Updated 2019. I updated this post as I no longer have the IDX plugin, the plugin that displayed listings.
Seriously. I know of a house in Crozet (foreclosure) that sold for under $150 and will be coming on the market – flipped – in a couple weeks. Another one that was originally listed well over $700k went under contract in the low-$400’s.
Not every house is a “deal.” Not every house is going to be a “deal” (and that’s a very good thing); but they’re out there.
These are a few properties in Albemarle and Charlottesville that have had price reductions of at least 10% over the past 30 days:
Take this one –
It’s not my listing (it’s BHGREII’s); it’s an example of what I perceive to be a screaming deal in the Charlottesville real estate market. They’re there; you just have to be looking – every day – and be ready to move. Quickly.
The highest Albemarle County assessment was $203,500 in 2007. Currently assessed for $172,100.
Last purchased by a person in 2007 for $203,500. Most recently transferred to the Federal National Mortgage Association in June of this year for $197,047.
It needs some work, but that’s ok.
1218 Augusta is not a “bargain.” The “anchor price” is $345K, which is what the current underwater owner paid in 2006, but that doesn’t make this an attractive price. The “owner” should be teeing up a short sale ASAP. (If this is a short sale, the listing doesn’t indicate.)
Comp killers:
1. A property directly behind this house has been for sale, and relisted, for more than a year: 1206 Greenway Rd $269k 3beds /3.5 bath MLS 475492
2. Sallie Mae Homepath foreclosure, larger, and in a better neighborhood: 1827 Yorktown $299k 3/3.5 MLS 479010
There are sellers in a similar position all over C’ville Albemarle. That doesn’t make the places a “bargain” for today’s buyer. As you showed in previous post, Cville/Albemarle single family home sales are 50+% below those in 1999.
Let’s get realistic on the pricing.
Keep in mind that those three were automatically-generated and not hand-selected by me. 🙂
This is good news that house in Crozet (foreclosure) that sold for under $150 and will be coming on the market
The Augusta listing is actually a short sale.
Well, good for the Augusta seller.
This price may satisfy the bank debt, but the house is still not “competitively” priced from POV of a buyer, nor is it a bargain. Of course, this being Charlottesville, that doesn’t mean that somebody won’t come along and pay this price. But by doing so, they’ve likely put themselves underwater from the get-go.
More “comps:”
2166 Brandywine $299 4 beds /2 MLS 477605
1917 Greenbrier $286,9 4 beds /2 MLS 475777
1404 Lester $279.9 4 beds /3.1 MLS 477788
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