I’m watching with interest to see how many incoming UVA Medical Residents choose to purchase …

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 290. See more Home for UVA Medical Residents.
(all data current as of 3/20/2010)

1. $229,000 : 911 Paoli St, Charlottesville (city Of)
   
   5 beds, 2 full baths

   Size: 1,104 sq ft

   Listed with ROY WHEELER REALTY - GREENE
2. $169,900 : 705 NW 12th St (charlottesville), Charlottesville (city Of)
   
   3 beds, 2 full baths

   Size: 1,434 sq ft

   Listed with ASSIST2SELL - FIRST RATE REALTY, INC.
3. $199,900 : 706 Concord Ave, Charlottesville (city Of)
   
   5 beds, 3 full, 1 part baths

   Size: 2,079 sq ft

   Listed with ASSIST2SELL - FIRST RATE REALTY, INC.
4. $179,000 : 201 Holly St (charlottesville), Charlottesville (city Of)
   
   4 beds, 2 full baths

   Size: 760 sq ft

   Listed with CENTURY 21 Ray Caddell & Associates
5. $224,900 : 1708 Cedar Hill Rd (charlottesville), Charlottesville (city Of)
   
   6 beds, 2 full baths

   Size: 2,100 sq ft

   Listed with ASSIST2SELL - FIRST RATE REALTY, INC.

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

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

I frequently tell my clients that at any given time, UVA has a couple hundred million dollars of construction underway. Turn out, I wasn’t far off.

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:

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

It’s going to be interesting to see what impact this year’s incoming (and outgoing) medical Residents have on the market.

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.

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

To be fair, Match Day is March 19 for the entire country, not just UVA …

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.

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

I wonder how I can score a ticket to this event at UVA’s Miller Center …

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.

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

Received this morning from a client who was anticipating Matching at the University of Virginia –

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

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

Match Day for Medical Residents is tomorrow, and the forums at StudentDoctor.net are a flutter.

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

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

And what will be the impact this year?

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

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

Thanks to an alert reader for sending this story my way -

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.

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

Rarely if ever do I highlight individual properties, but I will make an exception in this case. Somehow I missed this story on CNBC earlier this year:

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

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

Et tu Barbara Corcoran?

Blanket statements are dangerous, especially when comparing the run-up from 2004 to 2007, but in Charlottesville, there clearly are not enough rooms on grounds for the UVA students and grad students. Buying smart likely will pay off in the end.

Related stories from RealCentralVA:

Are condos a good investment?
UVA’s growth plans’ impact on Charlottesville real estate

Technorati Tags: charlottesville, uva

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

The title says it all; that this WSJ story focuses on Charlottesville is almost beside the point. But … with the University of Virginia growing, some “student” housing might prove to be a good investment. My favorite part of the story:

Shortly after I did the math, I contacted a real-estate agent in Charlottesville, Va., who was well acquainted with spreadsheet-toting parents like me. And he did something quite out of character for a broker — he talked me out of buying.

Honesty will go a long way.

Technorati Tags: albemarle, charlalbemarle, charlottesville, condo, uva

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

University students feel put upon and under-prioritized:

Charlottesville politicians are notoriously leftist. … In an interview with The Cavalier Daily a few months ago, Charlottesville City Councilor Blake Caravati stated that City Council cares far more about family units than for student housing. … But City Council has worked tirelessly to block as much new construction as possible with encumbering regulations. This has ensured stratospheric rent and housing prices.

But … what does all this data mean?

The city’s Department of Neighborhood Development Services will present a report to the City Council on Tuesday that outlines just how rapid the pace of construction has been and how rapid it will remain in the coming years.

The report should prove enlightening. I for one am looking forward to it.

Technorati Tags: charlottesville, uva

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

Walker Square would be well-advised to address their customer service and management issues. This is the type of publicity that will 1) impact their ability to rent, 2) their ability to sell their condos and 3) the ability of the owners to sell their condos. I have been watching Jeannine’s story with dismay and disgust for months. As the market shifts, customer service must take top priority. They better watch out – once the furor begins, they might have to act.

Read more than the headlines when assessing the housing market news. Might this be a bellweather?

On the other hand, investors in homebuilders aren’t too impressed by Seiders’ “orderly” cooling. They’re continuing to sell the market down. On June 20, Centex (CTX), D.R. Horton (DHI), KB Homes (KBH), Lennar (LEN), and Pulte Homes (PHM) all closed lower than the day before. All of their stocks are down between 35% and 50% from their peaks last year.

Jim Bacon has some interesting take-aways from the recent blogging summit in Charlottesville. This blog occupies a different corner of the blogosphere – that of business blogging. Ethics and trust form part of the foundation of a successful blog, be it a political blog or a business blog.

UVA’s $2 Million Crosswalk – at least it will be built rather than planned, studied, planned, debated and then deferred until the next election cycle.

UVA’s beTech is fast becoming one of my favorite (local) blogs. I have no idea why on VAR Contracts, there is a place for buyers’ and sellers’ SSNs – I tell all of my clients to leave that space blank.

Technorati Tags: charlalbemarle, real-estate

These are a few of the condos for sale in Walker Square:

Showing properties 1 - 5 of 6. See more Walker Square tract real estate.
(all data current as of 3/20/2010)

1. $296,332 : 775 Walker Sq, Charlottesville (city Of)
   
   2 beds, 2 full baths

   Size: 1,230 sq ft

   Listed with NEST REALTY GROUP
2. $251,104 : 755 Walker Sq, Charlottesville (city Of)
   
   2 beds, 2 full baths

   Size: 1,048 sq ft

   Listed with NEST REALTY GROUP
3. $249,000 : 801 Walker Sq, Charlottesville (city Of)
   
   2 beds, 2 full baths

   Size: 1,116 sq ft

   Listed with REAL ESTATE III - DOWNTOWN
4. $185,000 : 700 Walker Sq, Charlottesville (city Of)
   
   1 beds, 1 full bath

   Size: 845 sq ft

   Listed with REAL ESTATE III - RIO SQUARE
5. $173,020 : 705 Walker Sq, Charlottesville (city Of)
   
   1 beds, 1 full bath

   Size: 785 sq ft

   Listed with NEST REALTY GROUP

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

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.

We have put several new properties on the market in the past several days, in part to hopefully take advantage of the upcoming Match Day, when Medical Residents find out where they will be attending school for the next several years.

Crozet (17-20 minutes to UVa)
Wynridge, Village Square, Stonehenge ($229k), Stonehenge ($217,900), Four Seasons (all of these are 10-15 minutes to UVa.)

The Resident community is one of the sustaining factors of our market. I have worked with several Residents over the years; they tend to be good, intelligent people who are going to be in the area for a couple of years and often choose to remain in the CharlAlbemarle area after their residencies are complete. If you are interested in any of these, please email me.

Technorati Tags: charlottesville, edgio, listing

Copyright RealCentralVA.com, LLC. If you like this post, please, visit RealCentralVA.comwhere this was originally posted.