If you don’t match, then you have two days to “scramble†into a program, ANY program that wishes to take you.UVA has a Guide to Match Day.I wrote about Match Day last year, and developed a page specifically for UVA medical residents, and a search specific to UVA residents’ general needs.What’s a Resident generally looking for?- At least three bedrooms- At least two bathrooms- Under $275k (some go higher, depending on their background, family support, etc)- No more than twenty minutes from the UVA Medical Center.What’s it like to be a buyer in the Charlottesville market?Get started on learning the market here…. Every year, new Residents match in Charlottesville; every year some rotate out to the next phase of the lives after completing their Residency. To get acclimated, look at this map; once you eliminate at least two of the areas, your search will be much more efficient. You may find yourself going outside the confines of Charlottesville and Albemarle.View Larger MapThere is significant uncertainty in the Charlottesville market now; but – for those who are ready, willing and able to buy, there are significant opportunities in the market.
Browsing Category UVa
Stability in College Towns
Thanks to an alert reader for sending this story my way – College Towns Escape the PainAs the inner cities, along with much of Florida and the interior of California, face the prospect of a foreclosure meltdown, American college towns appear to be islands of stability….It could be all of that and more, say economists and academics. But ultimately, what the cities on the list have in larger measure than much of the rest of the country is stability, in both their housing and job markets….Contributing to reasonable home prices is the fact that many places on the list are economic oases, surrounded by areas where jobs are dwindling, which helps depress housing demand. Yet the college towns themselves are thriving: The peak years for American births since the baby boom were 1989 to 1993, and college enrollments are swelling as never before. Many communities on the list also have big medical centers or flourishing research operations.Take a look at some of the historical data on UVA construction – and then look at their Master Plan.
A macro view versus the reality of million dollar homes in Charlottesville
Somehow I missed this story on CNBC earlier this year:In this university town, there are about 30 homes priced at $1 million or more, if you’re in the market to buy…. “Every window, and there are a lot of them, is a scenic overlook.â€The house we visited is about 20 minutes from downtown Charlottesville and sits on ten acres…. It’s home to the University of Virginia.Expanding on and clarifying stories such as this is one of the goals of this blog.Using data from today:- There are currently 126 single-family homes in Charlottesville/Albemarle with asking prices over one million dollars. – 24 of the 126 are marked as being new construction.- In the City of Charlottesville, there are six homes currently on the market with asking prices of at least a million dollars- 43 properties have sold for more than $900k and 34 have sold for more than one million dollars in Charlottesville/Albemarle so far this year; eight of the forty three were identified as new construction.The point of this article is not to find fault with CNBC’s reporting, but to demonstrate the limitations of such a broad overview of any particular real estate market.
Really, Al Roker?
Et tu Barbara Corcoran?Blanket statements are dangerous, especially when comparing the run-up from 2004 to 2007, but in Charlottesville, there clearly are not enough rooms on grounds for the UVA students and grad students. Buying smart likely will pay off in the end.
College town investment is not for everyone
The title says it all; that this WSJ story focuses on Charlottesville is almost beside the point…. with the University of Virginia growing, some “student” housing might prove to be a good investment. My favorite part of the story:Shortly after I did the math, I contacted a real-estate agent in Charlottesville, Va., who was well acquainted with spreadsheet-toting parents like me. And he did something quite out of character for a broker — he talked me out of buying.Honesty will go a long way.
Prioritize the students!
University students feel put upon and under-prioritized:Charlottesville politicians are notoriously leftist. … In an interview with The Cavalier Daily a few months ago, Charlottesville City Councilor Blake Caravati stated that City Council cares far more about family units than for student housing. … But City Council has worked tirelessly to block as much new construction as possible with encumbering regulations. This has ensured stratospheric rent and housing prices.But … what does all this data mean?The city’s Department of Neighborhood Development Services will present a report to the City Council on Tuesday that outlines just how rapid the pace of construction has been and how rapid it will remain in the coming years.The report should prove enlightening. I for one am looking forward to it.
Walker Square, the market and one other thing
Walker Square would be well-advised to address their customer service and management issues. This is the type of publicity that will 1) impact their ability to rent, 2) their ability to sell their condos and 3) the ability of the owners to sell their condos…. They better watch out – once the furor begins, they might have to act.Read more than the headlines when assessing the housing market news. Might this be a bellweather?On the other hand, investors in homebuilders aren’t too impressed by Seiders’ “orderly” cooling…. Horton (DHI), KB Homes (KBH), Lennar (LEN), and Pulte Homes (PHM) all closed lower than the day before. All of their stocks are down between 35% and 50% from their peaks last year.Jim Bacon has some interesting take-aways from the recent blogging summit in Charlottesville…. Ethics and trust form part of the foundation of a successful blog, be it a political blog or a business blog.UVA’s $2 Million Crosswalk – at least it will be built rather than planned, studied, planned, debated and then deferred until the next election cycle.UVA’s beTech is fast becoming one of my favorite (local) blogs. I have no idea why on VAR Contracts, there is a place for buyers’ and sellers’ SSNs – I tell all of my clients to leave that space blank.