Information Charlottesville

In the 26 months since I began writing up these summaries of property transactions in Charlottesville, this is one with the lowest volume to date and thus the shortest entry. I go through each sale in order to better understand what’s happening in land use and development. 

Sales volumes may be down, but my time capacity has also been down recently, so I’m a little late on getting this out. I’m also a little behind in writing about the Cville Plans Together initiative but I need to get this done before I can get to that. I hope to have a story on that out by Tuesday. Each parcel does list what the new zoning is currently expected for each property.

With regards to this summary, I don’t have the capacity to identify or quantify trends, but I do focus on comparing the sales price to recent assessments. There was another double-digit jump in Charlottesville from 2022 to 2023. Many of these transactions seem to be in line with that increase. But do remember that every transaction is unique to itself and there are likely circumstances I am not reporting here.

How will the market behave next? Ask a Realtor, or continue reading along with these summaries which are sent out to paid Substack subscribers first but will be posted to Information Charlottesville early next week. 

Comments? Observations? Please ask in the questions. 

February 1, 2023

• A three bedroom house on Grove Avenue built in 1956 sold for $575,000. That’s 17.28 percent over the 2022 assessment of $490,300 and 2.95 percent above the 2023 assessment of $558,500. (Residential-B, 0.581 acres)

February 2, 2023

• A four bedroom house on Dublin Road in the Johnson Village neighborhood sold for $485,000. That’s 21.22 percent over the 2022 assessment of $400,100 and 4.23 percent above the 2023 assessment of $465,300. (Residential-A, 0.271 acres)

February 6, 2023

• A three bedroom house on Rougemont Avenue in the Ridge Street neighborhood sold for $265,000. That’s 12.96 percent over the 2023 assessment of $234,600. (Residential-A, 0.149 acres)

February 7, 2023

• A four bedroom house built in 1920 on Rialto Street in the Belmont neighborhood sold for $410,000. That’s 7.45 percent below the 2023 assessment of $443,000. (Residential-A, 0.065 acres)

February 8, 2023

• A three bedroom house on Leigh Place in the Willoughby section of the Ridge Street neighborhood sold for $265,000. That’s 11.13 percent below the 2023 assessment of $298,200. (Residential-A, 0.178 acres)

February 9, 2023

• A two bedroom house in the 800 block of Ridge Street sold for $160,000 which is 30.53 percent below the 2023 assessment of $230,300. According to the deed, the property has been owned a woman named Linda J. Jones who died on December 7, 2021. (Residential-A, 0.172 acres)
• A person associated with the Great Eastern Resort Company bought 0.384 acres in the 400 block of Avon Street for $1.4 million. This land contains a building constructed in 1961 that was the home of the now closed Fox’s Cafe. I wrote more about this in the March 8, 2023 edition of C-Ville Weekly. Take a look! (Corridor Mixed Use 3, 0.384 acres)

February 10, 2023

• A five bedroom house on Moseley Drive in the Fry’s Spring neighborhood sold for $402,000. That’s 6.52 percent over the 2022 assessment of $377,400 and 2 percent below the 2023 assessment of $410,200. (Residential-A, 0.276 acres)
• Wise Owl Investments LLC is the new owner of 212 Shamrock Road. This is a three bedroom house built in 1946. The price is 30.28 percent over the 2022 assessment of $272,100 and 4.88 percent over the 2023 assessment of $338,000. (Residential-A, 0.197 acres)
• A four bedroom house on Hampton Street in the Belmont neighborhood sold for $180,000. That’s 37.33 percent below the 2023 assessment of $282,700. The previous owner purchased the property in September 1984 for $20,659. (Residential-A, 0.187 acres)
• A four bedroom house on Park Lane in the North Downtown neighborhood sold for $925,000. That’s 7.07 percent over the 2021 assessment, 0.39 percent over the 2022 assessment, and 3.61 percent below the 2023 assessment of $959,600. (Residential-A, 0.264 acres)

