A Dozen Sales for July!
Color and Décor May Just Brighten Your Future.
What’s a Million Dollar Home in Trilogy?
By Devin Sanford
12 Sales in July; Down Eight from June
|Model||Original Asking Price||Asking Price when Sold||Final Sale Price||Days on Market||Notations|
|Discovery||$460,000||$460,000||$470,000||1||Greenbelt Near PKWY|
|Orchard||$475,000||$475,000||$500,000||3||Attached on 2 Sides|
|Union||$560,000||$560,000||$560,000||1||Elevated Forest View|
|Washington||$599,000||$599,000||$599,000||6||Elevated Forest View|
|Bainbridge||$695,000||$695,000||$680,000||29||3 Bedroom Layout|
|Bainbridge||$729,900||$729,900||$741,000||3||Level Greenbelt Lot|
|Monticello||$945,500||$914,000||$899,000||42||Modest Estate Home|
|Hemlock||$975,000||$975,000||$975000||12||Fabulous Mountain & View & Decor|
*Homes in bold & green indicate the Elephant is working for our Sellers.
The story is the same, the lower end of the pricing spectrum continues to fly off the shelves and climb in pricing. I suspect soon that price range will level off as the High-End already has and the mid-range is slowing. Currently Active homes under $600K have averaged 10 days on the market, from $600k to $800K, 25 days and over $800K up over 38 days.
What’s a Million Dollar Home in Trilogy?
There were just four homes sold over the seven figure mark in the two previous calendar years. They seemed to require just two things, a great view and imaginative landscaping. That’s what got my modest Maryhill listing built in 2002 on the 13th tee for $1,075,000. Really a class above the remaining two, a quasi-custom Monticello, with an amazing mountain view on a third acre lot with all the trimmings, closed at $1,150,000; down $30K from original asking after four months on the market. A great view and a clean presentation would sell in time, but the million-dollar home buyers were few and far between. Buyers weren’t quite willing to risk that much money on a real estate investment in a non-custom home community.
If it’s not custom, perhaps making it appear that way may be what’s brought a handful of Sellers success in 2016. They say a picture is worth a 1,000 words. Observe the photographs of the five homes sold or pending this year and a picture may just be worth a million bucks. It’s more than view and landscaping now; it’s a million-dollar appearance, a perception of opulence and abundance. At $1.1 Million, 1.25 Million and 1.295 Million, respectively, three homes have already blown away pricing of previous years and there are two more Pending the close of Escrow. Sure, the market has gone crazy but there’s something more. These homes lifted themselves into an entirely different category than the status quo with some great design and décor that could only come from experience. Some, simply, stepped it up in the builder Design Center and they’re reaping the benefits. Whole house wood trim was rarely selected in lieu of the white MDF trim during the new construction phase.
Replacing that flat, builder grade mirror in your Powder Room with a quality, framed mirror, adding a water feature, flagstone fire-pit area or built-ins in every room with the opportunity are all great value builders. However, two particular elements have really boosted the Estate Collection into the Heavens. They are custom upgrades and furnishings. One of the two “Pending” Million dollar plus homes is a Monticello featuring a whole house real wood trim package, elegant California Closets, thoughtful exterior stone half walls to make great outdoor living spaces and lavish gardens. The furnishings are expensive and even the clothes, Spa Robes and shoes in the closet are ritzy. They’re lined up and spaced nicely so people can admire them. They give a sense of lavishness and prosperity. Trilogy is all about spoiling yourself. Why else would you pay $400 per square foot? The Maryhill on Twinberry’s vaunt is real stained wood trim throughout, scant yet swank furniture and a Grand Piano expressing an accomplished Seller.
