Jennifer put together an insightful list of her favorite things to do in Charlottesville. From hiking to music, it’s a great list.
Posts tagged Charlottesville
Paying More for Walkable Homes in Charlottesville?
That’s the theory put forth by the Piedmont Environmental Council and reported on at Bacon’s Rebellion.
The conclusions apparently found in their study of 120 homes aren’t a surprise to readers of RealCentralVA (see links at the end of this post), but I wanted to differ with one of the conclusions with three points:
Many people continue to prefer living in the suburbs. But Werner’s divergent trend lines make it clear that supply-side of “walkable urbanism” housing is severely under-served.
— With a reference to a story I wrote in January (and will be revisiting soon)
Apartments – there are going to be a lot more available in 2013 and 2014. A few of the new complexes: Arden Place (Rio Road), The Pavilion at North Grounds (Millmont/UVA), Stonefield Commons (Hydraulic & 29), The Reserve at Belvedere (Rio), the Plaza on West Main (UVA), City Walk (Downtown – more on the Coal Tower). As I said, a lot more apartments will be coming on the market soon.
— And also point out that there are quite a few new construction neighborhoods in the City of Charlottesville that offer true walkability for those wiling to live that urban lifestyle (and can afford to do so).
— And that buying a car just isn’t a desired option for a lot of millennials; many of them want the urban lifestyle (and often that means renting rather than buying):
Economic realities: The costs of owning a car just keep increasing. A 2012 AAA study found the expense of having a car totaled $8,946 annually on average, nearly 2 percent more than the previous year. As transportation alternatives increase, the desire to own your own car diminishes. You’ve got I-Gocar sharing and Zipcar. I love Zipcar’s slogan — it says it all for this generation: “The car for people who don’t want one.” There are also shared ride programs, company-provided transportation plans and the old reliables: biking and walking. The Gen Y stats (16- to 34-year-olds) are pretty impressive: Driving was down from 2001 to 2009 (23 percent), biking was up (24 percent) and walking was up (16 percent), according to the National Household Travel Survey.
Related reading:
– Where Are the Walkable Neighborhoods in Charlottesville/Albemarle? (2008)
– Charlottesville is the 3rd Most Walkable City in Virginia (2010)
– Choosing Where you Want to Live in Charlottesville – Walkability and Safety Top the List (2013)
– Walkability=Affordability= Profitability=Livability (2009)
Costco Going to Stonefield?
I’d heard about this a few months ago but now it’s looking mighty real – the Newsplex reports that Costco may be going into Stonefield.
The ARB must approve a final site plan and architecture before construction can begin. The Stonefield developer said he hopes to begin construction by early 2014.
Charlottesville folks may recall that Costco was thought to be going into the yet-to-come 5th Street shopping center with the Wegmans grocery store. Maybe a Home Depot will come to that location after all.
Charlottesville Tomorrow has more information:
Costco is expected to open a store and gas station in the second phase of the Stonefield development.
Another question – Costcos are typically massive; what else, if anything, will be able to fit into the next phase of Stonefield?
Note to buyers: do as much research as possible on adjacent parcels and areas … these things will affect your quality of life and resale.
Downtown Charlottesville Expanding
Essentially, that’s what’s going to happen if this Strategic Investment Area plan in the the City of Charlottesville comes to fruition – even in part.
More bike lanes, more connectivity, more density – Charlottesville could truly become more citified through the implementation of these proposals.
“It’s the center of the town, people live there, there are no cars and it’s wonderful,†Kuttner said. “This is such an amazing opportunity.â€
ÂThe centerpiece of the plan is a linear park that would span the study area. A stream would flow through a central plaza on the Ix property to provide a public gathering place. Meadows and gardens would be created to filter stormwater.Â
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“There’s been a big focus on moving on this city to be a more green city,†Quill said.ÂSeveral streets would be reconfigured with bike lanes and wider sidewalks. Second Street Southeast and Garret Street would be modified to accommodate additional buildings.Â
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Click through to read the options presented to the City, or download the PDF here.
Nest’s 2nd Quarter 2013 Market Report
As promised yesterday, here is our 2nd Quarter 2013 Nest Report – what we believe to be the most comprehensive market report in the Charlottesville area. As always, if you have questions, please ask.
Download the market report here.
