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Short Sales in Charlottesville – What Realtors (and Consumers) Need to Know

Jim Duncan — Thu, 11 Dec 2008 20:00:23 +0000

Know this – there is more to learn about Short Sales, Foreclosures, Loan Modifications, Pre-foreclosures, Bankruptcies and Repayment Plans than can possibly be covered in a blog post. Consider this a starting point. This post is derived from a Short Sale luncheon held last week at CAAR. See the bottom of the post for some of the community partners working to mitigate these forthcoming challenges.
Do you want to keep your home?

That’s how the process starts. Leaving out the myriad government “plans” to “save” people’s homes, here is a concrete way to deal with the struggles that many (more) people are facing and likely will be facing in the near future.

What’s a Short Sale? Simple -

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.

I have spoken to several people who predict that next year is going to bring dramatically more short sales and more foreclosures – both of which will have profound impacts on our neighborhoods, communities and regions. From one perspective, these are individual problems that have collective impacts. From a social perspective, it is difficult to quantify what the likely results may be (a subject for another one, two or series of blog posts, at least). From a financial perspective, housing values may be severely impacted.

Charlottesville Realtors – take the time to attend the next Short Sale class that’s offered at CAAR – with the expected (some forecast dramatic/staggering/flood – insert your adjective here) increase in short sales next year, you are not going to be adequately prepared for the new market unless you learn about this new segment of our market. Know the process.

For consumers -There are options.

If you’re in trouble, or anticipate being in trouble, you would do well to call somebody now and prepare – educate yourself. Ask questions.

Highlights from the class -

- Denial is a powerful force. If you think that trouble may be on the horizon, talk to PHA, the bank, somebody (but not one of the foreclosure scammers)
- The Short Sale process does not stop the foreclosure process
- The Hardship Letter is critical
- Behavior Modification is key. If you see that your income is going to be reduced, but you keep going to Whole Foods or Foods of all Nations, then you’re likely in need of some counseling (and I’m not being facetious).

- Lenders do not want to own the properties!

- Another good thing about working with PHA – they have the contacts and aren’t relegated to 1-800-NoOneCares, Press 1, then 2 then 8 … they do this all the time and are the only HUD-approved housing counselors in the region.

For Realtors (and consumers) – the presentation below gives just a taste of what is covered in the two hour class, but the talking points below serve as they should – guides from which greater knowledge is learned. The class is where the real knowledge – and questions/answers – are gained.

Default Mortgage For Caar Lunch n’ Learn 11 18 08

View SlideShare presentation or Upload your own. (tags: foreclosures foreclosure)

Another note – renters living in foreclosed properties might be up the proverbial creek as their leases may not be honored. A good place to start asking questions about this subject is the Charlottesville Legal Aid Center.

- Another thought – as a Buyer (or Buyer’s Agent) – you may not even know if a property is in a short sale position! From a recent Washington Post article:

“From a disclosure standpoint, agents are between a rock and a hard place,” said Tony Arko, an agent with Market Advantage in Sterling. “Certain information is confidential but at the same time, there’s a lot of information the buyer is going to need, and usually they are wanting a response in a couple of days. If you don’t tell them up front that it’s in pre-foreclosure or a short-sale, an agent and the buyer might get ticked off. They feel like the wool has been pulled over their eyes.”
…
Until last year, many homeowners were reluctant to advertise their properties as short sales, mainly because they were embarrassed to be in debt, Arko said. But with the growing number of foreclosures and upside-down mortgage situations, the stigma is gone.

“A lot of people are underwater in their financial obligations. They are not just looking at this as a bad situation that they are trying to fix,” Arko said.

Also, more short sales are receiving bank approval because banks don’t want to be in the business of owning property, he said.

Sometimes, agents don’t reveal a short sale, default status or pending auction because they simply don’t know about it. Listing agents often require their clients to sign statements regarding their mortgage status, but clients can deceive their agents or can slip into default and not say anything. In addition, lenders can initiate trustee sale proceedings without informing the real estate agent.

A final thought for Realtors – If you’re concerned about the commission, consider using Buyer Brokerage forms and learn about Divorced Commissions. Starthere and here.

Amy Webb with Real Estate III has a good summary as well.

* Some of the Partners:

SunTrust, HUD, Wachovia Bank, Bank of America, City of Charlottesville, Albemarle County, FHLB, VHDA, Legal Aid Justice Center, CACF & CAAR and more. We are blessed to live in such a strong community.

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Short Sales in Charlottesville – What Realtors (and Consumers) Need to Know

Proof that Gas Prices are affecting buyers in Charlottesville area

Jim Duncan — Fri, 11 Jul 2008 14:09:09 +0000

Getting feedback from Buyer’s Agents is one of the most persistent challenges a listing agent faces, yet good feedback is absolutely crucial to understanding buyers’ mindsets to help best advise sellers. Note this feedback received yesterday on one of my listings:

Shows much better than all the competition. My clients liked it the best of any they saw (here – about 15 minutes/10 miles to the City). They bought in (town) however. He will be at the JAG school and easy commute and gas prices made them choose in close.

The trouble is, when showing forty plus houses a week, it’s that more challenging to elicit feedback from Buyers Agents …

As a recap, If You Don’t Think Gas Price Are Affecting Buyers … You’re not paying attention.

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Proof that Gas Prices are affecting buyers in Charlottesville area

Are Green Homes the new “Trophy” Homes?

Jim Duncan — Thu, 03 Jul 2008 04:36:31 +0000

That’s the question posed by the New York Times a little while ago.

There may be some truth to that presumption (and is that necessarily a “bad thing”?) Peer pressure works. There is truth to the trend and perception that more homebuyers are asking questions about the green bona fides of homes in today’s market. Taking the politics of the debate out of the equation, let’s focus on the diffusion of this new-fangled “green” technology -

- Will Ferrell was driving a concept BMW last year; Honda is nearing the release of a production hydrogen car. Take a look at the search volume for the Prius.

- Three years ago, I would have been hard-pressed to find a LEED or Earthcraft home in the MLS; now there are at least fifty.

- Consumer Reports now has a Green Home Improvement Guide.

I’d argue that when looking at the five classes of technology adopters – Innovators, Early Adopters, Early Majority, Late Majority and Laggards, we’re probably in or on the cusp of the Early Majority phase. Is it because celebrities have “trophy homes”? Doubtful. There is a significant benefit to “going green” that goes beyond political capital or chest-thumping.

It’s the market, stupid. Innovation is spurred by necessity.

