2020 Tuscarora High School Graduate Michael Brennan teed off at the U.S. OPEN in Los Angeles this week. The total purse for this year’s tournament is $20 million and will be divvied up by the top 60 finishers, with the leader getting paid out $3.6 million, a RECORD amount (thanks LIV Golf!!) which would be ENOUGH to cover the asking price of River Creek’s most expensive listing of the year, 43423 Cloister Place, offered for $2,399,000.
The movie "Swingers" comes to mind as I try to describe this property. It's so money, baby!
Ginger Wassum, Realtor® & Associate Broker with Weichart Realty, is the listing agent of this property, as well as a River Creek homeowner, and is certain this unicorn of a home would be a DREAM for any serious golfer – so if Brennan does well enough this weekend, perhaps he could return to his hometown and put a down payment on Wassum’s amazing listing!
I paid an in person visit with Ginger at her listing earlier this week. I love River Creek (please check out my River Creek Community Overview for more information on this neighborhood). Before I left my sales office, I double checked comps for the neighborhood going back two years, to July 2021 (what a wild ride these past 8 quarters have been!!!!) Since July 2021, a total of 50 detached homes have sold in River Creek (according to Bright MLS), and only ONE has closed above the $2 million mark – and that one was in April 2022, before interest rates started to skyrocket. 43423 Cloister Place’s tax assessed value, $1,535,920, is well below its current asking price, but that really doesn’t concern me much, knowing that I’ve personally sold several homes in Loudoun County with tax assessment values FAR different than the eventual sales price of the properties. What does interest me is that year-to-date in 2023, the median sales price of detached homes in River Creek has been $1,262,500, and this property’s offering price is more than a million dollars above that mark!!!
So what’s so special about this home?
Well – it doesn’t really offer a clear view of the Potomac River or of the Golf Course. It also doesn’t look too different from other brick homes in the neighborhood. In fact, the home next door, 18212 Glen Abby, which has the same floor plan (but one fewer bedrooms), is on the market right now and looks rather similar from the front of the home, compared to 43423 Cloister Place (but is offered for $800,000 less and has red brick ).
As compared to it's next door neighbor/current competition, Wassum’s listing has been gutted from the top of the house to the bottom, and has pretty much every bell and whistle imaginable, including a professional golf simulator in the basement, a huge spa, and an amazing bar that reminds me of an upscale restaurant bar in Colorado versus a colonial styled-home built in 2003. I love the hardwood floors throughout the property and the gorgeous kitchen. Having worked with several clients purchasing new construction (and having renovated three homes myself), I KNOW the choices the current homeowner made to redo their home were NOT cheap!!!
So, two questions remain - how will Brennan do this weekend at the OPEN and how much will he need to pay for Ginger's listing, if he has some prize winnings to bring home from California??? We only have to wait a few days to see PGA Tour results, but it could be another 60 days before we see a final closing price for this Modern Farmhouse. If I were BETTING through DraftKings ® on the house (to be clear, I'm not!), I would wager it will sell for LOWER than the current asking price - and this would truly be a nice purchase for any golf enthusiast.
Ginger is conducting an OPEN HOUSE on the final day of the US OPEN, June 18, 2023, from 12-2 pm. If Brennan doesn't end up in the top 60 finishers, no worries, maybe YOU can purchase this property (or just be inspired to make some cool updates to your own colonial property).
*** If you'd like to take a private tour, please reach out! I'd love to work with you as a buyer's agent.***
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