CHRA closes on purchase of Dogwood Housing and dozens of other June 2023 Charlottesville property transactions

Welcome to another edition of my monthly look at property transactions in Charlottesville produced as a premium piece of content on Charlottesville Community Engagement. The 550 or so paid subscribers to this newsletter got a first look on August 19, but now it is available on this archival website. Take a look at the ones from January 2021 to May 2023 here! 

The main point of this exercise is to get more eyes on the property market at a time when the City of Charlottesville is contemplating major changes to the zoning code to allow for more residential development. It has now been nearly two years since the new Comprehensive Plan paved the way for these new rules. The adopted and proposed changes from the Cville Plans Together initiative will eventually be reflected in the property market if they have not already. 

After every item, I list the property’s current designation in the draft zoning code as well as the property’s acreage. The ones in this edition come from the interactive map included in the draft Development Code that was released on August 15. 

Another reason why I do this is to develop a sense over time of how accurate real property assessments are each year. Assessors in Virginia must base their assessment on the fair market sales in an area. This monthly update is intended to serve as a snapshot of what’s happening. It’s just one look at one metric. No analysis is intended but conversation is welcome and encouraged.

In each blurb, I’ll track the position of each transaction above or below the current year’s assessment. I’ll make comparisons to previous years in order to demonstrate just how transactions continue to trend toward higher and higher sales prices. Except when they don’t.

Each transaction tells a story, and this summary is not exhaustive. But the more I do this, the more interesting it becomes.

Now, if you’re seeing this, you’re behind the paywall. But please feel free to email this edition of the newsletter to others. I am trying to grow the audience, but this premium content is intended to reward those of you who are helping me keep going!

June 1, 2023

• A five bedroom house on Stribling Avenue built in 1905 in the Fry’s Spring neighborhood sold for $500,000. The purchaser is Piedmont Realty Holdings I, LLC. This transaction is 15.71 percent over the 2022 assessment of $432,100 and 6.66 percent below the 2023 assessment of $535,700. This property abuts the site of 240 Stribling, a 169 unit project on about 12 acres rezoned by Council in April 2022. (Residential-A, 0.431 acres)
• A three bedroom house in the 400 block of Moseley Drive in the Fry’s Spring neighborhood sold for $430,000. That’s 39.34 percent over the 2022 assessment of $308,600 and 4.07 percent over the 2023 assessment of $413,200. (Residential-A, 0.418 acres) 
• A three bedroom house in the 2300 block of Banbury Street in the Greenbrier neighborhood sold for $400,000. That’s 13.8 percent over the 2022 assessment of $351,500 and 5.76 percent over the 2023 assessment of $378,200. This one was built in 1963. (Residential-B, 0.24 acres)

June 2, 2023

• One reason for this newsletter is to document the business of flipping houses in order to have a sense of how much can be gained from doing so. It’s confusing. On this day, someone bought a four bedroom house in the 1200 block of King Street in the Fifeville neighborhood for $465,000. That’s 9.10 percent over the 2023 assessment of $426,200 but that doesn’t tell the whole story. Cardinal Ventures bought the property in January for $175,000 that had been built in 1914. But the permits for the renovations were in the name of the previous owner before them. (Residential-A, 0.165 acres)
• A four bedroom house in the 200 block of Monte Vista Avenue in the Fry’s Spring neighborhood sold for $617,000. That’s 12.96 percent over the 2023 assessment of $546,200. (Residential-A, 0.238 acres)
• A three bedroom house built in 1951 on Thomson Road in the Lewis Mountain neighborhood sold for $897,000. That’s 43.15 percent over the 2023 assessment of $626,600. According to Realtor.com, the previous owners “reimagined, renovated” the structure. (Residential-A, 0.265 acres)
• A six bedroom house in the 700 block of Graves Street in the Belmont neighborhood sold for $780,000. That’s 50.93 percent over the 2023 assessment of $516,800. The house was originally built in 1920. A search of the building permits indicates that the previous owners made several renovations after purchasing the building in July 2013 for $280,000. (Residential-A, 0.099 acres)
• A four bedroom house also in the 700 block of Graves Street sold for $822,000. That’s 48.99 percent over the 2023 assessment of $551,700. (Residential-A, 0.112 acres)
• One half of a duplex built in 1994 on Riverside Avenue sold for $150,000. That’s 29.54 percent below the 2023 assessment of $212,900. (Residential-A, 0.89 acres)
• A 900 square foot one bedroom unit in Walker Square sold for $312,000. That’s 22.07 percent over the 2022 assessment of $255,600 and 5.58 percent over the 2023 assessment of $295,500. (Residential Mixed-Use 5, N/A)

