The housing market may be cooling off, but apparently nobody told buyers in Pound Ridge, where a lakefront home recently sold for more than twice its asking price — mere days after hitting the market.
A modernist, 3,400-square-foot home at 95 Conant Valley Road in the Westchester County town sold last month to an all-cash, non-contingent buyer for more than $3 million, or 226 percent of its $1.335 million ask.
Brown Harris Stevens’ Cora Lynch-O’Meara said that after being flooded with requests for showings upon promoting the property as a “coming soon” two days before listing it, she advised the sellers to engage with their attorney and receive sealed bids. More than 20 offers came in — all but one for above the asking price.
“I literally had people cornering me in the kitchen and their agent asking me what kind of offers [I] had,” Lynch-O’Meara said.
The three-bedroom, three-bathroom home, which sits on eight acres with water access, was designed by architect Kenneth McGahren, a specialist in contemporary homes in the Pound Ridge and New Canaan, Connecticut, areas, for himself and his wife, Jeanne.
Though some buyers were locals, Lynch-O’Meara said, many came from New York City, planning a move to the suburbs or just a summer home.
Lynch-O’Meara said she didn’t feel the home was underpriced, having consulted with other local agents, who agreed that the $1.335 million ask was appropriate.
A scarcity of listings have caused buyers to compete over a shrinking number of available homes. As of last month, listings for single-family homes in Westchester County were down 11 percent year over year, while condo listings plunged more than 40 percent.
“In this market, it should have gone definitely a little over asking at least, but to go 226 percent over asking was just a complete anomaly,” Lynch-O’Meara said.