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We sold the home shown above at 401 Ashwood just over two years ago. The home is considered small by Fairview standards at 3,304 SF. It’s on a nice, wooded lot, no pool, and most buyers will probably replace the fencing. The inside of the home will require some updating, especially in the master bath. The home sold for $601K, which was market back then.
It’s not our listing this time around. I don’t see any significant changes the seller has made to the home since we sold it. It just hit the market again at $750K. Considering how the market has exploded this year, I thought that was a fair listing price this time around. I also believe it would have appraised at that price with no problems.
One of our agents offered $957K for the home with $25K of non-fundable earnest money if they didn’t get their financing and also signed a waiver they would accept the home no matter where the appraisal came in. They really wanted the home, but frankly, I’m a little relieved they didn’t get it because in my opinion it would take years for the market to catch up to that price.
I won’t know what the final sale price is until it closes but from what I’ve heard, they took an all cash offer and the home is supposed to close next week. Here’s what the listing agent and seller did which was very smart …
She didn’t try to guess the top of the market. She priced the home fairly and where she knew it would appraise, then let the market dictate the final sale price.
She didn’t let a buyer come in quickly and get the home under contract without letting everyone else see it. She gave it enough time on the market to make sure it would be widely seen. I understand there were quite a few offers on the home.
The seller took the “all cash” offer. It may not have even been the highest price, but with an all cash offer, the seller doesn’t have to worry about the home appraising. IMHO, there is no way a 3,344 sf home has gone from $601K to over $900K in value in a little more than two years. But that’s the market we’re in right now.
Was this an out of state buyer, maybe from California where you can’t get a shack for this much? I have no idea but it wouldn’t surprise me.
For those of you who don’t know Homes by JAnthony, they are the most prolific builder in the Fairview and Lucas area, and by a long shot. There are some excellent builders out here, but none work at the pace of Homes By JAnthony, so he’s someone I always talk to when I’m trying to gauge the new build market.
Tony told me he has 58 homes under construction (not all within this area) and of those, 56 are spoken for. He went on to say he’s quoting $185/sf of finished space on new construction. If you look at one of his spec homes, almost all of what you see you’ll find in his standard finishout. He builds a very nice home.
If you’re considering building a new home in Fairview right now, here’s what you’re looking at. The lots he has will run between $585K to $650K. There’s a 5,000 SF minimum in the subdivisions he builds in, so if you do the math, one of his new homes will cost around $1.575 Million. Add a $120K pool and you’re into the home on a 1.5 to 2 acre lot for around $1.7 Million.
It doesn’t seem that long ago Tony was quoting new construction costs at $145/sf but construction costs have gone up tremendously. He said in the not too distant future he’s going to have to raise the price to $195/sf so if you’re thinking about building with him, you’d better get your lot picked out and home designed.
I thought the buying frenzy was coming to an end in September when things started to slow down noticeably, but apparently not. After seeing the activity on this home, it looks like I just misread the market. There is still a huge demand for certain homes like Ashwood.
Below are more pictures of 401 Ashwood. How does your home and lot compare? That should help you make up your mind if now really is the time to sell. If so, please give me a call and we’ll come by and give you our best assessment of where your home will sell. My cell phone is 214.850.1519
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