June 5, 2023

• A two-unit house in the 800 block of King Street in the Fifeville neighborhood built in 2008 sold for $850,000. There is a three-bedroom section and a one-bedroom section. The transaction is 13.42 percent above the 2022 assessment of $749,400 and 3.27 percent below the 2023 assessment of $878,700. (Residential-A, 0.18 acres)
• A two bedroom built in 1920 in the 900 block of Charlton Avenue in the Rose Hill neighborhood sold for $215,000. That’s 26.69 percent over the 2022 assessment of $169,700 and 3.61 percent over the 2023 assessment of $207,500. (Residential-A, 0.115 acres)

June 6, 2023

• A three bedroom house built in 2010 on Huntley Avenue in the Fry’s Spring neighborhood sold for $665,000. That’s 21.51 percent above the 2023 assessment of $547,300. This same house sold for $495,000 in March 2020. (Residential-A, N/A)
• A three bedroom house on Thomson Road built in 1951 sold for $652,500 which is right in between the 2022 and 2023 assessment. The transaction is 5.81 percent above last year’s assessment of $616,700 and 6.72 percent below this year’s assessment of $699,600. (Residential-A, 0.346 acres)

June 7, 2023

• A three bedroom house built in 1920 in the 300 block of 10 ½ Street NE sold for $375,000. That’s 16.75 percent over the 2022 assessment of $321,200 and 5.49 percent over the 2023 assessment of $355,500. (Residential-A, 0.101 acres)
• Mountain View Properties LLC purchased 1200 Landonia Circle in the Locust Grove neighborhood for $490,000. That’s 15.35 percent over the 2022 assessment of $424,800 and 1.32 percent over the 2023 assessment of $483,600. (Corridor Mixed Use 5, 0.24 acres) 
• A three bedroom house built in 1963 on Trailridge Road in the Johnson Village neighborhood sold for $410,000. For this one we go back to the 2021 assessment of $380,800. This transaction is 7.67 percent above that amount. This sale price is 0.8 percent below the 2022 assessment of $413,300 and 14.65 percent below the 2023 assessment of $480,400. (Residential-A, 0.258 acres)
• A four bedroom townhouse on Rainier Road in the Cherry Hill development in the Fry’s Spring neighborhood sold for $465,000. That’s 13.14 percent of the 2022 assessment of $411,000 and 5.56 percent above the 2023 assessment of $440,500. (Residential-C, N/A) 
• A three bedroom townhouse on Longwood Drive built in 2017 sold for $385,000. That’s 11.76 percent over the 2023 assessment of $344,500. (Residential-C, 0.036 acres)
• A two bedroom house on Roy’s Place built in 2006 in the Ridge Street neighborhood sold for $395,000. That’s 13.67 percent above the 2022 assessment of $347,500 and 7.1 percent over the 2023 assessment of $368,800. (Residential-A, 0.065 acres)

June 8, 2023

• On December 1, 2022, Rich Valley Holdings purchased 839 Ridge Street for $160,000. On this day a couple purchased the renovated two bedroom home for $405,000. That renders the 2023 assessment of $145,400 more or less irrelevant. What will the assessment be for 2024? (Residential-A, 0.22 acres)
• One half of a duplex on Orangedale Drive in the Fifeville neighborhood sold for $254,000. That’s 17.32 percent over the 2023 assessment of $216,500. (Residential-A, 0.084 acres) 
• A three bedroom house on McElroy Drive in the Fry’s Spring neighborhood sold for $513,500. That’s 21.71 percent over the 2023 assessment of $421,900. (Residential-A, 0.27 acres)
• A four bedroom house on Morgan Court built in 2007 as part of the Huntley Avenue Planned Unit Development sold for $650,000. That’s 25.82 percent over the 2023 assessment of $516,600. (Residential-A, 0.08 acres)
• A three bedroom house in the 1400 block of Chesapeake Street sold for $577,500. That’s 17.14 percent over the 2023 assessment of $493.000. (Residential-A, 0.184 acres)

