34 Barberry Rd, Lexington

Market Analysis for:

Eric Teicholz and Judy Wasserman

I've done a market analysis on your home at 34 Barberry Rd, Lexington and have prepared this document to help explain how I've arrived at a price for your home. I perform a market analysis and calculate a price taking into consideration a home’s location, size, configuration, number of bedrooms and baths, lot size and general condition. I also scrutinize the home for issues that, in my experience, will impact the price of a home making it more or less valuable. Then, I look at your current competition - the other homes that buyers in your price range will be viewing, to help determine your price.

Contents

  1. Description of Home
  2. Market Dynamics
  3. Analysis of Relevant Properties
  4. Pricing Recommendation
  5. Marketing

Description of home

Please note that these comments do not relate to marketing, but are included purely to ensure that we have captured the information and reflect the major components of your home.

The home is a contemporary built in 1952 and set on a huge lot of 1.15 acres abutting conservation land at the end of a quiet cul de sac. Public record has the living space as 6,286 square feet. There are 5 bedrooms and 5 full bathrooms in total.  

The grand front foyer, with a cathedral ceiling and skylights, opens to a long hallway with a tile floor. A family room lies straight ahead off the hall and the formal living room is on the right through a cased opening. Another smaller hallway to the left of the foyer leads to a utility closet, two family bedrooms and a bathroom. One of the bedrooms is smaller than the other. Both have hardwood floors. The larger bedroom has two double closets and picture windows. The full bathroom on this wing offers marble floor and wall tiles, a single sink vanity, and a tub/shower.  

The spacious formal living room features a wall of windows for abundant natural light, hardwood floors, a cathedral ceiling with fans, and a pot belly stove. The living room opens to the formal dining room with slate(?) tiles and recessed lighting, further spilling into an informal dining area/breakfast room surrounded by windows with skylights above. There is lots of built-in shelving, cabinetry, and hardwood flooring in the informal dining area. The hardwood flooring graduates to a lovely gray ceramic tile as the area transitions into the kitchen. The kitchen has a central island with cooktop, which could be transformed into a breakfast bar island as discussed. The appliances are black, with the exception of a high end, stainless steel Viking refrigerator. The possibility of replacing the appliances with stainless steel was discussed. The kitchen offers stylish white cabinetry, including an entire wall of cabinetry, and potentially granite countertops.  

Beyond the kitchen is a large family room with hardwood floors, a sliding glass door to a beautiful screened porch surrounded by walls of windows, and a large double closet for storage. A full bathroom is off of the family room offering a single sink vanity with laminate counter, ceramic floor tiles, and a tiled tub/shower. Steps from the family room lead down to another large room used as an office with walls of windows, a cathedral ceiling, hardwood floors, and two double closets.  

A bedroom suite lies beyond the formal living room. The bedroom has a wall of large windows, hardwood floors, and an attached full bathroom. The full bathroom offers marble floor tiles, a marble topped counter, a separate pedestal sink, and a ceramic tiled tub/shower. A door from this bedroom leads into a sauna.  

Back in the front hallway, a doorway leads to a transition area before entering another wing of the home. This tiled area has sliding glass doors on each side, both offer exterior access. This area further leads into another spacious, carpeted family room with walls of windows at each end. There are two doorways leading from this large room, which eventually circle around to meet each other. One door leads directly into the laundry room with a sink, ceramic tiled floor, and double closets housing air conditioning units/utilities. The laundry room further leads to a full bathroom with a marble countertop, marble floor tiles, and a ceramic tiled tub/shower. This bathroom is attached to another family bedroom suite with hardwood floors and a large double closet. Outside of the bedroom is an entertainment/media room with a built-in, half circle lounging area, and carpeting. From here, a small hallway circles back into the spacious family room, or left into another huge office area. The office has a wall of beautiful built-in shelving, hardwood floors, and a sliding glass door out to the deck. A staircase from the small hallway outside the office leads up to the huge master suite retreat. A tiled room at the top of the stairs houses a large hot tub with skylights above and an accent wall of ceramic tiles. There are two huge walk-in closets each with a single sink vanity. A separate room encloses the tiled shower stall and tub with banks of high windows all around. There is also a separate toilet area. The stunning master bedroom has hardwood floors, a redwood coffered ceiling, banks of high windows, pot belly stove and two sets of sliders out to a half circle deck. The deck overlooks the private backyard and beyond with tranquil views.  

