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| Failed Overreach: 3112 The Strand
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After once aiming for stratospheric heights,
3112 The Strand sold off-market in August for
$5.350m.
It was quite a tumble for the listing, which launched at $6.9m late last year. MBC called that price "ambitious" at the time.
Well, yeah.By May, we were saying, "It's a wonder…
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| Failed Overreach: 3112 The Strand |
After once aiming for stratospheric heights,
3112 The Strand sold off-market in August for
$5.350m.
It was quite a tumble for the listing, which launched at $6.9m late last year. MBC called that price "ambitious" at the time.
Well, yeah.By May,
we were saying, "It's a wonder that it took 6 months for
3112 The Strand to reach $6m. (Technically, $5.999m.)." Truth be told, 6ish would have been a wiser start price.
Earlier this week, we noted that 3112 The Strand had sold this Summer, right after the listing quit on Aug. 1. That meant the sale price wasn't reported on the MLS. Moreover, one common subscription tool that agents use for finding sale prices was not showing a price at all.
But if someone was trying to conceal the sale price, too bad: The county assessor's office prints it right
on their website now. As we said:
$5.350m.
For a refresher on the big duplex, here's what we said in our January open-house review:
The late-60s build is nicely situated high above the walking & bike paths and beach, with stunning 2-story view windows in the main (top) unit that are featured from the main upstairs bedroom. It's very nice to be up there. The downstairs, rental unit, isn't bad, either, since there are only so many addresses literally on The Strand.
The building does suffer from a dated, plain-vanilla (i.e. rental) feeling overall, plus a quirky layout in the main unit, and as such is probably more valuable for the land and location than for the structure – at least as-is.
The semi-spectacular fall at 3112 The Strand, a drop of $1.550m off the ambitious start
(-22%), and perhaps 10%+ below what you might have figured for its market value early this year, calls to mind the even more drastic drop from 2008-2009 nearby at
3216 The Strand. That one came out at $7.3m and cascaded down to
$4.7m (-$2.6m/-36%) by Aug. 2009.
The sale at 3216 was more significant, perhaps, as the lowest-priced dirt trade on The Strand for several years before and, perhaps, to come.
Looking ahead, the $5.3ish price at 3112 recasts the potential values for the series of remaining, lingering Strand listings – especially the 2 SFRs that bring less to the table than 3112 The Strand and are both priced over $6m.
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| 308 The Strand |
Related Strand Note: If you blinked, you missed it.
308 The Strand was offered for sale for
$9.9m as a lot sale for 6 days in late August.
We were geared up to say something like, "Hey, the South End is special, but that's no lot-value price." And then
poof! it was gone. Another off-market deal to watch for, perhaps?
Please see our blog disclaimer.
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 26th, 2023 at 5:15am 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.
