Wednesday, June 29, 2011

Bundoran Farm: Originally Purchased for $33 Million, 2000 Prime Albemarle County Acres Go Back to Bank for $7.5 Million

As if Charlottesville's real estate crash needed yet more confirmation, the Bundoran Farm "preservation development" that was such a great idea just a couple years ago has now gone back to the bank at a 77% discountFor a veritable song. While some lots at the property have sold (see also here) many buyers are seeing better value--and shorter commutes for those at NGIC--in the "wilds" of Northern Albemarle and Greene County.  And of course it's the economy.

Still, the current developers are hopeful Wells Fargo will continue their vision.  No Biscuit Run-style bailout here, and no Donald Trump bailout, either.

Sales are dreadfully slow at the "high end," but the low end is falling hard, too.  2011 is only half over...and already it has proven the worst post-Bubble year thus far for the Charlottesville Albemarle Area, with the latest numbers showing the market on track to do worse than the price drops and low sales of 2010.

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