Another look at transactions in Charlottesville as development rules shift into a new era
February 2024 is perhaps one of the lowest-volume months in the 38 months I’ve written up one of these anecdotal summaries of property transactions in Charlottesville. There are a lot of things I am looking for as I comb through the records to write up parcel-by-parcel glimpses into what the future of this community will look like.
I am looking up every transaction in the city’s new development portal to see what I can learn about the new system that’s been in effect since February 19. I’m able to spend all of this time because of paid subscribers which is why that group gets a first look. This will be posted to Information Charlottesville within a week with all of the other months.
Another thing to note this month is the sheer increase in the value of land across the city from 2021 to 2022. City Council adopted a new Comprehensive Plan with a Future Land Use Map which signaled higher residential densities would be allowed. Go back and see how I reported its introduction to the community in April 2021, a month after Council adopted an affordable housing plan that morally commits Council to spending $10 million a year on affordable housing.
While correlation is not causation, I view this Future Land Use Map as having had a significant geologic impact. Assessments jumped sharply from 2021 to 2022. You can see this in the comparisons between 2020 and 2024 that I make in this article. The new map is not the sole factor but allowing more development rights adds a lot of potential value. How will it play out? I will continue to write what I can.
And where do things go from here? I don’t know and I offer no crystal ball. I do know that I will try to avoid simple explanations and offer as little commentary as I can. I am interested in what you have to say, and encourage you to leave thoughts and questions in the comments.
This edition was first published a week ago on Substack for paid subscribers. That’s one of the way I make a living doing this research. Then the work is posted as soon as I can get to it.
February 1, 2024
- A three bedroom single family detached house built in 1962 on Camellia Drive in the Fry’s Spring neighborhood sold for $343,000. That’s 13.05 percent below the 2024 assessment of $394,500 and 13.76 percent above the 2020 assessment of $301,500. (Residential-A, 0.504 acres)
- A three bedroom single family detached house on Paynes Mill Road built in 2020 sold for $550,000. This transaction is 0.24 percent below the 2024 assessment of $551,300 and 24.46 percent above the 2020 assessment of $441,900. A building permit was issued in May 2023 to finish the basement and another bedroom and a bathroom. (Residential-A, 0.14 acres)
February 2, 2024
- A two bedroom house in the 800 block of Stonehenge Avenue in the Belmont neighborhood sold for $38,598 but this transaction is between people who know each other so this sale will not count toward calculations for the 2025 assessments. But, for fans of math, this transaction is 86.76 percent below the 2024 assessment of $291,500. Last year there were about $15,000 in renovations to the kitchen. (Residential-A, 0.161 acres)
- The new zoning code adopted by City Council in December and in effect since February 19 set aside some parts of Charlottesville to have restricted development rights in order to try to slow displacement. A house constructed at the corner of 10th and Page sold for $625,000. That’s 40.45 percent above the 2024 assessment of $445,000. This is another of the houses built by the Piedmont Housing Alliance in the mid-2000’s as part of a specific neighborhood initiative.
“This book outlines the very progressive and human-oriented decision-making that led to this exemplary housing and neighborhood rejuvenation,” reads the website for where a booklet on the initiative had been published. “It contrasts with the tragic opposite situation that occurred to the Vinegar Hill neighborhood during the 60s and ‘urban renewal’ fueled by institutional racism.”
I linked to the document for a story I wrote in February about the creation and adoption of the Affordable Dwelling Unit manual, the publication has been restricted from public view.
”When implementation of the 10th and Page Street Neighborhood Revitalization Initiative ended in 2006, more than $6 million of funding from 14 sources of financing resulted in the production of 31 new and rehabilitated homes,” reads page six of the booklet, which I am not uploading anywhere because I do not own the copyright. The University of Virginia Library has a copy in Special Collections, but it is checked out. (go look)
“Some residents feared that the appreciation of property values in the neighborhood and the increase in diversity would lead to gentrification,” reads page seven.
