Author Archives: Jim Duncan
It’s been a while since I’ve taken an in-depth look at Zillow; generally I tell my clients that it’s good for content but not actual good, conclusive, base-any-real-decisions-on-what-it-says.
If you’ve been using Zillow’s zestimates and trends to understand the market, not only are you finding that you were misinformed, but now you really don’t know how misinformed you were (or are).
I was humbled to participate in the panel with real business leaders John Lawrence of Mudhouse Coffee and Crystal Mario of Rivanna Natural Designs yesterday. John and Crystal are setting standards for what and how profitable green/sustainability can be done successfully. Continue reading
I have long said that a very small percentage of the (American) populace will make green decisions – conservation of resources, smarter use of resources, building green, etc. – because it saves green not solely for altruistic reasons.
With that preface, come to the Seeing Green: Savvy Solutions for your Business and Your Community workshop tomorrow at City Space (press release after the jump); I’ll be on the panel – “Been There, done that, have the results to prove it!” at 10:45 discussing some of the ways that I and Nest Realty have chosen to go green for green reasons as much as economic reasons.
The ways that I and we have “gone green” is surprisingly long … I’m looking forward to discussing them tomorrow as well as hearing feedback on which ones are applicable beyond real estate. Continue reading
Well that was fun. Saturday, I showed a few houses to buyer clients. And we each rode our bicycles; and I’m looking forward to doing it again. April was my first time showing a house on a bike and I’d been looking forward to doing it again. As this was my first time showing multiple houses with clients, I learned a few things.
If being closer to bike paths equates to higher property values, what better way to experience bike paths and on a bike?
- Riding a bicycle is an infinitely better way to learn a neighborhood than riding in a car – taking in the smells (think Belmont BBQ), the sounds (trains in Charlottesville), topography (if you’re planning on commuting via bike).
From the Comprehensive Plan Report:
Neighborhoods centers would be developed as focal points for congregating. These central districts could include commercial or civic spaces that provide services, employment opportunities and gathering places for residents, reminiscent of European and pre suburban American villages
I’ve written a lot, looked at a lot, and analyzed a lot. Over the past two days, I have looked at real estate market data specific to the Charlottesville MSA for nearly six hours (and I still have quite a bit yet to come, including updated median sales price numbers).* I’ve written thousands of words, and thought that a summary post may be useful.
Even this real estate analysis is too broad; to really know what’s happening, you (and I) need to study the market segment relevant to you. Every segment is different and unique.
- Single family homes in Charlottesville MSA: sales up 1.5%, median sales price down 4%
- Attached homes in Charlottesville MSA: sales down 16%, median sales price down 3%
- Condos in Charlottesville MSA: sales down 17%, median sales price down 3.5%
Looking at the Charlottesville MSA for transactional volume history … what we need is stability and consistency. Once we can reach a relatively stable number of transactions, I think we’l be able to start to see normalcy, whatever that is … maybe ~ 1000 transactions per year?
For the first five months of the year, what we’re looking at here is everything – single family detached homes, attached homes, new construction, resale, condos … Continue reading
Part Three of …
One of the most common questions I get is – what is selling in Charlottesville and Albemarle? Condos? Attached homes? Single Family? A look at the data gives a look at some answers …
- I’m keeping this focused on only the City of Charlottesville and the County of Albemarle as that is where the bulk of the attached homes and condos are located.
- Single family homes have come to be more affordable, leading to a decline in transactional volume within the condo and attached home segments of the market.
- 2005 was very good for condo conversions; now the condo conversions have been decimated in value.
- Attached homes can be very attractive – newer ones in good condition price right, especially so.
- Homeowners Associations’ fiscal health is likely to be more and more of an issue as this market correction continues to correct.