search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsLombard mall redevelopment gears up despite loan troublesLombard mall redevelopment gears up despite loan troublesMovers: Core Spaces snags Dine brothers from Apollo GlobalMovers: Core Spaces snags Dine brothers from Apollo GlobalCreditors demand WeWork consider Adam Neumann’s offerCreditors demand WeWork consider Adam Neumann’s offer
Residential
Tri-State

Pound Ridge home sells for more than twice its ask after bidding frenzy

A one-story home in the Westchester suburb listed for $1.3M. Days later, it was in contract for $3M

95 Conant Valley Road, Pound Ridge (Zillow)
95 Conant Valley Road, Pound Ridge (Zillow)

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.

Sign Up for the undefined Newsletter

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.

Read more

Tags
Brown Harris Stevens