After shaving off some acreage and slashing its price tag, a western Henrico home initially listed for $2.2 million has sold for nearly half its original asking price.
The 10-room Georgian-style home at 911 S. Gaskins Road, on the ninth fairway of the Country Club of Virginia’s James River Course, sold Dec. 3 for $1.16 million.
That’s just below its reduced price of $1.29 million, which the listing was changed to in late October. And it’s almost 50 percent lower than its original list price of $2.24 million set on Sept. 8.
The markdown was part of change in strategy in how the 5-acre property was marketed to buyers. According to an update in its MLS listing, the reduced price in October reflected the removal of an adjacent buildable lot that had been included in the original offering.
Laura Peery of The Steele Group | Sotheby’s International Realty, who co-listed the property with Bo Steele, said the change was a plan B that they had prepared for before putting it on the market.
“For unique properties like this, I always come up with two to three business approaches before it even goes on the market,” she said. “The first scenario was to sell to a smaller market who would want the whole 5 acres and the whole golf course living and the big mansion.
“We felt that market out, and very quickly, within two or three weeks, we realized we needed to go to plan B, which was redrawing the boundary lines and making it two separate pieces to sell.”
Peery said they received interest in the higher-priced listing but did not receive any offers. Steele said the decision to divvy up the property was encouraged by inquirers who said they’d be interested in the smaller plots.
Once they split the property, Peery said, the properties sold within days.
The buildable lot, originally 1.2 acres, was expanded to just more than 2 acres to comply with county setback requirements. That property was then listed for $749,000 and sold for $760,000, closing Dec. 3 after a competitive bidding process. County records list the buyers as Raymond G. and Karen B. Williamson Jr.
Once reduced, the lot with the house, now 2.8 acres, was purchased by Robert M. and Stuart C. Roberts Jr., according to property records. They were represented in the deal by Mary McDonald, an agent with Long & Foster’s Virginia Properties.
The 5-acre property was previously the home of the late William S. and Anne R. Dingledine, who owned it for 50 years. The property had been held by a family trust since Williams Dingledine’s death in 2014.
Both lots are situated on the ninth fairway of the CCV’s James River Course, which will play host to next year’s PGA Champions Tour.
“That golf course only has seven houses on the golf course, so for a lot of buyers, the idea is being able to either renovate that existing beautiful Georgian mansion, or building what they want, to have the eighth house on the golf course, seemed very appealing,” Peery said. “It just worked.”