In June of 2008, an anonymous buyer set a record for a Monet piece by paying $80,400,000 for Le Bassin aux Nymphéas (a water lily oil on canvas by the French impressionist). The previous record for a Monet, $41.4 million for “The Railroad Bridge at Argenteuil,” was set the previous month at Christie’s in New York.
Why would a buyer be willing to pay such a remarkable sum for a single piece of art? While I’m sure some would argue that the answer lies in the authenticity and brilliance of the piece. And although I would readily concede Monet’s brilliance… it is no coincidence that his art skyrocketed posthumously. His absence conveys a simple but powerful fact – scarcity. There is a fixed supply – and that supply is limited.
The same principles apply in real estate. Scarcity drives values. Never is this more true in our market than in Oceanfront and Riverfront property.
A unique opportunity became available yesterday in one of Oldfield’s riverfront cottages. Not only is it’s riverfront location spectacular and rare on its own terms… but the cottage is one of only 3 riverfront cottages in all of Oldfield. With respect to real estate, this is nearly the definition of scarcity.
This fully furnished riverfront cottage was originally purchased for $1,242,000 in 2004. It was recently listed for sale (as a short sale) for $795,000. Indcredibly, we now have formal bank approval for a closing price of $625K.
Designed by renowned architect Jim Strickland of Historical Concepts in Atlanta, these cottages enjoy the (optional) benefit of being included in the Oldfield rental program for property owners, guests, or prospective owners.
If you know of anyone who would like to enjoy ownership of such a property, please contact me directly (843) 384-4463.