We’re going to need more than positive thinking to make our way through the current credit crunch.Â Pat provides an excellent summary of some of the factors affecting the global, and thusly, local, real estate market.Â What we don’t need is false optimism from “leaders;” one of the reasons I like this Royal Bank of Scotland commercial so much.Â There are many market fundamentals impacting the Charlottesville market – basic supply and demand being two of those.There is much more to consider in this real estate market than there was in the previous one.
15 Tips for an Easy MoveThis is really going to suck, and we’re not going to do anything about it – Or, tips for airline travelers from AAA.Company bloggers can put out firesInsanely useful web sitesIs good enough enough?It’s about damn time – Housing lull may affect city services – somehow I think they’ll find a way to spend every nickel they can.Look at Countrywide’s August 2005 Newsletter and their statements last week.Â Why was no one listening?How to make sustainable housing happenI never thought I would link to a story here, but here goesThis agent needs another class in negotiating.
It just feels more honest and transparent.The selection of incentives from the builders are below the fold, as the list is so long. Needless to say, with all of the negotiating going on right now, it really and truly is a very good time to buy – so long as you buy smart.From K Hovnavian, who are building a “55 or better” development north of Charlottesville, sent this email out this week:You’re Invited!Khov4Realtors Open House DayAlmost 30 Realtors have already earned $3,000 and are on their way to more trips and prizes!Join them today!August 14, 2007 â€¢ 11:30 am – 2:30pmYou’re invited to an exclusive Realtor Open House Day at any of the over 80 K.Â Hovnanian Homes communities in the Greater Metropolitan area.â€¢Learn all about our Realtor Rewards Programâ€¢Find out how you can earn 2 trips, $13,000 and be entered to win a one-year lease on a Mercedes Benz!â€¢Make your job easier and more profitableâ€¢Enjoy light fare and refreshmentsâ€¢Visit 3 of our communities and earn 300 points towards rewards!*Barry Meade is offering rate buy-downs (in my opinion, perhaps one of the best offerings out there):4.75% First Year5.75% Second Year6.75% Third-Thirtieth YearsBarry Meade Homes and Union Mortgage have extended their exceptional finance package through the month of August!…Â These rates allow your client to qualify for more house up front!This promotion applies to contracts received by August 31, with closing to take place on or before September 30, 2007.Ryan Homes are offering (from June);Save Up To $100,000 – One Day Only!*Saturday, June 9 11am-5pmIncentives & Promotions Will Be Announced At 11am On The 9th!Quantities Are VERY Limited!Immediate Deliveries Are Available!Brokers Warmly Welcomed!>Ryan Homes is Offering These Once-In-A-Lifetime Incentives at theFollowing Greater Charlottesville Area Communities: …Hauser is offering:Enjoy $5,000 Broker Bonus PLUS your 3% Co-op on Fontanaâ€™s Last Available Homesite.Â Now Through August 31, 2007!Gaffney Homes:Gaffney Homes is offering a Grand Opening Special of 10% off our Glenwood Station condominiums for contracts written by August 15, 2007 and closed by September 30, 2007.Current list prices range from $322k to $473k, which means a savings of up to $47,000!!!.
I think that this tactic provides better perspective on the real estate market; this traditionally illiquid market needs to be considered on at least an annual basis, rather than a month-to-month or weekly basis.Sales are fairly consistent this year, and average list and sales prices are up over the three year period…. Inventory levels and absorption rates remain very high, but properties are selling.2004 Sold – Charlottesville & Albemarle – Single Family homes, attached homes and condos2007 Sold – Charlottesville & Albemarle – Single Family homes, attached homes and condosSales are down in Charlottesville/Albemarle when comparing 2004 to 2007 – 28%.One of the prevailing arguments has been that condos skew the numbers; depending on which argument you’re making, they prop the market up by providing affordable housing (which they do) or they skew the numbers and make it appear that sales are artificially high (which they do in certain price ranges) Removing the condos from the equation:2004 Sold – Charlottesville & Albemarle – Single Family homes and attached homes2007 Sold – Charlottesville & Albemarle – Single Family homes and attached homesJune and July have significant differences between 2004 and 2007…. I have been involved in several multiple offer situations over the past few months (few of which have been at the listing price) but still, there is quantifiable demand in our market.Why do I look at the housing data so often and from so many angles? (I don’t publish everything I study) For at least two reasons – it helps me to understand the market better and thusly helps me represent my clients – both buyers and sellers – much more effectively.Disclaimer: New construction numbers are notoriously unreliable, as many sales are put into the MLS after the contract has been signed, if ever at all.
Bad form.”The buyers, after entering into a contract, decided they didn’t like the interest rate,” says King….Â I believe when you enter a contract and don’t lock it in, that’s on you.Â For them to bail like that so close to closing is just wrong.”…Sutton intends to keep the Prashains’ $1,000 deposit, and could sue them to enforce the contract, says King.Â Her condo at 605 Whitcover is back on the market, and she’ll be having an open house Sunday, August 12.Remember what we’ve been saying about market psychology and the media?
I wanted to post this as soon as I saw it last night, but had to wait until it was uploaded to Comedy Central’s site this morning. There are far too many great lines to quote here, but Stephen’s opening is priceless – Apparently a bunch of billionaires thought it would be a good idea to give millions of poor people mortgages that they couldn’t afford and somehow that turned sour.The lenders are tightening up. real/diaBlog has gotten hold of a couple of supposedly internal emails from Washington Mutual, National City and IndyMac; they make for fascinating reading.
I went to the Wine Warehouse yesterday and bought a case of wine.Â The Wine Warehouse has an excellent selection and will track my wines internally; what I would really like is for them to put my purchases online and let us rate them as we make our way through….Â If this was an option, there is a strong likelihood that that would become the only wine store I patronized.I would be -1) a loyal and devoted customer2) talking about them to all of my friends and clients (an awful lot of my clients want recommendations to wine stores) on and offline.Then, start a Wine Warehouse Facebook group that would allow member customers to share experiences to increase their integration into the social experience the store could offer.Â A little bit of viral and social marketing can go a long way.This is undoubtedly not a new idea, but it’s one I’d like to see in Charlottesville.Tying this idea into the Charlottesville region’s real estate market: our wine industry is a big tourist draw and a real boon to those of us who live here and enjoy the extraordinary wine in one of the Top 5 best up and coming wine regions in the World.