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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 August 20, 2008
Charlottesville, Virginia real estate
* SPECIAL OFFER * For new loans originated now through September 30th - FHA, VA and Fannie Mae conforming loans will get a free 1.0% interest rate reduction for the first year, and SunTrust will pay for the rate reduction!!! You will realize almost $2,000 in savings in the first year on a $250,000 loan. No extra fees, no tricks, no kidding. The offer excludes VHDA and loans greater than $417 and applies to 30-Year Fixed rate loans only. Email info@charlottesville101.com for more information!
SunTrust Mortgage Rate Update - The offered interest on most programs is based on borrow credit rating. On Friday, August 15th buyers with =UVA Student Condos under $200K
* GREAT PRICE!! $99,000 for 1 bed/1 bath leased through 2009. 1984 condo with 393 sq ft includes community swimming pool.
* $139,900 for 1 bedroom 1966 condo with 535 sq ft, easy walking distance to UVA Hospital, Scott Stadium, and campus. Parquet floors, recently new kitchen appliances, counters, and cabinets. Swimming pool, ample parking and on-site laundry facilities.
* MY PICK $155,000 for 2 bed/1 bath + office in a 1965 condo with 1,000 sq ft in prime "Corner" location, leases for $895/mth.
* $169,900 for 2 bedroom 1966 condo with 777 sq ft. Swimming pool amenity.
* MY PICK - New construction townhome $179,900 for 3 bed/3 bath with 1300 sq ft and less than 2 miles to UVA, the hospital, and the Downtown mall. Two units, side-by-side, one is under contract now. NO HOA Fees!!
* $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.
* $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
* MY PICK - $176,500 for 3 bed/1.5 bath two-story townhome built in 1999 with 1200 sq ft just a mile to the Downtown Mall and blocks to Belmont restaurants and grocery.
* MY PICK - New construction townhome $179,900 for 3 bed/3 bath with 1300 sq ft and less than 2 miles to UVA, the hospital, and the Downtown mall. Two units, side-by-side, one is under contract now. NO HOA Fees!!
* $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.
* $189,000 for 1 bed/1 bath 1967 condo with 704 sq ft just 2 blocks from the Downtown Mall. Leased thru 6-15-09. Updated kitchen, parquet floors, private balcony, plenty of closets.
* $189,999 couple blocks to Belmont restaurants, CVille Market, and have views of Monticello in this 2 bed/2 bath condo with 830 sq ft, a mile from Downtown, built in 1988, renovated with hardwood floors, decorative columns, walk-in closet, jetted tub, ceramic tile flooring, new appliances, new heat pump, new hot water heater, new bathroom fixtures.
* $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 1967 condo 2 blocks from the Downtown Mall with 978 sq ft, private garden, and wood floors throughout.
Have a lease ending soon?
Move in and own your own home, condo, or townhome as early as the month of September. Your first mortgage payment won't be due until November 1st. Buy that dream home now!
Charlottesville/Albemarle County Mid-Year Market Report
The 2008 mid-year market report for the Charlottesville area is now available and attached. The overall real estate market in the Charlottesville area hasn't changed much since the first quarter report, showing stabilization of the market. As concluded in the first quarter market report, it's a great time to be a buyer if you're looking to move or invest and plan to hold the property at least 3 to 5 years. Looking ahead, we expect to see similar market conditions for the balance of the year. The key to improvement in the market is a reduction in inventory for a balanced market where buyers and sellers are on even terms.
Overall, the median sale price declined $5,841 (-2.1%). Some areas were up and some were down, but the only double digit change was in Greene: Albemarle (+3.6%), Charlottesville (-4.7%), Fluvanna (-1.2%), Greene (-14.6%), Louisa (-.2%), and Nelson (+2.2%), and the Valley (-6.4%).
The best news in the statistics report was that the inventory of homes for sale in the Charlottesville area has declined slightly. There are still too many homes on the market right now, but at least this is a positive sign that the local market may be headed in the right direction. Currently, there are 3,761 homes on the market, just a few more than this time last year. The median price of homes in our area for sale is $309,900. The average DOM (days on market) of these homes is 151 days. It is a great time for first-time buyers, because there are 744 homes for sale under $200,000 with an average DOM of 134.
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.
Now taking reservations $214,950 new construction!
Berkshire Landing Condos (townhome style) on Solomon Rd are under construction and accepting contracts with a $3,000 deposit! Thirty townhome-style condos are being built, beginning at just $214,950. 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. 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 92.45% of their list price for homes closed in the month of June 2008.
Taxes - Property tax in Charlottesville City is $.95 & Albemarle County is $.71 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 182 homes for sale at Lake Monticello, from $154,900 to $575,900 with a median price of about $249,000. New construction for a 3 bed home begins at $189,900 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 | 
Esmont
3Bd/1.5Ba 3.014 sqft
$249,950 | 
Charlottesville (Albemarle)
2Bd/2Ba 1026 sqft
$191,000 |
| Featured Listings | 
Charlottesville
3Bd/2.5Ba
$214,950+ |
| > MLS Listings | 
Charlottesville (Albemarle)
2bd/2Ba 1026 sqft
$191,000 | 
Stanardsville (Greene)
2bd/1Ba 936 sqft
$89,900 |
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