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Old 05-24-2020, 11:39 PM
 
545 posts, read 508,813 times
Reputation: 817

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I am always looking around

seems the pricing in Virginia is very low

i filter my results by homes: 75+ years in age, 3,000 SF and up, and 2 acres and up

Can't believe the stuff out there for under $500,000 and so much in the 3s

Am I missing something? Outrageous property taxes? People leaving in numbers?

Any insights are appreciated !
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Old 05-25-2020, 04:29 AM
 
Location: Virginia-Shenandoah Valley
7,670 posts, read 14,166,367 times
Reputation: 7464
Quote:
Originally Posted by Csonka View Post
I am always looking around

seems the pricing in Virginia is very low

i filter my results by homes: 75+ years in age, 3,000 SF and up, and 2 acres and up

Can't believe the stuff out there for under $500,000 and so much in the 3s

Am I missing something? Outrageous property taxes? People leaving in numbers?

Any insights are appreciated !
More than likely it's caused by the condition of the home you are viewing. But without knowing where and what you are looking at it's tough to guess.
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Old 05-25-2020, 07:44 AM
 
1,084 posts, read 2,636,553 times
Reputation: 702
Not taxes. Upkeep can be very costly. Many are located in fairly remote areas with just small towns nearby. You might have a drive to many services. Selling can be hard too.
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Old 05-25-2020, 08:40 AM
 
Location: Suburbia
8,803 posts, read 15,241,245 times
Reputation: 4502
Quote:
Originally Posted by Csonka View Post
I am always looking around

seems the pricing in Virginia is very low

i filter my results by homes: 75+ years in age, 3,000 SF and up, and 2 acres and up

Can't believe the stuff out there for under $500,000 and so much in the 3s

Am I missing something? Outrageous property taxes? People leaving in numbers?

Any insights are appreciated !
Do you have links to examples?
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Old 05-25-2020, 08:41 AM
 
13 posts, read 11,570 times
Reputation: 31
I am also scouting out beautiful country estates in Virginia because me and my partner want to buy some land and a beautiful historic home in the next few years and I have noticed the same thing. I do notice that many of the cheapest properties are located in southern Virginia far from any of the larger towns/ cities like Roanoke or Richmond. So access to amenities and things to do are limited. Also unless you are the town doctor or coming from the outside with money you made working in a larger town or city many people in the surrounding area can't necessarily afford a 500,000 house along with the associated maintenance. These are my theories.

Also many of the homes haven't been updated for many years so along with the purchase price you may need to do tons of updating and I'm not talking granite counter tops and white kitchen cabinets. Its more that you made need to update plumbing, electrical, the roof or the foundation. So that is another cost that will need to be accounted for.

Below are some examples of what I have seen:

https://www.realtor.com/realestatean...x=VA2239600082

https://www.realtor.com/realestatean...x=VA2719452508

https://www.realtor.com/realestatean...x=VA2914227097

Last edited by mango_jade; 05-25-2020 at 08:48 AM.. Reason: adding links
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Old 05-25-2020, 09:08 AM
 
13 posts, read 11,570 times
Reputation: 31
Another example that makes my heart sing is this home. Unfortunately it sold in 2019!

https://www.realtor.com/realestatean...3_M69449-65303

Also another thing is that some of these homes have various restrictions because they are historic so if you aren't willing to restore them and maintain them to a particular standard set by a number of governmental bodies you shouldn't buy these properties. For example conservation easements are a great tax deduction tool but they also mean you cant divide up the land and sell it so that is limiting for many properties especially if they have tons of acreage. So that deters a lot of buyers and the property has to be priced to entice people willing to put up with the restrictions.
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Old 05-25-2020, 11:42 AM
 
Location: Boydton, VA
4,539 posts, read 6,229,657 times
Reputation: 10427
Another reason.... lack of adequate employment opportunities close to home.

Regards
Gemstone1
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Old 05-25-2020, 11:58 AM
 
545 posts, read 508,813 times
Reputation: 817
Quote:
Originally Posted by tgbwc View Post
Do you have links to examples?

Here are two examples that are a fair representation of what I am talking about.

https://www.realtor.com/realestatean...-60726?view=qv

https://www.realtor.com/realestatean...-41544?view=qv
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Old 05-25-2020, 12:00 PM
 
545 posts, read 508,813 times
Reputation: 817
Quote:
Originally Posted by gemstone1 View Post
Another reason.... lack of adequate employment opportunities close to home.

Regards
Gemstone1
But even for people like me, for whom this would be a second home or retreat, the prices still seem low???

Keep in mind I am from California, but still. I have been looking all over the country and Virginia just seems the best in terms of the quality of the houses and the architecture in addition to a good chunk of land
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Old 05-25-2020, 12:02 PM
 
545 posts, read 508,813 times
Reputation: 817
Quote:
Originally Posted by mango_jade View Post
Another example that makes my heart sing is this home. Unfortunately it sold in 2019!

https://www.realtor.com/realestatean...3_M69449-65303

Also another thing is that some of these homes have various restrictions because they are historic so if you aren't willing to restore them and maintain them to a particular standard set by a number of governmental bodies you shouldn't buy these properties. For example conservation easements are a great tax deduction tool but they also mean you cant divide up the land and sell it so that is limiting for many properties especially if they have tons of acreage. So that deters a lot of buyers and the property has to be priced to entice people willing to put up with the restrictions.
what a stunner !!!!

The houses I have been looking at (online only) seem to be in pretty good shape, yes many of them on an historic registry, but I am perfectly willing and would want to keep them up to their original beauty

These houses are almost like living creatures you need to nurture and love
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