.) is into its 7th month on market, perhaps surprising for a South End offering.
The home sports a 1950s build date, and has obviously been added onto and remodeled over the years. The layout may be part of what's holding up buyers, or the massive construction site next door.
108 The Strand debuted in February at $7.8m and came down to $7.499m in June, and that's where it stands today at 191 DOM.
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