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Slightly Less Development at Cherry/Ridge Intersection

in Charlottesville Growth on

From the Daily Progress : Charlottesville’s City Council rejected a proposal Tuesday that would have modified the development plan for the William Taylor Plaza mixed-used project at the corner of Cherry Avenue and Ridge Street. The council voted 3-2 to reject changes proposed by the developer that would have expanded the project’s overall size and modified an affordable housing agreement included in the original plan. … The rezoning application filed by Southern Development would have increased the number of residences from 50 to 80 units and expanded the project’s size by 10,000 square feet, bringing its total to 110,000 square feet.

…While I appreciate the sentiment, this statement shows a disconnect from reality: “I think affordable housing should come from the heart, and not for the need for low-income tax credits,” saidCouncilor Holly Edwards.

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Friday Chart – Contracts in January

in Friday on

I’ll let you know in 18 months.     Looking at all residential properties in the Charlottesville MSA put under contract in the first 27 days of the year over the past ten years …

…Or maybe it’s just an interesting Friday Chart . 99 single family homes + 25 attached homes + 17 condos = 141 properties put under contract in the first 27 days of January.

…Housing sales are at an all-time low (nationally) … make sure to educate yourself about the Charlottesville area market as well. … You need to align yourself with an advisor who has your best interests in mind, one who takes a realistic approach, one who is not afraid to tell you to rent, one who analyzed the market consistently.

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Charlottesville MSA Electon Results

in Politics on

* Virginia’s 5th Congressional District & Map (VA-5) - GovTrack.us.jpg Virginia’s 5th District is huge, and this election is not fully representative of all of the Charlottesville MSA, but it’s a “good enough” snapshot. (at least for these purposes). Sure, the results are unofficial, but thanks to Virginia’s State Board of Elections, we can see tonight’s election results. … You couldn’t even muster 50% turnout. City of Charlottesville - Heavily Democratic Albemarle County – More Balanced than Charlottesville City Albemarle County 5th District Election results - Perriello versus Hurt Greene County – More Republican than Charlottesville City or Albemarle County. Greene County - More Republican than Charlottesville City Fluvanna County Results indicate race results specifically for FLUVANNA COUNTY. Results indicate race results specifically for FLUVANNA COUNTY. Virginia's 5th District results for Fluvanna County Nelson County – the best percentage turnout! Results indicate race results specifically for FLUVANNA COUNTY. Virginia's 5th District Results - Nelson County * I made a long, insightful comment on Facebook months ago, and, because of the Facebook way, can’t find the comment for the life of me.

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Charlottesville Foreclosures Study sheds Light on a Surprisingly Hidden Market

in Charlottesville General Real Estate on

From my position as a Buyer-Broker , my advice to my buyers would be – be well qualified and prepared to buy and consider targeting these neighborhoods; they are all very well located with great respective proximities to the University of Virginia Grounds and/or the Downtown Mall – the two major economic hubs of Charlottesville.

…Extent of Crisis, Virginia: The Center for Responsible Lending predicted that 62,174 homes will be foreclosed upon in 2008 and 2009 in the state of Virginia.38 In June 2008, according to the Mortgage Bankers Association, for the foreclosures in the state of Virginia, 54% of them are on subprime and Alt-A loans—“non-traditional” loans while 26% of the foreclosures are on prime and government ARMs and the remaining 20% are on government and prime fixed rate loans.39 In other words, approximately 80% of the foreclosures in Virginia are by higher risk borrowers—subprime lenders and/or ARMs.

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Foreclosures in Charlottesville Greater than Previously Known/Acknowledged

in Albemarle Charlottesville on

There’s a fascinating story in today’s Cavalier Daily that brings to light what has previously been discussed here on RealCentralVA – but this time with more data substantiating their claims: “Obviously you see the headlines of [areas] that have drastic numbers of foreclosures,” Lovelady said, noting that it is “easy to think of Charlottesville as isolated from this.” … “The good news is that the number of ARMs and subprime loans originating is decreasing, but many of them are soon to reset ,” Bridger said. ( bolding mine ) As noted in June 2008 – We may not have seen the worst of what this cycle has to offer.

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