There’s more to “real estate” than houses. And infrastructure. Part of “real estate” is the story of the place.
The connection between Dr. Seuss and Charlottesville is simple – there’s an urban legend about Dr. Seuss and Charlottesville.
Just a few years ago, West Main Street was the way you got from UVA to Downtown Charlottesville. Now, it’s Mid-Town. And it’s booming.
Sean Tubbs reports that yet another project – this time a high-end hotel – is being proposed for West Main Street. The prospective developers, Carr Hospitality, have in their portfolio Embassy Suites, Crowne Plaza, Holiday Inn & Suites and the Willard Intercontinental in DC.
Keeping up with West Main is nearly a full-time job (thanks, Charlottesville Tomorrow!)
So what? West Main is becoming more of an economic force in Charlottesville, adding stuff – new restaurants, new hotels, new apartments … new traffic. I suspect that this density and coming congestion will have at least two effects on the Charlottesville real estate market – 1) more will want to live close to this stuff, and I’d wager many of these will be renters of apartments rather than homeowners and 2) more will want to live away from this density and congestion.
Turns out, I’ve done a couple videos of West Main, and I thought it would be interesting to look back at a few of them:
The #1 Question buyers and sellers ask – whether in the conference room, the coffee shop, beers or dinner, is “how’s the market?” The underlying question tends to be a variation of, “can I sell?” or “should I sell” or “can I buy a home” or “should I buy a home”?
Update: NBC29 had a nice report last night and I’ve immensely glad they used what I’ve been saying for years –
“Get advice on what this report means to them because the report gives them good guidance but every market truly is extremely localized. The Charlottesville and Albemarle areas can vary neighborhood by neighborhood, street by street,” Duncan said.
For example -
I was pulling some data this afternoon on condos in the City of Charlottesville. Comparing 3rd Quarter 2014 with the 3rd Quarter 2013, condo prices in the City were up about 15%. But. Looking at the data a bit more granularly:
In 3rd Quarter 2013, 32 condos sold in the City versus 22 in the 3rd Quarter 2014 … and one sold in this 3rd quarter for $1.1 million, with the next highest sold price being $485k. Compare that with the 3rd Q 2013 where the highest sold price was $450k.
The data matters, but the context – and relevance to your particular situation – matters more.
The below reports will provide some top-level insight, but be cautioned … top level analyses provide just that – insight into what others are able (or unable) to accomplish.
More digging to be done, but for now here is CAAR’s 3rd Quarter Market report.
The Nest Report will be released a bit later today has just been released – Download the 2014 Q3 Charlottesville Market Nest Report.
One of the best things about living in Charlottesville is, quite simply, this time of year. The weather – the crisp temperatures, clean air, blue skies – and the changing of the leaves makes this truly a great time to live in Charlottesville.
But living in Charlottesville is one thing – making/taking the time to appreciate where we live is another.
I love this about Charlottesville.
C’Ville Pie Fest is Back! It’s this Sunday at the Crozet Mudhouse, supports the Crozet Volunteer Fire Department, and pie entries are needed (there are some hungry judges!)
It all started on Twitter and was, as I said at the time, ridiculously good fun at the Charlottesville Downtown Mudhouse.
And the judges:
– Head Judge Brian Geiger
– Wendy Novicoff
– Sean McCord
– Rebecca Cooper
– Josh Harvey (Albemarle Baking Company baker)
– Nathan Moore of WTJU
– Gary Dillon of the Crozet Firefighters
– Jim Duncan (that’s me!)