Water is increasing by about 5%, the cost of electricity in the Charlottesville area is going to increase by at least 18%, fuel prices are at record levels (duh), and those buying houses today tend to be planning to stay for at least five to seven years (ancedotally). More buyers are asking to go green.

The Blue Ridge Eco Shop didn’t exist a couple of years ago, neither did Cville Enviro or the Better World Betty site. These places came to existence because the market demanded their services.

The market is moving beyond individual green products and into the realm of green developments – because the market is demanding LEED-certified Neighborhood Developments (although I’d argue that LEED-ND has not yet reached mainstream vernacular)

Courtesy of the National Association of Realtors’ On Common Ground magazine* -

Experts interviewed for this article were unanimous on one point: collecting green-certiﬁed houses into a conventional subdivision on a former farm ﬁ eld at the edge of the metro area would not a green neighborhood make. Beyond that, there was little unanimity.

Some argue that the criteria for a green neighborhood are fairly well satisﬁ ed by building according to the principles of smart growth. That means conserving land, focusing development ﬁrst in areas that are already developed, providing transportation options other than cars, and creating mixed-use development that makes neighborhoods compact and walkable. Others say that smart growth, as it is typically discussed, does not quite touch all the bases of sustainability.

Others suggest that building green neighborhoods means following the old environmental mantra: Reduce. Reuse. Recycle. Reduce the land consumed, the miles traveled by car and the consumption of energy. Reuse the buildings and infrastructure of existing neighborhoods, use waste as a source of energy, and reuse “gray” water to maintain landscaping. Recycle building materials, and even the land itself—the post-industrial brownﬁ elds and fallow parking-lot “grayﬁ elds” around defunct shopping centers.

For proof that “Smart” Growth is mainstream, check out this partnership that defies presumptions about Realtors always wanting to build, build, build at all costs -

Those are some of the results of the 2007 Growth and Transportation survey sponsored by the NATIONAL ASSOCIATION OF REALTORS® and Smart Growth America.

My prediction – in five years (or sooner) Earthcraft will be the de facto standard for building quality. That, and the Charlottesville/Central Virginia region needs to work on building transit infrastructure now.

Interesting related article – The Green Housing Boom, courtesy of Fast Company

* I requested a few extra copies of this publication because I thought it was such a great issue. If you’re in Charlottesville and would like a copy, please let me know. Otherwise you can download the entire issue here.

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Are Green Homes the new “Trophy” Homes?

Should Charlottesville be like Austin or Aspen?

Jim Duncan — Sat, 28 Jun 2008 11:31:03 +0000

(Gary) Henry, a Board member of the Charlottesville Business Innovation Council, is continuing his efforts to call attention to a fork in the road that he sees approaching for the area’s future; one branch leading to an economically and culturally diverse city with a healthy middle class (Austin), the other leading to a ritzy retirement and tourism community where only the wealthy can afford to live (Aspen).

My vote is for Austin. Read more and watch his presentation at Charlottesville Tomorrow.

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Should Charlottesville be like Austin or Aspen?

A lifestyle shift – riding a bike

Jim Duncan — Mon, 16 Jun 2008 14:01:44 +0000

Work to 314 Camellia Drive
Find more Commutes in Charlottesville, Virginia
I rode from my office to a listing I am marketing the other day – all told it took me about forty five minutes, round trip – and added about 15 minutes to my traveling time. Was it worth it? Absolutely. I saved gas, burned a few calories and hopefully led by example a little bit. Biking around Charlottesville has provided a very different perspective to the one I had before – different sights and smells – I noticed the relatively large number of backyard gardens in Belmont for one.

While biking certainly isn’t feasible for all of my trips – showing property for example – my new bike rig (~~above~~ below) does allow me to cut down on a few miles almost every day – and that’s not too bad.

Seth Godin’s post, Times a Million, was a seminal post for me, and I have referred to it often since he wrote it.

Notice the lack of “times a million” math.

If we figure that the average driver in the US does 20,000 miles a year, I’m going to use about 400 gallons of gas. A car getting 20 mpg is going to use closer to a thousand gallons. Figure that there are about 100 million actively driven cars in the US, which means that the net difference if “everybody did it” has the potential to save 60 billion gallons (600 times 100 million) of gas. A year.

No, this isn’t a pitch to switch. It’s a pitch to describe how amazingly difficult it is to market that story.

The guy above who’s not going to switch from his Explorer to an Edge because it will only save him $300 a year is clearly not going to be interested (never mind moved) in the thought experiment above. It’s too distant. Too far away.

A lot has changed in the year since he wrote that post – gas has increased a bit – and buyers and sellers have become more cognizant and aware of what things cost.

Think about it – what if we all went car-free one day a week, or rode a bike to the coffee shop or did something without driving – even once a week?

Neil at the Free Enterprise Forum asks – $4.00+ Gasoline – High Enough to Make You Move?

I think that for some and perhaps many, the answer increasingly is going to be – absolutely.

There are plenty of discussions ongoing right now – one of which is whether a streetcar could be part of the solution. On this, Dave Norris is on point –

Mayor Dave Norris and Councilor Julian Taliaferro both said they want to hold off on the study and wrap it into the larger examination of how to remake transit in the area. The city and county are hoping to get the General Assembly’s permission next year to form a regional transit authority.

“I’m intrigued by the idea but I think it is a very expensive proposition,” Norris said. “So we have to make sure it is financially feasible and see how it will fit into the broader transportation network.” (bolding mine)

We need regional solutions – and as people look to bike and walk places – Realtors, planners, politicians and the rest need to recognize this.

Update 06-18-2008: Joe at Sellsius points to this site – Ride the City – which shows the best routes to get around NYC. Come to Charlottesville, guys! Either way, I subscribed to their blog.

My new bike rig

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A lifestyle shift – riding a bike

Toy lift needs Help

Jim Duncan — Wed, 05 Dec 2007 14:51:08 +0000

From today’s Daily Progress:

It’s T-minus two days before Tom Powell lifts off the Charlottesville Fashion Square mall pad in the 19th-annual Toy Lift amid some serious concern at mission control.
…
“This really isn’t the first economic downturn we’ve had in 18 years and every year that we’ve had the Toy Lift, people have put themselves out there and helped pull off a good Christmas for the children,” he said. “I’m hopeful that we can do it again.”

One toy. That’s all it takes on your part to help make a child’s Christmas. There is no doubt that this year has been hard for anybody associated with real estate, but it shouldn’t be asking too much to ask for one two per person, or twenty bucks.

