Information Charlottesville

When you read through my latest installment of monthly property transaction summaries, think about the 2022 assessments in Charlottesville. Virginia state law requires properties to be assessed at 100 percent of their fair market value as determined by the appropriate local government. 

“Market value is defined as the most probable price expressed in terms of money that a property would bring if exposed for sale on the open market,” reads an FAQ on the website of the Charlottesville City Assessor. “The sale should be an arms-length transaction between a willing seller and a willing buyer, both of whom are knowledgeable concerning all the uses to which the property is adapted and for which it is capable of being used.” 

Those uses are now more expansive and allow more intense development now that the City Council had adopted a Future Land Use Map that grants significantly more buildable space pet lot. The rezoning process continues to be worked on by consultants and staff in order to govern how the theoretical will translate into the actual.

Meanwhile, the property market continues to transform, transaction by transactions. Charlottesville’s assessments have been increasing in value for many years, but this year the overall average property increased 10.77 percent, with residential properties increasing by an average of 11.69 percent. (read the January 27, 2022 news release)

I began doing this work in January 2021 in order to learn more about what’s happening on the ground in a market that many don’t understand. Plenty of others do and a major reason I do all of the work I do is to try to learn what’s happening and share it with the public. The more of us who know how these things work, the more fair the housing market might be. 

I am not a real estate expert, but I know a few things about how things work. Or don’t work. Many people have differing opinions, but my hope in sharing this is to establish more shared facts to assist the community conversation. I disclaim again I am a homeowner in Charlottesville, but I’m a professional journalist first. 

This article goes out first to paid Substack subscribers and those who pay through Substack. It will be posted on Information Charlottesville on Monday, March 14, 2022. Take a look at the past 13 installments.

I appreciate those who have opted to support my research these past 19 months and this is one of the ways.

This month I will mostly list both the 2021 and 2022 property assessment to give a sense of scale, but not all. What do you think? What insight does this give you? What else do you want to know? 

February 1, 2022

• New construction of a four bedroom townhouse in the 1600 block of Rialto Street in the Belmont neighborhood sold for $535,585. The 0.05 acre lot was assessed at $131,900 and was rezoned in October 2007 as part of a Planned Unit Development project known as Rialto Beach.

February 2, 2022

• A house with six units on Thomas Drive in the Fry’s Spring neighborhood sold for $350,000. That is 30.55 percent over the 2021 assessment of $268,100 and 1.19 percent over the 2022 assessment of $345,900. The property is currently split into a duplex with one unit on each floor.  The purchaser is an entity called KGB, LLC. 
• A three bedroom townhouse in the McGuffey Hill condominium complex sold for $632,500. That’s 11.49 percent over the 2021 assessment of $567,300 and 7.77 percent over the 2022 assessment of $586,900. However, that’s 2.38 percent below the 2020 assessment of $647,900.
• An 854 square foot apartment in the complex at 1800 Jefferson Park Avenue sold for $220,000. That’s 21.28 percent over the 2021 assessment of $181,400 and 10.28 percent over the 2022 assessment of $199,500. 
• An entity known as Saddleridge LLC purchased a three bedroom in the 100 block of Harris Road for $392,000. That’s 19.51 percent over the 2021 assessment of $328,000 and 8.89 percent over the 2022 assessment of $360,000. The company owns two other homes within the city and this property is within the Fry’s Spring neighborhood. 

February 3, 2022

• A four bedroom house on Banbury Street in the Greenbrier neighborhood sold for $450,000. That is 15.83 percent over the 2021 assessment of $388,500 and 0.68 percent below the 2022 assessment of $453,100. 
• New construction of a four bedroom house on Lochlyn Hill Drive in the Locust Grove neighborhood sold for $799,749. The lot was assessed at $160,000 in 2022. 

February 4, 2022

• A three bedroom home on St. Anne’s Road in the Greenbrier neighborhood sold for $485,000. That’s 3.59 percent above the 2021 assessment of $468,200 and 5.64 below the 2022 assessment of $514,000. 
• An industrial building in the 1100 block of Rose Hill Drive classified by the city as a storage warehouse sold for $2.12 million. That’s 17.88 percent over the 2022 assessment of just over $1.8 million. The new owner is Drakadia Holdings. 
• New construction of a four bedroom single-family detached house on Rialto Street sold for $505,000. This lot had a 2022 assessment of $131,900. 
• A two bedroom house in the 700 block of 12th Street in the Venable neighborhood sold for $200,000 to an entity known as LBQ Properties, LLC. The sales price is 16.28 percent above the 2021 assessment of $172,000 and 17.8 percent below the 2022 assessment of $243,300.  This property is within the area designated as Sensitive Communities in the Future Land Use Map. 

February 7, 2022

• A townhouse unit on Melbourne Park Circle sold for $339,000. That’s 9.28 percent over the 2021 assessment of $310,000 and 5.2 percent below the 2022 assessment of $357,600.  

