Charlottesville Tomorrow reports:

Noticeable at the Planning and Coordination Council meeting was the contrast between the scale and ambition of a university angling to become “the premier undergraduate experience of the Americas” and those of the county government, which has had to cut back construction plans due to ongoing revenue shortfalls.

…
The university is primarily pursuing infill development within the current grounds, but is still aggressively expanding capacity. This is largely due to an agreement with the state government to increase undergraduate enrollment by 1,400 students by 2018, which is in addition to an increase of 271 outstanding from a previous plan.

While the University grows, the City of Charlottesville and County of Albemarle continue to struggle with their budgets.

We had an interesting discussion here in 2007 about UVA’s growth plans’ impact on Charlottesville real estate – in which we discussed the UVA Master Plan map, their growth plans then, the anticipated hiring of new faculty … and reading that from 2007 has spurred me to research a related story.But …

It’s amazing what can be done with borrowed money. The higher education bubble will have to burst at some point, right?

Check out this higher education bubble at dailyinforgraphic.com.

Did you know this?

The other big difference with student loans is the dominant role the federal government has assumed in the market in the last few years: it accounts for roughly 85 percent of student debt.

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Be aware. Traffic will likely be challenging, restaurants will be slammed, hotels are likely booked … as a new class of graduates embarks on a new journey.

You know what? If you’re in Charlottesville this weekend, ride a bike rather than drive. (weather should be great)

(photo courtesy of)

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What’s this mean for those of us analyzing the Charlottesville real estate market (as well as seeking to represent Residents buying homes in Charlottesville)?

“Traditionally UVA Residents comprise a fairly significant portion of the Charlottesville and Albemarle real estate market – generally at least three bedrooms, two baths (usually) no more than 20 minutes to the UVA Medical Center … usually not too old as Medical Residents tend to be quite busy …”

What’s a Resident generally looking for?

No one likes to be described as “typical” but … the criteria for UVA Medical Residents tends to be consistent:

- At least three bedrooms
- At least two bathrooms
- Under $275k (some go higher, depending on their background, family support, etc)
- No more than twenty minutes from the UVA Medical Center.

Get started on learning the market here. Many new Residents, after analyzing the Charlottesville real estate market, determine that purchasing is a better option than renting. If you’re planning to be here for more than four years, this may very well be the case.

The question is – will they buy this year? Residents provide a much-needed stimulus (real, not fabricated) to the Charlottesville economy. Every year, new Residents match in Charlottesville; every year some rotate out to the next phase of the lives after completing their Residency.

To get acclimated, look at this map; once you eliminate at least two of the areas, your search will be much more efficient. You may find yourself going outside the confines of Charlottesville and Albemarle.

I’m wondering, does UVA live stream their Match Day?

It is my bold prediction that, not this year, but next year – 2012 – that it will be common practice for medical schools to live video stream their Match Day ceremonies. But, for this year, other than USF, does anyone out there know of other med schools doing this? ….

Looking back:

- UVA Match Day 2010

- Match Day at UVA 2009

- UVA Match Day 2008

- Match Day UVA 2007

Or, from a Twitter point of view:

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What will the impacts be on Charlottesville and Albemarle? Will the University take plans to reduce the number of vehicles these 1500 students bring to the area?

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The University of Virginia Foundation has been given the greenlight to expand its research park on Fontaine Avenue.

Keeping this growth in the urban ring qualifies as a “good thing.”

To get a feel for where UVA’s growth is going, spend some time perusing their 2008 Grounds Plan.

The best sentence in the Charlottesville Tomorrow story succinctly pinpoints why the Charlottesville-Albemarle region chooses not to build roads. They only have clues to guide them.

The most recent rezoning does not answer conclusively the future of the proposed Sunset-Fontaine Connector but does offer clues to how parts of it might be funded.

Why have conclusions when it’s more fun to follow clues?

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If you haven’t been to The Corner this summer, do so this week.

C-Ville succinctly summed up The Corner’s relationship with year-round Charlottesville residents:

Living locally means living territorially. If you live in Charlottesville, this means avoiding Bodo’s at 9am on a Sunday, Mas at 10pm on a Friday, and The Corner from September through April.

