Thursday, February 4, 2010

Michael Comer Residence Sells For 32% Less Than Original Asking Price

Glenmore's ex-Country Club President, ex-Homeowner's Association Treasurer, Michael Comer, has sold his primary residence, one of the four properties that he or his family put up for sale after he went missing in July, 2009.  Just a couple days ago the lawyer of the accused embezzler announced Comer will plead guilty at an April 13 court date.

The details:
2930 Milton Village Lane
4 beds, 4.5 baths, 4,000 sq ft, 5 acres

*July Asking Price: $1,348,000.00
*Selling Price: $925,000.00
*Difference of $423,000.00 or 32%

*The Comer-Kesslers paid $1,030,000.00 in 2005 
*Selling price = $105,000.00 or 10% less than what they paid  

2005 Assessment: $1,022,800.00 
2010 Assessment: $955,500.00 
DOM: 130  
More  numbers:

Original listing: $1,348,000.00 - Week of July 20, (ie, 3 weeks after disappearance) handled by Real Estate III, where Comer's brother-in-law Jeff Gaffney is CEO.   This was an expected profit of $317k, in an area that's had declining sales since 2006, and at a price point that is seeing extremely low sales.  The asking price was lowered $173,000 on September 5 to $1,175,000.00.  The asking price was lowered another $177,000 11 days later on September 16, to $998,000.  The final asking price was $32,800 less than what the Comer-Kesslers paid in 2005: $1,030,000.00.

IOHO: The original asking price had nothing to do with the realities of the Charlottesville area market.  Conversely, the lower selling price had nothing to do with the fact that the house was connected to "criminal activity:" a violent crime wasn't committed on the property.  The final price reflected the fact that the sellers were "motivated"--trying to get on with their lives, despite taking $$$ loss.  The selling price reflects a market where property values are adjusting downward in response to price inflation, large inventory, few buyers, and the deflation of the largest housing bubble in history.

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