There are an unprecedented number of very hefty listings on the market this year. Currently, there are 17 properties for sale over $10,000,000. There have been two closings this year for more than $10M. In January, 51, 53 & 55 Squam Road sold for $20,000,000. This property had been on and off the market since 2009 and was direct oceanfront with 3 separate lots. It had a highly custom-built estate with a pool and was offered for sale fully furnished. The second sale was 9 Fulling Mill Road in Polpis, closing for $12,900,000. This property had been listed for sale for a little less than one year. Although not located directly on a beach, it had a pool and great views of the harbor and natural surroundings. There was a large 6 BR/6 BA home with a high level of amenities on the 1.41 acre parcel in a pastoral location.
In 2012 there were 7 sales over $10M, ranging from $11,300,000 for 39 Hulbert Avenue, a home located directly on the harbor to $19,000,000 for 243 Polpis Road, known as Norwood Farm – 220 acres that sold to a consortium of conservation groups. The average selling price, as a percentage of list price is 85%, compared to 93.73% for the market as a whole.
TOP OF THE MARKET: Of the 17 properties currently listed over $10M, the majority are waterfront. Each one offers something singular from location and beach frontage to exceptional architecture and the highest quality construction. The average time on the market for listings in this price sector is 514 days, higher than the market average of 270 days. Not surprising, given the more limited pool of potential buyers. We will report back at the end of this year on how many of these properties have sold and for what percentage of list price.