Monday, January 24, 2011

Old Trail Housing Development in Crozet Has Its Best Year Thus Far

After causing community alarm in April 2009 by trying to sell some of itself, Old Trail has seen its strongest year of sales, as reported by Charlottesville Tomorrow.  Like everywhere else, it has had "distressed sales"-- some foreclosures and short sales and some significant price reductions.  But 2010 exceeded 2009 as well as 2008. 

There are currently 300 or 12% of the projected total units occupied out of a planned 2,600 in this mixed-use development, which includes commercial areas and a golf course.

The article doesn't mention how many of the 70 "sales" and "contracts" were completed by June 30, the closing date for Homebuyer Tax Credit.  Sales in the region plummeted after this date.

Read the article at Charlottesville Tomorrow.

Single Family Home Sales in Albemarle County Are 30% Lower Than in 2001
Single Family Home Sales in Charlottesville At Decade Low
2010 Month-By-Month Sales in the Charlottesville Albemarle Area: Second Half of Year Brought High Inventory, Low Sales, Seller Pain


Justin Beights said...

None of the 70 sales in 2010 at Old Trail took advantage of the first-time home-buyer tax credit.

Anonymous said...

How would you know that none of the buyers took advantage of the tax credit?

Anonymous said...

How many closed by June 30 2010?

Jim Duncan said...

Per the Charlottesville MLS:

Of the 51 closed transactions in Old Trail last year:

- 34 closed prior to 30 June 2010
- 17 closed between 1 July 2010 and 31 July 2010.
- 24 went under contract between 1 January 2010 and 30 April 2010.

Jane said...

Since you already pulled the data, could you break it out:

How many were detached homes?
How many were townhouses?

How many were foreclosures or short sales?

What were the price ranges?

And why is Beights asserting that nobody used the tax credit?

Jim Duncan said...

Jane -

Again, per the MLS:

- Single family: 35
- Attached: 16
- Foreclosures:3 (all attached)
- Short Sales: 1

Price range:

$162k (foreclosure) - $700k

I don't trust the short sale & foreclosure data in the MLS, but it's the best we've got.

For detailed analysis, please email me -

Speaking for myself is challenging enough, so I'll opt out of speaking for others.

(I really oughta be doing this on my site :) )

Stating the obvious said...

Beights doesn't know what he's talking about re: tax credit.

Thank you for the actual numbers. Charlottesville Tomorrow's story is written as if The Daily Progress journalism has taken over their sensibility. Which makes sense, since they are now content providers for that "newspaper."