Long-term relationship



NVR Inc. to Erin Stanley, 316 Patriot Way, $240,765

Lamont Breckenridge to Robert & Maxine Hey, 271 Simmons Gap Road, $155,000

Belvedere Station Land Trust to Lisa Weaver, 880 Belvedere Boulevard, $304,982


Ashley Carter & Heather Savage to Alan Howard, 1215 Wertland Street, Unit C-11, $118,500

Fife LLC to Amy Teachey, 703 Shamrock Road, $235,000

Edward Sacre Jr. to Patrick & Keri Ann Hopkins, 1120 Elliott Avenue, $305,000 



Endless Summer Aviation LLC to Clear Properties LLC, 620 Cami Lane, $1,150,000

Bobby & Raquel Shelton to Jason Lewis, 1724 Monet Hill, $520,000

Eric Kunze to Mark & Kelly Bowie, 1029 Towne Lane, $198,000

Federal Home Loan Mortgage Corporation to Samuel Spillman, 99 Georgetown Green, $153,500

Beights Properties II LLC to Everette & Sally Fortner, 0.233 acres, TM 55E-1-3A-2, Lot 2 Old Trail, $159,500

Secretary of Housing & Urban Development to Eve Barnett, 9483 Hatton Ferry Road, $88,000

Dana Hannum-Rivera to Bank of New York Mellon, 4864 Rolling Road, $66,150 (foreclosure)


Gregory Irving Life Estate to Charlotte Perry, 821 Nassau Street, $65,000

Beth Ann Duffy to Dennis & Andrew Morgan, 108 Hartford Court, $120,000

Mary Barrow to Samuel & Mary Ann Ogle, 1707 Bruce Avenue, $324,900

 Eric & Mary Hirsch to Leah Sedwick, 2006 Pine Top Road, $1,050,000

Debra Robinson to Federal National Mortgage Association, 417 9th Street NW, $380,020 (foreclosure) 



Russell Martin to Jay & Elizabeth Swett, 643 Eight Woods Lane, $585,000

Belvedere Station Land Trust to Marc & Elizabeth Allan, 1437 Butler Street, $429,115

Piedmont Realty & Construction LLC to Richard & Lauren Geisler, 1727 Old Trail Drive, $424,185

Dickerson Homes & Development LLC to Daniel Shumate & Maryam Tatavosian-Shumate, 1147 Arden Drive, $329,598

Vincent & Sarah Tullo to David & Alison Peterson, 5335 Brookwood Road, $239,000

Alexander & Francis McAlister to Joseph & Lameasia Kober, 0.072 acres, TM 59-29C, $8,624 



Janet Bonner, Trustee, to Eric Johnson & Deborah Wender, 3270 Watts Station Drive, $675,000

Hugh & Charters Wilson to Martin & Lesley Lahm, 3575 Red Hill School Road, $650,000

Herbert & Susan Crowder to Anthony Scaperlanda & Mary Schriber, 316 Foothill Court, $523,000

Belvedere Station Land Trust to Jane Hix, 882 Belvedere Boulevard, $321,496

NVR, Inc. to Robert Sykes, 1999 Asheville Drive, $235,120

Charles & Angela Shiflett to Craig & Pascha Campbell, 3545 Garth Road, $235,000

Dennis & Kathryn Owens to Megan Niziolek, 4614 Briarwood Drive, $144,000


Theodore Jeffries II to Fannie Mae, 2218 Banbury Street, $281,513 (foreclosure)

Fannie Mae to Jessica Rafter, 2218 Banbury Street, $150,000



Michael Matthews Jr. to Daniel Seideman & Jennifer Langer, 2470 Cascades Drive, $718,250

John Kessler to Stephen & Julia Guiffre, 3352 Turnberry Circle, $510,000

Marion Rothman to Shepherds Ridge LLC, 2239 Shepherds Ridge Road, $327,500

Argent Development, LLC to Anthony & Jill Wood, 2518 Huntington Road, $299,900

Courage Properties LLC to Brian & Jean Mandeville, 2.36 acres, Tax Map 80-8R, $275,000

