This week’s model home

From the Sunday real estate section of The (Del.) News Journal:

The prestigious neighborhood Merestone graces the rolling countryside of Landenberg, [Pa.], and the grand stone and stucco home at 22 Evans [Drive] is a true testament to sheer luxury. Superior workmanship and unmatched quality is found throughout the private two-story colonial, bringing to life this classic English-style home.

This 6,000-square-foot custom-built Wilkinson corner lot home is truly one of a kind, with meticulous landscaping on the acre it occupies. …

The 15-person indoor spa is like not other, showcased in a stunning gazebo with eight circle-top windows, four skylights and vaulted cedar ceiling. This enormous room is separately heated and air conditioned, providing an ideal place to entertain.

Visit the home. Appreciate the master craftsmanship, relish the fine attention to detail, take note of the many upgrades, enjoy the fabulous amenities and cherish the breathtaking views. It's a masterpiece that will provide elegant living!

Bottom line: $749,900

P.S.: I understand the theory of penny-off pricing. You sell the Old Navy sweater for $19.99 instead of for $20 because it reinforces the impression that the sweater costs less than $20. But does this effect really matter when you're talking about a "sheer luxury" home than costs three-quarters of a million dollars? Do they really expect people to look at this price and say, "Look honey, it's less than $750,000"?

P.P.S.: From the actual newspaper section of the same newspaper, this story about a much cooler structure, available for about $750,000 less. (More here.)

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  • Sven

    Here’s an interesting contrast from the NYT Magazine, “A Poor Cousin of the Middle Class:”
    The story:
    The snug, gray clapboard building, built in 1891, was nestled among others on a street in Claremont, N.H. In a different place at a different time, the house would have been considered quaint and charming enough to be worth plenty. But sitting in a sad, old neighborhood near the center of a New England town that had been left behind, it was worth just $37,000 when Caroline discovered it in 1997. With $1,000 from her income-tax refund to cover closing costs, she became the owner — along with the Sugar River Savings Bank.
    The ad:
    House of the Day
    Westchester County – Purchase, NY
    This dramatic, contemporary rental sits on 3 acres and includes 14 rooms, 5 bedrooms, 6.5 baths, fireplace and pool.

  • none

    huh, here in san diego you could get a two bedroom ranchstyle with a pool for 750K.

  • Evan

    When I asked the same question about penny-off pricing, I was told by a realtor that picking a price like $749,000 instead of $750,000 helps you catch people who are searching in the computerized listings. That is, if $750k is the top of their price range, then they’ll put in “price < 750000", and that means they'll only catch houses that are priced up to $749,999.

  • Ab_Normal

    Weepin’ Jaysus, one of the homes featured on the front of Sunday’s real estate section was listed at $1,249,000. One-point-two frickin’ MILLION clams. In Spokane, Washington, where (as I’ve previously posted) the median income is $42K/year. I get the feeling that one, if it sells, is going to sell to someone who is moving into the area.

  • Real Estate Sales

    Durham home sales rose at a steady increase in the first quarter, as did the anemic price increase for resale homes in the Bull City.

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