In this day and age, it is rare to come across such premium land in the historical scenic areas of Leawood. This once in a generation opportunity presented itself again and it was a pleasure to sell. “Old Leawood” as most call it (103rd North to 79th Street) is known for having some of Kansas City’s most beautifully crafted unique abodes in all of the KC Metro. Classical sprawling ranches on estate lots, a movement of renovated homes with new life breathed into them, and construction taking place giving a new meaning to Old Leawood. It’s hard enough competing with other home buyers to get the perfect house in this part of town but when it comes to premium lots offered for sale in this city, it’s another story.
Which brings me to: 9239 Lee Boulevard. A stunning lot with a once magnificent property located on one of the most well known and highly desired streets to live on in all of Leawood. Two questions come to mind:
- Why did this house sit on and off the market for about 5 years prior to selling in less than a week the second time around?
- Secondly, what does this mean for other homes in Old Leawood situated on premium lots that may become for sale?
An explanation for both these questions will help to better understand just how significant this recent sale of 9239 Lee Boulevard was.
One of the most common questions I’ve received from home owners in the historic parts of this city is:
How do we price our Leawood home accordingly? The slightest differences seem to either skyrocket or plummet the price with homes all over the map.
Imagine what the owners of 9239 Lee Blvd went through while on and off market for 5 years? Started right at the recession, was for sale through the U.S. economy’s recovery, and finally sold when the market was strengthening. With uncontrollable Macro forces to compete against and a lack of comparable properties to work with, it’s understandable if they had absolutely no clue how to price the home and land. However, there is a simple methodology to figuring out a fair market price that would have saved them time, effort, and energy.
Figure the average price per square foot of comparable homes (active, pending, & sold), and use that number as your benchmark. If the comparable properties are well updated or new construction (don’t you just love how they skew the results!), you MUST take into consideration the cost that it would take to improve your property to be as close to if not better before setting a sales price (it’s what the market (home buyers) will expect and is what the market will dictate: A.K.A. not selling and remaining on market if you don’t).
It makes total sense! You’re taking the “hyper-local” data of Leawood and using statistics that the market has deemed acceptable. Now there are other factors to take into consideration but for the purposes of this property we’ll keep it short.
For other homeowners in Leawood with homes on premium lots (even those that aren’t), it’s no different. You should use the same methodology to arrive at a ballpark price. However, to have the best chance of getting a premium for your property, you should work with a Realtor® who understands the power of strategic marketing, the importance of evoking emotions, and has the ability to sell the “lifestyle of living in the beautiful historic areas of Leawood”.
What Real Estate endeavors do you have coming up? Have you been pondering any questions about the current market or the industry in general? If so, let’s discuss…I’m sure we’d have a great conversation!