Erna M. Carrell Trust & Finis Carrell to John & Yvonne Watterson, 500 Crestwood Drive, Unit 1208, $255,000

NVR, Inc. to Hugh Jacobs IV, 1997 Asheville Drive, $243,025

NVR, Inc. to Josh & Tausha Grim, 310 Patriot Way, $219,580

Meadow Woods Inc. to Paul Boggs, 1504 Villa Terrace, Unit A, $122,300

Alexander & Ruth Salomon to Federal Home Loan Mortgage Corporation, 1329 Clinton Lane,$106,675 (foreclosure)


Roy Banks to Majida Bargach & Ali Bouabid, 618 McIntire Road, $150,000

Helen Cline to Miles & Bonnie Vance, 1709 Concord Avenue, $276,000


You may wonder at the spectacular price of this city house given the moribund housing market . These aren't just any 2 acres of land surrounding an otherwise unremarkable abode . These are, perhaps, the most valuable 2 acres in Charlottesville - beautiful rhododendron gardens - now the former home of Core Knowledge founder E.D. Hirsch Jr., who, along with his wife, have created a feast for the eyes in the Spring. Walk by in April, May, or June to behold a glorious sight. The new owner has purchased more than just a house, she has purchased a life time of dedication to a natural work of art.

Theodore Jeffries II to Fannie Mae, 2218 Banbury Street, $281,513 (foreclosure)
Fannie Mae to Jessica Rafter, 2218 Banbury Street, $150,000

What was Fannie Mae doing with this property by paying nearly half of what it just previously sold?

Jeffries bought the property in 2006 for $275,000. I'd guess that the loan on the property was about $265,000. (Or it might have gotten refinanced in the meantime.) The assessed value of the house in 2010 was $226,000, and most of the other houses on that side of Banbury were assessed at more like $200,000. (All of this from the City website.) I looked at some of those houses a few years ago, and some of the houses on that side of the street -- the side nearest Meadow Creek -- had serious mold issues. I don't know about this particular property in 2011.

In any event, it appears that what happened was that Jeffries found a buyer -- basically, as a short sale -- who was willing to pay $150,000, and Fannie Mae signed off on that. Fannie Mae is listed as the buyer at $281,513, which was the balance due on the deed of trust. They then sell it to the new purchaser, who gets a house assessed at $226,000 by paying $150,000. It seems highly likely that the house had issues -- perhaps mold -- that kept it from getting a better price. If the house had mold issues that were going to require $25,000 to remediate, and if the value of this house was more like the other values on that side of the street, then the transaction makes sense for everyone, including Fannie Mae. Fannie Mae doesn't want to be owning a bunch of distressed property, trying to rent it out until the market turns back up again.

The real problem here was with the bank (the record doesn't show which bank) that loaned the money for the mortgage, and with the appraiser who gave the house a value sufficient to justify anyone giving a big loan on this property. But then, a lot of banks, and folks like Fannie Mae, are getting clobbered for this same reason.

We refinanced our house (about 3 blocks away) in 2006, and were the appraiser gave it a value based on just driving by that frankly surprised us. But it was the value necessary -- to the dollar -- to justify the loan that we sought. Four years later we refinanced again, and in 2010 the appraiser -- who came in and looked at everything -- said it was worth $60,000 less than it had been worth 4 years earlier. The house hadn't changed, but the market, and the appraisers, had.

To add to what Mr. Snook said, the house in question sold for $98K in 1996 and $170K in 2003. Given that 2003 was already into the bubble and knowing what I do about that type of house in Greenbrier, $150K is still no bargain. My take on things is 98 was the benchmark year for prices around here and anything selling for more these days is still in the bubble. It could very well happen that that house could end up going to strategic default again in a few years if things don't work out for the new owner.

