The Palmer Group

How We Saved Our Client One Million Dollars In Wellesley, MA.

261 Grove, Wellesley Ma Real EstateWe began working with this particular client back in 2010.  They were a very nice young couple looking to build their dream home in Wellesley or on the south side of Weston.

Their only real requirement was they wanted to be in a nice neighborhood with a lot big enough to support a pool.  In Wellesley this meant we were looking at lots that were zoned SRD30 and SRD40.  SRD stands for Single Family Residence District – 30,000 sq.ft. lots or 40,000 sq.ft. lots,  In Weston the zoning is a little different but in the southsid area they were looking in most of the existing and conforming lots are in the 1 acre range or larger easily supporting a pool.

The search went on for the better part of 2 years.  There were several properties that came on the market in that period of time and they bid on a few but were unsuccessful.

We also introduced them to at least 15 different properties that weren’t even on the market yet but we had insider information and knew the properties could be purchased for the right price.

They actually fell in love with this one vary large 3 acre parcel on Livingston Road that backed up to the Charles River.  Even though the house wasn’t on the market we had been talking with sellers so my client put in and offer and we soon had a verbal agreement on price.

As we awaited the return of the signed and accepted written offer the seller – remembering a comment made by one of his neighbors years ago contacted his neighbor.  The neighbor had commented that if they were ever to sell the neighbor would like the opportunity to top all offers.  As you can imagine we soon found ourselves in a serious bidding war.  My client eventually lost out on the property.

Months went by and we continued to look and consider things outside the box.  There was this one property the Former Haynes Estate located in Wellesley this landmark grand manor home was accessed by driving down a quarter-mile-long winding driveway which brought you to this secluded 3-story brick residence situated on over 4 acres of park-like & wooded grounds with frontage on Sabrina Lake.261 Grove St. Wellesley MA Real Estate waterfront property
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Built in c.1914, this elegant residence featured many period details, including original murals by Albert Herter,  and spectacular views and access to Sabrina Lake.  There was a 2nd driveway from Ridge Hill Farm Road and a 2nd lot available at 27 Ridge Hill Farm Road.

The original couple who bought it had planned to renovate and expand the 18 room home.  In addition to purchasing the estate home for $3,500,000 the couple also purchased the other 40,000+ sq.ft. lot on Ridge Hill for $825,000.

In the end the couple decided against moving to the US and they eventually put the home back on the market in 2010 for $4,695,000 for both parcels or $3,999,000 just for the parcel my client was interested in.

Both properties were also complicated by adjoining smaller parcels, view easement, driveway easements, utility easements, etc., and there were many questions on whether the lot on 27 Ridge Hill was even conforming and if it had enough frontage.

The seller’s elected to market the property as is with very little work done to help any potential buyer assess the true development potential of either property.

Lucky for my client we work as realtors and developers and even though the prices they were asking were steep I told my client this is a property we will want to keep our eyes on.  I knew if it sat there long enough my buyer might be able to get himself a good deal.

After about a year we made our first of a series of low ball offers on the Estate house and the 3 acres it sat on.  The Seller kept saying he didn’t want to sell the big house separately or sell it first and he didn’t like our number.

We eventually got the seller to agree to sell the bigger parcel for $2.4M and we got a 3rd party involved to buy the other parcel at the same time.  In order to convince the 3rd party this was a developable lot we had to do a lot of research within the town and we had to show him on paper that even though the lot was quite narrow with the right house plan (which we supplied) he could easily make something work quite nicely.  To date no one was able to show any buyers the real possibilities here and it was enough to get a deal done.

In the end my client purchased the Estate home on 3 acres for $2.4M.  The original couple had paid $3.5M in 2009 so my client saved $1.1M on the deal. 

They have since torn the home down and are looking to build their dream home.

261 Grove St. Wellesley, MA Real Estate

 

If you are looking to get a great buy on property in one of our core towns or have questions about our services and ways we can heelp you, please contact us directly, 508-596-7377 or email [email protected].

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We are Massachusetts real estate specialists. With over 30 years experience selling, buying, and developing homes we have earned our distinction in a crowded market of agents claiming to be #1. If you would like to schedule a buyer or seller meeting with us, contact us at 508-596-7377 or [email protected].

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