Dear Leslie,
I appreciate your patience while I prepared the CMA! The last couple of weeks turned out to be busier than expected -- which in my business is a good problem to have!
When looking at comparable sales, I looked at all of the normal things: average days on market, average list to closed price, average price per square foot, etc. I also searched the tax records for off market sales to make sure that we were getting a true picture of the luxury market. These metrics give us a snapshot of market trends, though it's worth noting that your home—and each of the comparable properties I reviewed—is far more unique than the average Knoxville property. Those criteria will help guide us in pricing, but when pricing a home like yours it is both an art and a science- we have to look at the whole package and not just numbers!
I also thought it would be interesting to know the percentage of sales that were cash vs. financed. Of the five homes I used as comps, only one (5804 Lyons View) was financed; the others were all cash sales. I found a total of eight homes that sold over $3.5M— with four being cash buyers and four financed. And for a little extra insight, I checked the tax records to see if buyers were local or from out of town, which looked like another 50/50 split. A couple of them were listed under LLCs, though, so those were a bit harder to pin down.
Please let me know if you have any questions about this information. What is your availability to get together so that I can answer any of your questions, we can come up with a potential asking price, and also discuss a marketing plan.
Thanks, Angie
Square Footage: 6,510 sq ft
Bedrooms/Bathrooms: 4 beds, 6 baths
Lot Size: 1.46 acres
Year Built: 2007
Sold Price: $4,075,000 (May 1, 2023)
Price per Square Foot: Approximately $626
Notable Features: All-brick custom home with 10-12' ceilings, masonry fireplaces, elevator, saltwater pool with automatic cover, pool house with full bath, and a whole-house generator.
Square Footage: 9,028 sq ft
Bedrooms/Bathrooms: 5 beds, 8 baths
Lot Size: 4.2 acres
Year Built: 1950
Sold Price: $4,125,000 (February 3, 2023)
Price per Square Foot: Approximately $457
Notable Features: Tudor Revival-style home designed by architect Francis Keally and landscape architect Arthur F. Brinkerhoff. Features include a gourmet kitchen, hardwood floors, and a landscaped yard with mature trees.
Square Footage: 9,620 sq ft
Bedrooms/Bathrooms: 5 beds, 7 baths
Lot Size: 2.63 acres
Year Built: 2009
Sold Price: $4,740,000 (August 9, 2023)
Price per Square Foot: Approximately $493
Notable Features: Modern design with high-end finishes, spacious living areas, and a well-maintained landscape.
Square Footage: 7,895 sq ft
Bedrooms/Bathrooms: 6 beds, 6 baths
Lot Size: 2.0 acres
Year Built: 1977
Sold Price: $3,800,000 (July 31, 2024)
Price per Square Foot: Approximately $481
Notable Features: Spacious property with updated amenities and a large lot.
Square Footage: 5,373 sq ft
Bedrooms/Bathrooms: 5 beds, 5 baths
Lot Size: 1.58 acres
Year Built: 1926
Sold Price: $3,900,000 (May 2, 2023)
Price per Square Foot: Approximately $726
Notable Features: Classic Tuscan farmhouse villa with marble terraces, beamed ceilings, oversized fireplaces, and a three-car detached garage.
Square Footage: 7,685 sq ft
Lot Size: 2.37 acres
Sold Price: $4,128,000
Price per Square Foot: Approximately $557
All properties are luxury single-family homes located in desirable Knoxville neighborhoods.
Each home offers spacious living areas with high-end finishes and amenities.
All properties have large lots, providing ample outdoor space.
Architectural Styles: The homes feature various styles, including Tudor Revival, modern, and classic Tuscan farmhouse designs.
Year Built: Construction years range from 1926 to 2009, indicating differences in architectural trends and potential renovation needs.
Price per Square Foot: There is a notable variation in price per square foot, reflecting differences in design, location, and amenities.