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Negotiating In Waxhaw’s Providence Downs…Good Selection, Great Results!

June 1st, 2009 Listed Under: Everything Else, Union County

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I wrote about two clients selling their homes in difficult out of state markets, and it was time for them to move, this is the first story

Buying a Custom Home in Union County

The first family was a physician from Atlanta with his wife and two children, and they accepted a (very low) offer on their Atlanta home two weeks ago, (about $100K shy of where they had hoped to be) and came last weekend to find and buy a home. After 3 exhausting days, we found 2 excellent candidates, and began negotiating on their first  choice.

Providence Downs is located off Rea Road, about 2miles south of Blakeny at Ardrey Kell, and this is a Providence Downs beauty… built by a commercial builder to exacting standards for his own use, this is quite possibly the best built home in Providence Downs, with many million dollar home features, including a barrel ceilings, coffered ceilings, heavy moldings, heated travertine floors, Thermidor appliances, 18″ ceramic tile, beautiful light fixtures, and not a floor squeak anywhere in this 1.5 story home.

At just over 4,800 square feet, it is a large comfortable home, and the replacement cost would be atleast in the 900’s. Today’s cost to build new high-end custom is about $165/sf (the economic downturn has had one benefit, custom prices have fallen, down from the $200/sf of a the last several years). The building cost would be $792,000.  It’s on a premium .9 acre lot, so $150,000 is a reasonable  lot price-at today’s prices, many were sold over 250K, which would place its replacement value at about $940,000.

The comparable homes sold properties in area 10-1 (Marvin-Waxhaw) are  all over the place, from the essentially tract homes at around $100/sf (one in PD, several in surrounding areas), a handful of short sales and foreclosures in teh PD “annexes” like Unbridle, Skipaway and Silver Charm, to $161/sf in PD and $178/sf across the street at Walden on Providence for a true custom home. This first choice home was not unreasonably listed at $839,000 in December, $174/sf, below the Walden house… most would say PD is the better of the two communities; in February, the Sellers dropped their Listing Price to $799,  $749,000 in April, and $699 in May, the price we saw it at.

These realistic aggressive Sellers had their Providence Downs home priced $100,000 below our 2nd choice and slightly larger home in neighboring Wyndham Hall. While I can not reveal the exact Sales price at this time, it is safe to assume we did not pay full List price, and  it is also very safe to assume as you look at the numbers above, we made up for the $100K my Doctor client “lost” in Atlanta.

Moral of the story? If you can get your home sold, come on down, we’ll save you the money here.

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Skilled Buyer Agents and Smart Buyers Make Great Deals Happen, Call Terry McDonald of the McDonald Team for your Charlotte Luxury home, from Waxhaw to Lake Norman. 704-351-1519

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Terry McDonald
I'm the owner/team leader of The McDonald Group at Wilkinson and Associates ERA Powered real estate brokers here in Charlotte NC. A transplanted Washinghtonian, my family and I came from the NYC area in 1993.
Terry McDonald
Terry McDonald

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The McDonald Group
Wilkinson and Associates ERA Powered
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
704-390-6221 Cell
704-393-0048 Office
Licensed in NC & SC
USAA Certified
ERA Luxury Home Certified