What's Up? With Annapolis Real Estate
Feb 12, 2014 03:02PM ● Published by Cate Reynolds
Annapolis-area realty has reached a “new normal.” While real estate transaction figures may not be cartwheel-worthy, home sales are moving at a steady clip, foreclosure figures are decreasing, and prices are inching up—all significantly better indicators than a few short months ago. In this issue of What’s Up with Real Estate, we highlight two homes that are signs of a steadier, safer market.
Primary Structure Built: 2005
Sold For: $735,000
Original List Price: $759,000
Last Sold/Price: n/a – original owners
Living Space: 3,780 square feet + 2,000 square feet basement area
Lot Size: .28 acre
Like them or not, multiple offer deals are coming back. While they’re not the commonplace occurrence they were during the bubble of a few years ago, houses with all the right elements— popular neighborhoods, high-end features, and competitive pricing—are prime to receive more than one worthwhile contract. In this case, the sellers, who had built and custom-designed the eight-year-old colonial, received multiple offers within four months of putting it on the market.
Situated in a 122-home Gambrills development, this brick front fit the buyers’ location criteria: Close to their work, the area also is coveted for its active community; pristine, well-lit, and side-walked streets; and warm neighborhood feel.
The house itself is equally desirable. Large, open rooms, hardwood floors, and walk-in closets were the standard, while the sellers equipped the property with countless upgrades, such as a gourmet kitchen with an island, stainless steel hood, and GE Profile/ Monogram appliances. The four bedrooms all boast custom colors, ceiling fans, and lots of natural lighting. The fully finished lower level includes a recreation room, TV room, exercise room, and kitchenette, as well as a massive built-in desk area for three. And despite its relatively young age, a large master en suite bath was recently remodeled and updated with upgraded materials, including marble, tile, and seamless glass.
A screened-in porch off the main level opens to a fenced-in backyard and another surprising upgrade: an in-ground heated saltwater pool surrounded by a stone paver patio. The buyers, who anticipate no changes as the home was so well-maintained, only plan to reconfigure the basement TV area.
Sources: Jennifer & Kevin Bonk (listing agents), Keller Williams Select Realtors, 443-424-2665, firstname.lastname@example.org, Bonkhomesearch.com. Aidan Surlis, Jr. (buyer’s agent), RE/MAX Leading Edge, 443-995-0159, email@example.com, Teamsurlis.com.
SOUTH RIVER COLONY
Primary Structure Built: 2000
Sold For: $1,077,500
Original List Price: $1,115,000
Last Sold/Price: 2010/$1,030,000
Living Space: 4,851 square feet
Lot Size: 1.02 acres
We’ve read the reports and heard anecdotally that real estate is gradually improving, but it’s always worth noting when there’s a concrete example, such as this Edgewater home. Selling at $47,500 more than it sold just three years ago and lasting less than five months on the market, area realty experts point to these types of transactions as solid market health barometers.
Located in the sought-after community of South River Colony— known for its community pools, tennis, private golf course, trails, and more—the 13-year-old residence is even more attractive for its quiet cul-de-sac setting. The contemporary colonial is framed by beautiful landscaping, a nice setback, and a significant wooded backyard.
But even more appealing to the purchasers: the home contains ample square footage, an open and family friendly floor plan for their three kids, and lots of bedrooms. In fact, two rooms in the basement are already designated for midshipmen, which the family frequently sponsors (one of the homeowners and the buyer’s agent are both Naval Academy alumni).
The abode is outfitted with many of the expected perks of a luxury home, including high ceilings, a dramatic two-story foyer and family room, Palladian windows, and a three-car garage. But several elegant finishes highlight it as a custom-built dwelling, including a curved stone fireplace echoing the Palladian lines; unique trim work, wainscoting and built-ins in various rooms; and a screened-in porch and deck overlooking the back.
The new owners, who appreciated the home’s model-like showing and condition, only anticipate adding a pool and some hardscaping in the future to customize the property further.
Sources: Lori Gough (listing agent), Champion Realty, office: 410-224- 0624, cell: 410-320-0851, firstname.lastname@example.org, Lorigough.com. Scott Schuetter (buyer’s agent), Champion Realty, 410-900-7668, scottrealestate@ yahoo.com, Scottschuetter.com.