Part Three of …
One of the most common questions I get is – what is selling in Charlottesville and Albemarle? Condos? Attached homes? Single Family? A look at the data gives a look at some answers …
– I’m keeping this focused on only the City of Charlottesville and the County of Albemarle as that is where the bulk of the attached homes and condos are located.
– Single family homes have come to be more affordable, leading to a decline in transactional volume within the condo and attached home segments of the market.
– 2005 was very good for condo conversions; now the condo conversions have been decimated in value.
– Attached homes can be very attractive – newer ones in good condition price right, especially so.
– Homeowners Associations’ fiscal health is likely to be more and more of an issue as this market correction continues to correct.