Multimillion $ Homes Also Receive Multiple Offers

620 Wellesley620 Wellesley barn door

Normally we don’t see multiple offers in the multimillion dollar price range. This GK listing was the exception. Beautifully decorated by Don Connally of Area (Highland Village) it showed great. My favorite idea was the use of this barn door that adjoins the pool. Open the door and you have additional entertaining area ….ping pong table…or whatever in this one bay garage space. Interesting observation…the home only had a one car garage yet that didn’t keep the buyers from bidding. Just because your home doesn’t have “everything perfect” doesn’t mean it won’t sell. Click on the top photo above for more details.

Reynolds Court….Gated community at Voss and Memorial!

reynoldscourt

Reynolds Court is the new gated community at the northeast corner of Voss and Memorial is almost sold out. There is one home and one lot available.  The home is under construction and is priced at $3.5 million (5 bedroom, 5 full bath, 2 half bath).  The lot is the first one on the right hand side when you enter the gate, lot 4.  Reynolds Court will have new 6 homes and is in Hunters Creek. This is a lovely unique development and I am amazed at how quickly it has sold.

Hunters Creek Village home under contract in 7 days!

This home was sold at lot value in January of this year. A 26,400 sf lot with beautiful presentation on the street. Thank you to my friends for referring the owner’s family to me. This was an original owner home custom built in 1954. The owner’s daughter told me they purchased the home for $60,000 in 1954. It recently sold for over $1,000,000……who says real estate isn’t a great investment! The owners had received offers from builders as high as $850,000 before they listed with me and we advertised on MLS.

Hunters Creek Village remodel or teardown opportunity

This is a well maintained 1954 home custom built by the original owners at a cost of $60,000 (per the owner’s daughter).  It just closed for $1,122,800, that is a 1700% increase over 60 years!   Who says real estate isn’t a good investment?!  The home was priced at lot value on a 26,400sf lot in Hunters Creek Village. The owner tells me builder offers had been as high as $850,000 before they listed with me and we advertised on MLS. Exposure to the market and competitive bidding is invaluable in today’s seller’s market. For more details click here.

Memorial Villages market is healthy and steady

This is a view of the Memorial Villages market year to date.  One word of caution….this is like looking at the market from an airplane…..it’s an overview.  Homes in the Memorial Villages are unique, that is there are many different lot sizes, features of the lot, ages of homes, floor plans, locations, etc.  Please call or email me if you are interested in buying or selling.  I work in this market on a daily basis…put that knowledge to work for you!

What conclusions can we draw? Overall we have seen price appreciation and very strong activity. Lot sales have been brisk and the price appreciation has been in the lower end of the market.  However, there are buyers in the upper end market actively looking;  some fabulous homes have sold at substantially higher prices psf than average…..remember this is a market of unique homes.

 

This is an INCREDIBLE home my clients purchased this spring….warm and cozy and just right!

Humming along in Hunters Creek…

Inventory levels were low this spring and still are low.  Older homes built before 2000 currently have less inventory (4.3 months supply) than homes built after 2000 (6.4 months supply).  There is a wide range of location, lot size, age and condition of homes in these sales so please don’t look at these numbers and think your home is average. Call me if you’re interested in selling or buying in one of the Memorial Villages.

Year Sold    Number sold    Ave Price     Price psf    
All homes in Hunters Creek

2011                   56              $1,492,000       $288
2012 YTD           27              $1,421,000       $284
Available            23               $2,184,000      $344

Homes built after 2000 in Hunters Creek

2011                  14               $2,610,000        $356
2012 YTD            5               $2,242,000        $341
Available              8               $3,231,000       $418

Homes built before 2000 in Hunters Creek

2011                42                $1,119,000        $250
2012 YTD        24                $1,302,000        $273
Available         15                $1,625,000        $290

 

Graphs tell a story….Memorial Villages $1million to $1.3 million at the end of March 2012

This bar graph was prepared for one of my clients this spring.  We were able to look at a slice of the market in the Memorial Villages (Bunker Hill, Hedwig, Hunters Creek and Piney Point) listed between $1,000,000 and $1,300,000.  The BIG RED BAR in this graph shows homes available in this price range over the last 2 years….and inventory had trended down significantly.  Even though the last month (March) showed a spike up in homes available, the BLUE BAR shows homes going under contract….and that had spiked up significantly too.  I really like being able to confirm what we are “feeling” in the market with data.  This spring has been one of the best markets in years in the Memorial area.