Posts tagged Charlottesville

Brief Look at Condo Sales in Charlottesville – 2nd Quarter 2013

in Albemarle Charlottesville Market statistics on

Some quick numbers based on the 2nd Quarter market data for the Charlottesville MSA:

In the Charlottesville MSA: 35% fewer condos closed when comparing 2nd Quarter of 2013 to 2nd Quarter 2012 – 51 this 2nd Quarter versus 78 the previous 2nd Quarter. Why?

The answer is due in large part to the fact that the Walker Square and Riverbend condos, two of the largest condo conversions in the area, have sold out after long histories of conversion, rapid price appreciation, dramatic depreciation, ownership shifts and general market turmoil.

Consider:

– Last 2nd Quarter, 22 units sold in Walker Square. This year, that number is 5,

– Last 2nd Quarter, 8 units sold in Riverbend. This year, that number is 0.

One condo myth dispelled – condo financing is available in the Charlottesville area; you just need to know where to look.

Click through for the data.

Next up: attached homes in the Charlottesville MSA.

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Two Upcoming Bicycling Events in Charlottesville + a Thought about Community

in Albemarle Charlottesville on

Update 5 July 2013 –

One way to commit myself is by signing up for a 100 mile bicycling challenge. Which I just did. Feel like supporting the Boys and Girls Club? (Please click through to the bottom of this post.)

Charlottesville is known to be a great bicycling community … a community I’m just starting to discover.

Years ago someone described the Charlottesville community as being lots of circles that never touch – a not-quite-venn-diagram if you will.

Concentric Circles

Funny how these things work. Start a new sport, and a new community emerges. People I know and see in one community are people I’m starting to see in the bicycling community. There are lots of ways to connect to Charlottesville; biking is but another.

As my foray continues I’m starting to pay attention to the bicycling news and world and have found a couple challenges –

The Boys and Girls Club Challenge – 15 September 2013 – 25, 50, 75 and 100 mile options are available.

Gran Fondo Virginia – 8 September 2013 – 22, 52 and 104 mile challenges from which to choose.

So far, some of the best resources I’ve found as I start this new adventure:

Blue Ridge Cyclery – (where I bought my bike) at least three of my friends/clients either spoke highly of, and/or I’ve seen them wearing Blue Ridge Cyclery’s jerseys.

Charlottesville Bike Club – I haven’t interacted yet with these folks, but the information has proven useful

Strava and Mapmyride.com – sites/apps, both of which seem to have particular strengths I’m still discovering and exploring.

Bike Charlottesville – information and advocacy group

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Real Estate Prices and Interest Rates – National Real Estate News I’m Reading this Morning

in Albemarle Charlottesville General Real Estate on

Home prices seem to be rising in the Charlottesville MLS – keep in mind with this chart that it’s for the entire Charlottesville MLS.

Moving Median - Charlottesville MSA.jpg

Interest rates are rising, but let’s keep some perspective.

Screenshot_6_26_13_10_50_AM.jpg

(thanks to Keith for the chart)

Here’s the thing – if you’re buying a home and you are confident you’ll be there for at least five to seven years (many of my clients now are looking at 15-20 year timelines), be aware of the potential for price drops, but also focus on what your total cost of ownership will be versus renting.

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What’s the Most Popular Home Price Point in Charlottesville and Albemarle?

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At a lunch with yesterday, I was asked, “what’s the most popular price point in Albemarle?” My professional instinct said “between $350k and $450k” but as always, I wanted to back that up with actual data.

Looking solely at single family homes in Albemarle County, about 40% of the active inventory is between $300k and $650k.

Albemarle Single Family Active Homes for Sale

And the single family homes in Albemarle that have sold since the first of 2013, a greater percentage of the inventory has sold in the $300k – $650k price point than is active.

Albemarle Single Family Sold since 1 January 2013

(if you’re curious to search the Charlottesville MLS for single family homes for sale in Albemarle)

Great. That’s what’s for Sale and Sold in Albemarle County; let’s look at the home price distribution in the City of Charlottesville – nearly 60% of the active inventory is priced between $220k and $500k.

City of Charlottesville Single Family Active

Looking at the single family homes that have sold since the first of 2013 in the City of Charlottesville, I was a bit surprised to see the relatively lower price point distribution, but not that about 60% of the inventory had sold in that price point.

City of Charlottesville Single Family Sold

Look for yourself …

(if you’re curious to search the MLS for single family homes for sale in Charlottesville)

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Question – What Modern Homes Would Sell in Charlottesville?

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What do you think?

I think there’s a real, untapped market for modern homes in Charlottesville. Latitude 38’s homes tend to look great and sell very well, for example.

I really like this home; this one, too. (not taking a photos from their site as I don’t have permission … despite it’s being “on the internet”).

The very first RoehrSchmitt Architecture creation, the Wall House is a 2,000 square foot urban infill home that was a great collaboration between the owners, architect and builder. The budget was tight and the expectations high, but working closely together the team was able to achieve the owners’ objectives in a crisp, modern package for less than $150 per square foot. The design is efficient and easily adaptable to other sites and contexts. We see it as a prototype for an affordable modern house on a typical urban lot – a loft with a yard.

As my research has evolved, I’ve finally found a reason to use Pinterest. Really. I’m saving my favorites both in Pinterest and Evernote, but Pinterest just offers a simple, efficient, clean way to save and display these homes.

I’m thinking a modern home like this would be more desirable …

http://www.flickr.com/photos/rkimberly/481512485/sizes/m/in/photostream/

… than something like this (although I am sure that this type of home would sell here – to the right buyer)

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