June 9, 2023

• Another three bedroom house on Morgan Court sold for $529,000. That’s 19.39 percent above the 2023 assessment of $443,100. (Residential-A, 0.086 acres)
• One half of a duplex on Orangedale Avenue sold for $219,300. That’s 21.7 percent over the 2023 assessment of $180,200. (Residential-A, 0.08 acres)
• A three bedroom house in the 300 block of 6th Street SW in the Fifeville neighborhood sold for $370,000. That’s 20.72 percent above the 2022 assessment of $306,500 and 0.03 percent below the 2023 assessment of $370,100. (Residential-A, 0.098 acres)
• A two bedroom house in the 900 block of Elliott Avenue sold for $620,000. That’s 25.99 percent over the 2023 assessment of $492,100. (Residential-B, 0.139 acres)
• A newly built four bedroom townhouse on Rialto Street sold for $595,000. (Residential-A, 0.07 acres)
• A four bedroom house on Foxbrook Lane in the Greenbrier neighborhood sold for $759,000. That’s 19.83 percent above the 2022 assessment of $633,400 and 5.07 percent over the 2023 assessment of $722,400. (Residential-B, 0.33 acres)

June 12, 2023

• A four bedroom house built in 1961 on University Circle in the Jefferson Park Avenue neighborhood sold for $1.25 million. That’s 20.46 percent over the 2022 assessment of $1,037,700 and 7.18 percent over the 2023 assessment of $1,116,300. (Residential-A, 0.43 acres)
• A 1,119 square foot two bedroom apartment in Walker Square sold for $365,000. That’s 16.06 percent over the 2022 assessment of $314,500 and 0.50 percent above the 2023 assessment of $363,200. (Residential Mixed-Use 5, N/A)

June 13, 2023

• A 496 square foot unit in the Monticello Overlook apartments sold for $100,000. That’s 30.56 percent below the 2023 assessment of $144,000. (Residential Mixed-Use 3, N/A)
• A six bedroom house in the 700 block of Avon Street sold for $750,000. That’s 25.04 percent over the 2022 assessment of $599,800 and 6.5 percent over the 2023 assessment of $704,200. (Residential-C, 0.24 acres)
• A two bedroom house on Riverbluff Circle in the Woolen Mills neighborhood sold for $456,000. That’s 16.89 percent above the 2022 assessment of $390,100 and 1.81 percent above the 2023 assessment of $447,900. The last time this house sold was in February 2022 when the previous owners bought it for $468,000. (Residential-A, 0.056 acres)

June 14, 2023

• A two bedroom house on Sheridan Avenue sold for $330,000 to an Orlando-based LLC called Zirginia Properties. That’s 1.48 percent over the 2023 assessment for this Locust Grove neighborhood property. (Residential-A, 0.167 acres)
• A three bedroom house on Leonard Street in the Belmont neighborhood sold for $375,000. That’s 17.44 percent above the 2023 assessment of $319,300. (Residential-A, 0.198 acres)
• A two bedroom house on Harris Road in the Fry’s Spring neighborhood built in 1940 sold for $400,000. That’s 28.21 percent above the 2023 assessment of $312,000. (Residential-B, 0.579 acres)
• A three bedroom house built in 2020 on Highland Avenue sold for $660,000. That’s 21.26 percent over the 2023 assessment of $544,300. (Residential-A, 0.129 acres)

June 15, 2023

• A five bedroom house on Glenn Court in the Greenbrier neighborhood sold for $701,550. That’s 38.37 percent over the 2023 assessment of $507,000. (Residential-A, 0.52 acres)
• A two bedroom house in the 1000 block of St. Clair Avenue in the Locust Grove neighborhood sold for $382,500. That’s 29.7 percent over the 2022 assessment of $294,900 and 5.49 percent above the 2023 assessment of $362,600. (Residential-A, 0.153 acres)
• A three bedroom house on Roades Court in the Ridge Street neighborhood sold for $56,5000. This structure was built in 2015 as part of the Burnet Commons development, the result of a planned unit development. The transaction is 26.03 percent over the 2023 assessment of $448,300. (Residential-B, 0.04 acres)
• A three bedroom house in the 1300 block of Rugby Road sold for $980,000. That’s 36.81 percent over the 2023 assessment of $716,300. (Residential-B, 0.25 acres)

