I would love to see a story on the demographics of who is purchasing in the Woodlands of Charlottesville, a new condo development about a mile from the University’s of Virginia’ Main Grounds. This story in the WSJ notes broadly that they may not be getting the buyers the expected.Developers across the country are appealing to young buyers — many of them single, almost all without children — with buildings that promise not just an affordable first home but also a great social life. The amenities tell the story: videogame lounges and outdoor fire pits, rooftop soaking tubs, on-site bars and poolside drinks.But it’s not so easy to control demographics in the open market. Some of the buildings are drawing unexpected buyers: people old enough to be the parents of the kids down the hall.
Date Archives May 2007
Brief comment on RedFin
Robert clearly knows that he is writing for an international audience, something all real estate copy should seek to emulate)2 – There is an extraordinary amount of conversation in the re.net, but this is the most succinct comment I have yet seen about RedFin. The fact that Kelly Engel didn’t take the time to physically look at the property her clients were buying is more a commentary on the level of service she offered as a Realtor than on Realtors overall. I suspect Redfin is a better fit for her as an employer.One point that I thought was the most interesting was Glen, the Redfin CEO, mentioning how one of his agents does 8 deals a week. I think this translates into 5 hours per client from start to finish which shows the tradeoffs clients need to make when choosing between discount brokers and full service Realtors.My conclusion is that Redfin is great for people who want the Home Depot remodeling experience.
Monday links – 05-14-2007
Helmets attract cars to bicycles Even an 11-year-old can understand the limits to growth Redfin would be fine if the seller didn’t pay the buyer-broker fee. But what will this year bring for homeowners’ insurance…
Good to know
Not that I have any plans to libel or slander anyone. And a good reason to not have ads.
One way to lasting credibility in real estate
Tell a prospective buyer that they should rent for a year. Tell a seller that now is not a good time to sell and they should wait if they have the luxury to do so. Objective representation and advice will be appreciated and trusted much more than always saying, “buy now” or “now is a great time to sell!”Every situation and every client is different.
Empowered buyers’ online tools
Today’s buyers are far, far more empowered and knowledgeable about real estate than they ever have been, thanks to the internet. Buyers are contacting Realtors after they have done a significant amount of research using tools with which many Realtors may not yet use.Albemarle’s GIS siteOnline GIS (not Mac-friendly)Various tax records (assessments are, for the most part, wholly irrelevant with regard to market value); the individual county sites have assessment information as well.Google Maps and Google Earth, which have now been implemented on the best local search site, provided by the local Board of Realtors.Neighborhoo for graphical display of population density, housing prices, crime, etc. The data is not 100% accurate, but it’s a start.Cyberhomes – which is quite an excellent site, with the same disclaimer as that for Neighborhoo, except moreso, as the housing data is vastly incomplete. Zillow, as well.Greatschools.netVirginia’s Standards of Learning resultsMyCaar.com and the rest of the property search sites.My neighborhood series (which I fully intend to finish and would welcome reader submissions)Why put all of these together?… No amount of online information can compete with professional interpretation, guidance and advice nor can online data compare with actually walking down a neighborhood’s streets, smelling the air, waving to the neighbors and spending a little bit of time in the place you will live.Charlottesville Buyers (and Sellers) – what other tools have you found useful for searching and researching homes and the real estate market in the Charlottesville/Central Virginia area?
Trulia launches new features
I tend to stay away from national news that every other real estate blogger will write about, but this will likely impact how people search for homes in the Charlottesville area…. Or, if I like a particular house, but I don’t like the asking price, I can subscribe to get an email notification of future changes made to that one listing.I can set up any number of tightly focused searches, each with its own email alert or RSS feed…. Some added-cost IDX systems permit saved searches with email updates, but then the search is not terribly more robust than Trulia’s.Why, oh why, oh why, is this so seemingly impossible for MLS vendors (at least the three with which I have personal experience)???MLS’ may have the best data (for now) but few of them seem to be innovating at a rate even remotely approaching that of Trulia, et…. Check out Albemarle County’s heat map:Again, the data is not yet close to complete (our MLS shows 1039 properties for sale in Albemarle County), but visually, the results are outstanding, and a very good start.