The basement is unfinished with lots of storage space and a room currently used as a wine cellar. The home also offers plenty of parking with a large driveway, carport, and a two-car garage. The home has central air conditioning and oil fueled forced air heat.  

The grounds around the home are stunning and beautifully maintained with a huge patio area, pathways, and lots of perennial plantings.

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Market Dynamics

We have been experiencing shortages of housing inventory in Lexington over the last 5 years or so. There are always a number of buyers looking to buy in Lexington because of the strong school system, the community dynamics and vibrant downtown. People like the feeling of the downtown area, and want to stop and have a coffee, or have dinner at the many restaurants, or just watch the world go by, chatting with folks who are out and about. The Minuteman bike path and conservation areas close by pull those who desire an outdoor lifestyle while still remaining within commuting distance to Boston.

The Lexington market has seen increasing prices over the last few years given the limited inventory. The demand for homes in Lexington far outweighs the supply and each month a snapshot of available homes for sale shows the declining inventory levels.

Average prices in Lexington are well above average prices obtained in the peak of the market in 2005. Average single family home prices have been increasing steadily since 2009. The real estate market downturn that existed for the last few years is well and truly over and prices are continuing to increase each year.

Sales distribution statistics for single family homes show that the $1M-$1.5M price-range is the most active in Lexington. The next busiest price range in Lexington is the $1.5M - $2M price range. This is an indicator that new construction is having a significant impact on the average single family home prices in Lexington. The number of new construction homes being built in Lexington in 2013 was 55 homes, 70 homes in 2014, 71 homes in 2015, 66 homes in 2016, and 55 in 2017.

Before reviewing the price per sq foot charts it is important to throw in a caveat of using the average as the definitive guide. There is wide variability among agents as to what is included in the living area reported in MLS. In some instances, agents will include a finished component of the basement in the living area and this is acceptable so long as how the living area is calculated is disclosed. Others report the living area reported in public record, which never includes finished areas in the basement, but note in MLS that there is a finished basement. To this end, it is important to review each individual listing to determine the ‘true’ price per sq. ft. of above ground living area, but we also need to factor into this when a home has a finished basement.

Reviewing the price per sq. foot charts for single family homes shows us that the average price per sq. ft. in Lexington around the $2M - 5M price range (which are typically new construction) is around $376 per sq. ft. It’s important to note that the maximum price per sq. ft. achieved varies across most price ranges, along with the minimum obtained for each price range.

When the year built in the 1950’s the average price per sq. ft. is $413.

The chart below shows that single family homes in Lexington of similar size to your home in the 6,000 square foot range, have an average price per square foot of $340 but it increases to $354 per sq. ft. when you decrease to the 5,000 square foot range, or $380 when you decrease to the 4000 sq ft range. It is common across municipalities to see an increase in the price per square foot for smaller sized homes, as it reflects the minimum cost of a home in a town irrespective of the property size.

The chart below shows how many months’ supply of inventory there is in a given price range. It uses the assumption that given the same rate of sales over the prior 12 months, and considering current inventory available for sale, how many months it should take to sell the available inventory. This is referred to “Absorption” in the real estate world. 

Any price range where there is more than 7 months’ supply, we consider there to be an oversupply of inventory, also known as a ‘buyer’s market’. Anything between 4 – 6 months is considered a balanced market. Anything less than 3 months’ supply is considered a shortage of inventory on the market at this price range, also known as a ‘sellers’ market’. As can be seen, currently, absorption rates for all homes in the $2M-3M price range are showing just over 2 month’s supply showing a shortage.

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Analysis of Relevant Properties

The following map shows the  homes that we believe to be of value in determining the price of your  home. Below the map you will find basic information  provided for each home including the price the home was  listed at, and the price the home sold at (if sold), the listing date, Days on market, Bedrooms, Bathrooms, living area size and lot size.  Noted for each home is a classification of Relevance which outlines whether we think the  property is valued Less (L), Relevant/Comparable (R) or Higher (H) than  your home. The notes for each home outlines the similarities and differences between  your home and the one being analyzed.

