5 Takeaways from “Green Real estate” Training

in Green on

I spent last Wednesday and Thursday in Northern Virginia in Earth Advantage training, learning more about green homes, green real estate, their respective relevance in the market and how best to help and advise my clients regarding such. Below the “fold” is a Storify I did and conversations I had during the sessions, but these are five big takeaways.

1 – Consumers (generally) don’t care how green a house is; the house could be painted with motor oil but if it costs them less they’ll buy it. In fact, making one green decision may lead to making less green decisions. (see also: Do Green Products Make Us Better People?)

2 – Green homes and energy efficiency matter. “How much does this house cost to run” is one of the number one questions my buyer clients ask, and this is more than a trend; it’s a way of life. See: Green-certified homes sell for 9% more, study in California finds

3 – I’d wager that a “miles per gallon” for homes will be common place in the next three years. I firmly believe that a “MPG for homes” would hurt resale value of existing, less-energy-efficient homes. The Department of Energy is funding programs such as LEAP and this Earth Advantage training and other such programs in order to create a market for energy efficient homes and products; I can make at least two arguments about this, one pro and one con. Either way, now would be a good time to learn about the SAVE* Act and see who supports and opposes it.

4 – There are more than 70 green home certifications across the country; Earth Craft, Energy Star, LEED are the most prominent in this part of the country. They’re all different; they all have different qualification systems and they’re all brands.

5 – Charlottesville’s @LEAP_VA program has retrofit 600+ homes; $370k projected annual savings; 2.5 GWh in energy savings.

Heck, I’ve saved about $2k in heating bills since my home’s LEAP makeover.If you’re interested in retrofitting your home, now would be a good time to do so; start with an energy audit (ask me if you have questions about what that is … I might write a post about it soon) and look at the 0% interest Power Saver Loans offered by the UVA Credit Union;

Figure out how you might save locally by taking LEAP’s survey.

If you’re interested, spend some time (scroll to the bottom and work your way up) reading through the green real estate training Storify after the break.

Read More

A few of My Favorite Hikes around Charlottesville

in General Real Estate Off-topic on

Hiking in Charlottesville and Central Virginia is one of the biggest “selling points” for those choosing to move to or stay in the Charlottesville area. Even if you don’t hike; the mountains, the air, the trails, the parks contribute to the exceptional quality of life we all share here.

I hiked a lot when I was in high school growing up in Charlottesville. I’ve long told my clients about the wonderful hiking opportunities and how these opportunities contribute to the great quality of life in Charlottesville – and how they should hike – and last year I realized that I’d been advising friends and clients to go hiking yet I hadn’t gone myself for years.

Life should be about memories; why live (here) if not to make a few?

First, a couple tips –

1 – Take a lot of water.

2 – Be prepared – food, socks, extra shirts … I’m grateful for the backpack I still have as a high school graduation gift. Hiking if only for a few hours helps one appreciate the need to be prepared at home.

3 – I’m finding that (thankfully in a lot of ways) most of these areas don’t have cell phone coverage; either turn it off so as not to drain the battery or turn it on airplane mode so you can still use the camera. Download maps and directions and such to your phone before you go (or print them out). I use Evernote for this purpose (as well as for so many other things)

4 – Enjoy. And hike often.

5 – What are your favorite hikes?

Humpback Rocks – a relatively easy hike on the Blue Ridge Parkway with remarkable views. Last week we made it to the top in just over 30 minutes. Start in the morning and then make your way to Blue Mountain, Devils’ Backbone, or any of the other breweries in Nelson County.

Humpback Rock

Read More

First Half 2012 – Charlottesville MSA Real Estate Market Report

in Albemarle Charlottesville Market statistics on

So … the the first half of 2012 is over. Everyone is looking for signs of recovery in the Charlottesville – Albemarle real estate market – in large part because they want/need the answer to one of these questions:

1 – Can I sell my house/condo/townhouse now?
2 – Can I feel comfortable buying a house now?

The answer to both questions is (as long time readers know): it depends.

Spend some time digging in the data; ask questions, but understand that as localized as this report is, your market – your part of the county, neighborhood, street even is likely to be not be covered by this report. For a true understanding of how you fit into the market, seek professional help (full-time, not part-time/hobbyist advice). Seriously. I do this every. Single. Day. and I can’t imagine trying to make decision or give advice unless I was living and breathing real estate stuff.

