Thursday, October 8, 2009

1627 Greenleaf Lane, Charlottesville: Confusing Listing for $250K House

1627 Greenleaf Lane in Charlottesville is a new listing.  MLS 470364. $250K for 3 bedrooms, 2 baths, 1500 square feet.

Doesn't the listing seem a bit contradictory? 

"PRICED $120,000 BELOW ASSESSMENT!"  (Caps on listing.)  This might give the casual looker the idea that the City assessment is an appraisal.  The fact?  The assessment figure is what recent area buyers  have paid for comparable houses. Is this house actually comparable to those that have sold for $370 in the past year?  (IOHO, if this owner was actually paying taxes on $370K, well, they shoulda appealed, shouldn't they?(Oops--guess new owner will have to.) 

But that this house isn't worth the $320K Assessment is recognized in the next line: 203K LOAN AVAILABLE (PURCHASE/RENOVATE LOAN).

203K loans are available through the FHA.

There are no interior pictures for this house, which has had the same owner for nearly 40 years.  In all likelihood, "renovations" will include a new kitchen, new bathrooms, new HVAC, new paint, refinished floors....Maybe these guys will buy it.

Hey, if it were Belmont, the price would be $100K more for a reno, before it was reduced to sell....

Click for larger image in new window.

Image courtesy/copyright CAAR.

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