Odenton, Maryland, Home Sales Numbers for March 2015

Prices Flat Over March 2014, But Number of Closed Sales Dropped 27 Percent

Odenton Maryland Home Sales

A summary of key Odenton, Maryland, home sales statistics for March 2015, provided by RealEstate Business Intelligence.

Home sales in Odenton, Maryland, were largely flat last month, with several key numbers little changed from the same period one year ago. One big exception to that trend, however, was the number of home sales that closed in Odenton in March. Closings were down 27 percent from March 2014.

Among other key findings of the latest Real Estate Business Intelligence (RBI) report:

– the number of new listings in Odenton in March (61) was down 6 percent from March 2014 (65);

– the number of new transactions awaiting closing (70) was up 3 percent from March 2014 (68);

– the median price for homes sold in Odenton ($283,500) was down 1 percent from last year ($286,000);

– the number of homes listed for sale in Odenton last month (121) was basically the same as last year (124); and

– the average “days on market” for homes sold in Odenton in March (78) was slightly more than in March 2014 (74).

Another key sales metric watched by realtors is the average “sold-price to original-list-price” ratio, which gives home sellers a rough idea of what price they can expect to get from their home sale based on a realtor’s pricing strategy. In Odenton in March, average final sale prices for homes sold were 96.8 percent of the original list price amount.

Jerry Kline is a Realtor with the Odenton, Maryland, office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418, or visit his blog (www.JerryKlineRealtor.wordpress.com) or website (www.JerryKline.kwrealty.com).

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An Update on Real Estate Sales Activity in Piney Orchard’s Piney Station Neighborhood

With the first quarter of 2015 nearly complete, let’s take a quick look at the recent real estate sales activity in the Piney Station neighborhood of Piney Orchard. Piney Orchard is one of the most popular residential communities in Odenton, Maryland, with tremendous amenities and quick access to the Fort Meade, Maryland, military installation.

 

Statistics from the MLS show that two homes in Piney Station have sold so far in 2015:

 

1. 1020 Meandering Way, Odenton, Maryland, 21113

Piney Orchard Home Sales

This townhome located at 1020 Meandering Way in the Piney Orchard section of Odenton, Maryland, sold on January 29, 2015, for $310,200. This home was a foreclosed property sold by the bank that repossessed it.

List Price: $310,000

Close Price: $310,200

Seller Help Provided to Buyer: $0

Close Date: Jan. 29, 2015

Days on Market: 105

Notes: This home was a foreclosed property sold by the bank that repossessed it. The home was sold in “as-is” condition. The property has 3 bedrooms, 2.5 bathrooms, a 1-car garage, and it is an interior (not end) unit. Other features include a brick front exterior, eat-in kitchen, deck, gas fireplace, and rear yard backing to a common area with a nice view.

 

2. 2480 Ivy Landing Way, Odenton, Maryland, 21113

Piney Orchard Home Sales

2480 Ivy Landing Way in the Piney Orchard section of Odenton, Maryland, recently sold for $350,000.

List Price: $354,900

Close Price: $350,000

Seller Help Provided to Buyer: $1,000

Close Date: Jan. 11, 2015

Days on Market: 43

Notes: This transaction was a standard sale, not a short sale or foreclosure. The home is an end unit with a fully finished walk-out basement. The home includes bump-outs on two levels, 3 bedrooms and 3.5 baths. Also included are hardwood floors, crown moulding, and an updated kitchen with granite counters and stainless steel appliances. The family room has a cathedral ceiling, and there is a gas fireplace and full bath in the basement. The sellers also provided a home warranty to the buyers.

 

Meanwhile, four Piney Station homes currently are listed for sale on the MLS, and one of those homes is under contract.

 

1. 2570 Junco Court, Odenton, Maryland 21113

Piney Orchard Homes for Sale

This three-level townhome at 2570 Junco Court, Odenton, is listed for $374,500. The property is under contract, with an expected settlement date in April 2015.

List Price: $374,500

List Date: Aug. 4, 2014

Days on Market: 214

Bedrooms: 3

Bathrooms: 2.5

Notes: This home differs from the other three homes currently for sale in Piney Station in that this home has a one-car garage and three levels above grade. The home includes an open living room with dining area, a kitchen with an island and a breakfast area, and a fireplace on the main level. The master bedroom includes a walk-in closet and a private bath. The walkout level rec room includes a powder room and laundry closet. The homes also boasts new paint and carpet.

 

2. 2519 Black Oak Way, Odenton, Maryland, 21113

Piney Orchard Homes for Sale

This home at 2519 Black Oak Way, in the Piney Station neighborhood of Piney Orchard, Odenton, is one of three Piney Station homes currently for sale on the same street – and offered at nearly the same price.

