The 15th anecdotal look at the Charlottesville Property Market by a longtime land use reporter
To begin, the answer to the question in the last line of this installment is Medium Intensity Residential.
Nearly five months have passed since the Charlottesville City Council adopted a new Future Land Use Map that grants additional residential density for every single lot in Charlottesville. The table has been set for a more dense Charlottesville, and the property market appear to reflects enthusiastic support of changes that for land designated Middle Intensity Residential.
In this 15th installment of my parcel by parcel review of property transactions in Charlottesville, note that several properties with the Medium Intensity Residential designation are selling well over the 2022 assessment. That land use category is intended to “increase opportunities for housing development, including affordable housing, along neighborhood corridors, near community amenities, employment centers, and in neighborhoods that are traditionally less affordable.”
Still, it remains unknown how this land use designation will translate into more units as the Cville Plans Together initiative is only two thirds complete after adoption of an Affordable Housing Plan on March 1, 2021 and the Comprehensive Plan on November 15, 2021. Next up, the zoning rewrite.
Sometime this month, the city’s Neighborhood Development Services Department and Rhodeside & Harwell are expected to produce a “diagnostic report” to determine what zoning changes are needed to bring about the additional density.as well as an “approach report” that will lay out what those changes will be.
While that organizational work proceeds, actual reality continues to happen, transaction by transaction. In addition to many that continue to be well over assessment, Council continues to support additional residential density above the limits of the new Comprehensive Plan.
On April 4 they voted 4-1 to approve a rezoning and special use permit for 28 units on 0.62 acres at the end of Valley Road Extended. By right, the developer could have had between six and units.
The Comprehensive Plan designation? General Residential which simply states “allow for additional housing choice within existing residential neighborhoods throughout the city.” Eight of these units will be held below-market for a period of ten years, far short of the 20 recommended by the consultant HR&A.
Does that one transaction portend the future? I don’t know. I just know I make my living paying attention to this. Every month, this is a premium for paid Substack subscribers who get a first look before it’s posted to Information Charlottesville along with the other 14 installments. Go read those!
I intend no analysis, but produce this work to generate questions to guide my work.
Just the facts, fellow person. Please ask questions in the comments or drop me a line.
March 1, 2022
- A four bedroom house on University Circle in the Venable neighborhood sold for $1.375 million. That’s 49.55 percent over the 2022 assessment of $919,400 and 59.07 percent over the 2021 assessment of $864,400. The lot is 0.32 acres.
The new Comprehensive Plan designates this as Medium Intensity Residential, which seeks to “increase opportunities for housing development including affordable housing, along neighborhood corridors, near community amenities, employment centers, and in neighborhoods that are traditionally less affordable.” This structure was built in 1987. - A 1,268 square foot townhouse unit in the Linden Town Lofts in the Belmont neighborhood sold for $334,000, which is 0.51 percent over the 2022 assessment of $332,300 and 13.53 percent over the 2021 assessment of $294,200. This development dates back to 2009.
- A four bedroom house on Allen Drive in the Fry’s Spring neighborhood sold for $455,000. That’s 10.33 percent over the 2022 assessment of $412,400 and 21.53 percent over the 2021 assessment of $374,400.
- A four bedroom house split into two units on Raymond Avenue in the Fry’s Spring neighborhood sold for $497.000. That’s 17.13 percent over the 2022 assessment of $424,300 and 30.31 percent over the 2021 assessment of $381,400.
- A three bedroom house on Mobile Lane in the Fry’s Spring neighborhood sold for $380,000. That’s 9.29 percent over the 2022 assessment of $347,700 and 42.64 percent over the 2021 assessment of $266,400. There are no recent building permits for the property.
- A 758 square foot one-bedroom unit in a mixed-use building at 1001 Market Street sold for $320,000. That’s 16.53 percent over the 2022 assessment of $274,600 and 34.4 percent over the 2021 assessment of $238,100.
- A four bedroom house in the 1,000 block of St. Charles Avenue in the Locust Grove neighborhood sold for $520,000. That’s 21.24 percent over the 2022 assessment of $428,900 and 42.27 percent over the 2021 assessment of $365,500.
March 2, 2022
- An Austin, Texas based company called Jefferson Street Properties purchased a house at the end of Maywood Lane in the Jefferson Park Avenue neighborhood. The sales price for the 0.17 acre property and the three bedroom structure built in 1935 was $457,000. That’s 44.39 percent over the 2022 assessment of $316,500 and 51.63 percent over the 2022 assessment of $301,400. This property abuts the Norfolk Southern railroad and is within the Medium Intensity Residential Comprehensive Plan designation.
- A three bedroom house on Agnese Street in the Locust Grove neighborhood sold for $330,000. That’s 12.47 percent over the 2022 assessment of $293,400 and 39.12 percent over the 2021 assessment of $237,200.