February 13, 2023

• A three bedroom house on Long Street in the Martha Jefferson neighborhood sold for $505,777. That’s 23.87 percent over the 2022 assessment of $408,300 and 5.86 percent above the 2023 assessment of $477,800. (Residential-A, 0.218 acres)

February 15, 2023

• A three bedroom townhouse on Hartford Court in the Ridgecrest complex in the Belmont neighborhood sold for $265,000. That’s 34.04 percent over the 2022 assessment of $197,700 and 5.24 percent over the 2023 assessment of $251,800. (Residential-C, 0.04 acres)

February 17, 2023

• An 825 square foot two bedroom unit in the apartment complex at 1800 Jefferson Park Avenue sold for $291,000. That’s 17.15 percent above the 2023 assessment of $248,400. (Commercial Mixed Use, N/A)

February 21, 2023

• A 3.7 acre property at 900 River Road along the Rivanna River has sold for $1.662 million to a firm called 900 River LLC. That traces back to Seven Development, the same firm that is seeking to develop a property a quarter-mile to the south with 245 units. This transaction is 44.72 percent over the 2023 assessment of $1,148,800.
  
  Shimp Engineering is overseeing a site plan approval for a by-right development with 77 apartment units and 2,000 square feet. At least, that’s what went before a site plan review conference last May. (Neighborhood Mixed Use 5, 3.701 acres) 

February 22, 2023

• A three bedroom house on Moseley Drive in the Fry’s Spring neighborhood sold for $350,000. That’s 0.37 percent over the 2022 assessment of $348,700 and 7.89 percent below the 2023 assessment of $380,000. 

February 23, 2023

• In June 2021, an entity called Route 250 Homes LLC purchased two houses off of Long Street for $277,400, which was 29.97 percent below the combined 2021 assessment. Since then, Council has approved a rezoning for up to 72 units that involves these properties as well as undeveloped land owned by the Mount View Baptist Church. Now an entity called Mount View Properties LLC has purchased these properties on Otter Street and Landonia Circle for $480,000. That’s 4.94 percent over the 2022 assessment but 19.95 percent below the combined 2023 assessment of $599,600. I last wrote about this development in early December 2022. (Residential-A, 0.487 acres)
• A three bedroom house built in 2019 on Morgan Court in the Fry’s Spring neighborhood sold for $515,000. That’s 9.18 percent above the 2023 assessment of $471,700. (Residential-A, 0.09 acres)
• An entity called 730 Walker Square 2D LLC bought a 785 square foot one bedroom apartment in the Walker Square complex for $270,000. That’s 16.78 percent over the 2022 assessment of $231,200 and 0.97 percent above the 2023 assessment of $267,400. (Residential Mixed-Use 5, N/A)

February 24, 2023

• In January, Quick Fix Real Estate purchased 1213 Little High Street for $208,000. The transaction was 53.65 percent below the 2023 assessment. Now a couple has purchased the property for $320,000. That’s still 28.7 percent below the 2023 assessment. Since then the couple began work renovating the house but had a stop work order placed on them due to the pack of a permit. They’ve since applied for the permit. (Residential-A, 0.172 acres)

February 27, 2023

• A one bedroom house in the 2500 block of Woodland Drive sold for $295,000. That’s 11.84 percent below the 2023 assessment of $334,600. (Residential-A, 0.184 acres)

February 28, 2023

• A four bedroom house on Cedar Hill Road in the Meadows neighborhood sold for $370,000. That’s 20.84 percent over the 2022 assessment of $306,2000 and 5.5 percent above the 2023 assessment of $350,700. This property is a block away from Stonefield in Albemarle County. (Commercial Mixed-Use 5, 0.388 acres)
• A four bedroom house on Monte Vista Avenue in the Fry’s Spring neighborhood sold for $405,000. That’s 18.21 percent over the 2022 assessment of $342,600 and 5.28 percent over the 2023 assessment of $384,700. (Residential-A, 0.14 acres)
• A three bedroom house on Sunset Road in the Fry’s Spring neighborhood sold for $315,000. That’s 22.74 percent below the 2023 assessment of $407,700. The 2022 assessment had been $364,000. (Residential-A, 0.1811 acres)