Browsing Category UVa

Another Student Housing Complex on West Main?

West Main Street’s evolution continues. A third student housing complex may be coming. You know what would be a great addition to West Main if they’re planning to bring over 1000 bedrooms to that area in the next 12 months? Innovative bike lanes.

For some background, I wrote abut West Main’s evolution in October of last year and September of this year.

Charlottesville is getting denser. Let’s hope infrastructure is part of the planning – and implementation – of said density.

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Good Job UVA – Your Impact is Remarkable

It’s hard to imagine UVA’s leadership doing a greater disservice to the University, the Charlottesville community and higher education.

Watching the disaster that is the ousting of UVA’s president will provide conversation, (social media) analysis, fallout and case studies for years to come. Rather than comment on what the ramifications are on the UVA community, the culture of education and how happy I am that my daughter is not going to UVA, here are a few select tweets that begin to describe the tragedy/fiasco/saga/lesson that is the UVA Board of Visitors:

I suspect that very soon, some faculty members will be putting their homes on the market.

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Match Day 2012 – Are the Residents going to Buy?

Match Day happens every year and March 16, 2012 is Match Day for the medical folks – the day in which they find out where they are going to do their Residencies. I’ve worked with a lot of UVA Residents over the years, and they’re all unique and different, but also tend to have very similar criteria, the foundation of which tends to be “no more than 20 minutes from UVA Hospital”.

For the first six or seven years of my career, 2001 – 2008, incoming medical Residents comprised a significant portion of the Charlottesville real estate market. Since 2007 – 2008, most of that segment of the market has chosen to rent; in other words, the 0 – 5 Buyer has gone.

2011’s real estate market feels a bit different; a lot of buyers are coming back to the market. I’m still uncertain as to what impact Residents are going to have, as I’m betting that quite a few are going to be reluctant to take on more debt.

Student loan debt is crippling our country:

How does the housing bubble debt compare? If you add together mortgages and revolving home equity, then from the first quarter of 1999 to when housing-related debt peaked in the third quarter of 2008, the sum increased from $3.28 trillion to $9.98 trillion. Over this period, housing-related debt had increased threefold. Meanwhile, over the entire period shown on the chart, the balance of student loans grew by more than 6x. The growth of student loans has been twice as steep — and it’s showing no signs of slowing.*

But … if you are a medical Resident moving to Charlottesville thinking about buying, there are quite a few options on the market now that meet the typical criteria – at least three bedrooms, two baths, under 20 minutes to the UVA Medical Center.

This year, I’d be surprised if many (any?) incoming UVA residents move to anywhere other than Charlottesville or Albemarle; prices have declined such that looking in Greene or Fluvanna is likely to be a choice rather than a fallback because nothing is affordable in Charlottesville or Albemarle. It’s going to be interesting.

If you’re searching, search for homes by proximity to UVA (I’d use 1 Hospital Drive)- I’d be inclined to keep the maximum radius at 10 miles; in our market that should be sufficient to keep the drive time under 20 minutes.

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UVA Continuing to Grow – Adding Stability to Charlottesville’s Economy

One of the brightest spots in the Charlottesville area economy is the University of Virginia. Love ’em or hate ’em, they provide stability and opportunity.

Charlottesville Tomorrow reports:

Noticeable at the Planning and Coordination Council meeting was the contrast between the scale and ambition of a university angling to become “the premier undergraduate experience of the Americas” and those of the county government, which has had to cut back construction plans due to ongoing revenue shortfalls.

The university is primarily pursuing infill development within the current grounds, but is still aggressively expanding capacity. This is largely due to an agreement with the state government to increase undergraduate enrollment by 1,400 students by 2018, which is in addition to an increase of 271 outstanding from a previous plan.

While the University grows, the City and County continue to struggle.

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