The 10,000-square-foot house at 5105 Stratford Crescent returned to the market last week, less than a year after it last sold. (Photos courtesy CVRMLS)
Two weeks after a nearby mansion set a new high mark for residential sales in the city, another home apparently tied to it changed hands in the second-highest deal seen in Richmond this year.
The 10,000-square-foot house at 5105 Stratford Crescent sold Aug. 28 for $7.5 million. The all-cash purchase was above the home’s July 31 list price of $6.75 million, and above its previous sale last fall at $6.25 million.
The buyer is an LLC tied to Karen and Scott Phillips, according to the deed and filings with the State Corporation Commission. Scott Phillips is president of real estate firm Legacy Investment Holding Co. and retired from engineering consultant Tetra Tech, according to a LinkedIn page.
They were represented by Mahood and Walker Fonville with Shaheen, Ruth, Martin & Fonville Real Estate. The husband-and-wife team declined to comment.
John Martin
SRMF’s Holly and John Martin, also spouses, represented the seller, an LLC that purchased the house last October from previous owners Matthew and Amy Ernst. The Ernsts bought the 1.7-acre, double-lot property for $2.5 million in 2008.
John Martin said they received multiple offers that drove up the sale price.
“We felt like that would happen based off what buyers are still out there looking in this price range and the importance of this house, location and having the bonus lot with the sale,” Martin said. “We had a solid full week of showings with both local and out-of-town buyers.”
The seller appears to be tied to another LLC that purchased 5407 Cary Street Road, a nearby home that sold Aug. 14 for $9 million, an apparent record in the city. The LLC used to buy that house shares the same registered agent as the Stratford Crescent LLC, which is likewise based in Roanoke. Both LLCs were also represented by John Martin, who wouldn’t discuss the buyers or sellers.
Totaling six bedrooms with six bathrooms and three half-baths, the Georgian-style Stratford Crescent house was built in 1937 and added onto in 2008, when the Ernsts remodeled it. Jay Hugo with architecture firm 3North designed the renovation, and J.D. Robbins Builder Inc. completed the remodel.
The 1.7-acre property includes an adjoining lot that sells with the house.
The house has two wet bars and a 1,300-bottle wine cellar and tasting room on the basement level, where there’s also a spa with gas fireplace, a wet/dry sauna and a workout room. A heated 20-by-44-foot saltwater pool installed by Charlottesville Aquatics includes a hot tub and 40-degree cold plunge tub. The property also has a three-car garage with upstairs in-law suite or flex space.
The city has assessed the double-lot property collectively at $4.6 million.
Martin said the two sales within weeks of each other show a demand for high-end homes in those price points.
“Richmond has more room to grow when it comes to housing values. We are still a value destination for what you get for your money, and our town offers so much,” he said. “We should start to see other renovated properties in the city and West End come to the market over the next few years. It is an exciting time in Richmond with our growth, and sales are busy across the board in all price ranges.”
Also nearby, the French Normandy-style house at 5800 Three Chopt Road sold Aug. 29 for $2.6 million after being listed in June at just under $3 million. A few doors away, 5904 Three Chopt sold in May for $2.9 million. And farther north, the house at 6317 Three Chopt Road hit the market last week with an asking price of $2.85 million.
The 10,000-square-foot house at 5105 Stratford Crescent returned to the market last week, less than a year after it last sold. (Photos courtesy CVRMLS)
Two weeks after a nearby mansion set a new high mark for residential sales in the city, another home apparently tied to it changed hands in the second-highest deal seen in Richmond this year.
The 10,000-square-foot house at 5105 Stratford Crescent sold Aug. 28 for $7.5 million. The all-cash purchase was above the home’s July 31 list price of $6.75 million, and above its previous sale last fall at $6.25 million.
The buyer is an LLC tied to Karen and Scott Phillips, according to the deed and filings with the State Corporation Commission. Scott Phillips is president of real estate firm Legacy Investment Holding Co. and retired from engineering consultant Tetra Tech, according to a LinkedIn page.
They were represented by Mahood and Walker Fonville with Shaheen, Ruth, Martin & Fonville Real Estate. The husband-and-wife team declined to comment.
John Martin
SRMF’s Holly and John Martin, also spouses, represented the seller, an LLC that purchased the house last October from previous owners Matthew and Amy Ernst. The Ernsts bought the 1.7-acre, double-lot property for $2.5 million in 2008.
John Martin said they received multiple offers that drove up the sale price.
“We felt like that would happen based off what buyers are still out there looking in this price range and the importance of this house, location and having the bonus lot with the sale,” Martin said. “We had a solid full week of showings with both local and out-of-town buyers.”
The seller appears to be tied to another LLC that purchased 5407 Cary Street Road, a nearby home that sold Aug. 14 for $9 million, an apparent record in the city. The LLC used to buy that house shares the same registered agent as the Stratford Crescent LLC, which is likewise based in Roanoke. Both LLCs were also represented by John Martin, who wouldn’t discuss the buyers or sellers.
Totaling six bedrooms with six bathrooms and three half-baths, the Georgian-style Stratford Crescent house was built in 1937 and added onto in 2008, when the Ernsts remodeled it. Jay Hugo with architecture firm 3North designed the renovation, and J.D. Robbins Builder Inc. completed the remodel.
The 1.7-acre property includes an adjoining lot that sells with the house.
The house has two wet bars and a 1,300-bottle wine cellar and tasting room on the basement level, where there’s also a spa with gas fireplace, a wet/dry sauna and a workout room. A heated 20-by-44-foot saltwater pool installed by Charlottesville Aquatics includes a hot tub and 40-degree cold plunge tub. The property also has a three-car garage with upstairs in-law suite or flex space.
The city has assessed the double-lot property collectively at $4.6 million.
Martin said the two sales within weeks of each other show a demand for high-end homes in those price points.
“Richmond has more room to grow when it comes to housing values. We are still a value destination for what you get for your money, and our town offers so much,” he said. “We should start to see other renovated properties in the city and West End come to the market over the next few years. It is an exciting time in Richmond with our growth, and sales are busy across the board in all price ranges.”
Also nearby, the French Normandy-style house at 5800 Three Chopt Road sold Aug. 29 for $2.6 million after being listed in June at just under $3 million. A few doors away, 5904 Three Chopt sold in May for $2.9 million. And farther north, the house at 6317 Three Chopt Road hit the market last week with an asking price of $2.85 million.
Why does Bizsense continue to think it’s appropriate for them to expose the buyer/seller behind an LLC? The practice of transacting in residential real estate via an LLC is primarily done for the sake anonymity.
I think they would refer to it as investigative journalism. By piercing the corporate shell, they disclose the persons behind the deal. If they really wanted to hide, the buyers would have used an agent (lawyer) in the registration
Is this information public record? If so, no real harm done.
It’s all public record for sure!
Two better questions might be: why don’t we require public disclosure of all property ownership? How does having so many LLCs involved in owning residential property benefit a neighborhood?
I’m not sure why it matters either way. I can’t think of a reason that I need to know who owns a particular house. What do you think this is an issue?
I’m impressed, I wouldn’t have thought there was a market at this price point in Richmond
Indeed! This is $750.00 per square foot (well, including the land). That’s pretty pricey for this market…and how’s about those property taxes!
What is interesting is that despite the fact that this house sold for $6.25M last year, and $7.5M this year, the new 2025 city assessment for next year is $5.3M. So the new owners get ~30% discount on their prop tax!
It’ll get marked to market next year. These days Richmond tends to over assess
Yeah for sure,all cash.How about that?