Pledging Allegiance In Charlottesville, Virginia by Charlottesville Real Estate Expert Fulton Gaylord
Whether you're moving to Charlottesville from out of state or just making a local move, you've probably found that there seems to be four (4) distinct areas that people seem to owe proud allegiance when sharing their preferences for best areas to set roots down and buy a home:
- Just south of Charlottesville below I-64
- Downtown (Belmont) and the University area
- North 29
You'll find, that in this article, I remain particularly silent as to my personal preferrences, because, even though I once had to go through the same exercise when I moved here, my job is not to steer according to my biases, but rather to try and present and fit areas that potentially could meet your and your family's needs, best.
As a professional, full-time Realtor, I do this by researching neighborhoods and getting out and about in the community I serve.
But, this article isn't so much intent on laying out all the positives and negatives of each and every complex, but rather, what I wanted to gauge were market strenghts (and weaknesses) via a "Hindsight Analysis" of some of these most popular communities.
I will look at recent hstorical MLS data in order to determine what the positive or negative numbers were between LIST and actual SALE price of four (4) of the most popular communities within the four (4) areas we discussed previously: (the Hot Links take you to Video Drive-Throughs of each neighborhood)
- Crozet, Western Ridge 260=/- homes, mostly built in late 90's early 2000's. Amenities of pool, walking trails, ponds, tennis, exercise facility
- Redfields 450+/- homes, pool
- University and the Belmont neighborhood, large mixed neighborhoods within walking distance of downtown area, UVA Medical, and the UVA campus
- Forest Lakes off Rte 29 North 1400+/- homes, self contained elementary and middle schools, 2 pools, walking trails, 5 lakes for fishing/boating, tennis, basketball, soccer, volleyball, exercise facility
To make it so that we're comparing apples to apples, we will analyze like-and-kind--so, for our purposes we will consider Single Family Detached homes (SFR) with basements, garages, 4+ bedroms, and minimum of 1800 sq ft above grade. We also must conform to appraisal issues that say we can only go back in time a maximum of 6 months in order to account for market relevancy.
Here we go!
Western Ridge: there were 4 total sold, but 2 had no basements and 1 of those 2 was below 1650 sq ft
- 1 home sold
- List Price = $394,500
- Sale Price = $375,000
- Difference between List to Sale Price = -(4.9)
- Days on Market (DOM) = 48
- 4 homes sold
- Average List Price = $432,225
- Average Sale Price = $419,250
- Difference between List to Sale Price = -(2.9%)
- Average Days on Market (DOM) = 29
Belmont & UVA: (a 2.4 mile radius centered near Preston Ave in order to encompass Belmont, to the east and south of downtown, and the UVA area to the west)
- 25 homes sold
- Average List Price = $769,226
- Average Sale Price = $697,532
- Difference between List to Sale Price = -(7.2)
- Average Days on Market (DOM) = 142
- 12 homes sold
- Average List Price = $442,740
- Average Sale Price = $429,674
- Difference between List to Sale Price = -(2.9)
- Average Days on Market (DOM) = 55
Proportianally, Western and Redfields are 5 and 3 times smaller, respectively, than Forest Lakes, and mathematically, SOLDS are statistically in the correct/similar percentages compared to the size of the latter.
(It would be about 12 for both if equal in size to Forest Lakes)
Interestingly, Forest Lakes appears to have the best, or lowest, depreciation @ -2.9%, again, if accounting for size variances.
Historically, these numbers bear true and can be directly attributed to the self-contained schools, forested topography that belies the total number of homes, and the pro-active way the Association manages and oversees the community.
One thing we saw when we were looking, was that if you want to live near the campus or downtown, you're gonna' pay! My wife, being the city slicker that she is, wanted to be in the heart of Charlottesville. BUT, we quickly saw that:
- There were no immediate community amenities
- We could get a lot more house for the money out in the county (Albemarle)
- We had just moved from an older, historical home, and most of what we were seeing downtown was of the same idea--we wanted something a bit, if not a LOT, newer. And that type of home, complete with a more "neighborly community", we felt, was going to be found in a subdivision like one of these 4.
I would be more than happy to give you my slant on the local Charlottesville neighborhoods--more than I'm able in a brief blog on the subject!
Give me a call or e-mail me and we can discuss further, together!