Tuesday, December 2, 2008

Woolen Mills: 401 Meade Avenue & 119 River Bluff Circle

New landlords:

MLS# 455614
- 401 Meade Avenue - Rehabbed farmhouse, ca. 1920, 3 beds, 1.5 baths, $299,000. A larger house among small cottages, at least four of which in a two block radius are for sale, near Meade Park. Corner of Little High Street.

Last transfer: 2004, for $206,000. Some upgrades since then.

Available immediately for $1250/month "short term rental." Gotta appreciate the optimism of that in this market. Hey, maybe it's under contract even as we type....

Or go for the contemporary. 119 River Bluff Circle - The "Grow Green House," featured recently in The Hook for sale for $429,000, ca. 2008.

See the Craigslist ad: $1,800 per month for rent. The description reads, "Designed from the ground up to change as your family changes, the house is easily and quickly adaptable to a variety of configurations. Move in as is, or select options to customize the house to your needs. Grow-Green can accommodate as many as four bedrooms and up to 3-1/2 baths."


Anonymous said...

I'm selling a great house, in a great neighborhood outside DC, for 25% less than what it would have brought in 2006. That is very much the norm there (and elsewhere), 25% to 35% LESS than the high point of the housing bubble. That's the current reality for homeowners everywhere -- except, apparently, in Charlottesville.

Are there ANY real estate agents in C'ville who don't think that every property here is worth MORE than it was worth 2 to 3 years ago?? The prices in this market are absolutely insane! Our economy is in a deep recession. It's no wonder that sales here are way down and unsold inventory is at 18+ months.

Are there any buyers' agents out there who will drive a hard bargain in this crazy market or are they all drinking the same Koolaid? Any suggestions on how to find such a strong buyers' agent?

Jim Duncan said...

Only because you asked, I'll put my name out for consideration as a buyer's agent who doesn't drink the Koolaid.

You may start here:
Posts with Enduring Interest - Just for Buyers

Please feel free to ask any questions you have.

Anonymous said...

119 River Bluff Circle is too much $ because new house builders are still pricing their properties at 2006 levels. The rent is overblown, too.

The current owner of Meade Ave property paid too much for it in 2004, and now wants/needs a "profit."

That Meade house also had a potential purchaser recently, which fell through.

Bad market.

Mark said...

In the Hook write-up of the River Bluff place, one resident said the downstairs was big enough to rent out- which she was doing, since that was "the only way she could afford to pay the mortgage." That's not normal.
People around here are willing to pay to be green, though. It might sell.

Anonymous said...

Charlottesville has the housing prices of a major metropolitan area. It's not a major metropolitan area. It has The University and it has some overpriced boutiques and some good restaurants.

It has more people living in poverty than most major metropolitan areas.

Albemarle County has lots of hobby farms and second homes. Lots of these are for sale right now.

The bubble is over. It's not coming back in our lifetime.

It's just going to take sellers at every price a while to realize this.

Buyers already know.

Montpellier said...

I love the location of the green house; I predict that in the longer-term that location will be very attractive - when our population growth picks back up and the buildout starts marching forward again...in 10-15 years!

I haven't been in it, but it looks...cramped. I feel this is...incongruous, and the house will have to sell for considerably less. Ultimately, I'm betting it's enlarged.

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


Thanks as ever for coming on and commenting.

And for OTHER AGENTS, if you'd like to be put in touch w/potential buyers, but don't want to add your name here, feel free to email us.

Anonymous #1,

We've had potential buyers write to us with similar stories. A common theme is wondering why they should buy a house in Charlottesville when it is often smaller or of lesser quality but at a significantly higher price than the house that they are currently selling in another part of VA, or out of state, for a much lower price.

People who live outside this area are nowadays more shocked than ever before at the pricing.

And the fact that despite the many months of inventory (15-18 months, depending upon whether you look at the entire MSA or just Cville/Alb) prices remain inflated.

But it's the end of the year. The economy continues on its downward path. This week alone we have predictions of The Big 3 automakers disappearing, even with a bailout. There's the unemployment figures due out on Friday, and they'll be dismal. And tomorrow, retailers will report their November earnings, which include the TG sales.

All of which is to say, It's not getting better in the greater economy. C'ville isn't immune. Wages are frozen at major employers here, no new jobs coming...you're about to witness the point when house prices really do start falling...though some sellers will "get it" a lot sooner than others, and things will take a while to sort themselves out. As the OTHER ANON says, the bubble isn't coming back in our lifetime.

And Mark?

You're right, living in someone's "downstairs" isn't normal--except during a recession or depression when money is tighter than ever. Most of us wouldn't choose to make a mortgage payment this way.

michael guthrie said...

Contrary to what has been written here, there are few Realtors in this marketplace who think a house is worth more now than it would have sold for 3 years ago. As far as needing a buyers agent who will work hard to find you a great deal, my recommendation is to call a real estate office and ask for the manager. Tell them what you are looking for and ask them to refer you to the right agent. That way, you can have a much better chance of getting someone who will do what you ask and not just tell you they can.

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

Update: Meade Ave remains a rental; 119 Riverbluff sold 11/08 for $380,800K.

Anonymous said...

119 Riverbluff may have transferred ownership in 11/08, but according to city records, it is currently co-owned by an original owner and the architect/builder. Last I heard, they were renting it out, and it has just been re-listed for sale.