List Price: $320,000

List Date: Jan. 20, 2015

Days on Market: 65

Bedrooms: 3

Bathrooms: 3.5

Notes: The first of three Piney Station homes currently for sale on the same street – and offered at nearly the same price — this home backs to woods. It has a large deck, a lower-level brick patio and a three-level bump-out. It also features two large bedrooms upstairs, each with its own full bath. The finished basement can be used as a third bedroom and rec room. The kitchen area has a large bump-out to act as separate dining area, office or sitting room.

 

3. 2507 Black Oak Way, Odenton, Maryland, 21113

Piney Orchard Homes for Sale

This home at 2507 Black Oak Way in the Piney Station neighborhood of Piney Orchard, Odenton, is listed for $319,000, and has been on the market 139 days.

List Price: $ 319,000

List Date: Nov. 3, 2014

Days on Market: 139

Bedrooms: 3

Bathrooms: 3.5

Notes: This home features a finished, walk-out basement with a bump-out and a full bath. There’s also a bump-out sun room on the main level. The home backs to trees.

 

4. 2509 Black Oak Way, Odenton, Maryland 21113

Piney Orchard Homes for Sale

2509 Black Oak Way, in the Piney Station neighborhood of Piney Orchard, Odenton, is currently listed for sale at $319,900.

List Price: $319,900

List Date: March 6, 2015

Days on Market: 20

Bedrooms: 3

Bathrooms: 2.5

Notes: This home has a fully finished basement and a two-story bump out. The main level has hardwood floors in the living room and foyer. The upgraded kitchen features newer appliances, recently installed granite, a back splash and a tile floor. There is new carpet on the stairs and on the upper level. The lower level has an open family room. On the exterior, the home has a large deck overlooking a private wooded yard.

 

Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418, or visit his blog (www.JerryKlineRealtor.wordpress.com) or website (www.JerryKline.kwrealty.com).

 

Co-ops v. Condos: Do You Know the Difference?

Maryland Communities Like Annapolis, Greenbelt & Laurel Offer Both

3 Eastway Road #A in Greenbelt, Maryland, sold in May 2014 for $98,500. Though it appears as a small cottage, the one-bedroom, one-bathroom home is a co-op, with a monthly co-op fee of $376.

3 Eastway Road #A in Greenbelt, Maryland, sold in May 2014 for $98,500. Though it appears as a small cottage, the one-bedroom, one-bathroom home is a co-op, with a monthly co-op fee of $376.

 

 

 

 

 

 

 

 

3433 Lindenwood Drive in Laurel, Maryland, sold in January 2014 for $230,000. It appears as a traditional townhome, but this three-bedroom, two and half-bath unit is a co-op, with a monthly co-op fee of $63.

3433 Lindenwood Drive in Laurel, Maryland, sold in January 2014 for $230,000. It appears as a traditional townhome, but this three-bedroom, two and half-bath unit is a co-op, with a monthly co-op fee of $63.

 

 

 

 

 

 

 

 

 

7101 Bay Front Drive #207, located in this luxury waterfront building in Annapolis, Maryland, sold in July 2014 for $270,000. The two-bedroom, two-bath unit is a co-op, with a monthly co-op fee of . . .  $3,932.

7101 Bay Front Drive #207, located in this luxury waterfront building in Annapolis, Maryland, sold in July 2014 for $270,000. The two-bedroom, two-bath unit is a co-op, with a monthly co-op fee of . . . $3,932.

 

 

 

 

 

 

 

 

Take a look at the three photos above.

From the property line, 3 Eastway Road #A in Greenbelt, Maryland, looks like a typical white, brick cottage.

The second, 3433 Lindenwood Drive in Laurel, Maryland, looks like a run-of-the-mill townhouse.

And the third, 7101 Bay Front Drive #207, is a snappy, two-bedroom unit in a luxury resort.

Despite their dramatically different appearances, however, these three properties share one important trait. All are what’s known as “co-ops.”

Whether or not a property qualifies as a co-op has nothing to do with the unit’s size, floor plan, exterior or any other physical factor. A property is a co-op because of the way it’s owned.

Cooperatives as a form of homeownership differ greatly from the more traditional “fee simple” or “condominium” properties. What exactly are co-ops and what are the advantages and disadvantages of owning one?

Forms of Homeownership

The fee simple form of property ownership grants the highest interest a person can have in real estate. With fee simple, the owner is entitled to all of the rights of the property.

Condominium ownership, on the other hand, provides the owner title to an individual unit, plus an undivided interest in the ownership of the common areas associated with the unit.

Co-ops, a third form of ownership, are different from both. In fact, many home buyers are surprised to learn that co-op owners do not actually own the units they live in. Instead, a corporation owns the units.

When a buyer buys into a co-op, they’re actually purchasing shares of stock in the corporation that owns the units. A co-op member receives a proprietary lease to a unit that entitles him or her to occupy it. Co-op owners do not, however, receive conventional deeds.

