Posts tagged albemarle real estate

Showed Houses in Charlottesville Last Week -or- Why AVMs Suck

in Albemarle Charlottesville General Real Estate Technology on

Zillow hasn’t been in the three townhomes in another neighborhood in Charlottesville , one of which needs to be gutted, one with a moist basement and mold coming on a piece of ceiling hanging from the bathroom and another one that absolutely needs to be taken to the studs.

…The product of an automated valuation technology analysis, public record data, and computer decision logic combined to provide a logical calculated estimate of a probable selling price of a residential property. … An AVM typically includes:   â–ª An indicative market value for many residential properties nationwide.   â–ª The Tax assessor’s indication of value, if available.   â–ª Information on a subject property and recent sales history.   â–ª Comparable Sales analysis of like properties.

…Cyberhomes puts it at $184,842 , the price range is $166,357 – $212,568: Realtor.com – You have to agree to have a Realtor contact you to provide the report.

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Can Crozet have Three Centers?

in Albemarle Growth Politics on

Downtown Crozet needs to do something to combat the challenges put forth by: – The 250 West Corridor – Anytime Fitness, Harris Teeter, medical and dental offices, restaurants, office space … residential housing … – Old Trail Village – ACAC Fitness, Trailside Coffee, restaurants, Augusta Medical facility, Advanced Center for Physical Therapy (awesome place – they helped me rehab my ankle after a soccer injury) … residential housing in Old Trail Village .

…A group that oversees planning in Crozet has endorsed a new concept to redevelop a lumber yard on the Square into a walkable and livable community similar to Charlottesville’s Downtown Mall. 


…“This is a very small scale, a version of that, but what it does create is the ability to have a gathering space and some place where people love to go [in] Crozet.” 
… “From [research and development] business to office space, restaurants, retail [and] some housing,” Roell said, “it will provide a variety of opportunities for people to locate their businesses, live, work, play and entertain each other.”

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“New” Lead Based Paint Rule Revised

in General Real Estate on

The only way I learned about it was when I saw that the National Association of Home Builders is suing the EPA : (bolding mine) A coalition of housing industry groups joined the National Association of Home Builders (NAHB) today in announcing plans to file a lawsuit against the federal Environmental Protection Agency (EPA) for removing the “opt-out” provision from its Lead: Renovation, Repair and Painting rule. … Its opt-out provision, which expired July 6, let consumers allow contractors to bypass extra preparation, clean-up and recordkeeping requirements in homes where there were no children under 6 or pregnant women, thus avoiding additional costs. “Removing the opt-out provision more than doubles the number of homes subject to the regulation,” said NAHB Chairman Bob Jones, a home builder and developer in Bloomfield Hills, Mich. … Right now* nearly 1/3 of homes on the market in Albemarle – 322 homes – are affected by this rule (as in, they were built before 1978).

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When Evaluating the Charlottesville Real Estate Market, IGNORE National Data

in Market statistics on

Take your lede : – Home sales up 14% in Charlottesville and Albemarle year over year. – Home sales up 19% in Charlottesville MSA year over year. – Foreclosures continue to climb in Charlottesville and Albemarle. – Questions abound regarding second half of 2010; where will we find the bottom of the market? – If you have questions about or would like more detailed analysis, please contact me.

…Simple (though notsoumuch in reality) What I’m reading: – Harvard’s State of the Nation’s Housing Market (PDF) and listening to an excellent podcast with Nicholas Retsinas , Director, Harvard University’s Joint Center for Housing Studies . (did you know that there was an exhibit at the Smithsonian on McMansions ?) – Core Logic’s Home Price Index Report for April 2010 – Virginia’s Housing Price Index, for single family homes year-over-year, is up 6.5%; for single family homes excluding distressed properties, is up 3.6%. Virginia is one of the five best states for year-over-year price appreciation excluding distressed sales .. but mostly that’s irrelevant in my opinion as the bulk of those sales are most likely comprised of Northern Virginia sales. – The Federal Housing Finance Agency’s House Price Index for First Quarter 2010 The FHFA (formerly OFHEO) say that in the Charlottesville MSA house prices have dropped 6.98% year over year, 1.86& in the 1st Quarter 2010, and have appreciated 12.68% over the past 5 years .

… Home Sales are Up 19% year over year in the Charlottesville MSA: Sales are up in Charlottesville MSA Year over year.jpg Homes sales are UP 14% in Charlottesville and Albemarle : Home Sales UP in Charlottesville and Albemarle - 2010 versus 2009.jpg One point: Charlottesville’s Unemployment is lower than the national average. Charlottesville's Unemployment is lower than the national average. Prime example of the irrelevance of national, aggregate housing data, which is good only for political talking points and respective agendas: Foreclosure starts for the nation and Charlottesville and Albemarle: National foreclosure data, courtesy of the HUD Scorecard, using RealtyTrac data: National Foreclosure data - Mildly irrelevant For Charlottesville, using RealtyTrac : Charlottesville Foreclosure Rate and Foreclosure Activity Information - may 2010 For Albemarle County, using RealtyTrac: Albemarle County Foreclosure Rate and Foreclosure Activity Information - Trends Albemarle County Foreclosure Rate and Foreclosure Activity Information - May 2010 What have median home prices done in Charlottesville over the past five years?

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Dealing with Home Buyers’ New Psychology

in Buyers Market statistics Sellers on

When we started, we were looking at new construction, and I had to tell them that whatever they wanted changed would have to be done by them, at their expense after closing, as the builders were not going to make any concessions or alterations. … That’s a difference that matters – both to actual sales numbers and perceived sales numbers – to the market’s collective psyche, if you will. See for yourself (PDF). Add to this the fact that the average Days on Market in May 2006 was 69 and the average Days on Market in May 2010 is 106 and the market rightfully feels slower.

…Many Sellers don’t want to “give their homes away” (hint: price your home to sell from Day One ) and many Buyers want to feel like they get a “deal” and many buyers have unreasonable expectations – resale homes are used homes; they are not new construction.

…They also are prepared to walk away if things don’t go their way – there will be another house that suits their needs and wants; five or six years ago, another house would come on the market, but it would probably have been more expensive.

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