Note: This story has been updated with input from listing agent Jared Davis.
A home listing marketed as a “development opportunity” was the region’s priciest residential real estate transaction in January, beating out a century-old house in Richmond’s West End that likewise came in above the $3 million mark.
Topping the list was 18301 Duval Road, a 36-acre property beside Magnolia Green in Chesterfield that sold Jan. 8 at its list price of $3.7 million.
Jared Davis with EXP Realty listed the property Dec. 30 for the seller, Beau Terrill, who bought the property in 2016 for $610,000, property records show. The county assessed the property this year at over $662,000.
The 36-acre Duval Road property includes a house that dates to the early 18th century. (Photo courtesy Jared Davis)
The buyer is an entity tied to Main Street Homes, a Midlothian-based developer and homebuilder whose projects include the nearby Cosby Village development.
Vernon McClure
Main Street President Vernon McClure said the property’s proximity to Magnolia Green and other development activity in the county’s Moseley area made it an attractive investment. He said Main Street has no immediate plans to develop the property but expects it will in time.
“It’s just in an area where there’s a lot of things going on,” McClure said, noting fellow developer Doug Sowers’ recent zoning approval for a 200-home subdivision on 100 acres immediately east of the property.
“We were able to work out a deal with (the seller) to buy it,” McClure said of the all-cash purchase. “We’re just going to hold it for now.”
While listed in the Central Virginia Regional Multiple Listing Service for homes for sale, Davis marketed the property as a development opportunity and included a GPS image with an outline of the property.
Jared Davis
Davis, who represented Terrill when he bought the property, said the Sowers development in the works next door prompted Terrill to put it on the market.
“When they bought that house, there was kind of nothing out there,” Davis said. “Chesterfield has just blown up out there over the last few years.
“Ultimately it was going to end up being Doug Sowers’ neighborhood on the left, Mag Green on the back and who knows what was going to happen on the right, so they reached out and said we probably need to do something about this,” he said, adding that Terrill had received interest from developers. “From the beginning I told them the highest and best use would be development. It’s worth probably about a million bucks if we had sold it just as the house.”
The acreage includes a 1½-story, wood-frame dwelling that was built in 1725. The house has four bedrooms, 3½ bathrooms and totals 3,000 square feet. The property also has garage space for four vehicles.
The month’s second-highest sale, according to CVRMLS, was 6209 Three Chopt Road, which also sold at list price on Jan. 7 at $3.45 million. The 4,700-square-foot house near the Country Club of Virginia was put on the market Nov. 18 and went under contract a week later.
The two-story colonial at 6209 Three Chopt Road was the second-priciest sale in January. (Photos courtesy CVRMLS)
Long & Foster team Donna and Jim Ransone represented the seller, listed in Richmond property records as a trust for Jane Covington. The listing was the property’s first in 50 years, as sales information available online shows it last sold in 1974 for $155,000.
Meg Grymes with The Steele Group | Sotheby’s International Realty represented the mystery buyer, who made the all-cash purchase under an entity called Magnolia24 LLC.
The Ransones’ listing notes the 2-acre property has three large magnolia trees within a circular driveway that provide a visual buffer from the street. The two-story colonial has four bedrooms and five bathrooms and totals 4,700 square feet.
The house is buffered from Three Chopt Road by three large magnolias in the circular driveway.
The house has a front-to-back center hall and includes a rear deck and garden and a screened porch overlooking a brick fountain. The property also includes a 640-square-foot guest cottage with laundry and a kitchen.
The city assessed the property this year at just over $2 million.
Rounding out the top five sales for January were, according to the CVRMLS:
9131 James Riverwatch Drive, Riverwatch on the James, Richmond – $2.34 million. Listing agent: Caleb Boyer, Providence Hill Real Estate; buyer’s agent: Jeannette Mock, Joyner Fine Properties.
1255 Flat Rock Crossing, Logan Woods, Goochland – $2.15 million. Listing agent: Pam Pope, Long & Foster; buyer’s agent: non-MLS user.
5206 Cary Street Road, Richmond – $2.1 million. Listing agents: Margaret Wade and Debbie Gibbs, Steele Group | SIR; buyer’s agent: Blakely Smith, Hometown Realty.
Note: This story has been updated with input from listing agent Jared Davis.
