Strand Reaches New Heights AgainPosted on Friday, April 8th, 2011 at 8:55pm.
The listing had approached 400 DOM before finding a buyer. We first mentioned it at MBC 14 months ago in "More Strand Options," when the start price was $13.5m.
The most recent list price was $12.499m, but the buyer took a little off the top.
Actually, $1.6m off the top (-13%). The closing price will be $10.9m.
We have to look back in time for comparable sales of single Strand properties near this level.
1212 The Strand (4br/6ba, 4600 sq. ft.), an early-90s modern with updates, was the last MLS-reported single sale to eclipse the $10m mark, hitting $10.7m in Sept. 2007.
Since then, 1800 The Strand (5br/7ba, 5325 sq. ft.) went for more – $11.65m – in Aug. 2009, though we know that from public records. The final sale price was not recorded in the MLS.
The sale at 1800 was the highest sale price in MB for 2009, while last year's biggest-ticket sales were also both on The Strand.
1200 The Strand (5br/5ba, 4250 sq. ft.) was not only the priciest sale in MB in 2010 at $7.5m, it actually ranked as the priciest MLS-reported sale in all of the South Bay in 2010. (See "High/Low Prices of 2010, Sand.")
Meanwhile, in an off-market deal last year, 2020 The Strand sold for $9.0m. That property has now been joined with neighboring 2016 The Strand in a spectacular attempted markup, with the double lot offered for $30,000,000 currently.
The news around 1600 The Strand must include another factor – the property's a bit dated and will need some work to modernize it. (Funny to say, but sometimes an architectural "modern" does need modernizing.) So the $10.9m sale price may well be just the beginning of the investment for this buyer.
Look for at least one more big sale on The Strand later this year. As we reported here previously, we hear reliably that 1800 The Strand (the big 2009 sale) is in escrow in an off-market deal that would close with a 12 in front – a little boost over '09, and another new record along MB's prime beachfront turf.
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