Looking at the market numbers since July of this year to date, the market shows clear signs of shifting towards a buyers’ market. There are no indicators of a “bursting” of the market, but the market is telling us that the “froth” may be blowing away.Data description -Using only Charlottesville and Albemarle for the market sample and data from the MLS, which includes by my estimation between 90%-93% of the market, and data from 1 July to 1 October 2004 versus 2005.Simply put, there are more homes on the market and staying on the market longer than this time last year. Prices have increased significantly, and while inclusive only of the CharlAlbemarle market, is representative of the entire Central Virginia region.
Date Archives October 2005
ASAP Carpetbaggers?
This post over at Commonwealth Watch makes me want to scream (on my native-of-Charlottesville wife’s behalf) “NIMBYs UNITE!””ASAP” (Advocates for a Sustainable Albemarle Population.) While I was ammusing myself with their goals, principles, etc. I ran across their “Board of Directors.” These are folks who want to stop growth, and yet I find it interesting where many of them came from. Could these liberals be talking out of both sides of their mouths?
A shift to Buyer’s Agents
I wish I could reprint this entire article (subscription required), but don’t want to run afoul of any applicable copyright laws.The housing market is changing faster than Kate Moss’ career after the cocaine photo leak…. We expect to see agents lining up for their copy of a new book on how to be nice to buyers, since they’ve spent the last 10 years treating them like cattle in a gold mine…. I hope that as the market shifts, the public and home buyers and sellers will turn to the true professionals and remember those who treated them as “cattle.”From another Inman article citing the top 10 signs of a changing market – 9…. If the market slows, real estate agents will be negotiating fewer deals, and for those who were barely making it in a hot market, a slow market means it’s time to look for a new profession.Good.
Another sign of a slowing market
This from a property that just came on the market…. McIntire interior unit with garage, brand new, available early November. High efficiency heat pump; hardwood floors, ceramic tile, maple cabinets, GE appliances, and more…. Instant equity!I wonder when was the last time that C’Ville saw this type of advertisement for a new construction flip.
Condo bubble?
If this condo in the Belmont Lofts sells for or near its asking price, there may not yet be a shrinking condo bubble in the Charlottesville market…. Purchased for: $194,000 in August of 2004. These are nice units, and the location is great, with respect to the Downtown area. But $310k for one bedroom?
Belvedere and Wickham Pond
The County has finally approved the latest Neighborhood Model planned development – Belvedere, about which I have previously written. The County’s constant delaying tactics have, due to market forces in my opinion, most likely driven up the prices of these properties, once they get built. WINA and the DP report.What will the impact be of adding up to 775 units to East Rio Road?… In a possible moment of clarity, Supervisor Ken Boyd asked, ““Just how far ahead of infrastructure do we want to get with these developments?—
Eminent domain in Albemarle?
From Lisa Provence’s article in The HooK last week – Paul Minnerly is used to developments springing up around his Crozet home…. …”The county requires me to reserve a right of way for future connections,” says Justin Beights with Beights Development, which is building Old Trail…. Two questions initially arise – one: what business does the County have requiring a road through someone else’s property? two: Why won’t either the County and/or the Developer put in writing that they will not use eminent domain to take this right-of-way?