Information Charlottesville

Welcome to another summary list of property transactions in Charlottesville. I have been doing these monthly lists for almost two years as a way of better understanding the city I’ve been documenting for a long while now. I still have a lot to learn.

I started this after I wrote a series of article about a rezoning request on Booker Street in the city’s Rose Hill neighborhood that required research into land use records. I kept it up, and thought this was work people might be interested in. 

Since resuming writing about land use applications and policy in 2020, one of the main stories has been the adoption of a Comprehensive Plan update which resulted in a new document adopted in November 2021. The central theme of the update is to increase the amount of residential units across the entire city, especially in single-family neighborhoods. You can find all of my stories on this in the Land Use – Charlottesville section of Information Charlottesville.

How will this all manifest itself? What’s happening now? What will the market look like in a year?

None of what you’ll see in this summary has any claims about what will happen. I simply think it’s crucial to write down what is happening in the property market and to continue this work each month. But, I’m always interested in knowing what people think.

The details below will be available to paid Substack subscribers first and then will be posted to Information Charlottesville on Monday.  I am very grateful to the support of the audience and hope that many more of you will consider becoming a subscriber. If you do, Ting will match your initial payment. 

I try to follow a few guidelines while doing this work: 

• I will frequently list the transaction’s percentage over (or under) the 2021 assessment to give a sense of how much property values jumped this past January.  I’m doing that fewer times now as I get ready to begin tracking prices over 2023 assessments. 
• I never name individuals who make purchases, but I do identify corporations. 
• Sources include Charlottesville GIS, the Charlottesville Open Data Portal, and the Charlottesville building permit search. 
• I list the property’s Comprehensive Plan designation in the Future Land Use Map as well as the acreage. The city is in the midst of updating the zoning code to facilitate development. 

October 3, 2022

• A three bedroom house on Kent Road in the Lewis Mountain neighborhood sold for $1,006,000. That’s 26.37 percent over the 2021 assessment of $796,100 and 9.89 percent over the 2022 assessment of $915,500. (General Residential, 0.373 acres)
• An entity called Monticello Baudelaire LLC purchased a one-bedroom unit in the Monticello Overlook Apartments for $148,000. That’s 18.88 percent over the 2022 assessment of $124,500 for the 490 square foot property. (Higher-Intensity Residential, N/A)
• A three bedroom house on Huntley Avenue in the Fry’s Spring neighborhood sold for $614,900. That’s 15.26 percent over the 2022 assessment of $533,500 for a structure built in 2017. (General Residential, 0.083 acres)
• A 0.17 acre vacant lot in the 800 block of Ridge Street sold for $80,000. That’s 3.9 percent over the 2022 assessment of $77,000. (General Residential, 0,17 acres)
• A four bedroom house in the 1100 block of Little High Street sold for $957,000 to an entity called Hinton 826 LLC. That’s 12.68 percent over the 2022 assessment of $849,300. (General Residential, 0.48 acres)
• A newly constructed house in the 400 block of Lochlyn Hill Drive sold for $1,163,435. The structure is 3,392 square feet and has three bedrooms. Arcadia Builders paid $202,860for the lot on March 21, 2022. (General Residential, 0.179 acres)

October 4, 2022

• A two bedroom house in the 1000 block of Blenheim Drive in the Belmont neighborhood sold for $481,000. That’s 46.07 percent over the 2022 assessment of $329,300. The previous owner installed a rooftop solar array in 2020.  (General Residential, 0.139 acres)
• A three bedroom house on Henry Avenue in the Rose Hill neighborhood sold for $429,000. That’s 71.12 percent over the 2022 assessment of $250,700. The previous owners installed a rooftop solar array in 2019 and a new gas line in 2021. (General Residential – Sensitive Communities, 0.103 acres)
• A three bedroom house on Briarcliff Avenue in the Fifeville neighborhood sold for $449,000. That’s 36.68 percent over the 2022 assessment of $328,500. The previous owner upgraded the electric service in 2020. The last time this this property sold was in September 2019 for $285,000. The assessment that year was $241,500. (General Residential – Sensitive Communities, 0.253 acres)

October 5, 2022

• A three bedroom house in the 1500 block of Cherry Avenue sold for $250,000 to an entity known as BENCO LLC. That’s 9.19 percent below the 2022 assessment of $275,300. (Medium Intensity Residential, 0.305 acres)

October 6, 2022

• Sam Rose LLC now owns a .102 acre undeveloped lot on Parkway Street in the North Downtown neighborhood. They paid $280,000 for the property. That’s 40.35 percent over the 2022 assessment of $199,500. (Medium Intensity Residential, 0.102 acres) 
• A three bedroom townhouse in the complex at Melbourne Park Circle sold for $363,000. That’s 14.33 percent over the 2022 assessment of $317,500. (Higher-Intensity Residential, N/A)

