18 West Way, waterfront property in Lucas Point, OG, has come on at $4.250 million, which ought to test the waters, as it were. This place is in one of my favorite neighborhoods in town and comes with its own dock, so it should command a premium. Great location. When it was just a mere 3,000 sf cape in February, 2004 it sold via bidding war for $3.160 million from an asking price of $2.850. Ah, bidding wars.
The new owners may or may not have changed its exterior – the new listing (no photo yet) describes it as a “colonial” now, but some of our colonists lived in capes so I suppose it could be untouched since 2004 and still be accurately described. It’s still 3,000 sf but it claims a new kitchen and baths, which are always nice. Will the market support a $1 million uptick in five years? If any location can, it’s waterfront in Lucas, so I’ll be curious to see how this goes. If money were unlimited and I didn’t need 10,000 sf to live properly, I’d move here in a flash. Someone else out there may feel the same way.
- 450 North Street
This second house, across from St. Michael on North Street, will also be interesting to watch. It came on today asking $6.9 million which, back in the day, wouldn’t have seemed at all outlandish and perhaps it still isn’t. North Street’s a pretty busy thoroughfare for my taste, though and some buyers may join me in that taste. The builder says it’s 9,000 sf but it’s on only an acre in the RA-1 zone so if our FAR regulations mean anything, almost half this house must be underground (the listing does mention a walk-out basement). Two houses around the corner on Copper Beech may help in pricing this one out and certainly provide an object lesson for spec builders.
Numbers 8 and 10 Copper Beech were both built at the same time, each on 1.8 acres, on land purchased and combined into one big lot. Each started at around $9.5 million in early 2007, each had dropped to around $8.995 by that fall. If memory serves, number 8 was bought directly from its builder but then quickly put back up for resale, so I considered it “new”. My guess is that each owner received the same offer from a low baller because both houses were just about equal in appeal and quality and, were I representing a buyer, that’s what I’d have done: toss the offer to both and see if either bit. In any event, number 10’s builder accepted an offer and sold his project for $8.050 in February 2008. Number 8 either turned down that bid or never received it but either way, it’s never sold, and it’s now still for sale, asking $7.999 million. So sellers, if someone comes along and wants to buy your place, even at a million less than you’re asking, perhaps you should give the bid some consideration. Pain now, pain later – your choice.