Mansion Sells, Was it a Good Price?

The Mansion on Bank Street sold at auction for $400,000.00 plus the 10% auction fee for a total of $440,000.00. I keep getting asked, “Was it a good deal?” Depends on which side of the sale you are on. I hear and read in the local paper that the buyer is planning on making it into a Bed and Breakfast with other offerings to the community. I also heard she purchased about $60,000.00 worth of the furniture at the auction.

I was at the auction to see the fun and I noticed only three people made bids, plus one of the owners threw in a bid. Not sure how that works in an “absolute auction”, but they would have the right to do so. Auctions work well if you have interested parties that bid against each other and run the price up in the frenzy.  Also, I noticed that no locals were willing to go the price to make it their dream home.  It really is one of the most magnificent homes I have ever been in and I have been in a lot of homes. In today’s market and with today’s building costs, it would probably take two million dollars to replicate the home, lot and furniture purchased.

So, was it a good buy? Well, we will see. You “marry” a home like this when you buy it, for better or worse. A big unknown is what will it really cost to get it to be that upscale Bed and Breakfast. In my opinion, the most important factor will be if the local community really gets behind this new owner and supports her efforts. We need to send her business, use the home for parties and support her in this adventure. I have never met her, but I am in, are you? Let me know.

Harry L. Cross, III

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Specializing in properties in South Hampton Roads, Virginia.