The following are the market statistics for the year to date in Albemarle County. If we compare this years closed sales to date with last year's it is readily apparent that the market has definatley not picked up yet in this area. From this data it is fair to say that it is definately still a buyer's market and it might be a good time to make an offer on a home. With sales this slow it is very important that your home be in excellent condition and priced well in order to sell.
Sold price Last year This year Last year vs this year
$0 -$99,999 0 2 0.0%
$100,000 -$149,999 12 14 17%
$150,000-$199,999 97 18 -81%
$200,000 -$249,999 64 39 -39%
$250,000 -$299,999 76 40 -47%
$300,000 -$349,999 55 31 -44%
$350,000 -$399,999 46 39 -15%
$400,000 -$449,999 22 17 -23%
$450,000 -$499,999 16 18 -13%
$500,000 -$549,999 12 7 -42%
$550,000 -$599,999 18 8 -56%
$600,000 -$699,999 32 18 -44%
$700,000 -$799,999 21 5 -76%
$800,000 -$899,999 7 3 -57%
$900,000 -$999,999 3 4 33%
$1,000,000 -$1,499,999 15 11 -27%
$1,500,000 -$1,999,999 2 3 50%
$2,000,000 -above 1 2 100%
Total 499 279 -44.1%
These figures are for 011/2007-5/22/2007 of last year and 01/01/2008-5/22/2008 of this year.
Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, VA
www.JumpintoGreenerPastures.com
www.Charlottesville.virginiablogpage.com
The Charlottesville Albemarle Association of Realtors, the Blue Ridge Builders Association, and The Piedmont Housing Alliance have teamed up to offer the Affordable Again program designed to educate first time home buyers and their Realtors about available programs and opportunities to help them own a home. A first time home buyer is defined as anyone who has not owned a home in the past three years.
The first part of this program is a series of free Affordable Again workshops offered in May and June to educate the public about the home buying process, credit reports and how to determine if you are ready for home ownership. These classes are taught by professionals in lending, real estate and consumer counseling.
In addition classes are being offered for Realtors on down payment assistance and other programs available to help their clients purchase a home.
The weekends of May 31 and June 1, and June 7 and 8 will be Affordable Open House Weekends when homes listing for under $250,000 will be open around the area.
Thoses attending the workshops and open houses will be able to enter the drawing for a grand prize to be awarded on August 6. Also from May 1 - June 6 area stores will be offering discounts on home products and services to Affordable Again participants. Certificates will be available at the workshops, open houses and in the Real Estate Weekly.
For more information go to the Affordable Again website.
Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, VA
434 960-0161
www.JumpintoGreenerPastures.com
www.Charlottesville.virginiablogpage.com
The long awaited shopping at Zion Crossroads located in Louisa County just east of Charlottesville, Virginia is fianlly becoming a reality. Lowes will be having its grand opening this Thursday, May 22 starting at 10:00 AM. Lowes is a hardware and garden center superstore.
A Walmart Super Store is about to break ground, which will bring a grocery store to the area. A Best Western Hotel has already opened and an IHOP and Damons are reportedly not far behind.
Zion Crossroads will quickly become a shopping destination for people who live to the east of Charlottesville in Albemarle County as well as residents of Louisa and Fluvanna counties. Several factors combine to make it an area that is ripe for commercial development. Zion Crossroads is convenient to both Charlottesville and Richmond. Real Estate taxes and land prices are lower than those in adjacent Albemarle county resulting in lower commercial rental costs. In addition, residential development is increasing due to more affordable home prices, with a growing population needing commercial infrastructure and local shopping destinations.
Lowes is just the tip of the iceberg!
Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, VA
434 960-0161
www.JumpintoGreenerPastures.com
www.Charlottesville.virginiablogpage.com
Housing constitutes a major cost included in a college education. Previously the choices were to either live in a dorm or rent. Now we are seeing an increasing number of parents who have decided that it makes sense to buy a condo for their college age children and rent out bedrooms to their child's friends to help pay the mortgage. Then when the student finishes school the parents either sell the unit or keep it as a rental.
The parents consider this as an investment rather than just shelling out money for rent with no return. This option is especially popular with grad students. The growing phenomena has fueled condominium construction and condo conversion in the Charlottesville, Albemarle area of Virginia over the past few years.
We are also seeing amenities in these condo projects that are geared toward the student market. For instance the Eagles Landing project on the east end of Charlottesville has the following amenities to entice students and young professionals: a free shuttle to the University of Virginia grounds and to Piedmont Virginia Community College, a pool, volleyball and basketball, fitness facilities, a clubhouse with a computer lab, gameroom, and study and conference rooms. Another difference in these units is the fact that all of the bedrooms are the same size with no master and a built in computer desk in each room.
I think that this is a growing market in our college town that will continue to play a role in local real estate sales.
Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, Virginia
434 960-0161
www.JumpintoGreenerPastures.com
www.Charlottesville.virginiablogpage.com
The Thomas Jefferson
Foundation recently placed 150 acres on Montaldo, the mountain that adjoins Monticello, under conservation easement with the Piedmont Environmental Council. Monticello, located outside of Charlottesville, Virginia was the home of Thomas Jefferson. It is an important historic resource and tourist destination. The easement which severely limits any development on the land will play an important role in protecting the views from Monticello.
Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, Virginia
www.JumpintoGreenerPastures.com
www.Charlottesville.virginiablogpage.com
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