Your details: Living area 6286 sq ft | 5 beds | 5 baths | Lot size 1.15 acres | Built 1952 | 2 car garage

This contemporary style home was built in 1988.  It is smaller than your home with 4,622 sq ft of all above ground approx living area. Your home has 6,286 sq ft of living area according to public records.  This home has 1 less bedroom than your home, having 4 bedrooms. It has less bathrooms than your home, having 3 full and 1 half bathrooms, yours has 5 bathrooms. It sits on a same size 1.15 acre lot as your home does in a similarly desirable location.
This home has very high ceilings, walls of glass, and has an open floor plan on it’s main living area and foyer. The living room has a fireplace in a  stone wall facade to the rustic wood ceiling with exposed beams, wall of glass to the ceiling, exterior access through glass sliders, and hardwood floors. It is open to the dining room defined by a peninsula. The dining room also has rustic wood ceiling with exposed beams, walls of glass to the ceiling,  and a glass block divider. The study has custom built ins, hardwood floors, picture windows, and is partially open to the second level through a veranda, and has an adjacent half bathroom. The kitchen has a pot belly stove in front of a brick chimney to the high beamed cathedral ceiling, wall of glass extended to the large skylights, ceramic tile floors, custom built cabinets, high end stainless steel appliances,a pantry which also has access to the home office which has custom built ins, and exterior access to the deck through glass sliders. This level also has a bedroom which has an adjacent bathroom. The upper level includes 2 master suites and their attached bedrooms. The first master bedroom has a fireplace with granite facing, vaulted ceiling with exposed beams, picture windows, wall to wall carpeting, walk in closet, an attached bathroom, access to a balcony through glass sliders, and an attached bedroom. The attached bathroom is absolutely huge and has beamed vaulted ceiling, double sink vanity with granite countertop and white cabinets, picture windows, wall of glass, granite tile floors, shower stall, and jacuzzi with a granite surround. The second master suite also has a vaulted ceiling with exposed beams, picture windows, hardwood floors, walk in closets, an attached bathroom with double sink vanity, access to a balcony through glass sliders, and an attached bedroom, and has an attached sunroom which has a wet bar and a huge hot tub/spa that hasn't been used for 20 years.
This home has an attached 3 car garage and paved 8 car off street parking, and has hot water baseboard heating and central air cooling. The backyard is lovely with woods, a large patio and deck and is very private. It is currently on the market listed for $1,945,000 and is currently priced at $421 per sq ft and has been on the market for 50 days so far.

Relevance: Relevant but less.  Given the smaller size of the home, less bathrooms, 3 car garage, similar condition, similar location I believe this home is relevant to yours but yours will sell for more.

Your details: Living area 6286 sq ft | 5 beds | 5 baths | Lot size 1.15 acres | Built 1952 | 2 car garage

This home is also located in Five Fields. This contemporary style home was built in 1951.  It is much smaller than your home with 2,825 sq ft of approx living area including a finished lower level. Your home has 6,286 sq ft of above ground living area according to public records.  This home has the same number of bedrooms as your home, having 5 bedrooms. It has 3 less bathrooms than your home, having 2 full bathrooms, yours has 5 bathrooms. It sits on a smaller size 0.85 acre lot whereas your home sits on a 1.15 acre lot.
The living room has a beamed ceiling, walls of glass to  the ceiling, picture windows, hardwood floors, and exterior access to the deck. It has an open floor plan with the dining room which has a fireplace, wall of glass on either side of the fireplace, and hardwood floors. The kitchen is connected through a door and a pass through window. The kitchen is all white with custom white cabinets, white appliances, ceramic tile floors, and an exterior access through glass sliders in the informal dining area which has a beamed ceiling and window to the ceiling. This level also includes the master bedroom and 2 more bedrooms which have hardwood floors and they share a family bathroom. The finished lower level includes the family room which has custom built ins and hardwood floors. This level also includes a studio, 3 more bedrooms, and a bathroom.  Once you consider the 3 bedrooms up and down the home actually has 6 bedrooms. Not sure why the agent entered 5 but its probably because there are only 2 bathrooms. The studio has picture windows hardwood floors, and has an exterior access through sliding glass doors.
It  has an attached 2 car garage and paved 4 car off street parking, and has forced air heating and central air cooling. It was listed for $1,199,000 and was sold for $1,302,000 with competing offers. It sold for $461 per sq ft.