February 8, 2022

• A five bedroom house in the Meadows neighborhood sold for $161,000 in what appears to be a family-related sale. The 2022 assessment is $318,400, making this transaction 49.43 percent below that valuation. This may not meet the definition of an “arms-length” transaction.  
• A two bedroom house on Rosa Terrace in the Ridge Street neighborhood sold for $189,000. That’s 34.52 percent over the 2021 assessment of $140,500 and 20.69 percent over the 2022 assessment of $156,600. 
• A two bedroom house on Meade Avenue in the Martha Jefferson neighborhood sold for $286,000. That’s 12.07 percent over the 2021 assessment of $255,200 and 2.62 percent below the 2022 assessment of $293,700. 
• One half of a three bedroom duplex on Riverside Avenue sold for $260,000. That is 33.61 percent above the 2021 assessment of $194,600 and 20.76 percent above the 2022 assessment of $215,300. 

February 9, 2022

• A five bedroom house on Belleview Avenue in the Locust Grove neighborhood sold for $570,000. That’s 25.11 percent over the 2021 assessment of $455,600 and 8.43 percent over the 2022 assessment of $525,700. 

February 10, 2022

• A 786 square foot apartment in the complex at 1800 Jefferson Park Avenue sold for $241,000. That’s 29.36 percent over the 2021 assessment of $186,300 and 17.62 percent over the 2022 assessment of $204,900. 
• A three bedroom home in the 1100 block of Holmes Avenue sold for $345,000. That’s 41.34 percent over the 2021 assessment of $244,100 and 17.27 percent over the 2022 assessment of $294,200. 

February 14, 2022

• A five bedroom house on Thomas Drive in the Fry’s Spring neighborhood sold for $365,000. That’s 18.16 percent over the 2021 assessment of $308,900 and 6.01 percent over the 2022 assessment of $344,300. 
• A four bedroom house on Elliott Avenue in the Ridge Street neighborhood sold for $233,000. That’s 9.09 percent below the 2021 assessment of $256,300 and 18.39 percent below the 2022 assessment. 

February 15, 2022

• A two bedroom house on Gentry Lane in the Barracks / Rugby neighborhood sold for $260,000. That’s 11.89 percent below the 2021 assessment of $295,100 and 23.6 percent below the 2022 assessment of $340,300.
• A three bedroom in the 800 block of Nalle Street sold for $400,000 to an entity called Visions of Love LLC that is based in Washington D.C. This section of Fifeville is within the area designated as “Sensitive Communities” in the recently adopted Future Land Use Map. The purchase price is 64 percent over the 2021 assessment of $243,900 and 37.6 percent over the 2022 assessment of $290,700. 
• The Piedmont Housing Alliance has continued its purchase of property within the Orangedale section of the Fifeville neighborhood. They purchased 741 Prospect Avenue for $162,000, which is 5.21 percent below the 2022 assessment of $170,900. They also bought 739 Prospect Avenue for $185,801, which is 0.96 percent below the 2022 assessment of $187,600. 
• A three bedroom house on Jones Street in the Fifeville neighborhood sold for $340,000. That’s 35.62 percent over the 2021 assessment of $250,700 and 24.36 percent over the 2022 assessment of $273,400.
• A 536 square foot apartment in the complex at 1800 Jefferson Park Avenue sold for $159,900. That’s 0.69 percent below the 2021 assessment of $158,800 and 8.47 percent below the 2022 assessment of $174,700. The purchaser is KTH Properties, LLC.

February 16, 2022

• A five bedroom on North Baker Road in the Fifeville neighborhood sold for $420,000. That’s 36.19 percent over the 2021 assessment of $308,400 and 19.76 percent over the 2022 assessment of $350,700. The purchaser is Saddleridge Partnership LLC and this is their second purchase this month.

February 17, 2022

• A three bedroom house on Old Lynchburg Road in the Fry’s Spring neighborhood sold for $235,000. This is 32.59 percent below the 2021 assessment of $348,600 and 37.55 percent below the 2022 assessment of $376,300. 
• A three bedroom house on Rives Street sold for $239,000 to an entity called Down the Road LLC. That is 48.63 percent over the 2021 assessment of $160,800 and 36.18 percent over the 2022 assessment of $175,500. 
• A three bedroom townhouse in the condominium complex in the 1100 block of Druid Avenue sold for $310,000. That is 17.2 percent over the 2021 assessment of $264,500 and 6.53 percent over the 2022 assessment of $291,000. 
• Arcadia Builders Inc. purchased two lots in the Lochlyn Hill neighborhood for $134,505 a piece. That’s 1.10 percent below the 2022 assessment.
• A 557 square foot unit in the former Monticello Hotel at 500 Court Square sold for $282,500. That is 13.45 percent over the 2021 assessment of $249,000 and 10.05 percent over the 2022 assessment of $256,700.  

