Chris at the New Dominion has some thoughts on the matter.
The first time I heard that line used by a developer to defend his not completing the development in the manner that the new residents expected, I was surprised. When he continued to defend the fact that just because the “Artist’s Rendering” of the neighborhood plan has been marketed on all the development’s literature, on the sign driving in to the planned development and on virtually every piece of marketing literature, that surprised me even more…. My expectation is that the reputation that some developers have earned over the past five to seven years will start to haunt them as they now need to depend on that reputation – and find it unworthy…. The first time.Understand the disclaimer on the bottom of every MLS sheet:–Information deemed reliable but not guaranteed–Copyright: 2007 by the Charlottesville Area Association of REALTORS® Sure the neighborhood probably could have sued – but then everybody loses (except for the lawyers).
From a new listing in Culpeper County, about 45 minutes north of Charlottesville, Virginia, asking price is $274,900:”2416 SQ FT VINYL SIDED 4 BEDROOM 2.5 BATH COLONIAL STYLE HOME WITH 2 CAR ATTACHED GARAGE, LARGE FAMILY ROOM WITH NATUREL GAS FIREPLACE, INSULATED WINDOWS. VERY OPEN & AIRY, POUREC CONCRETE FOUNDATION, FRUTH IN FOR BATH IN WALK OUT BASEMENT. SOLD IN 2004 FOR $425,700 ACCORDING TO CO…. THIS IS A REPOSESSION BY COUNTRYWIDE HOME LOANS.”Bolding mine.
The title says it all; that this WSJ story focuses on Charlottesville is almost beside the point…. with the University of Virginia growing, some “student” housing might prove to be a good investment. My favorite part of the story:Shortly after I did the math, I contacted a real-estate agent in Charlottesville, Va., who was well acquainted with spreadsheet-toting parents like me. And he did something quite out of character for a broker — he talked me out of buying.Honesty will go a long way.
It’s amazing how often I refer to this blog in conversations with clients and even fellow agents. Here are a few of the stories I have written over the last two+ years that answer many questions real estate buyers, sellers and others may find interesting, and hopefully useful.Top 5 Questions Home Buyers AskWhere do you search for homes in Charlottesville? There’s more than the MLSRolling the Dice with Buyers & Being Selective- why jumping in the car with anybody who wants to see a house is neither the most efficient nor most professional use of a Realtor’s timeThe Value of Transparent BloggingOut of area lenders – the answer to why one should work with a local lender; in short – accountability.Questions to ask your agent in Charlottesville – hiring representation should not be taken lightlySexual Offenders impact on property values (Part 2)Default Position – one of many posts written on the perils of Dual Agency – for the frequently unsuspecting Buyers but for the Realtor profession as well.What is a Buyer’s Broker?”Exclusively marketed by” (related post) – when you see the signs on developments that say “Exclusively marketed by,” it may not mean what you think it means.CLUE Reports’ impact on real estate – ever heard of a CarFax report?