Thursday, October 8, 2009

825 Belvedere Blvd - Haven't Seen This Lately: A Listing With Pictures of the House Wrapped in Tyvek

825 Belvedere Boulevard, Belvedere Development in Albemarle County, MLS 470444.  $399,100.

There are currently 738 single family homes listed for sale in Albemarle County.

Yup, Belvedere is the one with the slow build-out, some of whose principles faced mass forclosures at this time last year.

"Lien On Me" - Courtney Stuart, The Hook 
Home at Belvedere - A blog tracking the experience of living in the stalled development 
Regional Builder Faces Mass Foreclosure 
Even More Foreclosures for Spence and Goldschmidt

Is Stonehaus Seeking to Sell Belvedere Stake?

Image via/copyright CAAR.


KateRCST said...

Belvedere is not stalled. Take that comment away from my blog. That kind of false reporting makes me really mad.

Real C'ville - The Bubble Blog said...

The comment is not on your blog. Belvedere is nowhere near what the original plans called for in buildout and/or vision, as reported in news venues and blogs around the area. Which = "stalled."

Bret Harris said...

Interesting that you see a development that has not achieved its initial goals as stalled, without looking to see the actual progress that is being made in this horrible time for real estate - especially new home sales.

To me, stalled was where we were last Nov.-Dec. when banks simply stopped extending credit. When we had some partially finished houses and some residents but no real day-to-day progress.

Today at least four homes have recently been completed, with at least 6 more in progress - daily, tangible progress. There are sold lots that will start construction soon. A new builder has come into Belvedere. One block of houses is entirely finished, with some residents using their carriage houses for work and others renting them out.

I cannot fathom how someone could label this as "stalled". Yes, I live here. Yes, I have had to readjust my expectations for when I expect to see some things on the master plan being completed. But as it is now, Belvedere is a thriving, growing and vibrant community.

And while I think it is instructive to have people to look at the initial builders' issues - particularly CHurch Hill Homes. But that needs to be placed in the context of what was happening at that time locally and nationwide with sales and the availability of credit. Is it relevant today? Certainly not in the same way.

Finally, what is your problem with a developer listing an uncompleted house? It certainly isn't suffering from "Days on Market". Is it a value? From your post you clearly think no. But you did your blog and potential homebuyers a disservice to merely comment "Yup, Belvedere is the one with the slow build-out, some of whose principles faced mass forclosures at this time last year."

Hey, I love snark as much as anyone, and some of your postings are hilarious. But this one is is not based on some homeowner seeking a wildly inflated price for some little house because they think it must be worth it. Is it a value? Is it (or will it be) a good house? How does it compare to houses sold in the development? Other houses not yet complete? Sadly, there's way to tell. And that's a shame.

Real C'ville said...

Bret Harris,

Thanks for taking the time to comment. This is a question of perception, isn't it? As a resident, your perception is very important.

1. Your wife, Kate White, used the word "stalled."

In paragraph 3 of your comment you give details of where the development stands.

However, 100s of acres of forest were bulldozed for Belvedere, because

2. The original plans for Belvedere called for

*400 single-family homes, many with garage

*275 garden-style apartments

*70,000 square feet of office space

*20,000 sf of retail space. Plus garage apartments

*An organic community garden

*SOCA soccer center

One of the original owners/developers was recently seeking to sell the stake in the commercial/garden apartments:

3. Re: pictures: There is an ongoing commentary on this blog, and RealCentralVA, about what kind of pics are used in Listings. A pic of a Tyvek-wrapped house is interesting, to say the least.

4. This post happened to appear in the midst of posts about price-reduced houses, but was not about the price of the house. ( Which is lower than some other houses at Belvedere.)

5. In terms of "buildout"? That's the big question, isn't it?

Going forward, will there really be enough qualified buyers to populate such a large development?

Employment in this area isn't looking good (NGIC/DIA jobs aside--and they're already spoken for.) While the State has one of the lowest unemployment rates, this area's rate has recently doubled, and private business is no longer growing.

Go to the CAAR blog and you'll see a recent presentation, available as a Power Point, about unemployment. This is presented by the Thomas Jefferson Partnership for Economic Development.

One of the questions posed by this presentation:

Is Charlottesville losing its middle class?

And it gives graphs showing income distribution in this area.

Median incomes remain low, while much area housing remains priced as if this were a major metropolitan area.

The house-price-to-income-ratio remains out of line with historic metrics, even with recent falling prices:

buyer 2010 said...

Mr. Harris,
The County has your place assessed at $60,000 less than you paid for it.
Over on J Duncan's blog you said if you had to sell today you probably wouldn't make a profit like many who bought in 2008.
It's probably not even about profit. It's probably with downpayment taxes upkeep agent fees and closing costs that you are technically underwater.
That probably doesn't matter to you since you like where you live. It would matter to me and a couple other people I know waiting to buy. Just one of the reasons sales in this area are low. If there's more that prices are going to fall why put yourself in the position so many others are in, negative equity.

KateRCST said...

Because there are other reasons besides money why we bought in and live in Belvedere. Maybe you don't think that way.

Anonymous said...

I respect the owners who have an emotional attachment to their neighborhood and home. They are very fortunate not be impacted by financial stressors.

For me, overpaying for a house risks my future. It is not an option and so I wait for prices to fall. Bottomline . . . I believe I am not that different from others who have uncertain income, health, and family concerns. That's just life.