Relevance: Less. Given the much smaller size, 3 less bathrooms, smaller lot size I believe your home will sell for more than this home.

Your details: Living area 6286 sq ft | 5 beds | 5 baths | Lot size 1.15 acres | Built 1952 | 2 car garage

This home is located in Five Fields. This contemporary style home was built in 1953.  It is smaller than your home with 2,043 sq ft of all above ground approx living area. Your home has 6,286 sq ft of living area according to public records.  This home has 2 less bedrooms than your home, having 3 bedrooms. It has 3 less full bathrooms than your home, having 2 full and 1 half bathrooms, yours has 5 full bathrooms. It sits on a smaller size 0.74 acre lot in the same neighborhood whereas your home sits on a 1.15 acre lot.
The living room has rustic wood with exposed beam wood ceiling, walls of glass, hardwood floors, and exterior access through glass doors. The dining room has beamed wood ceiling, custom built ins, a fireplace on bricks to the ceiling, walls of glass, hardwood floors, access to the office, a bathroom, and exterior access, one to the patio and another to the deck. The kitchen has an open floor plan with the dining room, and it has custom built cabinets, stainless steel appliances, a pantry, and ceramic tile floors. There are 2 bedrooms and a full bathroom adjacent to the kitchen. The master bedroom has dressing areas, a sitting area, exterior access to the front and back deck, beamed wood ceiling, hardwood floors, and an attached bathroom with a shower stall.  
This home is located in the Five Fields neighborhood. It  has a detached 2 car garage and 4 car off street parking, and has forced air heating and central air cooling. It was listed for $1,249,000 and was sold for $1,360,000. It sold for $666 per sq ft.

Relevance: Less. Given the much smaller size of the home, superior condition, smaller lot size, less bedrooms,less bathrooms I believe your home will sell for more than this home.

Your details: Living area 6286 sq ft | 5 beds | 5 baths | Lot size 1.15 acres | Built 1952 | 2 car garage

This contemporary style home was built in 1986.  It is smaller than your home with 4,460 sq ft of approx living area including a finished lower level. Your home has 6,286 sq ft of living area according to public records.  This home has 1 less bedroom than your home, having 4 bedrooms. It has less bathrooms than your home, having 2 full and 2 half bathrooms, yours has 5 bathrooms. It sits on a smaller size 0.79 acre lot in a desirable area whereas your home sits on a 1.15 acre lot.
The main level has an open floor plan which has wood ceiling with exposed beams. The living room has a fireplace with a stone facade to the ceiling, custom built ins and transom windows on either sides of the fireplace, picture windows, and exterior access to the large deck. The dining room has hardwood floors, adjacent to the main level bathroom, and exterior access to the deck through glass sliders with transom windows. The kitchen is stunning with a tall ceiling open to the second floor above, breakfast bar island, granite countertops, ceramic tile backsplash, cherry cabinets, stainless steel appliances, picture windows, and hardwood floors, and has access to the mudroom leading to the garage. The master suite is on the second level and it has a fireplace with a stone facade to the beamed wood ceiling, picture windows with built in seats, walk in closet, hardwood floors, and an attached bathroom. The master bathroom is stunning and has been completely renovated with a double sink vanity with granite countertops and white cabinets, beamed cathedral ceiling with skylights, shower stall with frameless glass door and walls, and a jacuzzi. All family bedrooms have beamed wood ceiling, picture windows, custom built ins, and hardwood floors, and one of them also has skylight. They share a fully renovated family bathroom which has double sink vanity with granite countertops and cherry cabinets, and shower stall with frameless glass door. The finished lower level is the family room which has picture windows, cedar cabinets, wall to wall carpeting, and has a half bathroom.
This home is located in the Pheasant Brook Estates neighborhood. It  has an attached 2 car garage and paved 5 car off street parking, and has hot water baseboard, heating and central air cooling. It was listed for $1,599,000 but was dropped to $1,499,000 before it went under agreement and was sold for $1,450,000. The home sold for $325 per sq ft.

