USATODAY.com – March home sales defy expectations: Existing home sales jumped more than expected last month, while the median price soared 11.4% from March 2004 — the biggest year-over-year leap since 1980, a trade group said Monday in a report that belied predictions of a slowing market. The National Association of Realtors said sales of existing homes, town houses, condominiums and co-ops, which account for about 85% of all home sales, rose 1% to a seasonally adjusted annual rate of 6.89 million in March. That’s the third-highest sales figure on record, well above economists’ predictions for an essentially flat sales month. I am sure all the doomsayers will take this as another sign that the end is near, but …
Date Archives April 2005
This month’s Forum Watch
Apr 26 Albemarle County Planning Commission work session North 29 Master Plan 7:00 pm ACOB Apr 27 Louisa County Developers Roundtable 11:00 am Louisa County Building RSVP 967-4583 Apr 27 Nelson County Town meeting Subdivision Ordinance Faber Rescue Squad 7:00 pm Apr 28 Greene County Public Hearing Budget William Monroe High School 7:30 pm Apr 28 Nelson County BOS Budget workshop 7:00 pm NCC May 4 Nelson County Town Meeting Subdivision Ordinance Rockfish Community Center 7:00 pm May 14 Fluvanna County Community Planning Event Lake Monticello May 20 Fluvanna County Community Planning Event Fork Union ACOB – Albemarle County Office Building ACOB-5th – Albemarle County Office Building Fifth Street CCH- Charlottesville City Hall FCB – Fluvanna County Building GCAB – Greene County Administration Building NCC – Nelson County Courthouse NMS – Nelson Middle School Complex Return to Top Transportation Policy Meadowcreek Parkway – A significant effort is underway to generate federal transportation dollars to fund the construction of an interchange at McIntire and 250…. To review their concerns and staff reply please see http://www.albemarle.org/upload/images/Forms_Center/Departments/Board_of_Supervisors/Forms/Agenda/2005Files/20050112/Subdivision.htm The Blue Ridge Home Builders are working with other advocacy groups to develop a workable ordinance that allows development to occur in the development area…. Albemarle County Neighborhood Model Zoning Text Amendment – The previous iteration of the ZTA is now available online at http://www.albemarle.org/department.asp?department=planning&relpage=5236 Albemarle County staff held a focused discussion on March 31st 2004 to discuss the changes to the zoning with members of the development, building, real estate and community at large…. Residents have attended a few meetings and the results of these meetings including the draft guiding principles are available on at www.albemarle.org/pantops or by contacting Susan Thomas (434-296-5823 or sthomas2@albemarle.org) in the Planning Department Return to Top Other Land Use Albemarle County Rural Areas Comprehensive Plan Chapter – The Rural Areas chapter of the Comprehensive Plan has been enacted.
Downtown Renovations continue
Eager ’villeans will just have to wait to see what’s behind the drop cloths and scaffolding once a few highly visible downtown landmarks are refurbished…. When the curtain rises on the building, it will be The Landmark Hotel, a high-end boutique lodging operated by Windsor Capital Group, which runs chains like Embassy Suites, Marriott, Hawthorn Suites, Radisson and Renaissance…. The former Foot Locker site is being remodeled as the new home of a high- end Parisian paper store, Caspari, and other unrevealed commercial ventures…. It’s rumored that Capshaw will move his music management business, Red Light, into the space along with the management group running the Charlottesville Pavilion (nee Amphitheater) for Capshaw, who also owns the building.
IRS Flip-Flopping
Inman News – Real Estate News and Advice for Buyers, Sellers & Investors: From IRS Web site:“Property Flipping†— A buyer pays a low price for property, then resells it quickly for a much higher price. While this may be legal, when it involves false statements to the lender, it is not.
Glad I went to VMI
I was always told how the (now defunct) VMI experience was preparation for the real world that was unparalleled…. The lack of respect that some clients give to me and to their counterparts in a transaction is truly unbelievable sometimes. When one party is out solely for themselves, the ability to achieve a win-win resolution is minimized. Being treated as a Rat certainly didn’t seem like good preparation for anything.
Reader question
We found it too expensive and the housing stock not particularly attractive in our price range so we went on down to Lynchburg on a whim and found it charming with lots of nice older homes at affordable prices…. – Frank in Seattle “We found it too expensive and the housing stock not particularly attractive in our price range†is a common complaint about the Central VA region…. My crystal ball does not see Lynchburg as having the same type of explosion as that currently being seen in the Central Virginia region. That said, I am known to be wrong from time to time, and more crucially, many people are being priced out of the Central Virginia market and Lynchburg and Waynesboro are seeming better and better options.
Affluent growing more concerned about nation’s economy
Affluent growing more concerned about nation’s economy – Apr. 25, 2005: The survey found that 60 percent of those surveyed now believe a bubble exists in real estate prices, the highest reading since the survey started in January 2003. But while 26 percent believe the bubble will burst in six months to a year, 33 percent say it will burst in one to two years and 28 percent predict the bubble will burst in two years or more. And 27 percent still expect to make a major home improvement over the next three months. Even with the growing concerns, 76 percent told the survey they plan to hold their luxury spending steady, and another 10 percent intend to increase that spending.