Real Talk Ken Edwards Strong sellers’ market continues

August 25, 2018

Twenty-two properties sold last week, totaling more than $41 million, and averaging 94 percent of original asking price. With a median sale price of 96 percent of original asking and a 77 day median marketing time that tells me that sellers are doing extremely well.

Included in the sales were 15 single-family homes, four condos, two co-ops and a 1/2 acre land sale on Old Greenwich’s Eggleston Lane.

My buy of the week selection was a very spectacular 1904 Georgian colonial in mid-country’s Zaccheus Mead Lane. “Azalea Hill” has almost 4 acres of manicured landscape and more than 13,000 square feet of living space inside.

My sale of the week selection was a reconstructed home at the end of Byram Shore Road with 300 feet of waterfront, a beach and a dock. I’m surprised it took 15 days to sell, even at its $4 million asking price.

Buy of the week

Purchased in 1999 for $6.2 million and offered for $10.5 million in January 2016, this 1904 Georgian colonial estate home has an accumulated market time of 777 days. Most recently listed at $6.495 million in February, it went through a series of rental attempts before its relisting.

This property is truly amazing with its very unique Asian-themed relaxation area over the new four-car garage. Complete with a meditation and yoga room, it features tatami mats, bamboo walls and a Japanese bath, custom built by craftsmen from Kyoto. A facility was dismantled in Japan and reassembled here at “Azalea Hill.”

Purchased for 56 percent of its original asking price back in 2016 and 68 percent of the town’s full tax-appraised value, this one’s my buy of the week selection with no hesitation.

Sale of the week

My sale of the week selection was a very special house that was reconstructed in 2013 “from the studs up” at the very end of Byram Shore Road. Going to contract in only 15 days at 99 percent of its asking price of $3.995 million, this home is special for many reasons.

First, of course, is its waterfront location with its own beach and dock. Second is the intelligent use of building materials including hurricane-proof glazing, 2-inch thick marble center island and countertops in the kitchen, and high-end appliances including the familiar names Wolf, Sub-Zero and Bosch. Third are the water views through all that glass.

The home has a sea wall for protection with steps down to the beach and dock. This waterfront home has 300 feet of waterfront to enjoy. It really is a stunner!

Expired listing advice, part 3

Over the last two weeks I’ve written about what owners can do after experiencing an expiration of their real estate listing. As I’ve said in the past, the three success criteria for selling your property are location, condition and price.

Last week I covered curb appeal and what you can do to spruce up (sometimes literally) the outside appearance for the car parked at the curb with a prospective buyer in it. I promised to take you through the front door this week to help with interior appeal.

As an accredited home staging professional Realtor, I know that three Cs are key to getting to “yes.” They are clean, clutter-free and color. Clean might be obvious (no one is attracted to a dirty house) but often sellers forget about making the glass windows sparkle. That also includes replacing any double and triple pane glass that has a condensation leak and looks foggy.

Clutter-free means clearing the decks of counter tops, book shelves and over-furnished rooms.

Most homes seem to accumulate too many furnishings and accessories over time and, like the roach motel, they enter but never seem to leave. Chachkies? Gone. Appliance lineup on the kitchen counter? Poof.

Color is often a harder one to see. Neutral colors like linen, off-whites and light grey never seem to offend buyers and make rooms appear larger and brighter. Reserve deep and dark colors for accent walls and you’ll be fine. That black room of junior’s with the stars and planets on the ceiling? I don’t think so. Likewise the pink and purple rooms with the bed in a castle your young lady seemed to like.

The last part of the puzzle is price. I’ll cover that in the final piece next week.

This Week’s Success Quote

“Less is more.”

— Ludwig Mies van der Rohe, 1947

Ken Edwards is the principal Broker for Edwards & Associates Real Estate and has lived in town since 1974. All opinions expressed are entirely his own and not those of this publisher. Comments and questions may be sent to K_W_Edwards@Yahoo.com or call or text him at (203) 918-4444.

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