How has it turned out? The booklet does not identify the individual properties, but last week I was able to identify 21 of the 31 homes and will continue to do research to find the other ten. I want a complete dataset before I report details but I am grateful to have access to previous records. (Residential Neighborhood A, 0.13 acres)
February 6, 2024
- Charlottesville underneath the new Development Code is going to get interesting. An individual has purchased two undeveloped lots in the Fry’s Spring neighborhood for $155,000. Both could be accessed via Porter Avenue which contains many single family detached homes built in recent years, though one might possibly be accessed via Manila Street. A previous developer had filed plans for one of the lots in 2019, but the city issued a stop work order and Echelon Homes sold the land soon afterward. What in the new rules might make this land easier to develop? (Residential-A, 0.418 acres)
February 7, 2024
- A two bedroom house built in 1995 in the 900 block of Bolling Avenue in the Belmont neighborhood sold for $585,000. That’s 28.94 percent above the 2024 assessment of $453,700 and 67.33 percent above the 2020 assessment of $349,600. (Residential-A, 0.139 acres)
- A 557 square foot condominium with one bedroom in the former Monticello Hotel sold for $280,000. That’s 0.99 percent below the 2024 assessment of $282,800 and 37.05 percent above the 2020 assessment of $204,300. (Downtown Mixed Use, N/A)
February 9, 2024
- A three bedroom townhouse in the Melbourne Park development off of Park Street sold for $369,002. While the transaction seems to be within a family, the sales price seems like one that is market-rate if not arm’s length. The transaction is 2.95 percent below the 2024 assessment of $380,200 and 30.21 percent above the 2020 assessment of $283,400. (Residential Mixed-Use 3, N/A)
February 15, 2024
- A four bedroom house in the 1100 block of Altavista Avenue in the Belmont neighborhood sold for $404,000. That’s 1.05 percent above the 2024 assessment of $399,800 and 71.11 percent above the 2020 assessment of $236,100. (Residential-A, 0.13 acres)
- A single family detached house on Dairy Road built in 1954 sold for $990,000, or 1.34 percent above the 2024 assessment of $976,900. A partial renovation in 2022 added a dormer to the structure, which means references to previous assessments would not be entirely accurate. Still, the property in the Barracks / Rugby neighborhood was assessed at $462,600 in 2020. (Residential-A, 0.363 acres)
February 16, 2024
- A two bedroom house on Sheridan Avenue in the Locust Grove neighborhood sold for $325,000. That’s 5.93 percent below the 2024 assessment of $335,800 and 24.95 percent above the 2020 assessment of $260,100. (Residential-A, 0.179 acres)
February 20, 2024
- Arcadia Builders purchased a finished lot on Pen Park Lane in the third phase of the Lochlyn Hill Planned Unit Development for $206,168. That’s 8.51 percent above the 2024 assessment of $190,000. A building permit estimates the cost of construction for the three bedroom, 2,725 square foot unit will be $605,000. (Residential-A, 0.106 acres)
- Arcadia Builders purchased another two lots for $432,181 on Pen Park Lane for $432,181 which is 13.73 percent above the combined assessment of $380,000 for the two lots. (Residential-A, 0.208 acres)
- A three bedroom house built in 1925 on Rockland Avenue in Belmont sold for $136,065 which is 50.32 percent below the 2024 assessment of $273,800. This is a sale within a family and will likely not count towards 2025 assessments. (Residential-A, N/A)
February 21, 2024
- A three bedroom townhouse on Junction Lane in the Belmont neighborhood built in 2019 sold for $515,000. That’s 1.02 percent above the 2024 assessment of $509,800 and 31.11 percent above the 2020 assessment of $392,800. (Residential-C, 0.06 acres)
- A four bedroom house built in 1979 on Shale Place in the Ridge Street neighborhood sold for $395,000. That’s 1.18 percent above the 2024 assessment of $390,400 and 28.83 percent above the 2020 assessment of $306,600. (Residential-A, 0.153 acres)
- An entity called 318 Roots LLC purchased a 1,119 square foot unit in Walker Square with two bedrooms for $414,849. That’s 10.1 percent above the 2024 assessment of $376,800 and 40.58 percent above the 2020 assessment of $295,1000. (Residential Mixed Use 5, N/A)
February 23, 2024
