Is it me or is this house WAY overpriced?

Question

Maybe I'm pulling comps wrong here, but I'm looking at 1719 Porter Street, Richmond, Virginia and $140k is WAY too high. Looking at 2br houses sold nearby for literally tens of thousands less, with more square footage, and that have been renovated, makes me think this listing price is just nuts. But does anyone have a few minutes to help sanity check me? If I'm wrong, I would love to learn why so I don't repeat the mistake.

Bill Hancock · Answer

They must be taking comps from Woodland Heights/Westover Hills area and sales North of Semmes Ave, this road is a market barrier.  Or looking at 614 W 20th St, pending listed for $230,000, its located North of Semmes Ave.

Amy H. · Answer

@Matthew Reichert I agree with @Bill Hancock.

I think they are also looking at all the multi-family apartment buildings being built in the area. My company is financing and has financed a lot of deals over that way on the other side (east) of Cowardin Ave (301). They are probably banking on a buyer that looks to the future for the possibility of appreciation because of all the apartments that are in New Manchester (Terraces at Manchester, Links, City View Place, City View Lofts, Miller Lofts, Hopper Lofts, etc.).

Matthew Reichert · Answer

@Amy H. That sounds like less of a reason to buy it, if I they're buying the appreciation I should be getting.