Some quick numbers based on the 2nd Quarter market data for the Charlottesville MSA:
In the Charlottesville MSA: 35% fewer condos closed when comparing 2nd Quarter of 2013 to 2nd Quarter 2012 – 51 this 2nd Quarter versus 78 the previous 2nd Quarter. Why?
The answer is due in large part to the fact that the Walker Square and Riverbend condos, two of the largest condo conversions in the area, have sold out after long histories of conversion, rapid price appreciation, dramatic depreciation, ownership shifts and general market turmoil.
Consider:
– Last 2nd Quarter, 22 units sold in Walker Square. This year, that number is 5,
– Last 2nd Quarter, 8 units sold in Riverbend. This year, that number is 0.
One condo myth dispelled – condo financing is available in the Charlottesville area; you just need to know where to look.
Click through for the data.
Next up: attached homes in the Charlottesville MSA.
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I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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