Much of what I write about is planning. But to really understand what’s happening in Charlottesville, it’s important to look through transactions. I share this with you to give an anecdotal view of the market. No analysis is intended with this list, but I do think reading through it is a valuable exercise for anyone interested in land use in Charlottesville.
This time around, a lot of bank buildings were purchased. Lots of units in the Ridgecrest townhouse complex sold. Prices continued to increase for lots finished and ready for development.
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March 1, 2021
- The owner of a single family home on 14th Street NW that was built in 1921 was transferred by the owner to an LLC that is the same as the structure’s address.
- A new single-family home in Charlottesville’s side of the Lochlyn Hill neighborhood on Lochlyn Hill Drive sold for $415,000. The lot was appraised in 2021 at $91,000.
- A company called 418 Investors LLC purchased two office spaces inside of the King Building on East Water Street. Suite 800 sold for $990,000 and Suite 900 sold for $290,000. Suite 800 has a 2021 assessment of $1,448,700 making the sale 31.6 percent below that value. The sale of Suite 900 was eleven percent below the assessed value of $325,800.
- A single family house on Oakleaf Lane right next to Walker Upper Elementary School sold for $334,700, or 1.58 percent over the assessment.