When List Price Goes Up?

By Keith KyleHermosa Beach Strand

It’s always interesting when I see a listing that’s been on the market a while and during that time the list price has actually increased.  The beachfront home at 3001 The Strand in Hermosa Beach is one of those and it is interesting what goes on in sellers minds.  Often times the prices reflect an update based on even more recent sales, but it does seem a strange tactic to continually increase the price.  If buyers were not willing to pay the previous amount I’m just not sure how and why a price increase is going to help sell the home.  The home was originally listed in June of 2013 at very high, but somewhat reasonable $11,900,o00.  That’s a big number, even for beachfront property, but it is a very large home ideally located in the north Hermosa sand section, and is relatively new being built in 2007.  In August they changed realtors and re-listed the home for $13,900,000 which is almost a record setting number.  In late October they must have decided that they felt it was worth even more as they raised the price a third time to $14,900,000 and there it sits.   I had the chance to show the home and although it’s beautiful and location can’t be beat, it was a very custom home suited to the original owners tastes with white marble floors throughout.  Clearly price was altered with the sale of nearby 2666 The Strand but that home was brand new, 7000+ feet on an very unusual lot that allowed for over 70 feet of beach frontage.

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Rarified Air – 2666 The Strand in Hermosa Sells for $14,800,000

By Keith Kyle

There haven’t been too many home sales in Hermosa Beach topping the $10M mark but a recent sale of home located at 2666 The Strand reached a price point reserved for only the most unique and spectacular homes.  Oceanfront homes on The Strand come with some steep price tags, but the home at 2666 The Strand broke the record for on market sales as a whopping price tag of $14,800,000.   Pricing was unusual with it originally being listed in 2013 for $13.9M, then being raised to $14.2M then $15.9 during it’s 9 months on the market.   The home sat on a very unusually shaped lot and when the lot originally sold for $6,000,000 back in 2011 it wasn’t clear that this spec home would yield a profit. Needless to say that wasn’t the case as the market took a dramatic turn north and the builder did a fantastic job of taking full advantage of the unusual lot with over 70 feet of beach frontage.

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