Charlottesville's Real Estate Blog. Buyer &/or Seller Representation, Real Estate News
I am Jim Duncan. The Realtor. The soccer player and coach. Partner at Nest Realty in Charlottesville, Virginia.
Friends who have known me for a long time call me Jimmy.
I’m glad I have a blog and doubly glad I own it.
I am not the representative from Tennessee referenced in this tweet:
Match Day 2013. Will this be the year that incoming UVA medical residents buy instead of rent?
For most people, (Match Day) is just another day. But for medical students, it’s Match Day, the day that determines not only where they will work after medical school, but what kind of doctors they will become.
For the first five years of my career, Match Day was a big thing for the Charlottesville real estate market – UVA Medical Residents would buy homes. In 2005 (the first year of this blog), I wrote:
This past Thursday was Match Day, the the new Residents find out which Medical School they will be attending. Most importantly, these Residents are a built-in market that comes about each year. Good for real estate.
You know what? At that time, UVA medical residents (and law students and Darden and other short-timers in Charlottesville) were a significant portion of the market.
Then the Zero to Five buyers went away.
The buyers who would buy and sell in a zero to five year timeframe are gone. In other words, the stepping stone of the “buying a home†lifecycle has been pushed further.
Which brings us to 2013.
Are the UVA Medical residents going to buy homes this year?
Answer: Maybe. Maybe more than last year. I’m hoping/expecting to see more quality inventory coming on the market this year than we’ve seen in some time, which should provide
But – student loan debt is a massive challenge.
“It’s become normal now to take out loans to get anything of value,†said Dr. S. Ryan Greysen, an assistant professor of medicine at the University of California, San Francisco, and lead author of a fascinating study published this month on the historical and social factors that have contributed to rising medical student indebtedness. “Getting a medical education has become similar to getting a mortgage on your house.â€
There is a lot of positivity in the market right now, and a lot of buyers who are buying now are buying with the intent to rent that house when their stint in Charlottesville is over. (this is a fantastic resource for real estate investors)
– Closed home sales are up in Charlottesville and Albemarle (where UVA Residents tend to live – as it’s within their ~20 minute distance threshold)
– Inventory has been down, and remains down.
– Prices in some market segments are seeing upward pressure for the first time in years.
– Buying can be less expensive than renting. (ask a good lender about options)
– I rarely actively solicit business here, but for those incoming residents, I’m taking on new clients.
There’s nothing worse than buying a home, a large part of that buying decision being the school district, to then find that you’re not in the school district you thought. (hopefully before you close)
It happens.
“School District” is one of the most important criteria identified by my buyer clients searching for homes – school districts matter. Better schools = higher home prices.
Bad data entry happens. To all of us.
A client emailed me the other day about a new listing … great home, great location, great school district … just not the current great school district; it was marked as being in an adjacent school district, pre-redistricting.
So – Check your school district before you buy a home. Seriously.
I tell my clients that I trust the Charlottesville MLS about 83.875% of the time … it’s greatest flaw is that it’s run by humans, humans, many of whom don’t give a second thought to the value of accurate data.
Here’s what happens when a realtor in Charlottesville inputs a new listing into the MLS:
– Cloning is more efficient.
– Double-checking is not.
If a property last sold 7 years ago via the Charlottesville MLS, there’s a darn good chance that the school districts have shifted.
So:
– Search the MLS for homes by school district.
– Assume it’s accurate.
– Verify for your own self whether it is accurate.
– Check the website of the school system to verify whether your house is in X school district.
– Call the school system to verify. (take notes and names)
Proceed. 🙂
Google Now + Zillow. Big times ahead …
Almost every buyer with whom I work checks Zillow (and I have to tell them Z doesn’t have a direct MLS feed, so the data isn’t always accurate. They check zestimates in addition to property assessments because they’re looking for an objective valuation.
I stopped by Beer Run this afternoon (those not in Charlottesville – it’s more than beer!) to pick up a gift and noticed that the City Walk apartments are well underway. That’s a lot of dirt.
More about City Walk at Charlottesville Tomorrow (including the site plan).
The apartment boom that is currently underway is going to change the Charlottesville real estate landscape – significantly.
A Popeyes restaurant (I assume it’s Popeyes Chicken) is coming to 29.
Located between the existing Kentucky Fried Chicken and Raising Canes Chicken, Popeyes will be opening on one of the busiest, and often times most challenging parts, of 29 southbound.
I have been wondering for months what was going in that building, both for curiosity’s sake and as I have a personal connection to that building (it is the site of the former Century 21 Manley – where I started my real estate career).
This morning was the first time I was able to get into the space, as there is no traffic at 7 o’clock on a Sunday morning. 🙂
There’s also a “Bring Popeyes to Charlottesville” Facebook page. Who knew?
Looks like Crozet will be getting a hotel … in Old Trail.
If you’re curious, check out the state of the “Major Site Plan Amendment” at Albemarle County’s outstanding County View – Planning Application number is SDP201300011
This is an interesting development … Old Trail has been in a bit of flux for the past several months after new management took over, and it’s been quite challenging to advise buyer clients as to what the future of Old Trail is going to be … other than “it’s going to be a lot more dense, a lot busier, and they’ve no plans to address traffic (to be fair, the County doesn’t have any plans for traffic – here or anywhere)”. I don’t mean that to be a negative, but an honest statement … Old Trail is an outstanding neighborhood – one of the most walkable and popular neighborhoods in the region, but having a clear, defined plan would be helpful – both to new residents and existing ones.
It seems that their plans are taking shape.
Charlottesville (and the urban ring in Albemarle County) is poised to have a lot more hotels … but this is the first one in Crozet, and is a much-needed hotel. With the number of vineyards hosting weddings, tourists coming to town to hike and visit the many breweries in Crozet and Nelson County, I’m betting a 43 room hotel, assuming it’s a nice boutiquey thing, will do extremely well.
A boutique hotel had been planned/discussed for the Barnes Lumberyard, but after the bank bought the lumberyard back at foreclosure, I’m betting the only hotel Crozet sees is the one in Old Trail.
I’m working on figuring out a timeline for the site plan review, who’s building it and other details. But for now, I’m off to see a client about a house.
PROJECT: SDP2013-011 Old Trail Village Block 2B – Major Site Plan Amendment
PROPOSED: Request for major site plan amendment approval for a four story, 43 room hotel with a 1,000 square foot restaurant and associated parking.
…
LOCATION: At the corner of the intersection of Golf Drive and Claremont Lane, near The Lodge at Old Trail.