Ten months have passed this year, and I’ve now published summaries of property transactions in Charlottesville for each of them. I look through each purchase and title transfer in order to better understand the market. I am not a real estate expert, but I have been writing about the way land is used in this community since 2005. Like many of you, I have experiences with many of these places. My work overall is improved by a parcel-by-parcel review.
This month, the anecdotal trend of residential properties trading above assessment continues. There are also several purchases of properties by Limited Liability Companies. The buildings occupied by a Guadalajara, Atlas Coffee, and JLK have new owners. Lots, developed or undeveloped, continue to trade hands at higher prices.
This month I’ve also begun referring to a staff report from a 2013 Charlottesville Planning Commission work session that covered Planned Unit Developments. These are specialized zoning districts that have been used for many years to add higher residential densities. As the community looks ahead to a rewriting of the zoning code, it is useful to note the historic presence of these Planned Unit Developments in the community.
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Also of note this month is the sale of 0 Court Square to a entity called Excellent Horse LLC, as well as the sale of a former law firm in the Monticello Hotel to a firm that appears to be interested in creating an event space. Read on, and please send this on email to others. You may have received this as a first look due to your paid subscription through Substack. Thank you for your support of my constant research into these matters. And please leave a comment below if you have any questions or would like to make a point.
October 1, 2021
- A firm called 1224 Monticello Road LLC has purchased a commercial building at 1224 Monticello Road in the Belmont neighborhood as well as a vacant parcel next door. The sales price for both was $1.515 million, which is 35.98 percent over the 2021 assessment. The building is currently the home of JLK Incorporated. The empty parcel is 0.202 acres in size.
- A three bedroom house on Sonoma Street in the Belmont neighborhood sold for $557,500. That’s 43.32 percent over the 2021 assessment. The previous owner replaced the water lateral in May 2020 according to building permit records.
- An undeveloped lot on Spruce Street in the Belmont neighborhood sold for $200,000 to Spruce Street Investments LLC. That price is 110.75 percent over the 2021 assessment and 201.66 percent over the 2020 assessment. What will the 2022 assessment be?
- A two-bedroom house and a 0.172 acre vacant lot in the 1300 block of Chesapeake Street sold for $465,000. That’s 16.83 percent over the 2021 assessment for the two properties. The purchaser is Lookout Ventures LLC
- A three-bedroom unit in the newly-built complex at 1130 East High Street sold for $550,000. That’s 7.27 percent below the 2021 assessment. The structure was built in 2020 and the new owner is Compatible Development LLC.
- The building that houses the Guadalajara restaurant and Atlas Coffee on Fontaine Avenue sold for $1.1 million, which is 83.3 percent over the 2021 assessment. The property last sold in August 2010 for $407,500.
- An apartment building on Carrollton Terrace off of Jefferson Park Avenue sold for $9.9 million. That’s 11.84 percent over the 2021 assessment. The building was constructed in 2005, two years after the city rezoned the land for high residential density under the appropriately named University High Density district. The purchaser is 114 Carrollton Terrace.
October 4, 2021
- A three bedroom house in the 1800 block of Meadowbrook Heights Road sold for $140,000, which is 68.53 percent under the 2021 assessment. The purchaser is Silas Properties LLC.
- A four bedroom house in the 500 block of Lexington Avenue in the Martha Jefferson Avenue sold for $895,000. That’s 0.93 percent under the 2021 assessment but 3.82 percent over the 2020 assessment.
- A two bedroom house built in 2011 in the 500 block of Rougemont Street in the Ridge Street neighborhood sold for $289,900. That’s 19.5 percent over the 2021 assessment.
October 5, 2021
- A three bedroom house on Kenwood Lane in the Greenbrier neighborhood sold for $350,000 to Hinge Remodeling and Construction LLC. They paid 9.14 percent under the 2021 assessment.
- A 3,179 square foot unit on the 6th floor of the Waterhouse condominium building on Water Street sold for $1.765 million. That’s 51.45 percent over the 2021 assessment. Waterhouse was constructed on top of existing buildings in 2013. The purchaser is the first individual to own the property.
October 6, 2021
- A triangle shaped undeveloped lot in the Fry’s Spring neighborhood sold for $10,000. The 0.341 acre property with a Valley Road Extended address was assessed at $8,000 in 2021. The sale is 25 percent over the assessment. The purchaser is an adjacent landowner on Broad Avenue. This property has no frontage on any road.
October 7, 2021
- A three bedroom house in the 1400 block of Rugby Avenue sold for $378,000, or 10.33 percent over the 2021 assessment. The structure was built in 1965.
- A three bedroom house in 2200 block of Banbury Street sold for $340,000. That’s 6.78 percent over the 2021 assessment.
- A four bedroom house on Huntley Avenue sold for $535,000. That’s 1.92 percent over the 2021 assessment. This is part of a 110-unit Planned Unit Development approved by City Council on December 16, 2002.Fact sheet on the Huntley PUD included within staff report for a 2013 Charlottesville Planning Commission work session on Planned Unit Developments (download)
October 8, 2021
- A four bedroom house in the 1600 block of Cambridge Circle in the Barracks / Rugby neighborhood sold for $497,000. That’s 33.78 percent over the 2021 assessment.
