With multiple offers taking it over the $3 million mark, one of the newer homes along an “old” street in Richmond’s West End came in as the priciest residential real estate deal in the area last month.
The 6,400-square-foot house at 405 Old Locke Lane sold Nov. 15 for $3.1 million, above its Oct. 6 list price of $2.99 million.
Rand Properties’ Remington Rand had the listing, representing seller Jeffrey Miller. He said Miller, a financial adviser with Northwestern Mutual and founder of Richmond-based Miller Financial Services, is downsizing locally after becoming an empty nester.
City property records list the buyer as Katherine V. McLellan Revocable Trust, which was represented by Alexis Thompson with River Fox Realty. Thompson said the buyer requested privacy.
Rand said the listing received three competing offers that took it into a price range rarely seen in Richmond. Only one other home in metro Richmond this year has sold above $3 million: 22 W. Lower Tuckahoe Road, an 8,100-square-foot house in Goochland County that went for $3.5 million in September.
“You just don’t see a lot of sales in Richmond reach the $3 million mark,” Rand said. “This one in particular was completely immaculate. The owner had built the house and had done serious work over the years to keep it in tip-top shape.”
Rand said he priced the listing based on recent sales in the area, including in neighboring Windsor Farms, where a $2 million sale over the summer came in at nearly double that home’s asking price. The 0.7-acre Locke Lane property most recently was assessed by the city at $1.68 million.
“Based on market sales that were pretty high and pretty surprising, my client and I decided to price the house aggressively and hone in on the exact type of buyer for the property,” Rand said. “We got three offers, and they were all very competitive and circled in right at the dollar amount that I was expecting the property to sell for, based on the comparable sales in that area.”
Built in 2004, the two-story, Tudor-style house totals five bedrooms, three bathrooms and two half-baths. Designed by Jay Hugo of architecture firm 3north and built by Holder Bros. Construction, the house includes a covered outdoor living area, a billiards room with a wet bar and a wood-paneled office with a gas fireplace.
The first-floor owner’s suite has two walk-in closets, a steam shower and a jetted tub. Four more bedrooms are upstairs with two updated bathrooms, a gym and a media room over the garage. The property also includes a heated pool, gas fire pit area, outdoor kitchen, covered TV area and a three-car garage with an electric car hookup.
The house went under contract about a week after listing, a turnaround Rand attributed to its newness in an older neighborhood.
“One of the main driving factors for a lot of people with this house was that it was newer and they weren’t going to have to chase down gremlins of an older house, especially one of this size and magnitude,” Rand said. “The way that it was laid out, and just the contemporary nature of the house … it’s very hard to adapt a turn-of the-century home to have those more modern conveniences.”
The house isn’t the first along the Locke/Lock Lane corridor to top the area’s monthly home sales list. Last year, tennis legend Billie Jean King signed off as executor on the $2 million sale of her friends’ 6,200-square-foot house at 301 Lock Lane, a few doors away.
Rounding out the top five sales for November were, according to the Central Virginia Multiple Listing Service:
- 5 Greenway Lane, Hampton Gardens, Richmond – $2.6 million. Listing agent: Margaret Wade, Long & Foster; buyer’s agent: Nancy Cheely, Joyner Fine Properties.
- 9101 James Riverwatch Drive, Riverwatch, Richmond – $1.8 million. Listing agent: Michelle Ferguson, Virginia Properties Long & Foster; buyer’s agent: Ann Vandersyde, Virginia Properties Long & Foster.
- 7627 Hill Drive, Southampton, Richmond – $1.65 million. Listing agent: Susan Sadid, Joyner; buyer’s agents: Scott Shaheen and Scott Ruth, Shaheen, Ruth, Martin & Fonville Real Estate.
- 2206 Monument Ave., Richmond – $1.5 million. Listing agents: Jeannette Mock and Taylor Steele, The Steele Group | SIR; buyer’s agents: Bill Gallasch and Ceci Amrhein-Gallasch, Joyner.