Rule No. 1: Lowball offers are a waste of time: Three Tips for Home Shoppers This Spring
Real Estate Sales Activity Picks Up in Gambrills' Saddlebrooke Community
In the Gambrills Saddlebrooke neighborhood bordering Odenton, five homes have sold in the last six months.
Saddlebrooke has been shaking off the real estate doldrums the past few months, with five homes sold in the community since October 2012. Average home prices in the neighborhood have dropped each of last two years, however, as the regional market for properties valued $500,000 or more remains fairly soft.
Homes Sold in Saddlebrooke
2010
2011
2012
2013
No. Homes Sold
5
1
6
2
Foreclosures/Short Sales Sold
1
0
1
1
Avg. List Price of Homes
$607,658
$689,900
$631,450
$584,950
Avg. Sold Price of Homes
$584,100
$640,000
$616,167
$540,000
Avg. Sold/List Price Ratio
96%
93%
98%
92%
Avg. Days on Market
217
154
109
200
While home prices in the community are down, it’s worth noting that two of the most recent Saddlebrooke home sales – 1408 Travers Court and 1334 Bluegrass Way -- were short sales. Interestingly, the two short-sale properties are the only five-bedroom homes to sell in Saddlebrooke since 2010.
The five-bedroom home at 215 Heatherbloom Trail currently is for sale at $689,900.
Homes Sold in Saddlebrooke 2012-2013
MLS No.
Address
Short
Sale?
List
Price
Sold
Price
Closing
Date
BR
BA
FP
Gar
Days on
Market
AA7963765
1504 Winfields Ln
No
$579,900
$550,000
1/31/13
4
3.5
1
2
249
AA7789033
1408 Travers Ct
Yes
$590,000
$530,000
1/21/13
5
3.5
1
2
150
AA7919333
1334 Bluegrass Way
Yes
$579,000
$570,000
12/28/12
5
3.5
1
2
8
AA7874182
1529 Winfields Ln
No
$599,900
$599,000
11/28/12
4
3.5
1
2
118
AA7912069
1339 Bluegrass Way
No
$675,000
$643,000
10/4/12
4
3.5
1
2
28
AA7728342
1539 Winfields Ln
No
$599,900
$600,000
7/31/12
4
3.5
1
2
389
AA7768059
211 Heatherbloom Tr
No
$645,000
$635,000
6/18/12
3
2.5
2
2
77
AA7769350
1326 Bluegrass Way
No
$689,900
$650,000
4/18/12
4
4.5
1
2
36
It’s also important to note how long the homes recently sold in Saddlebrooke were on the market. Of the eight properties most recently sold, three sold within a month or so, three were on the market between two and five months and two languished on the market for eight months or more.
Saddlebrooke Homes Currently for Sale
Three of Saddlebrooke’s 122 homes currently are listed for sale. The descriptions below come from the MLS listings for each property.
Homes Currently for Sale in Saddlebrooke
MLS No.
Address
List
Price
BR
BA
FP
Gar
Days on Market
as of 4/10/13
AA8047990
1525 Winfields Lane
$630,000
4
2.5
1
2
4
AA8026997
215 Heatherbloom Trail
$689,900
5
4.5
1
2
31
AA8020439
202 Heatherbloom Trail
$759,000
4
4.5
1
2
40
● 1525 Winfields Lane:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2833594X4VTT&p=DE-195961853-737
Well-maintained, with a formal living room, dining room, office, family room & two-story foyer, all on main level. Upgraded kitchen with stainless steel appliances, granite counters & premium cabinets. The four BRs include a master with sitting room & luxury bath. Huge unfinished basement, paver patio & one-year home warranty.
● 215 Heatherbloom Trail:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2833594X4VTT&p=DE-195961813-375
Stafford model with two-story foyer. Includes hardwood floors & gourmet kitchen. Maintenance-free deck with retractable awning & gazebo. Four BRs & four full BAs, plus powder room. Buddy bath on second level. Two-story family room with gallery overlook. Huge master bedroom with deluxe garden bath. Very large rec. room with wet bar. Extensive paver patio & landscaping.
● 202 Heatherbloom Trail:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2833594X4VTT&p=DE-195961733-946
Features a grand two-story foyer, hardwood floors, large formal living room and dining room. Gourmet kitchen with GE Profile/Monogram appliances. Family room with Mendota gas FP. Master bath is newly remodeled with tile and glass. Large walk-in closet. Screened porch off of kitchen. Fully finished lower level with kitchenette. Custom heated saltwater 18,800 gallon pool.
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
Buyers of Foreclosures Need to Act Fast
Foreclosures are being listed at far less than what they likely eventually will sell for -- a marketing strategy that generates high interest and multiple bids. Buyers of Foreclosures Need to Act Fast
Rental Investment Properties Make Money for You Four Ways
The greater Odenton area is an excellent place to invest and become a first-time landlord.