The expectations of those who are helped are humbling. I’ll come get your donations (new toys, no used ones due to the recalls this year); just let me know.

Find out more here.

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Toy lift needs Help

Question from a reader regarding Zip Realty

Jim Duncan — Tue, 09 Oct 2007 16:56:18 +0000

Question from a reader:

What is your opinion of agencies like Zip Realty (ziprealty.com) particularly in representing the buyer?

We are looking for a house down in Richmond and can’t decide on a realtor. I came across Zip Realty, they give buyers a 20% kick back. Not too much, but still better than nothing.

We know what we are looking for and are looking in a very limited area. I’d like to buy a home without an agent, but i think we’d get blackballed if we try something like that. Plus it’s sad to see all of the listing agents trying to show us “other” houses while we are standing in the house they are trying to sell for a client (some have actually tried to give us MLS listing for OTHER homes in the neighborhood).

There are no Zip Realty franchises in the Charlottesville/Central Virginia region (here are the Richmond Zip agents), so first-hand knowledge is hard to come by. That said, with the RE.net and the Rembex, research is much more efficient.

Choosing based solely on a “discount” is folly, unless you’re shopping for cereal, baby formula or a car. There has to be value, and in this case, expertise, as well. I’m not necessarily a fan of Zip Realty’s concept because it depends solely on what the Seller is offering as a commission. Anything (like Zip Realty’s offer) that is dependent on another makes me cringe. What if the Buyer’s desired home is an unrepresented seller? What if it’s another “discount” brokerage?

From the fine print on Zip Realty’s site:

Occasionally, the seller and/or listing broker in a transaction will offer the broker representing the buyer a bonus or other additional incentive over and above the cooperating brokerage commission. Any such bonuses or other additional incentives are separate and apart from the cooperating brokerage commission actually received by ZipRealty and buyer is not entitled to a rebate on any bonus or other additional incentive monies paid to ZipRealty over and above the cooperative broker commission.

This clause alone makes me distrust their model. Why not rebate 20% of the “bonus” as well? What if the property is new construction and the builder is offering insane Realtor incentives? The reason that I negotiate my fee up front with my buyer clients is so that the above scenario won’t be an issue. If there’s a rebate or bonus (bribe), the buyers get it. If there’s a higher (or lower) commission being offered by the seller, my fee stays the same. Simple. Transparent.

After reading the question a couple of times, the question is less about whether Zip Realty is “worth it” and more whether Realtors are worth it, and why this reader’s perception is that listing agents (and agents in general) just don’t listen to the client’s needs.

There are too many what-ifs and unknowns (if I’m wrong, please enlighten me). The issue here seems to be that the buyer has not yet found the right Realtor with whom to work. My advice? Interview and hire an Exclusive Buyer’s Agent.

And you wonder why transit hasn’t gained traction in the Charlottesville area?

Jim Duncan — Sun, 02 Sep 2007 12:31:55 +0000

From WINA:

CTS buses are idle for the rest of the Labor Day weekend
Those who normally rely on Charlottesville Transit Service to get around the city and Albemarle’s urban ring will need to make other arrangements between now and Tuesday morning. CTS Spokeswoman Tamika Harris says the buses and trolleys will be idle Sunday and Monday in honor of Labor Day. CTS will be running its regular routes shortly after 6 a.m. Tuesday.

And from today’s Daily Progress:

Halfway through her journey, Mary rested her head against the bus window, stared at the cars whizzing by on U.S. 29 and sighed.
It had been nearly three hours since she left her house off Preston Avenue, and an equal amount of time would pass before she returned home.
All this for two measly errands – a doctor’s appointment and a trip to Rio Hill shopping center. Six hours; eight buses; two errands. An entire day spent navigating Charlottesville’s public transportation system.

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And you wonder why transit hasn’t gained traction in the Charlottesville area?

What will the shift do to real estate consumers’ psychology?

Jim Duncan — Mon, 27 Aug 2007 11:17:34 +0000

Referencing this article, Seth asks:

The shared belief about real estate might be in danger. The facts changed this month for the first time. The question that those that market real estate have to answer is this: will people treat a bounce in real estate the way that they think about a drop in the stock market (a chance to profit) or will it lead to a long-term reevaluation of what it means to own a house?

My prediction – absolutely. Owning a house means owning a place to live – people will pay attention to intrinsic value more than they have in some time. They will care about how much happiness they have in the home more than they care about how much equity they have. What we are witnessing is the return to a less transient real estate market (even though Charlottesville has traditionally been a bit more transient due to the University of Virginia), where buying and selling a home requires more due diligence and careful consideration than it has for the past seven years. Those who think that interest rates are high when a 30-year-fixed-rate mortgage can be had for under 7% - need to see things in a little bit of historical context.

But is it a marketing problem? We’re seeing now the blowback from the real estate consumer to the Realtors’ belief/consensus that it’s all the media’s fault. Blaming the media is a cop-out. The consumer is more skeptical and more educated than some might think or like to believe. Realtors should be able to frame the media’s frequent parroting of common memes in the appropriate light. There is frequently more to the story than can be presented in one thousand words or less (that’s why we have blogs).

Understanding that housing has, outside of the past 5-7 years, been regarded as a long-term investment is fundamental to the strength of the housing market.

The TJPDC says that (PDF) the Charlottesville region can expect housing demand to increase 11% from 2010 to 2020 (p.62 of the report).

The demand will be there, but the “quick buck” will be harder to find. Everyone needs a place to live.

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What will the shift do to real estate consumers’ psychology?

The perils of being quoted in the media in Charlottesville

Jim Duncan — Tue, 24 Jul 2007 14:34:57 +0000

Sometimes, it seems that being quoted in the media is more trouble than it’s worth. I’d like to see C-Ville open their stories in a manner similar to The HooK. Transparency hurt nobody.

Take today’s story in the C-Ville Weekly on the area’s home sales -

Mid-year sales in Charlottesville, Albemarle and surrounding counties decreased to 1,882 from 2,267 homes sold at this time last year. That means we’re still in a buyer’s market, but according to CAAR, the real estate pendulum is ever so gently swinging back towards the center.
Yet realtor and real estate blogger Jim Duncan isn’t ready to buy into CAAR’s assessment. “We’re firmly entrenched in a buyer’s market,” says Duncan. “We’re going to know in nine or 12 months where we are today. The market is changing so rapidly that sellers, buyers and realtors, we’re all adjusting.”

If you’re not going to type Realtor in all caps (per trademark), at least use common media practice and capitalize it. See this story for clarification of my assessment of the local market, and this one expanding on why hindsight will give us the opportunity to better assess today’s market.

