What's Up Magazines

Whitehall Cove, Annapolis Primary Structure Built: 1966 Sold for: $1,550,000 Original List Price: $1,795,000 Bedrooms: 4 Bathrooms: 4.5

Lori Gough was the third real estate agent in as many years to list this property and—with the seller agreeing to price it more aggressively from the start and to later reducing it further by 8 percent—she got it sold in less than five months. The seller, who bought the home in 2003 for $1.4 million, also kicked in 3 percent towards the buyer’s closing costs, which is typical in today’s market, even at higher-end price points. “Location and land are the real values here,” says Gough. The 3,914-square-foot, contemporary-style stucco house is set down a private road on nearly 3-1/2 secluded acres with 750 feet of protected waterfrontage, a private pier, boat lift, and deep, navigable water (6’ MLW). Though a bit dated and in need of some TLC, the seller had added a lower level with outdoor access that includes a large rec/media room, study, fireplace, two full baths, and master suite (in addition to one on the main level); and Gough says the buyers intend to install a new kitchen and make changes to the existing floor plan. Walls of glass and vaulted ceilings accented by skylights and recessed lighting highlight the interior, while a sunroom, screened-in porch, and multiple decks are ideal for entertaining or just taking in the picturesque natural surroundings. The pièce de résistance of this outstanding home has to be the heated, in-ground exercise pool—and it’s indoors! “We are fortunate to be in Anne Arundel County,” says Gough. “While our housing market has taken a dip, it’s been fairly modest compared to many others areas of the country.”

Source (listing agent): Lori Gough, Associate Broker, Prudential Carruthers Realtors, 410-320-0851, 410-266-0600, or LoriGough@aol.com.

Annapolis Roads, Annapolis

In this real estate market, a home may conceivably be worth a third of what it was a year ago. When the inventory of comparable, correctly priced properties increases, sellers of those properties face stiffer competition and must adjust their asking prices in order to compete. For example, it took nearly a year for this home to sell, and incremental price cuts totaled almost $500,000. That scenario, in general, does not necessarily mean a seller expected too much from the get-go nor does it imply that a real estate professional suggested an unrealistic list price. “Price is moving the market,” says Lori Gough, and in this case up-to-date appraisals and data on comparable home sales influenced the original list price. Over time, market trends dictated price reductions, Gough explains, and, “Once the property was priced under one million, activity picked up considerably.” Set on a tranquil, half-acre lot with panoramic views of Lake Ogleton, this rancher had been partially remodeled and expanded. Upgrades include: new granite countertops in the kitchen, updated baths, the garage converted into living space; and the lower level finished off, complete with stone fireplace and outdoor access. The main-level master suite with private deck was a nice selling feature. The lawn slopes down to 130 feet of protected waterfrontage that includes a dinghy ramp and multi-slip pier with water, electricity, and boat lift.

Source (listing agent): Lori Gough, Associate Broker, Prudential Carruthers Realtors, 410-320-0851, 410-266-0600, or LoriGough@aol.com.

Ulmstead Point II, Arnold Primary Structure Built: 1996 Sold for: $1,000,000 Original List Price: $1,199,900 Bedrooms: 5 Bathrooms: 4.5

This custom-designed, custom-built transitional house was sold by the original owners. The home has over 6,000 square feet of living space on three levels, including a finished basement with a kitchenette, bedroom, full bath, and separate entrance. Set on a 3/4-acre, cul-de-sac lot with water and pastoral views, the open floor plan, vaulted ceilings, skylights, and abundance of windows bring natural light and an airy feel to interior spaces. Other highlights include a two-story foyer, gourmet kitchen, main-level library, master suite with separate sitting and dressing rooms plus a fireplace and luxurious bath, and a three-car garage.

Source (listing agent): Jean Andrews, Associate Broker, Champion Realty, Inc., 410-975-3286, 800-640-0510, or JeanAndrews@championrealty.com.