More Big Numbers for Sand and Strand

By Dave Fratello | November 26th, 2014

East of Highland, the numbers are up. So of course they are getting huge west of Highland.

Start with the newest land-sale frenzy on The Strand.

It was at 516 The Strand, offered for a princely $10.000M. (View from the current structure is seen here.)

That asking price was a markup from the most recent South End lot sale on The Strand, that being 104 The Strand, which drew multiple offers against an asking price of $8.000M and sold for $9.500M in February.

Marketing materials for the property almost apologized for the big $10M pricetag: "While that may seem like a high ticket to get into The Strand life, consider 1700 The Strand that just sold in an off market transaction at the tune of $16,000,000, setting the new pricing mark for tear down lots on The Strand."

Of course they're right to make note of 1700 The Strand, an off-market sale of a corner lot at $16.0M that still has heads scratching.

So it's between those two somewhere, 104 The Strand at $9.5M, and unbelievable 1700 The Strand at $16.0M, that 516 The Strand was destined to fall.

It did: At $13.500M this week.

A full $4M higher than an on-market comp, and $2.5M short of a weird off-market comp.

There's your new land value south of the pier. If you can find anything.

Thanksgiving Bonus: Enjoy this almost excessive drone-shot video of The Strand, the beach and environs created for marketing 516 The Strand. You'll believe you can fly. (Email subscribers, use this link.)

 

One lot is not enough?

Up in the North End we just saw two lots go at once.

At 121 34th, a double lot has sold for $10.000M.

Before this sale, it was hard to imagine even a 100-block lot being worth $5M.

The most recent South End lot sales in the 100 block were in the lower 4's.

Here we'll chalk up the price to opportunity.

The buyer was willing to pay a super premium – what amount, that's hard to say – for the chance to get 2 lots at once and build something fantabulous on site. (There's a tiny original house on one lot, and an OK structure on the other, but our info is that this is a straight-up custom build deal, meant to utilize both lots together.)

Still, going forward, you're going to see every other would-be land seller in the 100 blocks say, "That was $10M for two, so it's $5M for mine."

And then, we'll see just where the bar has been reset.

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