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From the Rivanna to Rose Hill – Rounding up a few Charlottesville Tomorrow stories

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When I say that I couldn’t represent my clients – buyers and sellers – without the reporting of Charlottesville Tomorrow, I mean it. The past seven days demonstrate that statement:

– (Charlottesville City) Council takes first step in enacting stormwater fee – “The fee will bring in an additional $1.6 million each year in revenues that will be dedicated for stormwater replacement and repair.”

America’s infrastructure is crumbling, and Charlottesville (and Albemarle’s) infrastructures aren’t immune. This is a step (so long as it’s not a tax that never goes away) towards fixing our infrastructure.

– Officials present unified vision for long range planning – “After an hour of presentations by local officials, the burning question was a simple one: How can pedestrians cross U.S. 29 in Albemarle County’s northern growth area?”

Asking this question is a start … doing something is an entirely different matter.

– Changes in the works for Rose Hill Drive – “The proposals include buffers to protect cyclists from traffic, new street trees and narrower lanes.”

I’d wager that better multi-modal transportation options will be a net positive for property values and livability; this foresight and knowledge are beneficial to buyers moving to or within Charlottesville, residents and potential sellers.

– River design competition winners announced – “The winning design, titled Sound Crater, celebrates Charlottesville’s music scene and establishes the Rivanna at the heart of it. “

Making the Rivanna a center part of the City would be a tremendous undertaking, but one that would make Charlottesville an eminently better place to live (if done right).

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Enjoy Charlottesville Today – We’re Healthy!

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I was going to publish this next week, but seeing as how it’s supposed to be 73 degrees today, I thought today was appropriate.

Charlottesville is healthy. We knew that, right?

I was asked yesterday what I would tell someone who’s moving to Albemarle County; the reasons to move are many, but they all come under the heading of “it’s really just a great place to live.” One of those reasons is that there is so much to do –

From the hikes around Charlottesville to the variety of adult league sports ranging from soccer to lacrosse to softball … kickball …

If the Weldon Cooper Center’s data doesn’t do it for you, look at West Main Street on a Sunday morning:

Virginia Data | Weldon Cooper Center for Public Service - Albemarle County

Not only has Charlottesville been ranked as a healthy place in Virginia, Charlottesville’s been named as one of the healthiest places in the country a couple times – by the AARP in 2008 and Men’s Journal as one of the Healthiest Towns in 2010. (but really, lists are just that … now get out there and enjoy Charlottesville today! — I’ll be riding my bicycle to a home inspection today.

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2013 Charlottesville Real Estate Market – 6 Things to Watch

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Nudge.jpg

Note: this was published yesterday on C-Ville.

The past few years in real estate have been brutal, fascinating, and educational. 2012 is behind us and the 2013 market is picking up in Charlottesville. There are a few things to pay attention to when you’re looking at the real estate market in Central Virginia this year. (“So whats” are at the end):

– Inventory remains a key conversation point – quality inventory that people actually want to buy – has been consistently lower in Charlottesville and Albemarle than we’ve seen in years. “Quality inventory” defined as a home that is well-priced, in great condition, desirable locations.

  • Home Prices* – Broadly speaking, if there is a glut of inventory fed by new construction and sellers who have been sitting on the sidelines for years, home prices will likely waver between stability and increasing. If good quality inventory comes and goes at a reasonable pace, home prices may rise, particularly as the market is fueled by ridiculously low interest rates.

  • Fewer distressed sales – As the market has continued to correct, banks have seemingly done a better job of selling off their inventory and facilitating short sales. Fewer distressed sales may lead to a more stable market. (Although, more homeowners may be distressed but unable to short sell and therefore unwilling to let their homes go to foreclosure).

  • More confidence in the market as unemployment stabilizes (underemployment is a different conversation). More stability is likely to mean more buyers

  • Frustration felt by buyers who are seeing prices rise (again). If prices do indeed start to rise again, many buyers will be kicking themselves for waiting. Some are predicting national home prices to rise by nearly 10% this year; if this happens (and I hope it doesn’t), expect to see more discussion about another bubble. But … if you’re confident you’re going to be in the Charlottesville area for the next 5-7 years, it might be worthwhile to have a conversation about buying a home.