Just like those other fine establishments, however, the Corner has its own peak season—a three-month banquet for the seasonal resident who shuns the balcony seats at Michael’s Bistro or the sales at Finch during the academic year, but gratefully returns each summer. All is forgiven, and all is new.

Once more, each restaurant along University Avenue offers the best seats and eats, and each store offers the best deal—at least, until the next one. Side streets like Elliewood Avenue hold new treasures for you to hopelessly fall for. Fall semester will end your summer fling, but for four idyllic months, the Corner is the place where real locals come together.

I make a point to drive or ride through the Corner a few times over the summer, as during the school year, I usually am on a schedule that does not allow for a frustrating casual drive through the UVA district.

So – go this week or next to one of the restaurants on The Corner. You might not want to go again for another ten months.

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From the Daily Progress:

Ligon’s white paper examines two enrollment scenarios. In one, UVa would grow by 400 students per year for five years, then resume its 1 percent growth rate. This would bring UVa’s enrollment in line with the University of North Carolina at Chapel Hill.

An additional two thousand students. Currently UVA has 20,080 students.

The impacts of this growth would be tremendous – both good and bad. Transportation and infrastructure would be impacted – for the City of Charlottesville, County of Albemarle and UVA. The real estate market would likely be affected – more kiddie condos? There would likely be a greater number of students who graduate and stay, for either careers or grad school. If UVA students ever got involved in local political races, they could have a tremendous impact.

Clearly, UVA is and has been planning for this growth (bolding mine):

The University of Virginia has set new goals in its quest to reduce the number of single-occupancy vehicles used by employees in their daily commute. While removing cars from Grounds might have an environmental benefit, the effort is primarily designed to make way for more buildings.

“If we can reduce the number of parking spaces needed, then we can save that land for a higher and better use, which for us would be classrooms,” said Julia Monteith, UVa’s senior land use officer, at Wednesday’s meeting of the regional Metropolitan Planning Organization.

The university does not plan to build any more parking lots, and many surface lots are destined to become the sites for future buildings. There are currently more than 16,000 parking spaces that serve UVa’s core campuses but that number will dwindle as more construction occurs.

To solve the potential deficit, UVa created a program known as transportation demand management (TDM) to lure commuters from their cars. As part of the program, the school’s transit service entered into a reciprocity program with the Charlottesville bus system, started a car-sharing program and made it cheaper for those who carpool to park. Two people who carpool get a 10 percent discount, whereas three who regularly do so save 25 percent.

“Instead of just focusing on how cars move around Grounds, we [wanted to] be able to look at more multi-modal transportation and be thinking about this in more of a forward-thinking way,” Monteith said.

And that’s a good start. If we could just get the City of Charlottesville and the County of Albemarle to look forward in a similar way – focusing on doing rather than studying – we would all benefit.
There are lots of transportation projects projected … (PDF) I’ll be shocked if any of them actually get done.

Maybe with the influx of students, UVA could put together winning basketball and football teams; virtually every other team at UVA is remarkably successful.

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Plans are to offer an ice rink for six months of the year, from October through March, and a turf field for the remainder of the year. Visitors to the arena will now be able to take part in both winter and summer sports programs, from public ice skating to indoor soccer and lacrosse.

Courteney Stuart has more at the HooK on Mark Brown, the new owner of the Ice Park.

You probably didn’t hear it, but a shift happened on Sunday in the Charlottesville soccer scene.

Playing and coaching soccer in Charlottesville for years, first coaching one kid from U-8 up and in the process of starting another, playing in SOCA’s adult league for nearly seven years, I have always lamented the lack of soccer league competition. No more.

Last Sunday marked the first week of soccer for CvilleSocial. The early reviews are that it’s fantastic to have soccer competition in Charlottesville. Turf fields. For soccer players in Charlottesville, this is Huge.

The big dog in the Charlottesville soccer scene has (always) been SOCA – the Soccer Organization of Charlottesville. Monticello United has recently offered competition for the youth league as well, but there has never been more than one option for adult soccer in Charlottesville.