But … the caveat holds:
Nota bene – The data below may or may not apply to you if you’re currently contemplating buying or selling. This is aggregate data – meaning if you’re looking for a single family home in Ivy with 4 bedrooms and 2.5 baths, the data and brief analysis below also includes affordable new construction in the City of Charlottesville, a $1.2 million home in Ashcroft in the County and everything in between. In other words, if you have specific questions, ask me. I’m a real estate agent .
Looking in the Rear View Mirror – Previewing the 2nd Quarter 2013 Market Report
When looking at the real estate market (or any market, really) We’re always looking backward, thinking about today and trying to project tomorrow, next year and five years from now.
We’ll be posting tomorrow our 2nd Quarter Market Report for the Charlottesville area, and we’re making final edits and number crunching today.
I’m inclined to echo Bill McBride at Calculated Risk –
The “wide bottom” was what I was forecasting several years ago, and now I expect several years of increasing single family starts and completions.”
I think we’re in for at least 18 – 36 months of flatness, once the optimism of early 2013 fades and interest rates increase. Nota bene – The data below may or may not apply to you if you’re currently contemplating buying or selling. This is aggregate data – meaning if you’re looking for a single family home in Ivy with 4 bedrooms and 2.5 baths, the data and brief analysis below also includes affordable new construction in the City of Charlottesville, a $1.2 million home in Ashcroft in the County and everything in between. In other words, if you have specific questions, ask me. I’m a real estate agent .
That said, a few tidbits to whet your appetite for data for Charlottesville and Albemarle (Greene, Nelson, Louisa, Fluvanna coming tomorrow) –
Attached homes in Albemarle and Charlottesville* –
153 attached homes sold in Charlottesville and Albemarle in April, May, June of 2013 versus 107 in that same time frame of 2012 – a 70% increase in volume. A full third – 52 – of the attached homes sold were marked as “new.” (interestingly, only 4 attached homes sold in the Charlottesville MSA in that period).
If you’re looking at new attached homes, be prepared for little negotiation on price. If you’re looking at existing attached homes, be aware that you’re likely going to have more (and sometimes better) options as far as price and yard size.
Single family homes sales in Charlottesville and Albemarle
427 single family homes sold in the 2nd Quarter of 2013 in Albemarle and Charlottesville; 411 sold in the 2nd Quarter of 2012. I’d have been happy with flat sales, but a slight uptick is a good sign. In contrast with the attached home new construction numbers above, only 10% – 46- of closed sales in the 2nd Quarter of 2013 were marked as new construction. From my perspective, single family new home sales felt like they were more, but maybe that’s just because I’m around so much new construction all the time. (and this is a major reason I look at and embrace data over emotion and perception)
What impact will rising interest rates have on buyers?
1 – It will push some to act faster.
2 – It will cause some to not buy.
Looked at another way:
Buyers’ Purchasing Power
Let’s look at an example: A young couple is looking for a home and have predetermined that their budget will only allow them to spend $1,000 a month on a mortgage. At today’s mortgage rate of 4.5%, they could afford a $200,000 mortgage ($1,013 principal & interest). However, if rates jump to 5%, they would have to lower their mortgage amount to $190,000 in order to keep their monthly payment where they need it ($1,020). At 5.5%, the mortgage would need to be no more than $180,000 ($1,022).
The Impact on Prices
This decrease in buyers’ purchasing power will have an impact on home values going forward. We do not believe it will cause a decrease in prices. However, we do believe it will likely cause current rates of appreciation to slow.
July’s Monthly Note – Bicycling, The Market and Other Exclusive Insight
Once a month, I publish some of the best stuff I write. I talk about the market, the area, and provide insight that I don’t provide anywhere else – and I don’t publish the notes’ archives either – so this is a unique audience and note.
I’ll be publishing the July note tomorrow and some of the subjects I’ll probably be writing about are:
– The state of the Charlottesville real estate market
– Recapping June on RealCentralVA (and maybe RealCrozetVA) – I know that many don’t want to read ~15 posts a month, but one note a month is just right. 🙂
– How a Facebook post almost got out of hand (and how I couldn’t and haven’t figured out how to close comments on a Facebook post)
– Shifting to bicycling – reasons and consequences
– A buyer’s recounting of the process
– Hoodies followup
There are a few other things I’m debating including, and I strive to keep these notes efficient – no more and 5 topics and less than 1,000 or so words.
If you’re interested, I’d greatly appreciate your registering.