Wednesday, January 5, 2011

Home of the Moment: 1066 Autumn Hill Court, Crozet

October 2007 Purchase Price: $350,000
January 2011 Asking Price: $269,900
January 2010 Tax Assessment: $285,300

Price Difference: $80,000
Percentage Difference: 24%

The listing, from outgoing CAAR Prez Greg Slater, doesn't mention whether this is a Short Sale--that is, whether it will need 3rd party approval from a bank forgiving the mortgage debt.


Related: Experts Forecasting 2011 Home Price Declines

3 comments:

AliG said...

Haircuts are not limited to the lower end of the market anymore - (this IS a short sale)

5960 Markwood Rd - MLS# 483872
$799,900 (Assessed $1,132,700)

From CAAR website:
Short sale listing on 42 private acres with mountain views. At least 1 division right. Almost 7,000 finished sq. ft. with open floor plan, designed for entertaining, featuring 6 bedrooms, 5.5 baths, formal dining, large family room, extra large master bedroom with private deck. Huge house. Great opportunity to sell off the extra 21 acre lot to reduce overall investment. County values house and all land at $1,132,700. Sold As-Is.

BIG Eater said...

Listing Agent Doug McGowan lost 3 properties to foreclosures in 2008. He hould know how to market distressed properties, right?

Greg Slater said...

You are correct. It does not indicate this property is a short sale in the public remarks. It is a short sale. I find most still do not understand the term, and the short sale process varies by bank and has improved greatly in the last two years. If someone inquires, I let them know prior to any showing. If they have an agent, the agent is aware since it is a required disclosure within the MLS.
In this case, I have a bank contact and a direct extension and they appear to be ready do business. They are choosing not to foreclose in favor of a short sale. Its a long story.