House flipping continues even in this market
After selling at auction back in March for $6,500, 2314 Burton Street is now for sale for $39,000 (which is still $38,000 BELOW assessed value…).
After selling at auction back in March for $6,500, 2314 Burton Street is now for sale for $39,000 (which is still $38,000 BELOW assessed value…).
Might as well tear this one down…nobody wants to live there.
I remember the older gentleman who bought this property at auction. Seemed nice but I guess few are in this with charitable aims. He brought an advisor with him who assesses properties for him. I wish they had gone a different way on this one but … it’ll come in time.
This home is one of seven built in a row as part the workforce housing for the Hasker-Marcuse factory (now Church Hill House). It and the store (now a church) at the corner were built in 1915.
From the Union Hill historic district nomination:
In 1879, Charles H. Hasker began manufacturing paper tags, labels and show cards in the woodshed behind his residence at 2312 N Street (now called Cedar Street). The business grew rapidly and in 1885 he began manufacturing tin tags and impression plates for embossing plug tobacco in a two-story brick building erected at 810 N. 24th Street. In 1890, he erected a four-story L-plan brick factory on Venable Street (Church Hill House). One year later, Hasker became partners with Alexander J. Marcuse and sons. The new partnership added the manufacture of plain and decorated tin boxes and tin signs to their business. The company employed 175 persons by 1893 and many were Union Hill residents. “Among these employees are a number of female help and also some of the best skilled mechanics and artists in the United States–designers, lithographers, engravers on stone, wood and steel, and die and tool makers, etc.” The building was expanded in 1900 and 1915. American Can Company acquired the factory in 1901 and continued in operation until 1951. “Demand for the specialized products of the factory had ceased, and the sophisticated machinery was not adaptable for other uses, and the factory was sold to be used as a warehouse.”[22] Charles Hasker was an active member of Union Station Methodist Church and a well-respected community leader. After his retirement in 1896, Hasker traveled the country lecturing to raise money for churches, schools and lodges. A popular speaker, Hasker recounted his personal experiences during the Civil War battle of the Monitor and the Merrimac. Hasker died in 1898. He was regarded with such esteem that, in 1906 when Union Station established a mission church nearby at 2700 Q Street, it was named Hasker Memorial Methodist Church. No objection was made to the erection of a large factory in the community, further evidence of the close-knit nature of Union Hill, and the respect for Hasker.
thanks Houdon for sharing that very thoughtful bit of history
I love that row of houses on Burton Street because they’re unique to Union Hill/Church Hill and remind me of houses I see in other parts of Richmond (Museum District near Patterson & Sheppard.)
@post 1/Laura, are you serious, or just joking? Yeah, they may be a little worse for wear on the outside, but that’s cosmetic. They’re sturdy brick structures that are viable rehab projects. Are you more concerned about the activity on Venable Street, possibly making the area challenging for some residents? Why do you think this house should be torn down?
How safe is that area?
What is the ownership of the other units in this row?
There is very little property crime or violence, but about once a year or so there seems to be a shooting a block away on Venable Street. Seems to be some drug traffic in the immediate area.
It is between 2 areas that tend to be more safe, less dodgy – with the rest of Union Hill immediately south, and the south end of Fairmount just across Carrington Street.
Are there programs to help finance homes that need alot of work? Thanks all!!
Mark #9, check out the Alliance to Conserve Old Richmond Neighborhoods.
http://www.richmondneighborhoods.org/
They are not in the business of loaning money but they are a resource, and might be able to point you at sources, in addition to explaining the tax credits available from rehab.
@5 Elaine..no, I wasn’t joking. It’s just the market speaking. If the property recently sold for a mere $6500, what does that say for the property…and the area?
The folks who take huge risks in rehabbing a place in terrible area (for many reasons), should be commended. Unfortunately, I know a few folks up here who got burned (badly) by taking these same risks. I still believe the best use for the property is to raze the structure to remove the blight. I certainly don’t feel that way about every blighted property up here…some were just dealt a losing hand.
@Laura…to be clear, the property sold for $6,500 because it was being sold by the City at tax-sale auction. $39,000 is probably closer to its actual value and is, I believe, well under the tax assessed value.
Hmmm. I guess we’ll just have to watch and see what happens. right?
The “value” of a property is what somebody is willing to pay for it. assessments mean nothing and many of the city’s are inflated to keep the revenue stream going. the city will adjust those who appeal…most don’t.
I can’t believe this one sold for $6500. That was a steal. I wasn’t aware houses were going at such low prices at auctions. If I had the resources I would even pay the 39k and have it renovated. It looks very solid and full of potential. Of course it would not be suitable for those faint at heart – Me, I’m quite fearless!
Blessings,
CordieB.
Great attitude Cordie! That’s what has, is and will continue to turn this area around.
It is a good deal in the 39K range.
The assessment appeal process is pretty easy, although there is a waiting period until your appeal is heard.
This property is taxed at a $77,000 value. If it’s in the Historic District enroll it in the abatement program and they will most likely abate the taxes to a lower amount.