- Is it true that every house will find a buyer at the right price? Probably not. There's just too many houses vs. buyers, especially in Albemarle County and some of the more rural areas of the MLS.
- RE ain't what it used to be: buying and holding for 5-7 is the "safe" and the new norm.
- There's a lack of lateral ("Why bother?") buyers and move-up buyers.
- The mid- to high-end of this market will remain slow for years to come.
- And finally, going forward, the area's unemployement and underemployment are the big Unkowns. Consider UVA's coming distress and the monthly closings (sometimes weekly) of area stores and small businesses, and the latest in the Commonwealth's woes...and then there's GE Fanuc....
Additionally, pending sales in July were less than in May and June, which means that going forward, closed sales will be even fewer. HOWEVER, in the lower price range, things are still moving: which is a nationwide phenomenon, as the pent-up demand for lower-priced housing is now achieving something of a "feeding frenzy" as folks scramble to find something to buy in order to qualify for the up-to-$8k tax credit.
This federal tax credit expires on November 30, 2009. In order to hit that deadline, a buyer must have a house under contract (in most cases) by around September 30. Just six weeks away. (See REALCentralVA's nifty countdown widget.)
Below are some sellers who are cutting their prices, again and again. Are they cutting enough?
106 Minor Road - $775K (includes an "additional lot" (aka "the yard").
$825K to $775K
What with President John Casteen leaving and preparing everybody for job cuts as the budget is pared by millions, this Lewis Mountain Road neighborhood house, which is basically on Grounds, may not tempt any UVA profs or administrators even with the "discount."
Assessed at $531.6K; no purchase price recorded.
Below, two houses on Hilltop Road, which runs near to Dairy and Barracks Road, hilly and with the feeling of seclusion. A neighborhood with some of the most bubbly prices in the City. Consider the following ca. first half of 20th Century 3-4 bedroom cottages:
MLS 462629 - 1308 Hilltop Road - $749K
$839.9K to $749.9K
Listing says: "HOME WAS APPRAISED FOR $7770K IN JUNE 2009." That's right, screaming in caps. Ouch.
20+ year owners; appraised at $736K.
MLS 462928 - 1403 Hilltop Road - $749.9K
Two Price changes, $839 to $749.9
Longtime owners; assessed at $666K
MLS 451057 - 464 Ragged Mountain Road - $6,900,000
3 price changes = -$1.6 Million since 1/09
Off Dick Woods Road in Ivy, western County.
Owner is RE agent with other estate properties that have also been for sale for the past couple years. Interestingly, at 5932 Blenheim Road: price recently went up to $6M, from $750K less in 10/08; in Scottsville, southern County.
MLS 464923 - 1613 St Annes Road - $589K
Two price reductions in the past year, one recently of -$90K; $729K to $585K
This blog first looked at the house in September 2008.This house is across the 250 Bypass from the Rugby Road area, in Greenbrier, City.
MLS 461691 - 1121 Pheasant Xing - $449
6 price changes since Feburary, starting at $529K
Owners paid $291K in 2000; assessed at $419K
Newer Subdivision in Carrsbrook area, County.
MLS 457293- 1101 Little High Street - $495K
1 change this month, -$100K, since listing 9/08
Last sold for $226.5K in 2000; assessed $359.7K
Near Downtown Charlottesville.
MLS 463882 - 106 Cannon Place - $465K
4 changes = -$100K since 4/09
Owners paid $262K in 1998; assessed at $421.9K
Hessian Hills, off Barracks Road. City close, County taxes.
MLS 464447 - 1833 Fendall - $595k
Priced at $742K in 4/08; appraised at $570K
Owner is a RE agent.
In Rugby Road/Venable neighborhood in City.
MLS 464503 - 1008 Calhoun Street - $445K
4 price changes, $510K to $445K
This house is on a street that "T's" off Locust, which has some grand houses. Problem: the little street has a number of low-end rentals, and is such a popular cut-through that it has speed bumps.
MLS 465225 - 309 Monte Vista - $285K
Just one cut However, an adjacent empty house was listed for foreclosure auction last Fall; prospective buyers may want to look into ownership and future plans on this property.
Owners paid $227K in 2003; assessed at $290K
Fry's Spring in Charlottesville.
Various land parcels from 4-40 acres (here's one example) at "Ivy Estates" in the "heart of Ivy" have recently been dropped 20-25%, in the hopes of attracting buyers for homes in the $850K-$1M range. Western Albemarle County.
Need a condo? Prices are dropping in the -$25K range at Glenwood Station on Rio Road, but they're still in the mid-300's. (Hmmmm....Who owns that place?) Lots of condo short sales and foreclosures and plummeting prices, as well, in the City and County.
Sales Listings Indicate Lack of Move-Up Buyers
The VHDA August 2009 Forecast
Cville MLS Compared to Rest of Virginia in Sales
Half of All Mortgages Underwater by 2011