If You Had $18M, You'd Already Be Living Here

By Dave Fratello | March 24th, 2017

They just closed a big, big sale at the south end of town.

104 The Strand just closed for $18.400M.

104 The Strand Manhattan Beach CAThe huge modern home (5br/8ba, 6125 sqft.) has sold now just one month after the 3-year mark for the lot acquisition.

In the first days of 2014, the lot was offered for $8.000M, but the bidding got furious. The lot sold for $9.500M in February 2014, not only re-setting the bar, but kicking off a period of escalation in local land values on The Strand.

By Summer 2014, the new home project was being offered (pre-completion of course) for $13.900M.

You really should have bought it then.

The asking price rose $4M and then another $1M to $18.900M.

Hey, look, the buyer saved $500K.

The property has been in escrow since September 2015, while they continued customizing and building it out. (See MBC's post, "$19M New on The Strand" from right then, while it was still mostly a hole in the ground + some girders.)

The sale price destroys the prior public-market high sale at 1904 The Strand (4br/4ba, 4900 sqft.), described in its 2014 listing as, "Quite possibly the finest home ever built on The Strand."

Well, the finest home went for $15.750M. This one is $2.650M higher (+17%).

Of course, land values shot up for a spell after the lot at 104 The Strand sold in early 2014, with land sales of:

$16.000M for 1700 The Strand (July 2014) - off-market;

$14.000M for 304 The Strand (July 2015);

$13.500M for 516 The Strand (Nov. 2014) - an overbid of $3.500M at the time (!); and, most recently,

$9.300M for 716 The Strand (Jan. 2017) - down from a start at $11.500M.

New homes on most of those lots will be worth more than $18.400M, or, well, to be more precise, they will cost more when all is said and done.

But the point is to be said and done... to move in to your waterfront palace. Which, at 104 The Strand, they can do right now.

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