Tag Archives: charlottesville real estate
City of Charlottesville Real Estate Market Update – First Ten Months of 2011
One big notation: I’m no longer comparing today’s real estate market; what happened in 2005 – 2007 and before is interesting, curious, anomalous and ultimately irrelevant to today’s real estate market. EVERYTHING is different now – interest rates, economic outlook, international economic events, gas prices, employment trends – making comparisons between this market and that market is a distraction.
The City of Charlottesville’s real estate market is unique – its mix of homes – single family, condo, townhouse, the fact that is has a relatively smaller percentage of newer construction and its more dense and urban location make it quite distinctive from the surrounding markets.
First, the bullet points:
- Active Listings – Fewer than last year, but still too high.
- New Listings – Fewer than the past two years and trending down; this is a very good thing. As fewer houses come on the market, more houses will sell and we’l be able to find our way through the current spate of houses on the market. *
- All Pendings (Under Contracts) – Higher than the last two years; this is a very good thing. People are buying real estate.
- New Pendings (Better reflecting current market activity) -
- Sold Listings – Slightly higher than last year.
I’d love to include the numbers and charts for Days on Market and the List Price to Sales Price ratio, but I have found that the only, only, only way to run these numbers with any degree of accuracy is to do it manually. For specific properties and neighborhoods.
Note also that these numbers and charts are for everything – single family, attached and condos – your market will vary.
* I’m not totally convinced that the houses that are coming on the market in the Charlottesville and Albemarle real estate market are the ones that buyers want to buy - whether size or energy efficiencies, I think that the inventory we’ve seen over the past 18 months has not quite matched to what buyers want, and this is a reason that we’ve seen the new construction market in the Charlottesville area do so well.
Now, the charts and graphs …
Belevedere Neighborhood Maturing
I’ve always liked the Belvedere neighborhood; I think it’s a great place – great neighborhood, great location and well-designed energy efficient houses.
Charlottesville Tomorrow reports on how Belvedere is growing up and taking shape.
“The homes are built right by the sidewalk and you can talk to the neighbors when they walk by,” said Perpetua, who is retired and moved here from Pittsburgh. “It’s just a different kind of community.”
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Another part of this urban vision is a “civic core,” modeled as a public square, which will include a community meeting space, a Montessori school and facilities for the Soccer Organization of Charlottesville-Albemarle.SOCA plans to locate its new headquarters in Belvedere and also has three separate parcels in the works for the neighborhood — a covered indoor field and training facility, a lit all-weather artificial turf field and four natural grass fields.
Bill Mueller, executive director of SOCA, said that final approval for the offices and indoor field in the first parcel was “imminent” and that SOCA would soon start a $4 million fundraising campaign for the facility.
Last night I had an extended conversation via the handy-dandy “Live Support” widget you see to the right with someone about the Belvedere neighborhood. We talked about a lot and I referenced a lot of stories. I thought recapturing those links would be helpful, both for me as a resource, and you as a reader (and prospective buyers) Continue reading
The Charlottesville Bubblers Interview the Charlottesville Brokers
I’ve made no secret about my affinity for the Charlottesville Bubble Bloggers since they began. Heck, I interviewed them in August of 2008. Part One and Part Two
They’ve interviewed me, Michael Guthrie with Roy Wheeler and Greg Slater and have asked some outstanding questions, the answers to which I’m looking forward to (I’ll post mine here in a couple days).
This is Part One of their series, and these are the questions they asked.
Knowing This, Would you Trust Zillow?
It’s been a while since I’ve taken an in-depth look at Zillow; generally I tell my clients that it’s good for content but not actual good, conclusive, base-any-real-decisions-on-what-it-says.
If you’ve been using Zillow’s zestimates and trends to understand the market, not only are you finding that you were misinformed, but now you really don’t know how misinformed you were (or are).
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Tune Into WNRN This Sunday – 29 May 2011
Who can resist listening to an hour-long conversation about the Charlottesville real estate market? (besides my wife) Once again, Matt Hodges I and will be talking with Rick Moore on Sunday’s show at 11am.
What questions do you have? What would you like for us to discuss?
Belvedere in Charlottesville – Now Growing. Fast
The neighborhood may not be 100% what was originally envisioned, but from my outsider’s point of view, I would argue that it is better – the neighborhood has taken ownership and initiative. … 2 – It’s in a great location; well-positioned to both Downtown Charlottesville and the 29 North (DIA/NGIC) Corridor 3 – The inventory has shifted and adjusted to the market – quite a few townhomes are selling there now. … Walking back down to the heart of the neighborhood, we ran into one of my clients who has lived in Belvedere for nearly a year and she spoke of how much she and her family love living here. … We go into the builder’s model home, talk for a while and upon coming outside, see that the cookie-and-lemonade-sellers have been joined by a girl on a stool in a tie-dye shirt strumming a guitar. Continue reading
Homebuyers in Charlottesville: Please Work with Charlottesville Lenders. Here’s Why
Lender asks for my recommendations for attorney/title company, appraiser, etc. (local lenders tend to have pre-existing relationships to take advantage of) I consult with my client to ensure that he approves, and proceed. … Hopes and dreams have been smashed because an incompetent, unknown lender does not have any reason to work harder, does not have any relationships to maintain, has no concerns regarding accountability.
…He calls another local lender with whom he and I both have excellent working relationships and passes the package over to the other local lender. … I’m inclined to do whatever it takes (so long as it’s moral, ethical, legal) to ensure that my clients are taken care of. Continue reading
Talking about the Charlottesville Real Estate Market – WNRN Radio 9 January 2011
If you are interested in – whether from a buyer, seller, voyeur, moving to Charlottesville perspective, I highly encourage you to listen to this hour of radio Matt Hodges and me as we discuss the Charlottesville real estate market, national trends affecting all of us, and what the conversation may mean to you, the real estate consumer. … Some of the stories to come: One of the best parts of doing radio shows is that I always generate new ideas to write about. – Top 10 most popular neighborhoods in the area; I’m finalizing the methodology for how this will be determined, so I won’t promise the publication date. – An expansion on the nomadic class. – The internet’s/telecommuting’s impact on attracting people to the Charlottesville area. … Title issues, conveyance of title, property ownership – I think this is going to be a huge story in 2011. – Mobility – many of today’s potential homeowners are choosing to not buy because they want to have options. – QE2 – DIA and NGIC – their impact on the Charlottesville real estate market; in short, they they provided a stabilizing force. – Loan Level Pricing Adjustments – what does this mean to homebuyers?
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– Foreclosure rate for the Charlottesville MSA – Majority of Virginians oppose gas-tax increase – Town hall to discuss Hollymead development area expansion – Realtors’ response to Mortgage Interest Deduction – Commentary: Mortgage Interest and Real Estate Tax Deduction Facts – Facing Scrutiny, Banks Slow Pace of Foreclosures – Homeownership is not a must . Continue reading
