
$729K - 3310 Petal Lane, Charlottesville, VA, 22903
I thought I would highlight a house on the higher end that I think is worth a look.
Disclosure:
- I have not and I am not actively pursuing this property;
- I have no relationship with the builder or listing agent;
- The listing agent is also the wife of the builder of the house, so you can expect that they have baked in at least a 4% transaction cost into the price.
The house is a beautiful farm house on 3.125 acres in Rosemont.
According to the listing it has 4,059 sq ft finished and 1,359 sq ft unfinished. The county records show 3,399 sq ft finished and 1,673 sq ft unfinished. It is in the best performing schools Murray, Henley, Western Albemarle.
The lot was purchased in 2003 for $225K. That was pre-bubble pricing so I am going to leave it valued as is.
The house was built in 2003 by Skyline Home Builders. I have seen the quality of their construction and attention to detail, and I am impressed by their work. I am going to assess their construction at $110/sq ft for finished and $35/sq ft for unfinished and I am going to use the county measurements for finished and unfinished sq ft.
Improvements Value: $110*(3,399) + $35*(1,673) = $373,890 + $58,555 = $432,445
Depreciation for the last 6 years = (6/30) * $432,445 = $86,489
Current Value of Improvements = $432,445 - $86,489 = $345,956
Value of Land = $225,000
Total Property Value = $570,956
Given that there is a discrepancy of the sq ft I would value this house between $571K - $633K.
Working off the high end of my valuation $633K with 20% down ($126K) and at 6% the loan would cost around $3,036 a month not including insurance or property taxes. Qualifying income would be starting at $110K.
It is a beautiful home with easy access to 64 or 250. This could be an excellent purchase for a professional couple, or a corporate transplant.
I came up with a new metric called the "Gotta have it Premium" which shows the range of the premium that I think the buyer is paying when purchasing it at list price in order to live in that house in that neighborhood. This range is calculated by subtracting my valuation from the listing price.
I am sure this new metric will create some good discussion! :)
Pershing Valuation: $571K - $633K
Gotta Have it Premium: $158K - $96K
What do you think?
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Total Acres | | 3.1250 | Primary Prop. Address | | 3310 PETAL LN | Other Address | | N/A | Property Card(s) | | 1 | Lot | | 1 | Property Name | | N/A | Subdivision | | Rosemont | | Notes | | L-1 S-1 ROSEMONT / / / /
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Owner | | BOWEN, CHRISTOPHER M OR LISA A | Address | | P O BOX 48 IVY VA, 22945-0048 | | Owner as of Jan 1st | | BOWEN, CHRISTOPHER M OR LISA A | | |
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Year | | 2009 | Assessment Date | | 01/01/2009 | Assessment Reason | | Reassessment | Land Value | | $213,800 | Land Use Value | | $0 | Improvements Value | | $525,300 | Total Value | | $739,100 | | |
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Previous Owner | | SKYLINE HOME BUILDERS LLC | Owner | | BOWEN, CHRISTOPHER M OR LISA A | Sale Date | | 11/18/2004 | Sale Price | | $0 | Deed Book/Page | | 2876/032 | Validity of Sale | | Invalid Sale | | |
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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 |
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Card Type | | Residential | | |
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| | | Garden Tub
| | | | Paved Driveway.....1 TOTAL VALUE
| | | | Well / Septic
| | | | No Service - Jurisdictional Area Designation | | |
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| | Garage, Attached Frame.....552 sq ft | | | | Patio, Bluestone.....240 sq ft | | | | Porch, Wood Floor.....252 sq ft | | | | Porch, Wood Floor.....91 sq ft | | | | Deck, Mahogany.....200 sq ft | | |
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Comm. Section | | N/A | Card Level Use Code | | Single Family | Year Built | | 2003 | Year Remodeled | | N/A | Condition | | Good | Grade | | A2 | Number of Stories | | 2 | Story Height (ft) | | N/A | House Type | | 2 Story | Finished Sq. Ft. | | 3,399 | Basement Type | | Full : Walkout | Basement Garage Doors | | 0 | Bsmt Fin. Sq. Ft. | | 0 | Bsmt Tot. Sq. Ft. | | 1,673 | 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 | | 5 | Dining Rooms | | 1 | Family Rooms | | 1 | Full Baths | | 4 | Half Baths | | 0 | Total Room Count | | 9 (Every unit assumed to have kitchen and living room. Bathrooms are not included in total room count.) |
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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 | | ($20,000.00) | Value | | $180,000.00 | | Land Use | | Residual 1 | Acres | | 1.1250 | Sq. Ft. | | 49005.0000 | Rate | | $30,000.00 | Adj Rate | | $30,000.00 | Base Value | | $33,750.00 | Adj Amount | | $0.00 | Value | | $33,750.00 |
