Category Archives: Fluvanna
Case Shiller’s Perspective on the Charlottesville Real Estate Market
Case Shiller doesn’t track the Charlottesville real estate market. Nor Albemarle, Greene, Fluvanna, Nelson, Waynesboro, Augusta … Case Schiller doesn’t track Charlottesville.
I wrote in early 2008 that The Charlottesville/Central Virginia/Shenandoah Valley markets are not covered by the Case-Shiller index. Real estate is local; while trends may be drawn from this type of research, and while the proverbial turned-corner may still be just over the horizon, it’s important to put his study in the appropriate context.
Crap. That “horizon” to which I referred is still a ways off. But … what I said remains true. Case Schiller doesn’t track our market.
But.
Elections 2011 – What’s on Your Ballot?
“Politicians are like diapers; they need to be changed often and for the same reason.” ― Mark Twain
We vote on Tuesday in what’s termed an “off-off election” meaning … fewer people vote, so your vote will matter more. Please vote.
Here are a few resources:
- Charlottesville Tomorrow’s Albemarle County Board of Supervisors Candidate information
- Charlottesville Tomorrow’s Charlottesville City Council Candidate information
- Unfortunately, Charlottesville Tomorrow doesn’t cover the other important races, but luckily The HooK offers snapshots of the various races, including Albemarle County School Board (I’m endorsing Ned Gallaway for this race), Soil and Conservation District (I like Lonnie Murray)
- cvillenews gives a succinct rundown of which races are on the ballots. I’d clip a bit of Waldo’s post, but really, just read the whole thing.
Charlottesville MSA Real Estate Market Update – August 2011 – How This Matters to You
Pending Contracts in the Charlottesville MSA are UP, year over year. But if you’re looking to buy a home in the Charlottesville area or if you’re trying to or thinking about selling, this number doesn’t matter to you one bit. What matters is – what is the market doing on my street? In my neighborhood? In my elementary school district? What happens at the top level – national, state, MSA, locality – is darn near irrelevant other than from a psychological point of view.
Here is why the top numbers don’t matter … there are extremes and outliers everywhere; today’s example:
A house just went under contract in the Bentivar neighborhood. A first look says that the house came on the market at $595k and went under contract in 6 days. If that house sells for $595k, the MLS data will show that it sold for 100% of its asking price. Which isn’t accurate.
- The house first came on the market in February 2010 for $1,100,000.
- Reduced to $835,000
- Came back on the market at $833,000
- Reduced to $735,000
- Came on the market for $595,000
- Went under contract quickly.
Look beyond the numbers presented to you. Here and everywhere. Good real estate professionals don’t try to hide the information, but it takes work to discover what’s actually happening.
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Fluvanna County’s Fiscal Pickle
Arguably, local governments have an equal and in many cases more significant impact on homeowners’ lives and property values – schools, fire and rescue, transportation infrastructure, snow removal … what happens if the tax rate rise so dramatically, and the budget becomes unmanageable? … Currently the real estate tax rate in Fluvanna County is $0.54 per $100 of assessed value ; the County is proposing a four cent increase in the tax rate in 2012 … and calling for a $1.22 per $100 rate in 2016 .
…With the pending reassessment, the audit calls for a fiscal year 2016 real estate tax rate of $1.22 per $100 to meet all expenditures and capital improvements.
…The tax options were part of a larger FY 2012 budget proposal that currently calls for a four-cent increase in the real estate tax rate, to $.58 per $100 of assessed value. Continue reading
Higher Loan Limits for the Charlottesville MSA
The national loan limits for Freddie and Fannie remain at $417,000, but because we are in a “high cost” area, our limits have been expanded to $437,000. … Now, the very good news is that FHA has raised their limits to $417,000 nationwide and $437,000 locally ( Charlottesville, Albemarle, Greene, Fluvanna, Nelson (excel file). Continue reading
The Toy Lift in Charlottesville
If you would like to donate a toy to the lift before Dec. 5th the early drop off locations are: Anytime Fitness – Crozet , CVaMP , Creative Press, Gold’s Gym , The Running Company, Seminole Total Health , Wilson School of Dance or you may email me for pick up service.
…– Kids Lift Foundation Toy Lift / Books Lift Kids PO Box 6762 Charlottesville, VA 22906 (434) 975-TOYS info@kidslift.org www.kidslift.org” * Even if I didn’t believe in the Toy Lift, I’d be writing about it – my wife is on their Board. Continue reading
Charlottesville Area Market Update – June 2008
——————————- The Agent Update In 2007: From January through the end of May, 158 Realtors had more than 5 sides 45 had more than 10, and about 700 had not had one transaction In 2008: From January through the end of May, 74 have had more than 5 sides 24 have had more than 10, about 900 have not had one transaction Any Realtor who is not at least a little bit concerned about survival either isn’t paying attention or isn’t a full-time Realtor. … I didn’t know how long we’ve been in this cycle until I referred to this story – Sold Comps now matter less – from February 2007; and was a bit shocked that it had been so long since I had written it. 2005 
2006 
2007 
2008 
——————————- Median Prices of sold properties* – May 2008 – $274,000 May 2007 – $287,000 May 2006 – $264,000 May 2005 – $255,000 May 2004 – $227,998 ——————————- Outlook/projections : I have been saying that the recovery is nine to eighteen months away for nine to eighteen months. Continue reading
3rd Quarter Market report for Charlottesville area real estate market
Prices are falling in many markets, which complicates the delinquency equation as many mortgages continue to reset at higher rates and higher monthly payments.The new Charlottesville report seems to have less spin than many of the previous ones, which is beneficial to everybody – buyers and seller, the public, the media and the Realtors (and their credibility).One aspect of the report that needs clarification is this – when looking at non-locality-specific numbers, the numbers they use are for the entire MLS, not just our market area, which I have noted several times before skews the numbers.In the City of Charlottesville, Albemarle, Fluvanna, Greene, Louisa and Nelson Counties, as of 14 October, 2007:There are 2,492 properties actively on the market right now.2,444 properties have sold since the first of the year…. There are 367 homes under $200k on the market (and I don’t have the ability to do the average DOM for that many properties) and there are 170 homes over one million dollars on the market.A few choice quotes from the report, decidedly un-spun:In the early part of the decade, we saw extremely low inventory levels of around 4 or 5 months of supply…. Prices will continue to rise slowly and inventory will continue to be the big story in the market.Take note: the lenders do not consider the Charlottesville area a “declining market,” which is declared after a market has witnessed several consecutive quarterly declines. From an email from one of the lenders with whom I work : Northern Virginia is getting hammered; these counties are listed as being “declining markets” – Fairfax, Arlington, Clarke, Spotsylvania, Stafford, Warren, Fauquier, Prince William, Loudoun, Including the following cities: Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas, Manassas Park – sharing the page with Florida and California.
Continue reading
