The high end of the Black Rock market is picking up. Last year only two homes over $600,000 sold. This year (and the year's not over yet), five homes over $600,000 have sold. This is good news for Black Rock!
LUXURY BLACK ROCK SINGLE FAMILY HOMES SOLD IN 2011
124 Old Battery Road ("The Chimneys") listed at $1,499,900 as a foreclosure and sold for $900,000 365 Sailors Lane listed at $949,000 sold for $890,000 15 Sailors Lane listed at $819,000 sold for $790,000 155 Grovers Avenue listed at $645,000 sold for $633,000 125 Old Battery Road listed at $699,000 sold for $625,000
We have heard that "The Chimneys" sold to an extended family with children, who plan to fully restore the property. Neighbors are very pleased that a family has purchased this 15,000 SF mansion and of the plans to restore the property. The new owners of 125 Old Battery Road have already begun work on renovations and plan to do significant updates. The need for repairs and updates is one of the reasons that these homes sold for lower than we would like for St. Mary's-by-the-Sea, but given significant visible improvements, the low sale prices can be justified and should not be used by appraisers as comps for updated homes in Black Rock.
Updated homes are selling for significantly more than other homes as we can see from the sales of 365 Sailors Lane, 15 Sailors Lane, and 155 Grovers Avenue. These three homes were move-in ready with updated kitchens, baths, and had beautiful landscaping and outdoor living areas.
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