This past month I have received at least two dozen “price decease” alerts from realtor.com. How is that translating into the market? Read ahead and find out for yourself in this anecdotal look at property transactions in Charlottesville during September. Properties appear to be sold above assessment in most all cases.
Of particular interest to me are two property transfers in areas that are to be designated as “sensitive” to displacement in the Future Land Use Map and the Comprehensive Plan. The Planning Commission recommended adoption of the draft this past week and details still need to be worked out about the mechanism by which bonus units will be allowed in those areas.
One on Charlton Avenue in the Rose Hill neighborhood was over 53 percent of the 2021 assessment. Another on Anderson Street in 10th and Page went nearly 190 percent over assessment, though that reflects major renovations made by the previous owners. What, if anything, might have been altered with different land use rules?
Land between the University of Virginia and downtown Charlottesville continues to be desirable for those with the means to purchase existing houses. In this market, it appears that people who own houses are receiving some transfer of wealth. Anecdotally, this did not seem to be the case in the aftermath of the Great Recession, when the property market tanked. That did not happen during the pandemic.
What do these anecdotal transactions mean in the days before increased residential density has been allowed? I don’t have the answers, but I will continue to keep an eye on this city transfer by transfer. A lot can be learned by reading through property transactions. This is the ninth installment of this series which goes first to those of you who have subscribed through Substack.
September 1, 2021
- The first transaction of the month is a transfer of ownership of two properties on Ivy Road from the University of Virginia Foundation to the University of Virginia’s Rector and Board of Visitors. That takes it off of the property tax rolls. In this case, the two properties are on Ivy Road and within the jurisdiction of the Emmet Ivy corridor plan.
Go back to the 2016 planning document to learn more or read UVa Architect Alice Raucher’s June 21, 2021 post about the area on OpenGrounds. As part of this transaction, the UVA Foundation retained control of an adjacent property. That one is the building that formerly housed Wings over Charlottesville. The other two are an apartment complex and the building that formerly housed a camera shop. - A 527 square foot unit in the apartment complex at 1800 Jefferson Park Avenue sold for $142,000. That’s 6.33 percent below the 2021 assessment.
- A 785 square foot unit in Walker Square sold for $258,000, or 9.65 percent over the 2021 assessment.
- A three bedroom house on Cutler Lane in the Locust Grove neighborhood sold for $505,000, which is 49.1 percent over the 2021 assessment. This is right across from Park Street Christian Church where Piedmont Housing Alliance is seeking to build 50 affordable units for seniors. GIS imagery of a soon-to-be-former building on Ivy Road
September 2, 2021
- A three bedroom unit on Rougemont Avenue in the Ridge Street neighborhood sold for $302,000, or 62.63 percent over the 2021 assessment of $185,700.
- A duplex on Bolling Avenue in Belmont sold for $392,000, which is 37.83 percent over the 2021 assessment of $284,400.
- A townhouse on Brandywine Court in the Greenbrier neighborhood sold for $385,000, which is 1.56 percent over the 2021 assessment of $379,100.
September 3, 2021
- A two bedroom house on Rives Street in the Belmont neighborhood sold for $345,000, or twenty percent over the 2021 assessment of $287,500.
- A four bedroom house on Elliott Avenue in the Belmont neighborhood sold for $600,000, which is 131.93 percent over the 2021 assessment. The house was purchased in August 2020 by Belmont Renovations LLC for $269,000. A search of building permits show significant work done this year on the house.
September 7, 2021
- A firm called Track View LLC purchased a four bedroom house built in 1925 in the 1100 block of Monticello Road for $510,000. That’s 47.27 percent over the 2021 assessment for a property that is on 0.32 acres. GIS imagery for the house on Monticello Road
September 8, 2021
- A one bedroom house in the 1100 block of Montrose Avenue in Belmont sold for $300,000, which is 29.76 percent over the 2021 assessment. The house is 1,024 square feet and is on 0.139 acres of property.
