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Virginia Patrick, REALTOR, ABR, CRS
RE/MAX Assured Properties
943 Glenwood Sta Ln, Ste 202
Charlottesville, VA 22901
(434) 242-7601 Best #
(434) 220-7126 Admin
(866) 910-2405 Fax
info@charlottesville101.com
A portion of every sale is donated to the Children's Miracle Network!
| | | Charlottesville101.com
Website updated April 29, 2008
Charlottesville, Virginia real estate
UVA Student Condos under $200K
* $125,000 for 1 bedroom 1984 condo with 615 sq ft, near JAG, Darden and UVA Law Schools plus walk across the street to grocery, coffee, and restaurants. Includes walk-in closet, large balcony, woodburning fireplace, outdoor storage, and washer/dryer hook-up.
* $129,900 for 1 bedroom 1966 condo with 535 sq ft including Parquet floors and new kitchen appliances, counters, cabinets. Swimming pool amenity.
* my pick $139,900 for 1 bed/1 bath 2006 built ecomod sustainable condo with 572 sq ft designed by the UVA School of Architecture with energy saving features. Features marble floors, solid wood cherry cabinetry, soapstone countertops, stainless Energy-Star appliances, security system, and Pella Low-E casement windows. Must be owner occupied.
* $139,900 for 1 bed/1 bath 1965 condo with 964 sq ft in prime "Corner" location.
* $144,900 for 2 bed/1 bath 1965 condo with 989 sq ft including renovated kitchen and bathroom in prime "Corner" location.
* $155,000 for 2 bed/1 bath 1965 condo with 1,000 sq ft in prime "Corner" location.
* $159,900 for 2 bedroom 1966 condo with 771 sq ft. Swimming pool amenity.
* $174,900 for 3 bedroom/1.5 bath 1970 completely renovated townhome, just behind the UVA hospital. Corian countertops and cherry kitchen cabinets with ceramic tile floor.
* $175,000 for 2 bed/1 bath 1965 condo with 909 sq ft with deck in prime "Corner" location.
* $179,900 for 3 bed/2 bath 1973 townhome style condo with 920 sq ft. Leased through 5/31/09 for $950/mth with new appliances, cabinets, and hardwood floors.
* $183,000 for 1 bed 2004 built corner unit condo with 715 sq ft including living room mountain views. Located across from restaurants and train station. Walk-in closet, stainless steel appliances, washer/dryer convey. Equidistant to UVA or Downtown Mall.
* $188,400 for 1 bed 2004 built condo with 785 sq ft including granite countertops, oversized closets and windows, stainless steel appliances, and full size washer/dryer. Swimming pool, clubhouse, cable/internet, and exercise facility amenities. Equidistant to UVA or Downtown Mall.
* $189,500 for 2 bed/2 bath 1984 condo with 893 sq ft in prime "Corner" location, leased through May 2008 for $925/mth.
* $199,000 new construction studio condo with 578 sq ft including amazing city views, granite countertops and cast iron bathtub. Equidistant to UVA or Downtown Mall.
Downtown Mall condos under $200K
* $159,900 for 2 bed/2 bath 1988 unrenovated condo with 919 sq ft and mountain views of Monticello. Walk less than a mile to Downtown Mall or over to Mas, La Taza, CVille Market, and Saxx in a few blocks.
* $174,900 for the top floor 2 bed/2 bath unrenovated 1988 condo with 877 sq ft and mountain views of Monticello. Walk less than a mile to Downtown Mall or over to Mas, La Taza, CVille Market, and Saxx in a few blocks. New heat pump, HVAC, and paint.
* $179,900 for 2-story townhome with 3 bedrooms/2 full baths, built in 2000, 1 mile from Downtown. First floor master bedroom, plus hardwood flooring and fresh paint.
* $183,000 for 1 bed 2004 built corner unit condo with 715 sq ft including living room mountain views. Located across from restaurants and train station. Walk-in closet, stainless steel appliances, washer/dryer convey. Equidistant to UVA or Downtown Mall.
