Profile picture for Babakj

Priced to high?

I have seen this house. The floor plans and the lake view is very nice, but the surface finishes are not that high end, to justify the $2M price range. I would think it is more like $1.8M.
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September 16 2007
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Answers (2)

Profile picture for Babakj
Thanks for your reply. I have also seen the other two comps in Longshadow. They both have more usable lot. Your listing has privacy and green belt, but there is really no usable outdoor space (other than the decks). Also the interior finishes do not compare well. e.g. the office/den is pretty low key, or the kitchen is not as jaw dropping.

Also, given thet mortgage rates are a good %2 hugher than 2 years ago, the affordability has been seriously affected. e.g. same monthly payment that used to be enough for a $1M loan, now is only good for a $700,000 one.
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September 17 2007
Profile picture for mtuchen
When I priced the house, I looked at a number of comparables. I set the price lower than the comparables, so most comments I've gotten have actually been that it's a great value at the $2M price. The two best comparables were a couple very similar houses, built by the same builder one street over in Longshadow Ridge at the same elevation that sold in the last 3 months. They sold for $355 per square foot (though they listed a few % higher). The overall average of all reasonably comparable houses in Lakemont that have sold in the last year is $350. I priced this house at $339 per sq foot due to my view of expected market conditions in the next 6 mo, despite the many special things about this house (unobstructed view, end of cul-de-sac location, green belt, great condition, etc). Don't look at Zillow's calculation, it's incorrect - use a calculator to divide $2M/5895.

Hope this helps,

Mike
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September 17 2007
 
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