SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

SCHEDULE 13G
(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No.    )(1)
----

Stratus Properties, Inc.
-------------------------------------------------------------
(Name of Issuer)

Common Stock
-------------------------------------------------------------
(Title of Class of Securities)

863167102
-------------------------------------------------------------
(CUSIP Number)

12/31/1998
-------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

/ /  Rule 13d-1(b)

/X/  Rule 13d-1(c)

/ /  Rule 13d-1(d)

- --------------------
(1)  The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the
Act (however, SEE the NOTES).

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CUSIP No. 863167102                  13G                 Page 2 of 9 Pages
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- ------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

The TCW Group, Inc.
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)   / /
(b)   /X/
- ------------------------------------------------------------------------------
3. SEC USE ONLY

- ------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

Nevada corporation
- ------------------------------------------------------------------------------
NUMBER OF      5. SOLE VOTING POWER
SHARES                                      -0-
BENEFICIALLY   ------------------------------------------------------
OWNED BY       6. SHARED VOTING POWER
EACH                                       -0-
REPORTING    ------------------------------------------------------
PERSON        7. SOLE DISPOSITIVE POWER
WITH                                       -0-
------------------------------------------------------
8. SHARED DISPOSITIVE POWER
-0-
- ------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- ------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
/ /
- ------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.0% (see response to Item 4)
- ------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
HC/CO
- ------------------------------------------------------------------------------

*SEE INSTRUCTIONS BEFORE FILLING OUT!

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CUSIP No. 863167102                  13G                 Page 3 of 9 Pages
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- ------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

Robert Day
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)   / /
(b)   /X/
- ------------------------------------------------------------------------------
3. SEC USE ONLY

- ------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

United States Citizen
- ------------------------------------------------------------------------------
NUMBER OF      5. SOLE VOTING POWER
SHARES                                   185,510
BENEFICIALLY   ------------------------------------------------------
OWNED BY       6. SHARED VOTING POWER
EACH                                    555,000
REPORTING    ------------------------------------------------------
PERSON        7. SOLE DISPOSITIVE POWER
WITH                                    185,510
------------------------------------------------------
8. SHARED DISPOSITIVE POWER
555,000
- ------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
740,510
- ------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
/ /
- ------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.2% (see response to Item 4)
- ------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
HC/IN
- ------------------------------------------------------------------------------

*SEE INSTRUCTIONS BEFORE FILLING OUT!

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CUSIP No. 863167102                  13G                 Page 4 of 9 Pages
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- ------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

Oakmont Corporation
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)   / /
(b)   /X/
- ------------------------------------------------------------------------------
3. SEC USE ONLY

- ------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

California Corporation
- ------------------------------------------------------------------------------
NUMBER OF      5. SOLE VOTING POWER
SHARES                                   -0-
BENEFICIALLY   ------------------------------------------------------
OWNED BY       6. SHARED VOTING POWER
EACH                                    555,000
REPORTING    ------------------------------------------------------
PERSON        7. SOLE DISPOSITIVE POWER
WITH                                    -0-
------------------------------------------------------
8. SHARED DISPOSITIVE POWER
555,000
- ------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
555,000
- ------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
/ /
- ------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.9% (see response to Item 4)
- ------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IA
- ------------------------------------------------------------------------------

*SEE INSTRUCTIONS BEFORE FILLING OUT!

Page 5 of 9 Pages

Item 1(a).     Name of Issuer:

Stratus Properties, Inc.