- A five bedroom house built on Park Lane West in 1930 sold for $575,000. That’s 3.87 percent above the 2024 assessment of $553,600 and 39.39 percent above the 2020 assessment of $412,500. One of the bedrooms is contained within a separate apartment. (Residential-A, 0.161 acres)
February 26, 2024
- A three bedroom house on Leonard Street in the Belmont neighborhood sold for $300,000. That’s 13.92 percent below the 2024 assessment of $348,500 and 55.36 percent above the 2020 assessment of $193,100. The house was built in 1961. (Residential-A, 0.241 acres)
- A three bedroom house in the 300 block of Carlton Road sold for $300,000. That’s 33.26 percent below the 2024 assessment of $449,500 and 19.9 percent above the 2020 assessment of $250,200. (Residential-A, 0.394 acres)
February 27, 2024
- An entity called Cotton Candy Holdings LLC purchased 227 Douglas Avenue for $575,000. That’s 29.39 percent above the 2024 assessment of $444,000. The structure has two bedrooms. (Commercial Mixed Use 5, 0.1 acres)
- A 2,155 square feet condominium in the Randolph at 210 10th Street NE sold for $1.1 million. That’s 0.49 percent below the 2024 assessment of $1,105,400 and 13.01 percent above the 2020 assessment of $973,400. The new owner is Echo Hill Farm LLC. (Commercial Mixed Use 5, N/A)
- A recently constructed three bedroom house on Lochlyn Hill Drive sold for $883,157. There’s no 2024 assessment but the estimated cost of construction is $800,000 according to the building permit. (Residential-A, 0.127 acres)
- A five bedroom house on Olinda Drive in the Fry’s Spring neighborhood sold for $487,000. That’s 44.47 percent above the 2024 assessment of $337,100. That’s 89.42 percent above the 2020 assessment of $257,100. There are two units in the building and realtor.com identified this one as a “housing hack opportunity!”
February 28, 2024
- A three bedroom house in the 800 block of Elliott Avenue in Belmont sold for $599,000. That’s 17.38 percent above the 2024 assessment of $510,300. That’s also 54.34 percent above the 2020 assessment of $388,100. (Residential-B, 0.139 acres)
- An 830 square foot condominium at 202 Douglas Avenue with one bedroom sold for $485,000. That’s 17.58 percent above the 2024 assessment of $412,500 and 77.4 percent above the 2020 assessment of $273,400. (Residential Mixed Use 3, N/A)
- The City of Charlottesville closed on the $4 million purchase of 405 Levy Avenue and 405 Avon Street from the Charlottesville Redevelopment and Housing Authority. The transaction is 46.02 percent above the 2024 combined assessment of $2,739,400. According to the purchase agreement, the CRHA will continue to use the property and will be involved in the future with whatever happens with this site. The city is using American Rescue Plan Act funds to pay for the purchase. (Node Mixed Use 10, 1.089 acres)
- A two bedroom house built in 1994 on Locust Lane in the Locust Grove neighborhood sold for $425,000. That’s 34.41 percent above the 2024 assessment of $316,200 and 74.61 percent above the 2020 assessment of $243,400. (Residential-A, 0.083 acres)
February 29, 2024
- A four bedroom house in the 600 block of Monticello Avenue sold for $715,000. That’s 22.28 percent above the 2024 assessment of $584,700 and 116.27 percent above the 2020 assessment of $330,600. (Residential-A, 0.139 acres)
- The Charlottesville Redevelopment and Housing Authority completed its purchase of the Milgraum Center at 310-312 East Main Street. For more details, read my story from February 2, 2024. (Downtown Mixed Use, 0.13 acres)
- A three bedroom house built in 1930 on Lankford Avenue sold for $330,000. That’s 12.05 percent above the 2024 assessment of $294,500 and 160.46 percent above the 2020 assessment of $126,700. Rich Valley Holdings LLC purchased the property in Mat 2023 for $105,589 and filed a building permit for $60,100 worth of renovations was filed last year. They resolved a situation that caused a stop work order permit to be filed. (Residential-A, 0.21 acres)
- Last year, JLM Homes purchased both sides of a single-family attached structure on Bailey Road in the Orangedale section of the Fifeville neighborhood. They sold one of the units for $289,500 which is 45.41 percent above the 2024 assessment of $199,400. There are no records of a building permit. (Residential Neighborhood A, 0.171 acres)
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