Real Estate Analysis Archives - RealCentralVA.com

Five Years of Real Estate Blogging

in Blogging RE Blogs Shameless Self Promotion on January 5, 2010 January 5, 2010

For my readers and clients (and potential clients) – please contact me anytime with questions about the Charlottesville regional real estate market, story suggestions, tips, I worked hard on last year’s “blog-iversary” post where I looked back at four years of blogging about the Charlottesville real estate market , so I won’t do the same this year. … I and we at Nest will just continue doing what we think is right for our clients; ” Dual Agency is not in the client’s best interest â€” it’s only in the agent’s best interest “.

…Tools don’t make you good at what you do – in my case, representing clients. – My archives are getting full. – I’m trying to stick with my roots – writing about the Charlottesville real estate market, growth, politics, etc. .

…I serve on the Charlottesville Realtor Association Board of Directors , a committee or workgroup here or there, just finished my fairly fruitless term on the Virginia Association of Realtors’ Public Policy Group, will be beginning service on a VAR Group tasked with evaluating Virginia’s Agency laws (because, since the early ’90’s “much has changed in real estate with the advent of new technologies, business practices and consumer expectations.”) and will continue to serve on National Association of Realtors Groups and Committees whenever I am asked.

What is RealCentralVA?

in Albemarle General Real Estate Shameless Self Promotion on April 21, 2009 April 22, 2009

Thanks to Marijean and WCAV for the profile during their Blog of the Week segment. Know this – some of the most informative, educational and entertaining contributions to this blog are provided by the commenters,…

First Quarter Market Report for Charlottesville and Albemarle

in Albemarle Charlottesville Market statistics on April 13, 2009 April 22, 2009

Days on Market : Of the 1927 residential properties on the market in Central Virginia: – 584 have continuous days on market (CDOM) of less than 30 days. – 890 have CDOM of less than 60 – 1126 have CDOM of less than 90 – 1143 have CDOM of at least 180 days – 458 have CDOM of at least 365 days – 78 have CDOM of at least 730 days (I’m posting this just because I was curious, so I thought you might be, too) Answering Joe’s question from my request for “what do you want to know ” (thanks to the CAAR report):- Regarding price reductions – I’m working on a way to display the sold data, but in the meantime, know this – properties that have significant (meaning at least 10%) seem to be going to contract fairly quickly.

… In Cville all categories: 1st QTR 2008 145 Contracts (54% under $300k) 1st QTR 2009 87 Contracts (71% under $300k) In ALB/CVILLE/FLU/GRN 1st QTR 2008 554 Contracts (54% under $300k) 1st QTR 2009 452 Contracts (71% under $300k) I’m no rocket scientist but I think this means when we come back and look at the CAAR report again end of 2nd QTR, median prices are going to move some more.

What Do You Want to Know?

in Charlottesville Market statistics on March 31, 2009 April 2, 2009

) Looking at the baseline in January for Charlottesville and Albemarle , we will hopefully be able to get a feel for what the Charlottesville real estate market is doing.

Anecdotally, there are a lot of buyers in the market, but a lot of sellers are looking at being under water … we’re not yet out of the woods.

Condos Are a Shifting Market – Even in Charlottesville and Albemarle

in Albemarle Charlottesville on February 23, 2009 March 3, 2009

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.

Shadow Inventory – What Will Its Impact Be on The Charlottesville Real Estate Market

in Albemarle Charlottesville on January 7, 2009 January 7, 2009

My definition of Shadow Inventory, specific to the Charlottesville market – Homes that are still for sale but have been withdrawn from the market for any number of reasons – to make the home appear less “stale,” to take a break for the holidays, or most likely – because the seller was unable to sell the home and was able to rent it, even though that rent may or may not pay the monthly mortgage … … I’m working on finding how many housing units we have in the Charlottesville area … as I noted earlier this year , Albemarle County and the City of Charlottesville had .03% and .02% respectively of housing inventory as being in foreclosure … if that were to triple (and I suspect this might be likely), we’d have a real shadow inventory issue to deal with.