Relevance: Relevant, but Less. Given the smaller size of the home, smaller lot, superior condition, less bathrooms, and 1 less bedroom I believe that once all factors are considered the home is relevant to your home but yours will sell for more.

Your details: Living area 6286 sq ft | 5 beds | 5 baths | Lot size 1.15 acres | Built 1952 | 2 car garage

This contemporary style home was built in 2016.  It is smaller than your home with 4,200 sq ft of all above ground approx living area. Your home has 6,286 sq ft of living area according to public records.  This home has the same number of bedrooms as your home, having 5 bedrooms. It has less bathrooms than your home, having 3 full and 1 half bathrooms. It sits on a smaller size 0.70 acre lot in less desirable Turning Mill whereas your home sits on a 1.15 acre lot.
Upon entry from the porch to the foyer, the office is on the left through glass doors and it has custom built cherry cabinets, picture windows, and hardwood floors. The main level has an open floor plan but one has to pass through the kitchen to get to the living room. The living room has a fireplace on bricks to the ceiling, custom built ins and cabinets on either sides of the fireplace, picture window, hardwood floors, and exterior access through sliding glass doors. The dining area has picture windows, wainscoting, beadboard ceiling, and hardwood floors. The kitchen is stunning and has a 2-tier breakfast bar island, granite countertops, decorative tile backsplash, stylish white cabinets, high end stainless steel appliances, a pantry, wine chiller, picture windows, and hardwood floors. The first master bedroom is also on this level which has picture windows, walk in closet, hardwood floors, and an attached bathroom. The master bathroom has granite countertop on vanity with custom built white cabinets, shower stall with frameless glass door. The second master bedroom is on the upper level and it has a dressing room, picture windows, hardwood floors, and an attached bathroom. Its master bathroom has a double sink vanity with marble countertops, shower stall with frameless glass door, and jacuzzi. There are 3 more family bedrooms on this level and they all have hardwood floors, picture windows, walk in closet, and share a family bathroom which has double sink vanity with marble countertop. The 3rd level is a bonus room which has a cathedral ceiling with skylights, picture windows, and hardwood floors.
This home is located in the Turning Mill neighborhood. It  has an attached 2 car garage and 6 car off street parking, and has forced air heating and central air cooling. It was initially listed for $1,799,000 but price was dropped multiple times (to $1,729,000, to $1,699,000, then to $1,649,000 ) before it went under agreement and was finally sold for $1,500,000. It sold for $357 per sq ft.

Relevance: Less. Given the inferior location, smaller size, superior condition, less bathrooms I believe your home will sell for more than this home.

Your details: Living area 6286 sq ft | 5 beds | 5 baths | Lot size 1.15 acres | Built 1952 | 2 car garage

This contemporary style home was built in 1955.  It is smaller than your home with 4,257 sq ft of all above ground approx living area. Your home has 6,286 sq ft of living area according to public records.  This home has 1 less bedroom than your home, having 4 bedrooms. It has 1 less full bathroom than your home, having 3 full and 1 half bathrooms. It sits on a smaller size 0.61 acre lot in Five Fields whereas your home sits on a 1.15 acre lot.
The main living area is up a few stairs and has an open floor plan. The living room has a floating fireplace, walls of glass to the ceiling, custom built ins, and hardwood floors. The dining area has wall of glass to the ceiling, hardwood floors, and has an exterior access to the balcony through sliders and an adjacent half bathroom. The kitchen was completely renovated in 2016 and has a breakfast bar island, granite countertops, stainless steel backsplash, custom cabinets with glass doors, stainless steel appliances, second dishwasher, picture window, and ceramic tile floors and has access to the balcony. The master suite and 2 family bedrooms are also on this level. The master bedroom includes walk in closets, picture windows, hardwood floors, and an attached bathroom and vanity room. The master bathroom was renovated in 2016 and has marble floors, double sink vanity with marble countertop in the vanity room, a shower stall, and jacuzzi. The bedrooms have access to another balcony. The renovated family bathroom also has double sink vanity and a separately enclosed toilet and bath. The ground level includes the family room which has access to the sunroom with wall of glass and large skylights. A bedroom with an adjacent renovated bathroom is also on this level. This level also has a home theater with reclining chairs, home automation system. This home has a 4 car attached garage.
This home is located in the Five Fields neighborhood. It  has radiant heat, hot water baseboard heating and central air cooling. It was initially listed for $2,000,000 but price was dropped to $1,850,000 before it went under agreement and was sold for $1,800,000. It sold for $423 per sq ft with its totally renovated condition.

