Under Estimated Market
253 South Randolph Road, Greensboro, VT
Birch Lodge was one of the original lodges build buy a developer, Sanborn, on the south shore of Caspian Lake in the early 1900s. The lodge was one of the nicest properties on the lake; with everything a property on the lake could offer, including command views, well preserved historical ties and direct water access.
Sanborn rode horse and buggy to all the Ivy League Universities at the time to sell the south shore lodges to Ivy League professors. This is a large reason why Caspian Lake has such strong ties to the educational community. These ties have also done a significant amount to make Caspian Lake such a regarded summer vacation place.
The town assessment on the property doesn’t take into account many of these historical attributes. Moreover, the assessment was low because the number of bedroom in the property pushed the value beyond what the assessment indicated. The market for waterfront property was stronger than the town’s assessments would indicate.
We created a custom marketing package that showed the lifestyle the property would afford a buyer. When the property was put on the market, a local agent called me to tell me my asking price was ridiculous. I had never marketed a property on Caspian Lake, but I know my market analysis was correct. The proof is in the results - the property was under contract in 8 days and for the highest price ever paid for a cottage on under an acre of land. The contract price was 59.4% greater than the assessment. As some on the lake say, my client “won the lottery”.