  • Apartments – there are going to be a lot more available in 2013 and 2014. A few of the new complexes: Arden Place (Rio Road), The Pavilion at North Grounds (Millmont/UVA), Stonefield Commons (Hydraulic & 29), The Reserve at Belvedere (Rio), the Plaza on West Main (UVA), City Walk (Downtown – more on the Coal Tower). As I said, a lot more apartments will be coming on the market soon.

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#Sandy, Real Estate Closings and Homeowners Insurance

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I asked Matt Hodges to help me with this post on how #Sandy is likely to affect real estate closings. (bolding & links added by me)

Whenever a natural disaster occurs, there is usually an effect on real estate closings. When the earthquake occurred last year, many counties from Louisa to Culpeper were declared disaster areas. Several actions typically follow, depending on the severity and we would expect similar reactions this week.

First, lenders will start requiring appraiser re-inspections of houses going to closing, to make sure that the lender’s interest in their collateral is secure. In some instances, an employee of the lender may do this visual inspection as well.

Next, homeowners insurance companies might not issue new policies and may suspend pending binders for coverage prior to closing. Talk to your Realtor, attorney, insurance agent to ensure you are all on the same page. Prepare for a delayed closing.

Finally, we expect disruptions in service – power, phone, internet. From lenders to settlement agents and attorneys, many of us will be without power and thus, unable to close transactions. This can cause blown rate locks or the need to extend interest rate protection.

Good communication amongst your partners is critical during times like these.

—–

Update – I asked an insurance agent in Charlottesville for his input (because I’m not one) and he emailed:

That’s not the first time I’ve heard this today, and the short answer is, check with your insurance carrier.  Some insurance carriers are not binding new business anywhere in the storm’s path until the event is over.  This means the ability to place new coverage, existing policies, and policies that have been “bound” should be fine.  Some carriers are still writing business in this area (as of this writing, we are).

Coverage that is already in force or “bound” but not issued should still be fine, provided they are paid and there are no other company-specific restrictions.

Update 2: I heard yesterday of a closing delayed because the lender was requiring a reinspection (reasonable, in my opinion) due to FEMA’s declaration that Virginia is/was in a state of emergency.

—–

So, what this means is this:

Virginia is in a State of Emergency.

First. Be Safe.

A few stories and resources I’ve found useful/helpful in preparing:

– Twitter remains the best way to keep track of what’s happening; this is my Twitter Charlottesville Media list.

– UVA, Charlottesville and Albemarle have put worked together (see? They can work together!) to put up a website – Community Emergency Information – that is chock full of great information. Tips, radio stations, links to locality information and more.

DIY Emergency Water Storage Tank

Mike Smith Enterprises Weather blog

A few tips on how to prepare for Sandy

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Question 1 on the Virginia Ballot – Eminent Domain

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Question 1 - November 2012

(the above is from the Albemarle County site)

“Shall Section 11 of Article I (Bill of Rights) of the Constitution of Virginia be amended (i) to require that eminent domain only be exercised where the property taken or damaged is for public use and except for utilities or the elimination of a public nuisance, not where the primary use is for private gain, private benefit, private enterprise, increasing jobs, increasing tax revenue, or economic development; (II) to define what is included in just compensation for such taking or damaging of property; and (iii) to prohibit the taking or damaging of more private property than is necessary for the public use?”

Property rights. + The Virginia Constitution. + Election Day.

Brings us to Question 1 on the ballot.

Read now so that you know what you’re voting for.

Eminent domain matters. Restricting the government’s ability to take private property for purposes they deem fit is crucial to ensuring individuals’ property rights. That said (and I’m no legal scholar) …

– I’m curious what constitutes “public nuisance”

– “Just compensation” can be a negotiable thing. (the City of Charlottesville nearly used eminent domain recently in Fry’s Spring)

You might have already made up your mind on whom to vote for President, but I’d wager few have heard of Question 1 on the Virginia Ballot this year; I didn’t know until recently. (while you’re reading, find out what else is on the ballot)

Ilya Somin writes at the Volokh Conspiracy (read the whole thing):

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Searching for a Home in Charlottesville? Start With the MLS

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Here’s a tip: if you’re looking for a home in Charlottesville, please – save yourselves some frustration and don’t count on Zillow or Trulia for the most accurate, up to date listings. Seriously. I’ve said this before (love that conversation, by the way) – if you’re looking for a home in Charlottesville, you probably want the best data – the most accurate data possible. Right? As it stands right now, you’re not going to find that on the big portals.

