The new session is right around the corner, so expect more postings regarding bills and discussions relevant to the new session, real estate, eminent domain, property taxes, transportation and whatever else is related to real estate.This bill, for example, submitted by David Toscano, that would (by not reading, not being a member of the Bar) be a huge boon to homebuyers in Virginia…. The rate of the tax shall be 25 cents on every $100 or fraction thereof of the stated consideration of the deed or the actual value of the property conveyed, whichever is greater.I might be wrong, but I read this this way – for example, if Mr. and Mrs. Homebuyer buy their home for $200k, the current recordation tax would be based on a percentage of the $200k. With the change in this bill, the deed could say that the transfer of property was completed for a consideration of, say, $100 – and the Homebuyers’ taxes would be much lower.
Browsing Category Politics
Housing and tech in Charlottesville
That is the total economic impact that the high tech industry had on the Charlottesville/Central Virginia region – not too shabby for a Metropolitan Statistical Area with a population of about 175k.Chemical Weapons Research Analyst, Journeyman All-Source Analyst “(working as a member of a government-contractor team supporting the Counter-IED Targeting Program (CITP) …… Combine the government contractors, government jobs – both military and civilian at the current National Grounds Intelligence Center and soon-to-be Rivanna Station Military Base, with Charlottesville’s growing high-tech presence:“Charlottesville is not the biggest player in the high-technology sector in this region,†Kinsey said. “The big interest is starting and encouraging smaller businesses, not necessarily looking for a big, high-tech industry in Charlottesville.â€The study, compiled by the Center for Public Policy at Virginia Commonwealth University with data from 2006, showed the Charlottesville region ranks fifth among 10 Metropolitan Statistical Areas for technology employment with 11,690 full-time and part-time jobs and fourth in number of high-technology firms with 635 companies reported…. However – one of the downsides (there are others) is this – a lot of those seeking to relocate to the area need to temper their expectations.The impact of these jobs is felt throughout our economy and makes its way to housing:The total economic impact from market transactions is comprised of three phases: direct, indirect, and induced economic effects.
How do you determine the cost of doing nothing?
That is a question that needs to be asked with regards to our water supply.Take the time to read the whole thing.”This community has struggled for over 20 years, dating back to the beginning of property acquisition for a “Buck Mountain Reservoir” in the early 1980’s, to find a new water supply that can be permitted by appropriate regulatory authorities,”…“It’s not appropriate to look at that entire price tag as being solely the result of growth,†Frederick said. “The existing Ragged Mountain Dam, the upper dam is 122 years old. The lower dam is 99 years old. We have a Sugar Hollow pipeline that’s 80 years old.â€
Rail coming to Charlottesville
It’s been more two years since I first noted CvilleRail.org’s efforts to bring commuter rail to the Charlottesville area, and certainly they’ve been working on it longer than that. Today brings good news – we could possibly have such a service in two years.To get some “historical” perspective, read the story from September of 2005 showing two points of view regarding rail – 1) It’s great!2) Keep it out, because then the yankees will have even better access to the Charlottesville/Albemarle areaSometimes I lament the naming of the advocacy organization – the name CvilleRail makes the “us versus them” arguments that much easier…. he asked….“Cooperation is better than competition†when the localities are asking state officials to help improve rail service, Gleason said.At the end of the meeting, participants agreed to keep the discussion going, and parted with a tacit acknowledgement that localities along the corridor needed to form coalitions with each other and within their communities so that each could become a stronger advocate for its interests.More at Lynchburg’s News & Advance, The HooK and The Daily Progress.Now – if we could see some progress on transit within the CharlAlbemarle area:Even if you managed to take most of the cville local residents off the road and put them in a bus- how much road space does that really free up when you’ve got people still needing to commute in to town? Once I’m here in town with my car- why am I going to take a bus?
Politics and the housing market
Spurred in part by Jonathan Miller’s post today, this comment on a story I wrote at the Bloodhound, and a premonition that next year is going to bring a 15-25% reduction in the number of Realtors locally, one wonders – will the Realtor lobby be as powerful in next year’s elections?… Where will the balance shift?”Like it or not, the NAR has leverage, they have infrastructure, and they have what it takes – our money – to get things accomplished politically.”This is NAR’s core competency…. Realtor organizations have won some significant victories for homeowners in recent years.From the Virginia Public Access Project’s homepage:VIRGINIA puts no limits on campaign contributions.Anything goes, as long as candidates disclose their donors…. In this battle, it will be important to see which industries will benefit from the real estate market shift and how they will apply their enhanced positions.
Recapping the Albemarle BoS Elections
For those who live in Albemarle, be prepared for a fascinating future – both short- and long- termed.What do the elections mean? David Slutzky says:”I think that the likelihood is great that there’s going to be significant curtailment of development options in the rural area. It could take the form of [transferable development rights], it could take the form of downzoning, it could take the form of a curtailment of property rights through a package of actions by the Board [like the rural area protections]. We may even say you can’t build on a private road, you have to build on the public road, unless you come to us for a waiver.”More on TDR’s at CvilleTomorrow.
Proffers, timing, smart growth and questions
Take the time to read it if you’re interested in growth issues in Virginia.Tuesday brought a significant shift in the political makeup in Albemarle County. It will, however, take a long time for some of those impacts to be felt for many reasons, not least the fact that there are currently several thousand homes in the pipeline to be built (anywhere from 8,000 to 13,000, depending on which numbers one uses). These have already been approved and are not subject to the new cash proffer policy on new homes…. (If I didn’t know what I was looking for, I might never have been able to find this document)As has been noted elsewhere, the Board of Supervisors is now faced with a possible 4-2 split on many issues that will define the future, near and long-term, of Albemarle County.Will we spend more money on transit?What will happen to our property taxes?How will our symbiotic relationship with the City of Charlottesville be affected?If property rights are affected, what will happen to real estate values?These are questions that will be be answered only over time.