Eastern Shore Real Estate | October 2008
By Douglas Alan Ross
Historic District, St. Michaels
Primary Structure Built: c. 1890
Sold for: $849,000—Original Listing Price: $849,000
Last sold in 2007 for: $425,000
Bedrooms: 4 Bathrooms: 3
If you’d seen this house a year ago, it would be hard to imagine it being the same house today. In serious need of repairs, upgrades, and especially curb appeal, it was finally purchased in 2007 by a local artist after being on the market for well over a year—with a few significant price reductions along the way. In the heart of town, just five houses from the harbor and the town’s public water access, the buyer recognized the home’s potential. Over the course of several months in 2008, the property was meticulously restored and nearly doubled in size, while maintaining the integrity of the historic home’s original footprint. It evolved into a 3,214-square-foot, picture-perfect home for the 21st-century lifestyle with respect for the traditions of St. Michaels. When the project was completed and the house was once again put up for sale, it was snatched up in 37 days. “I cannot say it was a surprise that it sold for the asking price. The seller worked hard to provide all the necessary amenities that a potential buyer would want. He staged the property with tasteful furnishings and completed the outside with a well-designed garden and attractive landscaping,” says listing agent Debbie Meredith. “We felt the property was priced fairly,” she adds. As to the Mid-Shore’s present real estate market, Meredith comments: “Buyers are benefiting from an excess of inventory and motivated sellers due to the financing crisis and aging population. Despite these current conditions, real estate has historically been a solid long-term investment…buyers are very savvy, and homes that offer value in today’s market will sell.”
Source: Debbie Meredith, Associate Broker, Coldwell Banker Residential Brokerage, (410) 822-3456 or (410) 310-8922
North Bend, Easton
Primary Structure Built: 1972
Sold for: $1,325,000—Asking Price: $1,395,000
Last sold in 1996 for: $340,000
Bedrooms: 3 Bathrooms: 2.5
While certainly attractive, with mature trees, and appearing well-maintained from the front, without going around to the back you might wonder how this rancher could possibly be worth over $1.3 million! The simple answer is location, and it doesn’t get much better than this for a weekend retreat within an easy commute of points west of the Chesapeake Bay. Just two miles from downtown Easton heading towards St. Michaels, North Bend is an established, sought-after, waterfront community of million-dollar homes—and this one, with 3,306 square feet of living space, sits on a prime, three-quarter-acre lot on a serene, sheltered cove off the Miles River, with western-facing sunset views and a long, private dock with protected anchorage that can accommodate a decent-size boat. Quality construction went into several updates, including a porch turned into an enclosed river/family room with a fireplace in the center, kitchen with new tile and granite countertops, and the additions of an indoor hot tub room, separate shop, and screened porch.
This was not your typical real estate transaction. Having falling in love with the community, the buyers (represented by Carolina Barksdale) had made an offer on another home in North Bend—but in the interim the sellers (represented by Bill Wieland) had decided to stay put. Fate soon intervened when Wieland learned the owners of this home were thinking about selling, so he contacted them and was able to get a listing. Knowing Barksdale’s clients were qualified, desired a home in North Bend, and may have an interest in the property, Wieland immediately got in touch with her—and the rest is history. “It worked out well for both the buyers and sellers,” says Barksdale. “The sellers were pleased their home sold quickly due our current market conditions,” offers Wieland. He adds, “This is an example of how Talbot County real estate brokers work together to see that each party is well-represented in a transaction and it is brought to a fruitful conclusion.”
Sources: Carolina Barksdale, Associate Broker, Lacaze Meredith Real Estate, (410) 822-8186 or (443) 786-0348; and Bill Wieland, Associate Broker, Coldwell Banker Residential Brokerage, (410) 822-9000 or (410) 310-0803
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