Another long list of price drops in Albemarle and Charlottesville

What will the real estate market in Charlottesville do next? As measured by the Charlottesville Area Association of Realtors, the median sales price for homes has been going up while sales volumes have been going down. In the most recent report, CAAR analysts found that more properties are staying on the market longer.

So now I bring you the latest in a series of anecdotal notes on prices being lowered for some of those units. Some of this information may be out of date either at publication or soon after. Research for this segment began on Wednesday. 

• Aspiring Developments LLC reduced the price of 117 S. Indian Spring in the Carrsbrook neighborhood on July 26, 2024. The figure was lowered $145,000 to $850,000. This would later be dropped to $799,000. The 2024 assessment for the four bedroom house is $523,500. The LLC purchased the property in September 2023 for $368,500. (see the listing)
• There have been many reductions for a three bedroom house at 424 Carrsbrook Drive. The property was listed at $550,000 in early June and has subsequently lowered to $540,000 and then $519,000 and then $515,000. On July 26, this was dropped again to $499,000. Earlier this month it was reduced again to $475,000. The 2024 assessment remains at $454,200. (scrutinize the listing)
• A three bedroom house on about eight acres in the Carrsbrook neighborhood was reduced by $100,000 to $895,000 on July 26, 2024. The 2024 assessment for 1704 Old Brook Road is $435,200. (analyze the listing)
• A three bedroom house at 301 Gillums Ridge Road had its asking price reduced by $5,000 to $740,000 on July 26. The 2024 assessment is $640,600. (monitor the listing)
• A four bedroom townhouse at 4537 Berwyn Lane in Spring Hill Village was further lowered on July 27, 2024 from $478,000 to $465,000. The 2024 assessment is $428,600. (take a look)
• The asking price of a three bedroom house in the Marshall Manor subdivision in Scottsville Road was lowered on July 28 by $120,000 to $775,000. The 2024 assessment is $738,600. (look at it)
• A 0.26 acre undeveloped lot at 1206 Carlton Avenue had its asking price dropped $76,000 to $349,000. The 2024 assessment is $119,100. A structure that was on the property was demolished in 2016. (this link goes to information)
• A four bedroom house at 1984 Shadybrook Trail had its asking price lowered $14,000 to $709,000. The 2024 assessment is $636,400. A sale is pending. (go and see)
• A two bedroom condominium with three bathrooms at 218 West Water Street was reduced in price by $50,000 to $1,595,000. That’s just over the 2024 assessment of $1,567,400. A sale is pending. (take a look)
• A four bedroom house at 722 Park Avenue that is split into two units had its asking price lowered $50,000 to $795,000. The 2024 assessment is $660,600. A sale is pending. (want to see?)
• On July 29, 2024, the asking price for 3101 Martin Kings Road was further reduced to $469,000. The four bedroom house on 3.53 acres was originally listed at $529,000 and dropped to $489,000 in mid-July. (learn more)
• A six bedroom house at 927 Michie Tavern Lane was reduced another $20,000 to $1,450,000. The 2024 assessment is $912,100. (look at more)
• A three bedroom house at 322 11th Street NE had its list price lowered by $51,000 to $599,000. This one is of note because a company called Little High LLC purchased the property in July 2023 for $505,000 and sold it on June 13 for $900,000. (view the listing)
• A two bedroom single family attached house at 1304 Creekside Drive in Mill Creek Village had its asking price reduced $6,000 to $359,000. The 2024 assessment is $333,700. (go to the listing)
• A two bedroom house at 1304 Poplar Street was reduced in price another $5,000 to $394,900. The 2024 assessment is $381,400. (peruse the listing)
• A 1,182 square feet condominium in 200 Douglas Avenue had its price lowered $14,570 to $575,250. That’s according to an email from August 5. (know the listing)
• A three bedroom townhouse at 2104 Elm Tree Court in the Briarwood subdivision had its price reduced by $5,000 to $398,000. The 2024 assessment is $348,800. The 2020 assessment is $252,200. (fire up the listing)
• A four bedroom house at 3140 Horizon Road in the new section of Southwood had its asking price further reduced $5,100 to $644,9000. The 2024 assessment is $507,200. The first owner after Southern Development built the house purchased it for $627,663 on June 23, 2023. This information is from an email from August 8. (gander at the listing)
• A three bedroom house at 1393 Auburn Drive in the Auburn Hills subdivision in Albemarle County had its asking price lowered $10,000 to $455,000. The 2024 assessment is $375,600. That’s up $100,000 from 2020. (partake of the listing)
• The asking price for 903 Charlton Avenue in the Rose Hill neighborhood was dropped on August 8 by $20,000 to $599,000. The 2024 assessment is $543,900. Within the last week that was lowered again on August 14 to $585,000. This house and lot is within the Residential Neighborhood A zoning adopted in December 2023 that restricts property rights as a way of trying to prevent gentrification. In November 2021, Daddy Rabbit Inc purchased it for $160,000 and sold a year later for $525,000 after the house was “renovated to perfection.”(learn more) 
• A three bedroom townhouse at 1868 Verona Drive in the Pantops at Pavilions community has its price dropped by $10,000 to $379,900. That’s right around the 2024 assessment of $377,400. (click for the listing)
• On August 9, a four bedroom house in the Northfields neighborhood at 2707 Huntington Road had its asking price reduced by $25,000 to $474,900. That’s lower than the 2024 assessment of $487,900. The 2020 assessment is $381,100. (view the listing)
• On August 10, the asking price for a four bedroom house at 120 Lankford Avenue in Charlottesville was lowered by an additional $5,000 to $409,900. The 2024 assessment is $307,600 for the house and the 0.43 acre lot. The property last sold in September 2019 for $235,000. (looking for the listing?) 
• Also on August 10, the asking price of a four bedroom house at 1340 Mosby’s Reach in the Dunlora neighborhood was further reduced $10,000 to $739,000. On June 12, the asking price was $799,000. The 2024 assessment is $594,900. (view the listing)
• On August 12, the asking price of a newly built two-bedroom townhouse at 5045 Orchid Bnd in the Hollymead Townhomes was lowered by $1,000 to $354,000. What is a “bnd” anyway? The 2024 assessment is $372,500. 
• 304 Chestnut and 306 Chestnut in Charlottesville’s Belmont neighborhood are being sold together. 304 is an empty lot and 306 has five bedrooms. The asking price was lowered on Wednesday by $75,000 to $875,000. The house is assessed at $553,800 in 2024 and the lot is assessed at $56,300. The listing is inaccurate as the zoning is given as R-2 whereas it’s actually Residential-A. (take a look at the listing)
• On August 14, a two bedroom house at 922 Monticello Avenue had its asking price lowered $12,500 to $372,500. That’s just above the 2024 assessment of $359,100. (go and see)

Before you go: The time to write and research of this article is covered by paid subscribers to Charlottesville Community Engagement. In fact, this particular installment is from the August 16, 2024 edition of the newsletter. Though the timestamp on this website says August 16, 2024, the actual publication was August 31, 2024 because I noticed it had not been posted here yet. If you are confused, I likely am as well. Anyway, to ensure this research can be sustained, please consider becoming a paid subscriber or contributing monthly through Patreon.