March 4, 2022
- A two bedroom house in the 200 block of Meade Avenue sold for $260,000. That’s 7.39 percent over the 2021 assessment of $242,100 and 5.69 percent below the 2022 assessment of $275,700.
- A three bedroom house on Marshall Street in the Locust Grove neighborhood sold for $330,000, a transaction that is 15.75 percent below the 2022 assessment of $391,700. However, this may not be considered a “arms-length transaction” given that the previous owner is remaining on the title.
- A four bedroom house in the 1800 block of Yorktown Drive sold for $970,000. That’s 20.02 percent over the 2022 assessment of $808,200. The structure was built in 1955 and sits on 0.77 acres of property. This property is designated as General Residential.
- A three bedroom house in the 1300 block of Poplar Street in the Martha Jefferson neighborhood sold for $337,000. That’s 4.76 percent over the 2022 assessment of $321,700 but 20.75 percent over the 2021 assessment of $279,100. This is also General Residential, but right across the street to Medium Intensity.
March 7, 2022
- A three bedroom house recently built in the Lochlyn Hill neighborhood near Pen Park sold for $739,993. The structure is 5,138 square feet in volume. The 0.128 acre lot was assessed at $160,000 this year.
March 8, 2022
- A three bedroom house on Roy’s Place in the Ridge Street neighborhood sold for $480,000. That’s 8.04 percent over the 2022 assessment of $444,300 and 24.51 percent over the 2021 assessment of $385,500. This structure was built in 2007 as part of a Planned Unit Development approved by City Council on July 21, 2003.
- A five-bedroom house on Morris Road in the Lewis Mountain neighborhood sold for $1.29 million. That’s 39.1 percent over the 2022 assessment of $931,100 and 59.96 percent over the 2021 assessment of $809,600. The structure was built in 1958 and is on 0.37 acres. This property has a General Residential designation in the Comprehensive Plan.
- A home built by the Thomas Jefferson Community Land Trust on Nassau Street sold for $236,500 to the second owner since its construction in 2020. The City of Charlottesville granted $240,000 to the land trust to purchase four lots and this is one of those units. The price is 2.67 percent below the 2022 assessment of $243,000, but 6.77 percent above the 2021 assessment.
The new purchaser bought the property from a member of the board of the Piedmont Community Land Trust, which is the new name for the organization.
March 9, 2022
- A small apartment building in the 2000 block of Jefferson Park Avenue sold for $800,000. That’s 45.69 percent over the 2022 assessment of $549,100 and 62.1 percent over the 2021 assessment of $493,600. The building was constructed in 1957 and is on 0.226 acres.
The property is currently zoned R-3 and the Future Land Use Map designates the land as Urban Mixed Use Corridor. That calls for “higher intensity mixed use development arranged along corridors between employment, commercial, and civic hubs of the city.”
UPDATE: This parcel is the subject of a Special Use Permit request for a new building with a maximum of 119-units. This goes before the Charlottesville Planning Commission on Tuesday, April 12, 2022. - A vacant lot in the Oaklawns development in the Fry’s Spring neighborhood sold for $65,000. That’s 56.67 percent below the 2022 assessment for the 0.248 acre property.
March 10, 2022
- A four bedroom house on Lyons Avenue in the North Downtown neighborhood. That’s 1.41 percent over the 2022 assessment of $590,700 and 8.61 percent over the 2021 assessment of $551,500.
- A company with a Park City, Utah address purchased 707 Rock Creek Road in Fry’s Spring for $425,000, which is 19.18 percent over the 2022 assessment of $356,000 and 38.44 percent over the 2021 assessment of $307,000. This is the fourth property that Saddleridge Partners have purchased this year in Charlottesville. This property is General Residential but is directly across from Medium Intensity Residential.
- A three bedroom house in the 1500 block of Cherry Avenue sold for $350,000. Let’s begin reviewing assessments with 2020’s numbers. The city assessed the property for $280,200 in 2020, making this transaction 24.91 percent over the 2020 value. The sale is 3.9 percent below the 2021 assessment of $364,200 and 17.71 below the 2022 assessment of $425,300. This property is in Medium Intensity Residential.
- A 1,271 square foot apartment in the building at 211 Cream Street sold for $425,000. That’s 3.58 percent over the 2022 assessment of $410,400 and 7.38 percent over the 2021 assessment of $395,800.
March 11, 2022
- A three bedroom house on Chisolm Place in the Woolen Mills neighborhood sold for $550,000. That’s 15.38 percent over the 2022 assessment of $476,700 and 28.18 percent over the 2021 assessment of $429,100. This is within General Residential.
