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House in Amissville
I'm cross posting this here from my daily real estate blog since it's kicked up quite a bit of controversy there!We're going to dive down to ground level today to take a look at the history of one house that recently sold in Amissville.
This home sold on December 27, 2007 after 574 days on the market.
This is a lovely home. I know because I showed it to several potential buyers. It sits in Rappahannock County on 51 acres with a pond. As someone who loves to cook, I can tell you that the kitchen is amazing! It has 5 bedrooms and 4 1/2 baths and a fully finished basement.
There is also a detached 3-car garage/shop with an apartment.
This home was built by a builder for his own family in 2000.
The home was listed for sale on May 4, 2006 for $2,275,000. The price was dropped three times. The final price drop was in November of 2007 when the price went to $995,000.
The final sales price was $850,000. That's 37% of it's original sales price. It's 85% of the final listing price. Any way you look a this, it's an incredible deal!
To give you a frame of reference, there are currently four parcels of land of approximately the same size for sale in Rappahannock County. The prices range from $599,000 to $1,348,500. This is for unimproved land!
This could create problems for future sales if it's used as a comparable. Rappahannock has been a little more sheltered from dramatic price declines. At least for the higher end properties, that may no longer be true.
It's also interesting to note that the buyer paid cash for the property.
There are some bargains out there! And cash provides a lot of negotiating leverage.
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