Two Strand Lots Down $1m

Posted by Dave Fratello on Friday, January 9th, 2009 at 5:25am.

Several weeks ago MBC noted that, after a long drought of Strand listings, suddenly, there were 4 options on public offer.

The prices then ranged from $6.9m for the most livable home (a townhouse at 2700 The Strand) to $8.2m for the priciest of 3 lot sales.

The high end is down now.

204 The Strand (click for pics & details via Redfin) has made 2 adjustments, with the second cut this week taking it down a full $1m to $7.2m.

3404 The Strand (pictured) began at $7.8m in early November, but it cut a million bucks at once just 10 days later (3 days after MBC's story), so it's at $6.8m. (We are viewing 3404 as a lot sale even though there is a large, custom home on the land now. It'd be a funky, cool, fun property for someone at $3m-$4m, but at $5-7m it's probably got a date with a 'dozer.)

The fourth property mentioned in our prior story, 3216 The Strand, went off market, last at $7.0m.

This could turn into a long-term process of price discovery for Strand lots. The one to watch is 204 The Strand, the best location, where the neighboring corner-lot property (200 The Strand) is now in advanced stages of construction on a new home. The county assesses 200 The Strand at $6.110m, apparently tied to a 2004 sale at $5.550m.

Also, there's a new home on The Strand north of the pier that's for sale, but not on the MLS. More on that one soon.
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