Thursday, February 5, 2009

751 Park Street - Price Reduced - $769.9K to $619K

We first admired 751 Park Street in June '08 when it came on the market at $769,900 (original MLS #457177). The grand place, known as The Keller House, is a classic four over four with a center staircase and large attic: 2928 finished square feet, .49 acre level back yard, ca. 1900. A City of Charlottesville architectural study has called it "...an extremely important example of the Georgian Revival style so popular at the turn of the Century...."

When this house was relisted in September (different MLS #) the price had dropped $100K. Now it's even lower. IOHO, this terrific property should go--but who knows in a market like this and with the necessity for a Jumbo Mortgage. But...Need furniture? The antique shops downtown are having fire sales, based on ads in the local papers. Need new appliances? Best Buy will haggle. As will other furniture stores. Need some changes? As we all know, there are lots of subs who need the reno work.

Current Asking Price: $619,000. About 20% less than original asking. The house has its own website; Google the address. According to the current agent's listing, the sellers are "motivated." (Ioho, it would be odd not to be motivated in a market that has an inventory more than twice the national average of 10 months, but then again, there are still sellers who believe the market is going to "turn" and are "waiting it out.")

4 comments:

Anonymous said...

It's right next to 250. No one wants to live right next to a highway -- one that will be expanded in years to come, and that already generates a lot of noise. Nice house, awful location.

Anonymous said...

Glenmore Follies

2273 Piper Way. New to the market this week per CAAR: last sold in 2003 for $673k; just assessed (2009) at $798k (not that that means anything); and the listing price is (drumroll please) -- $1.435 million!

Anonymous said...

In any normal market except here, this house would be $500000 at the very most. Has anyone seen that kitchen? Also, the traffic on this street is crazy. This is definitely not a 2002 + 18% price which is where it should be. Then again, it's in Charlottesville, so that pretty much explains it in a nutshell.

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

Anon(s), some people don't care about the 250 issue; many will care about the bathrooms.

Don't forget that an "Asking Price" is just that: a question.

The answer comes from the buyer.