Thursday, June 26, 2008
Fire Sale on Rugby Road!
Holy HELOC, Batman!
Is this what's necessary over here in the Rugby Road area? Invoking a superhero to save the day?
If you've driven down beautiful Rugby Road extended lately, you've been surprised when you reached the 1300 block. Here, and down Rugby Circle, and further on to the first branch of Dairy Road, a number of houses are for sale with prices ranging from 650K to 1.6M.
Several of these properties have not changed hands for decades. Yet they still have 2006 price tags.
How to explain these prices? Renovations? HELOC? Optimism? Bad advice from a Seller's Agent? Not being up on "Current Events"? Believing one of the greatest fictions--"Charlottesville is a protected market"--?
Ah, yes: this is how to explain the prices: Bubble. But browse around: perhaps you'll find your next home here. We're going to guess that once you do the owners the courtesy of Showing Your Financials, Offers Will Be Welcome.
1325 Rugby Road - $1,600,000.00
Does 1325 Rugby Road have robots and 18K bathroom fixtures?
(No current MLS for house, below)
1329 Rugby Road - $998,000.00 (from $1.2M)
NB: 1329 Rugby Road appears to be off the market, in just the past couple of days, after being available since March, 2007. If you were aware of this property, you also noticed that very couple of months the Realtor sign changed to a new company. 1329 Rugby Road also had its own website, which is now becoming commonplace in Charlottesville. At present 1329 Rugby Road is For Lease for $2,600.00/month via D.M. Rothwell company.
1524 Dairy Road - $899,950.00
Why can't 1524 Dairy Road just be listed as Nine Hundred Thousand Dollars? Psychology, that's why. At any rate, Precision Builders will be happy to sell you floorplans and this yard--er, 1524 Dairy Road--and build you a house similar to the one in the artist's rendering, above (and you know how much Real C'ville - The Bubble Blog loves it when a yard goes on sale).
1332 Rugby Road - $699,000.00
We'll say it for them: 1332 Rugby Road is available for Seven Hundred Thousand Dollars. And across the street and down the lane on a beautiful cul-de-sac, you'll find:
1705 Rugby Circle - $695,000.00
1705 Rugby Circle, like 1332 Rugby Road, is trying to pretend it doesn't cost Seven Hundred Thousand Dollars. Nobody's buying this ruse--or 1705 Rugby Circle, alas.
Some of the CAAR listings mention the City Assessor's numbers--as if this has anything to do with sale price. In fact, we know several residents in this area who have actually challenged their Tax Assessments. Just because the Bubble was driving up sales prices to fictional highs didn't mean they wanted to fork over more dough to the City. And for what it's worth, these homeowners prevailed.
1726 Dairy Road - $689,000.000
The adorable Brick Cape at 1726 Dairy Road is not visible from the street. But rev up the driveway and you'll see that, though just off the 250 Bypass, it's nevertheless in a "park-like setting."
If you search these properties online, you'll also find that there are many more, at price points ranging from under $200K to over $1.6M in a three-mile radius.
To see a graph of how properties are selling per price range, click here. This vivid graph is courtesy of the finest RE/Agent blog in the area, REALCentralVA.