March 15, 2022
- A four bedroom house in the 1,000 block of Elliott Avenue sold for $606,500. That’s 4.59 percent over the 2022 assessment of $579,900 and 22.43 percent over the 2021 assessment of $495,400. This property is designated Medium Intensity Residential.
March 16, 2022
- A three bedroom house on Valley Road in the Jefferson Park Avenue neighborhood sold for $550,000 to an entity called Jefferson Street Properties LLC. That’s 29.14 percent over the 2022 assessment and 46.35 percent over the 2021 assessment. The Future Land use Map designates this property is within the Medium Intensity Residential district.
- One half of a duplex in the 800 block of Ridge Street with three bedrooms sold for $246,000. That is 31.2 percent over the 2022 assessment of $187,500.
March 17, 2022
- An office building that could double as a house in the 400 block of Park Street in the North Downtown neighborhood sold for $525,000. That’s 8.36 percent below the 2022 assessment of $572,900.
- A new three bedroom house built as part of the Lochlyn Hill planned unit development sold for $806,222. The 0.127 acre lot was assessed at $160,000 earlier this year.
- A four bedroom house with 4,244 square feet on Hessian Road sold for $1.225 million. That’s 16.35 percent over the 2022 assessment of $1,051,300 and 33.2 percent over the 2021 assessment of $919,700. This is within the General Residential category.
March 18, 2022
- A three bedroom house built in 1964 on Edgewood Lane in the Venable neighborhood sold for $1.055 million. That’s 0.42 percent below the 2022 assessment of $1,059,500 and 5.73 percent over the 2021 assessment of $997,800.
- A four bedroom house in the 1400 block of Westwood Road in the Barracks / Rugby neighborhood sold for $1.15 million. That’s 45.75 percent over the 2022 assessment of $789,000 and 67.44 percent over the 2021 assessment of $686,800.
- A three bedroom house in the 700 block of Rock Creek Road in the Fifeville neighborhood sold for $305,000. That’s 1.19 percent over the 2022 assessment of $301,400 and 15.66 percent over the 2021 assessment of $263,700.
- A three bedroom house built in 2010 as part of the Huntley Planned Unit Development sold for $605,000. That’s 24.51 percent over the 2022 assessment of $487,300 and 35.29 percent over the 2021 assessment of $447,200.
The first sale for this house was $360,000 in October 2010. This is also within the General Residential land use category.
March 21, 2022
- Arcadia Builders picked up three undeveloped lots on Lochlyn Hill Drive for three separate prices. 706 sold for $157,658, 407 sold for $200,655 and 425 sold for $202,860. What will be the sales price for the new homes and how long will they take to be built? I reckon we’ll see these show up in October.
- A three bedroom house on Marshall Street in the Locust Grove neighborhood sold for $750,000. That’s 8.35 percent over the 2022 assessment of $692,200 and 11.94 percent over the 2021 assessment of $670,000.
- A three bedroom house in the 700 block of West Street in the 10th and Page neighborhood sold for $645,000. That’s 14.44 percent above the 2022 assessment of $563,600 and 27.8 percent over the 2021 assessment of $504,700. The previous owner made several renovations, including a new screened-in porch and the addition of a bathroom to an existing shed.
According to the new Future Land Use Map, this is within a Sensitive Community Area which “allows for additional housing choice, and tools to mitigate displacement, within existing residential neighborhoods that have high proportions of populations that may be sensitive to displacement pressures. - A three bedroom townhouse on Brookwood Drive in the Ridge Street neighborhood sold for $365,000. That’s 7.76 percent over the 2022 assessment of $338,700 and 26.87 percent over the 2021 assessment of $287,700.
This unit was constructed in 2009 as park of the Brookwood Planned Unit Development approved by City Council on July 20, 2006.
March 22, 2022
- A three bedroom home in the 200 block of Stribling Avenue in the Fry’s Spring neighborhood sold for $315,000. That’s 2.74 percent above the 2021 assessment of $306,600, but 7.92 below the 2022 assessment of $342,100.
- A two bedroom house in the 400 block of Meade Avenue in the Woolen Mills neighborhood as well as an adjoining lot with frontage on Caroline Avenue sold for $298,450. That’s 10 percent above the 2021 assessment of $271,400 for both properties, but 6.76 percent below the 2022 assessment of $320,200.
The Meade Avenue property is within the Medium Intensity Density Residential category but the Caroline property is designated as General Residential. - A three bedroom home in the 1,000 block of Grove Street in the Fifeville neighborhood sold for $270,000. That’s 15.5 percent over the 2022 assessment of $233,600 and 25.06 percent over the 2021 assessment of $215,900.
March 23, 2022
- A duplex in the 900 block of Rives Street in the Belmont neighborhood sold for $449,000. This is also within a Sensitive Community Area. The purchaser is the North American Mission Board of the Southern Baptist Convention, Inc.
