Realtor declares ‘condo glut’

Jim Duncan, the area's most blog-worthy realtor, didn't want to utter the bad news, but, citing statistics, he declares today that Charlottesville indeed has a condo glut. Background: earlier this year, an overall housing glut was confirmed, and this condo thing should have been inferred three years ago when a rental glut touched off a wave of conversions culminating in 2005 when both apartment complexes built by Coran Capshaw, Walker Square and Riverbend, were converted.

2 comments

You (and Jim Duncan) are forgetting the much larger complex that was also converted from apartments in 2005 by Hunter Craig - Hessian Hills.

freelovefreida -

What do you mean? There are thirty condos in Hessian Hills on the market right now. More in craigslist. The MLS shows that 4 have sold there since 1 January of 07. I didn't forget about it in my post; I chose not to highlight individual developments.

--Jim