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Real Estate

FOR SALE: Charles E. Brauer House ($619,000)

The Charles E. Brauer house at 2002 Princess Anne Avenue is for sale for $619,000:

The Charles E. Brauer House, circa 1904 is an exceptionally fine example of Queen Anne architectural style. A grand home atop one of Church Hill’s greatest monuments, Union Hill. Fabulous views of the city from the restored wrap around front porch. This home is in the process of being restored and conveys “As Is”. […] The home has 5 exquisite non-working coal fireplaces, 4 of the original stained glass windows and provides a clean slate to put the polish on this Historic Richmond gem.

At the other end of the spectrum:

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11 comments

AlexRVA 12/18/2011 at 2:30 PM

It’s a beautiful house but the realtor and seller must be smoking crack to think its worth that much in ‘as is’ shape. There’s been a number of houses of similar quality in more desirable parts of the hill that have gone for less in fixed shape. 400-500 is a lot more like it. The seller bought for 400 in 2008 and definitely hasn’t put in 220 worth of work since then but market has fallen. Plus by buying so high, it eliminates jut about any chance that the buyer can get historic tax credits since they require a significant percentage of the purchase price to be spent on improvements. At 400, this may be feasible, at 600 less so.

Sellers looking to make a quick buck like this are why the market still hasn’t bottomed out. There’s another one on 30th and Broad where the seller appears to have gotten a sweetheart deal from the city, done some token work and is now trying to flip for a 75k profit. It just ties up inventory and leaves beautiful home rotting away when folks like this get involved.

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Patrick Mayo 12/18/2011 at 3:38 PM

also at the other end of the spectrum is 1123 N 31st:

http://www.zillow.com/homedetails/1123-N-31st-St-Richmond-VA-23223/12521187_zpid/

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seer 12/18/2011 at 7:45 PM

who do they think they are fooling? This is NOT Charleston or San Francisco!

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john_m 12/19/2011 at 11:38 AM

I don’t know… this is a huge, unique brick house on arguably the most beautiful park in RIchmond, in the city’s most historic neighborhood. If a plain ol’ frame houses 6 blocks north sell for over $100,000, this doesn’t seem ridiculous to me.

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MrsAlex 12/19/2011 at 12:13 PM

I agree that the park has some great views, but I wouldn’t call it the most beautiful park in Richmond… even in Church Hill, Libby Hill and Chimborazo are at least similarly beautiful. I’ve also heard that there is a whole lot of drug activity in/around that park, which many people find undesirable. Plus, Mosby Street seems to degrade pretty quickly as you head away from the park, and many people in the market for a $600k house wouldn’t want to be that close to what lurks behind the park.

Add to that the fact that this house would still require significant investment to be move-in ready, and I don’t think it’s worth anything close to $600k, despite its size and architectural beauty.

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AlexRVA 12/19/2011 at 12:23 PM

John, don’t get me wrong, I do agree that this is a one of a kind house and has upside. Problem is that it is priced at what some pretty awesome and finished restorations go for.

If the seller bought for $385 when the market was higher than it is now and hasn’t restored it beyond as is condition, I think it ridiculous to ask 200 more than what they paid. The fact that they stopped before finishing suggests to me that: a) they found some issues, b) they have their own doubts about whether sinking more money into this is worth it or c) they think they can make a quick buck by doing some token renovations.

I could be wrong. Personally, I’d taken any number of houses I’ve seen in the 400s and low 500s over this. And as I mentioned earlier, it annoys me to see beautiful homes being left unfinished for years because sellers wonder trying to hold out for something unreasonable. I hope this doesn’t happen here.

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James 12/19/2011 at 12:30 PM

Union Hill is the most beautiful park in the city? Huh? I think you are crazy. If it wasn’t so close to the high crime areas, it might be in the top 5, but as it sits now, I don’t even rank it in the top 10. Sure, the views of the city are nice, but that’s about it. I used to run there daily. I preferred Libby and Chimbo for sure.
I also agree that this house is priced too high. It is Union Hill near Mosby, not Monument Ave.

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Zookeeper 12/20/2011 at 10:48 AM

I may not have all the facts here, but if memory serves me, the woman who was renovating this property had high end plans. During the process she became ill, very ill, possibly terminal and the entire project was dropped. So I don’t believe it is any of the reasons mentioned.

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AlexRVA 12/21/2011 at 11:22 AM

Zoo, it’s a shame to hear that and I wish they had been able to finish those plans. In finished shape the house would be spectacular, there’s no denying that. I just think its a shame because at the price they want now it’s likely to sit for a long time.

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