Have you ever thought about investing in real estate?
I’m sure you’ve heard the horror stories. Friends, family members and colleagues tell you of the headaches and financial risks associated with owning and renting investment properties.
But when approached with a solid strategy, and with an abundance of caution, the financial benefits of owning investment properties are undeniable.
My wife and I noticed it the minute we signed our completed income tax return. The first residential rental property we bought completely changed the bottom line on what we owed the Internal Revenue Service – for the better. The effect was so dramatic we decided to buy two more units, and we now own three income-producing rental townhouses in the Piney Orchard community.
Rental investment properties can make money for you four ways:
1. Principal Reduction – In essence, owning an investment property means that after obtaining financing and providing a down payment, other people buy the house for you. Investment property owners use the rent collected from tenants to pay down the mortgage and pay other expenses associated with the property.
2. Income – Also called cash flow before taxes. Any amount of rent collected over and above the amount needed to cover the mortgage and other expenses is income for you. When the mortgage is paid off, you own the house free and clear, and the lion’s share of the monthly rent collections go directly to your bank account.
3. Income Tax Savings – In effect, federal and state governments subsidize your purchase of real estate by allowing you to write off property taxes, mortgage interest and certain other expenses. Owners of investment property also are allowed to “depreciate” the property. The end result is that investment properties can greatly reduce your tax liability, allowing you to put even more money in your pocket.
4. Price Appreciation – Granted, when measured over the last four to six years, there’s been little if any property price appreciation in most areas of the country. However, in most parts of west Anne Arundel County, properties have increased in value over the lows of the housing crisis.
The greatest financial benefits of owning residential rental property are realized when all four of these factors work in concert to boost a property owner’s bottom line. However, even when one or more of these factors is not adding to a property’s financial performance, the remaining factors may still combine to produce a positive net cash flow for the owner.
The key is buying the right property at the right price.
The greater Odenton area is an excellent market for investing in rental properties. The reason? There’s a large number of renters, there is frequent turnover of tenants, average rents per unit are high and there are plenty of properties available for purchase.
But it’s important that you do your homework. Not every rental property is a good investment, and many can lead you into financial hardship.
The key is finding the right property and consulting qualified professionals who have experience handling such investments. These experts include accountants, tax advisors, financial planners and realtors.
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
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Starting today, borrowers will be charged higher mortgage insurance premiums on new Federal Housing Administration loans. FHA Premiums to Rise April 1
Competition Heats Up for Home Buyers
Bidding wars are brewing again in more housing markets, and buyers are finding themselves up against increased competition in snagging a home. Competition Heats Up for Home Buyers
Odenton Year-Over-Year Home Prices Jump 27 Percent in February
Fewer homes are available for purchase here and properties continue to sell quicker than last year.
The median price of homes sold in Odenton in February rose 27 percent over the same period last year, according to the latest housing sales data compiled by the Metropolitan Regional Information Service.
The median price of a home sold in Odenton increased to $323,000, thanks in large part to a strong increase in the price of detached homes. The average price of such homes jumped nearly $100,000 over the same period in 2012.
Meanwhile, the average price of attached homes -- such as townhouses, duplexes and condominiums -- rose a more modest 6 percent over last year.
The average number of days that sold homes stayed on the market in Odenton continued to drop, following a year-long trend in the west Anne Arundel County area. Also following a recent trend, the number of homes actively for sale in Odenton in February was well below the same period last year.
In general, the Odenton real estate market remains a strong seller’s market. Fewer homes are available for sale here, prices are increasing and buyers are fighting over the relatively few quality properties available.
On a personal note, seven of the eight buyer’s offers I’ve written in recent weeks have been in situations involving multiple bidders. In two of those cases, more than four buyers were bidding for the same property. In one instance, the winning bid was more than $20,000 over the $300,000 asking price for the home.
Odenton (21113) Monthly Market Statistics
Feb. 2013
Feb. 2012
% Change
Median Sold Price
$323,000
$254,450
26.94%
No. of Homes Sold
22
24
-8.33%
Avg. Days on Market
87
91
-4.40%
Attached Avg. Sold Price
$262,683
$247,812
6.00%
Detached Avg. Sold Price
$410,680
$313,986
30.80%
No. Active Listings
89
121
-26.45
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
Demand Soars as Homes Are Selling Faster
With home sales picking up pace, buyers and sellers are less likely to see price reductions on homes and to see more multiple offer situations. Demand Soars as Homes Are Selling Faster
Four Reasons Your Home Might Not Be Selling
MSN Real Estate recently polled real estate professionals to find some of the most common reasons why some properties won’t sell. Four Reasons Your Listing Might Not Be Selling