Relevance: Relevant, but less. Given its smaller size, superior condition, smaller lot size, extra garages, 1 less full bathroom I believe this home is relevant to your home but your home should sell for more.

Your details: Living area 6286 sq ft | 5 beds | 5 baths | Lot size 1.15 acres | Built 1952 | 2 car garage

This home is on the corner of Barberry and Concord Ave and was built in 1952.  It is smaller than your home with 4,820 sq ft of all above ground approx living area. Your home has 6,286 sq ft of living area according to public records.  This home has the same number of bedrooms as your home, having 5 bedrooms. It has less bathrooms than your home, having 3 full and 2 half bathrooms. It sits on a smaller size 0.62 acre lot whereas your home sits on a 1.15 acre lot.
Entry to this home is along a path between the garage and the home. The living room has a fireplace in a brick chimney to the ceiling which has skylights, has an attached library with custom built ins, hardwood floors, wall of glass with large transom windows, and exterior access through sliding glass door. It has access to the office/bedroom with an attached bathroom and a sitting room with exterior access and has picture windows and hardwood floors. Stepping down from the living room a few steps you have the dining room which has wall of glass with large transom windows, and exterior access to the deck through sliding glass doors. It is open to the kitchen which has high end stainless steel appliances, custom built cabinets with glass panels on the cabinets overhead, a breakfast bar peninsula, granite countertops, picture windows, walk in storage, and an informal dining area with china cabinet, walls of glass with transom windows, and exterior access to another deck. The kitchen also has access to the mudroom leading to the porch to the portico. The family room is off the breakfast area and has a fireplace with granite facing, large sliding glass doors with transom windows as access to another deck, custom built ins and cabinets, and hardwood floors, and has an attached study. The master suite is on the second floor and it has a floating fireplace, a dressing room, walk in closet, picture windows, hardwood floors, and an attached bathroom. The master bathroom  has double sink vanity, a shower stall, and a jacuzzi. On this level are 3 more bedroom, two having walk in closets, and they share a family bathroom with 2 vanities. The exterior living areas were stunning with lots of outdoor dining/seating areas and lush plants. The home had been almost completely rebuilt in 2002 and had several major recent renovations. It sold for
This home is located in the Five Fields neighborhood. It  has a detached/under cover access to the 2 car garage and 6 car off street parking, and has hydro air heating and central air cooling. It was initially listed for $1,995,000 but price was dropped to $1,895,000 and was sold for $1,862,500. It sold for $386 per sq ft.

Relevance: Relevant but less.  Given the smaller size, inferior location (corner of busy street), superior condition, recent renovations, smaller lot I believe that this home is relevant to your home but yours will sell for more.

Your details: Living area 6286 sq ft | 5 beds | 5 baths | Lot size 1.15 acres | Built 1952 | 2 car garage

