A reader accustomed to shaking his head when he drives along Greenbriar just north of Richmond informs us that the recently built “big, expensive monstrosity” for sale on that corner is now advertising its bank pedigree:
This long-on-the-market house/thingy now has large for-sale-by-bank sign slapped all over the very nice fence. This has all sort of ridiculous written over it: four car garages, pool, etc.
If a 7,976-sq.-ft. villa with 4-car garage for less than a million in that location sounds cheap, it’s because the building is actually 2 separate “townhomes” — each roughly half that size — with a “common element.” The $959K price tag is for the foreclosed unit at 2201 W. Main.
After a year-long run on MLS, that front unit is now listed as “pending continue to show.” Which in light of the ready-to-loan listing copy maybe isn’t so surprising:
FORECLOSURE!!BANK WILL FINANCE FOR 4.5% WITH 10% DOWN(BAD CREDIT OK)
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- 2201 W. Main St. [HAR]
The other unit, which may or not be for sale, is much nicer and has a GREAT pool. When originally built neither was over $900,000, so why is it now higher in this market?
I sometimes cringe at designs that borrow so much because it usually comes out bad, but this actually look good.
I used to love the old farmhouse-style house that sat on that corner. If you dig in the records bin a bit, you’ll find that the owner of the other unit on this corner used to live elsewhere nearby, owned the “farmhouse”, tore it down, and built two units, one to live in and one to sell. The “to sell” worked out great for him, but not for the schmuck who bought it and is now foreclosing on it.
FYI, the bungalows in this neighborhood sold for about $120K sixteen years ago, and upwards of $400K for a nice one in recent years. However, the owner of the property across Greenbriar has been trying to sell his rental property “for lot value” which apparently started around $380K a couple years ago but isn’t even getting nibbles at $300K now.
I cannot believe anyone would pay $959,000 for this. Even with bad credit. But, well, you never know.
Is anyone else wondering about what sort of person has bad credit, but can afford a $95,000 cash down payment?
@Nate: People with high incomes that are, ahem, received all in cash. Mob bosses, drug dealers, …
I watched this thing go up. They should market the outdoor putting green I got a glimpse of before the privacy fence went up. A Hole in One!
@Nate: People with high incomes that are, ahem, received all in cash. Mob bosses, drug dealers,
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There goes the neighborhood.
Drug money in my neighborhood, that can’t be possible!
Update: This house sold in the 800K – 1M range on Tuesday, one year and 20 days after it went on the market.
http://har.com/HomeValue/dispSoldDetail.cfm?MLNUM=319431