Million-dollar homes in Manakin-Sabot drop in price

Greenlea, with its pool house behind it in the distance. Courtesy CVRMLS.

Greenlea, with its pool house behind it in the distance. Photos courtesy CVRMLS.

Several high-dollar homes in the Manakin-Sabot area have been getting more affordable over the last few months.

Among them, Greenlea Farm, at 1614 Carriage Drive in Goochland, dropped in price in mid-January from $2.35 million to $1.99 million. The 7,600-square-foot home on 40 acres near Dover Creek was originally listed last May.

Listing agent Karen Stephens of Joyner Fine Properties said the property’s owners, Curtis and Rochelle “Shelly” Wiltshire, are looking to downsize. The couple – an orthodontist and an interior decorator, respectively – purchased the property in 2008 for $1.89 million, according to county property records.

Greenlea Farm

Greenlea Farm spans 40 acres

Stephens said the Wiltshires have since put an additional $1 million into the property, much of that spent on a heated saltwater pool and guest house that won a Silver Medal award from the American Institute of Architects in 2010.

Built in 2009 and designed by James Fraerman of Chicago-based Fraerman Associates Architecture, the two-story pool house includes an open living area, an office and upstairs bedroom, with exterior stonework designed to match that of the main house’s chimneys.

Built in 1991, the main house includes six bedrooms and 4½ bathrooms across three levels.

Stephens said the property had received interest from three or four prospective buyers before the reduction in price, which she hopes will spur further interest.

“They want to sell the house,” Stephens said of the owners. “They are ready to downsize.”

Greenlea Farm is about a mile from the massive Dover Hall, a 33,000-square-foot Tudor-style estate. The so-called “castle of Goochland” built in the late 1990s, most recently sold in 2013 for $5 million – less than half its original list price of $11.5 million five years earlier.

Jonnie Williams put his home on the market

Jonnie Williams put his home at 1 Starwood Lane on the market about a year ago. CVRMLS.

Another Manakin-Sabot listing that has come down in price is 1 Starwood Lane, owned by former Star Scientific CEO Jonnie Williams Sr. The 28-acre estate, which includes a 14,700-square-foot house and a private baseball diamond, was priced last month at $3.2 million, below its initial asking price last March of $4.9 million. Long & Foster’s Susan Cullen has that listing.

Also nearby, the Colonial Williamsburg-inspired Braedon estate was relisted last month at $2.39 million. The 23-acre property was originally listed last April with an adjoining 22-acre equestrian parcel that upped its initial asking price to $4 million.

That parcel has been removed from the listing and is set to be marketed separately in about a month, said listing agent Mark Mascotte, an associate broker with Charlottesville-based McLean Faulconer.

Mascotte said a pending sale of a similar-size home in that area of Goochland for $2.4 million helped determine the price for the Braedon home parcel. He said a goal in relisting the parcels separately is to make sure the property reaches the right audience.

“There are a lot of professionals and families that know the area that work in Richmond and understand the location and the value that it has,” Mascotte said. “I think we’re situated right where we need to be in terms of price, and that will certainly help us market and find the right buyer.”

Braedon

Braedon. CVRMLS.

McLean Faulconer picked up the listing from Braedon owners Giles and Tracy Tucker, who originally listed Braedon via Richard Bower of Joyner Fine Properties. Giles Tucker is managing director of local financial firm Blue Edge Capital.

Bower, whose listings include several million-dollar homes, has also reduced the price of his most expensive listing: the 60-acre, 16,000-square-foot River Run Manor.

Originally put on the market in October 2014 for $7.9 million, the riverside mansion – built for a member of Richmond’s Massey family – was reduced in price last July to $6.8 million and again in December to $5.9 million.

Despite the drops in price, Bower said River Run Manor still retains its status as the highest-priced residential listing in the Richmond area. He said the reductions are not due to a lack of buyer interest but rather reflect several factors that are used to determine a price.

“Pricing adjustments are common at all price points,” Bower said, noting adjustments he’s made to six-figure listings as well. “It’s a function of the marketplace. It incorporates current market conditions; it incorporates owners’ objectives and owners’ timetables.

“All those sorts of things influence trying to figure out what is the right price for a particular property in any given time.” Referring to River Run Manor specifically, he added: “We’re trying to figure out that right place that we need to be in order to have our best chance in being successful in the sale.”

Bower said he’s had interest in River Run Manor from both local and out-of-state buyers, two of whom, he said, “are still giving it serious consideration and are still doing their due diligence.”

“I’m very optimistic about its prospects of selling in the near future,” he said.

river-run-ftd

River Run Manor. CVRMLS.

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