Information Charlottesville

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.

This edition was originally written for Substack subscribers, but it goes to the wider community a couple of days later. Consider joining to help support this work!

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.

March 2, 2021

• A unit in the Ridgecrest townhouse community sold for $200,000, or 8.46 percent over the assessed value. Ridgecrest is just to the northwest of Rives Park. 
• A single family home built in 2011 as part of the Belmont Cottages neighborhood sold for $495,000, or 24.87 percent over the 2021 assessment of $396,400. 
• A single family home built in 1925 in the 1100 block of Avon Street in Belmont sold for $307,000. That’s 89.16 percent over the 2021 assessment of $162,300. 
• A house in the 400 block of Park Street that is used as an office building sold for $750,000. That’s 26.31 percent under the 2021 assessment, and 45 percent under the 2021 assessment. 
• A house in the 600 block of East High Street that most recently contained three one-bedroom apartments sold for $600,000, or 29.45 percent over the 2021 assessment. 
• A single-family home on Mowbray Street near Burnley-Moran Elementary School sold for $315,000, or 3.26 below the 2021 assessment

March 4, 2021

• A 0.127 acre lot in the Lochlyn Hill neighborhood sold for $150,150. That’s 7.25 percent over the 2021 assessment of $140,000. 
• A unit in the Randolph building on 10th Street NE sold for $825,000. That’s three percent over the 2021 assessment and 16.76 percent over the 2020 assessment of $706,600. 
• A residential unit in the new mixed-unit development complex at 1100 East High Street sold for $533,348. 
• A single family home in the 1100 block of Montrose Avenue in the Belmont neighborhood sold for $340,000, or 11 percent over the 2021 assessment. 
• A unit in the Ridgecrest Development sold for $243,100, or 2.25 percent below assessment. 
• A building at 2149 Barracks Road that has been used as a bank sold for $1.7 million to WGM Acquisitions, LLC. The 2021 assessment for the building and its 0.574 lot were assessed for $1.4 million, making the transaction 21.2 percent over assessment. 
• A unit in the Walker Square complex sold for $243,000, or 5.1 percent over the 2021 assessment. 
• A single family home in the 1800 block of Yorktown Drive sold for $700,000, or 5.17 percent over assessment. The structure was built in 1962. 
• A single family home in the Fifeville/Forest Hills neighborhood on David Terrace sold for $275,000, or 13.87 percent of the 2021 assessment. This transaction is 19.57 percent over the 2020 assessment. 
• A single family home in the 1400 block of Forest Ridge Road sold for $319,000, or 16.89 percent of the 2021 assessment. 

March 5, 2021

• A single family home in the 900 block of Old Farm Road in the Rugby neighborhood sold for $1,149,000. That’s 11.96 percent over the 2021 assessment of $1,026,300. 
• WGM Acquisitions LLC purchased another bank building at 402 Park Street. The purchase price was $1.2 million. That’s 62.77 percent below the 2021 purchase assessment of $3.223,200. That includes around $1.8 million for the land, which had been assessed at $1 million in 2019. 
• A single family home on Olinda Drive in the Forest Hills neighborhood sold for $390,000, or 20.74 percent over the 2021 assessment. Source: Charlottesville GIS

March 8, 2021

• A single family home on Rugby Place in the Rugby neighborhood sold for $560,000, or 3.5 percent below the 2021 assessment.
• A single family home on Center Avenue in the Fry’s Spring neighborhood that was built in 1965 sold for $370,000. That is 26.45 percent over the 2021 assessment. 
• A single family home on the Albemarle border in the Willoughby neighborhood sold for $375,000, or 7.51 percent over the 2021 assessment. 

March 9, 2021

• A single family home in the 2200 block of Brandywine Drive sold for $485,000, or 24.74 percent over the 2021 assessment. 

March 10, 2021

• A unit in the Ridgecrest community on Danbury Court sold for $252,000, or 23.35 percent over the assessment. 

March 11, 2021

• Stanley Martin Homes took possession of 17 lots in the Fry’s Spring neighborhood for a development planned for between Monte Vista Avenue and the future Belleview Street. 
• A single family home in the Venable neighborhood on Rosser Lane sold for $775,000, almost right at the 2021 assessment. The 2020 assessment had been $954,300 but the amount was reduced this year. 

March 12, 2021

• A single family home on 18th Street NE in the Woolen Mills neighborhood sold for $576,000. That’s 18.84 percent over the 2021 assessment. 
• A single family home in the 500 block of Cleveland Avenue sold for $285,000, or 3.62 percent under the 2021 assessment. 

March 15, 2021

• Two units in the Walker Square complex sold today. One in the 700 block sold for $235,000 (1.64 percent over assessment) and one in the 755 block sold for $327,000 (3.97 percent over assessment). 

March 16, 2021

• A unit in the Ridgecrest neighborhood sold for $202,500, which is 8.64 percent over the 2021 assessment. 
• Jefferson National Bank sold a bank building at 410 10th Street NE for $775,000 to McTweed LLC. That’s 36.2 percent below the 2021 assessment. The property is within the High Street zoning corridor which has a maximum building height of 35 feet. 
• A unit in an apartment complex on Wertland Street sold for $185,000, or 16.57 percent over the 2021 assessment. 
• A unit in the apartment complex at 1800 Jefferson Park Avenue sold for $215,000, or 15.41 percent over the 2021 assessment. 