- A three bedroom house on Garden Drive in the Fry’s Spring neighborhood sold for $386,500. That’s 37.74 percent over the 2021 assessment.
- A three bedroom house on Camellia Drive in the Fry’s Spring neighborhood sold for $380,000. That’s 26.29 percent over the 2021 assessment, but 24.68 percent under the 2020 assessment. The property is to the west of the future Flint Hill development to be built by Southern Development. Part of the land was subdivided and added to that project.
- A three bedroom home on McElroy Drive in the Fry’s Spring neighborhood sold for $351,100. That’s 9.92 percent of the 2021 assessment.
- A 2,600 square foot unit in the Lewis and Clark Building on West Main Street sold for $1,015,000, or 10.39 percent under the 2021 assessment.
October 12, 2021
- A three bedroom house in the Lochlyn Hill neighborhood sold $703,911. That’s 3.18 percent over the 2021 assessment.
- A two bedroom house on Broad Avenue in the Fry’s Spring neighborhood sold for $250,000. That’s 8.16 percent under the 2021 assessment.
- A 1,553 square foot unit on the 10th floor of the apartment building at 1800 Jefferson Park Avenue sold for $369,000. That’s 10.5 percent under the 2021 assessment.
- A firm called Glassick Properties purchased a pair of units inside an office building at 2202 North Berkshire Road in the Meadows neighborhood. That’s 10.07 percent over the assessment.
- Arcadia Builders LLC picked up a lot on Pen Park Lane in the Lochlyn Hill neighborhood for $168,683. The 0.119 acre lot was assessed at $70,000 in 2021 and this price is 140.98 percent over the 2021 assessment. They also bought a 0.128 acre lot on Lochlyn Hill Drive for $159,863. That one was assessed at $140,000, or 14.19 percent over the 2021 assessment.
- A three bedroom house on Troost Court in the Fry’s Spring neighborhood sold for $550,000. That’s 19.28 percent over the 2021 assessment.
- A two bedroom house on the 100 block of Stribling Avenue built in 1952 sold for $339,000. That’s 32.06 percent over the 2021 assessment.
- A three bedroom house on Olinda Drive in the Fifeville neighborhood sold for $358,000, or 23.96 percent over the 2021 assessment.
October 14, 2021
- A 1,506 square foot townhouse unit in the Melbourne Park Circle development in the Greenbrier neighborhood sold for $344,500. That’s 25.50 percent over the 2021 assessment.
- An office building on Stewart Street in the Martha Jefferson neighborhood that looks like a single family home sold for $340,000 to DEBH LLC. That is 13.68 percent under the 2021 assessment.
- A three bedroom house in the 300 block of 5th Street NW in the Fifeville neighborhood sold for $389,000. That’s 97.16 percent over the 2021 assessment. The Future Land Use Map in the draft Comprehensive Plan places this property within the Sensitive Communities designation which is intended to limit additional density.
- A four bedroom house on Harris Road built in 2008 sold for $537,500. That is 13.52 percent over the 2021 assessments.
October 15, 2021
- A couple transferred three of their properties to an LLC with the name MM and G Holdings LLC. This included two properties on Meridian Street and one on Green Street in the Belmont neighborhood.
- A four bedroom house in the 2400 block of Fontaine Avenue sold for an even $400,000. That’s 14.74 percent over the 2021 assessment.
- A three bedroom house built in 1946 on Mobile Lane in the Fry’s Spring neighborhood sold for $252,900. That’s 9.96 percent over the 2021 assessment.
- A two bedroom house in the 200 block of Cleveland Avenue in the Fry’s Spring neighborhood sold for $340,000. That’s 8.73 percent over the 2021 assessment.
October 19, 2021
- A three bedroom house on Trailridge Road in the Johnson Village neighborhood built in 1963 sold for $407,000. That’s 30.49 percent over the 2021 assessment. A new gas furnace was installed in 2019 according to building permit records.
- A three bedroom townhouse built in 2010 on a section of Rock Creek Road sold for $340,000. That’s 15.57 percent over the 2021 assessment. This unit and its neighbors were built in 2010 as part of a Planned Unit Development called Rock Creek Village. City Council approved this rezoning in 1985 allowing for 24 units on 4.59 acres. Information about the Rock Creek Village Planned Unit Development from a staff report for a 2013 Charlottesville Planning Commission work session. (download)
October 20
- A three bedroom house on Camellia Drive built in 1965 sold for $335,000. That’s 11.37 percent over the 2021 assessment for the Fry’s Spring property.
- A two bedroom house on Westerly Avenue in the Jefferson Park Avenue sold for $306,975. That’s 18.11 percent over the 2021 assessment.
- A three bedroom house on Somesso Court in the Burnet Commons development sold for $475,000. That’s 21.76 percent over the 2021 assessment. While there are three phases of Burnet Commons, this is part of the first 36 units approved by City Council on September 2, 2002.
