They want what? $1.285M for 3800 Dick Woods Rd, Charlottesville, VA, 22903

Summary

This one to me is a bit strange.  The house was built in 2004-2005 for about $540K and the land was bought for $383K in 2003.  That is $923K.  It went into foreclosure, and the bank (I assume they held the note) didn't like the price that was being bid at the auction and bought the property from themselves for $991K on 2/6/09.

It is back on the market for $1.285M!

Here are my thoughts on pricing:

Lets depreciate the house over a 30 year life.  So the house started at $540K after 5 years leaves it at $450K.  Add in the land for $383K since that was pre-bubble pricing and you are looking at $833K.

From the photos on Realtor.com it looks like it was abused when it went through the foreclosure process.  The stove is missing from the kitchen, which may have been sold by the previous owner before foreclosure was final.  

Also on a style note, is it too much to ask for realtors to actually clean and mop the floors before taking pictures?  You can see dirty foot prints and trash all over the scuffed up floors!  I know it is being sold AS-IS, but really do those kinds of photos help sell a house?  At that price???  For a potential $35K commission the listing agent should be able to do it themselves, or convince the seller to hire someone to do it.

My price for this property would be $833K.

Let me know your thoughts.  Below the post you will see three boxes that say: Worth More, Priced Right, Worth Less.

Let me know what you think of the house value as compared to my price is the house: Worth More, Priced Right, or Worth Less by clicking on one of the boxes below.

Feel free to add a comment about the property as well.

Parcel Information
Total Acres 23.1500
Primary Prop. Address 3800 DICK WOODS RD
Subdivision Ivy Fields
Notes Subdivide Information Deed Book, Page (2332 , 051 ) Conveyance ( ) Date of Sale (12/06/2002) Transaction, Date (200392530 01/09/2003)

Owner Information
Owner DEUTSCHE BANK NATIONAL TRUST COMPANY ETAL
C/O WELLS FARGO HOME MORTGAGE
Address 3476 STATEVIEW BLVD
FORT MILLS SC, 29715
Owner as of Jan 1st SPENCE, JAMES B III OR NICOLE K

Most Recent Assessment Information
Year 2009
Assessment Date 01/01/2009
Assessment Reason Reassessment
Land Value $582,900
Land Use Value $0
Improvements Value $775,500
Total Value $1,358,400

Most Recent Sales History
Previous Owner SPENCE, JAMES B III OR NICOLE K
Owner DEUTSCHE BANK NATIONAL TRUST COMPANY ETAL
Sale Date 02/06/2009
Sale Price $991,536
Deed Book/Page 3687/098
Validity of Sale Foreclosure

Infrastructure Improvements
Central Vacuum System.....1 TOTAL VALUE
Well / Septic.....1 TOTAL VALUE
No Service - Jurisdictional Area Designation
Primary Building Additions
Porch, Trex Floor.....536 sq ft
Outbuilding Improvements
Living Area Over Outbuilding.....450 sq ft
Living Area Over Outbuilding.....420 sq ft
Garage-Detached Hardiplank.....1374 sq ft

Primary Building Details
Use Code Single Family
Year Built 2004
Year Remodeled N/A
Condition Good
Grade A-
Number of Stories 1
Story Height (ft) N/A
House Type 1.25/1.75 Transitional
Finished Sq. Ft. 5,114
Basement Type None
Basement Garage Doors 0
Bsmt Fin. Sq. Ft. 0
Bsmt Tot. Sq. Ft. 0
Attic Type N/A
Attic Tot. Sq. Ft. 0
Roof Material Composite-Shadow Line
Heating Heat Pump
Cooling Central Air
Fireplace(s) 4
Fireplace Type Brick
Wall Framing N/A
Exterior Covering Hardiplank
Bedrooms 4
Dining Rooms 1
Family Rooms 1
Full Baths 4
Half Baths 1
Total Room Count 8
(Every unit assumed to have kitchen and living room. Bathrooms are not included in total room count.)

Land Value Information
Land Use Homesite 1
Acres 2.0000
Sq. Ft. 87120.0000
Rate $200,000.00
Adj Rate $200,000.00
Base Value $200,000.00
Adj Amount $70,000.00
Value $270,000.00
Land Use Residual 1
Acres 3.0000
Sq. Ft. 130680.0000
Rate $30,000.00
Adj Rate $30,000.00
Base Value $90,000.00
Adj Amount ($9,900.00)
Value $80,100.00
Land Use Residual 2
Acres 18.1500
Sq. Ft. 790614.0000
Rate $22,500.00
Adj Rate $22,500.00
Base Value $408,380.00
Adj Amount ($175,600.00)
Value $232,780.00

Assessments
Year 2009
Assessment Date 01/01/2009
Assessment Reason Reassessment
Land Value $582,900
Land Use Value $0
Improvements Value $775,500
Total Value $1,358,400

Year 2008
Assessment Date 01/01/2008
Assessment Reason Reassessment
Land Value $646,400
Land Use Value $0
Improvements Value $736,000
Total Value $1,382,400

Year 2007
Assessment Date 01/01/2007
Assessment Reason Reassessment
Land Value $646,400
Land Use Value $0
Improvements Value $764,800
Total Value $1,411,200

Year 2006
Assessment Date 01/01/2006
Assessment Reason End-of-year Rollover
Land Value $416,000
Land Use Value $0
Improvements Value $540,600
Total Value $956,600

Year 2005
Assessment Date 05/10/2005
Assessment Reason New Construction-2nd Cycle
Land Value $416,000
Land Use Value $0
Improvements Value $540,600
Total Value $956,600

Year 2005
Assessment Date 01/01/2005
Assessment Reason Reassessment
Land Value $416,000
Land Use Value $0
Improvements Value $510,500
Total Value $926,500

Year 2004
Assessment Date 02/24/2004
Assessment Reason Improvements under Const.
Land Value $348,500
Land Use Value $0
Improvements Value $128,000
Total Value $476,500

Year 2004
Assessment Date 01/01/2004
Assessment Reason End-of-year Rollover
Land Value $348,500
Land Use Value $0
Improvements Value $0
Total Value $348,500

Year 2003
Assessment Date 02/19/2003
Assessment Reason Division of Property
Land Value $348,500
Land Use Value $0
Improvements Value $0
Total Value $348,500

Transfer History
Previous Owner SPENCE, JAMES B III OR NICOLE K
Owner DEUTSCHE BANK NATIONAL TRUST COMPANY ETAL
Sale Date 02/06/2009
Sale Price $991,536
Deed Book/Page 3687/098
Validity of Sale Foreclosure

Previous Owner SYCAMORE CREEK LLC
Owner SPENCE, JAMES B III OR NICOLE K
Sale Date 10/31/2003
Sale Price $383,150
Deed Book/Page 2628/577
Validity of Sale Valid Land

Other Parcel Characteristics
School Districts
Elementary School District Murray
Middle School District Henley
High School District Western Albemarle
Magisterial District & Voting Precinct Information
Magisterial District Samuel Miller
Voting Precint Red Hill
Census Information
Census Block Group 3
Census Tract 112
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? Yes
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 Ivy Fields
MPO/CHART Area? Yes
Traffic Analysis Zone (TAZ) 221
Jurisdictional Area Designation No Service
Watershed Ivy Creek
Water Supply Protection Area? Yes
Development Area? No
Other Rural Land? No
Ag/Forest District N/A
Conservation Easement? No