A fro-yo chain founder and a local pharmacy owner have received offers on their respective West End homes soon after they were listed at prices well above the $2 million mark.
The 7,600-square-foot home of Derek and Annah Kim Cha at 4913 Lockgreen Circle went under contract Sunday, two weeks after it was listed Oct. 30 for $2.39 million.
Derek Cha is the founder of frozen yogurt chain Sweet Frog. He is also behind the Zzaam Fresh Korean Grill restaurant chain and a waterpark-anchored development planned in Midlothian. He sold his controlling stake in Sweet Frog to a local private equity group in 2015.
Margaret Wade with Long & Foster listed the property for the Chas, who have owned the home since late 2014, a year after it was built in the gated Lockgreen community west of Windsor Farms. Online property records do not reflect a purchase price for the Chas. The latest city assessment valued the home at $1.88 million.
Wade declined to comment on the Chas’ plans but said the listing received interest from seven parties, all local. She said the buyer is local as well and is scheduled to close on the property in mid-December.
Wade said she expected to sell the home to an out-of-towner, having marketed the listing through Long & Foster’s affiliation with Christie’s International Real Estate. She also held an agents’ preview and luncheon to spread the word and produced a drone video that was shared on social media.
“I think that whetted people’s appetites,” Wade said. “I was expecting to bring an out-of-towner with all the marketing that was done, but it was interesting all the buyers that looked at it were local, and a local person bought it.”
Built in 2013, in an area of the city that’s largely built out, Wade said the home was a unique listing for its age and condition, on top of its location.
“It’s unusual to have a house that’s only 4 years old in the city of Richmond that’s so beautifully done,” she said. “If you want newer construction and top-of-the-line everything, you usually have to do a renovation yourself.”
Totaling six bedrooms, six bathrooms and two half-baths, the two-story house includes a first-floor master suite, home theater, gym, elevator and wine cellar. The half-acre property also includes a putting green and three-car garage.
About a half-mile away, a 6,500-square-foot home at 4501 Sulgrave Road in Windsor Farms was listed as pending apparently as soon as hit the market Nov. 7 for $2.7 million.
Taylor Steele with The Steele Group | Sotheby’s International Realty has that listing and is representing the sellers, Baylor and Marni Rice. Baylor Rice owns South River Compounding Pharmacy, which he and his wife started in 1998.
A call to Steele on Wednesday was not returned by press time.
Built in 1951, the six-bedroom, 6½-bathroom Georgian house includes a circular entrance hall with curved staircase and ornate moldings, a formal dining room with custom-built buffet and cabinets, a renovated kitchen with mahogany-countertop island, first- and second-floor master bedrooms and a bar. The 1.3-acre property, adjacent to Agecroft Hall, also includes a saltwater swimming pool and bluestone patios.
The Rices purchased the home in 2007 for $1.75 million, according to city records. It was most recently assessed at $1.6 million.
Wade said she’s not surprised to see listings above the $2 million mark turn around so quickly. No stranger to that price range, she has represented the sellers or buyers on several notable deals this year, including the top area home sale in March, the second-highest sale in July, and the top sale in May, the latter for another local restaurant investor.
“It’s been a great year. The market is really strong,” she said.
Richmond’s $2 million home sale market has been hot this year, with two deals topping that mark in August and two that topped area sales in July.