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Real Estate Finance

In: Business and Management

Submitted By mav1810
Words 544
Pages 3
My subject property is located at 163 Woodridge Circle, New Canaan, CT 06480. The property is located in the Fairfield County town of New Canaan, CT—an affluent Connecticut town located about an hour drive north of New York City off of Route 1. The property is listed at $3.75 Million and boasts 6B, 7Ba on about 6,100 Sq ft with an in-ground pool and hot tub. The house was built in 2004 on 2 acres and has had only one owner. Through my research to determine whether or not this house was the most appropriate purchase for me and my family, I investigated 3 similar 2-acre properties that were recently sold within the neighborhood—162 Woodridge Circle (1958), 124 Woodridge Circle (2013), and 67 Stonehenge Drive (1964). 162 Woodridge Circle boasts 5B, 4.5Ba on 4,300 Sq ft and is listed at a price of $1.725 Million. 124 Woodridge Circle boasts 6B, 5.5Ba on 7,000 Sq ft and is listed at $4.2 Million. 67 Stonehenge Drive boasts 6B, 5.5Ba on 5,800 Sq ft along with a pool & pool house, and is listed at $2.35 Million. With the research I did, it is easy to discern the differentiating qualities in all these homes that represent the disparity in property value. The subject house at 163 Woodridge is listed at $3.75 Million while boasting a pool and hot tub with the second greatest square footage of the 4 properties. The house was also the 2nd most recently built, which would contribute to its greater price. In comparison, the properties at 162 Woodridge and 67 Stonehenge were built in 1958 and 1964, respectively, thus representing their lower market values. However, 67 Stonehenge does have a pool and accompanying pool house, which creates an uptick in value, as well as about 1,500 additional square footage. 124 Woodridge, built this past summer, is the most recently constructed. It is also the largest in terms of house square footage and is listed at $4.2 Million. The recent

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