Am I trying to say, “Go out and buy the good stuff”? If it’s affordable, absolutely. The highest sale prices had the most extravagant furnishings and décor, they had slab granite straight from Italy and presented like a Beverly Hills home. If you’re thinking of selling down the road, and you’ve always wanted that Restoration Hardware sectional or bedroom set, I can assure you, it will pay for itself when the photographer shows up. In essence, those items you take to your next destination may work out being free, provided you can keep the movers from annihilating them. Upscale furnishings and Dollars spent on Professional Home Design Professionals may be the best kept secret by those who know how to work it. Show the Buyer the life they’re used to and they’ll write the check they’ve written several times before.
Ten Awaiting Recording Numbers
Here’s what’s currently “Pending” the Close of Escrow
|Model||Original Asking Price||Asking Price when Offer Accepted||Days on Market||Notations|
|Chelan *||$445,000||$445,000||3||Modest, Adair Creek Wy|
|Union||$549,000||$549,000||3||Modest Upgrades, Clean|
|Hemlock||$759,000||$759,000||82||Vine Maple Way|
|Monticello||$1,099,000||$1,039,000||54||High End Upgrades|
*Home Pending Inspection
Reaching mutual agreement between a buyer and a seller, the “Pending” homes preceded the trends in time on market currently showing with available homes. The less the price, the faster they reached contract stage. There may be indications that the throw it against the wall and see if it sticks method of pricing upper end homes may have lost its luster with both homes priced at nearly 1.1 Million dropping $50K and $60K or 4.5% and just shy of 5.5% respectively. None-the-less, there are two more Million Dollar plus homes pending the close of escrow surpassing the last two years combined just seven months into the year.
11 Homes Spread Across Five Collections for the Picking:
|Model||Original Price||Asking Price||Days on Market||Elephant thoughts:|
|Orchard||$479,000||$479,000||4||Modest Stand Alone|
|Orchard||$499,500||$499,500||2||Upgraded 3 – Bedroom|
|Washington||$640,000||$640,000||11||Currently with Tenant|
|Hemlock||$759,950||$745,950||67||Adair Creek Way|
|Bainbridge||$715,000||$715,000||0||Gorgeous Garden Patio|
|Oakwood||$974,900||$974,900||25||Golf Course View|
|Alder||$980,000||$980,000||24||Golf Course View|
*Homes in bold & Green; the Elephant’s Work Representing Sellers.
Note: All currently available listings are posted at www.DevinSanfordHomes.com on the home page. Just scroll over to the Trilogy tab and select “Current Trilogy Listings” from the dropdown list. For all listings, “Click” the big green tab to the right. It says, “View all Trilogy at Redmond Ridge Listings.” Within this report, we share what is available at the first of the month for consistent and measurable month over month reporting.
As the market experiences its typical slow moving into August, the longer days on market is beginning to allow a little more selection for buyers across the price ranges. This is not to say that Buyers wouldn’t like to have an even better selection. Should you be considering entering the market place, you’ll win out over the competition with a superior presentation paying close attention to cleanliness, a clean palate, proper staging and high end photography.
The market is beginning to experience price drops. I credit this to the frenzy of home buyers slowing down and brokers who aren’t necessarily familiar with Trilogy catching the wave a little too late. I’ve also seen the quality of staging and photography dropping with Brokers and/or Sellers believing the market is so hot, there’s no need for fancy photos and thinking, “There’s no inventory. You don’t need to do all that. The home will sell anyway.” That may very well be true; for how much it will sell for is the question. Lowering the price will likely not be necessary if you don’t skip the usual steps to a successful sale. A little investment and effort goes a long way.
For a Premium presentation resulting in a Premium Price, a Premium Broker who doesn’t cut corners on advertising or the quality of photography, The Elephant is standing by. I’d be delighted to share with you the difference between so called “Full Service” and Premium service provided “The Elephant Way.”
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Take a quick look at this recap of home statuses so far Year to Date:
That’s a wrap for July. We hope you found something of value in this report and will give us a call when you have a real estate need. We measure our success by how well we serve others.
Devin & The Entire Elephant Support Team