The economy is a fickle thing, driven largely by the Fed’s policies, etc. but psychology plays and equal, if not larger part.Given all of this doom-and-gloom reporting, maybe the surprise is that Americans are nonetheless behaving with their typical optimism, buying goods and services, bidding up the stock market, and creating new businesses. They may repeat to pollsters what they hear on TV, but they are acting on what they see with their own eyes.The parallels between this article and Charlottesville’s condo market are direct and important.But now, families that can easily afford to buy a home are choosing to live in condos, and that says a lot about Americans’ changing lifestyles. Between 1970 and 2000, the percentage of nuclear families among U.S. households declined to 24% from 40%, according to the Census Bureau. Some studies show that the number of households without children will increase in the next 10 years, while those with children will fall slightly.Home builders say the rise of the condo also reflects a desire among buyers to live downtown, with easy access to restaurants and entertainment, and no tough daily commute or time-consuming domestic upkeep.
Browsing Category Charlottesville
C’Ville’s bubble
My short answer is “maybe.”There has been an awful lot of discussion here and elsewhere about the possibility of a real estate bubble locally and nationwide…. What happens in California (they have 17 of the top 20 “extremely overvalued” markets) does not have a direct, nor a necessarily indirect effect on the Charlottesville/Central VA market. What their data can do is give us guidance of sorts.When California Association of Realtors starts issuing an Amendment titled “Market Conditions Advisory,” which states, “In light of the real estate market’s cyclical nature it is important that buyers understand the potential for little or no appreciation in value, or the actual loss in value, of the property they purchase.”… One would expect our market to be more valuable than many markets, especially in light of the recent news that we are the Number One Best Place to Live (again, ranked by USA Today).
Cooling.
When America’s housing boom finally ends, don’t expect a loud pop.”It’s not going to be a big dramatic event,” says William Apgar, senior scholar at Harvard University’s Joint Center for Housing Studies.From today’s WSJ.I wish I could do a poll like the snapshot I took from their site (see below) to gauge the Charlottesville area’s public perception. In this situation, I believe that perception is going to be as, if not more important than reality.
Goody.
We’re Number One (again).Homes are not cheap (median home price $225,000), but the cost of living is manageable. The city’s low unemployment rate and significant recent job growth promise continued prosperity. As more and more people learn about this year’s best city, Charlottesville may find staying affordable and sprawl-free is its greatest challenge!
The Parkway is coming
From today’s Progress -Remember that debate over whether or not the Meadowcreek Parkway needs an interchange to work?… An at-grade intersection was a much cheaper design that would have allowed construction on the parkway, under discussion for 38 years, to begin sooner…. To gain some history on the Meadowcreek Parkway, cvillenews is a great place to begin. Quite simply, our region needs more, more efficient infrastructure to cope and deal with the growth.
Building Green
If building green were as immediately equal economically, we would probably see more of it from the larger local builders.WINAThomas Jefferson Planning District’s Green SourcebookTimesDispatch”The premium wasn’t that much and I bet it paid itself back in the first year with my electric bill,” Winn said. And this is why – what is the immediate return for building green, besides the good press? Oh, wait, good press is a good thing. All it takes is good start, and more will come …