This contemporary style home was built in 2007 and is located in Merriam Hill.  It is larger than your home with 6,500 sq ft of  approx living area including a finished lower level as an in-law appartment. Your home has 6,286 sq ft of living area according to public records.  This home has more bedrooms than your home, having 6 bedrooms. It also has more bathrooms than your home, having 5 full and 1 half bathrooms. It sits on a smaller size 0.56 acre lot in a more desirable neighborhood of Merriam Hill which is walking distance to the town center and all 3 schools, whereas your home sits on a 1.15 acre lot in Five Fields.
The home has lovely curb appeal with a circular driveway, a paved forecourt with wings of the home surrounding the forecourt. The front entry is in the middle of the forecourt and upon entry from closed porch to the grand foyer you have a 2 story ceiling, a modern & contemporary open staircase in front, the living room is on the left and it has a fireplace on marble wrapped column, crown molding, triple windows, and hardwood floors. The formal dining room has custom built cabinets, hardwood floors, and exterior access to the patio through double french doors. The family room also has a fireplace with a granite wrapped chimney to the ceiling, custom built ins on either sides of the fireplace, crown molding, hardwood floors, picture windows, and has an open floor plan with the kitchen. The kitchen is stunning and has a breakfast bar peninsula, granite countertop, wrap around cherry cabinets with glass panels on the cabinets overhead, cathedral ceiling with circular accent window, hardwood floors, a wet bar with a built in Miele coffee/cappuccino machine, stainless steel appliances, a walk in storage room, a pantry, and an informal dining area which has bay windows. It also has an attached bathroom and has access to the mudroom leading to the garage. The stairs up to the second floor are open with views of the living spaces below. The master suite has cathedral ceiling, walk in closet, hardwood floors, picture windows with transoms, and an attached bathroom. The master bathroom has double sink vanity with marble countertop and white cabinets, and a shower stall with frameless glass door and marble floor and wall tiles. On this level are 2 more bedrooms each with walk in closets and they share a family bathroom. The upper level are 2 more bedrooms and both have custom built ins, hardwood floors, each has attached bathrooms, and both have access to a sitting room. The finished lower level is an in-law apartment which has a bedroom with bay windows, laminate floors, walk in storage, a bathroom with shower stall. It also has its own kitchen with stainless steel appliances, butcher block countertops, custom built cabinets, a wet bar and an informal dining area, and has a home gym and a recreation area. The home was simply stunning.
This home is located in the Meriam Hill neighborhood. It  has an attached 2 car garage and 6 car off street parking, and has hydro air, central air heating and central air cooling. It was listed for $2,499,000 and sold for $2,490,000. It sold for $383 per sq ft.

Relevance: Higher.  Given its larger size, superior condition, superior location I believe it will sell for more than your home.

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Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $2,025,000-$2,075,000.  

As I mentioned to you in person, there has not been a home larger than yours sold in the Five Fields neighborhood in the last 5 years so we will need to do some extrapolation of price per sq ft as well as comparisons with homes in other neighborhoods.  When you look specifically at Five Fields sold homes in the last 14 months you have 4 homes which have some relevance.  In order of total sq feet for the homes, along with their associated sold price per sq ft you have:

13 Barberry - 2000 sq ft range = $666 per sq ft

22 Barberry - 2800 sq ft range = $461 per sq ft

3 Stonewall - 4200 sq ft range = $423 per sq ft

2 Barberry - 4800 sq ft range = $386 per sq ft.

Each of these homes was in more updated condition than your home, and there are 2 homes above which are in similar condition to your home, one currently on the market Solomon Pierce for $421 per sq ft for 50 days so far, and the home sold on Joseph Comee (also in Pheasant Brook estates) which has slightly superior condition and is 4400 sq ft and sold for $325 per sq ft.  

Extrapolating for the decrease in price per sq ft the larger you get, and using $325 per sq ft for your home, the price comes to $2,050,000.  I'm also taking into consideration the home on Somerset which is in superior condition, superior location, and is larger than your home which sold for $383 per sq ft.

Given the current market dynamics in Lexington, I would suggest  listing your home at the lower end of this price range to attract more  interest and potentially multiple offers.  If the market deems your home  to be worth more than the list price, then the price will be pushed  over the market value of your home, and sometimes well over when we get  multiple offers. You can see many examples above that came on the market  for a lot less, and competition pushed them up to the price they sold  for. The challenge in estimating a price for a home is ‘would this home  have sold for this price if they had priced it higher?’ or was  competition the driving factor that got to this price.  Experience tells  me that competition is why they sold for what they did, so we have to  be careful with pricing. A couple of good examples of competition  pushing a price higher than market value is the listing at 13 Barberry Rd which came on the market for $1,249,000 and sold for $1,360,000, and the home at 22 Barberry which came on the market for $1,199,000 and sold for  $1,302,000. 

