The $1.35M Sale

The upper end of the market may be thin, but for a truly spectacular property, it's not dead. Last week a buyer closed on 4,500 sq. ft. home on 81 acres located along the Delaware near Narrowsburg. Asking price was $1,547,000. Closed sales price was $1,350,000. I showed this particular property (which wasn't multiple listed, although the selling agent was kind enough to put it in as a 'for comp' sale after closing) a few times in the past year. The house wasn't, to put it charitably, to everyone's taste --- built in more of a faux Tudor style with heavy woodwork and stained glass, it didn't quite have that mountain woods getaway feel that's in vogue. The property, however, is spectacular ---  at the end of a dead end road with upwards of 800 or 900 feet of frontage on an especially pretty bend of the Delaware River.

I expect some pundit on here to comment that "Well, just wait until the coming bloodbath. The buyer will be happy if we can unload it for half that." Whether or not you believe there may be a further decline in the market, there are some properties, like this one, that have an enduring value because they are so special and unique. A totally private, 81 acre estate property on the Delaware River with western facing sunset views fits into the realm of trophy property that isn't easily replicated.

Every once in a while, I come across a property here that just evokes a total "Oh my God! This is just awesome," response in me. The type of setting where you can't quite believe you're only two hours from Manhattan. There aren't a lot of them. Over the 9 years I've been selling real estate here I can count them on two hands. Sure, I've shown and sold a lot of very, very nice property, but I'm talking about those very rare total jaw droppers. This was one of those properties. Congratulations to the buyers who landed themselves an awesome place, and to the agent who brokered the deal, Joe Freda of Freda Real Estate. (No, it wasn't my deal.)

Comments

[hl]

"I expect some pundit on here to comment that 'Well, just wait until the coming bloodbath. The buyer will be happy if we can unload it for half that.'"

It's only money...but...if the house is used less than twenty days a year....
If it's farmland I'd say it was a steal. If it's not then wellllllllllll....

[Fritz Meshenck]

Dave,

81 acres? That's a lot of land - especially right on the Marcellus Shale.

It's possible that the buyer will lease some of the land to the gas companies.

Fritz.