If Walkscore put walkability on the real estate map (it’s getting better all the time, by the way), the new online tool Abogo might do the same for transportation affordability. … Seeing this number in black and white may help diffuse the old drive-til-you-qualify myth – that you can find more house for the money the further from the city you move. Living in lower densities may pose less up-front costs per square foot, but the ongoing cost of getting to where you need to go on a regular basis is real and likely much higher. … The numbers look high to me , and my transportation numbers are going to be higher than the average user (I do drive pretty much for a living).
Date Archives September 2010
A (Congressionally Mandated) Faster Short Sale Decision on the Horizon?
For context, in the Charlottesville MSA – Charlottesville, Albemarle, Fluvanna, Greene and Nelson, right now, there are 2513 active residential listings. 72 are marked as Short Sales.
…‘(4) SHORT SALE- The term ‘short sale’ means the sale of the dwelling or residential real property that is subject to the mortgage, deed or trust, or other security interest that secures a residential mortgage loan that–
… ‘(B) requires authorization by the securitization vehicle or other investment vehicle or holder of the mortgage loan, or the servicer acting on behalf of such a vehicle or holder.’.
…(b) Applicability- The amendment made by subsection (a) of this section shall apply to any written request for a short sale made after the date of the enactment of this Act.
List Price to Sale Price Ratio in Charlottesville’s Real Estate Market
I ran the automated “competitive market analysis” report in the Charlottesville MLS and the price-to-sell percentage was 94.6%, meaning that houses that sold in August sold for about 94.6% of the asking price. … I picked six. – One property that looks like it sold for 100% of the asking price actually sold for – after it was pulled off the market and switched Realtors – 77% of the original asking price , was a foreclosure and last sold for $174,900 in March 2003. – Another one looked like it sold for 100% of the asking price actually sold for – after it was pulled off the market and switched Realtors – 93% of the actual original asking price . A non-foreclosure that last sold for $300k in May 2007 (and was being marketed then as “priced at 2007 county assessment”). – One in Crozet looks like (and actually did) sell for 80% of the original asking price. (and the listing agent is marked as handling both sides of the transaction) – A home in Ivy sold for 94% of the asking price, and the seller paid $5k towards the Purchaser’s closing costs. – Lastly, one that sold for $945,000 – 96% of the asking price – actually sold for 66% of the original asking price – nearly two years ago. – One was new construction that looks like it sold for 107% of the asking price – in zero days on the market. … The data and reports that you read that talk about the Charlottesville real estate market, the Virginia real estate market and the nation’s real estate market probably don’t give you the insight or the guidance that you need to make the decision that you need to make.
Stinkbugs in Charlottesville
Image courtesy of
Sometimes coincidences matter, and are fortuitous.
Yesterday I was at a final walkthrough with some buyer clients from out West and the conversation turned to stink bugs. What are they? Where are they from? What do they do? I knew they stink, and they seem to have replaced the bad lady bugs, aka Multicolored Asian Lady Beetles.
Stink bugs were bad last year. This year they’re worse. And they’re not from here.
The Brown Marmorated Stink Bug (BMSB), is found throughout Virginia although some isolated pockets of the Commonwealth have not seen this insect yet. The BMSB is an invasive insect not native to Virginia or North America. It was accidentally introduced near Allentown, PA in 1998 and has spread since that time. It feeds on a wide range of fruits and seed pods and has the potential to be a pest on peaches and soybeans. For homeowners, it is mainly a nuisance pest, as it invades houses in the winter looking for a place to over-winter.
Driving to my next meeting, I turned on Coy Barefoot’s show on WINA and heard last year’s conversation with Peter Warren, an entomologist at the Extension Office. The conversation was informative, useful and answered all of my stinkbug questions.
I recommend listening to the whole thing.
Update 24 September 2012: It turns out there’s a whole federal coalition tasked with going after the stinkbugs …
Riding a Bike in Charlottesville – Mountain Biking and More
If you’re curious about mountain biking in the Charlottesville area, road racing, and/or connecting with fellow bikers in the Charlottesville area, you will probably find this interview useful and interesting.
…When survey participants were asked to identify the three most important areas the cycling community should champion in the next few years, the largest percentage of votes, 82 percent, went to pushing for more bike lanes.
…I would ask about what the members are like, are they crazy riders or trail riders, where are the good trails, what types of events do they have, is there a weekly ride?
… Lastly: Bike Polo & Segway Polo Resources : Charlottesville Albemarle Mountain Biking Club (CAMBC) & their Facebook page Charlottesville Racing Club Bike Charlottesville Charlottesville Bike Club What is Single Track (mountain biking) Observatory Hill trails Mountain Biking Trails – Trails.com Rivervew Park in Charlottesville Rivanna Trails in Charlottesville Mint Springs Park in Crozet & Trails.com Preddy Creek (29 North area) Mountain Biking in George Washington and Jefferson National Forests Planners propose commuter bike trail from Rivanna Station military base to downtown Charlottesville
Interest Rates and Home Prices – What’s the Correlation?
But if rates are low, a rational buyer will expect mortgages rates to rise when they sell the property, and under the theory that mortgage rates impact price, the price will then fall in the future. That makes the property less attractive, and the buyer in the low interest rate environment will not want to overpay for the house.
So the buyer needs to consider both current interest rates and future interest rates, and by the time they are done doing all the calculations, you get the graph that Leonhardt shows. And that is exactly what I’d expect – there is little relationship between house prices and mortgage rates.
Charlottesville Real Estate Deal of the Day
It’s a foreclosure. In the City of Charlottesville. That probably needs a little bit of work. Its greatest negative may be that its square footage is beyond what most buyers are looking for.