Big first quarter for those with $1M+ homes to sell
High-end year sales for the first quarter were better than for the same period in 2022 with 254 closed sales of $1 million or more compared with 229 last year. In sales of $1 million to $2 million, there were 172 this year and 167 last year. In the $2 million to $3 million range, there were 42 this year and 37 in 2022.
Sales in the $3 million-$4 million range also were better this year by a 32-19 margin. There were four sales of $4 million-$5 million or more in the first quarter compared to one last year.
There were two sales in the $5 million-$6 million category both years, and one sale each in the $6 million-$7 million range. And finally, there were no sales of more than $7 million this year, but there was one in 2022.
To recap, sales are about 11% ahead of last year, even with the Federal Reserve rate hikes, and there is no sign of slowing.
Sale of the Week
Lynnwood Boulevard stretches from Belle Meade into Forest Hills and is spelled Lynwood or Lynnwood, neither spelling having anything to do with whether the property is in Belle Meade. The house at 606 Lynnwood is in Belle Meade proper and, partially as a result of its location, sold in a matter of hours.
The superstar team of Whitney Musser and Shea Ghertner listed the house and warned all who may have been interested that it would sell quickly. The sale fulfilled their prophecy.
The residence includes 4,075 square feet in the main structure and 578 square feet more in the guest house. It sold for $575 per square foot, or $2.345 million.
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The omnipresent and wildly successful Liza Hach, daughter of veteran real estate wizard Joe Hach, beat the field of suitors down the backstretch and secured the house for $5,000 less than list price, which was a coup on this property. The last name of Hach is pronounced “Ha” rather than “hatch.”
The Hach clan has owned a retreat and event venue, Hachland, for decades, and it is most often mispronounced “Hatchland,” rather than the clever switched on phonics pronunciation of “Holland.” Call the family by either name, Ha or Hatch, just call them, and buyers and sellers often do. The Hach team operates under the Keller Williams aegis.
Meanwhile Ghertner and Musser had high praise for the home and, with their experience, people pay attention, as they have been selling high-end homes for years. Musser was tutored by her mother, the legendary and seemingly irreplaceable Lynn Samuels, who was a dominant force in the upper-end real estate market since the 1980s.
Whitney teamed with the highly regarded Ghertner a few years ago when Samuels slowed slightly and Shea has served the perfect partner for the high-flying Musser.
They noted that the 606 Lynnwood house includes three full bedrooms and a flex room that could be a fourth bedroom.
In terms of flexibility, the home checks all of the boxes as the primary bedroom – owner’s suite – could be upstairs or downstairs. The guest house has a full bathroom, kitchen and bedroom, which most guests would appreciate, not to mention the owners or primary dwellers.
Located on 1.37 acres and situated far from the boulevard, the house has privacy and a fenced yard to keep the pool out of the “attractive nuisance” trap. Cornell Law School defines the attractive-nuisance doctrine as “a dangerous condition on a landowner’s property that may particularly attract children onto the land and pose a risk to their safety.” The site goes on to say that “In Tort law, the attractive-nuisance doctrine imposes a duty on property owners to treat trespassing children the same as an invitee. And as a result, must exercise reasonable care to eliminate potential dangers or provide adequate warning.”
By all accounts the pool at 606 Lynnwood is attractive, but perhaps the fence will alleviate the nuisance tag.
Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty and can be reached at?[email protected] .