The leases granted to co-op owners are valid for the life of the corporation. Through their control of the corporation, shareholders of the co-op control the properties.

Co-ops: Factors to Focus On

One important factor to consider when purchasing a co-op is how shares of the corporation may be transferred to new owners. These rules differ, depending on the co-op at issue.

Another key factor to consider is that, even when a buyer submits a satisfactory bid for the property, the co-op board controlling the unit must approve the buyer as the purchaser. In practice, co-op boards sometimes reject buyers. Most boards are not required to give a reason why.

There’s a famous story about how Richard Nixon, after his presidency, sought to buy into a swanky New York City co-op. The co-op board rejected him, however, citing a fear of Nixon’s notoriety. If Nixon could be rejected by a co-op board, anyone probably can.

Co-op Boards Focus on Buyer Finances

One thing that most co-op boards will do when weighing a purchase offer is to dig deeply into the buyer’s finances. Some boards will require the buyer to use a certain lender for the purchase, and some boards will require that the buyer put down a certain percentage of the purchase price — sometimes 10 percent or even more.

Co-ops pay a lot of attention to buyer finances for an important reason: If the buyer defaults on the purchase – or the buyer experiences another sort of financial setback — the other members of the co-op can suffer from those problems.

Condo associations have the authority to place a lien on one of their member properties if a condo owner fails to make their monthly condo payments or pay the special assessments levied by the association. That’s the condo association’s method for recouping the lost funds. This practice protects the fellow condo owners from having to cover the missing payments of a deadbeat owner.

Co-ops do not work this way. Because co-ops cannot place liens, each shareholder is directly affected by the financial ability of the others to pay.

Thus, if one member of a co-op cannot pay his or her monthly fees or other assessments, the remaining co-op members may have to make good on those debts of the deadbeat owner. This is a risky proposition for some co-op buyers, particularly when the co-op they’re targeting is located in an area where there are lots of distressed properties, like REOs, foreclosures and short sales.

Other Factors Buyers Should Consider

There are other factors to consider when purchasing a co-op. For example, when a member resells his/her unit, some co-ops require the member to sell the stock back to the corporation at the original price they purchased it. This means that it’s the corporation that realizes any profits when the shares are re-sold, not the co-op seller. In contrast, with condos and fee simple properties, the property owner receives any profits (or losses).

Another factor to consider is the monthly fee that co-op members are required to pay. These fees can be considerably greater than the fees charged by homeowner associations and condo associations for similar types of units.

With 3 Eastway Rd. #A, above, for example, the monthly co-op fee is $445. Given that the property sold for $98,500, that fee is relatively high. And, of course, it is not tax deductible.

Still, the $445 monthly fee for Eastway Road is only a drop in the bucket compared to what some co-ops charge. At the ultra-swanky Chesapeake Bay-front co-op at 7101 Bayfront Drive in Annapolis, for instance, the co-op fee for the two-bedroom, two-bathroom unit is – gulp! — $3,932 per month. This property includes every imaginable amenity, however, including water views, a pool, a fitness center, maid service, one meal a day and more.

When weighing monthly fees, co-op buyers should keep in mind that the benefits of buying real estate include the tax deductions that owners can claim. In this respect, homebuyers who pay high HOA/condo/co-op fees may not be maximizing their investment potential.

Advantages of Owning a Co-op

There are several advantages to owning co-ops, however, and co-ops are very popular in certain areas of the country.

Mortgage companies usually view co-op shares as collateral for obtaining the financing needed to purchase. Plus, a co-op owner has more control over their property than a renter would.

Co-op owners do not have to perform their own maintenance. And, for income tax purposes, the Internal Revenue Service does recognize the deductibility of mortgage interest, property taxes and home seller’s tax exclusions for co-op owners.

In summary, buyers need to do extra research when weighing whether to purchase co-ops. Many realtors are not familiar with these types of properties, and there are many potential complications that can arise.

 

Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418, or visit his blog (www.JerryKlineRealtor.wordpress.com) or website (www.JerryKline.kwrealty.com).

 

Are You a House Flipper? Take This FREE Class in Millersville, Maryland

Learn more about flipping houses the RIGHT way at tomorrow's FREE Charter Title/Keller Williams Flagship class on the basics of financing investment properties.

Learn more about flipping houses the RIGHT way at tomorrow’s FREE Charter Title/Keller Williams Flagship class on the basics of financing investment properties.

There’s a lot more to “flipping” houses than most people realize. Unless you’re an all-cash buyer, one of the biggest hurdles to overcome is securing funding for your renovation project. If you’d like to learn more about the basics of financing for real estate investors, CHARTER TITLE and KELLER WILLIAMS FLAGSHIP OF MARYLAND are holding a FREE CLASS on the subject tomorrow, Feb. 3. The class will cover:

– finance options for investors;

– ideal property types;

– equity based loans;

– seller financing and seller second loans; and

– commercial financing options.