June 16, 2023

• A three bedroom house on Westview Road in the Venable neighborhood sold for $680,000. That’s 21.5 percent below the 2023 assessment of $866,200. One thing to note is that the structure built in 2002 is on a very small parcel in comparison to its neighbors. (Residential-A, 0.15 acres)
• A two bedroom house in the 700 block of Nassau Street in the Belmont neighborhood sold for $150,000. That’s 50 percent below the 2023 assessment of $300,000. (Residential-A, 0.143 acres)
• A two bedroom house on Nelson Drive in the North Downtown neighborhood sold for $425,000. That’s 13.9 percent below the 2023 assessment of $493,600.(Residential-A, 0.231 acres)
• A 1,119 square foot two-bedroom unit in Walker Square sold for $382,000. That’s 19.19 percent above the 2022 assessment of $320,500 and 3.22 percent above the 2023 assessment of $370,1000. (Residential Mixed Use 5, N/A)
• A four bedroom house built in 2015 in the Burnet Common on Burnet Way sold for $550,000. That’s 19.33 percent over the 2021 assessment of $460,900 and 1.72 percent above the 2023 assessment of $540,700. (Residential-A, 0.06 acres)

June 20, 2023

• A four bedroom townhouse on Longwood Drive built in 2017 sold for $430,000. That’s 9.22 percent over the 2023 assessment of $393,700. (Residential-C, 0,061 acres)

June 21, 2023

• Faroooui Holdings of Staunton purchased 1642 Meridian Street in Belmont for $190,000. That’s 40.48 percent below the 2023 assessment of $319,200. (Residential-A, 0.237 acres)
• A two bedroom house built in 1910 in the 900 block of Avon Street in Belmont sold for $505,000. That is 25.62 percent above the 2023 assessment of $402,000. (Residential-C, 0.093 acres)
• One half of a duplex in the 1200 block of Holmes Avenue in the Locust Grove neighborhood sold for $165,000. That’s 17.04 percent below the 2023 assessment of $198,900. (Residential-A, 0.086 acres)
• A four bedroom house built in 1962 in the 1200 block of Kenwood Lane in the Greenbrier neighborhood sold for $425,000. That’s 8.72 percent above the 2022 assessment of $390,900 and 4.41 percent below the 2023 assessment of $444,600. (Residential-A, 0.347 acres)
• A four bedroom house in the 2400 block of Kerry Lane in the Greenbrier neighborhood sold for $927,000. That’s 30.75 percent over the 2023 assessment of $709,000. The previous owners screened in the front porch in 2019 and installed a new gas water heater in 2022. (Residential-B, 0.44 acres)
• A two bedroom house in the 1000 block of 2nd Street SE in the Ridge Street neighborhood sold for $290,000. That’s 30.62 percent below the 2023 assessment of $418,000. (Residential-A, 0.16 acres)

June 22, 2023

• A three bedroom house built in 1961 with an address in the 600 block of the 250 Bypass sold for $420,000. That’s 0.33 percent over the 2022 assessment of $418,600 and 8.28 percent below the 2023 assessment of $457,900. (Residential-A, 0.311 acres)
• A three bedroom house in the 200 block of Stribling Avenue built in 1946 sold for $605,000. That’s 25.57 percent above the 2022 assessment of $481,600 and 7.44 percent over the 2023 assessment of $563,100. (Residential-A, 0.44 acres)

June 23, 2023

• A 1,119 square foot two bedroom apartment in Walker Square sold for $375,000. That’s 19.24 percent over the 2022 assessment of $314,500 and 3.25 percent over the 2023 assessment of $363,200. (Residential Mixed-Use 5, N/A)
• A three bedroom house on Meadowbrook Court in the Greenbrier neighborhood sold for $570,000. That’s 7.87 percent over the 2022 assessment of $528,400 and 5.28 percent below the 2023 assessment of $601,800. (Residential-A, 1.04 acres)
• A three bedroom house in the 700 block of Village Road in the Johnson Village neighborhood sold for $455,000. That’s 17.94 percent above the 2023 assessment of $385,800. (Residential-A, 0.2 acres)
• A five bedroom house built in 2012 on Riverbluff Circle sold for $825,000. That’s 47.48 percent above the 2023 assessment of $559,400. (Residential-A, 0.103 acres)

June 26, 2023

• A three bedroom house on Glendale Road in the Locust Grove neighborhood sold for $440,000. That’s 13.05 percent above the 2023 assessment of $389,200. (Residential-A, 0.2 acres)

June 27, 2023

• A four bedroom house in the 900 block of Page Street originally built in 1925 sold for $515,000. The seller is McGrain Properties LLC, an entity that acquired the title on July 6, 2021, nearly nine years after a couple picked up the property for $108,000 from Fannie Mae. (Residential-A, 0.152 acres)
• A four bedroom house in the 1400 block of Hampton Street in the Belmont neighborhood sold for $362,500. That’s 8.37 percent above the 2022 assessment of $334,500 and 14.83 percent below the 2023 assessment of $425,600. (Residential-A, 0.365 acres)
• Blackstone Homes LLC purchased 210 Little Graves Street for $380,000. That’s 25.87 percent over the 2022 assessment of $301,900 and 6.83 percent over the 2023 assessment of $355,700. (Residential-A, 0.0976 acres)

