Tuesday, October 20, 2009

That's One Lucky Charlottesville Police Officer....

A local charitable organization has pledged $75K toward purchasing housing for Charlottesville's finest.

According to the DP, fewer than one dozen of the City's 117 officers live in the City. That's about to change, though.

The $75K will go a long way to help one lucky police officer!  

Consider:
  • Cville police officers have a starting salary of $35,000.   
  • A prudent buyer would spend only 4x annual salary on purchasing a home: $140K. 
  • The median price of a single family home in the City is $283,750 during the Third Quarter of 2009. 
  • The average price is $309K.
  • So with the $75K grant, one lucky officer can buy a house at $215K. 
  • That's the "charming Belmont cottage" at 900 sq ft.
Oh...wait...that's right, there are condos and townhomes for sale in the City, too.  Except that these have been declining in value even faster than single family homes lately as the real estate market corrects itself, and it would be imprudent to "invest" in a depreciating "asset"--

Well, it's the thought that counts.  Perhaps some more local charitable organizations and/or eminent residents will be motivated to match this grant and get more of the City's finest living inside the City limits.

Read the details here.

1 comment:

How about a million? said...

Charlottesville is becoming more economically stratified by the month.

This is a self serving program. Officers can only afford to buy houses in the poorest neighborhoods.

Like everywhere else the poorest neighborhoods have the highest crime.

Getting an officer to live there could help.

So the guy's on duty 24/7.