Transaction Shouldn’t Hurt KG Comps

After Two+ Years 42 Somerton Place Finally Closes

No neighborhood is immune to a head scratching transaction. King’s Grant is no different.
After years of being on the market this home finally closed. It’s one of the smaller houses in all of King’s Grant and although it’s certainly is a nice house, it obviously had a few quirks. Moreover, the house was vacant, rented and then sat vacant again. Sometimes listings have us scratching our heads but this one was tired and stigmatized. A bit of market fatigue had set in.
It pains me to report that 42 Somerton closed at about $140/ft. Even though I wasn’t involved in the transaction, I wouldn’t be feel right if I didn’t report the news. I may have actually lost a breath when I viewed the MLS report. As the sales price certainly surprised me the fact that the sellers actually took it was a shock.
Not to worry…as the news isn’t all bad. This house probably won’t be used as a comp for other sales or refi’s in King’s Grant, as it may be labeled as a “distressed sale” by appraisers and therefore thrown out of their report. Although it certainly wasn’t a foreclosure or anything of that nature, the sheer number of “days on market” will be considered by appraisers.
Consider this. It was only a month ago when 70 Somerton Place fetched a sales price of $670,000, which pulled in a handsome $178./ft. The two homes are ‘just around the bend’ from one another.
Congratulations to the sellers of 42 Somerton Place. Even bigger kudos to the buyers of the property as they paid a deeply discounted price to live in one of Columbia’s premiere neighborhoods.

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