Saturday, August 16, 2008

Belmont: Accidental Landlords

702 Belmont Avenue went from an Asking of $519,000 to $499,000. It's now on Craigslist as a rental for $2,100.00/mo.--utilities not included. "Short Term Rental Preferred."

702 Belmont: $2,100.00 x 12 = $25,200.00 Per Year.

611 Avon Street went on the market in May for $494,000, and has since dropped to $464,000. It's now advertised as a "Charming Belmont House", $2,300.00/mo., utilities not included.

611 Avon: $2,300.00 x 12 = $27,600.00 Per Year (say, that's close to the Median Income here in Charlottesville).

These houses are recently renovated, but the rents are out of sync even for the most overhyped area in town. The Accidental Landlords are not looking at what the market can bear, but what they need to make. Which is understandable -- but IOHO not realistic in this economy (inflation is up to 5.7%) and location.

"Expensive" rental houses in Belmont go for about $1,600.00 for 3 bd / 1-2 bath, 1700 sq ft. Suggestion: Take 703 Graves Street as a cautionary tale. This place was bought in 2007 and reno'd to be a rental. At $2,300.00 per month, it's been empty the entire summer.

It's not 2007. Heck, it's not even 2008. It's more like 2004. Then again, there's often some import from NY or DC with cash burning a hole in his pocket....

Gam and others? Belmont lovers? Jump into the comments and explain how these Asking Prices for Selling and for Renting are Reasonable in this Economy and for this location.

BTW? 702 Belmont has an Open House this Sunday.


sebastian said...

can't wait to go to this open house

thanks for the tip

George H said...

I live in Belmont and went to 1st open house in May. I saw three of my neighbors. Was surprised at several points.

Yard: Mulch, not plants. No landscaping in back yard, no fence.

Weird floorplan: Downstairs is 'open plan'. But it's not big enough for this. See craigslist pic. There's a fireplace that has had a wall cut out next to it. Problem: there's about 2 ft of space. You can walk thru, but so what? makes the room harder to furnish, and the fireplace area will never be, as my friend said, "cozy."

A "Master suite" on first floor, but b/c house is small it offers no privacy. (Also, there was a big patch of flooring that was blond where rest was dark, maybe this is fixed.)

This is originally a two bedroom house, but since part of the downstairs has been turned into sleeping quarters, there is no longer enough communal space for a family.

Kitchen: s/s appliances, but they're not high-end.

I expected to be wowed everywhere I turned in this house. Thought I would be green with envy. I wasn't. To each his own.

Leslie said...

DUHlusional pricing. For rent or for sale.