Anne Arundel County Real Estate | November 2009
By Douglas Alan Ross
Shea Road, Lothian
Primary Structure Built: 2007
Sold for: $725,000
Original List Price: $1,250,000
Bedrooms: 5 Bathrooms: 5.5
By the time Lori Gough was hired to sell this home, it had already been on the market for two
years and listed by two other real estate agents. In fact, the custom-built colonial was a bank-owned foreclosure and had never been lived in. Gough listed the property at $875,000-$375,000 less than the original list price—and it was under contract in four months, selling for 58 percent of the initial price tag. “The property was grossly overpriced from the beginning,” says Gough of the $1.25 million figure when first put on the market. After knocking another hundred grand off the asking price, “We had multiple offers, and this [$725,000] was the best,”she adds. “It was a good deal for the buyer; and it was a welcome relief for the bank to finally have it off of their books.” Aside from being brand-new and elegant throughout, Gough says the private, two-acre estate setting, huge amount of interior living space (4,327 square feet) on three levels, and three-car side garage were major selling points. Other special features include a two-story foyer; two staircases; second-floor, wraparound great room overlook;
dual master suites; an intercom system; and the requisite gourmet kitchen with granite surfaces and stainless-steel appliances. According to Gough, “Things are picking up in Anne Arundel County, and list prices that truly reflect the market’s decline are selling.”
Source (listing agent): Lori Gough, Associate Broker, Prudential Carruthers Realtors, 410-320-0851 or 410-266-0600
Annapolis Roads, Annapolis
Primary Structure Built: 1975
Sold for: $432,000
Original List Price: $499,000
Bedrooms: 5 Bathrooms: 3
Prior to listing a home for sale, real estate professionals routinely provide their client with a “competitive market analysis”— the result of conducting research on recent sales of simlar homes in the area—which enables them to determine and suggest a realistic asking price. Though the owners of this 2,340-square-foot split-level wanted their home priced above $500,000, listing agent Carlyn Lowery figured it would sell for around $430,000 and
recommended a list price of $499,000. “I was pleased to have their cooperation in starting at a price that was lower than what they had hoped for. And by paying close attention to market feedback, they were also amenable to making downward adjustments accordingly.” Lowery’s expertise proved to be right on the money. First reduced to $475,000 and then to $449,995, the property sold for $432,000 (minus a seller credit of $2,000) in only 81 days. When purchased in 1990, the sellers had paid $213,000. Located near the community beach, with views to the Chesapeake Bay Bridge and beyond, the well-maintained house features open architecture with light-filled rooms, hardwood floors, custom amenities such as marble counters and built-ins, a lower level that could easily serve as an inlaw suite, and a two-car garage. A large rear deck and landscaped garden highlight the exterior. “Signs of recovery in the local housing market are clear,” says Lowery. “As demand has increased, we’re seeing home values beginning to
appreciate. And with the first-time homebuyers’ $8,000 tax credit expiring on December 1, now is an opportune time to buy because we don’t know how that end date will affect the marketplace.”
Source (listing agent): Carlyn Lowery, Associate Broker, Keller Williams Select Realtors (Annapolis), 410-268-0160 or 410-972-4000
Tags:
Annapolis Roads
Duglas Alan Ross
Lothian
Shea Road
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