Here’s a quick primer on adult soccer in Charlottesville/Albemarle:

SOCA offers Spring and Fall 11 -v- 11, Summer 8 -v- 8 and Winter indoor 5 -v- 5 (our region desperately needs an indoor soccer facility … and there might be hope for that).

CvilleSocial’s Summer offering is 6 -v- 6 on TURF fields. Yep, turf. At the newly-renovated Park at UVA. The Park is located just down the hill from UVA’s Law and JAG schools.

Update 10 June 2011: Image of “The Park” removed at their request. But, you can see it here.

And get this – they are going to be offering 7 -v- 7 (with different skill groups) in the fall, September 26 – November 21, 9am to 2pm on Sundays with a max of 20 teams.

CvilleSocial was founded by Chad Day, who moved to Charlottesville in 2006 from Northern Virginia. The league was founded on 8 June 2006, and the soccer league has 153 soccer players – the most ever for a first time sport. (Soccer’s big, you know. Even in the USA. And definitely in Charlottesville: See UVA Men and Women)

Over the years, I have played on great fields and terrible fields. This summer marked one of the worst fields I have ever played on; so terrible that I considered not playing due to fear of injuring my ankles (I did suffer a hole in my knee due to a rock/dirt cluster). Don’t get me wrong – SOCA’s South Fork soccer park has tremendous fields. Crozet Park’s soccer field is great. But this summer was tremendously disappointing. All it takes is one bad experience, combined with a competitive offering, to change a market.

I can’t make much time for the socializing aspects of CvilleSocial, “the City’s largest social club,” (I have been intrigued by their kickball and dodgeball leagues) but I’ll certainly play some soccer.

So, SOCA. Thanks for the years, but I will be seriously considering CvilleSocial for my soccer needs.

More than a game.

Did you know that the International Rescue Committee has resettled hundreds of refugees in the Charlottesville area?

In 1998, the IRC began resettling refugees in Charlottesville, a community of about 41,000 people. A tourist destination and home to the University of Virginia, Charlottesville enjoys low unemployment and many job opportunities.

More important, the community has demonstrated strong interest and volunteer support for the IRC’s efforts, says Susan Donovan, resettlement director at the Charlottesville IRC. The Charlottesville IRC now resettles up to 150 refugees per year in the city and surrounding area.

David Brown, mayor of Charlottesville, said the city has become more diverse because of the new refugee residents. “Their participation has improved the soccer teams in the area,” he joked.

Fugee Soccer

Bridging the Gap works with the Soccer Organization of Charlottesville-Albemarle (SOCA) and the International Rescue Committee (IRC) of Charlottesville’s Family Support division to register children on soccer teams and provide them with transportation to and from practices and games. Many volunteer groups use the soccer experience to base their mentoring around. Fugee Soccer usually has about 35 children participating each season.

Soccer has always been more than a game; it’s a way to stay fit (Charlottesville was named by Men’s Journal as one of the Top 5 Healthiest towns), connected to the community. I’m looking forward to this new league.

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Traditionally UVA Resident comprise a fairly significant portion of the Charlottesville and Albemarle real estate market – generally at least three bedrooms, two baths (usually) no more than 20 minutes to the UVA Medical Center … usually not too old as Medical Residents tend to be quite busy … at the bottom of this post are a few homes that may meet some of their criteria …

This is going to be a telling year, as many of the outgoing UVA Residents are going to be selling and (some) incoming UVA Residents will be buying. Anecdotally, far fewer folks are buying than have in previous years.

Charlottesville is transient by nature, and for many, renting will prove to be a better decision.

It’s Match Day on Twitter, too -

stmiles: It’s finally here… today is Match Day! Five hours until the Big Reveal.

jessicaesquire: I try not to use twitter like a 12-year-old girl, but I am so tempted to write an entire tweet of “MATCH DAY” all in caps and nothing else.

MedicineUMMS: MATCH DAY! Mar 18, 2010 Congratulations, graduating med students! (NRMP) http://ow.ly/1bFXR Welcome new #UMass interns! http://ow.ly/1bFYF

- UVA Match Day 2009
- This is a comprehensive post I wrote earlier this year about Match Day in Charlottesville
- This is a useful Charlottesville relocation map I did using Google’s MyMaps … and it’s what I do on real maps when I’m meeting with clientsThanks to Ken Mextorf with SunTrust Mortgage for the following post:* In response to various questions from potential buyer clients who were hoping to Match at the UVA Medical School, I asked Ken to write this for me.