A study came out today by the WAV Group, stating that, in part :

The results of this analysis are that the local brokerage sites are considerably more complete, more accurate, and timelier than the national portals.

Anyone paying attention knows this. Clients told me this week that they were “so frustrated with Trulia” because it didn’t have the most up to date listings.

Here’s why … (it’s called listing syndication and it’s surprisingly complicated). In short, Zillow and Trulia, etc. don’t list homes. Real estate brokers and brokerages do. Local Realtor sites (such as mine) and Realtor.com (at least in Charlottesville) have direct feeds from the MLS. Trulia and Zillow have some feeds directly from MLS’ and some from brokers and some from brokerages and some from God-knows-where-else. They have the unenviable task of trying to 1) get all the listings from so many sources and 2) trying to keep that awful amalgamation up to date and accurate.

In other words (from one of my favorite writers a few months ago):

It’s the content, stupid. And Zillow has a bit of a mess on its hands right now. Some feeds come from brokers; others come from individual agents. Much of the listing data they do have is out of date, incorrect, misattributed or otherwise misrepresented. And, with more agents and brokers opting out of the whole thing, the data set is incomplete.

I did a quick search for homes for sale in the 22901 (largest in the Charlottesville-Albemarle area) zip code:

Zillow – 386 (including one that is a “vacant land home”)

Trulia – 369 (the entire first page was of homes pulled from Newhomesource.com – for homes in “Charlottesville” — really: Ruckersville. Point. Made.

RealCentralVA – 277 (direct MLS feed)

Charlottesville MLS – 283 – (the actual MLS feed)

Realtor.com – 281 (direct MLS feed) — On hold with Realtor.com today, part of their stalling music/voice-over touted that they have “Over 900 direct feeds”. Smart.

I don’t know how to say this any more clearly: use the portals for entertainment and some background information; use the sites with direct MLS feeds for the most relevant research.

* To be most accurate, I should pull these listings at 3 o’clock in the morning, as I don’t think many listings will be in the process of being added, marked under contract or sold …

And .. in Redfin’s (admittedly self-serving) words:

How Could the Brokers Have Such a Big Advantage Over the Portals?

The big difference is that Redfin and all the local brokers share listings via local Multiple Listing Services, which are cooperatives for listing agents to ensure everyone in the market can see all the homes for sales.

The portals don’t have their own real estate agents and don’t list properties. With no data to contribute, the portals aren’t members of local MLSs. And because the portals’ business model runs counter to the MLSs’ charter as a cooperative, MLSs hesitate to require every agent to contribute to a media website that charges agents money.

What does this mean for a seller? You want your house everywhere and syndication makes that happen. The listing might not be quite up to date, but it’ll be there. (anecdotally, I’ve

What does this mean for a buyer searching for a home? If you’re looking on Zillow or Trulia, be warned. The sites are fantastic. The people behind them are wonderful. The ancillary and area information are tremendously useful. But they simply aren’t the best places to search for homes that you want to see right now. They’re great for researching areas, homes for curiosity sake,

** I would be remiss if I didn’t note this story from four years ago in which I captured a few of my favorite – and still relevant – stories for buyers

(one day, MLSs likely won’t have such a hold on the vast majority of listings, I’m sure, but that day is not today.)


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Western Bypass Contract Awarded – 29 to Get more Interesting

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Western Bypass rendering Western Bypass rendering, courtesy Charlottesville Tomorrow

 

It seems that the Western Bypass may actually be built.

Charlottesville Tomorrow reports that the contract to build the Western Bypass has been awarded.

Is this the right road? Probably not. It needs to go farther up 29 North rather than dump into the middle of the growth area – you know, to actually bypass the mess – but it won’t, because of our region’s collective inability to do anything with infrastructure efficiency.

So, we’ll get a sort-of-bypass.

Lynchburg has been advocating for the Bypass for decades, but their representative fairly well sums up the state of affairs:

Lynchburg’s representative on the CTB said it was time to move forward with the contract. “This is the plan, this is as good as we got, [and] this is as good as it’s going to get,” said Mark Peake. “This is far from being a road to nowhere. This is a road from North Carolina to Washington, D.C.”

And so we move. Forward?

For background, see Charlottesville Tomorrow’s incomparable coverage:

– Charlottesville Tomorrow’s Western Bypass section.

– The Western Bypass on Cvillepedia

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