October 2023 transactions: Piedmont Community Land Trust sells attached unit in Orangedale, keeps the lot

Every month, I write up property transactions in the City of Charlottesville to try to understand what’s happening and to see if I can identify any patterns. I’ve been writing about land use matters in this community for over 15 years now, and I still feel I have a lot to learn. I’m hopeful my research helps the education of others as well. 

This summary of what transpired in October is the first I have published since the Charlottesville City Council adopted the new zoning code on December 18. That was the final of three legs of the Cville Plans Together initiative and now we wait to see what results come from a new set of rules that increase allowable building space throughout the entire city. 

The other two legs were the adoption of an Affordable Housing Plan in March 2021 and a Comprehensive Plan in November 2021. The latter included a Future Land Use Map that called for more residential density. 

This particular summary takes notice of the difference between assessments from 2021 to 2023. There was an across-the-board increase of 10.77 percent in 2022 and 12.33 percent in 2023. What will the figure be in 2024, and are there clues in the property transactions for this year? 

This installment was made available first for paid subscribers as one of the only premium items. It was posted to Information Charlottesville on January 3, 2024 for everyone else. Please do consider buying a paid subscription to help ensure I can keep doing all of the work I do. Take a look at summaries from January 2021 to September 2023 here!

October 2, 2023

• The first transaction of the month is a significant one. Perhaps the most vulnerable section of Charlottesville in terms of displacement pressure is the Orangedale neighborhood in Fifeville. There are dozens of single-family attached homes and the prices have been increasing. The Piedmont Housing Alliance has been purchasing some of the units for the Piedmont Community Land Trust.
  
  One of them on Prospect Avenue sold on this day for $160,000. As part of the sale, the Piedmont Housing Alliance gifted the lot to the Piedmont Community Land Trust. The assessed value of the three bedroom house is $146,800 making this transaction 8.99 percent over the assessment. PHA paid $211,265 for the property in December 2021. (Residential-A, 0.083 acres)
• A four bedroom house built in 1965 on Dell Lane in the Locust Grove neighborhood sold for $420,000. That’s 9.54 percent below the 2023 assessment of $464,300. (Residential-A, 0.25 acres)

October 3, 2023

• A 0.07 acre lot on 10th Street NW right behind 1001 West Main Street sold for $180,000. The purchaser is 202 10th Street LLC, a company named after an address owned by a company called 1817 House LLC. That firm also owns 1211 and 1213 West Main Street. Anyway, this purchase is 26.56 percent below the 2023 assessment of $245,100. (Corridor Mixed Use 8, 0.07 acres)

October 4, 2023

• A three bedroom house in the 500 block of 9th Street SW in the Fifeville neighborhood sold for $270,500. That’s 19.8 percent below the 2023 assessment of $337,300. The purchaser for this transaction is Blue Ridge Realty Holdings LLC. On the same day, the property was gifted to a couple. (Residential Neighborhood A, 0.165 acres)
• A three bedroom house in the 800 block of Belmont Avenue sold for $750,000. That’s 51.55 percent above the 2023 assessment of $494,900. According to Zillow, “this classic Belmont home was updated in 2020, all new windows, metal roof and remodeled interior.” (Residential-A, 0.139 acres)

October 5, 2023

• An entity called 2342 Highland LLC purchased 2342 Highland Avenue for $425,000. The structure is a four bedroom house built in 1962. The sales price is 24.12 percent over the 2022 assessment of $415,900 and 2.19 percent above the $415.900. (0.24 acres, Residential-B)

October 6, 2023

• A four bedroom house on Lyons Avenue in North Downtown sold for $575,000. That’s 14.91 percent over the 2023 assessment. (0.333 acres, Residential-A)
• A four bedroom unit in the condominium complex at Melbourne Park Circle in the Locust Grove neighborhood sold for $388,000. That’s 8.53 percent above the 2023 assessment. (N/A, Residential Mixed Use 3)
• A three bedroom house in the 1400 block of Rugby Avenue sold for $415,000. That’s 10.67 percent over the 2023 assessment of $375,000. (Residential-B, 0.21 acres)
• A three bedroom house built in 2019 in the 900 block of Page Street sold for $600,000. That’s 16.87 percent above the 2023 assessment of $513,400. This is the third time the new house has been purchased since it was constructed.
  
