Charlottesville Real Estate Talk

This Charlottesville VA real estate market report will focus on the sales of detached homes in the city of Charlottesville during August 2010.

August 2009 averge list price $348,997.
August 2010 average list price $367,366.

August 2009 average sale price $340,642.
August 2010 average sale price $348,996.

August 2009 median sold price $315,000.
August 2010 median sold price $289,900.

August 2009 %sold/list 97.60%.
August 2010 %sold/list 94.99%.

From 1/1/2009 - 8/31/2009, 211 homes sold on the Charlottesville VA real estate market.  During the same time frame this year 186 Charlottesville homes sold.

The city of Charlottesville is one of the few market in our Central Virginia area that has not seen an increase in sales over 2009.

This Albemarle County VA real estate market report focuses on the sale of single family detached homes in Albemarle County during August 2010.

August 2009 average list price $511,929.
August 2010 average list price $412,169.

August 2009 average sale price $476,397.
August 2010 average sale price $396,737.

August 2009 median sold price $356,647.
August 2010 median sold price $332,630.

August 2009 %sold/list 93.05%.
August 2010 %sold/list 96.25%.

From 1/1/2009 - 8/31/2009, 450 homes sold on the Albemarle County real estate market.  During the same time period in 2010, 489 Albemarle County homes sold.

It is very apparent that the first time home buyers tax credit strongly encouraged buyers to put homes under contract in the spring, hence the large amount of June closings.  As a result many buyers who might have waited until summer to buy, purchased in the spring.  Therefore although we see an increase in sales for the year to date over 2009, we see a big slow down in July and August.  Normally we experience a strong fall real estate market.  Hopefully we will see a pick up in activity this year as well although nationally we seem to be seeing a lack of consumer confidence in the economy as a whole.

I just helped my clients put a contract on a "to be built" home in Sycamore Square.  Here is a picture of the lot sign that these buyers got to put their sold sticker on.

After writing the contract we got to do all of the fun things like deciding on cabinets, counters, and flooring.  We ended the day driving around the community looking at siding, shutter and door colors.  Then we went back to the model and chose the stone type to use on the front.

One of the best parts of my job is to see how excited this young couple is about their new home.  It will be a pleasure to watch their home take shape over the next few months.

For those of you who are involved in the business world when a day is refered to it is a "business day", but in real estate transactions this is often not the case.

In real estate transactions a day can be either a calendar day or a business day.  With the many deadlines that are referenced in the contract and subsequent addendums, it is important to note what the exactly  is  referenced in each step of the process.  Especially if you are involved in the purchase of a foreclosure with costly per diem penalties if deadlines are exceeded.

Under the miscellaneous section of the VAR Contract To Purchase it states that unless otherwise noted "days" shall mean calendar days.  One confusing place in our forms is the fact that the home inspection addendum talks about calendar days, but the radon addendum has business days for its response deadlines.  Since both inspections are usually being performed during the home inspection period, this can be a point of confusion.

Recently I sent some documents to a purchaser and stated in an email that we had 5 days to get a signed response back to the seller.  Day 5 was on a Monday.  On Sunday which was day 4, I followed up reminding the purchaser that we had to have these documents signed and back to the seller by 5:00 p.m. on Monday.  At which point my buyer said "don't we have til Wednesday, since the weekend was in there".  Even though I had been telling them what day I needed the paperwork back, they still assumed that they had 5 business days.  Needless to say I had the signed papers back right away and the deadline was met.

Day is such a simple word, but in the process of buying or selling a home it can be one of the most important.  This is another place in the real estate transaction that a vigilant Realtor can help keep the parties on track and the process moving forward smoothly.

This Charlottesville VA real estate market report will examine the sale of single family detached homesin the city of Charlottesville during July 2010.

July 2009 average list price $311,819.
July 2010 average list price $363,725.

July 2009 average sale price $296,651.
July 2010 average sale price $336,960.

July 2009 median sold price $270,000.
July 2010 median sold price $275,000.

July 2009 %sold/list is 95.13%.
July 2010 %sold/list is 92.64%.

From 1/1/2009 - 7/31/2009, 186 homes sold on the Charlottesville real estate market.  During the same period in 2010, 159 Charlottesville homes sold.

As you can see so far this year fewer homes have sold in the city of Charlottesville that sold last year. This is one of the few areas that has not seen an increase in sales.  Like the other areas we have seen a drop in sales during July.  This was not a surprise with the end of the First Time Homebuyers Tax Credit.

This Albemarle County VA real estate market report focuses on the sales of single family detached homes during July 2010.

July 2009 average list price $542,954.
July 2010 average list price $496,708.

July 2009 average sale price $493,979.
July 2010 average sale price $473,251.