* $188,400 for 1 bed 2004 built condo with 785 sq ft including granite countertops, oversized closets and windows, stainless steel appliances, and full size washer/dryer. Swimming pool, clubhouse, cable/internet, and exercise facility amenities. Equidistant to UVA or Downtown Mall.
* $193,000 for 1 bedroom with 704 sq ft 1967 condo, just 2 blocks to the Downtown Mall and plenty of off-street parking. Secured access building with updated kitchen, Parquet floors, and private balcony.
* $199,000 new construction studio condo with 578 sq ft including amazing city views, granite countertops and cast iron bathtub. Equidistant to UVA or Downtown Mall.
* $199,950 for a 2 bed/1.5 bath just 2 blocks from Downtown, built in 1967. Ground unit with private vegetable garden, wood floors, fresh paint, breakfast bar, outdoor patio, and built-in bookshelves. HOA includes all utilities.
Have a lease ending in May?
For your first mortgage payment to be due July 1st, you can close as early as the month of May to have time to paint your new home before moving in. You should definitely be contracting in the month of April.
LAUREL PARK OPEN HOUSES
Open every Thurs and Fri 3-7 & Sat/Sun 1-6 (closed Mother's Day)
Charlottesville/Albemarle County 2008 1st Quarter Market Summary
The local real estate market slowed down quickly during the 2nd half of 2007. That slowdown continued into the first quarter of 2008, but there are some signs of improvement. What has NOT improved is the oversupply of homes on the market. In addition, many of these homes have been on the market for a long time, indicating that they are still priced too high for the current market. On a positive note, our market appears to have only minimal problems with defaults, foreclosures and short sales. These issues are present in the local market, but they are not the significant problem being felt in other states and localities.
Compared to last year's first quarter, homes sold in the first quarter of 2008 are down 40% in Albemarle (now $340,600) and down 7.1% in Charlottesville (now $279,500). This is the lowest number of sales reported in the MLS for the first quarter since 2000. The median price of homes rose 12% in Charlottesville and 17.9% in Albemarle County. Average price per square foot is currently $177/sq ft in Albemarle and $194/sq ft in Charlottesville.
The explosion of condos and townhomes in 2005/2006 appears to be over. Inventory levels of attached homes for sale are still high, with 509 listed for sale in Charlottesville and Albemarle. This oversupply is presented in the 146 average days on the market for the attached properties for those currently still in the market. The median price of an attached home is $239,900 which is much lower than the $435,000 for detached homes on the market.
There is currently a surplus of inventory on the market, keeping prices low as sellers are forced to offer "good deals" in a very competitive marketplace. There is a direct, inverse relationship between inventory and prices. The more homes we have on the market, the more pressure there is on seller to keep their prices down. For this reason, it is not expected that home prices in the area will increase in the near future.
BUYER'S NOTE
Currently, we have 3,673 homes on the market as compared to 3,100 at this time last year. The median price of these homes for sale is $319,000. The average days on the market of these homes is 147 days. It is a great time for first-time buyers because there are 663 homes for sale under $200,000 with an average days on the market of 130.
SELLER'S NOTE
Days on the market for homes that have sold is perhaps the best indicator of the true market condition. In a balanced market, the days on the market should be around 90 days. In 2005, the market was a super-heated sellers' market due to low inventory and days on the market dropped to 25 in Albemarle and 46 in Charlottesville. The first quarter of 2008 shows days on the market of 114 in Albemarle and 122 in Charlottesville, which is reflective of the high inventory we now have. We continue to be in a fairly strong buyer's market, so sellers will need to price their properties aggressively to beat the average days on the market. The axiom in the real estate industry is "Any home will sell quickly if it is priced correctly."
