30% “Discounts” on Condos in Charlottesville

Maybe they got a bulk discount.

Click here for a snapshot of five condos that were entered into the MLS yesterday as new listings and then marked as sold. Aside from the fact that this will screw up/skew the Days on Market data, click on the image below for a real shock.


Discount Condos near UVA in Charlottesville

I think this may be an ongoing trend in the condo conversion developments such as Hessian Hills, Barracks West, 1800 JPA … as such, if you’re looking at an investment, now may be a very, very good time to pick up a condo or three.

The really scary thing that I debated not writing … how many of these condos were purchased for $130k+ with 5/1 ARMS? And when do they reset?

The market will come back …. it’s a matter of when …. Charlottesville is a fairly dense locale and it’s only going to get more dense and more densely populated … these locations are very good and will still be good in three, five, ten years and beyond.

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7 Comments

  1. Charleston real estate blog September 30, 2008 at 15:18

    Jim, that’s why information is deemed reliable but not guaranteed (even when you know the information is not accurate, it’s deemed reliable). But why wouldn’t they enter and close the listings on the same day and price the listings at the sold price. Of course, that would also skew the data as full price sales. Oh well.

    By the way, I love the new look.

    Reply
  2. Dave Phillips September 30, 2008 at 16:46

    Who you callin dense? I resemble that remark.

    Reply
  3. Pavel September 30, 2008 at 19:47

    Cash is king for condos. Many are getting very hard to purchase without a substantial down payment. 1800 JPA’s location is prime – so close to the new SouthLawn Project.

    Reply
  4. RvR October 1, 2008 at 13:17

    I’m dense (and not a real estate professional). What’s the trend? The discount off listing prices, the mysteries of the MLS . . .

    Reply
  5. Jim Duncan October 3, 2008 at 09:20

    RvR –

    Sorry for the delay in responding.

    I see this as meaning at least a couple of things –

    1 – Solid buyers are recognizing the blood in the water as opportunity.
    2 – Those who purchased these condos in the past 12 months likely have just seen their properties “lose” value.
    3 – Take a look at the recent solds there –
    3b – For example – what if you were one of the people who bought a 535 square foot condo for $135k and you just saw one sell for $101k?

    Reply
  6. (edited) Anonymous October 5, 2008 at 20:36

    Dave,
    You did such a good job in last week’s Daily Progress. Glad to see you’re still up for some impressive public speakin’.

    Reply
  7. Pingback: Updated Market Report for Charlottesville Region | Real Central VA

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