What's Up? With Annapolis Real Estate
Oct 09, 2014 01:40PM
● By Lurdes Abruscato
It’s been five years since a series of collapses—the subprime mortgage field, housing bubble, and global financial markets—ignited a massive, national and worldwide recession. And though the National Bureau of Economic Research estimates the crisis ended some time ago, Annapolis realty has been feeling the effects ever since.
In the past year, however, there has been a marked improvement in the local housing market, with statistical increases in multiple key categories: median sale prices, total units sold, and active inventory. While pre-recession values aren’t to be had yet, this issue’s What’s Up with Real Estate spotlights two homes that serve as anecdotal evidence of the market upswing.
Primary Structure Built: 2006
Sold For: $1,025,000
Original List Price: $1,275,000
Last Sold/Price: 2010/$924,900
Living Space: 2,300 square feet
Lot Size: .04 acre
In a small and historic city like Annapolis, it’s usually impossible to find newer residences with modern amenities that still embody the charm and details of older, in-town dwellings. This downtown end-unit townhome does just that, combining like-new finishes with an ideal location.
The seller, who purchased the home four years ago, invested $75,000 into updating and customizing features and subsequently sold the home for a $100,000 profit, a clear sign of the market’s renewed buoyancy.
Quite possibly its least-used feature? The two-car garage, since the home is just steps from Acton Cove, a peaceful waterfront park overlooking Spa Creek, and also walking distance to numerous restaurants, shops, and popular downtown sites. Despite its city location, the neighborhood maintains a tranquil setting, purposely incorporating privacy elements, such as building around courtyards so back decks can overlook quiet areas with brick-lined walkways.
The interior, which was kept in immaculate condition by the seller, includes various high-end features and designer details. The granite and stainless steel kitchen, for example, is anchored by a stylish gas range/hood. Hardwood floors gleam on all four levels. The windows and walls model designer coverings. The new homeowners plan on no immediate changes as the home was turnkey and in excellent condition.Sources: Lori Gough (listing agent), Champion Realty, office-410-224-0624, cell-410-320-0851, email@example.com, www.lorigough.com. Lori Gough & Carol Fasick Joyce (buyer’s agents), Champion Realty, office-410-224-0600, cell-443-336-7010, firstname.lastname@example.org.
SOUTH RIVER MANOR
Primary Structure Built: 1992
Sold For: $940,000
Original List Price: $1,050,000
Last Sold/Price: 2006/$947,500
Living Space: 3,500 square feet
Lot Size: .74 acre
A sure indicator that local real estate is on an uptick: when homes that have spent months on the market start receiving multiple offers. This large, single-family abode had dithered for sale over the winter, but the combination of a stronger spring market and price adjustment prompted two offers and a smooth sale process.
The buyers, Annapolis locals who had been looking for more than a year, note that though it can be frustrating, it is important not to settle during the viewing process. Countless searches culminated in finding their perfect place, a private lot with abundant wildlife and top-of-the-line interior renovations with a user-friendly layout.
The residence’s setting is indeed idyllic with a quiet, cul-de-sac spot on Broad Creek, a quick access point to the South River. The lot is pie-shaped, expanding on the waterside to provide optimal waterfront access. The home includes its own large pier with 6-plus feet MLW access and a 12,000-lb. boat lift. Further enhancing its outdoor appeal, the deck leads to a pool, surrounded by landscaping and mature trees for great views yet plenty of privacy.
The abode itself, a 22-year-old contemporary structure focused around those optimal water views, has been extensively remodeled with luxury modern finishes. There’s still evidence of classic 1990s architecture, including slanted ceilings, rectangular interior windows, and a sunken living room. But nothing looks two decades old. The kitchen houses Bosch appliances, quartz countertops, and modern spot lighting. It opens to the family room, a dramatic space with double skylights and a floor-to-ceiling, slate-surround gas fireplace. All the bathrooms throughout the home have been remodeled and updated and the master en suite features especially striking contemporary elements, including an oversized shower, soaking tub, and elongated sink.
The lower level is especially convenient for a home with a pool and boating: rather than having to climb the deck to access the interior, a walkout basement offers access to a full bathroom, recreation room, separate bedroom, utility room, and storage area.
Sources: Charles Buckley (listing agent), Mr. Waterfront Team, Long & Foster, 410-266-6880, email@example.com, www.waterfronthomes.org. Sarah Hansen (buyer’s agent), Coldwell Banker Residential Brokerage, 443-822-5792, firstname.lastname@example.org, www.sarahhansenhomes.com.