Wednesday, May 14, 2008

708 Park Street - $529,000.00

MLS #438793
4 Bedrooms, 31/2 Baths
Sq. Ft.: 2,930
Year Built: 1965

The above photo is shot from the side view on Lyons Court, not the front on Park Street.

The house is a nice one, full of renovations, lots of room, and fine touches--as the listing tells us, it's a light, airy space, has a huge gourmet kitchen opened to living room and fireplace, and a first floor Master. Plus, it's "walking distance" to the Downtown Mall (though why anybody believes this is actually an asset is fodder for another post).

But it's right there on Park Street, with hardly a lawn buffer, unlike many of its neighbors.

When the City of C'ville can no longer justify the current overvalued RE tax assessments and will have to drop them so the office isn't rioted by angry homeowners, we think this house will be the revenue-generating toll booth admitting traffic North through Park Street for the nearby 250 Bypass, and Rio Road (since that #$%@&* Parkway is never going to be built...riiiiiight?).

This house has been on the market for at least six months (we've lost track and our calendar), and the sad little "Price Reduced" sign doesn't tell the whole story.

The CAAR listing gives a bit more information: The house has been reduced by $323,000.00 from Original Asking.

The last transfer of ownership was 11/2006, with a purchase price of $426,000.00.

529k - 426K = 103k.

The property was overpriced at first asking, which helped to stall it on the market.


Poor little house!

2 comments:

Anonymous said...

This house was priced at $525,000 before renovations in the Spring of 2006 when we were house hunting. It eventually sold for $426,000 in November of 2006. It came back on the market, after renovations, at a whooping $825,000 in the Spring of 2007 - just as the market tanked. I was shocked to disbelief at the asking price. I was looking at houses for my in-laws at that time. Sounds like after many price reductions, it has come back into a reasonable price range. I actually feel sorry for the folks that renovated this because they did a high quality job but their inital profit expectations were waaaay off base! I wonder what the final sales price will be.

Real C'ville - The Bubble Blog said...

Did you know this house did, recently, sell? We've heard conflicting reports as to how much and, as non-pros, can't access the info online.

Eventually, however, the info will be publicly available through the city tax assessor, which you can access with this address:

realestate.charlottesville.org

Thanks for your comment.