The price of this home is based on tax assessment, as per listing. Tax assessment for 2011 dropped nearly $20k.
Original post, January 19
This is the saddest listing in Central Virginia:
"Property must sell at assessed value to satisfy nursing home eligibility. Pluses include: off street parking, hardwood floors and new furnace and hot water heater but overall condition of property is poor."910 Rougemont Avenue is a tiny bungalow in "lower" Belmont ( (not the "trendy" part), a neighborhood in Charlottesville. It was listed for sale Tuesday, January 18. 941 sq feet for $210,200: that's a bubble price of $223 per sq foot; average p/sq/ft now is $140. MLS #484357. The current owners paid $16,400 in 1967.
Tax assessments in VA are based on "fair market value"--what a property would fetch in an "arm's length transaction" without external duress. Since this market has a huge inventory and prices are falling, most buyers see tax assessments as 'wishful thinking.'
The listing certainly does answer that perennial question: "Who sets the price? Seller or Agent?" Apparently the answer in this case is neither. Mary Newton of Keller-Williams presents this listing.
Not only are single family home sales in the City of Charlottesville at a decade-low (reports abound of current sellers panicking), but this house faces stiff competition just next door and down the street: houses with lower prices for better condition and twice the square footage.
Best wishes for this one.
Click on images for larger versions.
The listing for 910 Rougemont:
The "competition" - 900 Rougemont Ave - $199,900
The "competition" - 912 Rougemont Ave - $164,900
2010 Was the Worst Year in the Cville Area Housing Downturn--Thus Far
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