Graduating medical school students have just gone through “Match Day” where they have found what hospitals and Residency programs they have been paired with. Current Residents and Interns who are finishing up their programs are ready to venture out and embark on their new medical careers. For many of these new Doctors relocation is part of their new life.

For those looking to buy a new home, SunTrust mortgage Doctors Loan program provides;

- Financing up to 100% of the sales price of a new home.

- Loan amounts up to;

- $417,000 for Residents and Interns

- Special banking relationships and discounts

If now is the right time for you to buy speak to your local SunTrust Mortgage specialist and learn more about the Doctors Loan program and how it can work for you.

* Yes, I know this reads like an ad for SunTrust’s Doctor’s Loan program. It’s intended to answer questions, and Ken happens to have a great program that is useful for UVA Medical Residents and Doctors. Why wouldn’t I write about a lender I recommend?

These are a few homes that may suit UVA Residents.

Sorted by Walkscore -

Showing properties 1 - 5 of 182. See more Home for UVA Medical Residents.
(all data current as of 2/10/2012)

1. $164,900 : 514 NW 11th St (charlottesville), CHARLOTTESVILLE (CITY OF)
   
   3 beds, 1 full, 1 part baths

   Home size: 1,717 sq ft

   Lot size: 6,621 sq ft
2. $269,000 : 300 NW 10th St (charlottesville), CHARLOTTESVILLE (CITY OF)
   
   3 beds, 2 full, 1 part baths

   Home size: 1,404 sq ft
3. $185,000 : 926 Henry Ave (charlottesville), CHARLOTTESVILLE (CITY OF)
   
   3 beds, 1 full, 1 part baths

   Home size: 1,414 sq ft

   Lot size: 4,660 sq ft
4. $296,900 : 2709 Brookmere Rd, CHARLOTTESVILLE (ALBEMARLE)
   
   5 beds, 2 full baths

   Home size: 2,300 sq ft

   Lot size: 21,780 sq ft
5. $210,000 : 348 Minor Ridge Rd, CHARLOTTESVILLE (ALBEMARLE)
   
   3 beds, 2 full baths

   Home size: 1,261 sq ft

   Lot size: 6,098 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Charlottesville Tomorrow reports:

Pace Lochte, UVA’s director of economic development, said that a “miniature intelligence community” is developing around NGIC and the North Fork Research Park. She said NGIC and other intelligence agencies are interested in using UVA as a resource.

“The sky’s the limit in terms of what the community and the DIA can do together,” Lochte said.

“This is the kind of development and economic improvement that every community in this country would just die to have it come into their community,” Sandridge added.
List of construction projects at UVA:

• Claude Moore Education Building– operational by May 2010
• Bavarro Hall – complete by August 2010
• First two buildings of the South Lawn Project operational by January 2010, rest in July 2010
• Emily Couric Clinical Cancer Center – operational by April 2011
• Four new Alderman Road dorms to be built in two phases (2 in May 2011, 2 in June 2013)
• Information Technology and Communication Data Center – operational by May 2011
• Bookstore expansion – operational by summer 2011
• Rice Hall (engineering building) on Whitehead and Stadium Road – operational in August 2011
• College of Arts and Sciences Research Building (currently unnamed) – operational by August 2011
• Rehearsal space on Culbreth Road – operational by 2011
• 72-bed intensive care unit expansion at UVA Medical Center – complete by January 2012

Search for homes for sale around the University of Virginia:

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If you match at UVA, start getting acclimated:

Charlottesville relocation map – most Residents must stay within a 20 minute radius of the Medical School.

View Larger Map

Start searching for homes here (or here).

Moving to Charlottesville?

Please let me know if you have any questions.

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For those not familiar – What is Match Day? (and why should we care?) From UVA’s site for medical residents:

Thursday, March 19, 2009 is the big day. There will be a class meeting that morning followed by the Match Day Ceremony held in the Old Medical School Auditorium, which culminates at 12 noon . Attendance is required! Absences must be approved by Dean Pearson. The four days of the Match are broken down as follows:

Match Day is:

Match Day is when 4th year medical students find out which residency program they matched with. … two days before, you find out IF you matched or not. If you don’t match, then you have two days to “scramble” into a program, ANY program that wishes to take you.