October 7, 2022

• A three bedroom house in the Johnson Village section of Shamrock Road sold for $370,000. That’s 13.46 percent over the 2021 assessment of $326,100 and 1.15 percent over the 2022 assessment of $365,800. (General Residential, 0.242 acres)
• KGB, LLC now owns 309 Valley Road Extended, a three bedroom house built in 1952. The entity paid $265,000 for the Fifeville neighborhood property. That’s 7.99 percent over the 2022 assessment of $245,400. (General Residential, 0.16 acres)

October 11, 2022

• A two bedroom house in the 1200 block of East Jefferson Street in the Woolen Mills neighborhood sold for $275,000. That’s 7.17 percent over the 2022 assessment of $256,600. (General Residential, 0.153 acres)
• A two bedroom house built in 1932 in the 700 block of Monticello Avenue in the Belmont neighborhood sold for $380,000. That’s 16.78 percent over the 2022 assessment of $325,400. (General Residential, 0.133 acres)

October 12, 2022

• A three bedroom house built in 1965 in the 1400 block of Monticello Road in the Belmont neighborhood sold for $330,000. That’s 44.17 percent over the 2022 assessment of $228,900. (Medium-Intensity Residential, 0.185 acres)

October 13, 2022

• A three bedroom house in the 2100 block of Tarleton Drive in the Greenbrier neighborhood sold for $385,000. The new owner is Paul’s Rental Properties LLC which has a Charlottesville address and owns ten other units. The transaction is 25.04 percent above the 2021 assessment of $304,300 and 7.85 percent over the 2022 assessment of $352,800. The last time this property sold was in June 1969 when it went for $23,250. (General Residential, 0.44 acres)
• A three bedroom house just constructed by Arcadia Builders on Lochlyn Hill Drive sold for $860,927. The company had purchased this lot in March for $200,655. (General Residential, 0.165 acres)
• A three bedroom house on Amherst Common built in 1999 in the Barracks / Rugby neighborhood sold for $700,000. That’s 24.78 percent over the 2021 assessment of $561,000 and 8.19 percent over the 2022 assessment of $647,000. (General Residential, 0.107 acres)

October 14, 2022

• A three bedroom house in the 500 block of Rougemont Avenue in the Belmont neighborhood sold for $202,000. That’s 4.58 percent below the 2022 assessment of $211,700. This house is now on the market again for $300,000 and here’s a blurb from Zillow:
  “Great opportunity in Belmont for unique Rancher on a basement that would be ideal for a homeowner or investor. Perfect for future Airbnb. Home is being sold ‘AS IS’.” (General Residential, 0.149 acres)
• A three bedroom house on Sherwood Road in the Barracks / Rugby neighborhood sold for $430,000. That’s 7.69 percent below the 2022 assessment of $465,800. (Medium Intensity Residential, 0.3 acres)

October 17, 2022

• A three bedroom house on Lankford Avenue in the Ridge Street neighborhood sold for $440,000. That’s 15.21 percent over the 2021 assessment of $381,900 but 8.52 percent below the 2022 assessment of $481,000. This structure was build in 2004 as part of a planned unit development. (General Residential – Sensitive Communities, 0.097 acres)
• A three bedroom house in the 1600 block of Meridian Street in the Belmont neighborhood sold for $400,000. That’s 27.15 percent over the 2022 assessment. (General Residential, 0.23 acres)

October 18, 2022

• A three bedroom townhouse on Old Fifth Circle in the Fry’s Spring neighborhood sold for $363,800 to MM and G Holdings LLC. That transaction is 21.71 percent over the 2022 assessment of $298,900. (Medium-Intensity Residential, 0.042 acres)
• MM and G Holdings LLC purchased another property in the 900 block of Rives Street in Belmont for $330,000. That’s 14.19 percent over the 2022 assessment of $289,000. The structure is a three bedroom house built in 1946. (Medium-Intensity Residential, 0.31 acres)

October 19, 2022

• A one bedroom unit in the Cedars sold for $105,000. That’s 19.32 percent over the 2022 assessment of $88,000. (Urban Mixed Use Node, N/A)
• An entity associated with the University of Virginia Foundation purchased 2119 Ivy Road for $2.575 million. That’s 177.66 percent over the 2022 assessment of $927,400. 
  
  The 0.46 acre site is between Copeley Road and the section of the Ivy Square Shopping Center the Foundation purchased last December for $20 million. The Foundation has been slowly assembling properties on Ivy Road for many years. The property remains on the tax rolls until transferred to the Board of Visitors. RMD Properties continues to own 2117 Ivy Road.
  
