Tuesday, February 17, 2009

Rugby Road: Asking v. Selling Prices

The Rugby Road area, near UVa and one of the nicest and most convenient neighborhoods in Charlottesville, had many properties for sale in the Summer of 2008.

At one point there were a handful within a block of each other. Several were ultimately pulled from the market. These two sold:

1332 Rugby Road
had an Asking of $700K (MLS #451929) last Spring. In August the price dropped to $605K. In October, the house closed for $525K.

$175K less = 75% of Asking.

There's an ongoing debate in Comments on who sets prices: seller or seller's agent. In the case of 1332 Rugby, the seller was an agent.

A few doors down and for sale at the same time: 1325 Rugby Road, with an Asking of $1.6 Million (MLS # 452065). This property closed in December at $1.3M.

$300K less = 82% of Asking.

We looked back at these properties (and others) after RealCentralVA ran a post about Asking v. Selling prices and DOM (days on market).

What does this mean? One thing it means, based on City Records, is that these sellers were able to accept lower offers because these houses hadn't changed hands in many years.

2 comments:

Keith Davis said...

You missed the biggest drop in sale price from original asking on Rugby in 2008 with 1432 Rugby that closed at less than 74% of asking.
I published the Top 5 discounts to assessment earlier today on my blog... Thanks for the tie-in.

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

Keith,

THANKS for coming onto comments. That's a great post you link to...ditto the posts about assessments.

We're operating only on public info--what's available to the general reader on the MLS, public records, the usual real estate web sites, so we do miss things.

But here's another VERY interesting "case":

708 Park Street

Selling Price 2006: $426K

Renovations

Asking Price Spring 2007: $852K (that's not a typo)

Ask Reduced, by Summer 2008: $525K

Sold July 08: $470K

Most recent assessment: 12/08:

$414K

HELLO. (That's the only polite response to all this.)

BTW, Congratulations on Nest Realty. RE is changing rapidly, and let's hope for the better.