Small average looking house in Madison, VA selling for $500 per square foot
Somebody tell me something about this I'm missing - is it the proximity to SNP?
Link:
1000 sf for $500k
22 Replies
1y
Link:
Who lived here though??
(In response to this post by Baltimore Hokie)
cannot even fathom that
$6k an acre in Va? Is it on a haunted Indian burial ground LOL?
The Zestimate btw is $485K, so the asking price is pretty close to that at least...though I have no idea how accurate Zillow's estimates are outside of the burbs.
Looking at the five lots for sale in Madison, they are from $10K to $70K an acre and that's with no house.
(In response to this post by Baltimore Hokie)
1y
If you have ONE house on the lot, it can be used as either a primary residence or a short term rental. That is the case with this one.
If you have ONE PRIMARY RESIDENCE on the lot, you can build ONE additional dwelling to use as a short term rental, provided the lot is six acres or more. You CANNOT use both dwellings for short term rental.
You can build ADDITIONAL short term rentals on the lot with a special use permit, as long as the lot is big enough. Each dwelling requires three acres. So on this lot, you could have a primary residence and two additional short term rentals.
If I owned this property, I would build myself a primary residence on the hillside and then an additional short term rental by the creek. The short term rentals would pay for everything and you'd be able to live there for free.
(In response to this post by MrBayAreaHokie)
how dangerous is that creek proximity?
(In response to this post by Baltimore Hokie)
1y
In Shenandoah county there is a 100 foot buffer requirement for all streams. If it's the same in Madison, this one is either nonconforming or was grandfathered in.
(In response to this post by MrBayAreaHokie)
sorry, meant this under @hoosnowahokie
(In response to this post by MrBayAreaHokie)
Price was evidently running a little hotter up until 2020..
Must have extracted all of the oil and rare earth minerals by then……
(In response to this post by Baltimore Hokie)
it's the lot...10.8 acres
(In response to this post by Baltimore Hokie)
That's only like $60-75k of that price
(In response to this post by MrBayAreaHokie)
wrong hold
(In response to this post by hoosnowahokie)
E
EDGEMAN
1y
...with a walk down to the stream.
(In response to this post by MrBayAreaHokie)
1y
area. For 10 acres, that's on the high side. I think the AirBnB thing is a major contributor.
(In response to this post by MrBayAreaHokie)
Looks like they’ve already taken the wheels off and everything.
(In response to this post by Baltimore Hokie)
And for all that you probably are buying
a house in a floodplain.
On the plus side, lots of nice brook trout streams in that area for fly fishing.
(In response to this post by Baltimore Hokie)
1y
Also pretty close to a significant wildfire last fall.
** Edited by s.mill hokie at 3/10/2025, 12:51:02 PM
(In response to this post by Femoyer Hokie)
10 acres. Anybody who buys that house is buying the setting.
They aren't buying it for the house. They just want that outdoor, living-by-the-creek vibe.
(In response to this post by Baltimore Hokie)
1y
TIC
(In response to this post by Chris Coleman)
Or for development.
10.8 acres. Put up 15 lots at 2/3rds of an acre each. I have no idea if the location is zoned for that, or if it's near enough to other areas to even be desirable for that, but it would easily explain the financials.
(In response to this post by Chris Coleman)
1y
But if they are like many counties there is a minimum lot size for septic systems. Might only get 4-5 lots out of that parcel.
(In response to this post by Late 80s Hokie)
1y
Then you’d live in a trailer down by the river.
** Edited by GreenvilleVT at 3/10/2025, 3:01:48 PM
(In response to this post by Chris Coleman)
1y
I'm thinking they are valuing it as an income producing asset rather than a home.
(In response to this post by Chris Coleman)