By Catherine Probst
The Goodhart Group of McEnearney Associates has announced the sale of 208 Virginia Avenue, an estate home in Alexandria‘s Jefferson Park neighborhood that has set a record in real estate circles.
The estate was the first home built in the neighborhood, in 1920. It sold for $2,662,500, commanding what the Goodhart Group calls the highest sales price outside of Old Town since the summer of 2011.
Known as Journey’s End, the 2-acre estate was the home of Judy and Charles R. “Charlie” Black, Jr. Charles Black is chairman of Prime Policy Group and is known in political circles for his work advising Republican presidents and helping run presidential and congressional campaigns. Judy Black is a policy director at the law firm of Brownstein Hyatt Farber Schreck.
There was some creative thinking behind the sale, worthy of Bravo’s “Million Dollar Listing.” Goodhart explains how it happened:
“When we listed the house initially, it was with three lots and listed for $3.9 million May 6, 2013. The house sits on lot 10 and the other two lots, 9 and 11, flank the house on either side.
Since we had interest but no contracts on the combined property at $3.9 million, in November 2013 we decided to break the lots out and listed the lots separately from the house. The house was listed at $2.5 million and the lots at 700k each. We had immediate activity on both lots with several contracts.
In the meantime, a couple who had been watching the property and was alarmed that it would be divided up decided to write an offer for the entire property but make it contingent on the sale of their Old Town home. The owners preferred selling the entire property and since it was heading into winter we decided to accept the contingent offer.
As spring arrived however, the Old Town home did not sell and the owners and I decided to let that contract go and market the property again as a whole package or three separate parcels. Lot 9 would require a boundary adjustment to make it developable. Again we received offers on the lot.
In the meantime, I was meeting with one of my past clients who was looking for a special property and I asked him if he had ever considered Virginia Avenue. He had but the price tag, at $3.9 million, was beyond what he was looking to spend.
I told him that we had a firm contract for Lot 11 and therefore the remaining two parcels would be available. After some work and some very creative financing we were able to sell the two lots to him at $2,662,500, settled recently, and lot 11 to a developer for $787,500 which settled in June. So the entire deal for the three lots was $3,450,000.”