Posts tagged albemarle real estate

Housing Sales Down in Charlottesville and Albemarle – February 2010

in Market statistics on

I know this – independent of me, a new client came to me last week and said, (paraphrasing here) – “I think that right now in Charlottesville/Albemarle, there is a unique and perhaps once-in-a-lifetime opportunity to buy a home for my family.”

…We know this: Charlottesville and Albemarle home sales in February: 64 homes sold in 2010 79 homes sold in 2009 72 homes sold in 2008 105 homes sold in 2007 141 homes sold in 2006 124 homes sold in 2005 108 homes sold in 2004 Homes under contract – first 23 days of March … …

…I know this – independent of me, a new client came to me last week and said, (paraphrasing here) – “I think that right now in Charlottesville/Albemarle, there is a unique and perhaps once-in-a-lifetime opportunity to buy a home for my family.” … From today’s Wall Street Journal : For those trying to figure out how much further U.S. house prices could fall, it would help to know how many more foreclosed homes banks need to sell.

Read More

What Matters to You when Relocating?

in Charlottesville on

Inspired by a conversation at Roost’s Facebook page , my answer to the question was: Schools Parks Internet Accessibility – the Charlottesville/Albemarle region does not have 100% coverage. … Proximity to work Who the neighbors are – are they at similar “life-stages” to you? Churches if that matters Proximity to grocery stores & coffee shops Are there bike lanes? Property taxes School budgets, school test scores, percentage of kids on free/reduced lunches Walkability These are just some of the factors that my buyer clients have recently brought up.

Read More

FHA Changes – What they mean for the Charlottesville real estate market

in Buyers Charlottesville General Real Estate on

Guest post by Matt Hodges with Compass Home Loans : FHA has picked up much loan volume that the sub-prime world vacated – so much so that for every ten new purchases, FHA insures three.

…For all new case numbers (FHA’s mechanism to keep track of loans they insure) assigned on April 5, 2010 or later, the UFMIP will increase from 1.75% to 2.25%. … It might be at a $200,000 loan, but at $100,000, most borrowers will expend at least $3000 in closing costs, pre-paid items and points. … If HUD removes the ability to get seller concessions at the lower loan amounts, they will be directly affecting the housing recovery and effectively be discriminating against poorer borrowers, who can only afford lower priced homes.

Read More

School Values and Housing Prices – Specifically in Albemarle County

in Charlottesville Education General Real Estate Politics on

In an effort to get my head around the numbers, I have prepared the attached spreadsheet which evaluates (to the best of my ability with the data available) , the impact of the different budget scenarios and what different property tax rate increases necessary to close the funding gap.

…At this point in the process, I don’t like trying to address a budget challenge by manipulating the tax rate, but I think the public deserves some factual information about the different scenarios and how that might impact their personal pocketbooks.

ɉۢ In the best case state funding scenario , a property tax rate of 81.9 cents would balance the budget and increase ANNUAL tax payments by $146.19 for the median priced home when compared to 2009.

…1 However, the strength of the consensus is puzzling, given the formidable empirical challenges facing any homeowner or empirical researcher seeking to answer the question carefully.2 First, good schools usually come bundled with other neighborhood qualities– such as proximity to employment, shopping and recreational conveniences and neighborhood peers.

Read More

More Charlottesville Real Estate Data than You Might Have Wanted

in Albemarle Charlottesville Market statistics on

This is going to be a developing post as I read through Barry Merchant’s presentation from this morning. Barry Merchant’s VHDA presentation at Charlottesville Area Association of Realtors (PDF) Additionally,

Nest Report Here is an advance copy of the Nest Report, what we believe to be the best, most “comprehensive and transparent analysis of the residential real estate market in Charlottesville, Albemarle and surrounding counties, prepared quarterly by Nest Realty Group.” Nest Report – Year End 2009, Predictions for 2010 (PDF) Comments, feedback and input welcomed.

Read More

Charlottesville and Albemarle Governments Clash. Again.

in Albemarle Charlottesville Politics on

For anyone interested in a prime example of the City of Charlottesville’s and County of Albemarle’s occasionally dysfunctional relationship, Rachana Dixit and Brandon Shulleeta have great story in today’s Daily Progress . … The clash over money between Charlottesville and Albemarle County is turning into a political civil war, with warnings that each step from here will undermine collaborations that would cut expenses and instead possibly cost taxpayers big bucks down the road.

…Many county officials say it’s unfair that a state formula that determines education funding for localities — based largely on localities’ wealth — fails to account for the revenue-sharing agreement. Bell’s amendment proposal would count the money Albemarle pays Charlottesville toward the city’s wealth instead of the county’s wealth — which would increase state education funding for Albemarle in fiscal 2012 by $2.6 million and decrease Charlottesville’s state education funding by that same amount. …

Read More

Albemarle County Assessment Figures Released

in Albemarle Politics on

Virginia, unlike some other states, by Statute requires localities to assess property at 100% of fair market value, based on an objective analysis of the property’s fair market value, independent of any influence on the part of the County or the County Board of Supervisors. … The average annual reassessment changes for the magisterial districts are as follows: Rio -2.25% Jack Jouett -4.30% Rivanna -2.12% Samuel Miller -3.65 % Scottsville -4.13 % White Hall -3.19 % Town of Scottsville -1.89 % The new assessments will be reflected in the real estate bills which will be mailed in late April, 2010. County officials recommend that anyone who would like more information or who wishes to appeal their assessment to contact the Office of the Assessor in the Finance Department at (434) 296-5856. … If a property owner does not receive satisfaction with this step, further appeal may be directed to the Board of Equalization, which is comprised of Albemarle County citizens who have completed training by the Virginia Department of Taxation and who meet on a regular basis.

Read More