So what will a little under $300,000 get you in downtown Charlottesville? According to Duncan, three bedrooms and 1,600 square feet. Plus, thanks to a few acts by boys in baggy white t-shirts, extra police presence.

The brevity, flippancy of the above statement and, to my eye, the appearance that I alluded to the recent spate of attacks is irksome, to say the least. Making light of violence benefits nobody.

Speaking of adjustments, Charlottesville saw a $43,000 jump (18 percent) in mid-year median sales prices to $280,000, its biggest in five years after a $3,500 drop last year. Impressive, sure—until you factor in the spike of lower-priced condo sales in 2006 that helped keep the median price low. Nowadays, condos are sort of a sore subject, what with a glut of them sitting all empty and un-yuppied. “That segment of the market’s getting hammered right now,” says Duncan.

Un-yuppied? I wrote about the condo market earlier this month, but in context of the wider market. I’m not sure that I used the word “hammered” – it’s not one that I would typically use when describing the market, so as to avoid contributing to the culture of fear being propagated by the media.

Seeing a few choice quotes selected to give a story more of a “gotcha” quality is frustrating, particularly when my words are used. Live and learn. That said, after being so lucky to have been quoted a few times in the local media, having only one story that raises my ire isn’t a bad percentage. What a great opportunity to say this – to stay abreast of the Charlottesville area’s real estate market, written about in context and with detailed analysis, please consider subscribing to RealCentralVA.com via RSS or email alerts.

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The perils of being quoted in the media in Charlottesville

CharlAlbemarle’s infrastructure problems summed up in one quote

Jim Duncan — Tue, 17 Jul 2007 14:08:25 +0000

“Both Charlottesville and Albemarle have dedicated $250,000 for an Eastern Connector location study and a committee has been meeting regularly to discuss the road.” From today’s DP.

Learn more at the Transportation Matrix.
And here; unfortunately there’s no way to tell when this article was written.
At the County website.
and here (from 2006) – Eastern Connector moving forward Road proposed 20 years ago gets new life

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CharlAlbemarle’s infrastructure problems summed up in one quote

On Cancellations

Jim Duncan — Mon, 02 Oct 2006 16:45:20 +0000

Regarding cancellations, via Calculated Risk:

New home sales rose a surprising 4.1 percent in August — May, June and July sales were revised down — while existing home sales showed a scant 0.5 percent drop. The reports inspired comments (hope?) that housing might be stabilizing.
…
Simply put, cancellations are rising, and they aren’t being captured in the aggregate statistics because of the way the survey is designed. Hence, sales are being overstated and inventories understated.
…
We know from big builders that cancellation rates are rising. Seiders says the rate “has roughly doubled over the last year” and is “more serious at the big companies.”

Here is one of the primary differences between the CharlAlbemarle/Central Virginia market and the rest – we have only one big builder (Ryan Homes) in our market. I have heard of markets where folks are walking away from 10% down payments – sometimes $50K! when the home they are contracted to purchase (example: $500k purchase price) is sitting next to one that is for sale for $425k. Even if they lose their deposit and purchase the one next door, they still save a net of $25K!

So far, the Charlottesville market remains a bit too small for economies of this scale …

Update 10-03-06: More on data interpretation and reading beyond the headlines from the Big Picture.

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On Cancellations

Friday links 09-21-2006

Jim Duncan — Fri, 22 Sep 2006 15:27:35 +0000

Who knew? Americans are short-sighted and tend to spend what they have.

What will replace the gas tax?

Smart Transporation Investments

Virginia Roads: the Fast and the Furious – the upcoming Virginia Special Transportation Session brings the rumors, conjecture and speculation out of the woodwork.

Basically – read Bacon’s Rebellion.

Learn about the bills here. I like the “most frequently accessed” option.

Setting a maximum population for Albemarle. I know one way to start with the reduction of the population – they could lead the charge out of Albemarle by moving and/or not having kids. The debate will be interesting and enlightening, I hope, so long as vitriol does not take a front seat. All sides could probably learn something from each other.

I really like Trulia – I really do. My listings are there. But come on -

A quick MLS search reveals that the average sales price in the past 3 months in Charlottesville (the City of) for a single-family three bedroom home is over $300k.

At least they say this:

Note: These market indicators are estimates based on properties currently for sale in Trulia’s database. Your real estate agent may have more accurate or complete data available.

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Friday links 09-21-2006

Recycling poll

Jim Duncan — Thu, 31 Aug 2006 13:28:18 +0000

Recycling is hard to come by. The City of Charlottesville offers recycling (navigating their website makes me just want to give up and throw it all away). The County of Albemarle does not, but offers an informative page with drop-off recycling locations.

I had no idea that our region was voted “most sustainable community in Virginia.”

The Daily Progress’ 2005 Welcome Guide has a recycling roundup. So does the HooK.

One would think that a seemingly progressive region as ours would be willing to financially support recycling. Many of my clients, both existing residents and transplants, ask whether recycling is an option.

Until economics dictate that something is viable, it won’t be an option. In this case, it’s recycling.

Check out the poll in the right sidebar; feel free to add an answer as an option. I’m curious.

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Recycling poll

September Forum Watch

Jim Duncan — Wed, 30 Aug 2006 14:54:15 +0000

The Free Enterprise Forum has release their September Forum Watch. It’s chock-a-block full of great information from around the entire region. As soon as it’s linked, I’ll post the link.

(SORRY FOR THE FORMATTING) – JD

August 29, 2006
Inside this issue

* Editorial
* Albemarle County Board of Supervisors to Vote on Expedited
Engineering Review Process
* Vacancies Announced for Albemarle Conservation Easements and
Housing Committees
* Woodward Appointed as Louisa County Planning Commissioner
* Citizens Comment on Proposed Phasing and Clustering Ordinances
in Albemarle County
* Greene County Residents Comment on Proposed Time-Release of
Development Rights
* Public Comments Heard on the Proposed Mountain Overlay District
* Charlottesville and Albemarle to Construct a Regional Transit
Authority
* Retreat for Louisa County Board of Supervisors to Discuss
Controversial A-2 zoning and Proffers
* Places 29 Meets Fresh Opposition in North 29 Neighborhoods in
Anticipation of Release of the Preferred Alternative
* Rural Preservation Policies May be Voted on in Tandem
* Nelson County Board of Supervisors to Grapple with Zoning Change
this Fall
* Charlottesville to Reconfigure Neighborhood Allocations
* Rivanna in the Process of Permitting the Ragged Mountain
Pipeline
* Louisa County Comprehensive Plan Inches Forward
* Louisa County Board of Supervisors Approve Meals Tax Referendum
* Fluvanna Holding Citizen Discussion Sessions on Comprehensive
Plan
* Useful Links
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Editorial

Good Fences Make Good Neighbors

By Neil Williamson

The recent debate regarding time based land division (Phasing) reminds
me of a Robert Frost poem, Mending Wall. In the oft quoted poem, the
neighbor repeats “Good fences make good neighbors”.