The odds of matching at residents’ respective first choices -

How Are The Matches Made? A computer program is designed to match the applicants’ preferences with those of the residency programs. This year, 59 percent of the students got their first choice, but 11 percent had to settle for their fifth choice, or worse.

UVA medical residents (and JAG School folks, Law and Darden – I love that Darden’s Dean is blogging – students, et al) have traditionally comprised a significant segment of the Charlottesville and Albemarle real estate market. This year, like last, may be different for at least this reason – properties are not appreciating at the rate that used to be “expected.” We are returning to the historical norm of – if you buy and sell in three to five years and sell without losing money, you’ve done very well.

That being said, now really and truly is a great time to consider purchasing – if you are qualified.

… A future post will touch on the various Doctor’s Loan programs that are available.

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Courtesy of C-Ville’s blog:

For three days, these financial leaders, who represent three quarters of worldwide economic activity, will tackle the issues involved with Sovereign Wealth Funds, global financial stability, changes in the world economic power and influence, the credit crunch and the future of the new financial architecture.

From UVa’s site -

This unique group represents three-quarters of worldwide economic activity, reaching beyond traditional G7 meetings to include perspectives from emerging markets and developing economies on issues including:

• Sovereign wealth funds;

• Global financial stability and economic governance;

• Challenges posed by changes in the centers of world economic power and influence;

• The subprime crisis and credit crunch; and (bolding mine)

• The future of the new financial architecture.

This should be fun.

While CNBC is here, maybe Diana Olick can check in on the “million dollar house” that she highlighted last year (it has since been withdrawn from the market).

Update 09 June 2008: Shot down. It’s invitation only.

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Unfortunately I matched at my second choice not my first … definitely a bit disappointed but still excited to get the next part of my life started. THANK YOU for being such a wonderful resource for me these last few months – I have  learned a lot… and I appreciate the time you spent with me. I had a very good experience with you and will definitely recommend you to the 23 members of my class that did match at UVA =)

Technorati Tags: charlalbemarle, charlottesville

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This year’s Match Day is likely to prove to be a bellwether for the Charlottesville area real estate market. UVA Residents provide cyclical stability to our market – every year they cycle in and out, providing a constant in our market. I am curious as to what this year will bring.  Tuesday brought this email from another customer/resident with whom I have been working -

My confidence has been rattled.  I’ve been reading too many commentaries like (this one).

This just isn’t the time for me to buy.  I would likely need mortgage insurance to offset my low down payment, and the prospect of negative equity just sounds … plain negative!  I’ll keep saving for the down payment for the next year, and hopefully I’ll catch the market closer to this 25% expected further devaluation.

This would be completely different if I were making 60K rather than 40K.  I think that is the reality for a lot of people in my <40K boat.  I think we’d also be a great target for corporate or government assistance.  Empower me already!

I’m doubtful about the “25% expected further devaluation,” but if that’s the psychology of some of today’s buyers, that directly impacts the local real estate market.

For the past few years I have written about Match Day once or twice before at least, and this year is no different, but for one thing – the credit markets are much, much different this year (h/t VARBuzz) than in any previous year. One of the residents with whom I am working is comparing rates with the self-titled “Home of the Doctor Loan.” Stealing knowledge from a lender with whom I work frequently, Ken Mextorf of SunTrust, I learned this -

“The status of the Doctors Loan is not as bad as I was led to believe.  Yes, they are scrutinizing exceptions more thoroughly but they are still granting them.  There are no set in stone guidelines I can give you that are being used but some general parameters are:

- Can still go to 100% financing
- Credit scores should be above 700
- 2 months reserves after closing
- Debt to income around 50% (closely around)

Sometimes, exceptions are needed to get beyond the Debt to Income ratios which seem to be the greatest area of concern.  The mitigating factors that help to get an exception approved on a higher DTI are:

- The ability to put money down (5%)
- Higher Credit Scores
- More Reserves after the loan is closed.”