- A two bedroom house in the 1700 block of East Market Street in Woolen Mills sold for $335,000, which is 43.28 percent over the 2021 assessment. The property is on a 0.207 acre lot. The draft Future Land Use Map designed this land as General Residential, the lowest intensity residential category on the draft map.
- A three bedroom house on Trailridge Road in the Johnson Village neighborhood sold for $320,001. That’s 3.09 percent over the 2021 assessment. The house was built in 1964 and is on a 0.211 acre lot.
- A three bedroom house on Mobile Lane in the Fry’s Spring neighborhood sold for $222,875, which is 21.63 percent below the 2021 assessment. The purchaser is Laurel Oak Properties LLC.
- A three bedroom house on Hilltop Road built in 1936 in the Barracks / Rugby neighborhood sold for $1.3 million. That is 14.35 percent over the 2021 assessment.
September 9
- An 813 square foot unit on the 4th floor of the apartment building at 1800 Jefferson Park Avenue sold for $245,000. That’s 27.21 percent over the 2021 assessment.
- A newly built three bedroom house on Nicholson Street in the Lochlyn Road development sold for $665,196. The 0.069 acre lot was assessed at $59,500 in 2021.
- A four bedroom house in the 2200 block of Banbury Street in the Greenbrier neighborhood sold for $370,000, which is 2.32 percent over the 2021 assessment.
- A five bedroom house on Angus Road in the Meadows neighborhood sold for $535,000, which is 2.06 percent over the 2021 assessment. The house was built in 2019 after being vacant for many years.
- A newly remodeled three bedroom house in the 900 block of Charlton Avenue sold for $385,000, which is 53.08 percent over the 2021 assessment. Under the draft Future Land Use Map, Charlton Avenue is in the Rose Hill neighborhood, which is of the areas designated as sensitive to displacement of low-income and Black households.
- A 1,525 square foot unit on the 5th floor of the Lewis and Clark Building on West Main Street sold for $680,000. That’s 8.16 percent over the 2021 assessment, but 35 percent over the 2020 assessment. `
September 10
- A four bedroom house in the 500 block of 11th Street NW in the 10th & Page neighborhood sold for $600,000. That’s 145.4 percent over the 2021 assessment. A company called 514 11th Street NW had purchased the property in November 2016 for $170,000. According to a search of the city’s building permits, they added a second story addition. 10th & Page is also considered a “sensitive” area in the draft Future Land Use Map.
September 11
- A pair of units in the Belmont Lofts complex on Douglas Avenue in Belmont sold for $1.4 million to a single owner. That is 50 percent over the 2021 assessment for both properties.
- A three bedroom house in the 800 block of Bolling Avenue in Belmont sold for $512,000, which is 17.19 percent. The house was built in 1960. In 2010, the property sold for $177,000 which at the time was 15.63 percent below the 2010 assessment. According to a building permit search, those owners invested in the property with an addition and an increase in the building height. They sold the property in June 2017 for $391,700, which was 32.2 percent over the 2017 assessment.
- A three bedroom in the 1600 block of Oxford Road in the Barracks / Rugby neighborhood sold for $437,000, which is 24.2 percent below the assessment.
- Three adjacent properties in the 500 block of Ridge Street as well as a unit in the Walker Square were placed under the ownership of a single family trust.
- A four bedroom house on Eric Place in the Johnson Village neighborhood sold for $380,000, which is 2.87 percent over the 2021 assessment. The house was built in 1968 and is in 0.255 acres of property.
September 14, 2021
- A four bedroom house on Leigh Place in the Ridge Street neighborhood sold for $290,000, which is 4.29 percent below the 2021 assessment.
September 15, 2021
- A three bedroom house on Del Mar Circle in the Barracks / Rugby neighborhood sold for $460,000, which is 33.29 percent over the 2021 assessment.