July 2009 median sold price $353,000.
July 2010 median sold price $359,000.

July 2009 % sold/list 90.98%.
July 2010 % sold/list 95.27%.

From 1/1/2009 - 7/31/2009, 376 homes sold on the Albemarle County real estate market.  During the same period in 2010, 439 Albemarle County homes sold.

As we can see from the graph June saw the largest number of homes with contracts that closed.  This was probably due to homes closing that were eligible for the $8,000 tax credit.  July has seen a drop in real estate activity, but that is also a month when many people are on vacation.  We would hope to see increased activity in September. 

As buyers agent I sold this Lake Monticello home to my first time homebuyer client. 

Last week we got this transaction closed.  My client was a first time homebuyer and she was able to purchase this foreclosed home at Lake Monticello.  As agent for the buyer I would like to thank Marcella Johnson at Wells Fargo and Cameron Marsh at Tucker Griffin and Barnes for their help in meeting the deadlines and dealing with all of the issues that are part of purchasing a bank owned property. 

When you are purchasing a foreclosure it is important to have a team of lender, closing attorney and Realtor who are experienced in this particular type of transaction. 

If you would like a list of foreclosed properties that are available for sale contact me and I would be happy to provide them to you.

Lake Monticello waterfront home for sale - 3 Pineknoll Circle, Palmyra, VA.

3 bedroom, 2.5 bath, 2916 sq ft, 1989, $419,000.00

Charming lakefront custom home located on a cul de sac on one of the prettiest coves at Lake Monticello. This spacious architecturally designed home offers an open floorplan, large rooms, first floor master suite and a screened prorch and large deck to enjoy the water views.

Charlottesville area horse farm for sale - River Rock Farm

12236 James Madison Highway, Palmyra, VA.

47.98 acres, 8 stall center aisle barn, 8 pastures, Rivanna River Frontage, 3 br, 2 ba, 1732 sq ft
priced at $745,000

Pam Dent, e-PRO, SRES, NHD | Better Homes & Gardens Real Estate III | (434) 960-0161 12336 James Madison Highway, Palmyra, VA River rock Farm 3BR/2BA Single Family House offered at $745,000 Year Built 1998 Sq Footage 1,552 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 2 Parking Unspecified Lot Size 47 acres HOA/Maint $0 per month DESCRIPTION This horse farm is a gem with some of the finest land that you could wish for. 8 Fenced fields, 8 stall center aisle barn, miles of trails, pond. Rivanna River frontage for canoeing or swimming in your private swimming hole. Darling cottage style home with hardwood floors, custom cabinets, master suite with vaulted ceilings and large soaking tub.Southern living front porch. This property is a trail riders paradise. With landowners permission you can cross the river and ride all the way to Kents Store. The Deep Run Hunt hunts on the land across the river. The farm is currently a working horse farm with 13 field boarders and a total of 20 horses on the property. Most of the fields have automatic waters. The 8 stall barn with a 24 ft center aisle, plus a round pen and a riding arena provides all the facilities necessary for your equestrian needs. The charming cottage-style home was constructed with an eye toward quality. There are hardwood floors throughout and the cabinetry is custom. The lightfilled master suite has vaulted ceilings, walkin closet and attached bath with an enormous soaking tub. The large great room has lots of windows, a pellet stove with ductwork to carry the heat to the master, and a door to the welcoming front porch overlooking the pond and pastures. There is a large back deck with views of the garden and fruit trees. The home sports "hardiplank" siding and a 40 year architectural shingle roof which is only 10 years old. All of the appliances convey; the washing machine is older and while it works will be sold as is. The large workshop (32x34ft) contains a full bath and has an upstairs which could be finished as an apartment. The property also has 3 historic barns which will be sold as is. In addition the foundation of the original Palmyra jail from the 1700's is on the property. see additional photos below PROPERTY FEATURES - Central A/C - Central heat - High/Vaulted ceiling - Walk-in closet - Hardwood floor - Living room - Dining room - Dishwasher - Refrigerator - Stove/Oven - Microwave - Washer - Dryer - Laundry area - inside - Balcony, Deck, or Patio - Yard OTHER SPECIAL FEATURES - Rivanna River frontage - 8 stall stable - 8 fenced fields - hardwood floors - one floor living - custom cabinets - open floorplan ADDITIONAL PHOTOS 47 acre horse farm Rivanna River Frontage 8 stall stable Cottage style home Large living room Custom cabinets Contact info: Pam Dent, e-PRO, SRES, NHD Better Homes & Gardens Real Estate III (434) 960-0161 For sale by agent/broker Equal Opportunity Housing Posted: Aug 8, 2010, 5:27pm PDT