Recent sale of a pre-owned one-bedroom retirement apartment at Lantern Court in Devon has proved McCarthy & Stone’s new Resales initiative to be a positive step forward in increasing property prices. The retirement community developer launched their own Resales service in November and aims to apply its specialist expertise in the retirement housing market to support homeowners and their families in the resale of preowned McCarthy & Stone managed properties.
Ann Patterson and her family became one of McCarthy & Stone Resales’ first clients after they were instructed to market her late Aunts retirement apartment at Lantern Court. Despite a challenging housing market, the Resales team were able to achieve a 17%* price increase on the property and an agreed sale within 26 days from instruction.
She explains; “My Aunt was one of the first home owners to move into Lantern Court when it was originally built in 2013. At the age of 88 she enjoyed many happy years there and made lots of friends. “
“Sadly, in 2017 my Aunt lost her battle with cancer and passed away. As Executor of her Will it became my responsibility to administer her estate and sell her retirement apartment at Lantern Court.”
“We originally instructed a local estate agent to put my Aunt’s apartment on the market, as this appeared to be our only option at the time. Unfortunately, due to limited exposure and the agents’ inexperience of retirement living we had little success.”
“In November, we were notified by Lantern Court’s House Manager, Richard that McCarthy & Stone were launching their own resale service for preowned retirement properties. As we were already aware of McCarthy & Stone’s reputation and their expertise in retirement living we felt they would be best placed to sell my Aunts apartment. We therefore cancelled our contract with the local agent and instructed McCarthy & Stone’s Resales team. Within 26 days from instructing them we had agreed a fair sale price on the property.”
As a Resale customer, Ann Patterson was able to take advantage of McCarthy & Stone’s legal and removal services. Ann Patterson commented; “the transaction went through extremely smoothly and we found keeping everything under one roof helped simplify the lines of communication, making the whole process a lot easier.”
Commenting on the completed sale at Lantern Court, McCarthy & Stone Resales Manager, David Gabriel said; “Although market conditions are outside of our control, we are delighted to achieve a good result for Ann Patterson and her family.”
"When our homeowners purchase a McCarthy & Stone managed property, they buy into a lifestyle based around security and companionship, which should hopefully prolong their independence. Often when an external agent markets a retirement property these lifestyle benefits can be overlooked or misunderstood. Due to our specialist expertise in retirement living and the support of House Managers, we are able to communicate these benefits to potential buyers better than anyone.”
McCarthy & Stone’s Resales service is now available nationwide, please call the Resales team on 0345 556 4107 or email firstname.lastname@example.org for more information.
*Based on 23 Lantern Court’s original purchase price of £119,450 in May 2013, minus new build financial incentives** totalling £5,868, delivered an actual sale price of £113,582. The property achieved a resale value of £132,500 in June 2018, generating a 17% (£18,918) increase over the actual sale price and 11% (£13,050) increase over the original purchase price.
**Financial incentives made by McCarthy & Stone may include contributions to the homeowner’s legal fees, moving costs, home furnishings or discounts from the original advertised price of the retirement property.