Walkability=Affordability= Profitability=Livability

I don’t think of Johnson Village as walkable. It has nice sidewalks and shade trees, but is not close to stuff.
Here are the Walkscores for the neighborhoods mentioned.

Belmont (@belmont and avon) 89
N. Fifeville (@7th and Dice) 86
Downtown Crozet 85
Martha Jefferson (@the hospital) 82
JPA (@shamrock) 60
Johnson Village 49
Hollymead 48
Old Trail in Crozet 17 (something amiss here)

In Charlottesville, I think of anything within a half mile of the downtown mall or the corner as very walkable. That includes, most of Belmont, Martha Jefferson, the Northern part of Fifeville, Starr Hill, lots of places. In my experience, the big cost benefits of being able to walk or bike come from being able to commute and so get rid of a car. So that depends on where you work. The other walking trip that I value is going out for dinner or drinks. Drink ‘n walk. I used to think groceries would be important, but who wants to haul 6 bags of groceries home in the summer?

A couple points. From the article:
“But properties which produce more income at any given point in time will not automatically generate higher investment returns if the higher income was already expected when the property was acquired and purchased at a price that reflects that expectation.”

And from commenter Daniel:
“…but surely the demand exceeds the current level of supply.”

In Belmont, supply at the “high end” of the market far exceeds demand (not the lower-end, “charming Belmont Cottage” that goes for $200,000). Thinking of the houses in the mid-300′s-599′s that have never sold; some are empty, some are now rentals.

Belmont has a “buzz” that includes walkability to “Downtown Belmont” as well as to the Downtown Mall. As the article notes, there was an expectation of profitability built into the pricing.

Somehow, though, the actual demographics of potential buyers weren’t taken into consideration as prices went up and up. When zero down and Option ARMs were available, a consideration of potential buyers wasn’t necessary, anywhere. But those who’d like to buy in the area now often cannot. Or are waiting for things to sort themselves out. (BTW, the BB has an upcoming post that overviews Belmont.)

Other areas have decent supply as well. Thinking specifically of 10th and Page area. In fact, this week’s Hook “On the Block” features a house on West Street that has been on the market for (at least?) two years. There are at least 10 houses within a stone’s throw for sale; at least three are on the same street. And some have much lower prices than Belmont (not the house featured in The Hook, however.)

This area isn’t on Arthur’s walkabilty list, perhaps for good reason. But there are comparative “bargains” in that area, and it is highly walkable to UVA and downtown.

Downtown Crozet seems to be getting more walkable every month. Buyers are finding low prices in that area as well; there seems to be plenty of supply. Ditto Hollymead, though this area has a much more “suburb” feeling to it; there’s not a “town center” that really springs from local businesses.