Lloyd Snook, I am sitting here wondering why you would refinance in 2006 and again in 2010. What is/was the advantage in doing this? When you do this, you don't refinance for another 15, 20 or 30 year loan, do you? If the answer is none of my business, I understand that too. I'm betting on perhaps college tuitions?

I always feared having to get a second mortage or refinance when my daughter approached college age. But Thank God, several inheritances and numerous large chunks of cash (damages) were laid in my lap before I had to.

Another bloodbath? 3575 Red Hill School Road sold for $650k but seller paid $900k in 2006. Hope that was a short sale and bank ate the difference.

Thanks Lloyd.

2218 Banbury was foreclosed and resold ASAP by Fannie Mae. Buyer could pay as little as $5,250 (3.5%) down on a Homepath Mortgage, and Fannie Mae (that is, taxpayers) footed the approx. $5K closing costs.

C'ville Bubble Blog had a post on this particular property:


2230 Banbury was sold in Feb 2010 (Fannie Mae to Waite, instrument 569) for $145,000 and the City had it appraised at $235,800. The deed from Fannie states "that in the next 3 months the property cannot be re-sold for more than $174,000". I don't know how many deeds Fannie is putting this clause on across the Country. I guess to hide their bail out money being flushed.

To find the floor for a property where the employment rate is reasonably stable (7% or under) and not likely to increase you need to look at construction costs and hook up costs to public utilities as they are pretty much fixed and then the left over amount is what you have available for the land itself. So figure your minum price on the land, add the three and that is a "safe" number most anywhere.

You can build a house for 80 dollar a square foot (minimum quality)
So a 1600 square foot house is 128k , Now add in 25k for utility hookups and you have 153k.

So anything above that you are paying for land.

The other method is to see what rents bring. If a house is in no need of expensive maintanance it is worth 14 times annual rent. (this gives a 7% return) so if a house rents for 1200 a month it is worth 168k as an investment. Anything below that is a win anything above that is your "at risk" money.

Properties in Charlotesville are close to those numbers and a good investment in many cases. There will be people kicking themselves in five years. The only way the government can reduce the debt is to cause inflation. The only way they can cause inflation is to increase salaries so that retailers jack up prices to pay them . This will bring the cost of housing in line with the readjusted salaries and housing prices will rise. (circa, 1933, 1943,1953,1963, 1973 etc. )

GSOE -- I refinanced because interest rates fell. We got a pretty good rate in 2006, and then got a great rate in 2010. Each time we got a lower rate and a shorter term.

Nothing nefarious!

And Sam -- the reason why Fannie Mae is putting in those restrictions is to keep houses from getting flipped by speculators. There are a number of mortgage packages available to first-time homebuyers, or to people who are willing to invest in a home that they intend to stay in. It has nothing to do with hiding bailout money; some of those loan problems predate the bailouts.

In the case of some of these foreclosures, what is happening now is that banks are finally deciding to clear bad loans off their books. They can take a big write-down, take their lumps, and move on. In many cases, the bank auditors have already written the loan down to almost nothing, so if they get anything at all for it they are ahead.

There will be a lot more of those "bloodbaths" coming as banks finally realize that they won't be able to salvage the bad loans.

Sounds good plan, Lloyd. Thanks!

@Bill Nelson, I tend to disagree with your politics, but I think your short sketch on property investment is pretty much spot-on. I'd quibble only slightly with using $80/sq ft. as the baseline - because what you get for that in new construction is often quite inferior to what is in some older housing stock - but then the 'error' shifts more in the direction of your argument, making an even stronger case that house prices are not totally out of whack.

The only issue is that while our unemployment is not that bad, we have a lot of under-employed (low wages) and housing prices remain out of line with salaries. Until the inflation is induced (and conservatives seem bent on inducing deflation), the downward pressure will remain. Particularly given that much of the "bubble" was due not just to low rates and permissive underwriting, but the vastly expanded pool of 'qualified' buyers (DAP, 3% downpayment).

I think perhaps 1998 is the right benchmark, but those nominal prices have to be adjusted for core inflation (there is much greater than core in housing prices).