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Friday Chart – Is this the New Normal for the Charlottesville Real Estate Market?

in Market statistics on

Looking at the number of transactions so far this year* in the Charlottesville MSA – Charlottesville, Albemarle, Fluvanna, Greene, Nelson – for all kinds of property – condo, attached, single family, farms … in this dataset there are going to be outliers and anomalies, but with a set this large, we’re really looking for trending analysis. … Maybe we are witnessing the “new normal” for the Charlottesville real estate market, and it’s something that we’re just going to have to get used to.

…While dramatic increases in productivity could theoretically take up the slack, that may be too much to ask of a generation whose education, for the first time in American history, ranked in the bottom third of developed nations. … “The trend is most visible,” they write, “in the transition from a G-7 to a Group of 20 model of international decision making which includes influential and deep-pocketed developing countries like Brazil, China, India, Saudi Arabia and the United Arab Emirates.

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Charlottesville Foreclosures Study sheds Light on a Surprisingly Hidden Market

in Charlottesville General Real Estate on

From my position as a Buyer-Broker , my advice to my buyers would be – be well qualified and prepared to buy and consider targeting these neighborhoods; they are all very well located with great respective proximities to the University of Virginia Grounds and/or the Downtown Mall – the two major economic hubs of Charlottesville.

…Extent of Crisis, Virginia: The Center for Responsible Lending predicted that 62,174 homes will be foreclosed upon in 2008 and 2009 in the state of Virginia.38 In June 2008, according to the Mortgage Bankers Association, for the foreclosures in the state of Virginia, 54% of them are on subprime and Alt-A loans—“non-traditional” loans while 26% of the foreclosures are on prime and government ARMs and the remaining 20% are on government and prime fixed rate loans.39 In other words, approximately 80% of the foreclosures in Virginia are by higher risk borrowers—subprime lenders and/or ARMs.

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Charlottesville’s Bubble Bloggers Revealed – Part 1

in General Real Estate RE Blogs on

One of my goals is to encourage all of my clients and readers to educate themselves as much as possible; there are a few real estate blogs in the Charlottesville area – this is one that should be considered, if only for their candor and “contrary” point of view.

…We think there will, unfortunately, be more sellers who realize that they’re going to have to take a loss, perhaps a significant one, to get the property off their hands—so they don’t incur an even larger loss by holding on even longer.

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Charlottesville has its own Bubble Blog!

in Albemarle Charlottesville on

I don’t know how I missed Real C’Ville for so long (they’ve been up since May 2008), but here they are – offering candid commentary on the market and most interestingly, different houses on the market : This house is on pretty Oxford Place, the one-way horseshoe street that jogs off and back to lovely Oxford Road, in the Rugby area. … As you drive down Oxford Place, almost immediately to your left it’s like you’re in Belmont or Woolen Mills, back in the day: there’s overgrown foliage obscuring an abandoned house and dead cars w/tags expired in 2003.

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Gentrification a good thing?

in General Real Estate on

It’s the lament of community organizers, the theme of the 2004 film Barbershop 2 and the guilty assumption of the yuppies moving in. Carole Singleton lives in Harlem in New York City where she is a tenants rights activist in her community…. In an article last month in Urban Affairs Review, Freeman reports the results of his national study of gentrification — the movement of upscale (mostly white) settlers into rundown (mostly minority) neighborhoods…. Charlottesville has been experiencing its own gentrification, save for the Vinegar Hill experience, in Belmont, Fifeville and now the 10th and Page area of the City. As folks from other areas move in, young couples from the City as well as those from Boston, New York, etc. where do the long-term residents go?

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