7360 Stones Ct, Saint Leonard, MD 20685

two-story contemporary with stunning master bedroom suite incl two walk-in closets, 3 BR + study, four full baths, open kitchen/living/dining rooms w/ working fireplace, two family/media rooms, deck w/180 degree view of St Leonard Creek. heated pool. 90-ft pier w/5.5 ft water at MLLW, two 40-ft slips and two boat lifts. The only relevant comparables for this property are waterfront properties in St Leonard Shores. There are 13 of these; one is an empty lot and another recently was sold to a granddaughter of the previous (deceased) owners. Elimating these two, and the present property, leaves 10. Of these, four have water deep enough for a cruising sailboat (at least 5’ at MLLW) and the others have considerably less. Using both regression and “horseback” analysis, with different assumptions, suggests that the value of this property is somewhere between $910,000 and $1,235,000. These estimates do not include anything for the beautiful, heated, in-ground pool; the completely rip-rapped shoreline (which prevents erosion) or the siting of the house which is on a hill close to the water and thus gives an unusually fine, 180° view of St Leonard Creek. I am an economist and I know that the actual value of a house is whatever someone will pay for it, but this analysis shows that Zillow’s estimate, currently $758,000, is significantly low.