Tag Archives: 22903
Wegmans, Cracker Barrel and a Target on 5th Street?
Wegmans, Cracker Barrel, a Target … and maybe even a new connector road, bike paths and hiking trails on 5th Street?
We had the rumors at the Nest Report a few days ago and Charlottesville Tomorrow reports this morning that the “Fifth and Avon Center is Moving Forward.“
C-Ville and The HooK Investigate Biscuit Run
But the Biscuit Run acquisition process, from start to finish, was a hasty affair that involved no public input and a network of businessmen and politicians with close ties. No one who negotiated the deal could control how much taxpayers paid—the decision is left to a few unelected bureaucrats in the state tax department.
…It is about something far more prosaic, and possibly more disturbing—how influential people align their interests and justify their actions by saying they did it for you and me. For background on Biscuit Run, do as I do and turn to the RealCentralVA.com archives and, better yet, Charlottesville Tomorrow’s Biscuit Run archives . Continue reading
When Evaluating the Charlottesville Real Estate Market, IGNORE National Data
Take your lede : – Home sales up 14% in Charlottesville and Albemarle year over year. – Home sales up 19% in Charlottesville MSA year over year. – Foreclosures continue to climb in Charlottesville and Albemarle. – Questions abound regarding second half of 2010; where will we find the bottom of the market? – If you have questions about or would like more detailed analysis, please contact me.
…Simple (though notsoumuch in reality) What I’m reading: – Harvard’s State of the Nation’s Housing Market (PDF) and listening to an excellent podcast with Nicholas Retsinas , Director, Harvard University’s Joint Center for Housing Studies . (did you know that there was an exhibit at the Smithsonian on McMansions ?) – Core Logic’s Home Price Index Report for April 2010 – Virginia’s Housing Price Index, for single family homes year-over-year, is up 6.5%; for single family homes excluding distressed properties, is up 3.6%. Virginia is one of the five best states for year-over-year price appreciation excluding distressed sales .. but mostly that’s irrelevant in my opinion as the bulk of those sales are most likely comprised of Northern Virginia sales. – The Federal Housing Finance Agency’s House Price Index for First Quarter 2010 The FHFA (formerly OFHEO) say that in the Charlottesville MSA house prices have dropped 6.98% year over year, 1.86& in the 1st Quarter 2010, and have appreciated 12.68% over the past 5 years .
… Home Sales are Up 19% year over year in the Charlottesville MSA: 
Homes sales are UP 14% in Charlottesville and Albemarle : 
One point: Charlottesville’s Unemployment is lower than the national average. 
Prime example of the irrelevance of national, aggregate housing data, which is good only for political talking points and respective agendas: Foreclosure starts for the nation and Charlottesville and Albemarle: National foreclosure data, courtesy of the HUD Scorecard, using RealtyTrac data: 
For Charlottesville, using RealtyTrac : 
For Albemarle County, using RealtyTrac: 
What have median home prices done in Charlottesville over the past five years? Continue reading
Mill Creek Embezzler?
As I tell my clients – if a buyer gets the packet four days prior to closing, sneezes three times and deems that to be a bad omen, she can cancel the contract, ostensibly based on the homeowner’s packet.
…If the PROPERTY is within such a development and PURCHASER is buying the PROPERTY for own residence, the Act requires SELLER to obtain from the Property Owners’ Association an association disclosure packet and provide it to the PURCHASER. … PURCHASER may cancel this Contract (i) within three (3) days after the date of the Contract: (ii) three days after receiving the association disclosure packet or being notified that the association disclosure packet will not be available, if the packet or such notice is hand delivered or delivered with the consent of the PURCHASER by electronic means and a receipt obtained; or (iii) within six (6) days after postmark date if the packet or notice that the packet will not be available is sent to PURCHASER by United State mail. PURCHASER may cancel this Contract at any time prior to settlement if PURCHASER has not received the association disclosure packet or notice that the packet will not be available. Continue reading
Charlottesville Area Association of Realtors’ 1st Quarter Market Report
A balanced market should have a DOM of approximately 90, but we have not been in that range since 2006. 1st Quarter Average Days on Market County 2005 2006 2007 2008 2009 Albemarle 64 70 116 135 113 Charlottesville 72 62 75 141 167 Fluvanna 70 79 108 135 127 Greene 67 76 99 90 92 Louisa 114 119 158 110 70 Nelson 73 83 118 152 164 Orange 89 83 95 125 163 Area Average 75 80 107 132 134 Central Valley 126 143 144 *includes sales outside the counties listed **numbers courtesy of the Greater Augusta MLS New Construction Still Slow It is important to note that many “new” homes are not included in CAAR MLS statistics. … As expected, the average costs per square foot have decreased in every area covered in this report. 2005 2006 2007 2008 2009 1st Quarter Price Per Square Foot County 2005 2006 2007 2008 2009 Albemarle 155 173 174 176 155 Charlottesville 172 186 186 193 159 Fluvanna 121 141 135 137 122 Greene 133 148 157 147 134 Louisa 122 146 142 153 114 Nelson 193 232 206 197 176 Orange 133 175 195 129 110 Area Average 150 169 166 163 140 Central Valley 131 121 117 *includes sales outside the counties listed **based on CAAR MLS data Condos and Townhomes The sale of attached homes is only reported in Charlottesville and Albemarle because very few properties in this category are located in other counties, except Nelson. Continue reading