Last month, the phasing debate has featured two very emotional public
hearings in Albemarle and Greene counties. The testimony in each of
these hearings was moving. Each of these hearings was also marred by
aggressive inappropriate personal attacks on both sides of this spirited
issue.

Many of those who spoke in favor of the proposal (and some who spoke
against) had already placed their land into conservation easements.
These speakers had already voluntarily chosen to extinguish their
development rights usually in exchange for favorable tax treatment.

Now some in our community wish to reach far beyond property lines to
extinguish rights that they do not own.

If you wish to control a piece of property – buy it.

This is where the fence comes in. Just as one property owner has
voluntarily placed their land into conservation easement another has
chosen not to. Owners of conservation easements should not reach across
the fence to try to extinguish those property rights that are on the
other side of the fence.

Political clarity is a rare commodity in today’s world. Regardless of
the mathematical calculations to determine how many property rights are
restricted for how long — the Free Enterprise Forum believes:
=B7 property rights are the cornerstone of our freedom

=B7 time based division is wrong
=B7 time based division rights is theft of property rights

=B7 time based division is illegal in the state of Virginia.

Frost writes somewhat longingly that that “something there is that
doesn’t love a wall” Yet each “spring mending time” he annually returns
to restack the rock wall alongside his neighbor. To this reader, his
actions portray a respect for both his property and his neighbor’s
wishes despite his own misgivings about the wall.

Respectfully Submitted,

Neil Williamson

Albemarle County Board of Supervisors to Vote on Expedited Engineering
Review Process

Albemarle County staff has proposed an expedited engineering
review program for some projects. The Development Review Committee
unanimously agreed to forward this proposal to the Board. The program
could cut down on the time needed to complete engineering review for
some projects. The Albemarle Board of Supervisors will hear public
comment on the program at their September 13th meeting.

Vacancies Announced for Albemarle Conservation Easements and Housing
Committees

The Conservation Easements Committee is advertising one
vacancy. The committee reviews the ranking of recommended applications
and forwards its recommendations to the Board of Supervisors regarding
which land should be placed under conservation easement.

The Housing Committee also has one vacancy. The committee advises the
Board of Supervisors on housing issues in the County. The committee
focuses specifically on affordable housing policy.

Applications for these committees are to be postmarked no later than
September 27th. Applications are available on-line at
www.albemarle.org/bos. For questions about these committees contact
Albemarle County at 434-296-5843

Woodward Appointed as Louisa County Planning Commissioner

Manning Woodward III was named as the replacement for George
Marshall, who declined reappointment, when his term ended in June.
Woodward would like to see Courthouse Road between the Louisa United
Methodist Church and the Louisa County Courthouse be permanently closed
to traffic to create additional parking on the road. Woodward is an
insurance agent by trade. He serves on the board of directors for the
Bank of Louisa.

Citizens Comment on Proposed Phasing and Clustering Ordinances in
Albemarle County

In attempt to reduce development of the rural areas, Albemarle
County is considering implementing two strategies in tandem. The first,
clustering, involves concentrating development onto one area of a
parcel, such that more open space is preserved. The second, phasing,
would restrict the rate at which land owners can develop their land. The
current proposal would allow two division rights every ten years, such
that a landowner with ten division rights would have to wait fifty years
to maximize his/her property rights.

More than 100 people attended the public hearing on phasing and
clustering held on August 3rd at Burley Middle School to comment on
these critical land use proposals. Most of the comments focused on the
phasing aspect. The comments reflected the tension between those
supporting personal property rights and those advocating for the
restriction of rural land, citing the larger public good. Property
rights advocates suggested that such an ordinance would infringe on
their constitutional property rights by limiting the use of their land.
Those who spoke in favor of the ordinance regarded phasing as a tool for
preserving the rural area and limiting the environmental impacts of
development.

The Free Enterprise Forum believes that clustering could be an effective
strategy for preserving open space and is worthy of further study.
However, the Forum stands with the Albemarle County Farm Bureau,
believing that phasing is the theft of property rights. Albemarle
County staff has been unable to come up with a viable example of phasing
and clustering ordinances working in tandem. The Free Enterprise Forum
urges the County to separate the phasing and clustering proposals, as
they present unique land use issues. Furthermore, the Free Enterprise
Forum believes that in the face of such adamant opposition, that a new
alternative to rural protection must be explored.

To read the statement issued to the Board of Supervisors by the Free
Enterprise Forum at the August 3rd meeting, click here
.

Greene County Residents Comment on Proposed Time-Release of Development
Rights

Greene County Planning Commission held a heated public hearing
on the proposed phasing policy. The policy would limit development
rights plus five percent of the total available division rights every
ten years. The tensions in Greene are much the same as in Albemarle
County, with many property owners concerned about the possibility of
diminished land values and proponents of the policy advocating for a
phasing policy as a path to rural preservation. The proposal will be
forwarded to the Board of Supervisors no earlier than September 22nd.

Public Comments Heard on the Proposed Mountain Overlay District

The Albemarle County Board of Supervisors and Planning
Commission held a special joint public hearing on August 1st for
citizens of Albemarle County to comment on the proposed Mountain Overlay
District. Many landowners expressed concerns about how the new ordinance
could affect use of their property, objecting to special restrictions in
the mountains. Many argued that Albemarle County’s rural mountain
landscape has been preserved because of mountain landowners’ good
stewardship. Supporters of the ordinance sited the importance of
mountain land to the community in its entirety, arguing that it is in
citizens’ best interest for Albemarle County to exercise control over
this land. To read comments submitted by the Free Enterprise Forum
click here
.

Although the Free Enterprise Forum is appreciative of the significant
time and commitment by all committee members, we are concerned with the
ordinance development and implementation stage of this process. The Free
Enterprise Forum has specific concerns that the requirement for
administrative waivers. In cases where critical slopes would prevent
road construction to the only building site on a property, the waiver
process may preclude or extinguish uses on the land that the committee
did not intend. As we have seen with the Development Initiatives
Steering Committee (DISC), the straw proposal may be very different than
the eventual ordinance and enforcement of said ordinance.

