Saturday, March 21, 2009

332 Minor Ridge Road, Bank Owned: Update

332 Minor Ridge Road, listed at 37% less than what a bank paid for it at foreclosure auction, has gone under contract.

Related Reading:

Mortgage Rates Going Down
Median Home Prices In Cville, Albemarle, 20 Cities
16 Million Homeowners Owe More Than House is Worth in 2009
Comps in a Declining Market
February Sales, March Inventory
January Sales, Feb. Inventory


Sasha said...

I was just reading through the commentary and was wondering if anyone actually went to visit this home before coming to conclusions about the pricing strategy? While the exterior and location/size/SF/beds/baths may give you some concrete details about a home, much is missed without visiting or having any interior photos to work with (which, by the way, is typically NOT a good sign.)

I actually took some of my clients out to see the home and can say with confidence that it was priced correctly. Someone would need to go in with AT LEAST $30,000 (if not closer to $50,000) in upgrades/maintenance to make that home comfortable. Not "comfortable" as in luxurious, with hardwood floors and granite countertops- I mean comfortable.

I too was one who was told that over 20 showings were scheduled for the day I had planned to go see it, but we were there (between the showing and then out front of the house talking over some information) for almost an hour during what I consider peak showing times, and we didn't see any sign of any other activity.

Anonymous said...

Interesting to hear this from a realtor. I too have experienced the "phantom showings" phenomenon here in Cville. I certainly recognize that people sometimes fail to show, but it seems that at other times something else is at work. The business needs to crack down on these kinds of unethical misrepresentations.

Anonymous said...

The needed $30K to $50K in "upgrades" doesn't apply just to something that has an asking price under $200K. I've lost track of how many houses in the $350-450K range that I've seen in the past year. There's always "endless possibilities" or some such line in the listing. This usually means that I will have to come up with endless cash to put in a new kitchen. Or to make the "finished basement," which hasn't been touched in 25 years, actually usable. Or replace the "original fixtures!" in the bathrooms. When those fixtures are "original!" btw, that doesn't mean they're charming. It means they're going to leach lead into your kids' bathwater.