Monday, May 5, 2008
935 Belmont Ave - $375,000.00
3 Bedrooms, 1 Bath
1,332 Sq. Ft.
Year Built: 1925
Jackpot! This is a terrific example of the Charlottesville Real Estate Bubble and The Belmont Bubble.
This is not a $375K house.
The price is laughable, yes, but it's also insulting to Common Sense:
This property has been on the market and on our radar at least since last November, 2007. It's been for sale in various permutations as House + Lot, House alone, Lot alone, House Reduced, Lot Reduced, House & Lot for sale, and currently, "Price Reduced!" for House and Lot.
*The "Lot" is what other folks call a yard.
*The house, even according to the CAAR listing, needs "extensive renovations."
*Virginia Industries for the Blind--a factory--is a stone's throw away.
*The Belmont Apartments--Section Eight Housing--is right behind this property.
*Across the street is Clark School. Anybody who spends 375K on a house, plus $100-200K on renovations is, believe us, not going to want to send their chilluns to Clark--so the school, and the twice-daily loud smelly school buses, are simply annoyances.
*While the 700 & 800 blocks of Belmont Avenue have had some good renovations, only two houses up this block, the green stuccoes on the corner, have been rehabbed, as has a 4-unit apartment house. Just next door to 935 is--well, you'll see what's on that porch. The block has a long way to go--if it ever even gets to gentrification.
The Belmont Expert, John Sweet, must surely know that nearby houses, which are in much better shape and much better blocks, sold in the Fall of 2007 for the Mid-$200's.
So whose idea is it to let 935 languish on the market?
Newsflash: Belmont will never be the Rugby Road area: it's never going to have pretty houses everywhere you look.
*Belmont will always have the aluminum-sided shacks that were built when other dingalings sold their yards.
*It will always be near The Ghetto unless the City paves the various ghettos over.
*It will always be in transition--it's never going to achieve gentrification, now that the Belmont Bubble has burst.
*Nor is Belmont going to be an "artists' haven" or a "diverse culture."
*A yoga studio, a tapas bar, a soft-jazz joint, a coffee house w/SoAm pretensions don't diversity make. Rather, they contribute to the stratification of the neighborhood: the haves vs. the have-nots.
There's too much old working class & poverty and new, bourgeois money at odds here.
Ask yourself, Who ruined Belmont?
935 Belmont should be priced at $199K. In our humble opinion.