First, this is a bit more information, that includes a sample timeline for listing and selling as well as my listing presentation of which I typically bring a hard copy.
So as to not bury the lede, my recommended market value is $765k – $785K. That said, as you’re going to see below, I would feel comfortable defending a value between $765K and $1,030,000.
That said, I would be remiss if I didn’t say that, should we work together, I think it would be prudent and wise for us to use the comps and analyses from the other agents to refine the value. Yours is a challenging property to value. In a normal market, I would want to bring a couple of my Nest colleagues through to help me nail down the value. In these time, I would not be truly representing you if I didn’t suggest that we use the work of other professionals.
As discussed, in addition to the standards of professional flyers, photos, ad copy, I think having three videos would be part of my approach. At Nest, we have an in-house videographer, and a world-class marketing team who would assist.
- A professional video of the property, including night shots. Example of Fairhill development that I’m marketing.
- Professional video of you describing the property; I think this will be crucial.
- A walkthrough by me; this is an example.
Further, floorplans of each building, targeted emails to all of your previous guests as well as to the Charlottesville Realtor community would be part of my initial, and ongoing marketing.
Custom website; I have done this several times in the past. They’ve all sold and I have unfortunately let the domains expire.
As we all know, this is a challenging property to value.
– RPR – $438K (attached)
I looked at this a couple different ways. A rough guess at your expenses and the income you shared would likely put the value between $750K and $800k, to that buyer.
Using more traditional method, I looked for comps.
First, radius above, since 1 January 2019. I went back further than the typical 6 months to better capture your immediate market. There are 17 results. I’d likely pick these as the “best” comps.
Then, I looked to properties that met the following:
- $500K – $1.1M
- Single family home
- 1 to 12 acres
- Activity date of at least 1 June 2019
- Western Albemarle School district
140 results; too many. Leaving only the ones not in subdivisions, we have 47 – too many, but better.
Adding a garage, and we have 38. Digging through each of these 38, I am using these as my best comps. I chose some for their close proximity to you, and others for their similar property type. Of those, I think the Twin Creeks property is the very best, as it’s the most unlike the others, much as yours is unlike many of the other properties that have been on the market.
And third – my professional gut value
If I value the primary residence at $350K, the garage and suite at $250K, the treehouse at $100K, buildings at $80K, and the land at $250K, the value is $1,030,000.
A Bit About Jim
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