Real Time Real Estate
Douglas Alan Ross
Tough Choices: Waterfronts Compete For Buyers
Both of these properties recently sold for around $1.5 million. Though different in style, their features and amenities are fairly comparable. But as they say, it’s different strokes for different folks—and using the two homes as an example, the handful of dissimilarities is what prospective buyers take into consideration. Is it more desirable to live on the outskirts of St. Michaels, or is close proximity to Oxford more preferable? When each comes with a dock and a few hundred feet of waterfrontage—yet a different “added bonus”—does a private, sandy beach seem a more appealing bonus than a swimming pool? How about the choice between one or two levels of living space when the square footage is basically equal? Perhaps a golf course just steps away is better than having so much land that even the most spectacular tee-off doesn’t drive the ball further than the property line? In the end, it’s all a matter of personal taste.
Patrick’s Plains, Oxford
Primary Structure Built: 1990
Sold for: $1,550,000—Original Listing Price: $1,995,000
Bedrooms: 3 Bathrooms: 2.5
Situated on Island Creek with 10.5 acres of land, this 2,858-square-foot, cedar-sided Cape Cod features a bright, open floor plan with lovely sitting rooms, a first-floor master suite, sun porch with brick flooring, second-floor family room overlooking the outdoor deck area, and priceless water views. Other amenities include a free-form swimming pool, pier with water and electricity, two-car attached garage, and circular driveway. Though it took 549 days to sell, listing agent Jane McCarthy explains, “One of the interesting aspects of this property is when pricing it at $1,995,000 in 2007, several others on the same road were also for sale, all in the $2–$3 million range. We felt that keeping it under $2 million would get the house sold. Fortunately, the sellers—who were realistic and wonderful to work with—understood what was happening in the financial world, how the real estate market was responding, and were eager to move on. A year later, they decided to substantially lower the asking price. We reduced it [by $300,000] to $1,695,000 and shortly had a contract for $1,550,000 [not including a seller subsidy of $17,000]. The sellers were happy, and the buyers now have a beautiful property that they’re thrilled to own.” In commenting on the Eastern Shore’s current real estate trends, McCarthy observes: “Properties are selling in this market when they are priced correctly.”
Source (Listing Agent): Jane M. McCarthy, Associate Broker, GRI, Benson and Mangold Real Estate, (410) 822-1415 or (410) 310-6692
Martingham Inn, St. Michaels
Primary Structure Built: 1982
Sold for: $1,425,000—Original Listing Price: $1,750,000
Bedrooms: 3 Bathrooms: 2
On the market for the first time since 1988 when it sold for $515,000, this contemporary rancher near St. Michaels was designed to complement its beautiful, 2.2-acre Miles River setting in the planned community of Martingham and just a stone’s throw from the Harbourtowne Golf Resort and Conference Center’s first-rate golf course. With a southeastern exposure and 2,746 square feet of living space, the open floor plan and vaulted ceilings are accented by walls of windows that offer panoramic river views from almost every room. Along with the private Bailey dock, a huge waterside deck provides a front-row seat for taking in the seasonal log canoe and sailboat races, as well as the perfect spot for relaxing and entertaining. Magnificent landscaping, lush gardens, and a sandy beach make this a nature lover’s paradise. Originally listed at $1,750,000, the price had been twice reduced by $100,000 when it finally sold after 216 days on the market. Listing agent Elizabeth Foulds says, “The market in St. Michaels has become vibrant recently, with increased activity of those looking for a retirement destination or second home. And with the substantial current inventory and low interest rates, it’s a good opportunity for buyers to find the home of their dreams.”
Source (Listing Agent): Elizabeth Y. Foulds, Realtor®, Lacaze Meredith Real Estate (A Long & Foster Company), (410) 745-0283 or (410) 924-1959
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Oxford
Water Front
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