In addition, the original straw proposal had three legs. To date, only
the regulatory leg has seen significant exposure. The Free Enterprise
Forum will only be able to support such an ordinance with all three legs
of the proposal intact.

History:

After two years, the Mountain

Overlay District Steering Committee
recommended guidelines for the development of a mountain

overlay
district ordinance to the Board of Supervisors. At the May 10th work
session, the Board decided that comments would be heard from the public
prior to any action. More details on the Mountain Overlay District
Committee are available here
.

Charlottesville and Albemarle to Construct a Regional Transit Authority

The Metropolitan Planning Organization (MPO) is advancing its intent to
organize a regional transit authority. The draft resolution proposed by
the MPO was approved by the Charlottesville City Council and the
Albemarle County Board of Supervisors. The Metropolitan Planning
Organization has urged the participation of the University of Virginia
in planning a regional transit authority. Becca White, the director of
parking and transportation at UVA, will serve as the representative of
the University in talks about a regional transit authority.

The Free Enterprise Forum appreciates the efforts of the MPO to work
toward regional cooperation. The Free Enterprise Forum encourages the
MPO to engage the surrounding counties to include them in the
discussions about a regional transit authority. According to the Bureau
of Economic Analysis, over 15,000 residents from Nelson, Louisa, Greene,
and Fluvanna commute to work in the Charlottesville-Albemarle Region.

Retreat for Louisa County Board of Supervisors to Discuss Controversial
A-2 zoning and Proffers

In March of 2005, Louisa County redesigned its subdivision
ordinance to allow owners of property zoned A-2 to realize 18 divisions
by right. The eleven extra lots allowed in the new ordinance were an
attempt to offset increased development costs, but Louisa County
Supervisors are rethinking that move, saying that they never intended to
allow large subdivisions. However, the county attorney and director of
community development have cautioned the board about their dubious legal
authority to deny proposals taking advantage of the March 2005 ordinance
change.

Supervisors have argued that the ordinance allows “discretionary
authority” to deny by right proposals based on the need for the Board of
Supervisors to approve road access. However the ordinance language is
not specific in establishing terms of denial. The Free Enterprise Forum
believes that discretionary authority in by right subdivisions is an
oxymoron. If the proposal is allowed by right and is in compliance with
all the applicable ordinances, the Board does not have the legal
authority to deny the proposal. If Louisa County wants to reduce the
number of lots allowable by right, the county should downzone the A-2
district, as Darren Coffey, director of community development has
suggested. Otherwise, the county has no choice but to approve
subdivisions which are in compliance with the ordinance.

Proffers will also be addressed at the September retreat. The long range
planning work group has endorsed a $4,362 proffer per unit at its July
meeting, according to the Central Virginian.

Places 29 Meets Fresh Opposition in North 29 Neighborhoods in
Anticipation of Release of the Preferred Alternative

Residents of Forest Lakes and Hollymead attended a neighborhood
meeting July 25th at which many members of the neighborhood vocally
opposed interconnections through their neighborhood. Attendees also
expressed their concern and cynicism about infrastructure and how it
relates to the most recent iteration of the Places 29 Preferred
Alternative.
The Places 29 consultants are currently working to prepare a release a
draft of the Preferred Alternative to the public. The Preferred
Alternative will be a “hybrid” of the second and third alternatives
presented at the May meetings. According to Judy Weigand, the draft will
be available on the Albemarle County website within the few months. The
consultants have been waiting on the completion of the transportation
modeling in order to include a proposed road network in the draft.
Weigand said that the modeling was taking longer than anticipated
because of the significant complexities of current and projected traffic
patterns. Both staff and the consultants are working to formulate a
format for presenting the transportation data at the next public
meeting. Staff hopes that the public meeting will be held before
Thanksgiving or in January of next year.

While the Free Enterprise Forum wishes for the Places 29 project to be
evaluated objectively, we are very disappointed that the project
designed to project the traffic patterns twenty years into the future
did not adequately project the time need for this project.

Background:

To view the three alternative maps click here
.

At the February 14th Albemarle Planning Commission meeting, The Free
Enterprise Forum again raised the concern about the importance of US 29
as a critical part of Virginia’s transportation network and the need for
transparency of public input. For more information click here.

To read The Free Enterprise Forum’s comments submitted to the Albemarle
Planning Commission regarding the Vision Statement, click here

To see the draft master plan click here

To see the fact sheets generated by county staff on the North 29
corridor click here

County staff has also placed an audio recording of the November 3rd
Public Workshop on the Places 29 website. You can access this recording
here

Rural Preservation Policies May be Voted on in Tandem

Supervisor David Slutzky has said that clustering and phasing,
the mountain overlay ordinance and streamlining of the development
review process in the development areas should all be voted on together.
Believing that these issues are inextricably linked, Slutzky is a
pivotal vote on the Board and the driving force behind this joint voting
concept.

The Free Enterprise Forum respectfully cannot support this joint voting
concept. Although each of these policies is designed to protect the
rural areas, they are distinct in their applications and their
subsequent impacts. The Free Enterprise Forum believes that Albemarle
County would be better served if the Albemarle Board of Supervisors
considers each of these policies on their own merits and limitations.

Nelson County Board of Supervisors to Grapple with Zoning Change this
Fall

Nelson County is still in the process of developing its zoning
ordinance. At the July 10th meeting, Nelson County Board Members
announced their desire to return to this issue after Supervisor
vacations are over. The Board will also consider if it will allow
residential dwelling units in areas zoned B-1.

At the February 27, 2006 Board of Supervisors meeting, the Board agreed
to the following division rights for parcels of 75 acres or less:
4-5 acres – 2 lots
5-10 acres – 3 lots
10-15 acres – 4 lots
15-20 acres – 5 lots
20-25 acres – 6 lots
25-35 acres – 7 lots
35-45 acres – 8 lots
45-55 acres – 9 lots
55-66 acres – 10 lots
65-75 acres – 11 lots

These division rights and the zoning ordinance are not yet finalized.
Stay tuned.

Charlottesville to Reconfigure Neighborhood Allocations

The Charlottesville Planning Commission met to discuss the way
in which funds are distributed to neighborhoods. The Planning Commission
has decided to allocate fewer funds to each neighborhood in order to
address priority projects citywide. One commissioner pointed out that
the current system is inequitable, allocating the same amount of funds
to each neighborhood regardless of size or need. Commissioners believe
that this reallocation will allow larger projects which have stagnated
to move forward. The commission will establish a committee through which
these larger projects will be assessed and filtered.