Item 1(b).     Address of Issuer's Principal Executive Offices:

98 San Jacinto Blvd., Suite 220
Austin, TX 78701

Item 2(a).     Name of Persons Filing:
Item 2(b).     Address of Principal Business Office, or if None, Residence:
Item 2(c).     Citizenship:

The TCW Group, Inc.
865 South Figueroa Street
Los Angeles, CA 90017
(Nevada Corporation)

Robert Day
200 Park Avenue, Suite 2200
New York, New York 10166
(United States Citizen)

Oakmont Corporation
865 South Figueroa Street
Los Angeles, CA 90017
(California Corporation)

Item 2(d).     Title of Class of Securities:

Common Stock

Item 2(e).     CUSIP Number:

863167102

Page 6 of 9 Pages

Item 3.   If This Statement Is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or
(c), Check Whether the Person Filing is a:

(a)  / /  Broker or dealer registered under Section 15 of the
Exchange Act.
(b)  / /  Bank as defined in Section 3(a)(6) of the Exchange Act.
(c)  / /  Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d)  / /  Investment company registered under Section 8 of the
Investment Company Act.
(e)  / /  An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E).
(f)  / /  An employee benefit plan or endowment fund in accordance
with 13d-1(b)(1)(ii)(F).
(g)  / /  A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G).
(h)  / /  A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act.
(i)  / /  A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act.
(j)  / /  Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this
box.  /X/

Page 7 of 9 Pages

Item 4.   Ownership **

THE TCW GROUP, INC.
(a)    Amount beneficially owned: none.
(b)    Percent of class:  0.0%
(c)    Number of shares as to which such person has:
(i)    Sole power to vote or to direct the vote:
none.
(ii)   Shared power to vote or to direct the vote:
none.
(iii)  Sole power to dispose or to direct the disposition of:
none.
(iv)   Shared power to dispose or to direct the disposition
of: none.

ROBERT DAY***
(a)    Amount beneficially owned: 740,510
(b)    Percent of class:  5.2%
(c)    Number of shares as to which such person has:
(i)    Sole power to vote or to direct the vote:
185,510
(ii)   Shared power to vote or to direct the vote:
555,000
(iii)  Sole power to dispose or direct the disposition of:
185,510
(iv)   Shared power to dispose or to direct the disposition
of: 555,000

OAKMONT CORPORATION
(a)    Amount beneficially owned: 555,000
(b)    Percent of class:  3.9%
(c)    Number of shares as to which such person has:
(i)    Sole power to vote or to direct the vote:
none.
(ii)   Shared power to vote or to direct the vote:
555,000
(iii)  Sole power to dispose or direct the disposition of:
none.
(iv)   Shared power to dispose or to direct the disposition
of: 555,000

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**   The filing of this Schedule 13G shall not be construed as an admission
that the reporting person or any of its affiliates is, for the purposes
of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, the
beneficial owner of any securities covered by this Schedule 13G.  In
addition, the filing of this Schedule 13G shall not be construed as an
admission that the reporting person or any of its affiliates is the
beneficial owner of any securities covered by this Schedule 13G for any
other purposes than Section 13(d) of the Securities Exchange Act of 1934.

***  Shares reported for Robert Day include shares reported for The TCW Group,
Inc. and for Oakmont Corporation.

Page 8 of 9 Pages

Item 5.   Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following / /.

Item 6.   Ownership of More than Five Percent on Behalf of Another Person.

Various persons other than as described in Item 4 have the right to
receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the Common Stock of Stratus Properties, Inc.

Item 7.   Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.

Not applicable.

Item 8.   Identification and Classification of Members of the Group.

Not applicable.

Item 9.   Notice of Dissolution of Group.

Not applicable.

Item 10.  Certification.

Because this statement is filed pursuant to Rule 13d-1(c), the
following certification is included:

By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired and are not held
for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any
transaction having that purpose or effect.

Page 9 of 9 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated this 12th day of February, 1999.

The TCW Group, Inc.

By:  Mohan V. Phansalkar
-------------------------
Mohan V. Phansalkar
Authorized Signatory

Robert Day

By:  Mohan V. Phansalkar
-------------------------
Mohan V. Phansalkar
Under Power of Attorney dated
January 30, 1996, on File with
Schedule 13G Amendment Number 1
for Matrix Service Co. dated
January 30, 1996.

Oakmont Corporation

By: Kashif F. Sheikh
-------------------------
Name: Kashif F. Sheikh
Title: SRVP Finance

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