In summary, conditions are still favorable for buyers with today's low interest rates, good prices, and a stable local economy. The most important factor moving forward will be consumer confidence. If you're looking to move or invest and plan to hold the property at least 3-5 years, this market offers an extraordinary opportunity. If you're a seller, especially one whose property has been for sale for several months, it's time to face reality. If you want to sell in this type of market, you need to offere a better combination of location, amenities and pricing than the 500 other sellers with whom you are competing for buyers. Since location and amenities are difficult to change, price is the one you have control over. Just remember, you may have to sell low, but you will also be able to buy low.
It is expected that similar market conditions will continue for the rest of the year. Market cycles typically last 18-24 months and this cycle started in late 2006. If Wall Street continues to struggle, long-term investment money will move back to real estate as the investors realize the good deals that abound.
Think you should WAIT until next year to buy a home? Consider the costs of waiting…
* Appreciation in the Charlottesville market area continues year after year. The longer you wait, the less house you will be able to purchase.
* Interest rates are higher this year than last year and the year prior. This affects the amount you can borrow. A $200,000 house at 5.75% interest rate over 30 years has a monthly payment of $1,168/month. At 6.25% interest rate (just .5% more) has a monthly payment of $1,233/month.
* With lower interest rates, there are more buyers competing to purchase the same properties you’re interested in – more buyers, less homes, prices increase. As interest rates get higher, less buyers may be able to qualify (possibly you) – less buyers, larger inventory of homes, and prices decrease because the seller doesn’t have as many interested buyers.
Negotiation
Good negotiators are both good listeners and good communicators, open-minded to new options, comfortable and focused. Negotiators know what the party they represent wants and are interested in understanding the needs of the other party. Negotiation is not the same as conflict. With proper negotiation, you have to know that neither party is looking to take advantage of you. Negotiation is not about getting what you want at the expense of the other party's happiness or the other party thinking that of you.
Masterful negotiators know how to put on the table the interests of the party they represent and how to reach those goals, often beyond just the price. They know when they should, and should not, mention that they have alternative options. A good negotiator should understand their party's bottom line that would be acceptable before walking away from a negotiation. If a negotiation can't be reached, what are the other options. Understanding this and the other party's motives has a significant influence on what happens in the negotation.
Laurel Park has lowered their prices, now starting at just $269,950 for an interior unit with basement garage. These are beautiful new construction townhomes with amazingly crafted upgrades. See the virtual tour to the right.
Now taking reservations $214,950 new construction!
Berkshire Landing Condos (townhome style) on Solomon Rd have released floor plans! Thirty townhome-style condos are being built, beginning at just $214,950 with move-in ready late July/early August. Located off Hydraulic Road, across the street from the future Albemarle Place, biking distance to Downtown & UVA and on the bus route. I'd be happy to email information from info@charlottesville101.com
Each townhome has 3 beds/2.5 baths with approximately 1,570-2,054 sq ft of finished space. Only 4 units will have basements. Now taking non-binding reservations with a $3,000 deposit.
All units will be on slab with the exception of units 11-14 which will be basement units and will have up to about 2054 total finished sq ft. Interior units on slab (approx 1570-1593 finished sq ft) will be $214,950. Exterior unit on slab is $229,950. Interior unit on basement (3 units available with appprox 2036-2054 finished sq ft) is $249,950. Exterior unit on a basement (1 unit available with approx 2027 finished sq ft) is $259,950.
HOA will be approximately $100/mth and will include trash, exterior maintenance, snow removal, and tot lot maintenance.
The first step in homebuying - Call a local lender for a pre-qualification letter prior to beginning to look at homes. The lender can help you figure a monthly payment that will fit into your budget and determine a mortgage that meets your needs. Sellers will not accept a purchase contract in today's market without this letter and lender relationship. Ask me for a referral to a local lender at info@charlottesville101.com
What is going on with all the media about foreclosures?