Rivanna in the Process of Permitting the Ragged Mountain Pipeline

The permit outlining the Rivanna Water and Sewer Authority’s
preferred Community Water Supply option was filed on June 30th. The
preferred option involves expanding the capacity of the Ragged Mountain
Reservoir and the construction of a pipeline between Ragged Mountain and
the Rivanna Reservoir. Tom Fredrick, Executive Director of the Rivanna
Water and Sewer Authority, expects that it will be “several months”
before the Authority will hear back from the regulators.

History:

The Rivanna Water and Sewer Authority unanimously selected the preferred
Community Water Supply option on April 18th at Monticello High School.
The Rivanna Water and Sewer Authority chose the Ragged Mountain Pipeline
as its preferred alternative. Go to the Rivanna website
to view the power point from the public
meeting. Since that meeting, both Charlottesville City Council and the
Albemarle County Board of Supervisors have endorsed the plan.

The Free Enterprise Forum appreciates the effort of the RWSA to find a
viable alternative each of the options under consideration is designed
to meet the projected 50 year need for water in the community. If the
community comes up with a workable solution to the 9.9 million gallons a
day projected need and then can permit and build it, future generations
will be served by this good stewardship.

Meanwhile, Fluvanna and Louisa Counties have secured a fifteen-year
permit allowing the Counties to pipe an average of 3 million gallons per
day from the James River. The permit, issued by the Virginia Department
of Environmental Quality, moved the county one step closer to moving
ahead with the $19 million dollar project. Louisa officials have entered
into talks with Fluvanna about splitting the pipeline’s building costs
and water rights. According to a June 15th article by Greg Dorazio in
the Central Virginian: “Officials in both counties believe that the
water will help manage and direct development in the growing counties,
while increasing their tax bases.”

Louisa County Comprehensive Plan Inches Forward

The Louisa County Board of Supervisors held a Comprehensive
Plan Public Hearing on August 1st. The Board used the opportunity to
solicit public comment, but did not vote for adoption of the Plan that
evening.

If the current incarnation of the Comprehensive Plan proposal is
approved, it will substantially increase the mixed-use designation along
the Interstate 64/Route 240 corridor and around Mineral and Louisa. At
the April 13th and June 8th public hearings, many residents cautioned
the Planning Commission to carefully consider the impact of mixed use
development, questioning the proposed residential densities which would
apex at six units per acre in some areas. Other residents have objected
to the streamlined review process of this Comprehensive Plan.

The view the proposed changes to the Comprehensive Plan go to the Louisa
County website . The current
comprehensive plan can be found here
.

Louisa County Board of Supervisors Approve Meals Tax Referendum

Louisa County residents will decide if it is in their county’s
best interest to adopt a meals tax. At the July 5th meeting of the
Louisa County Board of Supervisors, the Board approved a resolution to
put a meal tax referendum on the November ballot. Although revenue for
the immediate future is expected to be meager, with continued growth in
Louisa and the projected increase in the number of restaurants, Louisa
County staff expects the tax to generate significant future revenues.

The Free Enterprise Forum is concerned that the specific use of this new
revenue, which will weigh heaviest on the tourism sector, has not yet
been determined. If such a tax is needed, the proposed use of such
gains should be spelled out.

Fluvanna Holding Citizen Discussion Sessions on Comprehensive Plan

Fluvanna County plans to “tweak” its comprehensive plan
regarding controversial issues such as economic development,
infrastructure development, density and rural preservation. After
initial talk of limiting public input, the Board of Supervisors voted to
allow the public significant opportunity to comment on the new plan.
Fluvanna County will be conducting a county-wide survey to assess the
County’s to access the citizens’ view County needs.

ics such as economic development, land use and development will be
discussed and a mandatory update will be coordinated by the planning
commission. Planning work sessions are scheduled through December to
allow citizen input on various aspects of the plan. Infrastructure was
discussed on August 9th and land use will be discussed in November and
December.

Useful Links

To go to Albemarle County’s online calendar click here

For the current Albemarle Planning Commission Agenda click here

For the current Albemarle Board of Supervisors Agenda click here
=

For the current Charlottesville City Council Meeting Agenda click here

To access the Charlottesville Planning Commission Agenda click here

For the Greene County Board of Supervisors Agenda click here

For the Greene County Planning Commission Agenda click here

To access the Nelson County Board and Planning Commission agendas click
here

To access the Fluvanna County Board and Planning Commission agendas
click here

Important Upcoming Dates

September 5th Charlottesville City Council Meeting 7pm CCH

September 5th Albemarle County Planning Commission Meeting 6pm ACOB/Mc

September 6th Fluvanna County Board of Supervisors Meeting 7pm FCC

September 7th Albemarle Development Review Committee Meeting 4pm ACOB/Mc
3rd floor

September 12th Albemarle County Planning Commission Meeting 6pm ACOB/Mc

September 13th Albemarle County Board of Supervisors 6pm ACOB/Mc
(Expedited Engineering Review)

September 13th Charlottesville Planning Commission (Affordable Housing
Zoning Text Amendment, South Lawn Project) 6:30pm, CCH

September 18th Charlottesville City Council Meeting 7pm CCH

September 19th Albemarle County Planning Commission 6pm ACOB/Mc

September 20th Fluvanna Board of Supervisors Meeting 7pm FCC

September 20th Metropolitan Planning Organization 4pm TJPDC

September 21st Development Review Committee Meeting 4pm ACOB/Mc 3rd
Floor

September 25th Rivanna Water and Sewer Authority Meeting 2pm RWSA

September 26th Albemarle Planning Commission Meeting 6pm ACOB/Mc

RWSA-Rivanna Water and Sewer Authority Moore’s Creek Office
ACOB/Mc – Albemarle County Office Building McIntire Rd
ACOB/5th -Albemarle County Office Building 5th Street
CCH – Charlottesville City Hall
GCAB – Greene County Administration Building
FCCC – Fluvanna County Circuit Court
NCC- Nelson County Courthouse
TJPDC- Thomas Jefferson Planning District Commission Office

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Copyright Free Enterprise Forum 2006
This publication is a product of the Free Enterprise Forum. For more
information on the items addressed in this issue or on other

ics
related to local government in the Central Virginia region, contact Neil
Williamson at neil@freeenterpriseforum.org

or call 434-220-0781. Those who read the small print are rarely
surprised.

