A million-dollar listing put on the market last Wednesday landed a buyer by the weekend – a quick turnaround for the typically slow seven-figure home market.
The 7,100-square-foot house at 216 Middle Quarter Lane, off South Gaskins Road in western Henrico County beside the Country Club of Virginia’s James River Course, was listed as pending three days after it went on the market March 15. Its asking price is $1.85 million.
The six-bedroom house, with five bathrooms and two half baths, was listed by Elizabeth McGill of Long & Foster. She attributed the quick turnaround to a low inventory and high demand for higher-end homes.
“We had anticipated it maybe taking some time, so we were very pleasantly surprised,” McGill said Monday.
Should the offer close, the transaction would be an exception to the trend for million-dollar home listings in the Richmond area. Of 63 active listings priced at or above $1 million in the city of Richmond and in Chesterfield, Goochland, Hanover and Henrico counties, the average number of days on the market was 113 as of Monday, according to data from the Central Virginia Regional Multiple Listing Service.
The Middle Quarter Lane house is owned by trustees of Stephen and Sharon Loving, who bought it in 2011 for $1.53 million, according to county property records. Stephen Loving is a retired branch president with Automated Logic Corp., a building automation firm that purchased his company, Aero Integrated Solutions, the same year.
A recent county assessment valued the house and 1.9-acre lot at $1.55 million.
The three-story house was built by Goochland-based Tuckahoe Creek Construction. It includes first- and second-floor master suite options, a custom kitchen with adjoining laundry and mud room, two rec rooms and a three-car garage. The property also includes a pool and outdoor kitchen.
McGill said those features, as well as the home’s presentation, were significant to securing a buyer so quickly.
“This particular home was beautifully built – really quality construction – and beautifully maintained by its owners, and that appeals,” McGill said. “That’s attractive to a buyer.”
Just down the street from the Middle Quarter Lane house, another million-dollar listing has been on the market for more than 200 days. The 7,000-square-foot home at 1004 Middle Quarter Court, owned by Paper Moon owner Frazier T. Boyd III, was listed in August for $1.7 million.
The Middle Quarter listings aren’t the priciest in the area. Just north of the golf course, closer to River Road, a two-story colonial built in 1961 is listed at $2.5 million, reduced from its original asking price of $2.8 million.
That house went on the market in late September, more than 150 days ago. It’s been listed at its current price for a third of that time.