The poor performance of many subprime and Alt-A mortgages has received a lot of press recently, with over 30 subprime lenders that have made problematic loans going out of business. During the recent real estate boom, these lenders granted low teaser interest rates to high-risk borrowers without sound underwriting. Many loans were made with little or no documentation of the borrower's capacity to service the debt and required little or no downpayment.
When property prices flattened or fell in post-boom markets, many borrowers couldn't refinance their way out of trouble, resulting in higher delinquencies and foreclosures. At the end of 2005, more than 13% of subprime loans were delinquent and 4.5% were in foreclosure. These numbers are expected to grow.
In the aftermath of the subprime mess, Wall Street investors are now requiring more sound underwriting practices and increasing the cost of subprime loans. Meanwhile, regulators are toughening lending standards and Congress is holding hearings that may lead to new laws to protect consumers.
Please note that properties on this website may or may not be listed by RE/MAX Assured Properties. At this time, housing prices have stabilized and interest rates are still good, making it an excellent time to buy a home! More homes and fewer buyers in the marketplace means there's room to negotiate a closing cost credit.
View each real estate market as unique
During the boom, people forgot about fundamentals and started seeing real estate as a single market. Everyone (media, consumers, analysts) lost sight of the uniqueness of each marketplace. Mortgage rates are still low, the economy nationally is growing, and jobs and incomes are gaining. People hear about falling prices in former boom markets, and they think the same thing must be happening in Charlottesville. In actuality, sellers overall in Albemarle County and the City of Charlottesville got an average of 95.83% of their list price for homes closed in the month of March 2008.
Taxes - Property tax in Charlottesville City is $.95 & Albemarle County is $.68 per $100 assessed value.
Geography - The City of Charlottesville is 10.4 sq miles with a pop of 45,049 (4,331 people per sq mile) and Albemarle County is 726 sq miles with a pop of 87,670 (121 people per sq mile). The Town of Scottsville is 1.54 sq miles with a pop of 555 (360.2 people per sq mile).
What are my out-of-pocket expenses to be paid prior to closing?
(1) When the Contract to Purchase is written, you will need to provide an Earnest Money deposit. $1,000 is the standard earnest deposit for our area, for properties valued up to $250,000. A property $250,000 - $350,000 would be best with earnest money up to $3,000, etc. The earnest money is deposited upon contract acceptance by the seller and is credited toward your closing costs.
(2) If the Contract to Purchase is contingent upon a home inspection or radon inspection, the inspector will expect $300 - $400 at the time of the inspection. This is non-refundable, regardless of the findings.
(3) Occasionally the lender will ask for an upfront payment for the appraisal ($300 - $450). Be sure to ask your lender upon first meeting.
(4) When purchasing homeowner’s insurance, the insurance company may ask for funds in advance ($200 - $500).
Assessment vs. Fair Market Value vs. Appraised Value
Though sale prices are included in the assessment equation, assessments tend to fall under fair market value. Keep in mind that assessments are based upon the area’s economy and amenities and how the City’s budget works out so they can continue to support the amenities in the area.
It's hard to judge what percent over the assessed value is the fair market value. It really should be taken neighborhood by neighborhood. Fair market value is the price a buyer is willing to pay for a property, regardless of any CMA or appraisal. Fair market value is based on supply and demand, not just recently comparably sold properties for that neighborhood.
The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors. A mortgage lender will only lend up to the appraised value of a property in most cases.
Listing your home for sale
Sellers value me for my skills, not just my services. Anybody can provide service. I apply my experience to the needs of my client. Staging, pricing, and marketing. Call or email for a listing appointment - info@charlottesville101.com
Buying a home is more efficient now
When you don't have time to shop around for a home, I can bring the homes to you...via email! I have access to all homes on the market, regardless of the listing company or agent. Email me your criteria at info@charlottesville101.com
So, you're not from Charlottesville and are not sure where to begin? Write to me at info@charlottesville101.com and describe the home you're looking for with the price range. I'll let you know if your dream can become a reality, or maybe can suggest an alternative that will accomodate your family's needs. How exciting...a new home and a new lifestyle!