  In September 2017, the firm Loft Realty and Investments purchased the property for $30,000 from a family that had owned it since at least 1976. Loft Realty got a demolition permit to take down a previous structure and built the new one. Construction of the new single family house was valued at $130,000. The new house sold for the first time in January 2020 for $435,000. (Residential Neighborhood A, 0.065 acres)

October 10, 2023

• The same couple that bought the house on Page Street listed above bought a three story building in the 100 block of Westerly Avenue in the Jefferson Park Avenue neighborhood. The purchase price is $382,000, which is 0.84 percent above the 2023 assessment of $378,000.
  
  Each year, Charlottesville releases new assessments in late January and this property’s fair market value that year was calculated as $261,300. This transaction is 46.19 percent above the 2021 assessment.
  
  The Comprehensive Plan at the time designated this lot as “Low-Density Residential” and was zoned R-2U. In March 2021, the new Future Land Use Map was published and the land was designated as High-Intensity Residential. In 2022, the assessment jumped to $343,200. (Residential Mixed-Use 3, 0.227 acres)

October 12, 2023

• A vacant lot on 7th Street SW in the Fifeville neighborhood sold for $85,000. The purchaser is Launch Pads LLC. The sales price is 15.96 percent over the 2023 assessment of $73,300. The assessment in 2021 is $35,100. Launch Pads LLC bought a pair of apartment buildings adjacent to this lot in December 2022.  They paid $807,600 which was 54.39 percent over the 2022 assessment of $523,100. (Residential-B, 0.056 acres)
• A duplex in the 200 block of Stribling Avenue in the Fry’s Spring neighborhood sold for $533,300. That’s exactly at the 2023 assessment. The property was assessed at $428,50 in 2021. A couple purchased the property from Piedmont Realty Holdings I LLC. (Residential-A, 0.349 acres)
• Piedmont Realty Holdings I LLC bought a duplex several doors down from the above property for $496,000, which is the same as the 2023 assessment. The seller is the same couple from above. (Residential-A, 0.223 acres)
• A 1,252 square foot apartment in the apartment building at 1800 Jefferson Park Avenue sold for $491,250. That’s 18.2 percent over the 2023 assessment of $415,600. (Corridor Mixed Use 5, N/A)

October 13, 2023

• An 826 square foot apartment in the apartment building at 1800 Jefferson Park Avenue sold for $275,000. That’s 14.06 percent over the 2023 assessment of $241,100. (Corridor Mixed Use 5, N/A)

October 16, 2023

• A two bedroom house on Rougemont Avenue in the Belmont neighborhood sold for $339,900. That’s 14.41 percent above the 2023 assessment of $297,800. (Residential-A, 0.208 acres) 
• A 777 square foot apartment in the apartment building at 1800 Jefferson Park Avenue sold for $245,000. That’s 52.84 percent over the 2023 assessment of $160,300. The purchaser is Reston North Properties LLC. (Corridor Mixed Use 5, N/A)
• A three bedroom house on Martin Street in the Locust Grove neighborhood sold for $360,000. That’s 1.5 percent below the 2023 assessment of $365,500 and 27.3 percent above the 2021 assessment of $282,800. (Residential-A, 0.115 acres)

October 17, 2023

• A three bedroom house in the 800 block of Locust Avenue built in 1925 sold for $1,550,000. This sale also includes a land-locked 0.344 acre lot behind the property. This property has an address of St. Charles Avenue. I believe that is a paper street behind this section of Locust Avenue but that research is beyond the scope of this blurb. The total sale is 22.99 percent above the combined assessment of $1,264,300. (Residential-A, 0.684 acres)

October 18, 2023

• The University of Virginia purchased the Oak Lawn estate on 9th Street in the Fifeville neighborhood for $3.5 million. I wrote about it at the time in the newsletter, The property adjacent to Buford Middle School was assessed at $2,175,300. Around this same time, UVA put out a request for proposals for a planning study of properties it owns further to the north on Grove Street and King Street. I wrote about that, too. (Residential-C, 5.206 acres) 
• A two bedroom house in the 300 block of 7th Street SW sold for $245,000. That’s 17.96 percent above the 2023 assessment of $207,700. The 2021 assessment was $141,300. (Residential-B, 0.056 acres) 
• A one bedroom house in the 200 block of Monte Vista Avenue in the Fry’s Spring neighborhood sold for $285,000. That’s 7.62 percent below the 2023 assessment of $308,500. The purchaser is an entity called Milo and Petey LLC. (Residential-A, .0164 acres)

