Monday, August 18, 2008

2100 Twyman Road - Accidental Landlord

Even a casual reader of Craigslist and the MLS is familiar with 2100 Twyman Road, because it's been for sale and for rent for more than a year.

The -- interesting? confusing? odd? to be expected? -- thing is that the price keeps shifting, up and down.

We've seen it for sale for $499k, but it's currently listed for $539,000.00.

MLS #451851, 4 Bedrooms, 3 Baths, 1955, 0.38 acre. It's in beautiful Merryden, which is bounded by Ivy Road, and near the lovely Lewis Mountain Road. It's close to UVa Central and North Grounds.

Like the price, the "stats" on the house keep morphing. Does it have four bedrooms, or five? Is that an In-law Apt. in the basement, or a legal rental? Hmmmm.

It's available for rent now, and you can see the listing here. $2,300.00. This is pricey, but perhaps the owners are hoping to attract grad students, since this Craigslist ad (which we have to say, isn't very informative, and doesn't include a pic) notes that the place is near the Law School and Darden.

We know at least two recent renters, and perhaps they'll divulge details in the Comments. And if you have a few minutes, you might want to check out the sale history.


Montpellier said... now you are hitting close to home!

The Twyman Rd. house has been on and back off the market several times. It was on for the "spring market" in 2007, but didn't move. The seller finally gave up and rented it out last year. One two doors up the street - slightly nicer, slightly smaller, but not right on Alderman with a fully exposed back and front yard - is currently in "contract pending" status. It will be very interesting to see if it finally does close and for how much - certainly the list price was more in line with reality.

The neighborhood is chock-full of 'rentals' - most are 'student housing' which mumsies and dadas picked up for no money down to house Biff and Buffy for their stint at UVA. Many of these flipper folks ultimately re-sold the house for a big enough bump to more or less pay for the total cost of the college experience, certainly enough to pay for the housing portion of the bill. It's a nice benefit of the program that the whole package is tax deductible.

This is a neighborhood (Lewis Mountain) which one would expect to hold up better than most in C'ville - really, second to only Rugby Rd/Rugby Hills - quality non-transient population, and none of the street violence (drunk law students don't count), plus a pedestrian commute to UVa. Although drunk undergraduates and law school students don't make great neighbors, it's still not yet a student slum like the JPA/Shamrock/Stadium area. Still, the bubble was insanely bad there and it will be interesting to see how badly leveraged a few of those homes are.

An even better example of this than 2100 Twyman is 316 Kent. Yet another one who didn't move aggressively enough, and is now chasing the market down. There are a few choice examples on Thomson as well.

brooklyn bob said...

I've posted better craigslist ads when I was trying to unload lawn furniture.

Anonymous said...

I have lived there.

This is the second consecutive summer that the owner has overpriced it for sale and missed the spring-early summer "rental season." Last summer it ended up at $459k, I believe, which was way too much. So what does he do? Slaps on a new roof, repaints, re-does the bathrooms, and puts it on the market for $540k or so.

And make no mistake- it looks and feels like a rental: low-end appliances, cheap wood paneling, crumbling white drop ceiling tiles downstairs, OLD windows that bleed air and make for $200-plus utility bills, old doors, old fixtures, low-end everything. The area is nice but this place is right on the corner of Alderman, so expect headlights and noise as you sleep at night.

If you want to buy it and rent it out, there are problems beyond the plain fact that you won't come close to positive cash flow. First, the thermostat is shared: imagine the conflicts and hard feelings that will develop between upstairs and downstairs renters. And if one renter smokes (or lets their dog crap in the back yard, or has people over late at night, but now we're getting really close to home) guess who else gets to smell it, step in it, and hear it?

If you rent the whole place for yourself, the downstairs layout is bizzare, and the place is designed to be two rentals so you'll have an extra kitchen you don't need.

Last year upstairs rented for $1175 and downstairs for $600 = $1775. He'll walk it down slowly (without deleting his previous Craigslist ads), pull it off the market again, and then list it for sale next year for $600k (if the trend continues)

The thing is, he could sell this for $350-400 and be in the clear, but it's like he's delusional. This is a nice neighborhood full of nice people, and the sale/pending contract of two nearby homes have clearly demonstrated that people are willing to pay a premium for its convenience to UVA and its location in the Venable school district. I can only conclude that the owner is too greedy to take less than a 2006 Bubble profit, and none of the 3 realtors he's had in the past year have tried to expose him to reality.

I could go on and on...if anyone has questions fire away.

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

Thanks for the info, anon.

When you say "it's like he's delusional"--perhaps he is? Perhaps there's a Home Equity Line of Credit for the value of the assessment--and what's owed on the house is so large that it's makin' the poor fella crazy.

And you know what they say: nobody is rational about their house or children...which explains THREE realtors (or real estate agents, as the case may be).

realistic said...

I have lived there and the area was great and the house was very well cared for.why the hating?