Worth a look: $729K - 3310 Petal Lane

$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?

Summary Information

Parcel Information 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 / / / /  Owner Information 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 Most Recent Assessment Information 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 Most Recent Sales History 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 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 Garden Tub  Paved Driveway.....1 TOTAL VALUE  Well / Septic  No Service - Jurisdictional Area Designation Primary Building Additions 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 Primary Building Details 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.)

Land Value Information

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 ($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

Assessments

Assessments

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

Transfer History

Transfer History

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

Other Parcel Characteristics

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 2 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? 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 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 Other Information 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