- A four bedroom house in the 700 block of Avon Street with an accessory apartment with two bedrooms sold for $595,000, which is 23.32 percent over the 2021 assessment.
- A three bedroom house on Cedar Hill Road in the Meadows neighborhood sold for $330,000, which is 0.43 percent over the 2021 assessment.
- A four bedroom house on Rutledge Avenue in the Barracks / Rugby neighborhood sold for $510,000, which is 1.59 percent over the 2021 assessment.
September 17, 2021
- An 813 square foot building on the 6th floor of the apartment complex at 1800 Jefferson Park Avenue sold for $233,000. That’s 18.88 percent over the 2021 assessment.
- A three bedroom house on Edgewood Lane in the Venable neighborhood sold for $712,000. That’s 14.49 percent over the 2021 assessment.
- A 919 square foot building in the Monticello Overlook apartments on Monticello Avenue sold for $193,000. That’s 3.04 percent over the 2021 assessment.
- One half of a duplex on Locust Lane in the Locust Grove neighborhood sold for $319,000. That’s 23.21 percent over the 2021 assessment for the three bedroom unit. The structure was built in 2002.
- A 1,088 square foot one-bedroom unit in the recently-constructed 550 East Water Street building sold for $605,000. That’s 10.99 percent over the 2021 assessment.
- A four bedroom house on Forest Ridge Road in Fifeville sold for $404,000. That’s 40.42 percent over the 2021 assessment. The property last sold in January 2016 for $225,000. At the time, that was 3.23 percent below the 2016 assessment.
September 20, 2021
- A six bedroom building on Rugby Road in the Venable neighborhood sold for $1.2 million. That’s 8.55 percent over the 2021 assessment.
- A two bedroom building in the 800 block of Monticello Avenue sold for $300,000. That’s 0.92 percent below the 2021 assessment.
- A newly built three bedroom unit in the Lochlyn Hill neighborhood on Lochlyn Hill Drive sold for $635,313. The lot was assessed at $140,000 in 2021.
- A six bedroom house in the 700 block of Shamrock Road split into two separate units sold for $477,000. That is 31.73 percent over the 2021 assessment. This 0.244 acre property is south of Cherry Avenue, placing it in the Johnson Village neighborhood.
September 22, 2021
- A 996 square foot unit in the Linden Town Lofts in the Belmont neighborhood sold for $265,000. That’s 4.78 percent over the 2021 assessment and 22.12 percent over the 2020 assessment.
- A three bedroom house on 2nd Street NE in the North Downtown neighborhood sold for $1.33 million. That’s 32.97 percent over the 2021 assessment. The building was constructed in 1913 and last sold in February 2011 for $600,000. The previous owners made many renovations to the house. According to realtor.com, the building currently has four apartment units.
September 23, 2021
- A three bedroom house on Rutledge Avenue in the Barracks / Rugby neighborhood sold for $600,000. That’s 32.57 percent over the 2021 assessment.
- A four bedroom house on Grace Street in the Martha Jefferson neighborhood sold for $379,000. That’s 24.26 percent over the 2021 assessment.
September 24, 2021
- A 535 square foot unit in the apartment complex at 1800 Jefferson Park Avenue sold for $154,500. That’s 4.25 percent over the 2021 assessment.
- A five bedroom house on Westwood Road in the Barracks Road neighborhood sold for $965,000. That’s 7.07 percent over the 2021 assessment and 93.54 percent over the 2020 assessment. According to an entry on realtor.com, the house was recently renovated.
- A three bedroom house on Huntley Avenue in the Fry’s Spring area sold for $494,500. That’s 11.5 percent over the 2021 assessment. The structure was built in 2016 as part of planned unit development.
- The owners of a house on 8th Street NE in North Downtown subdivided their backyard into a separate lot that fronts onto Kelly Avenue.
