Category Archives: Regional
And you wonder why transit hasn’t gained traction in the Charlottesville area?
From WINA:CTS buses are idle for the rest of the Labor Day weekendThose 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…. An entire day spent navigating Charlottesville’s public transportation system.
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What will the shift do to real estate consumers’ psychology?
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…. 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?… 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.
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The perils of being quoted in the media in Charlottesville
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…. 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?… 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.
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CharlAlbemarle’s infrastructure problems summed up in one quote
“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.
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On Cancellations
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.
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Friday links 09-21-2006
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…. 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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Recycling poll
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. Check out the poll in the right sidebar; feel free to add an answer as an option. I’m curious.
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September Forum Watch
The Free Enterprise Forum has release their September Forum Watch. It’s chock-a-block full of great information from around the entire region. soon as it’s linked, I’ll post the link.
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