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Year | | 2009 | Assessment Date | | 01/01/2009 | Assessment Reason | | Reassessment | Land Value | | $213,800 | Land Use Value | | $0 | Improvements Value | | $525,300 | Total Value | | $739,100 | | Year | | 2008 | Assessment Date | | 01/01/2008 | Assessment Reason | | Reassessment | Land Value | | $236,300 | Land Use Value | | $0 | Improvements Value | | $623,700 | Total Value | | $860,000 | | Year | | 2007 | Assessment Date | | 01/01/2007 | Assessment Reason | | Reassessment | Land Value | | $233,800 | Land Use Value | | $0 | Improvements Value | | $683,800 | Total Value | | $917,600 | | Year | | 2006 | Assessment Date | | 01/01/2006 | Assessment Reason | | End-of-year Rollover | Land Value | | $226,900 | Land Use Value | | $0 | Improvements Value | | $681,600 | Total Value | | $908,500 | | Year | | 2005 | Assessment Date | | 01/01/2005 | Assessment Reason | | Reassessment | Land Value | | $226,900 | Land Use Value | | $0 | Improvements Value | | $681,600 | Total Value | | $908,500 | | Year | | 2004 | Assessment Date | | 01/01/2004 | Assessment Reason | | End-of-year Rollover | Land Value | | $120,900 | Land Use Value | | $0 | Improvements Value | | $592,500 | Total Value | | $713,400 | | Year | | 2003 | Assessment Date | | 12/31/2003 | Assessment Reason | | New Construction-2nd Cycle | Land Value | | $120,900 | Land Use Value | | $0 | Improvements Value | | $592,500 | Total Value | | $713,400 | | Year | | 2003 | Assessment Date | | 01/01/2003 | Assessment Reason | | Reassessment | Land Value | | $120,900 | Land Use Value | | $0 | Improvements Value | | $0 | Total Value | | $120,900 | | Year | | 2002 | Assessment Date | | 01/01/2002 | Assessment Reason | | End-of-year Rollover | Land Value | | $85,400 | Land Use Value | | $0 | Improvements Value | | $0 | Total Value | | $85,400 | | Year | | 2001 | Assessment Date | | 01/01/2001 | Assessment Reason | | Reassessment | Land Value | | $85,400 | Land Use Value | | $0 | Improvements Value | | $0 | Total Value | | $85,400 | | Year | | 2001 | Assessment Date | | 01/01/2001 | Assessment Reason | | End-of-year Rollover | Land Value | | $85,400 | Land Use Value | | $0 | Improvements Value | | $0 | Total Value | | $85,400 | | Year | | 2000 | Assessment Date | | 01/01/2000 | Assessment Reason | | End-of-year Rollover | Land Value | | $69,000 | Land Use Value | | $0 | Improvements Value | | $0 | Total Value | | $69,000 | | Year | | 1999 | Assessment Date | | 01/01/1999 | Assessment Reason | | Reassessment | Land Value | | $69,000 | Land Use Value | | $0 | Improvements Value | | $0 | Total Value | | $69,000 | | Year | | 1998 | Assessment Date | | 01/01/1998 | Assessment Reason | | N/A | Land Value | | $75,100 | Land Use Value | | $0 | Improvements Value | | $0 | Total Value | | $75,100 | | Year | | 1997 | Assessment Date | | 01/01/1997 | Assessment Reason | | N/A | Land Value | | $75,100 | Land Use Value | | $0 | Improvements Value | | $0 | Total Value | | $75,100 | | Year | | 1996 | Assessment Date | | 01/01/1996 | Assessment Reason | | N/A | Land Value | | $75,100 | Land Use Value | | $0 | Improvements Value | | $0 | Total Value | | $75,100 |
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Previous Owner | | SKYLINE HOME BUILDERS LLC | Owner | | BOWEN, CHRISTOPHER M OR LISA A | Sale Date | | 11/18/2004 | Sale Price | | $0 | Deed Book/Page | | 2876/032 | Validity of Sale | | Invalid Sale | | Previous Owner | | DAHL, THOMAS P OR KRISTIN F | Owner | | SKYLINE HOME BUILDERS LLC | Sale Date | | 05/15/2003 | Sale Price | | $225,000 | Deed Book/Page | | 2460/001 | Validity of Sale | | Valid Sale | | Previous Owner | | HALEY, CHISHOLM & MORRIS INC | Owner | | DAHL, THOMAS P OR KRISTIN F | Sale Date | | 12/21/1999 | Sale Price | | $85,000 | Deed Book/Page | | 1882/089 | Validity of Sale | | Valid Land | | Previous Owner | | N/A | Owner | | N/A | Sale Date | | 06/24/1988 | Sale Price | | $0 | Deed Book/Page | | 999/378 | Validity of Sale | | Deed of Gift | | Previous Owner | | N/A | Owner | | HALEY, CHISHOLM & MORRIS INC | Sale Date | | 06/24/1988 | Sale Price | | $0 | Deed Book/Page | | 999/378 | Validity of Sale | | Deed of Gift |
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Elementary School District | | Murray | Middle School District | | Henley | High School District | | Western Albemarle | | |
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Magisterial District | | Samuel Miller | Voting Precint | | Red Hill | | |
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Census Block Group | | 2 | Census Tract | | 112 | | |
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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 | | |
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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 | | |
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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 | | Open | Number of Structures - Minor | | 0 | Number of Dwelling Units - Minor | | 0 | | |
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Subdivision | | Rosemont | 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 |
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Ducks flying around in the family room? The owner is a Hokie, so that has to be taken into consideration (e.g., dogfights, stills, etc.).
ReplyDeleteI have seen the house from the outside and noted it was positioned poorly in that it backs to Dick Woods Road and as you approach the house you stare into the garage area (a pet peeve). Kitchen seemed small from photos. Nice upscale neighborhood, but remote.
Nevertheless, I commend the seller for setting a reasonable listing price, and would expect the house to sell for around $625-650k.
we need a new house to beat up on this blog.
ReplyDeleteanything in belmont
ReplyDeleteIT's in foreclosure so I'm guessing the price was too high.
ReplyDeleteIt sold for 650k. So WMorL was in the ballpark.
ReplyDeleteit was a short sale - buyer had to pay in cash.
ReplyDelete