Last South End Strand Lot to Resell?

By Dave Fratello | August 6th, 2014

It was only this past January when an auction for 104 The Strand resulted in a big number for the plot: $9.500M.

Now, before they get under way with any new construction, the new owners are offering it back.

For $4.400M more: $13.900M.

Now, this little rectangle of dirt was already scarce when offered in January for $8.0M. It's really the last lot from the Hermosa border north up till around 4th St. on The Strand that seems ripe for total new construction. (See "Last South End Strand Lot Will Sell," from January 2014.)

And we know that the South End of the Strand has been developing into The prime piece of MB's prime real estate for some time. (See "Knocking Down the South End Strand," from May 2013.)

One way or another, the old structure has a date with a 'dozer. It's just a matter of time, and who's driving.

This new effort to resell does include plans for a "mega multi million dollar contemporary home," per the listing.

Shopping in that stratospheric range?

You've still got a shot at something notably more public as an option: 1140 The Strand, with a triplex on it, right next to the public parking lots and all but on top of the MB pier. They're also asking $13.9M.

That could be a fascinating site for redevelopment, but it's not for someone who'd like to hide.

As we noted in this post one month ago, that property at 1140 has a history of overshooting the market and not selling. But you never know. This could be the year.

Meantime, 1700 The Strand, a corner lot (pictured), sold for $16.000M just 3 weeks ago in mid-July.

The LA County Assessor's site reports the sale price, though the property was not publicly listed recently. (The sale is also referenced in this Bloomberg TV video about MB.)

That big sale – did we say $16M? oh, yes, it checks out – can't be unrelated to the big ambitions behind the (possible) resale at 104 The Strand.

Do you know where you (and just about everyone) missed out big-time?

From Oct. 2009-Dec. 2010, 1700 The Strand was on the MLS. They weren't exactly selling the house, they were looking to raise some money by selling a 50% stake in the property for $4.400M, then, for 8 months, just $3.500M.

Maybe that seemed fanciful at the time, and no one had any cash then, anyway.

Had they just been able to say: "Buy now, and you'll double your money in 4 years," would you have tried to find the $4M?

Meantime, at 104 The Strand, they're looking to bank their $4M in 6 months.

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