What's Up? With Real Estate
Apr 22, 2014 03:01PM ● Published by Cate Reynolds
With its transient population, eclectic neighborhoods, and unique properties, Annapolis realty is both distinctive and diverse. Despite considerable days on the market, the homes profiled in this issue of What’s Up? with Real Estate prove that when it comes to our real estate, with the right pricing and timing, there’s something for everyone.
Primary Structure Built: 2006
Sold For: $1,100,299
Original List Price: (2012) $1,695,000
Last Sold/Price: n/a – first time sold since built
Living Space: 4,400 square feet
Lot Size: .46 acre
This three-level contemporary, with multiple balconies and 270 degree views across Selby Bay, is a great example of how pricing and timing are so pivotal in this market. Originally listed for $2,750,000 at the height of the real estate bubble in 2006, the sellers realized they needed a price point closer to comparable Edgewater sales. Relisted in 2012 for just under $1.7 million, the state of the market then demanded continued price adjustments, despite it being a new, waterfront home with pool. Over time, the sellers received two offers from buyers who changed their minds after contract ratification. When it became a short sale—in which the proceeds fall short of the balance of debts secured by liens against the property—activity significantly picked up.
Its ultimate buyers, a couple relocating from Virginia with plans to retire soon, were in search of a property with this home’s unique attributes: a pool, elevator, deep water access, views, and move-in condition. They were able to purchase the home as a short sale through an online auction site for below market value, saving approximately $100,000 from what the bank originally noted as its bottom line.
Selby Bay and the mouth of the South River are backdrops for the home’s outdoor amenities: a new pool, level yard leading to a private pier with 4-plus feet MLW depth, a jet-ski lift along the bulkhead, and a small beach area by the water’s edge.
Inside, the buyers especially love the home’s enormous open great room as they plan to extensively entertain their large family. The space—punctuated by windows, glass doors, and a wraparound balcony—incorporates a living room with a stone fireplace, dining area and gourmet kitchen with cherry cabinets, granite counters, and stainless steel appliances.
Upstairs, the large master suite includes a sitting area with fireplace, walk-in closet, and bathroom with whirlpool tub, oversized multi-spray shower, and an L-shaped double vanity. The top level also contains a laundry room, office, and its own wraparound balcony.
Sources: Charles Buckley (listing agent), Mr. Waterfront Team, Long & Foster, office-410-266-6880, email@example.com, www.waterfronthomes.org. Brad Kappel (buyer’s agent), Mr. Waterfront Team, Long & Foster, office-410-266-6880, mobile- 410-212-5087,
Primary Structure Built: 1985
Sold For: $1,550,000
Original List Price: $1,780,000
Last Sold/Price: n/a
Living Space: 3,275 square feet
Lot Size: .21 acre
Even in-town waterfront homes with deep water access have to play around with price structures for an optimal contract. On and off the market for more than a year, this four-bedroom contemporary on Weems Creek listed and delisted at different price points before finding the right buyers. Currently working with designers, the new homeowners plan to completely gut the home’s older kitchen and baths, install hardwood flooring and add a few new windows to update the property.
The outdoors, however, is in no need of modifications. Sitting at the end of a cul de sac and angled around Weems Creek (a quick access point to the nearby Severn River and the bay), the property includes a private pier with 10-plus feet water depth and room for several boats. A nearby community pier with 15-plus feet MLW is also available for use. The home boasts multiple decks for waterside enjoyment, including a balcony off the master suite, a large main-level deck and a lower-level walkout area with a pergola shelter.
Though parts of the interior are set for renovation, the overall flow and features of the home clearly demonstrate its value. The great room includes a dining area, family room with walls of windows, and a large kitchen space. A double-sided fireplace straddles the dining and living rooms. All the bedrooms feature water views. And a guest suite in the lower level includes a bedroom, bath, living area, kitchen, and its own laundry room (the main living area has a separate laundry room as well).
Sources: Charles Buckley (listing agent), Mr. Waterfront Team, Long & Foster, office-410-266-6880, firstname.lastname@example.org, www.waterfronthomes.org. Brad Kappel (buyer’s agent), Mr. Waterfront Team, Long & Foster, office-410-266-6880, mobile- 410-212-5087, email@example.com, www.waterfronthomes.org.