This is a significant story in this week’s C-Ville not only because it features my clients , ( their blog about Belvedere is here ) but it highlights one of the (potentially) best developments (that happens to be green) in the Charlottesville area. Five years ago—heck, two years ago—if you were searching for an architect to design your sustainable house, a builder to put it together, or a store to supply its fixtures and finishes, you would have had far fewer choices than in 2008.
Posts tagged Albemarle
Charlottesville area real estate market update – 1st Quarter 2008
Summary – We are going to continue to see a market adjustment (read: many Sellers still have yet to recognize that in many cases, we are back to 2006 price levels), but those who want to sell must realize the new market realities.
Now really and truly is a great time to buy a house – if you are buying for the right reasons (ask me for specific insight for your situation) and you intend to actually live there for a couple of years. I have heard anecdotal evidence that long-term investors are starting to snap up inventory. Multiple offers, while certainly not common, are in fact happening all over Charlottesville and Albemarle.
Coming up Monday
I’ll be posting my analysis of the first quarter real estate market in the Charlottesville, Virginia region. … I haven’t decided yet on a theme, other than spelling and grammar count (we’re supposed to be pretending to be professionals here, right?)
Why Belvedere?
I’m going to keep highlighting Kate’s blog about the Belvedere development as long as she keeps writing as well as she does.If I understand it correctly, Belvedere is about community, it is about people, children, nature, healthy living. There is a sound philosophy of Health and Connection to the community design: greenspaces designed to encourage children’s play, trails to run and walk on, an organic garden for vegetables and delivery of other specialties, and even this soccer facility. Part of the Belvedere ethos and core values is the inclusion of the non-human world as part of the community…. I have never heard of a development firm purporting to design a place for humans and plants and animals, too.Belvedere is one of the places where I have represented Buyers that I feel that by doing so, I am contributing positively to the area in which I live.
Dropping prices, new construction and the inherent risk in a changing market
What do you do?A few things come to mind that I am wondering whether builders will consider:1) Put a contingency in the offer that the offer is contingent on an appraisal two weeks prior to closing of at least the contract price.2) A contingency that should the developer drop the price on other homes between contract and closing, the purchaser’s contract price will be reduced the same amount.3) From the Washington Post story: “The buyer should ensure that the deposit is put into an interest-earning escrow account, perhaps with a settlement company, and is not being used by the developer as working capital, Antonoplos said…. That will make it easier to recoup the money if the project hits a snag.”4) Put down a smaller earnest money deposit.5) Make sure that you have done your due diligence and that you love your soon-to-be new home.One aspect of this new environment that I have been wrestling with is how to ensure the soundness of developers…. How does one effectively represent buyers in the face of an unknown – that unknown being the fiscal ability of the developer/builder?Calculated Risk covered this story as well as Phil’s excellent analysis of a related story (h/t: Dustin)From Inman (behind a subscriber wall) in response to a question of what to do should the price go down on other, competing homes between your contract and closing:One common thread that runs through real estate law is that real estate values are unpredictable and that no one can guarantee escalation of prices…. Similarly, if values go down, why should the developer be required to pay you any money?The builders’ and the buyers’ choices may be reduced to renegotiate or lose the deal – both sides lose if they don’t negotiate.
Who Pays the Earnest Money Deposit in Charlottesville Real Estate Transactions?
Great post at Rain City Guide by Ardell on earnest money The buyer usually writes a check for the Earnest Money deposit at the same time that they sign the offer and they hand it to their Buyer Agent. …If you know you really want the house when you make the offer, and you have no problems at all throughout the transaction, the Earnest Money just slides like butter from your hand and back into your hand. Whether it actually goes into your hand at the end or is paid against your costs varies from transaction to transaction. But it still simply comes back to you like a boomerang.The only time you should be worried about handing over an Earnest Money check, is if you are not sure you want the house at the time you make the offer.In our market, the check is made payable to the Buyer’s Agent’s company, where it is held in escrow until Closing.
Airport Growth
The growth is evidenced by the master plan of the Charlottesville/Albemarle regional airport . … s next review in 10 years include construction of new hangars and expansion of current ones, a new snow/maintenance building and a multi-level parking deck for customers, among other enhancements.