Signs of Life | Real Time Real Estate Annapolis
By Douglas Alan Ross
Despite forclosures and failing banks, Anne Arundel County home sales are gaining ground.
Davidsonville Road, Gambrills
Primary Structure Built: 1950
Sold for: $463,000
Original Listing Price: $499,999
Bedrooms: 3
Bathrooms: 2.5
This remodeled rancher was on the market for only 68 days when it sold for almost 93 percent of the asking price, with the sellers contributing both a home warranty and $7,500 towards closing costs. Listing agent Scott Smolen says things were moving much slower at this time last year. “We are definitely much busier and seeing more action now,” he notes. The boost in activity is largely due to historically low interest rates, new laws that have raised the limit on the amount middle-income wage earners can borrow, and taking advantage of decreased property values. Smolen adds that he believes sellers are finally accepting the fact that the real estate peak of 2005 is over. “Prices have dropped about 15 percent since then. Sellers have to lower their expectations a bit. We’re now seeing prices that are more realistic.”
So what can you get for under a half-million dollars? Possibly about an acre of land and a comfortable home to call your own, much like this unique property. Situated on a private, 1.3-acre lot, the charming, 2,138-square-foot main house features a formal living room, huge family room with an abundance of natural light that showcases a wood-burning fireplace with brick surround, and a formal dining room with tile floors, two skylights, and outdoor access.
Highlighting the updated kitchen are maple cabinets, custom plate and wine racks, a built-in granite-top desk, and new appliances. Other recent improvements include a new roof, new gutters, new septic system, and new washer and dryer. The fenced rear yard includes a gazebo, in-ground swimming pool, garden area, and rear deck. Perhaps one of the biggest selling points was the 700-square-foot auxiliary building, complete with its own living area, bedroom, full bath, and kitchen, in addition to a workshop area and plenty of storage space. The property last sold for $260,000 in 1994. Smolen sums up the county’s current real estate activity by saying, “The market has begun to tick upwards in the area. I believe this is due to smart buyers taking advantage of incredible mortgage rates and snatching up solid home values.”
Source: Scott Smolen, RE/MAX Leading Edge, (410) 279-2009 or (301) 651-1261
Kingsport, Annapolis
Primary Structure Built: 2007
Sold for: $610,000
Original Listing Price: $635,000
Bedrooms: 4
Bathrooms: 4.5
Selling for $700,000 when newly built, this sleek and sophisticated “Rosecliff” model indeed showed like a model home when offered for sale again just one year after it was first purchased. Many of the builder’s optional upgrades had been incorporated during construction, including a gourmet kitchen with stainless steel appliances, down-draft cooktop, granite countertops, 42-inch cabinets, and a secretary/computer station, in addition to hardwood floors, an alarm system, custom window treatments, and a finished lower-level media room. The entryway features a soaring, two-story foyer that sets the stage for a sense of spaciousness within the interior’s 3,315 square feet of living space. With a contemporary flair, open floor
plan, and clean, crisp lines, the house affords views of the community’s putting green, pool, gazebo, and other common areas. “The inventory is moving,” says listing agent Ania Miller, “and establishing reasonable expectations in the beginning [when listing a property], and being in front of the market rather than chasing it, will produce results that those involved will be happy with.”
Source: Ania Miller, Keller Williams Select Realtors of Annapolis, (410) 972-4000 or (443) 336-8206
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Gambrills
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Kingsport
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