A home listing marketed as a “development opportunity” was the region’s priciest residential real estate transaction in January, beating out a century-old house in Richmond’s West End that likewise came in above the $3 million mark.
Topping the list was 18301 Duval Road, a 36-acre property beside Magnolia Green in Chesterfield that sold Jan. 8 at its list price of $3.7 million.
Jared Davis with EXP Realty listed the property Dec. 30 for the seller, Beau Terrill, who bought the property in 2016 for $610,000, property records show. The county assessed the property this year at over $662,000.
The 36-acre Duval Road property includes a house that dates to the early 18th century. (Photo courtesy Jared Davis)
The buyer is an entity tied to Main Street Homes, a Midlothian-based developer and homebuilder whose projects include the nearby Cosby Village development.
Vernon McClure
Main Street President Vernon McClure said the property’s proximity to Magnolia Green and other development activity in the county’s Moseley area made it an attractive investment. He said Main Street has no immediate plans to develop the property but expects it will in time.
“It’s just in an area where there’s a lot of things going on,” McClure said, noting fellow developer Doug Sowers’ recent zoning approval for a 200-home subdivision on 100 acres immediately east of the property.
“We were able to work out a deal with (the seller) to buy it,” McClure said of the all-cash purchase. “We’re just going to hold it for now.”
While listed in the Central Virginia Regional Multiple Listing Service for homes for sale, Davis marketed the property as a development opportunity and included a GPS image with an outline of the property.
Jared Davis
Davis, who represented Terrill when he bought the property, said the Sowers development in the works next door prompted Terrill to put it on the market.
“When they bought that house, there was kind of nothing out there,” Davis said. “Chesterfield has just blown up out there over the last few years.
“Ultimately it was going to end up being Doug Sowers’ neighborhood on the left, Mag Green on the back and who knows what was going to happen on the right, so they reached out and said we probably need to do something about this,” he said, adding that Terrill had received interest from developers. “From the beginning I told them the highest and best use would be development. It’s worth probably about a million bucks if we had sold it just as the house.”
The acreage includes a 1½-story, wood-frame dwelling that was built in 1725. The house has four bedrooms, 3½ bathrooms and totals 3,000 square feet. The property also has garage space for four vehicles.
The month’s second-highest sale, according to CVRMLS, was 6209 Three Chopt Road, which also sold at list price on Jan. 7 at $3.45 million. The 4,700-square-foot house near the Country Club of Virginia was put on the market Nov. 18 and went under contract a week later.
The two-story colonial at 6209 Three Chopt Road was the second-priciest sale in January. (Photos courtesy CVRMLS)
Long & Foster team Donna and Jim Ransone represented the seller, listed in Richmond property records as a trust for Jane Covington. The listing was the property’s first in 50 years, as sales information available online shows it last sold in 1974 for $155,000.
Meg Grymes with The Steele Group | Sotheby’s International Realty represented the mystery buyer, who made the all-cash purchase under an entity called Magnolia24 LLC.
The Ransones’ listing notes the 2-acre property has three large magnolia trees within a circular driveway that provide a visual buffer from the street. The two-story colonial has four bedrooms and five bathrooms and totals 4,700 square feet.
The house is buffered from Three Chopt Road by three large magnolias in the circular driveway.
The house has a front-to-back center hall and includes a rear deck and garden and a screened porch overlooking a brick fountain. The property also includes a 640-square-foot guest cottage with laundry and a kitchen.
The city assessed the property this year at just over $2 million.
Rounding out the top five sales for January were, according to the CVRMLS:
9131 James Riverwatch Drive, Riverwatch on the James, Richmond – $2.34 million. Listing agent: Caleb Boyer, Providence Hill Real Estate; buyer’s agent: Jeannette Mock, Joyner Fine Properties.
1255 Flat Rock Crossing, Logan Woods, Goochland – $2.15 million. Listing agent: Pam Pope, Long & Foster; buyer’s agent: non-MLS user.
5206 Cary Street Road, Richmond – $2.1 million. Listing agents: Margaret Wade and Debbie Gibbs, Steele Group | SIR; buyer’s agent: Blakely Smith, Hometown Realty.
At what point will Chesterfield stop this unchecked development?
At the banks of the Appomattox River on the south and west, the James River on the north, and city of Richmond line on the east. Unless, of course, they try to annex parts of the city.
Chesterfield is depressing.