High Expectations
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1120 Little High Street recently traded for $172,000, well under the current assessment of $286,000. Why the discrepancy? According to the listing agent, the city bills the home as having three bedrooms instead of two, resulting in yet another situation where market value doesn't support assessment.Samantha Masone
12/15/11
Albemarle
Dolly Prenzel to Anne Hilton, 1706 Old Forge Road, $359,000
Promised Land LLC to Piedmont Realty Holdings I LLC, 1570, 1572, 1574, 1576, 1578, 1580, 1582 Wickham Pond Drive, $380,000
Warren Wade, Jr. to Floyd Wright, 4.0 Acres, TM 128-50, $2,054
Charlottesville
GWT LLC to Joseph Baber & Amanda Pederson, 1120 Little High Street, $172,000
Sunrise Park LLC to Beverly Anderson, 1411 Midland Street, $171,141
Argent Development LLC to Timothy & Abigail Pare, 106 Cameron Lane, $395,000
12/16/11
Albemarle
Old Trail B-4 LLC to Steven & Alison Wilkins, 545 Summerford Lane, $352,037
Laurie Ann Westbrook to Sean Julian & Karen Quillen, 106 Chandler Court, $242,000
Federal National Mortgage Association to Carleton & Lauren Ward, 7710 Secretarys Sand Road, $239,000
Jerry & Arthurene & Joseph Bell to Jeffrey Wright, 4405 Carriage Hill Drive, $219,000
Daniel & Lainie Allen to Deutsche Bank, 2401 S. Bennington Road, $208,000 (foreclosure)
Federal Home Loan Mortgage Corporation to Howard Byrd, 490 Willwood Drive, $199,900
Darren Gryniuk & Colby Reilly & Michael Riolo to Jingmin Zhou & Sufen Li, 140 Yellowstone Drive, Unit 101, $67,000
Darren Gryniuk & Colby Reilly & Michael Riolo to Andrew & Walter Slonopas, 765 Denali Way, Unit 302, $65,000
Redus VA Housing LLC to Southern Property LLC, .155 Acres, TM 56H-1-5, Lot 5 Phase 1, Westhall, $55,000
Carolyn Blue to Larry Snead, .68 Acres, TM 48-7 & .63 Acres, TM 48-8, $40,000
Charlottesville
Whited Family LLC to GOK LLC, 1000 Rougemont Avenue, $155,000
Whited Family LLC to RCF KKC, 1002 Rougemont Avenue, $164,000
Sunrise Park LLC to Benjamin Guerra & Maria Hernandez, 1413 Midland Street, $174,624
Elizabeth Rorrer to Stephen Pleasants, 1111 Elliot Avenue, $199,000
Nick Pappas to Katherine Troyer, 1618 Bruce Avenue, $350,000
RL Beyer Construction Inc. to Leigh Ann Lather, 227 Huntley Avenue, $349,900
Richard & Edith Franzen to Elizabeth Bourke, Trustee, 209-A Second Street NW, $300,000
12/19/11
Albemarle
Keswick Corporation to Stephen Gunther & Dana Goldsmith, 808 Club Drive, $1,250,000
Grant & Carrie Brown to Julian Cheslock & Sara Rasmussen, 2380 Spring Brook Drive, $707,000
Craig Enterprises Inc. to Lori Brookins, 3620 Langford Drive, $512,312
Helen Banis, Trustee, to James & Roma Collins, 3403 Dunscroft Court, $450,000
Alan & Mary Melusen to Phillip Plowman, 940 Red Crest Lane, $185,000
Oliver Arapovic to Federal Home Loan Mortgage Corporation, 128 Turtle Creek Road, Unit 7, $112,000 (foreclosure)
Rock & Sabrinia Davis to Angel Dreamers LLC, 195 Yellowstone Drive, Unit 301, $90,000
Walker Thornton, Trustee, to Robert & Brenda Grover, 2.0 Acres, TM 45B1-01-B-4, Lot 4 Carrsbrook, $69,000
John Sprouse to Joel Bernstein, 142 Yellowstone Drive, Unit 208, $63,500
Jefferson Catlett & Douglas Branch to Daniel Fowley III & Shari & Michael Hallahan, 38.7 Acres, TM 127-67, $34,000
Charlottesville
Melvin & Frances Morris to Edward, Christina & Nathan Gibson, .172 acres, Lots 28 & 29 Albemarle Place, $100,000
12/20/11
Albemarle
Michael & Virginia Erwin to George & Shelley Payne, 4966 Barn Field Drive, $635,000
Gregory Shiflett & Tara Savage to Tamika Moye & Robert Barr, 2976 Cove Trace, $596,000
Lee Real Property Holdings LLC to Cismont Market LLC, 5406 Louisa Road, $575,000 (foreclosure)
David & Stacey Bruns to Mark & Audrey Graham, 2055 Foal Lane, $480,000
Lena McNicholas to Carlton & Myra Cooper, Trustees, 1147 Courtyard Drive, $415,000
Robert Hickerson to Charles Moore, 6397 Hillsboro Lane, $172,000
Douglas Wade to John & Kathleen Pegues, 727 Denali Way, Unit 206, $65,000
Phillip Norford to Katherine Chapman, 2517 Hydraulic Road, Unit 65, $60,000
Charlottesville
Sunrise Park LLC to Harold & Clarissa Folley, 1407 Midland Street, $174,624
11 comments
No wonder the city and county budgets are in a tight squeeze. Real estate income may hit an all time low from the looks of these prices and small number of sales.