When homes are overpriced they end up sitting on the  market and ultimately selling for less than market value, whereas homes  priced realistically can often sell for well over market value.  Competition is what will get us the highest sales price. As we see time  and time again, if the buyers consider the market value of your home to  be realistic in relation to the asking price, then competition will push  the price up higher and often over the market value of the home. The  challenge with overpricing is that the buyers are very educated – they  go week after week to see homes in their price range so they KNOW what  the prices are and what ‘feels’ right.

I have to stress that these are recommendations. We would bring your home on the market at whatever price you deem to be appropriate.  

When determining the right price - it all depends on your motivation and your risk tolerance level. We know that homes that are priced at the 'strike price' will sell quicker and may generate more than one offer.  I’m an excellent negotiator and know how to push a price up if we have the market activity. I also know that some sellers want to put their home on for a higher price than I might recommend, which I’m willing to do, so long as it is understood that putting the home on for more than the majority of buyers perceive its value, could mean that your home will have a much longer market time and sell for less than it should have had it been priced properly out of the gate.

I DO NOT DETERMINE THE PRICE - the market dictates the value - what a buyer is willing to pay. My job is to make sure that you have the best market exposure and that your home is positioned well in the market.   I do not believe in projecting more money than I think your home will sell for just to get your business.

My team and I know how to stage and market your home, and I understand its value, but I can only sell it for what the market or a buyer will pay. I strongly believe that a home should be priced compared to the current competition, not just on what has sold in the last six months.  At the end of the day, you will be competing for the buyers looking for a home like yours and in the same price range. You can do far more 'damage' to the resultant price we get for your home if we overprice. The prospective serious buyers will see your home within the first weekend of your home coming on the market, and they will have seen everything else in this price range.  In other words, the serious buyer knows what is priced well.  If they don't see value in your home at its listing price and are not motivated to make an offer, then they will move on and keep looking.  In times of increasing prices, it is often hard to predict what a home will sell for, but be assured that even if we price your home lower than what market value is currently, market dynamics will bring the price of the home up to where it should be.  Prospective buyers should walk in thinking the price 'feels right' and are motivated to make an offer in the short term, rather than letting several months’ pass.

It is important to stress the value of marketing your home to capture the highest price.  In times of low inventory, we know your home will sell by doing the bare minimum to market it, BUT that is not going to get you the maximum price for your home.  Key to getting the maximum price for your home is to prepare a comprehensive marketing plan that incorporates all avenues available to us to expose your home to the maximum number of buyers out there looking.  Exposure, and feet in the door, is what will get you the highest price for your home. Basic ratios help explain this.  If 10% of the buyers who walk in your door fall in love with your home, then if you only have 10 buyers walking in, then potentially there is only 1 buyer - if you have 100 buyers walking in your door then using the same ratios, you will potentially have 10 buyers falling in love with your home.  10 buyers will push the price up versus only one buyer.

Given the price point you are at your home would be categorized as a RE/MAX Collections home, which is the Luxury home brand for RE/MAX. For the first Open House we would organize to have a pianist come in to play, and food for Open House guests. We would market it as our Signature Open House. The aim is to have an ‘event’ of your Open House and get serious buyers seeing the home with as many people as we can to stimulate activity and excitement for the home. In addition to this we do additional marketing for our Collections listings and can be reviewed below.

 New statistics state that over 100% of potential buyers search the web as their primary search vehicle.  Thankfully, your home will show fabulously in photos. With historically low interest rates likely to increase and inventory at a 7-year low, there are still homes that do not sell in this market.  I’m making my recommendations to ensure that you are one of the sellers who will have success in the first month of being on the market, but optimally the first weekend.

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So, what is our Marketing Plan? 

Read More to find out all about the standard marketing we offer, at no additional charge to the standard fee.

Marketing to sell your home

Make your home stand out with MA Properties Online's Marketing Today's technology makes it...

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 Because your home is a Luxury home, we offer additional marketing on top of the standard marketing seen above.

Marketing our Luxury homes

Additional marketing occurs when the home is a Collections listing.   RE/MAX Collecti...

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Who We Are | MA Properties Online | RE/MAX Leading Edge

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Testimonials | MA Properties Online | RE/MAX Leading Edge

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We look forward to working with you!   Please reach out if you have any questions at all about this market analysis or our plans to market your home! 

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