- A large industrial property on Harris Street in the North Downtown neighborhood with multiple structures sold for $1.8 million. That’s 7.89 percent over the 2021 assessment. The previous owner was GoCo. One of the structures is a convenience store.
- A four bedroom home on Monte Vista Avenue in the Fry’s Spring neighborhood was transferred to an LLC with the name Sleepy Momo. The unit is listed on AirBnB.
September 27, 2021
- A company called Virginia Pacific Investments LLC sold a five bedroom house at 910 Belmont Avenue to an entity called Virginia Pacific Investments LLC Et Al for $100,000. That’s 85.95 percent below the 2021 assessment and that is above my level of understanding. Anyone care to explain? Please do so in the comments.
- A two bedroom house in the 900 block of Rougemont Avenue sold for $265,000, which is 41.48 percent over the 2021 assessment.
- A couple that owns three properties in Fifeville on Estes Street and 9th Street transferred the title from an LLC back to their individual names.
- A three bedroom house in the 900 block of Anderson Street in the 10th and Page neighborhood sold for $589,000. That is 189.86 percent over the 2021 assessment, but that does not factor in the renovations that replaced the electrical, plumbing, and ventilation systems. Under the draft Comprehensive Plan, the 10th and Page neighborhood is a sensitive community that would be protected from additional residential density.
- A four bedroom unit on Burnet Way built in 2013 as part of the third phase of the Burnet Commons development sold for $550,000. That’s 17.52 percent over the assessment.
September 28, 2021
- A four bedroom house newly constructed on Rialto Street sold for $571,774. The structure is part of the Rialto Beach planned unit development.
- A three bedroom house in the Willoughby subdivision (though technically in the Ridge Street neighborhood) sold for $201,500. That’s 30.49 percent below the 2021 assessment.
- One half of a duplex on Rock Creek Road on the Orangedale side has had its title transferred to an LLC called CUSA Enterprises.
- A four bedroom house on Robertson Avenue in the Fry’s Spring neighborhood sold for $430,000. That is 26.66 percent over the 2021 assessment.
September 29, 2021
- A three bedroom unit on Waterbury Court in the Ridgecrest townhome community in the Belmont neighborhood sold for $269,000. That’s 15.7 percent over the 2021 assessment.
- Greater Charlottesville Habitat for Humanity purchased one half of a duplex in its own Sunrise Park development in Belmont for $243,000. That’s 9.51 percent over the 2021 assessment. Habitat redeveloped the former trailer park as part of a planned unit development approved by City Council in November 2009.
- One half of a duplex in the 300 block of Cleveland Avenue in the Fry’s Spring neighborhood sold for $193,000. That’s 12.08 percent over the 2021 assessment.
- A three bedroom house on Briarcliff Avenue in the Fifeville neighborhood sold for $425,000. That’s 20.5 percent over the 2021 assessment.
September 30, 2021
- A three bedroom home recently constructed as part of the Rialto Beach development sold for $508,790. The lot was assessed at $125,600 this year.
- A 2,040 square foot condominium unit in the 550 East Water Street project sold for $1.175 million. That’s 22.22 percent over the 2021 assessment.
- A five bedroom house in the 600 block of Lexington Avenue sold for $1,095,000, which is 14.94 percent over the 2021 assessment. According to a search of building permits, a second story addition was added to the house in 2018.
- A four bedroom house on King Mountain Road in the Greenbriar neighborhood sold for $470,000, which is 2.96 percent over the 2021 assessment.
- A four bedroom house in the 900 block of King Street in Fifeville was purchased for $369,500. The structure was built in 1920. The last time this property sold was in 2003 for $134,000. At the time, that was 34.54 percent over the 2003 assessment.
- One half of a duplex on Prospect Avenue sold for $198,000. That’s 41.23 percent over the 2021 assessment.
- Several properties in the Fifeville and Fry’s Spring neighborhoods owned by the same person had their title transferred to the firm Laurel Glen Properties LLC.
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