It’s gone. Much has been written about the massive development known as Albemarle Place over the last couple of years … most recently the news that it will be delayed by at least a year. Where’d their site go?
you searched for msa
Quick market update for the Charlottesville region
Still working on the market statistics for the Central Virginia region. In the meantime, these are some quick numbers based on the recent availability of the “Continuous Days on Market” statistic provided by the Charlottesville area MLS:There are currently 2494 properties currently on the market in the Charlottesville MSA*1176 have been on the market for at least 120 days – nearly 50% of the properties currently for sale have been on the market for at least four months!716 have been on the market for 716 days.448 have been on the market for at least 448 days.195 have been on for at least one year. 29 of these properties’ asking prices are more than one million dollars.CDOM is a count of the total time an address or parcel ID has been on the market, as compared to DOM (Days on Market) which is a measure of how long a specific MLS number has been on the market.By looking at the “CDOM” we are able to see the true time a property has been on the market, mitigating the impact of trying to “game the MLS” by withdrawing a property and re-listing it to make it appear “fresh.”The impact of Days on market on a property’s market value has long been debated. Basically, the longer a property is on the market, the more motivated the seller is (usually) going to be.I plan to post full market data later today.*Charlottesville, Albemarle, Fluvanna, Greene, Nelson, and I am including Louisa for this story.
Community Forum on Lending – Why do African Americans pay more in Central Virginia? Part 2 of 4
Peggy Deane, VP of Mortgage Services at UVA Community Credit Union uvaccu.mortgagewebcenter.com/Default.asp?bhcp=1 and Member Options, LLC (plus CVaMP’s secretary) suggested, correctly I believe, that we have an awareness problem, that community programs are needed and an informed borrower is a powerful borrower…. Valid point and that should be presented to a client, but a potential home buyer should make that decision, not the loan officer.Phil d’Ornozio, President of Pilot Mortgage and President of CVaMP was invited as a local loan officer and one who actually originates high cost loans on a daily basis…. If there are issues that are specific to Virginia, like Charlottesville, Lynchburg, Tidewater and Richmond landing in the top 30 MSAs in this study, we need to act in Virginia.Finally Dana Wiggins, Responsible Lending Coordinator for VaPerl/Virginia Poverty Law Center www.virginiafairloans.org/pages/AboutUs/CoalitionMembers.htmlpresented…. Bell or a supervisor was asked.Next up, I will provide the perspectives from our table, during the roundtable discussions.Ed Note: This is part two of a multi-part series of posts authored by Matt Hodges, a mortgage broker in Charlottesville.
Charlottesville Community Forum on Lending – Why do African Americans pay more in Central Virginia?
43% of all mortgage loans made to African Americans were high cost, but only 11.1% were high cost for whites.For a community that prides itself as a great place to retire, boasts 2006’s best new major concert venue and has health care options sought out for hundreds of miles, this report came as quite a shock.Why did this happen?Racism is offered as a cause. No doubt – whether you consider us Mid-Atlantic or South, a higher percentage of communities in those areas appeared high on the list.Also, Virginia is open for business, meaning out-of-state predatory lenders can open up a virtual business here, without building the relationships necessary for local loan officers to achieve long-term success…. What matters is how the industry and community addresses the future.On Saturday, the perspectives from participants on the panel…Ed Note: This is part one of a multi-part series of posts authored by Matt Hodges, a mortgage broker in Charlottesville…. That so many members of the community are talking is surely a positive sign.For more information, see this story from July when the report was first released and this one from late last month, notably this quote from the NCRC report itself:The disparities discussed in this report reflect a number of factors including income, wealth, credit rating, and many others.
Agent 2.0
(to me) Aware of and open to new innovations, and how they can fit into one’s business (ed. note: just because a technology is “new” doesn’t mean it’s “effective”In tune with consumer trends and changes in buyer/seller behavior (e.g., Gen X/Y)Appreciation for “old school†techniques but with an understanding of the value in adapting these techniques to new mediumsAs I said earlier this year in an Inman Article (PDF):”The challenge that we’re facing from the technology standpoint is that there is not a critical mass yet for bleeding-edge technology. If only one person in the market has heard of it — it’s cool to be in the leading edge but it doesn’t do any good if nobody else is using it. The balance is knowing and using what is new and cool but also knowing and using what everyone else is (using),” he said.The article also highlights its author, Kelly Roark; she is an example of the caliber of mind they have at Trulia – she (and they) “get it.”
Inventory levels of housing in the Charlottesville Region
With guests like these …”We’ve never seen inventory levels like this.””We need to fix affordability.”Home sales are falling sharply, housing starts are falling sharply.”We have the biggest supply of excess homes in US history”.”Inventory levels aren’t going to clear out for a quarter or two””You’ve got to clear the inventory …”I sometimes wonder why I watch CNBC.Below are the inventory levels for single family homes in the Charlottesville MSA.This week brings national housing numbers and consumer confidence data – the results and release of which may feed each other.Below is a trend analysis of inventory levels in the Charlottesville/Central Virginia region, from 2004 (earliest available in the statistical analysis) through 2007. The trend lines are in sync, although significantly elevated.”The real estate bust scenario is not like the tech bust scenario. I repeat, the wider housing market is not like the stock market…. …So a widespread housing BUST in an environment of anything short of an ECONOMIC bust just does not make sense to me.
Buying and Selling Real Estate in Central Virginia
That’s the title of Sunday’s “The Wake-up Call with Rick Moore” on WNRN.One of the beauties of writing a real estate blog (or any blog, for that matter) is the ability to react, expand on conversations and provide context – in this case, yesterday’s show on WNRN, Buying and Selling Real Estate in Central Virginia…. Time certainly flies in radio, and the host did a great job of managing the conversation.From CvillePodcast:This week on the Sunday Morning Wake-Up Call with Rick Moore, two guests from the real estate industry talk about tips and myths of the business, and deal with the recent accusations by the NAACP that Charlottesville has a racial bias in lending rates…. If you think that today’s interest rates are high – get some perspective.3) Much more careful analysis is required in today’s market – smart purchases can absolutely be found, but finding those takes more analysis, negotiation and experience.4) On the subprime market and the NAACP’s suit, note this one disclaimer from the NCRC’s study (PDF):The disparities discussed in this report reflect a number of factors including income, wealth, credit rating, and many others…. The disparities in this report do not necessarily reveal levels of discrimination in the marketplace; but they do reveal the presence of ongoing barriers associated with socioeconomic factors.There are problems (as noted when the story first broke), but to attribute them entirely to race is irresponsible.Doing radio is fun, having the opportunity to followup is crucial.Some of the issues we touched on:Excellent story on the NCRC’s/NAACP’s lawsuitPiedmont Housing AllianceCompass Home Loans/Matt HodgesHow to protect your home equity in a falling marketMarket Statistics section of this blogLimits on Fannie/Freddie could be lifted next yearI’m actually a Realtor with Century 21 Manley Associates, not “Jim Duncan realty” :)This article is directed primarily at the anonymous caller:One source of difficulty arises from a basic fact of real estate economics: about half of home purchases are by people moving within a metropolitan area.