Housinf costs in chesterfield compared to Henrico (Wyndham, Short Pump: real estate, how much)

[leavingli66]

is there a reason that the housing costs of the homes in Chesterfield are soooo much lower than the west end area and its surroundings?????
we looked less than a year ago in some of the communites in Chesterfield and the costs were pretty close, today the homes in Chesterfield are down over 100k in most of the same areas.. why is this????? I see that schools have large budget cuts , but is there more to it.

[sls76]

I would think that the fact that Henrico's budget is in better shape can't hurt home prices in Henrico, but I can't see that causing a very big price difference. There seems to be a lot less land left in Henrico and less new construction, so there are very few new construction homes in Western Henrico unsold. That being said, you would think if there was a 20% price difference people would be drawn to Chesterfield until the prices came closer together since for many people a home in Chesterfield is a very close substitute for a house in Henrico. In other words, I don't know but I think it's an interesting question.

[DKVA]

When we lived there it was always cheaper to go south of the river. For reasons unknown to me. Although some areas ie Robious Road/711-if I remember were expensive.

[rloyot]

Posted this in the wrong thread before - if we put our daughter
into Montessori school and my wife works Downtown - is there
any reason to spend the extra $100k on on Henrico? Chesterfield
looks like a much better value

[sls76]

Originally Posted by rloyot

Posted this in the wrong thread before - if we put our daughter
into Montessori school and my wife works Downtown - is there
any reason to spend the extra $100k on on Henrico? Chesterfield
looks like a much better value

First off, I doubt you can get a comparable house $100k cheaper in Chesterfield, but that's just me. I'd love to see an example of two comparable houses in Henrico and Chesterfield where there's a $100k price difference (not talking about a $1,000,000 house). Chesterfield does have excellent schools so if it's equally convenient and you're sending your child to private school and you like it as well, I can't imagine paying more. Personally I could live either place happily, but my husband works in Innsbrook and we wanted as short a commute as possible so we chose Henrico. I do prefer the Short Pump shopping, but that's just an added bonus, not a deciding factor.

[ellieb128]

I wouldn't pay a premium to live in Henrico unless it was significantly more convenient for work. You get a little more house and can find a little more land and privacy in Chesterfield. From where I am I can get to Short Pump or Stoney Point in 15 minutes or less and dowtown in 25. I'm not sure why Chesterfield is a little cheaper - I think 288 is making it more accessible and that is starting to equalize things. Then for people who are "from here" there is the whole "Southside" "Dogtown" thing. DH is one of those. I laugh at him and tell him he breaks out in hives coming over the bridge. For those of us who aren't from here it is hard to figure out why more land, bigger house, GREAT schools and easy access to anything you want or need is umm a bad thing.

I was just skimming through a few real estate listings in the Far West End and I was surprised how much things seem to have dropped there as well.

[sls76]

Originally Posted by ellieb128

I was just skimming through a few real estate listings in the Far West End and I was surprised how much things seem to have dropped there as well.

That's why I'm skeptical that there's a big price difference. There are great deals in 23233 and I've seen 2001 pricing on some high end Wyndham homes. You can find homes in Wyndham and Twin Hickory just over $100/sq. ft. these days (stuff that was $130-$150/sq. ft. at the peak).

[MWLiving]

In the local Chesterfield paper that is delivered weekly to mailboxes, they keep headlining about the Chesterfield budget woes. There seems to be talk about raising property taxes - just something to consider if you are looking to purchase in the area.

[whynot?]

IMHO, most cities that are bifurcated by a river have a subtle, slightly different feel on each side, and one just sort of gravitates to the side that subconsciously appeals to them most. The pricing only tells part of the story, there's kind of an obtuse apples and oranges thing about living in Henrico v. Chesterfield. Better to visit and see where you feel most comfortable.

Best of luck.

[rloyot]

As I have been looking at MLS listings I can find near identical
listings that vary by $40k - $100k not making this up.