Browsing Category Nelson

April 2012 Charlottesville Real Estate Market Report

Highlights:

– Days on Market (an inherently flawed data point) are down in Charlottesville, Albemarle and Fluvanna.

– Average Sales prices are down (not surprising)

– Total sales across the MSA are down (not surprising)

Thoughts/initial conclusions:

– More buyers are looking to be closer in/closer to stuff

– Good properties are selling and selling quickly

– Interest rates remain low – a good thing for buyers.

– I think we may have pulled the spring market forward a bit; the early spring may have pulled transactions into the earlier months of the year.

Dead simple Takeaways:

– Buyers: do your due diligence, don’t let emotion enter the equation and make sound, rationale decisions with the intent of holding the property for at least five to seven years

– Sellers: do your due diligence and realize that buyers most often don’t have to buy, but want to buy – it’s your job to make them want to buy your house. This means: price, presentation, perfection … and a great location and setting.

Read More

Real Estate Assessments in the Charlottesville area – Still Declining?

Real estate assessments matter to market value insofar as they impact the psychological perception of value.

Do Real Estate Assessments Matter?

What do real estate assessments mean?

From a visitor:

… tidbit of info. – Nelson Co. assesses real estate every 5 years. I just received the assessment of our second home in Wintergreen. In 2006 it assessed at $599K, now $385K — down 36%

2012 is going to prove very interesting in the Charlottesville region.

Read More

Case Shiller’s Perspective on the Charlottesville Real Estate Market

Case Shiller doesn’t track the Charlottesville real estate market. Nor Albemarle, Greene, Fluvanna, Nelson, Waynesboro, Augusta … Case Schiller doesn’t track Charlottesville.

I wrote in early 2008 that The Charlottesville/Central Virginia/Shenandoah Valley markets are not covered by the Case-Shiller index. Real estate is local; while trends may be drawn from this type of research, and while the proverbial turned-corner may still be just over the horizon, it’s important to put his study in the appropriate context.

Crap. That “horizon” to which I referred is still a ways off. But … what I said remains true. Case Schiller doesn’t track our market.

But.

Read More

Blue Mountain Brewery is Growing

Blue Mountain Barrel House and Organic Brewery is a 10,000 square foot production-only facility for the 10 lines of Blue Mountain beer that will be kegged or bottled in 750ml corked bottles and undergo 100% natural refermentation. … The advantages of the Colleen Business Park, water quality, as well as the opportunity to expand in the same locality are the reasons that Blue Mountain chose Nelson County for the site of its production facilities. … Although the two breweries will be production-oriented and not include a restaurant area such as the Blue Mountain Brewery pub in Afton, there will be a tasting area at both facilities, as well as a beer garden patio shared by both breweries for public tours and tastings. … “The CVEC Board of Directors was enthusiastic in authorizing the sale of land to Blue Mountain Brewery because these two production and bottling operations fulfill the purpose of developing the Colleen Business Park in partnership with Nelson County and the Service Authority.”  

Read More

Higher Loan Limits for the Charlottesville MSA

The national loan limits for Freddie and Fannie remain at $417,000, but because we are in a “high cost” area, our limits have been expanded to $437,000. … Now, the very good news is that FHA has raised their limits to $417,000 nationwide and $437,000 locally ( Charlottesville, Albemarle, Greene, Fluvanna, Nelson (excel file).

Read More

Charlottesville market report coming Monday

While I had planned to release the market report for the Charlottesville market today, I have noticed that even properties that closed ten days ago have not yet been closed in the MLS. In an attempt to provide the most accurate data, I’m going to wait until Sunday afternoon to write the report. (and I still need to find the best report to present the median price) Thanks for your patience.

Read More