Why is this concept so hard to understand?
Seeking to control the information is passé.
Related - What if Zillow is right?
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What if the Meadowcreek Parkway didn’t exist?
It’s just a question.
There have been countless (at least a few thousand) stories written about the Meadowcreek Parkway over the years. What if the community was able to think of a brand-new transportation solution, not bound by the vestiges of 40-year-old (plus) thinking?
Would ‘they’ design the Meadowcreek Parkway now?
This is a test - it is only a test (of print advertising)
I have long advocated against print advertising - in 2006, 2007, and this year (there are more stories here, but this is but a sampling) and my argument has been consistent - there is no method by which to track print advertising’s ROI.
But - How does one track a Realtor’s Q Score?
This week marks the second week of an ongoing experiment that I have entered with the C-Ville. Can I increase the number of subscribers to my blog through a print ad - consistently placed - in a popular local print publication? In partnership with local real estate search site CurbPlaces and C-Ville, a similar ad (hopefully this week without the typos) will run - time will tell.
Part of business is innovating, and innovation includes trying new things. I tried a banner ad on a local site last year - with no measurable results - so now I’ll try print. Who knows? I doubt I will sell a house directly from this ad, but I wouldn’t be totally surprised if I gain a subscriber who in nine months decides to contact me about something real estate related.
I’m trying to not set any expectations for myself or this experiment. An honest question I have is - who benefits more?
This week’s theme? I am actively requesting new subscribers. CLICK HERE TO SUBSCRIBE.
Here is last week’s ad, which takes up about 1/3 of a page.
Maybe I’m wrong about this experiment, but there is only one way to learn - and failing is a great way to learn.
* The incorrect data displayed in this week’s issue aside, I think this could be a good venue.
Reader Question - What do you think about Fifeville?
“curious if you are familiar with the fifeville neighborhood in charlottesville. and if so what you think about the huge price tags on houses in a neighborhood that is clearly still in the early stages of gentrification”
Thank you for the question.
For starters, I wrote about Fifeville last year.
From a market perspective, I like Fifeville. I like its location between the Downtown Mall and University of Virginia’s Main Grounds and its proximity to the restaurants that have sprouted up along West Main Street (cVillain has started using the term “Midtown” to describe this part of the City). As I have said many times before, (almost) any house or neighborhood that offers “walk-ability” to desirable “stuff” - coffee shops, restaurants, shopping, grocery, parks, gyms - will likely be well poised to take advantage of the local real estate market going forward.
Fifeville offers walk- and bike-ability that is almost unparalleled in the City of Charlottesville.
There is opportunity in Fifeville, and hopefully not just that of “making a buck” by flipping houses; the shifting real estate market has seen to that. I have found that those moving into Fifeville seem to be moving with the intent of becoming part of the neighborhood - and that is better for all involved. Is Fifeville in the “early” stages of gentrification? I’d say they’re in the early-mid stages, closer to “mid.”
While I intended to post this question later this week, C-Ville’s Will Goldsmith today puts forth an outstanding and comprehensive story about Fifeville.
Click here for a larger, legible map.
More also at Charlottesville Community Design Center’s site.
Reader question - five hundred thousand to one million dollar properties?
I love reader questions. The meebo widget on the side allows for private messaging, so please take advantage of it!
Regarding the stats you posted on the $1+ million homes – do you have any such data on the $500-$1 million market? Thank you!
Thank you for reading and for the question. A picture says a thousand words -
Now, the data.
For the Central Virginia region* -
2006
2007
2008
I have no explanation for the apparent dramatic rise in inventory in the first part of the past two years. My speculation is two-fold. Many sellers may have taken their homes off the market in the fall/winter only to re-list during the first part of the year. Second, I’m thinking that many of these are new construction, which is notoriously unreliable data.
Looking at the raw data, the number of sales has held relatively consistent over the years until April of this year, when the number of sales dropped in half, year-over-year. I’m hoping the proverbial hindsight that three to six months will provide will shed some light/insight into these numbers.
To provide some context, here are all price ranges for the Central Virginia region -
The last data point is this - New Construction properties in the Central Virginia region, priced between $500k and $1.2 million** -
I hope this helps answer your question.
* Charlottesville, Albemarle, Fluvanna, Greene, Nelson
** Seriously - it’s notoriously unreliable data, but worth looking at nonetheless.
Condos in Charlottesville
Some are good, some notsomuch.
The HooK had a nice story on the state of the local condo market and Calculated Risk points out a story from the Washington Post.
If you’re researching the condo market in Charlottesville/Albemarle, start here for some of the backstory. Search for condos here.
What’s a mortgage broker to do?
From today’s HooK story on foreclosures in Charlottesville:
Prang works out of his house for Carteret Mortgage; he says his mortgage consulting is geared toward the Christian community and home schoolers, which is what his wife does with their three children.
“I try to do things above-board,” says Prang.
Their original loan was with American Home Mortgage, the once high-flying firm that flamed out last August with a sudden bankruptcy and put about 7,000 Americans out of work. Then things went bad for the Prangs after they used their equity– or what they thought was their equity– to finance another business venture: buying houses and fixing them up.
“I had another foreclosure,” Prang admits. “I had perfect credit until recently.”
He advises homeowners in over their heads to avoid late payments, but he admits that’s easier said than done. He suggests that people unable to keep up with their payments try something called a “deed in lieu of foreclosure,” in which, with approval, they simply give the house back to the bank.
“It’s not as harmful to your credit as a foreclosure,” he says, but concedes, “I’m in the business, and I didn’t know about it.”
…
Prang is mortgage savvy, and yet he says, “There was nothing else I could have done.”
He and his wife bought their house for $650,000 in 2005 and converted the garage to boost it to 5,000 square feet, the biggest house in the neighborhood. They listed it a year ago for $800,000, then $775,000, and finally, $699,000 a few weeks ago, less than what they owe on the three mortgages.
“I could have come current,” confesses Prang. “I have the money. But that meant dumping a lot of money in a house losing value.”
And he says if he had sufficient funds, he wouldn’t pour them into buying a house now. “Why take the chance to buy something that a year from now could be worth a lot less?”
Prang isn’t in favor of current plans for the government to bail people out of bad investments. He personally didn’t want government help in avoiding foreclosure.
“In the long run, I’m going to be okay,” he says. “I know my credit has been dinged, but I know how to repair it.”
Update 02 May 2008: This comment at the HooK sums it up quite nicely:
“Oh, I could pay my debts, but I’d rather keep the money. P.S., I checked, and it’s fine with God.”
Just maybe these kids should go to a public school, where they can learn concepts like honoring contracts and morality.
Last Update - 04 May 2008 - I just noticed that the Calculated Risk noted this story as well. The comments are often fascinating and insightful.
Do you Google people you meet?
I do. Ted Demopoulus does. It’s simple business intelligence.
- If I’m in a meeting with my laptop open and my phone rings with number I do not recognize, I’ll quickly Google the number (it’s amazing how many Realtors’ cell phone numbers aren’t found via Google) - if it’s a client and it’s important, I’ll likely leave the meeting* to take the call.
- If the “person” calling shows up on whocalled.us or whocallsme.com - there is a very small chance that I will answer.
- Frequently I’ll Google someone’s email address - and it’s amazing how effective this can be.
Google me - with or without quotes.
I expect to be Googled.
*I love volunteering and working on various Realtor committees - they bring value to my business in a variety of ways - but if a client calls while I am in Strategic Planning for the Virginia Association of Realtors, my and my clients’ Strategic Plans come first.
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This work by Jim Duncan is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License. -