October 21
- One of the most prominent buildings in all of Charlottesville is the Monticello Hotel, which was built in 1925 in Court Square. In the 1970’s, the hotel transitioned into a condominium with individual owners of residential and commercial spaces. An old banquet space eventually became the home of the law firm Michie Hamlet, but they left the space in recent years for new offices in the 3-Twenty-3 building a few blocks south.
Now an entity called 500 Court Square Hotel LLC Monticello Hotel LLC has purchased three units from Michie Hamlet in two transactions. One for $900,000 secured space on the third floor that had a 2021 assessment of $1.246 million. The other for $600,000 secured space on the second floor worth $906,200. Those two transactions are 27.79 percent and 33.79 percent under the 2021 assessment.
The LLC was registered on October 12 and the agent is Warner Young III, a trial attorney in Arlington. What are the plans? - A three bedroom house built in 1953 in the 700 block of St. Clair Avenue in the Martha Jefferson neighborhood sold for $300,000. That’s 5.52 percent above the 2021 assessment
- A 900 square feet one bedroom apartment in the Walker Square complex sold for $275,000. That’s 5.88 percent over the 2021 assessment.
- A three bedroom house on Center Avenue in the Fry’s Spring neighborhood sold for $400,000 to an entity called 1632 Center Avenue. That’s 54.98 percent over the 2021 assessment. Daddy Rabbit LLC had purchased the structure on June 2, 2021 for $236,000, or 8.56 percent under the 2021 assessment.
October 22
- An entity called Excellent Horse LLC has purchased two parcels at 0 Court Square for $1.258 million. That’s 14.4 percent over the 2021 assessment for both properties. This is the site of the Slave Auction Block that has been the subject of much discussion. Read more in Ginny Bixby’s Daily Progress article from September 2021.
- A five bedroom house on Montpelier Street in the Jefferson Park Avenue neighborhood built in 2006 sold for $490,000, which is 0.31 percent over the 2021 assessment.
- A three bedroom house on University Circle in the Jefferson Park Avenue neighborhood sold for $810,000. That’s 4.8 percent over the 2021 assessment.
October 25
- A four bedroom house in the 1200 block of 6th Street SE on a narrow 0.745 acre lot sold for $390,000, which is 3.15 percent over the 2021 assessment. This is within the Ridge Street neighborhood.
- A three bedroom house on Baylor Lane in the Ridge Street neighborhood sold for $510,000, which is 22.6 percent over the 2021 assessment. This structure was built in 2007.
- A three bedroom house on Wilder Drive in the Locust Grove neighborhood sold for $475,000, which is 16.59 percent over the 2021 assessment.
- A three bedroom house on Robinson Woods in the Barracks / Rugby neighborhood sold for $550,000. That’s 1.18 percent over the 2021 assessment. The structure is part of the Robinson Woods Planned Unit Development rezoning approved by City Council on October 18, 1997. The density in this PUD is 5.18 units per acre. Previously the land had been zoned R-1.Details of the Robinson Woods Planned Unit Development from a 2013 staff report for the Charlottesville Planning Commission (download)
October 26
- New construction of a four bedroom home on Lochlyn Hill Drive sold for $697,800. That’s 3.33 percent over the 2021 assessment.
- New construction of a three bedroom home three blocks away on Lochlyn Hill Drive sold for $624,941. That’s 5.56 percent over the 2021 assessment.
October 27
- A two bedroom house in the 1600 block of Rose Hill Drive in the Barracks / Rugby neighborhood sold for $387,000. That’s 17.02 percent over the 2021 assessment.
- A 1,179 square foot unit in the Walker Square condominium complex sold for $350,000. That’s 11.29 percent over the 2021 assessment.
- A 0.057 acre undeveloped on Woolfolk Drive in the Ridge Street neighborhood sold for $57,000. That’s 25.27 percent over the 2021 assessment.
- A four bedroom house in the Huntley Planned Unit Development in Fry’s Spring sold for $560,000. That’s 24.03 percent over the 2021 assessment.
October 29
- One half of a duplex on Birdwood Court sold for $290,000. That’s 30.28 percent over the 2021 assessment for this North Downtown property.
- A three bedroom house on 6th Street SE in the Ridge Street neighborhood sold for $220,000. That’s 29.41 percent over the 2021 assessment.
- A 1,271 square foot unit on the fourth floor of the apartment building at 211 Cream Street in the Starr Hill neighborhood sold for $475,000. That’s 5.93 percent over the 2021 assessment. The building was constructed xin 2007. The purchaser is Tenth Letter LLC.
- A three bedroom house in the 200 block of Azalea Drive in the Fry’s Spring neighborhood sold for $400,000. That’s 11.05 percent over the 2021 assessment.
- A three bedroom house in the 200 block of Old Lynchburg Road sold for $350,000. That’s 26.95 percent over the 2021 assessment. In the past six years, the previous owner repaired the foundation, installed new electric wiring, and replaced the gas furnace.
- A two bedroom house in the 800 block of Blenheim Avenue sold for $323,200, or 21.78 percent over the 2021 assessment. The previous owner repaired the foundation to address drainage issues.
- Meanwhile a block away, another two bedroom sold for $220,000, which is 25.17 percent under the 2021 assessment.
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