It is ludicrous to keep expanding the development parcels when there is far more inventory than can be sold, and that alone will lower prices for years to come.
$172K for a shack like that is outrageous, but people think it's a bargain.
What do you think a dump like that could rent for? PITI on $172K is going to exceed the rent and that gives you the answer about price.
Them assessments are for extracting as much tax money as possible from us owners. Funny how tha market dropped so much but I still pay almost the same taxes as when we was boomin. SMDH!
$286,000? What was the assessor smoking when he came up with that number? If a bedroom is worth $114,000 then how are the two that are left only worth $172,000 as a pair? Does being attached to a kitchen, bathroom and living room decrease their value somehow?
1027 sq. feet, built 1953, 2 beds, one bath (bet it's no "master bath"). Like I said, a sharecropper's shack and intrinsic value no more than half sale price. we got a long slide ahead folks, 'cuz we still drinkin' that ole "bubble up".
Like Mista T says: "Ah pity the po fool"..
Toni you're right there is a tremendous number of these small houses in Charlottesville. We don't need more new development, we need to upgrade the housing stock we have. These houses will be our affordable housing stock of the future.
You have to really sit down and negotiate with the city, and keep your eyes on it. I have seen them try and assess a house for more than it was on the market for, and didn't sell at. Why it sold as a two bedroom but was on the tax records as a 3 bedroom I can;t explain, other than to say the rules have changed over the years as to what defines a room. 3 bedrooms in a 1000sqft rooms seems unlikely. AS for the pricing, I think it really depends on the condition of the home. I know of a 2 bedroom two bath bungalow approx 1000sqft with a detached office/study/bedroom but no running water - that I am aware of - that listed at 289,000 and was under contract in about 5 days. It was in beautiful shape, turnkey, well insulated, with all the modern amneties. Also a great downtown location. Small has a great appeal for a lot of people, especially when it comes to heating bills and maintenance, especially as the cost of fuel goes up.
So I think people should be careful about calling petite homes sharecropper shacks. Such comments are so irrational that they suggest a petty ideologically driven agenda.
There's "petite homes" indeed, but look at the picture of that place and check the assessor's website. This one is a sharecropper shack,a 60 year old undistinguished little cabin, built to house a lower income person back before we became the La Jolla of the east. Sold for $11K in the sixties when it was 10 years old. It's a thousand dollar rental, maybe 800-900 on second thought. Not worth $172K and I'll venture it was bought with one of those 3.5% down FHA mortgages; we'll have good odds of seeing it in foreclosure by and by when the new owner finds out they can't escape it.
This is not ideology Caesonia; it's looking at property in the light of investment, investment where you buy something that makes you money in the long run. Anything else is just an expenditure, like buying a new car or a big TV.
Toni,
Why is more likely to foreclose because it was bought with a FHA loan?Those loans can often be harder to get, and you can't get a loan right now if it doesn't meet FHA guidelines. I am sorry, but that does sound very ideologically biased. I can think of several youngish couples my children's age now able to buy houses at that price. They have stable jobs and have good money management skills.
One of the reasons there is not much on the market right now to buy is those that can afford to sit on their homes are, especially if they are underwater.
Old Timer;
You're thinking of the old FHA loans. But they're doing it differently now and they are being aggressive about pushing the loans because official policy is to goose the market in an attempt to "support" home sales and, hence, prices.
The reason why these loans are already showing a pattern towards default is simply the lack of substantial down payment which translates into the buyer having no skin in the game and therefore nothing to lose if "owning" the house becomes difficult or inconvenient.
FHA loans are sorta the only real game for zero, to little,downpayment loans
and loans with no risk for buyers mean higher risks for lenders.
On another note. Recently the city assessor's website has stopped showing assessment history for properties. Now they show only the current assessment. A little collusive trick to obstruct public access to information that reflects the roller coaster of assessments over the past decade or so. Albemarle County is still showing that oh so pertinent data on their website.