They want what? $875K - 3080 Beau Mont Farm Rd

$875K? Are they kidding?

A reader asked me my thoughts on this listing.

This property is being marketed in a way that really grates on me as well as any educated buyer.  Let me just quote from the property description on www.caar.com MLS#462250: 

INCREDIBLE VALUE...$60,000 below recent appraisal. New Custom Home in BeauMont Farm, in the IVY/Free Union area and the Meriwether Lewis Elem. School district. Historically inspired design with architectural details reminiscent of the classic southern home while incorporating a thoughtful floor plan that accommodates today's lifestyles. A wonderful home with high quality construction and custom appointments throughout. Terrace Level has 10" ceilings & plumbing for 2 baths. Finished March 09.

Here is the irritating part about it, the 2009 Tax Assessment done in January 2009 is for $832.8K!  So that little part about $60K below recent appraisal, one has to assume that is wasn't the tax collector.  And in this case I believe the tax assessor has over assessed this property more about that later.

Second thing that I don't like about it, is that the realtor does not provide any internal shots of the house at all.  Is the custom finish of such high quality that it is impossible to be captured on film?  Maybe I am reading a bit too much on this but they said finished in March 2009, did everything get done in the last couple of days?  According to county records they have been building this house since 2007.

I am wondering if the lack of photos is just a lure to get customers to call the agent and then waste their time and the agents time when they actually see inside the house.  If a house is really high quality then a good realtor will have tons of pictures highlighting the property. 

The land was purchased by Woodland Builders for $205K on 5/5/2007.  Obviously they overpaid.  Here is why.  That land was purchased 10/17/1997 for $72K.  Being generous let us assume that for the time that it wasn't overpriced back in 97.  In 10 years the value of the land almost tripled in value?  In fact the tax assessor never raised the assessment value of the land until the boom boom years of 2005.  It jumped to $142.5K and reached its peak at $213.8K in 2008... this is just the LAND ASSESSMENT!

From looking at the pictures that I can see of the house I would value this construction only at $100/sq ft.  There also appears to be some discrepancy between what the county believes is complete and what the realtor is promoting the property.  According to the realtor it has 3,875 sq ft of finished space, and 2,700 sq ft of unfinished space.  But according to the county there is 3,681 sq ft of finished space, and 2,061 sq ft of finished basement space.  Not exactly sure where the realtor is getting their numbers.

To make my pricing estimate I am just going to use what the realtor said at 3,875 sq ft of finished space on 2.26 acres.

My pricing would be $387,500 for the improvements (3,875 finished sq ft at $100/sq ft) and the land I believe is better appraised back in 2004 at $90K.  

I think a fair price would be $477.5K.  What do you think?

Give me your feedback anonymously by checking the box below marked Worth More, Priced Right, Worth Less as compared to the price of $477.5K.

Summary Information

Parcel Information Total Acres 2.2570 Primary Prop. Address 3080 BEAU MONT FARM RD Other Address N/A Property Card(s) 1 Lot 19 Property Name N/A Subdivision Beau Mont Farm Notes L-19 BEAU MONT FARM / / / /  Owner Information Owner WOODLAND BUILDERS INC Address 1923 OLD BALLARD FARM LN  CHARLOTTESVILLE VA, 22901 Owner as of Jan 1st WOODLAND BUILDERS INC Most Recent Assessment Information Year 2009 Assessment Date 01/01/2009 Assessment Reason Reassessment Land Value $205,000 Land Use Value $0 Improvements Value $627,800 Total Value $832,800 Most Recent Sales History Previous Owner HOFAWGER, ROBERT E OR BETTY Owner WOODLAND BUILDERS INC Sale Date 05/15/2007 Sale Price $205,000 Deed Book/Page 3418/124 Validity of Sale Valid Land Other Tax Information as of Jan 1st State Code Single Fam Res up to 5 acres Tax Type Reg. Taxable Parcel Level Use Code Single Family Primary Zoning Designation Rural Areas Appraiser JSD

Improvements - Card 1

Improvements (Card Level Data)

