Friday, January 14, 2011

Video: New CAAR President Calls Real Estate Sales in Charlottesville Albemarle Area "Stable"

Barbara McMurry, the new Charlottesville Area Association of Realtors chief, talks to reporter Matt Talhelm in this NBC29 video.

The video also features a couple who have listed their townhouse multiple times but been unable to sell.

Related:

2 comments:

Anonymous said...

Funny video with the truth buried under a liberal dash of realtor spin..."Prices holding steady", but not selling. That town house cited would have been a $90K property in 1997 and things in the economy are not all that different to justify the current "lowered price". The potential rental of $1200-1300 makes it a $125K property if viewed with the gimlet eye of the investor. That eye is the only valid one anyway for judging what to pay for a house, since such a transaction is after all just another business transaction. It's just a continuation of moonbeam thinking for people to maintain that ownership trumps renting even at twice the cost...

Montpellier said...

The potential rental of $1200-1300 makes it a $125K property if viewed with the gimlet eye of the investor.

Based on some vacant rentals I know of, that 1200-1300 isn't realistic either.

I do think this is the new normal in terms of transaction volumes...one of the big misreadings of the bubble dynamics is the over-weighting given to classic price elasticity of demand.

The bubble purchase volumes were not a reflection of price or low interest rates as easy access to credit. New, previously unqualified buyers coming in and previous owners who suddenly qualify for multiple lines (flippers). That's the big demand multiplier and it's not coming back, even in the C'ville MSA where the inventory overhang isn't like NoVa or Atlanta (or LV, or MIA or PHX).