October 19, 2023

• A two bedroom house in the 1000 block of Rockland Avenue in the Belmont neighborhood sold for $380,000. That’s 9.51 percent over the 2023 assessment of $347,000 and 49.78 percent above the 2021 assessment of $253,700. (Residential-A, 0.352 acres)
• A three bedroom house in the 600 block of Montrose Avenue in the Belmont neighborhood sold for $600,000. That’s 36.33 percent above the 2023 assessment of $440,100 and 76.11 percent above the 2021 assessment of $340,700. (Residential-A, 0.153 acres)
• Arrested Development Partners LLC purchased a commercial building at 715 Henry Avenue for $1.3 million. This is the home of Vitae Spirits. The sale price is 42.58 percent above the 2023 assessment of $911,800. The 2012 assessment was $727,100. (Neighborhood Mixed Use 3, 0.21 acres)

October 20, 2023

• The Piedmont Housing Alliance purchased a property with the address 513 250 Bypass in the Locust Grove neighborhood for $400,000. That’s 33.16 percent above the 2023 assessment of $300,400. The land includes a three bedroom house built in 1956. What will the nonprofit developer do with this land, and will they seek city funds to implement their plans? (Residential-B, 0.481 acres)

October 23, 2023

• A four bedroom house in the 800 block of Calhoun Street sold for $495,000. That’s 4.81 percent above the 2023 assessment of $472,300 and 46.23 percent above the 2021 assessment of $338,500. (Residential-B, 0.208 acres)
• A two bedroom house in the 700 block of McIntire Road in the North Downtown neighborhood sold for $395,000. That’s 6 percent below the 2023 assessment of $420,200 and 12.89 percent above the 2021 assessment of $349,900. (Residential-A, 0.199 acres)

October 25, 2023

• A two bedroom house in the 1400 block of Rutledge Avenue in the Barracks / Rugby neighborhood sold for $730,000. That’s 42.77 percent above the 2023 assessment of $511,300. (Residential-A, 0.23 acres)
• An entity called Praxis 31 LLC purchased 313 7th Street SW for $283,250. That’s 15.94 percent above the 2023 assessment of $244,300 and 71.15 percent above the 2021 assessment of $165,500. This LLC has the same registered agent as Praxis 27 and Praxis 29. (Residential-B, 0.061 acres)

October 26, 2023

• A 771 square foot apartment in the apartment building at 1800 Jefferson Park Avenue sold for $250,000. That’s 56.05 percent above the 2023 assessment of $160,200. (Corridor Mixed Use 5, N/A)

October 27, 2023

• Cardinal Ventures Inc. purchased 208 Palatine Avenue in the Belmont neighborhood for $200,000. The structure is a 672 square foot two bedroom house built in 1949. The sales price is 9.17 percent above the 2023 assessment of $183,200. (Residential-A, 0.13 acres)
• A four bedroom house in the 700 block of Hinton Avenue sold for $934,500. That’s 56.09 percent above the 2023 assessment of $598,700. (Residential-A, 0.087 acres)
• S&Z Estate LLC has purchased 2508 Naylor Street in the Fry’s Spring neighborhood for $282,000. The structure is a three bedroom house built in 1975. (Residential-A, 0.102 acres)

October 30, 2023

• A five bedroom house in the 200 block of Palatine Avenue in the Belmont neighborhood sold for $418,000. That’s 25.64 percent above the 2023 assessment of $332,700. The 2021 assessment was $254,300. (Residential-A, 0.17 acres)
• One side of a single-family attached building in the 800 block of Orangedale Avenue sold for $262,000. That’s 48.02 percent over the 2023 assessment of $177,000. (Residential Neighborhood A, 0.083 acres)

October 31, 2023

• A three bedroom house in the 500 block of 13th Street NW sold for $520,000. That’s 46.03 percent above the 2023 assessment of $356,100. This property is within the Venable neighborhood. (Residential-A, 0.149 acres)
• A house in the 1300 block of River Road with two apartments sold for $343,800. That’s 20.84 percent below the 2023 assessment of $434,300 for this property in the Locust Grove neighborhood. (Residential-A, 0.273 acres)
• The same couple that bought the River Road property also bought a four bedroom house in the 500 block of Locust Avenue for $516,200. That’s 35.27 percent below the 2023 assessment of $797,500. (Residential-B, 0.172 acres)
• A three bedroom house in the 500 block of Lexington Avenue sold for $995,000, just shy of seven figures. That’s 3.64 percent below the 2023 assessment of $1,032,600. (Residential-B, 0.02 acres)