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A COMPREHENSIVE MARKET ANALYSIS CAN BE VERY PERSONAL....
I made a pitch for a listing in the VERY desirable Cold Spring Point Area of Southampton, NY about 18 months ago. It was an estate trust that was asking for my participation in a search for the right agent to handle the property when the family was ready to list the home.
One of the co-trustees contacted me for an interview--telling me she was talking to several other agents to find the best, most qualified to handle the property for the family. Their Mother had passed away just 4 months before that.
The interview was very good--I felt confident that I would be considered as the best agent to market their Mothers home; however, I did not hear back from them so I contacted the daughter, the person who was handling the logistical part of the search for an agent.
Several more months went by with the daughter telling me that they were caught up in a wetlands issue and needed to complete a study before they would list the property....this was very wise and I had suggested in my interview that they handle any waterfront issues that may come up in a sale of the property. The siblings had followed my lead and the process took almost 2 years to complete.
Now the study was complete and the ability of a new owner to step into ownership with a clear idea of what could be done on the property if they should want to re-build or renovate was realized.
I got the listing the other day after all the siblings received a new copy of my pitch package with an updated evaluation of the sales activity in their area. I have duplicated that 2 page report below; I wanted to share the information that was the deciding factor in being chosen to handle the listing, marketing and sale of the property:
34 LANDS END LANE, SOUTHAMPTON, NY (Cold Spring Pond/Tuckahoe Area)
Dear Kerry, et al,
I have researched the whole Cold Spring Pond area to identify the properties that are most like yours, in order to get the proper price for you. I found the following sold properties and available properties and have used those in my determination of the right price.
Water front properties in the Tuckahoe area have been a very desirable commodity for many years—The area offers wildlife refuges, protected wetlands and estuaries, all contributing to the lasting beauty of this location.
The large developments in the area consist of golf courses such as Shinnecock Hills Golf Course, National Golf Course and the privately owned 300 acre estate which is the former Bayberry Land Retreat. The big appeal is the water and the access to Great Peconic Bay and of course, the golf courses.
With this in mind, I have 3 recently sold properties for this area (see attached detailed sold listings):
·#50 Cold Spring Point is a very large and new Post Modern home that traded in April of 2012 for $2,750,000. There are 5 BRs, 4.5 Baths and 4000 S.F. of space on .28 of an acre with a pair of moorings, a small private beach and plans for a permanent dock. It also opens out to Cold Spring Pond and has Peconic Bay beach access too.
·#44 Cold Spring Point is a renovated, 2277 S.F. 4 BR, 2 Bath cottage on .20 of an acre on the Pond with a private deep water dock on Cold Spring Pond and access to the Great Peconic Bay. It sold for $1,750,000 in the February of 2012.
·Vacant land at #81 Cold Spring Point traded in late 2011 for $1,075,000 and it sits on the open Peconic Bay side of the road.
This area has very few listings available at any given time; this is because properties seem to sell faster here than in other parts of Southampton Town. Thus these rare offerings sell rather quickly.
I do foresee a little sluggishness for the real estate market for the first quarter, since we are coming off the deepest and longest housing adjustment in the history of the Hamptons. However, if the 4th quarter of 2012 is any indication, we can expect decent sales results if you decide to list in early 2013.
There are 3 availableproperties at the moment in the Cold Spring Pond Area (See attached available listings)
1.#45 Cold Spring Point is on .19 of an acre and is a 3 BR, 2 Bath cottage on open Bay, no dock, asking $1,695,000
2.#29 Sandgate Lane is a 3 BR, 3.5 Bath house on .50 acre and built in 2010. It has 3000 S.F. of living space with a “fixed” dock on the inlets and access to Peconic Bay, asking $1,695,000
3.#110 Cold Spring Point Road is a 3 BR, 1 Bath Cape Cod cottage on .27 acre on the creek or inlet. It has room for a dock and access to Great Peconic Bay asking $1,200,000
I see an active market place for the foreseeable future and into 2014. Water front properties will command the best prices for the affluent buyer. Your lot is .76 of an acre and the house, even though it is an older home, offers an opportunity to renovate or replace in order to maximize the value. Buyers are looking for brand new homes and when they buy an existing home it is usually with the idea that they will re-do or re-build. This will be reflected in any offers that come in on your property.
A brand new home commands twice as much in price as an existing home does.However, since yours is an existing home on a very large lot with bulk-heading on both of your water fronts, I believe the available listings with smaller lots are well below the price point of what yours should sell for.
PRICING 34 LANDSEND LANE PROPERLY
With that in mind, I suggest you think of the price for #34 Landsend at an asking price of $2,495,000 and expect to sell it somewhere in the $2.2 to $2.3 range, maybe even higher if activity increases.
It is vital that the price be reflective of the rest of the market and in your case, above the other available properties since your lot is larger (.76) with bulk-heading on both the pond side and the inlet side…and you do have an open Pond front view.
**ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY
Paula I. Hathaway, Senior Vice President, Douglas Elliman Real Estate
Southamtpon Village Real Estate Specialist since 1995; Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York
Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005
Click here to see my Hampton's website to see all my listings; please email me or call me for all your real estate needs in Southampton, Bridgehampton and Watermill: http://www.elliman.com/paulahathaway
ActiveRain has become my home away from home; it is a place that I have grown to respect and appreciate as an open forum for real estate professionals and the public; a place to advertise and speak your mind on many subjects, ESPECIALLY real estate.
It is rare that we are given the chance to talk openly to the public or even our fellow associates...this is THE PLACE!....WELCOME TO MY BLOG
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.