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September Forum Watch

Growth in Albemarle

Jim Duncan — Sun, 13 Aug 2006 11:12:08 +0000

Fresh off her recent accolades, Jessica Kitchin with the DP brings us two excellent stories this morning on Growth. First up is an overview of where Albemarle County is today. The second story is the first in a series of growth articles to come this week.

Albemarle is becoming much, much more segmented and defined as such by the various developments associated with those segments – Old Trail in Crozet, Biscuit Run to the (slightly) South, 29 North and Pantops Mountain.

One thing to be added (for now) is this -

County officials have said the issue was merely one of miscommunication, and they hope that as the vision of the Master Plan plays out – and as they seek more funding to provide infrastructure – residents will find renewed faith.

When government asks the public to have faith in their actions rather than form opinions based on their prior actions – watch out.
There are so many desired and unintended consequences related to growth – it is excruciatingly difficult to manage them all.

I am left with two questions – if we don’t grow, what happens? And – what do we do and talk about after the growth?

Technorati Tags: charlalbemarle, growth, politics

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Growth in Albemarle

Whom should we tax?

Jim Duncan — Fri, 04 Aug 2006 14:14:25 +0000

Not me. Tax him over there. Maybe we should tax those who have moved to the area in the past five years. Or ten. Just so long as it’s not me. But … fix those roads!

Bacon’s Rebellion responded to the RTD’s transportation poll last week. The Daily Progress speaks this week (HT: CvilleTomorrow) about said poll and advocates specifically for a gas tax.

Growth affects everybody – those who live here, those who move here, those whose livelihoods depend on the real estate market …

Until we can trust our government to do what is right, no progress will be made. Should we continue to allow our regional transportation needs to stagnate and deteriorate, our region (and Commonwealth) will slide in terms of our hallowed rankings and simply as a nice place to live.

The longer we wait to build vital infrastructure, the more this infrastructure will ultimately cost to build. Simple. Those who delay are demonstrating negligence towards their constituents.

Gas tax, grantors’ tax, transfer tax … the government gets the money. How they use it is a different story.

Let’s contract our infrastructure out to UVA – referring to the Transportation Matrix, they are the only ones able to have “completed” next to their project.

Technorati Tags: charlalbemarle

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Whom should we tax?

Cable upgrades coming?

Jim Duncan — Fri, 21 Jul 2006 15:40:56 +0000

Will be finally get our HDTV? Or extended cable internet access? With the pending sale of bankrupt Adelphia, will the Central Virginia region finally see much-needed cable expansion beyond the City limits and the immediate urban ring? If we do, at least maybe Doc will be happy about something.

My clients now list high-speed internet access among their needs: water, electricity, a roof and internet access. Adelphia’s languishing behind the advancement of competitors (not locally, they’re a monopoly) has harmed the expansion of internet access. I would argue also that , the housing market to a certain degree has been impacted as has peoples’ ability to telecommute, thus having an impact on sprawl. The other side of this, of course, is that currently people are forced to live close-in because of this limitation, thus artificially contracting sprawl (to a very minor degree).

Who will we get? Comcast or Time Warner?

-OR-

What if our region developed a wireless cloud?
A 2002 quote:

“We feel like this cloud will be just one more service we can offer to high tech industries that may want to relocate to Athens,” said Turner.

If this is successful, couldn’t we do the same?

Just a thought.

Technorati Tags: charlalbemarle, adelphia, technology

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Cable upgrades coming?

Regional roundup

Jim Duncan — Thu, 29 Jun 2006 21:13:08 +0000

With every one of these localities moving forward with their own growth and comprehensive plans, doesn’t it make sense to have some sort of regional cohesion between the plans and planners? What impact does TJPDC have?

Albemarle assesses residents’ opinions – was anybody surprised by the answers?

“We noticed a decrease in satisfaction rates [for transportation] between 2002 and 2004,” Allshouse said. “We saw data line up that showed us transportation is becoming a more important issue, so the goals for [the 2007-10] strategic plan, which should be adopted in July, include expanding regional transit opportunities and accelerating transportation projects.”

Louisa’s Comp Plan moves forward

Without the infrastructure, Tingler said, planning will not be effective. “If the county is concerned about bringing growth into designated areas,” said Tingler, “along with that goes modification to bring resources into those areas, water, sewer. If you don’t have that piece of the puzzle, this becomes a pretty map.”

A megasite in Augusta?
Fluvanna’s Comp Plan survey

No details have been released regarding the results, but public concerns about “growth and taxes” are a leading theme, according to a planner who has seen a number of the responses

Madison County jacks up building permit fees

“Last year was a tremendous year; it was so busy,” Grayson said. “We were issuing so many permits we couldn’t keep up with the zoning.

CvilleTomorrow changes tack slightly

Watching how they balance this will be interesting. CvilleTomorrow is one of the most valuable information assets our region has. I personally hope that they use their influence for information dissemination rather than advocates for or against particular developments. The concerns they raise are valid; but does this change their focus and non-biased position? Read the letter (pdf) here.

Charlottesville (the City of) looks to its future

Technorati Tags: charlalbemarle, growth

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Regional roundup

Charlottesville Housing “Overvalued”

Jim Duncan — Thu, 15 Jun 2006 13:38:27 +0000

It’s easy to just read headlines and get nervous and scared. Thankfully, there’s data to review. The summary is here. Their methodology is here. USA Today is good at presenting pretty shocking summaries.

The good news – The Charlottesville MSA is the 82nd most overvalued MSA in the country. In August 2005, we were ranked #71. (Please note the touch of sarcasm)

We have seen a pretty dramatic increase – the area was statistically considered (by this data) to be 0.2% under-valued in the 1st Quarter of 2002 and now the area is 29% over-valued. Wow.

Do you see the difference between these two statements?

From the report:

After determining what house prices should be, in this statistically normal sense, we compare those theoretical prices to actual prices to determine the extent of over-, or under-valuation.

From USA Today’s byline:

Metro areas’ first quarter housing prices with the greatest percentage above and below what they should be: (emphasis mine)

Having someone say arbitrarily and broadly what a house price “should be” removes (to me) the free market’s influence. When buyers choose not to meet a Sellers’ asking price – that is proof that the house is over-valued.
Locally, many sellers seem to still not realize that the value of their home is not set by what they need to make; it is what a ready, willing and able buyer is willing to spend. They are slowly coming around – there have been nearly 80 price reductions in the MLS in the past three days. Reality sets in once

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Charlottesville Housing “Overvalued”