See the full series of videos If you’re interested in what it’s like to live in Old Trail Village, about 16 minutes west of Charlottesville â€¦ search for all the homes for sale in Old…
As we know, national data doesn’t matter so much.
So, I looked at the homes put under contract in Charlottesville and Albemarle for the past few months.
But â€¦ keep in mind that things are so very mixed. I’ve been showing homes in the $550k – $800k range for the past few days. Of the past five properties we’ve seen:
– One is a short sale
– One is a foreclosure
– Three are regular sales
* Data from the Charlottesville MLS
** “Right Now” is 27 February around 10:30. From Open Space. I’ll update the chart after February.
Updated on 3 March. Contracts in February 2012 in Charlottesville and Albemarle are up just over 68%.
It can be done. In under 20 minutes.
If the City of Charlottesville would finish their side of the Meadowcreek Parkway, the ride would be a bit faster and easier.
I rode my bike from Nest to the Belvedere neighborhood today because I wanted to:
1 – Be able to tell my clients/demonstrate it could be done
2 – Save gas
3 – Get exercise
4 – Enjoy the insanely beautiful if inconsistent weather we’ve had today.
Mission accomplished. In under 20 minutes.
Note to my wife: I wore my helmet.
Perusing HOA docs from a neighborhood in Charlottesville that was founded in the early 50’s I found this not-uncommon Restriction:
In 1992, the Association amended the the docs to vigorously and vociferously deny and retract that Restriction.
We’ve come a long way.
I’ve been meaning to write this post for a loooong time – about how HGTV tends to set unrealistic expectations for homeowners and potential homebuyers with respect to renovations, the process of renovations, assumptions involving finding trustworthy contractors, etc. etc. etc.
I was immensely pleased to read Megan McArdle’s recent story in The Atlantic detailing her kitchen renovation; it’s a (to me) fascinating account, both in the detail in the myths it dispels.
I don’t want to overpromise. This is not one of those $2,000 HGTV specials where, by the magic of not paying for labor, a couple gets a new-looking kitchen for practically no money. No one is going to walk into our kitchen and ask for the name of our designer. But it’s functional enough to contain me, my mother, and my sister all cooking at the same time, without bumping into each other, or piling every flat surface high with used bowls and pans. We have enough storage for everything. And it looks . . . basically okay. Intentional, even.
Good bones matter. Start with those.
As I tell my clients, try to account for the “mights as well” and the “while we’re theres” when you are dreaming about, discussing, planning and budgeting your remodels and project – those large and small.
For example, look at the kitchen – if you’re going to replace the dishwasher, you might as well replace the disposal with a higher horsepower one. If you’re going to redo the countertops, you might as well do that tile backsplash.
While you’ve opened the walls for that thing you wanted to do, while you’re there, why don’t you add some insulation?
And on. And on and on.
Watch HGTV for ideas to start from. But don’t use them as a guide to “reality;” “reality” costs more.
After you’re finished reading her account of her remodel, have a look at this Remodeling 2011-12 Cost vs. Value Report that details the projects on which you’re likely to recoup the most money.
– Replacing a garage door is likely to recoup 83.9% of your costs
– Adding a deck is likely to recoup 72.8% of your costs.
– A minor kitchen remodel is likely to recoup 72.8% of your costs
– Remodeling a home office – do it if you will enjoy it; you’ll recoup only 45.8% of your costs
Keep in mind that the actual cost estimates are national ones; they’re not local to the Charlottesville area. (the roof costs seem remarkably high, for example).
I’m also coming around to believe that the ROI of energy efficiency improvements – foam insulation, higher-rated SEER HVAC, air sealing homes, passive homes – are likely to have a higher ROI than granite countertops and certain types of renovations. I’ll be trying to analyze this in the coming weeks.
I know I’m a broken record. I get a tremendous amount of value from the National Association of Realtors – from their publications (On Common Ground is tremendous), to the lobbying they do to the information they share â€¦ but as far as home sales data and projections, I don’t understand why there is so much gnashing of teeth and complaining about the NAR’s projections and data. The NAR is a trade organization for Realtors. I’m not bashing the NAR, but I would like to see their analysis put in the appropriate context.
Understanding the Charlottesville area real estate market is a full-time job – representing buyers and sellers, analyzing the market, etc.; making sense of the nation’s housing market – I’d go so far as to say it’s impossible to do accurately or credibly.
For a brief summary of where we are in Charlottesville:
To see the responses to the title question from those on Twitter, read the rest of the story.
If nothing else, there might be something additional to study. Charlottesville Tomorrow reports: “A proposal to extend the planned Western Bypass of U.S. 29 further northward is among the potential concepts that will be presented this afternoon to the Metropolitan Planning Organization policy board for possible inclusion in the regionâ€™s long-range transportation plan.”