Card Type Residential Infrastructure Improvements 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 w/ Patio Under.....200 sq ft Porch, Wood Floor.....370 sq ft Porch, Wood Floor.....60 sq ft Deck, Wood.....308 sq ft Primary Building Details Comm. Section N/A Card Level Use Code Single Family Year Built 2008 Year Remodeled N/A Condition Excellent Grade A- Number of Stories 2 Story Height (ft) N/A House Type 2 Sty Transitional Finished Sq. Ft. 3,681 Basement Type Full : Walkout Basement Garage Doors 0 Bsmt Fin. Sq. Ft. 2,061 Bsmt Tot. Sq. Ft. 2,061 Attic Type N/A Attic Tot. Sq. Ft. 0 Roof Material Dimensional Heating Heat Pump Cooling Central Air Fireplace(s) 1 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 9  (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 2.2570 Sq. Ft. 98314.9200 Rate $205,000.00 Adj Rate $205,000.00 Base Value $205,000.00 Adj Amount $0.00 Value $205,000.00

Assessments

Assessments

Year 2009 Assessment Date 01/01/2009 Assessment Reason Reassessment Land Value $205,000 Land Use Value $0 Improvements Value $627,800 Total Value $832,800 Year 2008 Assessment Date 01/01/2008 Assessment Reason Reassessment Land Value $204,300 Land Use Value $0 Improvements Value $0 Total Value $204,300 Year 2007 Assessment Date 01/01/2007 Assessment Reason Reassessment Land Value $213,800 Land Use Value $0 Improvements Value $0 Total Value $213,800 Year 2006 Assessment Date 01/01/2006 Assessment Reason End-of-year Rollover Land Value $142,500 Land Use Value $0 Improvements Value $0 Total Value $142,500 Year 2005 Assessment Date 01/01/2005 Assessment Reason Reassessment Land Value $142,500 Land Use Value $0 Improvements Value $0 Total Value $142,500 Year 2004 Assessment Date 01/01/2004 Assessment Reason End-of-year Rollover Land Value $90,000 Land Use Value $0 Improvements Value $0 Total Value $90,000 Year 2003 Assessment Date 01/01/2003 Assessment Reason Reassessment Land Value $90,000 Land Use Value $0 Improvements Value $0 Total Value $90,000 Year 2002 Assessment Date 01/01/2002 Assessment Reason End-of-year Rollover Land Value $73,500 Land Use Value $0 Improvements Value $0 Total Value $73,500 Year 2001 Assessment Date 01/01/2001 Assessment Reason Reassessment Land Value $73,500 Land Use Value $0 Improvements Value $0 Total Value $73,500 Year 2001 Assessment Date 01/01/2001 Assessment Reason End-of-year Rollover Land Value $73,500 Land Use Value $0 Improvements Value $0 Total Value $73,500 Year 2000 Assessment Date 01/01/2000 Assessment Reason End-of-year Rollover Land Value $71,300 Land Use Value $0 Improvements Value $0 Total Value $71,300 Year 1999 Assessment Date 01/01/1999 Assessment Reason Reassessment Land Value $71,300 Land Use Value $0 Improvements Value $0 Total Value $71,300 Year 1998 Assessment Date 01/01/1998 Assessment Reason N/A Land Value $75,800 Land Use Value $0 Improvements Value $0 Total Value $75,800 Year 1997 Assessment Date 01/01/1997 Assessment Reason N/A Land Value $75,800 Land Use Value $0 Improvements Value $0 Total Value $75,800 Year 1996 Assessment Date 01/01/1996 Assessment Reason N/A Land Value $70,000 Land Use Value $0 Improvements Value $0 Total Value $70,000

Transfer History

Transfer History

Previous Owner HOFAWGER, ROBERT E OR BETTY Owner WOODLAND BUILDERS INC Sale Date 05/15/2007 Sale Price $205,000 Deed Book/Page 3418/124 Validity of Sale Valid Land Previous Owner N/A Owner HOFAWGER, ROBERT E OR BETTY Sale Date 10/17/1997 Sale Price $72,000 Deed Book/Page 1648/678 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 Jack Jouett Voting Precint Jack Jouett Census Information Census Block Group 1 Census Tract 102 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 1 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 Agricultural 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 Beau Mont Farm MPO/CHART Area? Yes Traffic Analysis Zone (TAZ) 138 Jurisdictional Area Designation No Service Watershed South Fork Rivanna (above reservoir) Water Supply Protection Area? Yes Development Area? No Other Rural Land? No Ag/Forest District N/A Conservation Easement? No