Walk to Downtown/UVA, or drive there? I find that most people have a need for one or the other, so I've mapped the distance from each Charlottesville neighborhood from the UVA Rotunda as well as The Downtown Mall. Several photos of the various styles of homes in that neighborhood are provided, with a price range for the area. If a particular neighborhood appeals to you, let me know and I'll keep you updated on the latest homes on the market.
You save time by starting your home search online right here, communicate with me by email or phone, and I will email you new listings as they come on the market.
Is Charlottesville out of your price range?
Lake Monticello is just a 20-mile drive to UVA and Downtown. Choose a waterfront or golf front home with homesites averaging around 1/4 to 1/2 acre. Lake Monticello is a gated community built around a 352-acre private lake made for boating and fishing as well as an 18-hole PGA championship golf course surrounded by a nature feel. With over 4,000 homes and 22 miles of lake shoreline, homeowners and their guest can also enjoy five sandy beaches for swimming as well as a community swimming pool, private clubhouse, playground, basketball, soccer/softball/hockey fields, and tennis facilites. The neighborhood also offers fitness classes, card groups, and holiday entertainment.
Annual fees are low at $579 a year which includes trash pickup. Fluvanna County taxes are $.43 for every $100 asessed value. There are currently 184 homes for sale at Lake Monticello, from $129,000 to $1,100,000 with a median price of about $227,500. New construction for a 3 bed home begins at $199,900 believe it or not! Email info@charlottesville101.com for a list of homes in your price range!
Fiduciary duty
One of the earmarks of being a professional is that an individual has a fiduciary duty to his clients, clearly spelled out in a written code of ethics. Attorneys and Realtors have these standards. Non-professionals are workers who do not have a fiduciary obligation toward the people with whom they do business. The extent of this individual's ethical obligation is usually delineated by contract, informal standards of the industry, or traditional expectations of the company for which he works. More specifically, having a fiduciary duty requires a professional never to put his own interest above the interest of his client. It requires the highest good faith and fair dealing.
There really is a technical, traditional definition of "professional" status, which includes three criteria: (1) specialized knowledge; (2) group identification and membership; and (3) agreed-upon education and training, including ethics training, certification by examination and continuing education.
The big three - You can improve your rates and save thousands on your mortgage by improving the three most important loan factors.
#1 Credit score target – above 650
• Clear inaccuracies from your credit report
• Pay your bills on time for at least 6 months
• Avoid unnecessary applications for credit
• Reduce your debts to below 35% of their credit limits
#2 Debt-to-income ratio target – 20-30%
• Pay off small loans
• Reduce your credit card balances
• Increase your income by co-signing with your spouse or parents
#3 Loan-to-value ratio target – less than 80%
• Increase your down payment to at least 20% of your new home
• Negotiate to reduce the price with the seller
• Select a less expensive home to purchase
You save time by starting your home search online right here, communicate with me by email or phone, and I will email you new listings as they come on the market. Call me at (434) 242-7601 or email info@charlottesville101.com
Condominium versus Townhome - For general purpose of discussion, a condominium is usually a one-floor unit with a balcony or first floor patio. A townhome often has a small flowerbed area in the front or back, usually 2 floors.
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| Virtual Tours | 
Charlottesville
3Bd/Ba 1,847 sqft
$344,950 | 
Charlottesville
3Bd/Ba 1,826 sqft
$299,950 | 
Esmont
3Bd/1.5Ba 3.014 sqft
$259,900 | 
Charlottesville
3Bd/2.5Ba 1200 sqft
$209,900 |
| Featured Listings | 
Charlottesville
4 - 5Bd/3.5 - 4Ba 2,611 - 3,448 sqft
$589,950 - $659,950 | 
Charlottesville
3Bd/Ba 1,847 sqft
$289,950 |
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