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Friday Chart – Charlottesville & Albemarle – February Homes Under Contract

in Albemarle Charlottesville Friday on

We’ve been talking recently about what the effects the various snowpocalypses have had on the Charlottesville real estate market; people were snowed in, buyers couldn’t get out to see houses (yet another argument for high-quality photos and videos in the Charlottesville MLS), sellers couldn’t get their houses ready or activated on the market … the consensus has been that February 2010 was going to be a pretty sorry month for home sales. … This clearly does not account for canceled contracts, contracts that fall apart due to home inspections, financing or appraisal issues …

Homes – single family, attached and condos – that went under Contract in February in the Charlottesville MSA* Homes – single family, attached and condos – that went under Contract in February in Charlottesville and Albemarle – 12 condos went under contract in February. 8 were foreclosures or short sales. … For Charlottesville and Albemarle in February 2010 for far: – 2 were new construction attached – 31 were resale attached – 0 were new construction single family detached – 64 were resale single family detached – 12 were condos – 0 were new construction condos (and yes, I added the above manually and they match the spreadsheet. 🙂 ) Charlottesville MSA for these purposes includes Charlottesville, Albemarle, Fluvanna, Greene and Nelson

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FHA Changes – What they mean for the Charlottesville real estate market

in Buyers Charlottesville General Real Estate on

Guest post by Matt Hodges with Compass Home Loans : FHA has picked up much loan volume that the sub-prime world vacated – so much so that for every ten new purchases, FHA insures three.

…For all new case numbers (FHA’s mechanism to keep track of loans they insure) assigned on April 5, 2010 or later, the UFMIP will increase from 1.75% to 2.25%. … It might be at a $200,000 loan, but at $100,000, most borrowers will expend at least $3000 in closing costs, pre-paid items and points. … If HUD removes the ability to get seller concessions at the lower loan amounts, they will be directly affecting the housing recovery and effectively be discriminating against poorer borrowers, who can only afford lower priced homes.

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Charlottesville Twitter Week in Review

in Albemarle Charlottesville sideblog Twitter on

@ TessOrtega I repeat my call for canceling this week, school during Spring Break and the first 3 weeks of June. in reply to TessOrtega #

… Really, really wish I’d written an article about # RTB radio http://bit.ly/cgat0J for @ agentgenius Will do so next week.

… @ amywebb I like my idea of closing this week, canceling Spring Break and having school throughout June in reply to amywebb #

… @ ProfessionalOne Something will come of it when we have infiltrated NAR leadership. & by that time I’m concerned that “we” won’t care in reply to ProfessionalOne #

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Have you Read the Revenue Sharing Agreement?

in Albemarle Charlottesville Education Politics on

The revenue sharing agreement between Albemarle and Charlottesville is a pointed point of consternation and disagreement and highlights the political (dysfunctional) relationship between the two Governments. … To home buyers, sellers, residents (and Residents ) – so many services are separate, but so many are and are perceived to be shared. … * Three of my favorite starting points are: – Jennifer’s Revenue Sharing Agreement – CVillePedia – Revenue Sharing Agreement debated again But have you actually read the agreement ? Inlookers, Charlottesville is surrounded by Albemarle , and to most people who don’t live in CharlAlbemarle, they are one and the same.

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Foreclosures, FHA and Tax Credit Timelines and a Look at 2010

in General Real Estate Shameless Self Promotion on

Some of the topics we discussed: – Foreclosures in Charlottesville’s MSA – FHA’s increasing limits/guidelines (story coming later this week) and their impact on the real estate market, specifically first-time homebuyers. – The homebuyer tax credit’s impending expiration – If you’re buying a home, you must have it under contract by 30 April 2010 . – How much time do buyers and sellers have before FHA and homebuyer tax credit hit the market? … I appreciate you waiting while I could do that because I wanted to share that press conference with people because folks haven’t have a chance yet to hear WINA has been playing extended clips but they haven’t had a chance to hear the entire thing from beginning to end and if we have time again today I’m going to play that again and it will be podcast www.wina.com and www.cvillepodcast.com .

…We have the volume of sales in the Charlottesville area are up in some categories dramatically from a percentage wise year over year or actually quarter over quarter, but what we’re seeing is I think that that may be a false indication of what’s going to happen in the next three to five years. … Duncan: One of the things that I think we’re seeing now is that the people who are buying now are doing it now with the intent to be in the community and that’s something that we haven’t seen over the last five to seven years.

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What’s The Haven?

in General Real Estate on

The building that now houses TJACH is The Haven (at the corner of First and Market) and is open after a massive renovation; the CO has been issued and they been serving clients for the past week or so, under a ‘soft opening’; a bigger, formal shindig is forthcoming once furniture and other infrastructure arrives, and the service providers full move into their spaces. … There are a lot of myths and assumptions surrounding the homeless, and one of the mandates will be to educate the public about what homeless is and isn’t; here are a few: 1) 80% of people are homeless LESS THAN 2 YEARS.

…It will provide day-shelter (no overnight stays or temporary housing) to the region’s homeless where they can, 1) Take a shower, 2) Do laundry, 3) Have mail sent, collect checks or to have a physical, no-cost mailing address for job applications, 4) Have a safe place to go during the day to read, get out of the cold/heat/rain, relax, meet people, go to the bathroom, etc. … Currently, if you are homeless and want/need to take advantage of social services, you must either walk, hitchhike, get a ride or forgo appointments for housing helping, legal aid, mental services, spread out around the city and county.

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