Posts tagged 22901

Low Housing Inventory Stinks – in Charlottesville – Albemarle

in Albemarle Charlottesville Market statistics on

If you’re a buyer in the Charlottesville market, you know that right now, inventory is low. Quality inventory is lower. Depending on your market segment, much lower.

Be prepared to wait. And then, be prepared to move quickly when the right house comes on the market. Now is the time to start your education on and about the Charlottesville real estate market, so that when January comes, you’ll be ready. (Seriously; if you’re looking, ask me what the first steps are)

There are a lot of reasons for this low inventory, starting with time of year/seasonality of the market, number of transactions (broadly) are up – see the bottom of this post -, reduced foreclosures and a few other reasons, but I have a working theory on why we’re going to see this type of reduced inventory for a few years. Starting with an example that lends credibility to my hypothesis:

I was showing houses this weekend (I’m a real estate agent donchaknow) and we saw a house in Charlottesville.

Asking price is $550k, slightly reduced from its initial asking price nearly a year ago.

House sold in 1993 for $290k

Sold in 2001 for $380k

Sold in 2007 for $570k.

Worth (in my opinion) significantly less than what they paid in 2007.

Not many people have accrued ~ $50k – $100k to get out of a house. And this homeowner isn’t alone.

I propose that we still have a ways to go to get through the inventory of homes owned by those who still can’t afford to sell … and with the fact that getting a mortgage after foreclosure is easier than ever, the business decision of walking away still makes sense for some (many?)

In short, I think we’re going to see low levels of quality housing inventory – for homes that many buyers want to buy – at low levels for years to come. This low level is going to lead to some interesting trends I’m starting to see; more on this in another post.

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More Restaurants Coming to Stonefield

in Albemarle Charlottesville on

“Curated” …

via press release: (links added by me)

… announced the opening of several restaurants at The Shops at Stonefield including: Black & Orange, Parallel 38, and Cyclone Anaya’s.  These restaurants will join Jason Alley’s Pasture, Travinia Italian Kitchen and Burtons Grill to create a unique culinary destination in Charlottesville.  The Shops at Stonefield will open in November 2012.

So … Burgers, Mediterranean, Mexican. No big chains. Good.

Curious – Charlottesville prides itself on its local food, local restaurants, its general local-ness …

1) Will any of these restaurants source their food locally?
2) When was the last time you ate at a chain restaurant? (personally, I avoid them as Charlottesville has so many outstanding local restaurants)
3) What chain would you like to see? (if Olive Garden, please try these local options: Tavola, Bella’s, Vivace, Sal’s, Carmello’s …)
4) Anyone have early reviews/opinions on the soon-to-open restaurants?

Update: Interesting conversation on Facebook about this question. While I’ll never move the comments here to Facebook, I definitely want to link to the conversation so that I’ll be able to find it one day …

Update 2: Looks like Noodles & Company is coming to Charlottesville/Stonefield as well. Thanks to @Hunter for the tip!

Update: Courteney Stuart at The Hook has a nice story on the coming restaurants at Stonefield.

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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.

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Primer for 1st Half 2012 Real Estate Market Update

in Market statistics on
30-year fixed-rate mortgage - Wolfram|Alpha

I’m going to be running numbers next week – give some time for realtors to enter the closings in the Charlottesville MLS and for the delayed (there are so many*) closings to finally close.

This is just a primer for what is likely to be a long and comprehensive post next week.

Contracts written 5/1/11 – 6/28/11:

Single Family Homes in Charlottesville and Albemarle : 213

Attached homes in Charlottesville and Albemarle: 70

Condos in Charlottesville and Albemarle: 51

Contracts written 5/1/12 – 6/28/12:

Single Family Homes in Charlottesville and Albemarle : 255 (up 16%)

Attached homes in Charlottesville and Albemarle: 70

Condos in Charlottesville and Albemarle: 32 (down 37%)

Looking at the above data, a quick conclusion could be reached that more buyers are shifting towards purchasing single family homes as home prices have dropped. Next week, I’ll separate the City from the County, product mixes, and the rest of the Charlottesville MSA.

These numbers are likely representative, but not an entirely accurate picture of the Charlottesville real estate market because most closings tend to happen at the end of the month … come back next week.

Closed sales 5/1/11 – 6/28/11:

Single Family Homes in Charlottesville and Albemarle : 230

Attached homes in Charlottesville and Albemarle: 74

Condos in Charlottesville and Albemarle: 41

Closed sales 5/1/12 – 6/28/12:

Single Family Homes in Charlottesville and Albemarle : 229

Attached homes in Charlottesville and Albemarle: 60

Condos in Charlottesville and Albemarle: 36


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What if Charlottesville had Only 29 Restaurants?

in Albemarle Charlottesville on

Charlottesville 29 is a fantastic new blog asking (and answering) the question – If there were just 29 restaurants in Charlottesville, what would be the ideal 29?

I found this blog when it was shared by a friend on some social network. I remember that he pointed out what is possibly the most comprehensive, definitive depiction of the Charlottesville institution known as Bodo’s. It’s a fascinating read.

When you are in Charlottesville, going to Bodo’s is just something you do. Bodo’s is so embedded in our culture that it has become a Charlottesville institution tocall Bodo’s a “Charlottesville institution.” In a city of 43,000 people, Bodo’s has a Facebook page with 15,000 “Likes.”

Still not convinced? Consider this. Combined, Bodo’s three locations feed close to 6,000 people per day. That’s nearly 500 per hour that they are open. Or, seven per minute.

I’m looking forward to reading more in my now-pared-down daily reading.

* I wonder how many of those 43k “likes” are from the City. 🙂

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Western Bypass Contract Awarded – 29 to Get more Interesting

in Albemarle Charlottesville Transportation on

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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