Good Garth They Want What? $749K for 3593 Garth Rd

This one just came on the MLS #463186, and I can only assume that the sellers have more debt on this property than it is worth.

Don't get me wrong, it is a lovely property, but the seller bought the property for $455K in June 2004.  They want to sell it for $749K so assume that they get asking price they would gross $696.5K (assuming 6% commissions and 1% closing costs).  Net the loan and we are looking at $241.5K for holding the property 5 years.

Being extremely generous and assuming that they put 20% down and a 6.5% loan they most likely have $91K in down payment and payments of $166.5K in principal + interest and insurance.  Total cash in is $257.5K.  Their return is 93.8%!

A new calculation that I am using is that if they sold it at that price their housing expense for the time they were there would be $257.5K - $241.5K is $16K for the entire 5 years.  That would mean that if they were renting instead of owning for the last 5 years their expense would be $267 a month!  Compare that to average rents in the area for $3000 a month and they would have been getting a bargain.

It is assessed at $577K.  At this price they would be paying $2,664 a month in rent which I think is reasonable.

I think the assessor is right on this one for $577K, and may be generous at that price.  What do you think?

Parcel Information Total Acres 2.1240 Primary Prop. Address 3593 GARTH RD Other Address N/A Property Card(s) 1 Lot PARCEL A Property Name N/A Subdivision N/A Notes 05/27/2004 CERTIFICATE OF PLAT PER DB 2761 PG 358  PLAT NO CHANGE PER PB 2761 PG 361  Subdivide Information  Deed Book, Page (2399 , 559 ) Conveyance ( ) Date of Sale (03/10/2003) Transaction, Date (200500055 08/12/2003) Owner Information Owner WINTER, WILLIAM CHRISTOPHER  OR AMES JANELLE MORTON-WINTER Address 3593 GARTH RD  CHARLOTTESVILLE VA, 22901 Owner as of Jan 1st WINTER, WILLIAM CHRISTOPHER Most Recent Assessment Information Year 2009 Assessment Date 01/01/2009 Assessment Reason Reassessment Land Value $160,000 Land Use Value $0 Improvements Value $417,000 Total Value $577,000 Most Recent Sales History Previous Owner WEATHER HILL HOMES LTD Owner WINTER, WILLIAM CHRISTOPHER Sale Date 06/11/2004 Sale Price $455,000 Deed Book/Page 2772/546 Validity of Sale Valid Sale Other Tax Information as of Jan 1st State Code Single Fam Res up to 5 acres Tax Type Reg. Taxable Primary Zoning Designation Rural Areas Appraiser JSD

Improvements - Card 1

Improvements (Card Level Data)

Card Type Residential Infrastructure Improvements Paved Driveway.....1 TOTAL VALUE  Well / Septic.....1 TOTAL VALUE  Whirlpool w/ Separate Shower.....1 TOTAL VALUE  No Service - Jurisdictional Area Designation Primary Building Additions Garage, Attached Frame.....529 sq ft Porch, Wood Floor.....248 sq ft Deck, Wood.....184 sq ft Primary Building Details Comm. Section N/A Use Code Single Family Year Built 2003 Year Remodeled N/A Condition Good Grade B++ Number of Stories 2 Story Height (ft) N/A House Type 2 Sty Transitional Finished Sq. Ft. 2,633 Basement Type Full : Walkout Basement Garage Doors 0 Bsmt Fin. Sq. Ft. 1,258 Bsmt Tot. Sq. Ft. 1,258 Attic Type N/A Attic Tot. Sq. Ft. 0 Roof Material Dimensional Heating Heat Pump Cooling Central Air Fireplace(s) 2 Fireplace Type Gas Fireplace Wall Framing N/A Exterior Covering Hardiplank Bedrooms 4 Dining Rooms 1 Family Rooms 1 Full Baths 3 Half Baths 1 Total Room Count 0  (Every unit assumed to have kitchen and living room. Bathrooms are not included in total room count.)

Land Value Information

Land Value Information

Land Use Homesite 1 Acres 2.1240 Sq. Ft. 92521.4400 Rate $200,000.00 Adj Rate $200,000.00 Base Value $200,000.00 Adj Amount ($40,000.00) Value $160,000.00

Assessments

Assessments

Year 2009 Assessment Date 01/01/2009 Assessment Reason Reassessment Land Value $160,000 Land Use Value $0 Improvements Value $417,000 Total Value $577,000 Year 2008 Assessment Date 01/01/2008 Assessment Reason Reassessment Land Value $160,000 Land Use Value $0 Improvements Value $439,200 Total Value $599,200 Year 2007 Assessment Date 01/01/2007 Assessment Reason Reassessment Land Value $160,000 Land Use Value $0 Improvements Value $460,000 Total Value $620,000 Year 2006 Assessment Date 06/07/2006 Assessment Reason New Construction-2nd Cycle Land Value $120,000 Land Use Value $0 Improvements Value $385,500 Total Value $505,500 Year 2006 Assessment Date 01/01/2006 Assessment Reason End-of-year Rollover Land Value $120,000 Land Use Value $0 Improvements Value $330,300 Total Value $450,300 Year 2005 Assessment Date 01/01/2005 Assessment Reason Reassessment Land Value $120,000 Land Use Value $0 Improvements Value $330,300 Total Value $450,300 Year 2004 Assessment Date 01/28/2004 Assessment Reason Division of Property Land Value $65,400 Land Use Value $0 Improvements Value $274,000 Total Value $339,400 Year 2004 Assessment Date N/A Assessment Reason End-of-year Rollover Land Value $0 Land Use Value $0 Improvements Value $0 Total Value $0

Transfer History

Transfer History

Previous Owner WEATHER HILL HOMES LTD Owner WINTER, WILLIAM CHRISTOPHER Sale Date 06/11/2004 Sale Price $455,000 Deed Book/Page 2772/546 Validity of Sale Valid Sale

Other Parcel Characteristics

Other Parcel Characteristics

School Districts Elementary School District Meriwether Lewis Middle School District Henley High School District Western Albemarle Magisterial District & Voting Precinct Information Magisterial District Whitehall Voting Precint Crozet Census Information Census Block Group 3 Census Tract 101 Zoning Information Primary Rural Areas Secondary Unassigned Minor Unassigned Other Unassigned Proffered? No Natural Resource Extraction Overlay? No Flood Hazard Overlay? No Airport Impact Area? No Scenic Stream Overlay? No Entrance Corridor? No Comprehensive Plan Information Comp Plan Area Rural Area 3 Comp Plan Land Use - Primary Rural Area Comp Plan Land Use - Secondary Unassigned Comp Plan Land Use - Minor Unassigned Comp Plan Land Use - Other Unassigned Land Use Survey Information Land Use - Primary Residential -- Single-family (incl. modular homes) Number of Structures - Primary 1 Number of Dwelling Units - Primary 1 Land Use - Secondary Unassigned Number of Structures - Secondary 0 Number of Dwelling Units - Secondary 0 Land Use - Minor Unassigned Number of Structures - Minor 0 Number of Dwelling Units - Minor 0 Other Information Subdivision N/A MPO/CHART Area? No Traffic Analysis Zone (TAZ) N/A Jurisdictional Area Designation No Service Watershed Lower Mechums River Water Supply Protection Area? Yes Development Area? No Other Rural Land? Yes Ag/Forest District N/A Conservation Easement? No