I know, I know, but Greenwich Time is really making it easy. Here’s their latest attempt to cover real estate news.
If your house is less than half the cost of others on your street, you shouldn’t have too much trouble selling it!
As a prime example, my “Sale of the Week” was also on Baldwin Farms at No. 12, selling for $5,125,000. A stone and shingle manor-style home of more than 9,000 square feet, this 2007 custom construction property was priced well and sold in 66 days at 97 percent of its $5,295,000 asking price. The pricing and marketing of this property was key to its very quick sale. Some unusual features of this home include a barreled ceiling in the kitchen, shown in the accompanying photo, with an open floor plan desired by today’s buyers for their lifestyles.
There are so many features of this home that evidence its high-quality construction and excellence in design. Just a peek at the luxury master bath (see photo), should convince you of that at a glance.
Add a pool and tennis court, if desired, on this parcel and you’ll increase the equity in this home pretty quickly into the $6 millions, especially as our market continues to improve.
Leaving aside the question of where, exactly, one might locate a pool and a tennis court on this property that’s fronted by swamp and backed up by a ledge cliff, overlooking the fact that this house was not “custom built” but was instead built on speculation, just like the developer’s other project next door, which was also lost to foreclosure, and ignoring the claim that this sale is just half that of other homes on the street (none have breached $6, in fact), my opinion of its merits differs substantially from that of GT’s expert. From last November 6, when I reported it under contract:
Silver started off in 2007 asking $12.495 million, lost the place back to – who else? Patriot Bank in 2011, and left the scene, while Patriot tried, first, $7.499 (September ’11 Jim Campbell, broker; Jim’s on a losing streak) and various prices since then, culminating now with another broker and at what I’m sure they hope is near its final resting place. Perhaps the latest cut, from $5.700 to $5.295 will prove to be the trick, but I’d be astonished if the final sales price doesn’t begin with a four.
There wasn’t much to like about this house – certainly not at $12.5 or even $7.5 million, from its entrance via a stone causeway over the swamp that comprises its front yard, to the skimpy patch of yard in the rear (ignore the trick photography, it’s a handkerchief-sized back lawn), to the weird, sort-of-French-manor, formal exterior, to the informal country kitchen look inside. I suspect a committee of architects deigned this place, with
interference“input” from the developer. Whoever was responsible for the final result, they doomed it from ever achieving anything more than a fire-sale price.
So, is a price in the high-fours the right fire-sale? I suppose so – there’s a lot of house here, and it all seems to have been well made, exterior design notwithstanding. 2 1/2 acres, some of it useful, close to town, must be worth something, and I’m sure replacement cost for the house itself would be higher than this is selling for. Of course, if someone did replace this they could use a different architect, but hey – then you’d be paying more. There’s some very nice, livable space in here, so maybe you only arrive at night (leave the exterior lighting timer off).