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

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.

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6 Comments

  1. John Doe August 20, 2010 at 13:48

    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.

    Reply
    1. Jim August 20, 2010 at 17:47

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

      Reply
  2. John Dane August 22, 2010 at 18:15

    The Augusta listing is actually a short sale.

    Reply
  3. John Doe August 23, 2010 at 09:28

    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

    Reply
  4. Pingback: Proof that Price Matters | RealCentralVA.com

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