  The City Assessor has determined that the transaction at 2119 Ivy Road is an invalid sale, which means it will not factor into the calculation of fair market value in the 2023 assessments. (Urban Mixed Use Corridor, 0.46 acres)

October 20, 2022

• A four bedroom house built at 1008 Peartree Lane in the Locust Grove neighborhood sold for $425,000. That’s 9.28 percent over the 2021 assessment of $388,900 and 5.3 percent below the 2022 assessment of $448,000. (General Residential, 0.216 acres)
• A three bedroom house on Tarleton Drive in the Greenbrier neighborhood sold for $535,000. That’s 13.88 percent over the 2022 assessment of $469,800. (Medium Intensity Residential, 0.38 acres)
• A two bedroom house in the 1000 block of Carlton Avenue sold for $349,900. That’s 53.06 percent over the 2022 assessment of $228,600. (Neighborhood Mixed Use Node, 0.096 acres)

October 21, 2022

• A four bedroom house built in 2020 on Highland Avenue sold for $740,000. That’s 43.86 percent over the 2022 assessment of $514,000. (General Residential, 0.12 acres)
•  A three bedroom house on Huntley Avenue built in 2018 as part of a planned unit development sold for $575,000. That is 13.82 percent over the 2022 assessment of $505,200. (General Residential, 0.084 acres)
• The Charlottesville Redevelopment and Housing Authority has purchased 818 Montrose Avenue. The structure has four bedrooms split among two units and the CRHA hopes to add a third unit. The entity paid $355,000, which is 21.78 percent over the 2022 assessment of $291,500. This is the second property CRHA has bought this year. The other was a purchase of two duplexes on Coleman Street (read the story). (General Residential, 0.139 acres)
• Flint Rock Builders LLC is the new owner of a vacant lot on Riverside Avenue in the Woolen neighborhood. They paid $170,000 for the 0.13 acre parcel that is within the River’s Edge planned unit development. The transaction is 47.19 percent over the 2022 assessment of $115,000. (General Residential, 0.13 acres)
• An entity called 2119 Ivy Road LLC has purchased the building at 1248 Emmet Street N where Zaxxby’s operates. The sales price was $2.25 million, which is 9.33 percent over the 2022 assessment of $2,057,900. (Urban Mixed Use Node, 0.77 acres)

October 25, 2022

• A three bedroom house built in 1961 on Wayne Avenue in the Meadows neighborhood sold for $386,000. The transaction is 30.14 percent over the 2022 assessment of $296,600. (General Residential – Sensitive Communities, 0.333 acres) 

October 26, 2022

• A four bedroom house in the 1100 block of Rugby Road sold for $1.38 million. The sales price is 0.78 percent below the 2022 assessment of $1,390,900. Copperhead Properties purchased the property in June 2021 for $625,000 and made major renovations. (Medium Intensity Residential, 0.33 acres)
• A three bedroom house on Village Court in the Johnson Village neighborhood sold for $429,000. That’s 30.04 percent over the 2022 assessment of $329,900. (General Residential, 0.251 acres)
• An entity called 1513 Cherry Avenue LLC purchased a two bedroom  house at 1513 Cherry Avenue for $305,000 from an entity called Macrophage LLC. The transaction is 16.06 percent over the 2022 assessment of $262,800. (Medium Intensity Residential, 0.3 acres) 

October 27, 2022

• A three bedroom house on Winston Road in the Venable neighborhood sold for $725,000. That’s 9.52 percent over the 2021 assessment of $662,000 and 2.66 percent over the $706,200. (General Residential, 0.288 acres)
• A two bedroom house on 12th Street NE in the Martha Jefferson neighborhood sold for $374,000. That’s 42.48 percent above the 2022 assessment of $262,500. (General Residential, 0.179 acres)
• A three bedroom house on Center Avenue in the Fry’s Spring neighborhood sold for $360,000. That’s 20.51 percent below the 2022 assessment of $452,900. (General Residential, 0.172 acres)

October 28, 2022

• A house split it into two units at 225 Douglas Avenue sold for $1.183 million and the new owner is Douglas Avenue LLC. That company has the same address as The Local. Both properties share the Neighborhood Commercial Corridor zoning that has allowed for restaurants and businesses in a portion of the Belmont neighborhood. The transaction was 82.59 percent over the 2022 assessment (Neighborhood Commercial Corridor, 0.22 acres)

October 31, 2022

• A three bedroom townhouse on Rives Street sold for $250,000. That’s 39.47 percent over the 2022 assessment of $178,900. (Medium Intensity Residential, 0.07 acres)

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