There Are (real estate) Deals To be Had in Charlottesville

Posted on August 20, 2010 by Jim Duncan

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:

Showing properties 1 - 3 of 7. See more Find a Real Estate Deal in Charlottesville.
(all data current as of 4/30/2013)

  1. $259,950 : 2201 Stargate Ln, CHARLOTTESVILLE (ALBEMARLE)
    3 beds, 2 full baths
    Home size: 2,527 sq ft
    Lot size: 2.43 ac
    Year built: 1985
    Days on market: 81
  2. $695,000 : 1747 Lambs Rd, CHARLOTTESVILLE (ALBEMARLE)
    4 beds, 2 full, 1 part baths
    Home size: 3,307 sq ft
    Lot size: 8.45 ac
    Year built: 1977
    Parking spots: 1
    Days on market: 160
  3. $49,000 : 5088 Green Creek Rd, SCHUYLER (ALBEMARLE)
    0 beds, 0 baths
    Lot size: 4.02 ac
    Year built: 1940
    Days on market: 181

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Take this one -

We're sorry, but it seems that we're having some problems loading MLS # 477800 from our database. Please check back soon.

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.

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  • http://www.realcville.blogspot.com John Doe

    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.

    • http://realcentralva.com Jim

      Keep in mind that those three were automatically-generated and not hand-selected by me. :)

  • http://www.crefirms.com Commercial real estate companies

    This is good news that house in Crozet (foreclosure) that sold for under $150 and will be coming on the market

  • John Dane

    The Augusta listing is actually a short sale.

  • http://realcville.blogspot.com John Doe

    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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