A new listing in a subdivision in Amissville caught my eye this morning. I saw the address and the price -- $509K, and noted that in the same subdivision (Wildwood Forest) a similar house today reduced its price to $375K. In parts beyond Warrenton, such as Jeffersonton, Amissville, and Rixeyville, houses haven't been selling well in the last year. In September, in this 20106 zip code, 2 houses sold out of 63 active listings (for an average price of $ $351,875). I've seen several necessary price reductions to just below 400K (for Colonials on an acre or two) in order for the property to sell.
I checked up on the Wildwood Forest subdivision, and there currently are six nearly identical houses on the market there, ranging in price from $375K to $509K:
2847 WILDWOOD CIR AMISSVILLE, VA 20106
MLS #: CU6420266 List Price: $375,000
Year Built: 1996
Total Taxes: $2,496
Adv. Subdivision: WILDWOOD FOREST
Bedrooms: 4 Full Baths: 3 Half Baths: 1 Levels: 3
15155 AIKEN CT AMISSVILLE, VA 20106
MLS #: CU6458071 List Price: $419,900
Year Built: 1999
Total Taxes: $2,531
Adv. Subdivision: WILDWOOD FOREST
Bedrooms: 4 Full Baths: 2 Half Baths: 1 Levels: 3
2748 WILDWOOD CIR AMISSVILLE, VA 20106
MLS #: CU6495541 List Price: $444,000
Year Built: 1996
Total Taxes: $2,541
Adv. Subdivision: WILDWOOD FOREST
Bedrooms: 4 Full Baths: 3 Half Baths: 1 Levels: 3
15180 ST JAMES CT AMISSVILLE, VA 20106
MLS #: CU6308121 List Price: $449,900
Year Built: 1998
Total Taxes: $2,581
Adv. Subdivision: WILDWOOD FOREST.
Bedrooms: 4 Full Baths: 2 Half Baths: 1 Levels: 3
15197 ST JAMES CT AMISSVILLE, VA 20106
MLS #: CU6448202 List Price: $489,900
Year Built: 1999
Total Taxes: $2,807
Adv. Subdivision: WILDWOOD FOREST
Bedrooms: 5 Full Baths: 3 Half Baths: 1 Levels: 3
2531 WILDWOOD CIRCLE AMISSVILLE, VA 20106
MLS #: CU6569595 List Price: $509,000
Year Built: 1997
Total Taxes: $2,524
Adv. Subdivision: WILDWOOD FOREST
Bedrooms: 4 Full Baths: 2 Half Baths: 1 Levels: 3 (Zestimate: $466,966)
What really baffles me about the new listing today at $509K is why an agent would price a house at the top of the whole neighborhood. Does price just not matter? The difference between the lowest and highest-priced house is $134,000. That's a LOT of money to normal working folks. Amortized over 30 years at 6% interest, that amounts to an extra payment of $800 per month. That would buy the average working-class family two very nice new vehicles every five years.
Perhaps some real estate agents who read this blog could clue me in to the logic of pricing high, because I wish to understand.
Friday, October 19, 2007
Throw a Dart, Pick a Price?
Posted by Harriet at 10:03 AM
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4 comments:
It is likely that prices just aren't dropping on this house's lot. Just because prices are falling all around it doesn't mean that this particular patch of land will see any decline...
:)
And there are no photos on the most expensive listing. Either the seller insisted on the price and the agent is just going through the motions, knowing it won't sell anytime soon, or the agent is incompetent.
Elizabeth,
As it's a brand-new listing, perhaps the photo will show up in the next few hours. Maybe that will help clear up some of the mystery, but I doubt it.
I talked to an agent a few months ago who said his client requested that he price the house way above market. A few months later the agent dropped the listing and told me he regretted taking the listing. Things like that have the potential to mar an agent's sales record and reputation.
In this particular case, the selling agent has been selling properties for 30 years. He's in Rappahannock County, though, which is very NIMBY and people have interesting ideas about what their properties are worth.
Still no photo. I don't care how experienced the agent is, he's either incompetent or not really trying.
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