The Strand: the most expensive residential property in the United States
The 2,868 square foot, five bedrooms “90210” Strand home at 3500 The Strand in Hermosa is listed for $16.5 million. Photo by Adrian Tiemens There is nothing quite like The Strand anywhere else. Bryn Stroyke of Stroyke properties sums it up nicely when he says, “Our small, private, beaches are the best beaches in Los Angeles.” He adds, “They are local, pristine and have great central downtowns.” However, with fewer than 450 homes on The Strand, the demand for the homes greatly outstrips the supply. This fact is reflected in astonishingly high prices. In fact, the single family land value per square foot exceeds that of any other location in the country. This supply of coveted homes is further constrained by the fact that the turnover rate for Strand homes is below two percent, with fewer than 40 closed sales in Hermosa Beach and Manhattan Beach combined over the past five years. National Association of Realtors data reveals that the current national turnover rate is seven percent. People who buy on The Strand tend to stay put. Manhattan and Hermosa have median sales prices higher than over 99 percent of the zip codes in the country. Forbes annual study of median home prices in 2016…
Read this story on easyreadernews.com