Imagine the not-so-poor seller who dropped the price of his home to a mere $9.7 million, still couldn’t find a buyer and now will auction it off. Or his neighbor, who slashed his multi-million-dollar price, took the house off the market and now has re-listed it at under $2 million. Or the estate of the guy whose Inner Harbor condo remains unsold after almost 2½ years and a $4 million price drop.
Does no one want — or can no one afford — to live like Cal Ripken Jr., Ray Lewis or the late Tom Clancy?
Ripken’s lavish home in the horsey, moneyed Worthington Valley of Baltimore County goes to auction on May 12. While the Orioles legend singularly owns the longest consecutive-game streak in baseball, his stymied home sale puts him in familiar company, at least locally: Neighbor Lewis, the Ravens linebacker extraordinaire and now Hall of Famer, and the estate of Clancy, the mega-bestselling novelist, similarly have been unable to unload their mansions.
Why? Forget location, location, location — some real estate professionals say that even at this rarefied end of the market, it’s all about price, price, price.
“You have to get the numbers right,” said Eddie Meushaw, who was Lewis’ first listing agent. “You can’t be overpriced.”
Meushaw put Lewis’ Tufton Avenue spread on the market on April 21 last year for $2.95 million. About two months later, the price was dropped to $2.5 million, said Meushaw of Berkshire Hathaway Home Services in Baltimore. He had shown it to seven or eight potential buyers, but no one bit and it was taken off the market on Jan. 2.
The house recently went back on the market — Heidi Krauss is now the listing agent — at just under $1.89 million. Krauss did not return a call for comment, but Meushaw thinks the price is finally right.
“It’s a lot of property and a lot of house,” Meushaw said.
Georgiana Tyler, president-elect of the Greater Baltimore Board of Realtors, said that while these celebrity properties are undeniably “unique and beautiful and captivating,” the number of potential buyers shrinks as you get into the stratospheric reaches of the marketplace.
“I think it goes back to the basic law of supply and demand,” said Tyler, of Coldwell Banker Residential Brokerage in Roland Park. “There’s just a limited number of people during any one period of time looking for a ‘trophy’ house.”
The supply may outpace demand at the highest price points. In Baltimore County alone, there were 22 active listings for homes priced at $2 million or more, yet only 12 homes at that level sold in the past 12 months, according to a scan of Metropolitan Regional Information Systems listings.
Tyler said houses come on and off the market depending on multiple factors, from job transfers to sudden influxes of cash. The “expensive property” market has remained steady over recent years, she said.
Ripken’s 24-acre estate, on Dover Road in Reisterstown, boasts breathtaking vistas, six bedrooms, 10 full baths, a pool, a gym and, most famously, a basketball court where he hosted an array of pro and college players for regular and highly competitive games back in the day.
Still, the enviable property with the stellar provenance didn’t sell in the year it was on the market. It listed for $12.5 million in September 2016, dropping to $9.7 million in April last year before exiting the market in August. Now DeCaro Auctions International, which declined to comment for this article, will try its hand.
“It was overpriced, they reduced it, and it was still overpriced and now it’s going to auction,” said William J. Ganz III, a Baltimore-based real estate broker.
“Now we’ll see what it sells for, versus what it was listed for,” he said.
Ganz, who owns Ganz Exclusive Real Estate, represented the buyer of an Inner Harbor condo that sold last year for $5.65 million.
It created quite the buzz, not just for the price but the rumored buyer: “House of Cards” actor Kevin Spacey. Instead, it was later revealed, the five-story, 9,000-square foot mansion in the gated Pier Homes at Harborview complex was bought by Spacey’s friend and manager, Evan Lowenstein.
The property initially was put on the market by the estate of the late developer Leroy Merritt on Jan. 24, 2011 for $8.5 million, Ganz said, and went off and on the market before Lowenstein bought it for below its last listed price of $7.9 million.
“Over-shooting” the market doesn’t help anyone, he said. The seller gets frustrated, and the property gets viewed as problematic because it hasn’t sold, Ganz said.
Meushaw said some high-end homes may linger on the market because they’re “over-personalized.” The seller might have added pricey amenities that future owners aren’t particularly interested in, he said.
“That happens a lot. It’s something they wanted but it’s not what someone else would want,” Meushaw said.
The listing for Lewis’s home, for example, shows off its 27-acre site, with what you might expect at this price point: sweeping views, cathedral ceilings, a pool. But it also shows and describes a theater, a “decadent multi room dressing area” and a “dedicated holistic wellness center, commercial gym, meditation, massage & salon space.”
Oh, also: “zippy access to [Interstate] 83 & Wegmans.”
Pricing unique properties can pose a challenge, Meushaw said.
“You’re not comparing Rodgers Forge townhouses to Rodgers Forge townhouses,” Meushaw said. “It’s more subjective than objective.”
Additionally, there just aren’t as many potential buyers.
“When you get into the ultra high-end, there’s a smaller pool,” he said. “It becomes a numbers game.”
Ganz said he believes there is enough money in town — what he calls “silent wealth” — to buy up even the priciest of properties. But houses still have to be listed at the right price, he added.
“It’s got to be the right value for the buyer,” Ganz said. “It doesn’t matter what the seller paid for it.”
The penthouse condo of Tom Clancy, who created the iconic Jack Ryan character that has spawned multiple novels and movies, first went on the market in October 2015 for $12 million. Clancy, who died in 2013, had actually spent $12.6 million to purchase four units of the Ritz Carlton Residences to combine into a single, 12,000-square foot home with sweeping views of the Inner Harbor.
Since hitting the market, the price has dropped several times — to $10.9 million in February 2016, and then again three months later to $8.7 million. About a year ago, the price dropped to $7.9 million, where it remains.
Baltimore Sun reporter Jeff Barker contributed to this article.