Charlottesville - The resilient market
The numbers just don't show what the pundants are saying. The market just isn't crumbling. At least not in the city limits. Median prices are dropping, but the individual prices for houses in neighborhoods just aren't falling at the same speed. From Q1 to Q2, the average house that I studied fell in per square foot price by $0.16. Put that in a 2,500 square foot home, and the price dropped $400. That is hardly the decimation of American Wealth. The county fared less favorably, and I will cover that in the next blog post. But step inside the city for a moment and understand the real numbers, not just the hype.Read all of Charlottesville - The resilient market
2nd Quarter Numbers are In
I am about 75% of the way through my full blown report on City and County subdivisions. But before I report on individual areas, I thought I would quickly cover the 2nd quarter in Charlottesville. It was, to say the least, sluggish. In fact, the volume in the combined area year to date was lower than the sales in 2003. That's not the whole story, because the city fared far better than the County, but still not well.Read all of 2nd Quarter Numbers are In
Update on Short Sales
As I reported last week, there were a total of 14 short sales listed for sale out of 3,687 listings as of last week. I found it interesting to see that today, the National Association of Realtors projected that out of the projected 4.99 million existing home sales that will take place between May 2008 and May 2009, approximately 400,000 are expected to be short sales. That's nearly 10% of the market, compared to Charlottesville's less than 1/2 of 1 percent. It looks like local lenders did a better job of lending, and the prices just haven't dropped the same as in many other areas.Read all of Update on Short Sales
Selling Short
To the rest of the financial world, selling short refers to the act of selling shares of stock that one doesn't own, in hopes that the price will drop, and being able to purchase those shares later for less. But, as with most things real estate related, a short sale has a whole different meaning, and its not a good one. However, despite national trends, Charlottesville seems to be have stayed away from Short Sales at least for the time being.New Urbanism Video
I came across this video on a web site of the Congress for New Urbanism. Its pretty well done and I thought I would share it. Open the full posting to view the video.Read all of New Urbanism Video
Not just in Charlottesville
Thanks to one of my readers for sending me this link to a NY Times article from today. What we have been saying for some time about Charlottesville is true everywhere. Living in the country can be beautiful, but it does come with costs.Read all of Not just in Charlottesville
My Tongue is Bleeding
Anyone who knows me, knows that I don't keep my mouth shut about much, and that biting my tongue is not a talent that was bestowed upon me by my maker. Try as I might, I just can't bite my tongue any longer on this one. Today, as with many days, I read a blog posting elsewhere that claimed that the Charlottesville real estate market is doing great. Not just okay, but great. I suppose I find this shocking because by all statistical studies this is not exactly true. There are segments of the market that continue to do well, but the overall market is in need of a real stimulant.Read all of My Tongue is Bleeding
Gas prices up, milage down...
Most people are talking about gas prices skyrocketing. President Bush wants to drill for oil in every known location to try and deal with the sticker shock. Americans are driving less... Right? Gas is up over 100% recently, of course we are driving less. This should be a no brainer.... and yet...Read all of Gas prices up, milage down...
How Low Should you Lowball?
I can't tell you how many buyers ask "so what percentage of asking price should we offer in this market?" Not just now when the market is slow, but always. This is one of those buyer questions that everyone hears all the time. It goes along with "What home is going to have the most appreciation?" Well, to the later, I respond that I don't have a crystal ball, but for the former, "There is no set figure." People like a real answer, not cryptic, so this usually frustrates them. But, here is the formula. The price offered should be directly related to the value of the property, not the asking price.Read all of How Low Should you Lowball?
Bloomberg Agrees with Me
OK, so I doubt that Bloomberg reported on real estate advertising sales just so my last blog posting would have some validation, but I'll certainly reprint what they have to say. Bloomberg reported this week that in the first quarter of 2008, print ads were down 14% across the full spectrum of industries. But amongst real estate, ads were down 35%. Why so much emphasis on real estate? and, where have these ads gone?Read all of Bloomberg Agrees with Me
