Pricing it right
Do multiple offers mean that the property was underpriced? No; it means the property was priced right. I have alluded to this a couple of times before. When evaluating multiple offers, there are many, many factors that come into play - factors other than price.…
For a bit of hyperbole …
Read this article from the Daily Progress concerning the current debate on the Albemarle County Budget: Board of Supervisors Chairman Kenneth C. Boyd said that while “no one wants to reduce anyone’s spending,” he does not want to overburden local property owners. County property assessments…
Charlottesville condo market poised for …
Crash? Adjustment? Nothing? Same old same old? We'll know in five years. I had this exact conversation with clients this morning. There are some condo developments in the Charlottesville area that will not be as susceptible, but more perhaps that are at risk than not.…
Charlottesville MSA is number 50!
In the whole country (282 total) Today's release of the OFHEO's data is interesting. Regarding the Charlottesville MSA*: Housing prices rose in the past 12 month period 9.73%; 1.25% over the past quarter and a whopping 80.35% over the past 5 year period. The 5-year…
Streetcar!
The discussion generated by this excellent story is quite worthwhile. Read the whole thing. I've said it before and I'll say it again: if the street car does not tie into transit outside the City limits (do borders really matter so much?), and is not…
In this market …
I find myself prefacing a lot of conversations with "in this market ... " The real estate market in the Charlottesville area is vastly different than the one that many people in the real estate market are familiar with.* In this market: 1) Buyers can…
Market cap on Charlottesville prices?
From a reader: I have another question if I may. We have been wondering how in the world prices can keep going up in a town the size of Cville. Is population growth of people on the upper end of the socioeconoic strata expected to…
Charlotttesville-Albemarle conflict continues
For those who are relocating to or unfamilar the area, the County of Albemarle surrounds the City of Charlottesville. (for a bit of background) The entities share a lot of things, due to to their symbiotic relationship, but conflicts no doubt arise. For a prime…
Condo REversions coming?
Condo REversions in the making? Excellent article from The HooK. We would not be the first market to see these reversions - Arizona, Florida (both stories via HBB), San Diego, Maryland. A kind reader emailed me a rumor about a local condo conversion possibly contemplating…
Sold comps now matter less
Time was when I would tell clients that the sold comps were what we had to consider, as that is what we used to justify the asking price. Times have changed. Significantly. Now when pricing a home, we have to consider the sold comparable homes…