I’ve written that title quite often over the last several years. First, it was when I sold a very nice home on the east end of Lackey. Then I sold two modest homes on Lackey, both of which have been torn down and rebuilt. Then, earlier this summer I sold the nice home on the east side, again. Finally, last Friday, I closed on another Lackey Lane home, this one a very stylish home and property towards the west side of this little lane. On my tombstone, next to the bit where it says how much I hate pontoon boats, please write something about how I sold a lot of homes on Lackey Lane.
This latest sale was for $4.6M, which is a price that reflect an additional $25k over the asking price. Why did we have to pay over the ask? Because there were three offers on the property and when there are multiple offers you must do what needs to be done to secure the property. In this, there is some broker skill. But that’s not really the skill that you need if you’re a buyer, because immediacy and frantic urgency isn’t really a skill. The skill here is to know when a home is worth paying for, and when a home should be left to someone else. In this case, knowing the market dynamic of Lackey Lane that shows a well defined value range of $3.5-$5.5M, this deal was worth the extra push.
What is it that makes Lackey Lane unique in our market? After all, 15 years ago you would have been hard pressed to answer that question. Back then Lackey was just a street with some older houses on it, each with 100′ of frontage and barely three quarters of an acre of depth. In that, back then, there was nothing remarkable worth recognizing. What’s happened since is that buyers have found the quiet of Lackey Lane to be quite attractive, and what started as one initial tear down has turned into a wave of new construction and improvement. The end result will find Lackey Lane to be one of the most desirable streets for homes in this particular price range, as buyers appreciate the uniformity of the lakefront, of the homes, and the predictable nature of the valuations. It’s just a high quality street and I’m happy to have played a role in helping the market understand that.
For this newest lakefront owner, I’m excited for what lies ahead. After a seriously long home search and some real disappointments along the way, this buyer found their way to the lakefront and to a gem of a house. Sometimes, transactions are painful and obnoxious as the parties to a deal lose sight of what they’re trying to accomplish and instead focus on the minutia and turn that minutia into a gigantic, sloppy, mess. This buyer was a joy to deal with and I wish them nothing but the best in their new lakefront home.