The class will be held in the Keller Williams Flagship office training room, 1111 Benfield Blvd., Suite 250, Millersville, Maryland, 21108. Class time is 10 am until 11:30 am, and light breakfast refreshments will be served.

 

For more information on the class, or on investment property purchases in general. contact Jerry Kline, Realtor, Keller Williams Flagship of Maryland, at (443) 924-7418.

 

Hope to see you there!

Sold in Odenton Maryland’s Lions Gate Neighborhood!

542 Greencrest Lane in Odenton Maryland

542 Greencrest Lane, located in the Lions Gate community of Odenton, Maryland, was recently sold by Jerry Kline, Realtor, Keller Williams Flagship of Maryland. The home sold in four days for $11,000 more than the asking price.

542 Greencrest Lane, located in the Lions Gate community of Odenton, Maryland, was recently sold by Jerry Kline, Realtor, Keller Williams Flagship of Maryland. The home sold in four days for $11,000 more than the asking price.

Congratulations to my seller clients, Jo Ann & Robert King, on the sale of their townhome in Odenton’s Lions Gate community, located five minutes south of Fort Meade, Maryland. The home, featuring three finished levels, a two-level deck and a quiet location in the back of the neighborhood, sold in four days for $11,000 more than the asking price. There were multiple bids submitted by interested parties.

Sold as a fixer-upper, the new owners will be replacing the carpet and appliances and repainting much of the interior. The home includes three good-sized bedrooms, two-and-a-half baths, a fenced yard and a stone patio.

Thanks for all your help and patience through the home sale process, Robert and Jo Ann!

If you or someone you know needs help buying or selling a home in the greater Annapolis/Baltimore/Washington, D.C. area, call Jerry Kline, realtor with Keller Williams Flagship of Maryland today! (443) 924-7418

A Closer Look at Recent Home Sales in Odenton’s Piney Station Neighborhood

Piney Station is one of many smaller neighborhoods that comprise the large and popular Piney Orchard community in Odenton, Maryland.

Piney Station is one of many smaller neighborhoods that comprise the large and popular Piney Orchard community in Odenton, Maryland.

Piney Station is one of many smaller neighborhoods comprising the large and popular Piney Orchard section of Odenton, Maryland. The charming group of 200+ townhomes that makes up Piney Station is directly adjacent to the well-used and multifaceted GORC Park.

I recently took an in-depth look at the real estate microclimate of Piney Station townhomes without garages. Overall, 2014 was a worse year for these Piney Station home sellers than 2013.

Based on MLS data for these homes sold over the past two years, here’s what I found:
– 8 Piney Station townhomes without garages sold in 2013;
– 7 such homes sold in Piney Station in 2014;
– In 2014, the average sale price of these homes was $328,285;
– In 2013, the average sale price of these homes was $329,875;
– The average amount of closing assistance provided by the sellers of these homes to their buyers in 2014 was $7,024 (2.13%);
– The average amount of closing assistance provided by the sellers of these homes to their buyers in 2013 was $5,964 (1.8%);
– The average “closing price minus seller help” amount netted by sellers in 2014 was $321,261;
– The average “closing price minus seller help” amount netted by sellers in 2013 was $323,911;
– The average number of days these sold homes stayed on the market in 2014 was 65 days; and
– The average number of days these sold homes stayed on the market in 2013 was 29 days.

As 2015 began, 2507 Black Oak Way and 2480 Ivy Landing Way were the only Piney Station homes for sale without garages.

For more information on the Piney Orchard community and other homes in the greater Odenton and Fort Meade areas, contact Jerry Kline, Realtor, Keller Williams Flagship of Maryland, at (443) 924-7418.

 

 

Congratulations Sharon George on the Sale of Your Piney Orchard Condo!

Jerry Kline (right), Realtor with Keller Williams Flagship of Maryland, celebrates with Sharon George, following the sale of her mother's condo in the Piney Orchard section of Odenton, Md.

Jerry Kline (right), Realtor with Keller Williams Flagship of Maryland, celebrates with Sharon George, following the sale of her mother’s condo in the Piney Orchard section of Odenton, Md.

Sharon George needed help selling her mother’s condo in the Piney Orchard section of Odenton, Md. The ground floor unit in Chestnut Gable was bright, airy and completely renovated. Staged beautifully, priced right and effectively marketed, the home sold very quickly. Thanks, Sharon, for all your good humor and teamwork!

Do you know someone thinking of buying or selling a home in the greater central Maryland area? Have them give me a call on my direct line (443) 924-7418. I’d be glad to help them any way I can!