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What's Up Magazine

What's Up? With Annapolis Real Estate

Sep 23, 2014 10:46AM ● By Lurdes Abruscato
By Lurdes Abruscato

In Annapolis circles, age really is just a number. Our streets and ports might be centuries old, but you wouldn’t know it. Likewise, some of our homes might have a few years on them, but it doesn’t show in their like-new condition. This month’s What’s Up with Real Estate features two homes that show more awe than age.

EDGEWATER

Primary Structure Built:            2009
Sold For:                                  $1,150,000
Original List Price:                   $1,400,000
Last Sold/Price:                       n/a
Bedrooms:                               5
Bathrooms:                              3
Living Space:                           4,616 square feet
Lot Size:                                  .61 acre

Located on Cadle Creek just off the Rhode River, this stone and shingle contemporary colonial is bountiful in space, amenities and finishes. The sellers, who had the property in the family for 100 years and tore down an older domicile a few years back to construct the new residence, are moving to points south and priced it competitively to sell fast.

The neighborhood is just off Route 214, a convenient commuter connection to D.C. and surrounding areas. The property is sited so it overlooks multi-million-dollar homes across the water, not always an option for area waterfront homes. Nearby rests the stretch of the Rhode River that includes the Smithsonian Environmental Research Center (SERC), which encompasses 2,800 acres of sub-estuary land and watershed, ensuring protected foliage and minimal development to its surrounding neighbors.

The back of the home overlooks 100 feet of water frontage and a private pier with electricity, water, and 4-plus feet MLW access. Leading up from the creek, a level backyard is buffered by a covered porch. Double French doors open to a two-story family room with a prominent stacked-stone fireplace/pellet-burning stove and gleaming Brazilian cherry wood floors. The family room flows into the gourmet kitchen, with dark cherry cabinetry, Bosch stove, and other stainless steel finishes.

Unique to most waterfront properties where space is at a premium, this home includes a three-car garage, as well as main-level master and guest suites. The distinct two-story master, with a striking spiral staircase and luxurious bath, includes a fireplace on each level, and wet bar and walk-in cedar closet in the loft area. Other distinctive finishes can be spotted throughout, including an anchor inlay design on the foyer floor, whimsical ceiling fans, and a curved banister walkway connecting the upstairs wings.

The buyers, relocating from the West Coast, liked that the home requires no overhauls to move in. Sources: Charles Buckley (listing agent), Mr. Waterfront Team, Long & Foster, office-410-266-6880, charlie@waterfronthomes.org, www.waterfronthomes.org. Brad Kappel, Mr. Waterfront Team, Long & Foster, cell-410-212-5087, brad@waterfronthomes.org, annapoliswaterfronthomes.org.

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POINT FIELD LANDING



Primary Structure Built:            1972
Sold For:                                   $800,000
Original List Price:                    $825,000
Last Sold/Price:                        2013/$440,000
Bedrooms:                                5
Bathrooms:                               4
Living Space:                            2,860 square feet
Lot Size:                                   .51 acre

Who says there’s no money to be had in real estate anymore? Located in an established, water-oriented community, this Cape Cod is a perfect example of real estate “flipping” done right. The sellers—locals who are familiar with the area and refurbishing residences—purchased the home approximately a year prior to renovate and sell. During the process, they re-did nearly everything, and though their remodeling investment was significant, so was the resale return.

Effective flipping, though, relies heavily on the right location, renovation, and pricing. The Point Field Landing neighborhood is appealing to many because of its Severn River marina/water privileges and access to well-regarded Severna Park schools. Equally attractive, the community sold lots and allowed buyers to use their own builders when it was established 40-plus years ago, resulting in a non-cookie-cutter aesthetic. Consequently, the area is comprised of a blend of original owners and young families, and home turnovers are infrequent.

The remodel included replacing the roof, windows, HVAC, and exterior with Hardiplank siding. Inside, the oak hardwood floors were refinished; the kitchen was gutted and redone with granite, white and wood-tone maple cabinetry, and stainless steel appliances; all bathrooms were updated with new flooring, vanities, tile work and fixtures; new paint and designer lighting is evident throughout the home; and the lower level rec area was refurbished with new carpeting, paint, and a walkout doorway. Despite the home’s new features, it retained charming elements, including functioning fireplaces in the family and rec rooms, a full-length rear deck overlooking a wooded lot, and little built-in nooks, crown molding, and chair railing.

The buyers, relocating from out of state, appreciated the home’s water access, neighborhood vibe, and like-new condition. They anticipate no changes as everything they wanted has already been done to the property.

Sources: Creig Northrop (listing agent), Creig Northrop Team of Long & Foster, 410-531-0321, creignorthrop@northropteam.com, www.northropteam.com. Melissa Murray, The Murray Home Team, Coldwell Banker, 443-995-2626, melissa@themurrayhometeam.com, www.themurrayhometeam.com.