Friday, September 19, 2008

1516 Chesapeake Street - $525K. Woolen Mills is the New Belmont. Again.

1516 Chesapeake Street
MLS 457236
4 beds 3.5 baths,
approx. 1 acre
ca. 1998

Here's a contemporary house that from the outside is supposed to give the feel of an older, traditional house.

The listing for 1516 Chesapeake Street says, "Amazing views from this CIty [sic] home...." The view includes a graveyard across the street. Hey, has to be your thing, right? Listing: "Almost an acre lot with lots of privacy...." Other than the neighbor house that's an arm's length away (see pic), and the two roofs that this house looks down upon, yes, there's some privacy out in the yard (btw, the house now has a big tree in front of it, not yet grown in the above picture). However, the yard is long and narrow, a hill, and unfenced.

Listing: "beautiful mountain views...." Like many places in Charlottesville, the mountains are, in fact, viewable from the 2nd story. Listing: "Minutes from Downtown...." True, Downtown is quickly drivable. What's not minutes from downtown when you're within the City Limits? And we're wondering, What, no chef's kitchen?

Recent Transfer History*

1999 - $165K
2004 - 360K - 118% increase in five years
2008 - Asking $525K - an additional 45% increase in four years

*because there's an older house somewhere in here, the transfer history is to say the least interesting. See it here by typing in the address.

This is a house with a Half Million Dollar Plus Asking, but the Woolen Mills neighborhood is not a Half Million Dollar area, IOHO. But that's what you get in the C'ville Bubble--irrational exuberance. Chesapeake Street has lots of small aluminum-sided or brick cottages, about 900 sq. feet; additionally, across from this house are two "Modern" abodes next to the cemetery. The degree of "house pride" varies from property to property in Woolen Mills, and there are a number of duplexes and other rentals.

The Asking for 1516 Chesapeake reminds us of two houses in Belmont, both which listed in May and have not sold. These are pricey houses in a neighborhood that also doesn't, IOHO, deserve such expensive Askings: 702 Belmont (began at $519K, now cut to $499K) and 611 Avon (began at $494K and dropped to $460K).

While tax assessment has little to do with the Asking Price of a house, a prospective buyer is certainly going to notice that the taxes for this property are based on a figure much lower than the asking: $368.5K.

Information on national housing prices here. How to price a house to sell here.


George H said...

Hey bubs,

You forgot to mention the neighborhood value-ad of having the band The Nice Jenkins live around the corner.

They give a new meaning to "house proud."

Anonymous said...

East Market is a block away. Just south of the street are a bunch of light industrial complexes, and a gigantic car junk yard.

ricardo said...

You people have gotten me addicted to the mortgage calculator. When you don't have the results in a post, I go and do it myself. Here are the numbers on this house:

Loan amount $500,000.00
Term of loan 30 years
Interest rate 5.750%
Monthly payment $2,917.86

Total payments $1,050,433.57

Total interest $550,433.57

Over a million bucks for this house.

Come on.

Miranda said...

i'm a woolen mills resident and i have to say, i love it! feels like the country, but a 10 min bike ride to work and downtown! plus the riverview trail just a few blocks away. the neighbors are the best we've ever had!