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.

If you're new here, you may want to subscribe to my RSS feed or sign up for Email Alerts. This blog tracks the real estate market in the Charlottesville, Virginia region, local politics, technology and other matters impacting the local real estate market. Thanks for visiting!

May 4, 2008 | Filed Under General Real Estate 

Comments

2 Responses to “Condos in Charlottesville”

  1. Fred on May 4th, 2008 10:34 am

    Median prices up? Yes.

    Many more $$ houses on the market. Surprised to drive down the 1300 block of Rugby Rd extended the other day to see at least 5 houses for sale.

    And if you do a CAAR search w/no $ parameters for Albemarle county, there’s what seems to be a ‘fire sale’ in Keswick. Thousands of acres and many homes offered for millions of dollars.

    So isn’t this only part of the story?

    “Oddly enough, first-quarter median house prices have risen, from $249,500 in 2007 to $279,500 this year in Charlottesville, and from (take a deep breath, County residents) $289,000 to $340,600 in Albemarle County for the same period. According to Philips’ report, the County’s $51,600 price jump has a lot to do with the decrease in condo sales…. “

  2. Pavel on May 4th, 2008 11:59 am

    The increase in Charlottesville is due mainly to new construction: Cherry Hill, Village Place, Huntley, etc. If the stats excluded all new construction, the numbers would be very different. I too got $279K as a median price for the 1st quarter, but once I removed all “new construction sales” including the new condominium project “the randolph” - the median price dropped to $228,500. Resale properties are struggling a bit in this market and having a hard time competing with new. Prices have to adjust accordingly.

Leave a Reply