This classic rancher at 118 Academy Street in sought-after Murray Hill in downtown Annapolis was recently sold. It was listed on January 5th at $899,000 and closed on July 24th for $775,000. The house featured 4 bedrooms, 2.5 baths, and perhaps most important to the buyer, it was sited on three buildable lots. (Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data)
Within a few days after settlement, demolition began.
And it wasn’t too long before everything was gone, except for a few trees (and the environmentalist in me is very happy that these were saved).
Odds are that we’ll soon have three houses, and that they’ll be on the market for a pretty penny.
This is one real estate investor who is playing to win. I recently heard that eight times the number of people become millionaires in a down market as in an up market. In the face of so much bad news about the economy, it’s great to see an entrepreneur in action, acting boldly, creating value. It’s a great time to take calculated risks.
Yet I must say, I will miss the old house!
P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland