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July 2014′s Monthly Note – Triangles, Weather, Trails & the Market

Interested in reading only one email every month that incorporates market analysis, tangentially related real estate stories, and a summary of the better blog posts every month on RealCentralVA and RealCrozetVA? Two clicks and it's yours.
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Goodbye Five Guys and South Street Brewery


The rumors on facebook and Twitter over the weekend seem to be true - South Street Brewery has been sold to Blue Mountain Brewery. If Blue Mountain, who are already killing it, replicate what they’re doing in Afton, they’re going to continue their massive success.

Five Guys on the Downtown Mall closed the other day - there are now no chain restaurants on Charlottesville’s Downtown Mall; if you need your Five Guys fix, they’re still open in Barracks Road and Hollymead Town Center. Ironically, the first commercial I saw this morning on NBC29 was one for Chaps Ice Cream with him saying, "you don't need five guys to make a good burger!"

Update 3 July - Blue Mountain is buying South Street, but they're not changing the name from South Street. Good stuff.
Posted in Albemarle, Charlottesville | Tagged , | 7 Comments

Prepping for Mid-Year 2014 Market Update

Looking briefly at the homes that have gone under contract in Albemarle and Charlottesville from 1 January to 30 June (June’s not yet over as of this writing) and if you do the math, you’ll see that this year’s market is (broadly) moving a bit faster than last year’s. I’m looking forward to digging into the numbers.

Halfway through 2014 and the market remains odd. Low inventory in some market segments, high inventory in others, houses hitting the market prior to hitting the MLS more often than I’ve ever seen, new construction prices increasing rapidly, new developments selling like crazy, and I’m starting to look at data to figure out what the market’s been doing.

Here’s a little bit of data looking at some price range statistics for Charlottesville and Albemarle so far this year - June 2014.

Questions, comments about the market? Let me know.

Posted in Albemarle | Tagged , , | 4 Comments

Wine Mag Notes Charlottesville’s Great Food

Wine Mag notes Brookville and Pasture in its America’s 5 New Foodie Cities. Yum.

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Fry’s Springs Downzoning Proposed Again

The perils of zoning rear their heads in Fry's Springs.

The Charlottesville City Council has agreed to consider a request from the Fry’s Spring Neighborhood Association to study rezoning of three streets.

“Essentially, they are asking for the properties on Stribling, Crestmont and Shamrock to be downzoned,” said Jim Tolbert, director of the city’s Neighborhood Development Services.

Specifically, the neighborhood association has been asking for the city to change the zoning on all properties classified as R-2 to R-1S. Properties in R-2 can have up to two families, whereas R-1S allows only one. Accessory apartments could still exist, but only if the property owner lives on site.

In all, there are 213 properties in the Fry’s Spring neighborhood with R-2 zoning.

This is an interesting development, so to speak. On one hand, what's the harm in having the conversation about downzoning (besides staff time and resources)? The harm is that by contemplating downzoning, the City is discussing changing the property rights of owners.

R-2 and R-1S zoning presumably provide affordable housing options, and by eliminating this zoning the City would presumably be eliminating some affordable housing options ... but with all the apartments coming to West Main Street, maybe the City is ok with this.

Curious - do off-site owners have lesser rights than owner-occupants?

"Councilor Dede Smith, a Fry’s Spring resident, said that half of those owners do not live in Charlottesville."

If you're curious to see the City of Charlottesville's zoning map, start here (the West Main study that's there is interesting, too).

Posted in Charlottesville, Growth | Tagged , , , , | 7 Comments

Charlottesville’s City Market Getting a Permanent Home

Charlottesville Tomorrow has the story.

