We don’t have co-ops in Charlottesville, so just substitute “condo” for “co-op” – Moreover, barring a swift economic renaissance, lawyers, managing agents and condo boards are bracing for things to worsen significantly this year as job losses mount, severances and savings evaporate, and the new reality sets in. … Now, say five condos go to foreclosure – after all, foreclosure may be the best business decision (excepting morals and ethics) available – The foreclosure process takes six months or so … that’s $600 loss to the condo association – per unit – so that’s a six thousand dollar loss to the condo association.
This is my market report for the City of Waynesboro and Augusta County and this is the market report I wrote last Monday focused on the Central Virginia real estate market ; my market report is more focused on the Charlottesville market area – Charlottesville/Albemarle, Fluvanna, Greene and Nelson Counties – while the CAAR report encompasses the entire super-region. … For a graphical representation, check this out – for the first quarter 2008, sales of condos are down – way down – relative to the past few years. I’ll update this post on Monday when the Daily Progress releases their interpretation/report.