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"A bad year"
In 2007, the Charlottesville Area Association of Realtors CEO Dave Phillips said in a year-end report that "by historic standards, 2007 will go down as the fourth best year for real estate in our area." But by the end of 2008, the tidings were not so cheery as the report declared that the "Charlottesville area real estate market had a bad year.". Between significant decreases in home prices as well as an oversupply of homes for sale, year-end sales in our area fell to levels "not seen since 1998." Only 2,923 homes were sold in Charlottesville during 2008, a number down 22% from 2007. But while 2008 may have been an ultimate low for both Charlottesville and the nation, CAAR's report optimistically predicts that the market will move in a positive direction from now on. Here's hoping.
How low can it go?
The median sales price of a Charlottesville area house in 2008 was $265,000. That's roughly a $14,500 drop from last year's median, according to CAAR, and Charlottesville wasn't the only area to fall. In fact, Albemarle was the only county to show any increase, rising from a median price of $307,000 in 2007 to $320,100 in 2008. The culprit behind the falling prices? An overabundance of houses on the market, according to CAAR. And thus far, 2009 doesn't look any better, with the median sales price of a Charlottesville home dropping even more to $247,000.
Sit and wait
While median sales price is an important tool when evaluating a market, it tends to vary across areas and properties, thus not always trustworthy. According to CAAR, the amount of days a home on the market (DOM), is the "perhaps the best indicator of the true market condition" in an area. So what does Charlottesville's average DOM say about our real estate market? A balanced market should generally has an average DOM of 90 days, and in 2008 Charlottesville's DOM averaged around 110 days, only to increase in the beginning of 2009 to 128 days. We think you can do the math from there.
Big deals
Albemarle County may not be Beverly Hills, but that doesn't mean some serious coin hasn't been dropped for prominent properties in the area. In 2004, John Carr and Raymond Hunniston III ponied up $24 million for the Castle Hill estate in Cismont, a favorite breakfast spot of would-be gubernatorial kidnappers. As steep as those figures are, they're nothing compared to two monster transactions in 2005. Fred Scott sold Bundoran farm in North Garden to Qroe Farm Preservation Development for a reported $33 million, and Hunter Craig shelled out a whopping $46 million for the land surrounding artists' enclave Biscuit Run. No recent transactions have even approached those price tags: 2006's biggest sale come when Clover Hill Farm went on the block and sold to Robert Micley and Carolyn Henderson for $13 million. 2007's biggest transaction was even lower: the Howe family sold a Barborsville residence to Red Horse L.L.C. for $4.75 million.
Who's moving here?
Retirees and others fleeing high taxes and living costs are relocating to Central Virginia-- thanks to a lot of fanfare in publications like Money Magazine. Then the rush turned into a stampede on March 30, 2004, when a book called Cities Ranked & Rated, from Frommer's, ranked Charlottesville #1 among American cities. But perhaps Frommer's, too, has felt the real estate chill. We dropped to #17 in the 2006 edition.
Total assess
By state law, the municipality is required to assess at market prices, so quit yer yappin'. Or call the Equalization Board, but beware that this three-person, court-appointed body has the power not only to decrease but quite possibly increase your assessment. If recent years are any indicator, that's a likely possibility.
CHARLOTTESVILLE -- After years of double-digit inflation, where homes were being sold for more than they were assessed it, Charlottesville is seeing significant decreases, according to City Assessor Roosevelt Barbour. To see the actual numbers, the average increase was 17 percent in 2005, 14.3 percent in 2006, then dropped to 4.24 percent in 2007, to 6.69 in 2008 and 2.28 percent in early 2009. "This year we might have a decrease and see some areas be negative," predicts Barbour. Assessor: Roosevelt Barbour 970-3136
ALBEMARLE -- Albemarle County has grown rapidly through the years, only now seeing real estate values start to level off: 18.7 percent jump in 2003; 27 percent in 2005; 29.8 percent in 2007--down to an average change of 0.14 percent in 2008 and then a decrease of 2.59 percent at the start of 2009! Albemarle has begun to reassess annually. Assessor: Bob Willingham 296-5856
Renting
Apartment search- One local search engine is run by the local apartment group, Blue Ridge Apartment Council. Another option is OffGrounds.com, started by students for students and faculty (817-0721). If you want to rent a house, try the Charlottesville Area Association of Realtors, CAAR at (817-2227). However, only members of the BRAC are listed, so don't forget the old-fashioned methods of asking around, walking around, or... drumroll... checking out the Hook's classified ads.
Rights and responsibilities- Students can get free advice from Student Legal Services (924-7524). UVA's housing office (924-6873) offers a pamphlet called "The Off-Grounds Living Guide" that explains city ordinances.
Non-students might want to take a peek at the Virginia Landlord-Tenant Act, online or at the library-- it governs rental real estate dealings.
-->>For more info on renting, check out our Consumer section.