Downtown will get a nearly year-round City Market and a taller downtown …

- at C-Ville, take a look at the proposed building (it's huge).
The vote was met with applause Monday night after the council selected the Market Plaza proposal. Local builder Keith Woodard intends to purchase and redevelop a city-owned parking lot into a nine-story building that will have homes, offices and stores.
In context, this is a pretty fast decision for local government. This is another reason to live close to Downtown Charlottesville ... more walkable to more stuff typically = increased property values and higher quality of life. Did they ever figure out what caused the City building to catch on fire in December?
Posted in Charlottesville | Tagged | 2 Comments

Monday Reading – 16 June 2014

- This should be required reading - 8 Surprise expenses for homeowners. Changing locks, pest control … in something as rare as a purple dinosaur eating a banana in the middle of a soccer stadium talking on a cell phone, many of the comments are useful.

- City of Charlottesville City Council will discuss Belmont Bridge and the Albemarle Planning Commission will discuss downtown Crozet’s possible renovation, among other big meetings.

- This part of the conceptual plan for West Main Street is absurd:

Another change that the street could see is the addition of elevated and protected bicycle lanes on both sides of the road. Providing bike lanes that are protected from on-street parking could help to reduce the number of bicycle accidents that have occurred along the road. “The bike lanes will probably mostly be used by people who are tootling along, a little slower, maybe have children on bikes, and it’s a safer environment,” said committee member Rachel Lloyd. “People who are really moving can go in the vehicular lanes.”
Instead of elevated bike lanes, why not protected ones? - There is so much to the pocket listing conversation; it's fascinating that Colorado's Real Estate Commission may be entering the fray. I wrote about pocket listings last year and earlier this year in my note. - Creepy. What data brokers know about you. One day soon, this will (openly) affect lending. - This is a really interesting conversation on "what businesses should come to Crozet?" I missed the opportunity to better define the question - what anchor industries should come to Crozet? but the discussion was great all the same. Lots and lots of Facebook comments, too. - With clients yesterday, we debated whether the folks who designed Stonefield were drunk or high. We concluded they were probably both.
Posted in Albemarle, Charlottesville, General Real Estate | Tagged , , , | 3 Comments

Virginia’s New Home Inspection Form – Buyers can Terminate with No Cause

There are now two ways for a buyer to terminate a Contract with no cause. Since I started in 2001, the buyer has been able to terminate a contract based on the HOA documents - buyers have three days to review the HOA documents.

A few months ago the Virginia Association of Realtors released a new home inspection contingency form.
Pursuant to the terms of Contract, Seller shall have all utilities in service If the results of such Inspection(s) are unsatisfactory to Purchaser, in Purchaser’s sole discretion, Purchaser shall provide Seller, prior to Home Inspection Deadline: 1) An entire copy of the report(s) and a written addendum listing the specific existing deficiencies (as defined below) of Property that Purchaser requests Seller to remedy together with Purchaser’s proposed remedies (“Home Inspection Removal of Contingency Addendum,” herein referred to as “Removal Addendum”) OR 2) Written evidence that such Inspection was performed and notice terminating Contract. Upon request by Seller, Buyer shall provide an entire copy of the inspection report to Seller.

At Purchasers' sole discretion, they may terminate the contract so long as they've had the home inspection. Now, the cost of terminating a contract is a couple hundred dollars.

Anecdotally, I'm hearing a lot of stories of buyers using this contingency to back out of contracts for no cause - this isn't good for the sellers, the market or, frankly, for the buyers.

As a buyers' agent: This is good and bad. Good: I want my buyer clients to always have the best opportunity to make the best decisions. Notsogood: I tend to think of a Contract as a binding thing that should be taken very seriously. If a buyer enters a contract thinking already about how they're going to get out of the contract, no one benefits.

As a sellers' agent: This stinks. A seller should have the opportunity to negotiate and remedy deficiencies. Period. This form changes that.

What value is the earnest money deposit? A purchaser could put down an abnormally large earnest money deposit (the deposit they make at Contract Ratification that ostensibly binds them to the contract and represents the amount that they potentially lose if they default) - and get it back if they simply change their minds in the home inspection contingency timeframe.

What is a buyer or seller to do? Know what you're signing.

Posted in Charlottesville, General Real Estate | Tagged | Leave a comment