Piney Glen Lane - Piney Glen Farm - $3,350,000

Periodically you come across a property that has incredible potential.

This is one of those properties. Lets start off by saying this 5-acre lot is in the final stages of subdivision. The 2.5-acre lot that is spun off could net $1mmm to offset the $3.3mm purchase price. This makes this home all the more interesting. The driveway from Piney Glen Lane goes behind the home, and all the way out to a second entrance on Piney Meeting House Road. This is a really super feature.

The outer elevation of this home is super attractive. It is all stone, and crafted in a way that just looks very high quality. An old-fashioned, stone mason put the veneer on this home, not a layman.

There is stone used all over this home. Interior fireplaces, basement walls, backyard and retaining walls. rumor has it that the original owner was a partner in the Potomac stone quarry that used to be on River and Seven Locks Road. This would make sense, as some of this work would be cost-prohibitive for a normal consumer.

The negative aspect of this home is it seems to have been built in three stages. It has an unusual flow, and would take some getting used to for the new owners. With 12,000 square feet, you could literally get lost in this home. Although the home has been updated over the years, it would need between $300,000 and $500,000 to make it right.

The back yard has a beautiful heated pool and pool house. The pool house is large and has a full kitchen. Adjacent to the pool is a tennis court, that is in decent shape, but will soon need resurfacing.

Here is a novel idea. You could buy the house and lot for $3,000,000. Buy the house for $2,500,000 and buy the lot in a self-directed IRA for $500,000. Within 10 years the lot will be worth a minimum of $1,000,000 or more, which could be sold tax free with the proceeds going back into the IRA. The home, with improvements, will easily sell for whatever you have invested in it, and probably a lot more.

I say this goes for $3,000,000 when all is said and done. It may take a little while, but someone should buy this before the subdivision takes place. Once it is formalized, the value of this package goes up $300,000.