|
There was an auction in Amissville last week. The property that was sold was 16 Lantern Lane, an equestrian facility and bed & breakfast. It features a 4 bedroom, 4.5 bath home on 10 acres. The home was built in 2005.
The property features an 11 stall center aisle barn as well as some fencing for horses.
The home was originally listed for sale in February of 2008 for $949,900. The price was reportedly reduced to $795K at some point. It never sold and was taken off the market in August of that same year.
The auction produced a sale price of $550K. If you look at comparable properties in Rappahannock County (minus foreclosure) they're listed for about $600K to about $1 million. (Granted, the $1 million home has no interior photos.)
Given what I see out there, someone got a good deal last week. That's not always true at an auction. Auctions depend on adrenaline kicking in and people bidding more than they intended.
Since prices in Rappahannock County are less elastic than elsewhere in the region it'll be interesting to see if there's any impact on pricing for these similar properties.
| 
RSS Blog Feed