Strand Living Gets Cheaper

Posted by Dave Fratello on Monday, February 9th, 2009 at 10:11pm.

Perhaps the biggest puzzle among Strand listings is 3404 The Strand, because there's a huge two-house structure (8br/6ba, 5200 sq. ft.) there, but one that needs work to suit a multi-million-dollar buyer.

The 3500 sq. ft. lot is attractive, but, as we are asking more and more these days, the question is whether someone is supposed to be buying the dirt or the house.

As we said back in November, when this one began at $7.8m (see "And Then There Were 4"):
Here's a home with individuality and character that deserves some love. Update it, and you have a true MB home, standing apart from the encroaching ultramoderns and Mediterraneans and all that.
The slow market for higher-priced listings in town is taking its toll quickly on this northern part of the Strand.

After a new cut Monday, it's now priced at $5.5m, fully $2.3m (almost 30%) off the start price. The listing also now screams, "Priced to sell!!!" And there's this:
Take advantage of the sheer size & possibilities offered. Remodel? Rent? Family Compound? A unique configuration rarely available!... Owner may consider financing.
So it looks like 3404 is serious, if grasping a bit.

Another northern-area offering from late last year, 3216 The Strand, quit after just a month on market, dropping mildly from $7.3m to $7.0m in the interval. (We believe that was a 2700 sq. ft. lot, smaller than 3404.) If we see 3216 come back this year, we'll expect some real price impact from 3404.

As to lot sales down on the South End, things look sunnier... 208 The Strand popped up at $6.8m recently and went quickly into escrow.
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