Posts tagged Albemarle

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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Dominion Power’s Water Line Replacement Program – What is It?

in Albemarle Charlottesville on

This came to my email inbox last week from a client/homeowner in the City of Charlottesville:

About 2 weeks ago, our little cul-de-sac began getting letters from Dominion (Power) regarding the water line running from our houses to the street. The gist goes something like this: “beneath your yard could be a $4,000 problem waiting to happen” but, “we” could take care of that for you for $3.99/month. Essentially they’re declaring that any water line failure from our house to the street is our problem (may be the case) but they (the power company) can fix it all for ~$4.00 a month. Piece of mind – enroll online. “you can’t afford to be without the Water Line Replacement Program”

So I have a couple of questions : are you familiar with this? if so, why is Dominion involved and not the city? Has there been an increase in these incidents recently to prompt such a scare campaign? $4000 seems a bit high considering where I am and the distance from house to road – what of that? What of home values and this water line replacement fad?

Turns out Dominion Power does have a Water Line Replacement Program.

Our Sewer Line Repair Program provides financial protection for the underground sewer line that runs from the foundation of your home to the main sewer line or septic tank. If you experience a clog or find a sinkhole over your sewer line caused by tree roots, collapsed pipe, heavy usage or normal wear and tear, Dominion Products and Services, Inc. will take the necessary steps to unclog a covered condition.*

Quick information from me

1) Yes, the line from the house to the street is your responsibility.
2) Yes, it does usually cost a couple thousand dollars to fix – from my experience (I’m not a plumber) $2,000 – $4,000 seems a reasonable estimate.
3) You’ll probably know that you have a leak when your ~$50/month water bill skyrockets to several hundred or a couple thousand dollars.
4) A lot of plumbing in the City of Charlottesville is old – terra cotta, orangeburg, and galvanized pipes – and these do deteriorate and go bad.
4b) Roots are bad. They damage plumbing.
5) I’d be inclined to take that $4/month and stash it away. (however, if this program works as advertised, I might be inclined to not spend the ~$300 for the inspection, and hedge my bets)
6) Other than, because they have the equipment and know-how and want to make money, I can’t think of a reason why Dominion would be offering this program.  I’m less cynical now. 🙂

The Dominion sewer line program seems a bit like cell phone insurance, but you’re probably much more likely to make a claim for a busted iPhone. The Charlottesville (and American) infrastructure is old. And falling apart. If you’re in the City of Charlottesville, the chances of your water line being old are pretty darn good.

Additionally, I have recommended (based on experienced horror stories) that buyers have plumbers scope these lines as part of the inspection process – it’s not a bad idea. Trust me. (Update December 2016 – I’m recommending these consistently for homes in the City of Charlottesville, particularly those built before the mid-1980’s)

So – if you’re thinking about putting your home on the market, be aware that this is an issue that might come up. If you’re a homeowner, pay attention to your water bill and build your emergency fund. If you’re a renter, don’t worry about it.

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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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C’Mon, Apple. Real Estate Agents Need Property Boundaries

in Albemarle Charlottesville General Real Estate Technology on

How will I show land without parcel boundaries on my phone?!

There’s been a lot of discussion about the new Apple maps, which will be replacing Google maps on the next iPhone.

apple maps

This isn’t enough to switch back to an Android device from my iPhone 4S, but it’s significant. In the nearly-three-years since Google integrated Albemarle County’s property boundaries as one of its layers, I’ve become quite dependent on this extremely useful feature.

Gizmodo did a nice side-by-side comparison of Google Maps vs Apple Maps, but they left out one thing that I use in my real estate practice multiple times a week – real estate parcels.

I saw some discussion about it last week in my Twitter stream, and asked for some help on Google+

Anyone with access to iOS 6 – can you tell me if the new apple maps have parcel boundaries as the google maps do? I need and use those to show property – in subdivisions and when showing raw land.

And thankfully got an answer pretty quickly from a friend.

Note the difference between these two photos? iOS5 has property parcel boundaries, while iOS6 doesn’t.

Google maps with parcels on iPhone 4s

Apple maps without parcels on iOS6

While I wouldn’t advise my client to accept these boundaries in lieu of a survey, they are usually accurate enough when walking land or lots, particularly when walking county/country properties where “natural” boundaries such as power or telephone poles aren’t visible.

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May 2012 Charlottesville Real Estate Market Report

in Albemarle Charlottesville Market statistics on

Dig in. There’s some good news here.

Download the Nest Report for May 2012 here  or read it below.

Of the 189 homes that sold in the Charlottesville MSA since 1 April 2012 with CDOM of less than 30 days:

– the % of list to sell price was about 95%

Of the 213 homes that sold in the same timeframe with CDOM of at least 120 days:

– the % of list to sell price was about 94%.

That looks like price doesn’t matter … until one keeps in mind that in the previous wildly broad and potentially inaccurate perspective, the list to sell ratio data can be so easily skewed.

If you’re looking at the Charlottesville – Albemarle real estate market, focus on your market – your segment of the market. That $1.95 million dollar house above? It’s as relevant to the $245k attached home as the fishing report on Saturn is to whether I’ll catch a fish this weekend.

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