Saturday, October 27, 2012

Failure to sell the Property

Over the course of this same year my real estate agent and I continued to attempt to sell the property but now the entrance to the property that went solely down a wooded lane and past vineyards to the property was no longer available.  The remaining entrance was through a commercial winery with a tasting room and a manufacturing facility.  The winery had recently been sold and the new owners were in the process of determining how the new facility would be developed.

This commercial entrance with the traffic and noise generated became a major deterrent in the sale of the property in spite of our dropping the price by hundreds of thousands of dollars.  While other comparable properties with similar residential entrances to the lost easement sold at values per acre more than our original list price of $1,295,000, this property still did not sell when the list price was dropped by $750,000 and in late July 2009 I allowed it to be foreclosed on for $499,000 making its value per acre a mere fraction of neighboring and comparable properties that did not have an entrance through a commercial property.