Colin’s “Catch of The Day” 9/12/11: 5029 38th St. N Arlington

So the “Catch of The Day” is not always about homes that I like, or that I think present a good opportunity. Sometimes I use the Catch of The day to make a point.

Today’s point: If the market is so bad, why is just under an acre of land worth nearly $1,000,000.

This home*, near the border of Arlington and McLean, boasts a lot of .89 acres, which according to the county assessment is worth $930,600. I don’t disagree with the county here by the way, there are plenty of builders willing to pay that kind of money for the right lot. The problem, in this case, is that not many people would consider the house currently on the lot to be worth nearly $1,000,000. As a result, in order to entice a builder, or the right buyer, a property owner will often have to either price the property right at the assessed land value, or slightly below in order for the property to sell.

Our market is pretty health, which .89 acres for this price proves, however there are not many people out there interested in taking the risk of overpaying. At this point in the life of this listing, there may be an opportunity to offer the appropriate market price for this piece of land, and have that offer accepted.

*this is not my listing.

 

5029 38th St. N Arlington

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