- A three bedroom single-family detached house on Castalia Street Extended in the Belmont neighborhood sold for $520,000 That’s 21.04 percent over the 2022 assessment of $429,600. The structure was built in 2020.
March 24, 2022
- A two bedroom house in the 900 block of Stonehenge Avenue in Belmont sold for $388,000. That’s 31.48 percent over the 2022 assessment of $295,1000 and 49.63 percent over the 2021 assessment of $259,300. Property records list this house as having 823 square feet. That’s $471.44 per square foot. The lot is 0.17 acres. This is designated as General Residential.
- A three bedroom house on Meadowbrook Heights Road in the Greenbrier neighborhood sold for $900,000. That’s 28.81 percent over the 2022 assessment of $698,700 and 50.63 percent over the 2021 assessment of $597,500. The property is 0.48 acres in size and is designated as Medium Intensity Residential in the Future Land Use Map.
- A three bedroom home in the 1400 block of Westwood Road in the Barracks / Rugby neighborhood sold for $511,000. That’s 55.6 percent over the 2022 assessment of $328,400 and 79.49 percent over the 2021 assessment of $284,700. There are no recent improvements that show up in the city’s building permit database. This is also designated as the Medium Intensity Residential in the Future Land Use Map.
- A four bedroom home in the 200 block of Monte Vista Avenue in the Fry’s Spring neighborhood sold for $485,000. That’s 15.97 percent above the 2022 assessment of $418,200. The 2021 number is comparable.
March 25, 2022
- A new four bedroom house in the 400 block of Lochlyn Hill Drive sold for $706,807. The lot was assessed at $160,000 in late January.
March 28, 2022
- A three bedroom house on Water Street Extended built in 2017 sold for $1.55 million. That’s 3.73 percent below the 2022 assessment of $1.61 million.
- A three bedroom townhome on Longwood Drive built in 2012 sold for $360,700. That’s 15.42 percent over the 2022 assessment of $312,500 and 27.37 percent over the 2021 assessment of $283,200.
- A five bedroom house on Rougemont Avenue in the Belmont neighborhood sold for $265,500. That’s 10.67 percent over the 2022 assessment of $239,900 and 21.73 percent over the 2021 assessment of $218,100. This property is within an area designated as Medium Intensity Residential. The purchaser is Down the Road LLC. The same company purchased a townhouse unit on Rives Street in February.
March 29, 2022
- A four bedroom house on Banbury Street in the Greenbrier neighborhood near Rio Road East sold for $312,500. That’s 3.91 percent below the 2022 assessment of $325,200. The 2021 number is comparable. This property is also designated as Medium Intensity Residential.
- An entity called 100 Zan Road LLC purchased two properties near the Seminole Shopping Center for $2.5 million. These include a vacant lot with frontage on India Road as well as the property that formerly housed a Chili’s franchise. The purchase price is 31.41 percent below the 2022 assessment of around $3.63 million.
This location is near the location of a proposed pedestrian bridge funded through Virginia’s Smart Scale process that will connect the city with Albemarle County at Stonefield.
March 30, 2022
- A three bedroom house on St. Anne’s Road in the Greenbrier neighborhood sold for $711,501. That’s 29.39 percent over the 2022 assessment of $549,900 and 40.28 percent over the 2021 assessment of $507,200. The water laterals were replaced in 2015 and a portion of the roof was replaced in 2016. This property is designated General Residential in the Future Land Use Map.
- A new three bedroom house built on Pen Park Lane as part of the Lochlyn Hill development sold for $737,995. The lot had been purchased by Arcadia Builders for $168,683 in October 2021.
- A four bedroom house on 13th Street NE in the Martha Jefferson neighborhood sold for $375,000. That’s 4.17 percent above the 2022 assessment of $360,000 and 8.79 percent over the 2021 assessment of $344,700.
March 31, 2022
- A two bedroom house on Huntley Avenue in the Fry’s Spring neighborhood sold for $525,000. That’s 26.63 percent over the 2022 assessment of $414,600 and 44.99 percent over the 2021 assessment of $362,100. The structure was built in 2014, but has had many building permits since. First, there was a fire in 2018 that required repair and the previous owners went ahead and added more interior space.
- A four bedroom house in the 100 block of Alderman Road in the Lewis Mountain neighborhood sold for $835,000. That’s 22.49 percent higher than the 2022 assessment of $681,700 and 40.86 percent over the 2021 assessment of $592,800.
- A three bedroom house in the 800 block of Rugby Road in the Venable neighborhood sold for $962,500. That’s 36.27 percent over the 2022 assessment of $706,300 and 45.61 percent above the 2021 assessment of $661,000. Can you guess what the Comprehensive Plan designation is for this property?