March 17, 2021

• A house on Peartree Lane in the Locust Grove neighborhood sold for $310,000, or 2.82 percent under the 2021 assessment. 

March 18, 2021

• A new home on Stonehenge Avenue Extended sold for $596,437. That 0.142 acre lot was assessed for $125,000 in 2021. 
• A renovated home in the 900 block of Monticello Avenue sold for $580,000. The entire property had a 2021 assessment of $149,500, which is 287 percent over assessment. However, a search of building permit records pulls up substantial upgrades to the structure. 
• One side of a duplex in the 400 block of Riverside Avenue sold for $247,000. That’s 15.58 percent over the 2021 assessment of $213,700. 
• A unit in the McGuffey Hill condominium complex sold for $275,000, or 15.38 percent under the 2021 assessment. 
• A single family home on Edgewood Lane in the Venable neighborhood sold for $985,000, or 6.84 percent over the 2021 assessment. 

March 19, 2021

• A lot in the Lochlyn Hill neighborhood sold for $164,450. The 2021 assessment was $140,000.
• A single family home on Altavista Avenue in Belmont sold for $220,000, or 1.52 percent over the 2021 assessment. 

March 22, 2021

• A single family home on Martin Street in the Locust Grove neighborhood sold for $355,000. That’s 20.91 percent over the 2021 assessment. 
• A single family home in the 1400 block of Hazel Street in the Martha Jefferson neighborhood sold for $445,000. That’s 9.18 percent over the 2021 assessment. 

March 23, 2021

• A commercial unit in the new mixed-use development at 1100 East High Street sold for $500,000. That’s 17.37 percent above the 2020 assessment of $426,00, but 13.69 percent below the 2021 assessment of $579,300. 
• A lot in the Lochlyn Hill development sold for $197,400. That’s 41 percent over the 2021 assessment of $140,000. 
• A unit in the Waterhouse complex on Water Street sold for $1.585 million. That’s 2.63 percent over the 2021 assessment but 1.87 percent under the 2020 assessment. 

March 24, 2021

• Two units on the ground floor of the Lewis and Clark Building at 250 West Main Street sold for $380,000. The combined 2021 assessment for the two units is $403,000. 
• A unit in the condominium building at 1800 Jefferson Park Avenue sold for $250,000, or 1.87 percent over the 2021 assessment of $245,400. 

March 26, 2021

• Two lots on Palatine Avenue in Belmont were combined into one and purchased for $300,000. The one lot still visible in GIS had a 2021 assessment of $356,100. The new owner is an LLC. 
• Another single family home on David Terrace was sold. This home from 1959 was purchased for $300,000, or 20.29 percent over the 2021 assessment of $249,400. 

March 29, 2021

• A single family home on Lyons Avenue in the North Downtown neighborhood sold for $600,000. That’s 6.53 percent over the 2021 assessment. 
• A unit in the 770 block of Walker Square sold for $255,000, or two percent below the assessment of $260,200. The 2020 assessment was $243,400. 
• A unit in the Ridgecrest community on Greenwich Court sold for $269,000. That’s 7.17 percent over the 2021 assessment. 
• A townhome in the southern side of Burnet Commons sold for $435,000, or 14.26 percent over the 2021 assessment. 
• A multifamily unit on Westerly Avenue at its intersection with Fontaine Avenue sold for $399,000. The 2021 assessment is $376,700, which puts this transaction at 5.92 percent over. 
• A single family home on Preston Place built in 1946 sold for $605,000. That’s 12.28 percent below the 2021 assessment of $689,700. 
• A home originally built in 1920 on Jefferson Park Avenue sold for $686,500, which is 44.71 percent over the 2021 assessment. The previous owner, Martin Homes LLC, renovated the interior in 2016. 
• An apartment unit on Carlton Avenue in the Sunrise Court development sold for $160,000. The 2021 assessment is $107,200 making the sales price 49.25 percent over the current value. The structure was built in 2012 as part of a project led by Habitat for Humanity of Greater Charlottesville. 
• A single family home in the Fry’s Spring neighborhood on Hilton Drive sold for $350,000, or 8.76 percent over the 2021 assessment. The structure was built in 1966. In 2020, the assessment was $278,200. 

March 31, 2021

• A single family home in the 1600 block of King Mountain Road in the Greenbrier neighborhood sold for $765,000. That’s 44 percent over the 2021 assessment of $531,200. 
• A single family home in the 500 block of Rockland Avenue in the Ridge Street neighborhood sold for $362,000, which is 15.21 percent over the 2021 assessment. 
• A new three bedroom home on Paynes Mill Road sold for $495,175. The lot had been assessed for $85,000 in 2020 and $115,000 in 2021. 
• A house built in 2016 as part of the Burnet Commons neighborhood sold for $425,00, which is 7.27 percent over the 2021 assessment. 
• A single family home on Field Road in the Venable neighborhood sold for $1.1 million. However, the 2021 assessment is $1.456 million, making the transaction 24.45 percent lower than the assessment. 
• A single family home in the 900 block of Avon Street sold for $276,000. That’s 3.56 percent over the 2021 assessment.