Landmark Strand Lot Back for Sale

By Dave Fratello | February 26th, 2019

1000-the-strand-manhattan-beachFor more than 18 months since the sale of 1000 The Strand, we've passed the dated, multi-family property near the pier wondering, "When are they going to do something with that?"

Today the answer comes: Now.

Oh, great! What are they going to do with it?

They're going to try to resell it.

Talk about an anticlimax.

For a quick refresher, 1000 The Strand is a ~5000 sqft. lot in view of the pier, obviously super-close to downtown and the beach. City records date the structure to 1922, though some buildings may have been added as recently as 40-50 years ago.

That lot size is basically 150% of the standard for The Strand, so, along with the prime location, this one offers the chance to do more than almost anyone else can do with a new build on the Manhattan Beach waterfront.

The first time on market, 1000 The Strand took about 2 years to sell, most obviously due to pricing issues.

In June 2015, the property came out at $28.900M, leading MBC to post "$29M? Can We Talk?"

It finally sold in mid-2017 for $21.000M, fully $7.9M off the start (-27%).

The new start price is $25.900M, or $4.9M above acquisition (+23%).

For a while, there were dueling oversized Strand lots on the market together, with 1000 The Strand in direct competition against a larger lot at 2722 The Strand (pictured) for large parts of 2015-2017.

2722 The Strand had cut from as high as $28.500M down to $19.995M at the end of 2018. It's off the market again currently.

We haven't yet pressed for details on 1000 The Strand, but we can casually observe that many times, buyers of lots, especially larger/prime lots, seem to spend some time mapping out their plans and then switch gears to try to re-sell. It's as if they just want to check the market before proceeding with their original plans. Or they might like to pocket some cash and move on.

If that were the case here, you'd have a seller attracted by the prospect of a superhome by the pier, but wondering if maybe a $4M+ profit might be just as nice.

Quibble: The new listing refers to this offering as a "once in a lifetime opportunity." And yet, every single person reading this language right now was alive when the same property was offered from 2015-17. Back then, the same language described a "once in a lifetime opportunity." Turns out, it wasn't... either time.

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