Hmmm – buyers need cash and good credit in order to qualify? Craziness! – and ultimately a good thing.

My advice to Residents (really to any Buyer) – work with a team of people whom you trust, prepare, know your options and move forward after performing adequate due diligence.

Technorati Tags: charlalbemarle, charlottesville, match-day, real estate, uva, virginia

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What exactly is Match Day? I like this description from last year.

Match Day is when 4th year medical students find out which residency program they matched with. Next year (actually this year – 2007), that day is March 15. On March 13, two days before, you find out IF you matched or not. If you don’t match, then you have two days to “scramble” into a program, ANY program that wishes to take you.

UVA has a Guide to Match Day.

I wrote about Match Day last year, and developed a page specifically for UVA medical residents, and a search specific to UVA residents’ general needs.

What’s a Resident generally looking for?

- At least three bedrooms
- At least two bathrooms
- Under $275k (some go higher, depending on their background, family support, etc)
- No more than twenty minutes from the UVA Medical Center.

What’s it like to be a buyer in the Charlottesville market?

Get started on learning the market here. Many new Residents, after analyzing the Charlottesville real estate market, determine that purchasing is a better option than renting. If you’re planning to be here for more than four years, this may very well be the case.

The question is – will they buy this year? Residents provide a much-needed stimulus (real, not fabricated) to the Charlottesville economy. Every year, new Residents match in Charlottesville; every year some rotate out to the next phase of the lives after completing their Residency.

To get acclimated, look at this map; once you eliminate at least two of the areas, your search will be much more efficient. You may find yourself going outside the confines of Charlottesville and Albemarle.

View Larger Map

There is significant uncertainty in the Charlottesville market now; but – for those who are ready, willing and able to buy, there are significant opportunities in the market.

Technorati Tags: adelphia, charlalbemarle, charlottesville, real-estate

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College Towns Escape the Pain

As the inner cities, along with much of Florida and the interior of California, face the prospect of a foreclosure meltdown, American college towns appear to be islands of stability.
…
It could be all of that and more, say economists and academics. But ultimately, what the cities on the list have in larger measure than much of the rest of the country is stability, in both their housing and job markets.
…
Contributing to reasonable home prices is the fact that many places on the list are economic oases, surrounded by areas where jobs are dwindling, which helps depress housing demand. Yet the college towns themselves are thriving: The peak years for American births since the baby boom were 1989 to 1993, and college enrollments are swelling as never before. Many communities on the list also have big medical centers or flourishing research operations.

Take a look at some of the historical data on UVA construction -  and then look at their Master Plan. The scale and scope of their growth is extraordinary, and likely will continue unabated (for better or worse) for many years to come, shoring up our housing and job market in the process.

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In this university town, there are about 30 homes priced at $1 million or more, if you’re in the market to buy. “The price reflects a market that, unlike many others, is not offering any bargains.” Diana Olick reports. “Every window, and there are a lot of them, is a scenic overlook.”

The house we visited is about 20 minutes from downtown Charlottesville and sits on ten acres. It has four bedrooms and four baths. The kitchen may appear small to some and the basement is unfinished. The asking price is $1.19 million and it’s been on the market for two weeks.

Charlottesville’s population is about 45,000. It’s home to the University of Virginia.

Expanding on and clarifying stories such as this is one of the goals of this blog.

Using data from today:

- There are currently 126 single-family homes in Charlottesville/Albemarle with asking prices over one million dollars.
- 24 of the 126 are marked as being new construction.
- In the City of Charlottesville, there are six homes currently on the market with asking prices of at least a million dollars
- 43 properties have sold for more than $900k and 34 have sold for more than one million dollars in Charlottesville/Albemarle so far this year; eight of the forty three were identified as new construction.

The point of this article is not to find fault with CNBC’s reporting, but to demonstrate the limitations of such a broad overview of any particular real estate market. To get a real understanding of the market, it’s crucial to get the “boots on the ground” perspective. 

And for the record, the price of the featured home (temporary link) was recently reduced from nearly $1.2 million to $1.05 million.

Technorati Tags: albemarle, charlalbemarle, charlottesville, real estate, realtor, uva

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