The Most Succinct Example of Charlottesville Real Estate Market’s Meteoric Up and Down


February 2005:
Asking Price – $345,000
Selling Price – $345,000
Days on Market – 119

April 2007:
Asking Price – $399,000
Selling Price – $399,000
Days on Market – 13

March 2010:
Initial Asking Price – $366,000
Current Selling Price – $299,999
Days on Market – 76
Now in a short sale

It’s a very interesting house. If you’re interested, ask me. 🙂


Transcription:

Hey Jim Duncan with Nest Realty and www.RealCentralVA.com here reflecting on this past week of showing houses in Charlottesville.

There is one property in particular that really struck me as being a highlight of what happened in the Charlottesville real estate market during the boom years and note it’s in Crozet, which is 12 or 13 miles West of Charlottesville which I assume 30 or 40 years ago was not part of the Charlottesville real estate market. I might be wrong but here’s the thing: it is a newer home built about seven years ago and I pulled the property history on it and in ’05 it sold for like $339,000 or $359,000.

In ’07, 24 or 25 months later just to avoid those capital gains, in ’07 it sold for $399,000. It came on the market last year at $366,000 and now it’s in a short sale for $300,000. So think about that. In five years it appreciated and depreciated give or take $100,000 either way, highlighted this by the fact that the neighbors house is on the market unrepresented (so it’s not really on the market) for $350,000. Food for thought.

Hope you’re all having a great day. Jim Duncan, www.RealCentralVA.com (434) 242-7140.

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1 Comment

  1. downtownenvy March 31, 2010 at 05:20

    Gotta feel for those sellers. However, thanks for showing that good deals can be had in this market Jim. Lots of people on the Bubble Blog like to keep stating that, but you are the first to provide actual evidence of it. Although, as a buyer, I would still have to feel for the people who ended up in a short sale situation. I want a deal, but I am sorry that it might have to come from someone’s misfortune.

    Reply

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