February 18, 2022

• A four bedroom house constructed in 1920 in the 100 block of East High Street in the North Downtown neighborhood sold for $905,000. That’s 27.5 percent over the 2022 assessment. This is a rare property that did not have its assessments increase in 2022. Residential property increased 11.69 percent overall this year. 
• A three bedroom house on Spruce Street in the Belmont neighborhood sold for $345,000. That’s 55.97 percent over the 2022 assessment of $221,200 as well as 79.41 percent over the 2021 assessment of $192,300. While we’re at it, that’s 112.83 percent over the 2020 assessment. A search of permits online does not indicate any recent improvements. The 0.103 acre property is zoned R-2 and is General Residential in the recently adopted Future Land Use Map. 
• A company that recently had a site plan approved for a six home Planned Unit Development on Grove Street and King Street in the Fifeville neighborhood has split the property into seven lots, one of which is open space required as part of the PUD approval City Council granted on August 21, 2008. Each of the residential lots is now valued at $71,300. This is an example of how more dense residential development can occur and has occurred in Charlottesville through the PUD process. What lessons can be learned from that process as the city rewrites the zoning ordinance?
• A two bedroom house built in 1958 in the 1700 block of East Market Street sold for $306,000. That’s 24.14 percent over the 2021 assessment of $246,500 and 1.58 percent below the 2022 assessment of $310,900. 
• An office building constructed in 1920 at 416 Park Street sold for $1.0185 million. That’s 11.01 percent over the 2022 assessment of $917,500, which is comparable to the increase over the 2021 assessment. 
• A three bedroom house on Holmes Avenue in the Locust Grove neighborhood sold for $315,000. That’s 11.15 percent over the 2022 assessment of $283,400, and 52.32 percent over the 2021 assessment. 

February 22, 2022

• A three bedroom house on Park Hill in the North Downtown neighborhood sold for $480,000 to an entity called Goldpanda LLC. The sales price is $480,000, which is 1.34 percent below the 2022 assessment and 6.08 percent over the 2021 assessment. In 2020, this 0.533 acre property was assessed at $384,800. 
• A three bedroom house on Banbury Street in the Greenbrier neighborhood sold for $314,000, which is 14.77 below the 2022 assessment of $368,400. The 2021 assessment was $314,300.  
• Brown’s Store on Avon Street in Charlottesville sold for $2.4 million to a Glen Allen company called Charlottesville Properties LLC. That is 163.45 percent over the 2022 assessment of $911,000. The Future Land Use Map classifies this as “Neighborhood Mixed Use Corridor” which allow for “neighborhood-scaled mixed use areas arranged along corridors that support existing residential districts.”

February 24, 2022

• A five bedroom house in the 2600 block of Jefferson Park Avenue in the Fry’s Spring neighborhood sold for $345,000. That’s 6.42 percent above the 2021 assessment of $324,200 and 0.72 percent below the 2022 assessment of $347,500.  
• A four bedroom house in the 700 block of Rockland Avenue in Belmont sold for $460,000, which is 76.18 percent over the 2022 assessment. However, that valuation does not take into account the renovations made by Blue Fox Investments since they purchased the house in August 2021 for $260,000. According to a search of building permits, there were many repairs made to the exterior and a second bathroom was added to the second floor. The 2021 assessment was $245,900. 
• A 1,760 square foot unit in the Randolph apartment building on 10th Street NE sold for $865,000. That’s 2.73 percent over the 2022 assessment of $842,000. In 2021 the total property assessment was $827,900 and only the land value was changed this year. 

February 25, 2020

• Twenty blocks to the west, 507 10th Street NW in the Venable neighborhood sold for $475,000 to an entity called Bloom Hill, LLC. This transaction for this 0.198 acre lot includes two homes, one of which is a three bedroom house built in 1910. The other is a two bedroom house built in 1956.
  
  The sales price is 50.51 percent over the 2021 assessment of $315,600 and 33.02 percent over the 2022 assessment of $357,100. A search of property records do not yield any recent building permits. 
• The building that used to house the Cavalier Diner at 1403 Emmet Street N sold for $1.3 million. That’s 34.26 percent over the 2022 assessment. The Cavalier Daily reported on February 16, 2022 about the restaurant’s closure on January 30, 2022.
• A three bedroom house on Trailridge Road built in 1974 in the Johnson Village neighborhood sold for $435,000. That’s 5.06 percent below the 2021 assessment of $458,200 and 16.73 percent below the 2022 assessment of $522,400. 
• A six bedroom single-family house on Monte Vista Avenue in Fry’s Spring sold for $450,000. That’s 11.3 percent above the 2021 assessment of $404,300 and 5.54 percent below the 2022 assessment of $476,400. 

February 28, 2022

• A two bedroom unit in the cul-de-sac at Riverbluff Circle above the Rivanna River in Woolen Mills sold for $468,000. That’s 19.97 percent over the 2022 assessment of $390,100. This unit was made possible through a Planned Unit Development approved by City Council in 2004. 
• A four bedroom house on Lehigh Circle in the Greenbrier neighborhood sold for $522,600. That’s 32.77 percent over the 2021 assessment of $393,600 and 21.42 percent over the 2022 assessment.