– The Days on Market, while an unreliable data point, are down
– The shift to single family homes continues – buyers are buying for longer timeframes – they are buying homes in which to live for 5, 7, 10, 20 years. Smaller condos and attached homes frequently don’t meet those goals.
– Fluvanna was hot. But – Fluvanna has challenges beyond the real estate market that will continue to affect the market and the locality.
– Home prices are up in many segments in the Charlottesville MSA

Sales volume is up, inventory is down.

But … lower housing inventory is not necessarily a sign of recovery.

Lest we get too confident, keep in mind that lower inventory is not necessarily a sign of a recovery; there are a lot of upside-down homeowners who would love to sell but can’t. Until we see appreciation to the point where they can sell, we’re not going to see a true recovery.

In smarter words:

… in markets with unusually tight inventory, prices are being “goosed” higher, not because the housing market is improving, but because there are fewer houses in the game. Low mortgage rates are artificially creating excess demand, with those buyers fighting over the slim pickings of sellers who can actually sell.

But you know what? There’s nothing we can do about that; the market is what it is. We can acknowledge it and make the best decisions possible with the information, data and analysis available.

See:

– Brookings Institution’s Metro Monitor
– Corelogic’s most recent negative equity report (4Q 2011) shows that Virginia has 23% negative equity and 6% “near negative equity.” Lamentably we don’t have more localized data to the Charlottesville MSA. These numbers feel about right (broadly) for Charlottesville though; Fluvanna’s going to be different than Charlottesville and some condos are different than single family …
– Foreclosure Supply and the Housing Market –

Mark Hanson makes some interesting points, and this raises the question again of why supply has fallen so sharply. There are probably several reasons for the decline in supply: 1) negative equity keeps people from selling (and buying as Hanson notes), 2) banks aren’t foreclosing quickly and are focusing more on modifications and short sales, 3) cash-flow investors have purchased a substantial number of houses, especially at the low end, and they will not be sellers for some time, and 4) seller price expectations (when sellers expect prices to stabilize, they no longer rush to sell).

My theory from January holds steady, but I may have to revise the percentages a bit to account for underwater homeowners as well.

If you believe these guys, The Housing Bust is Over.

Read More

Stonefield Harming Meadow Creek?

in Albemarle Charlottesville on

Stonefield wasn’t supposed to open the drain, but they did. And they don’t intend to fix it.

“If this was all in Charlottesville, we would just put a stop-work order on the project,” Tolbert said.
 

Edens has appealed the violation to the City Council. The Charlottesville Planning Commission will hold a public hearing on the matter Tuesday. 
 
Edens is in compliance with Albemarle County’s stormwater regulations, according to community development director Mark Graham. However, he had no comment on the city’s claim that a violation has occurred. 
 
“I do not offer opinions on how the city administers their E&SC program and the city does not offer opinions on how we administer our program,” Graham said. “Both of us follow the same set of State regulations and both of our programs are verified as being in compliance with State regulations by the Virginia Department of Conservation and Recreation.”

If this is all accurate and true – This is the sort of thing that:

1) Makes people hate/distrust developers and good, smart growth.

2) HIghlights how the City of Charlottesville and County of Albemarle really should work together. The Meadow Creek is a shared resource, right? Water doesn’t stop at City/County borders.

3) Seems to be bad for the environment.

If you’re interested, these are some photos of Stonefield I took in November 2011 and January 2012. I’ll try to make it by today to take some new photos.

Read More

Charlottesville is a “Top Vacation City” for Beer

in Albemarle General Real Estate on

Yes, it’s true. The Charlottesville area has a lot of great breweries. Now Main Street has noticed; naming Charlottesville one of the “top 10 vacation cities for beer lovers“.

Notice though – only one of the five breweries on the Brew Ridge Trail is actually in “Charlottesville.“

– South Street Brewery is in the City of Charlottesville.

– Starr Hill Brewery is in Crozet (Albemarle County)

– Blue Mountain, Devil’s Backbone and Wild Wolf are all in Nelson County.

One of the questions I ask new buyer clients contemplating relocating to Charlottesville is, “What does ‘Charlottesville’ mean to you?”. For some, it’s the City of Charlottesville. For some it’s the urban ring of Charlottesville, for others it’s “within 30 minutes of downtown Charlottesville …”

Read More