June 28, 2023

• A four bedroom house in the 100 block of Stribling Avenue sold for $420,000. That’s 10.35 percent over the 2023 assessment of $380,600. (Residential-B, 0.42 acres)
• A two bedroom house in the 2300 block of Fontaine Avenue sold for $580,000. That’s 55.45 percent of the 2023 assessment of $373,100. (Corridor Mixed Use 5, 0.235 acres)
• A two bedroom house in the 1600 block of Brandywine Drive in the Greenbrier neighborhood sold for $681,501. That’s 9.25 percent above the 2023 assessment of $623,800. (Residential-A, 0.56 acres)
• A 698 square foot one-bedroom unit in the Cedars apartment complex sold for $157,000. That’s 13.77 percent above the 2023 assessment of $138,000. (Neighborhood Mixed-Use, N/A)

June 29, 2023

• A two bedroom house in the 800 block of Altavista Avenue in Belmont sold for $585,000. That’s 37.71 percent over the 2023 assessment of $424,800. The previous owner purchased the house for $285,000 and made several renovations including new plumbing and new bathrooms. (Residential-A, 0.139 acres)
• A three bedroom house on Monte Vista Avenue in Fry’s Spring sold well under assessment at $175,000. That’s 46.04 percent below the 2023 valuation of $324,300. (Residential-A, 0.165 acres)
• State Street Investment Property LLC bought 1626 Mulberry Avenue for $503,500. That’s 24.38 percent over the 2023 assessment of $404,800. (Residential-A, 0.258 acres)
• A three bedroom house built in 1971 on Hartman’s Mill Road sold for $285,000. That’s 25.55 percent over the 2023 assessment of $227,000. (Residential-A, 0.129 acres)
• A three bedroom house built in 1919 on Graves Street in Belmont sold for $646,000. (Residential-A, 0.102 acres)

June 30, 2023

• A 906 square foot two bedroom unit in an apartment building at 1215 Wertland sold for $215,500. That’s 19.32 percent over the 2023 assessment of $180,600. (Residential Mixed Use 5, N/A)
• A 900 square foot one-bedroom unit in Walker Square sold for $306,00. There’s some fun math going on in this one. That transaction is 17.6 percent of the 2022 assessment of $260,200 and 1.76 percent of the 2023 assessment of $300,700. (Residential Mixed-Use 5, N/A)
• Kadalexa LLC is the new owner of 218 Sunset Avenue. The structure built in 1957 is listed in city records as multifamily and listed as having five bedrooms. The transaction is 14.94 percent above the 2022 assessment of $295,800 and 1.16 percent below the 2023 assessment of $344,000. (Residential-A, 0.287 acres)
• A two bedroom house in the 1100 block of Montrose Avenue sold for $440,000. That’s 13.26 percent above the 2022 assessment of $388,500 and 0.32 percent below the 2023 assessment of $388,500. (Residential-A, 0.139 acres)
• A four bedroom house on Cambridge Circle in the Barracks / Rugby neighborhood sold for $590,000. That’s 19.14 percent of the 2022 assessment of $495,200 and 4.83 percent above the 2023 assessment of $562,800. (Residential-A, 0.17 acres)
• A three bedroom house built in 1930 in the 1000 block of Locust Avenue in the Locust Grove neighborhood sold for $632,000. That’s 22.74 percent over the 2023 assessment of $514,900. (Residential-A, 0.207 acres)
• A five bedroom house built in 1970 on Westview Road in the Venable neighborhood sold for $1.4 million. That’s 10.96 percent below the 2023 assessment of $1,572,300. (Residential-A, 0.346 acres)
• The Charlottesville Redevelopment and Housing Authority’s purchase of dozens of affordable rental units from Woodard Properties was completed in two separate transactions totaling $10 million.
  
  One of these for 21 separate parcels across the city was for $7,693,589. By my calculations, the properties had a total 2023 assessment of $7,594,700 making this transaction 1.3 percent over the amount.
  
  The remaining four properties sold for $2,306,411. These are at 511 Ridge Street, 710 Ridge Street, 700 West Street, and 702 West Street. By my calculations, the properties had a total 2023 assessment of $1,742,800. That’s 32.34 percent over the assessment. (Various, N/A)