The year 2011 has seen some big-dollar trades on The Strand, and a little too much kool-aid passed around among other would-be Strand sellers. Overpricing is like an epidemic at the beach.
We last looked at this problem in late May, as 3112 The Strand finally came down to $5.999m, where it probably should have…
The year 2011 has seen some big-dollar trades on The Strand, and a little too much kool-aid passed around among other would-be Strand sellers. Overpricing is like an epidemic at the beach.
We last looked at this problem in late May, as 3112 The Strand finally came down to $5.999m, where it probably should have begun 6 months earlier. (See "Clogged Strand Finds a $6m Option.")
Slowly, some others are coming along:
2504 The Strand (4br/5ba, 3415 sq. ft.), is touted as "exquisite" and "stunning," but it's actually dated with an older modernistic update (to a 50s original). It launched at $7.190m in March, but a week after that MBC mention, switched to a number with a 6 in front: $6.490m (-$700k/-10%).
3308 The Strand (technically 3309 Ocean, an SFR with 4br/5ba, 3100 sq. ft.) launched at $6.590m, also in March, but has just shed $390k (-6%) to $6.2m.
2016/2020 The Strand, a double lot that had been up at $30m for 5 months, finally made its first cut. Though it was also 10%, like 2504, 10% of a much bigger number is a much bigger number: $3m off the top, now to $27m.
Obviously with 2016/2020, the dirt value of each lot, taken alone, does not justify that price, but the scarcity of combined Strand lots is supposed to make this offering far more valuable. So they shot high to begin. Everyone on the Strand is doing it. And if you had a $20m-$30m asset to offer, plus time to wait, what would you do?
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 8:20pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.