Take this property for sale near Batesville on Craigs Store Road for example (MLS 464941). It's selling for $169,000, even though the owner bought it for $105,000 on 11/27/2007. To put this in perspective, the DOW was about 13300 then, and now the DOW is at 8300...
Add to that the fact of limited access to the property due to a stream crossing the front of the property and the mandated buffer requirements, and critical slope requirements that would render the vast majority undevelopable.
So, where did that extra $69,000 dollars come from? If the stock market is at 2002 levels then why aren't we seeing 2002 prices?
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What you're not taking into consideration is the vast quantity of native magical tree gnomes which dwell on the property. $69,000 worth of tree gnomes to be exact.
And who can put a value on tree gnomes in today's economy really?...
(That's right, Albemarle county assessors can and did apparently.)
Lonnie -
I think what you may be seeing (and I won't speak to the specific property for a variety of reasons) is that some (many?) sellers still are basing their asking prices on what they need or want to make rather than what the market tells them.
It's difficult to work through those expectations and face market realities ...
Have to agree; we see this stuff up here too: owners trying to sell for more than what they can realistically get. In general (at least in my neck of the woods) home prices are ~2004/2005 levels at the moment. 2007 was after the peak, but before the precipitous drop - so it is unlikely that home should sell for more than the 2007 price. Wait for a final sale to roll through (if it ever happens) and then check to see what it was purchased for. Or better, wait for the official tax assessment. It's all public record.
Hi Lonnie,
I read that you and your wife like chicken mushrooms. We have some (I think) and would be interested in you verifying and helping yourself to some if you are interested. We live off of 20 North, near Profit Rd. E-mail me if you are interested.
rag4w@virginia.edu
Of course, I think the seller is delusional at best I seriously doubt the property will sell; which is good, because I don't want to see what it would take to actually build there...
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