Date Archives September 2010

Bike Paths Increase Property Values?

Proximity to transit may increase property values . (From 2005 ) Walkability increases property values and livability . And now, studies have shown that real estate property values increase with proximity to bicycle paths. People enjoy living close to bike paths and are willing to pay more for an otherwise comparable house to be closer to one . (h/t BHG ) In short, proximity to functional, viable, affordable, multi-modal infrastructure increases property values.

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Showed Houses in Charlottesville Last Week -or- Why AVMs Suck

Zillow hasn’t been in the three townhomes in another neighborhood in Charlottesville , one of which needs to be gutted, one with a moist basement and mold coming on a piece of ceiling hanging from the bathroom and another one that absolutely needs to be taken to the studs.

…The product of an automated valuation technology analysis, public record data, and computer decision logic combined to provide a logical calculated estimate of a probable selling price of a residential property. … An AVM typically includes:   â–ª An indicative market value for many residential properties nationwide.   â–ª The Tax assessor’s indication of value, if available.   â–ª Information on a subject property and recent sales history.   â–ª Comparable Sales analysis of like properties.

…Cyberhomes puts it at $184,842 , the price range is $166,357 – $212,568: – You have to agree to have a Realtor contact you to provide the report.

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Charlottesville’s Getting a Movie Theater

After years of complaints, Charlottesville (Albemarle) is (probably) getting a movie theater with stadium seating. Following Waynesboro’s lead , Albemarle’s Planning Commission has narrowly approved plans for a new theater at the Hollymead Town Center . An aside to Charlottesville’s paid journalists: Which took longer to get approval – the theater in Waynesboro or Albemarle?

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Making Sense of it All – Where Is the Charlottesville Real Estate Market Going?

At the very least, I would venture to say that with housing starts and homebuilders’ stocks failing to reach new lows after hitting bottom well over a year ago, one can say with some degree of confidence that we have seen the worst of the housing recession.

…This trend — increased “outflow” and slightly reduced “inflow” foreclosure activity — means that lenders and loan servicers are 1) giving up on modifying mortgages when the borrower can’t pay, and instead repossessing homes and auctioning them off, but also 2) trying to manage the foreclosure pipeline to minimize the downward pressure on home prices. … For starters, a multiyear tidal wave of foreclosure sales has been inevitable ever since the housing bubble burst: Too many people had mortgages they couldn’t afford to pay, mortgages with a face value higher than the home’s new market price. … And then I’m hearing that: – There are 7 million foreclosures in the pipeline – what might those do to housing prices? – Some banks are seeking to vacate the lending business altogether. (from a conversation, no link) – Banks are delaying short sales in anticipation of Here’s the problem with politics – while I appreciate the necessity to achieve a “balancing act” it’s time to make a decision.

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