Real Time Real Estate | Eastern Shore| May 2009
By Douglas Alan Ross
20+ Percent off Asking Price Typical in Today’s Market
Bolingbroke Manor, Trappe
Primary Structure Built: 1970
Sold for: $1,900,000 Original Listing Price: $2,700,000
Bedrooms: 4 Bathrooms: 4 full/2 half
Originally listed at $2.7 million, this home sold only after two price drops and 489 days on the market. Reduced to $2.5 million, then to $2.35 million, it finally sold for $1.9 million—70 percent of the original asking price. “This is typical of today’s market,” says Barbara Watkins, who represented the buyers. Watkins admits to being “surprised it sold for under $2 million, but more and more low offers are being accepted under the current economic conditions.” Beyond the gated entrance, a long driveway meanders through mature foliage, passes a spring-fed pond, and ends at this exceptional center hall Colonial. Perched high above Bolingbroke Creek on nearly nine acres, with incredible water views and 2,500 feet of waterfrontage, the 4,800-square-foot home was designed to resemble an historic manor house on the exterior. In contrast, incorporated during construction in 1970 were modern amenities such as heated porches, extensive landscape lighting, a flagstone patio, and a pier equipped with water, electricity, and boat lift. The interior features “a remarkable Waterford crystal chandelier in the dining room, many antique light fixtures, and beautiful crown moldings,” which Watkins believes were attractive selling points, in addition to four fireplaces, a butler’s pantry with wet bar, and full finished basement with workshop, recreation room, and conveying pool table. Bolingbroke Manor last sold for $550,000 in 1995.
Source: Barbara Colsh Watkins, GRI/CRS/ABR, Associate Broker, Benson and Mangold Real Estate, (410) 310-2021 or (410) 822-1415
Follys Cove Road, St. Michaels
Primary Structure Built: 2005
Sold for: $2,000,000 Original Listing Price: $2,495,000
Bedrooms: 4 Bathrooms: 4 full/2 half
This custom-built, designer home was under contract just 24 days after the original owners put it on the market, selling for 80 percent of the asking price. Desirable features contributing to the quick sale were the property’s nearly four acres of land and private waterfront location on San Domingo Creek, as well as the home’s pristine condition, contemporary style, 5,388 square feet of living space, and open floor plan, says listing agent Dawn Lednum. Walls of windows in every room on the back provide serene, western-facing water views. A double-sided fireplace highlights the owner’s suite on the main floor, which also includes living, dining, and breakfast rooms with ceramic tile floors, huge kitchen with every modern amenity, river room, solarium, and den/library. In addition, a family room, wine room, and custom-built wet bar are on the lower level, while three bedrooms, two full baths, and a recreation room complete the second level. Stepping outside takes you to decks surrounded by lush landscaping, a waterside gazebo, pier, and 450 feet of waterfrontage. When asked about the current real estate market in the Mid-Shore area, Lednum says, “It’s a prime time for serious buyers to take advantage of favorable interest rates, as well as drastically reduced home prices. I’ve been selling real estate for 23 years, and we’re experiencing the most drastic reductions since the late 1980s.”
Source: Dawn A. Lednum, ABR/SRES, Broker/Owner, Chesapeake Bay Real Estate Plus LLC, (410) 745-6759 or (410) 829-3603
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