Information Charlottesville

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Another month in 2021, another time of interesting activity in the Charlottesville property market. Only a handful are below assessment, and there are quite a number of transactions that are well over assessment. There are a few items of new construction selling on infill properties, two major transactions on the mixed-use section of Cherry Avenue, and new homes in the Belmont Point and Lochlyn Hills neighborhoods continue to sell to their first owner.

What jumps out at you?

July 1, 2021

• A commercial building that has been home to a doctor’s office on 10th Street NE sold for $1,295,000, which is 9.09 percent over the 2021 assessment. The purchaser is Little High LLC.
• A unit in the condominium building on Cream Street sold for $235,500, which is 11.9 percent below the 2021 assessment. The purchaser is Wellington Properties LLC.
• A two bedroom house on Cameron Lane on 0.316 acres in the Lewis Mountain Neighborhood sold for $487,500, or 17.5 percent over the 2021 assessment. 
• A three bedroom house on Goodman Street in Belmont neighborhood built in 1929 sold for $600,000. That’s 52.98 percent over the 2021 assessment. 
• As reported in the July 7, 2021 Charlottesville Community Engagement, Woodard Properties has purchased another couple of properties on Cherry Avenue in an area currently zoned for mixed-use. The company paid $1.55 million for two properties at 801 Cherry Avenue, currently a vacant lot. That’s 41.24 percent over the 2021 assessment. In April, Woodard Properties paid $3.1 million for the Cherry Avenue Shopping Center and five vacant properties behind it. These two lots make up about 0.85 acres.

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