Buying and selling
Real Estate Weekly-- Among local real estate publications, this one has the greatest array of ads and even some how-to tips. 817-9330
Property search- The best local search engine is run by the local realtor group, the Charlottesville Area Association of Realtors (817-2227), and is available on the CAAR website at the bottom of their homepage.
"FSBO"- The crowd-pleasing, if realtor-chafing, way to sell a house typically involves putting up a sign and then hoping. While the method is often attacked as a tool of sellers with unrealistically high opinions of their property's worth, it has worked in hot neighborhoods as a way to avoid paying that nettlesome six percent commission. In the last three years, four discount brokerages have opened. Assist-2-Sell says it'll sell your house for as low as $2,995, HomeSell offers to do the job for $1,500, and Help-U-Sell has a sliding scale.
Checking properties
CHARLOTTESVILLE
Assessment data can be found online or by phoning or visiting the City Assessor's Office on the top floor of City Hall. 970-3136.
The deeds are located a few blocks away in the clerk's office in the basement of the Circuit Court at 315 E. High St. 970-3766
Circuit Court Clerk: Paul Garrett
ALBEMARLE
Assessment data can be found online or by visiting or phoning the County Assessor's Office in the County Office Building. 296-5856
The actual deeds are located on the second floor of the Courthouse Annex by Jackson Park in Court Square. 972-4083
Circuit Court Clerk: Debra Shipp
-->>For more info on neighborhoods, check out our Newcomer section.
First-time buyers
Free home-buyer classes-- The Piedmont Housing Alliance offers free three-hour seminars to first-time home-buyers twice a month. 817-2436
Information on low-interest loans can be found from various local sources, but a good starting point is the Piedmont Housing Alliance (817-2436). This private non-profit shares information on various assistance programs including the Albemarle Housing Program (296-5839) and Jimmy Carter's favorite house-building charity, Habitat for Humanity. 293-9066.
Building and renovating
So you wanna build?
ALBEMARLE-- The rules can be obtained from the Community Development Office in the County Office Building. 296-5832
CHARLOTTESVILLE-- Taking a cue from Albemarle, the City also consolidated its zoning, building, and neighborhood offices into Neighborhood Development Services in City Hall. 970-3182
So you wanna dig?
Call "Miss Utility" at 811 at least 48 hours before you plan to dig, so you don't hit an underground pipe or wire and kill yourself and/or others.
"I saw the sign"
When Albemarle County developers request a zoning change, officials put up a beige sign with a code number to alert neighbors about an upcoming public hearing. Besides checking the number online, interested citizens can call the zoning office (296-5832) for sign numbers 1-25, which typically indicate a variance issue or an appeal to the Board of Zoning Appeals. The Community Development Office (296-5832) handles sign numbers 26-99, which generally concern special use permits or rezonings.
ACE Program
ALBEMARLE- In its quest to keep a little bit of land undeveloped, the County began in 2002 buying development rights through its Acquisition of Conservation Easements (ACE) project. With the County budgeting $1 million per year for the program, perhaps you'll want to sell yours? 296-5832
Proffers!
What's a proffer? There's no secretive or dirty trick involved; it's basically an above-the-table bribe from a developer to the County to get a zoning amendment. You can see all the proffers dating back to 1979 on Albemarle's website.
Relief for elderly/disabled
ALBEMARLE-- If you're over 65 and/or permanently disabled, make less than $25K, and have a net worth under $80K (excluding your house), you may be eligible for rent relief. 296-5851 x3117
CHARLOTTESVILLE-- Similar situation. The City offers a "wealth" of relief measures for disabled and elderly homeowners and renters including a package adminstered by the Commissioner of Revenue that offers tax relief (20-100 percent of property taxes), free trash stickers, and several hundred dollars off one's annual utility bills. 970-3160
Welfare for the rich?
Farmette owners are notorious for taking advantage of something called "Land Use Taxation," which means that a mogul with an 8,900-square-foot palace can pay just $976 in taxes on his 50 acres-- about as much as the owner of a one-acre lot in Forest Lakes pays. Defenders of the program point out that the discount fosters agriculture-- or at least open spaces.
The man
Blue Ridge Home Builders Association-- This trade association represents builders and suppliers, and every spring it hosts the three-day "Home Show" and the newly minted "Earthcraft House Tour," which features resource and energy efficient homes in various phases of construction. Every fall it sponsors the "Parade of Homes." 973-8652
Watchdogs
PEC-- The Piedmont Environmental Council, although based in Warrenton, has a strong presence here as a voice for moderating growth. 977-2033
ASAP-- Advocates for a Sustainable Population goes farther than PEC; ASAP actually wants to stop growth. 974-6390
SELC -- The Southern Environmental Law Center is a multi-state organization headquarted on West Main Street. The organization tries to work from within all branches of government to conserve and sustain. 977-4090
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