It takes a rare combination of factors to see a dated property lot sale in Manhattan Beach come up asking $29 million.
That combination of factors is at play now, however, at 1000 The Strand, home to a one-and-a-half-sized Strand lot (nearly 5000 sqft. of dirt).
Among the factors:
- Low inventory.
- Even more limited Strand inventory.
- Ceiling-busting recent sales.
- Demographic trends bringing vast amounts of funny new money into town.
- A certain je ne sais quoi or "x-factor" in the market that has people – including longtime pros – more and more often throwing up their hands as if to say, "heaven only knows what this is really worth."
Here at MBC, we've stopped publishing our series of "shocker" posts because new closed-sale prices……