Posts tagged Albemarle

Real Estate Prices and Interest Rates – National Real Estate News I’m Reading this Morning

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Home prices seem to be rising in the Charlottesville MLS – keep in mind with this chart that it’s for the entire Charlottesville MLS.

Moving Median - Charlottesville MSA.jpg

Interest rates are rising, but let’s keep some perspective.

Screenshot_6_26_13_10_50_AM.jpg

(thanks to Keith for the chart)

Here’s the thing – if you’re buying a home and you are confident you’ll be there for at least five to seven years (many of my clients now are looking at 15-20 year timelines), be aware of the potential for price drops, but also focus on what your total cost of ownership will be versus renting.

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What’s the Most Popular Home Price Point in Charlottesville and Albemarle?

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At a lunch with yesterday, I was asked, “what’s the most popular price point in Albemarle?” My professional instinct said “between $350k and $450k” but as always, I wanted to back that up with actual data.

Looking solely at single family homes in Albemarle County, about 40% of the active inventory is between $300k and $650k.

Albemarle Single Family Active Homes for Sale

And the single family homes in Albemarle that have sold since the first of 2013, a greater percentage of the inventory has sold in the $300k – $650k price point than is active.

Albemarle Single Family Sold since 1 January 2013

(if you’re curious to search the Charlottesville MLS for single family homes for sale in Albemarle)

Great. That’s what’s for Sale and Sold in Albemarle County; let’s look at the home price distribution in the City of Charlottesville – nearly 60% of the active inventory is priced between $220k and $500k.

City of Charlottesville Single Family Active

Looking at the single family homes that have sold since the first of 2013 in the City of Charlottesville, I was a bit surprised to see the relatively lower price point distribution, but not that about 60% of the inventory had sold in that price point.

City of Charlottesville Single Family Sold

Look for yourself …

(if you’re curious to search the MLS for single family homes for sale in Charlottesville)

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Question – What Modern Homes Would Sell in Charlottesville?

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What do you think?

I think there’s a real, untapped market for modern homes in Charlottesville. Latitude 38’s homes tend to look great and sell very well, for example.

I really like this home; this one, too. (not taking a photos from their site as I don’t have permission … despite it’s being “on the internet”).

The very first RoehrSchmitt Architecture creation, the Wall House is a 2,000 square foot urban infill home that was a great collaboration between the owners, architect and builder. The budget was tight and the expectations high, but working closely together the team was able to achieve the owners’ objectives in a crisp, modern package for less than $150 per square foot. The design is efficient and easily adaptable to other sites and contexts. We see it as a prototype for an affordable modern house on a typical urban lot – a loft with a yard.

As my research has evolved, I’ve finally found a reason to use Pinterest. Really. I’m saving my favorites both in Pinterest and Evernote, but Pinterest just offers a simple, efficient, clean way to save and display these homes.

I’m thinking a modern home like this would be more desirable …

http://www.flickr.com/photos/rkimberly/481512485/sizes/m/in/photostream/

… than something like this (although I am sure that this type of home would sell here – to the right buyer)

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Choosing Where you Want to Live in Charlottesville – Walkability and Safety Top the List

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Choosing where you live is a huge, immensely significant decision. As I jokingly tell my buyer clients – “it’s no big deal … you’re just deciding where you’re going to live for the next five to ten years … “

Last year I asked you what were the most important factors when evaluating where you want to live. I’m finally getting around to publishing the results. (and thank you to all who answered – for answering and for your patience).

While by no means a scientific survey, as the RealCentralVA readership is probably skewed (I’d argue towards the more informed) 86 responses isn’t insignificant.

Not surprisingly, the top two answers to “What’s the most important factor when choosing a neighborhood?” are “Maximum walkability” and “Quietest/safest.” “Other” came in a reasonable third place.

What's the most important factor when choosing a neighborhood in Charlottesville?

What’s the 2nd most important factor when choosing a neighborhood? Revealed an interesting shift – “safety” and “neighborhood with character” came in 1st and 2nd with “activities for kids” edging out walkability and length of commute. Sadly, there are few “neighborhoods with character” being built in Charlottesville, so new construction buyers are left choosing from either soulless “neighborhoods” or older housing stock that likely needs some degree of renovation and updating, but may have the “proximity to stuff” that matters.

What's the 2nd most important factor when choosing a neighborhood?

From my perspective, everything is about location (naturally) – but “quality location” can be a relative term.

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