July 2024 property sales report: Up Charlottesville assumes ownership of 2117 Ivy Road

What will happen to the real estate market in Charlottesville with a cut to the interest rate? That’s not at all what this installment of the newsletter is about for this edition for paid subscribers takes an anecdotal look back at July 2024. 

I am later than usual getting that month’s summary published because there have been a lot of other stories to write. These property transactions are currently the sole premium item that goes out to paid subscribers in the form of a first-look. I don’t really want anything to be behind a paywall, but this is also a business. I’m still trying to find the balance. Now it is out from behind the paywall!

When I started this endeavor four years ago, I scrambled to find whatever revenue sources I could. One of them was Substack which encouraged paid subscriptions that offered additional content. I began sending these out for those who contribute financially in January 2021 and this has become part of my rhythm. 

Since then, the newsletter has become a lot more complex as does my decision to repost stories to Information Charlottesville. That includes all of the property transactions which always stay behind a paywall on Substack, but it’s important to me as a journalist to share as much of my work with the entire public who can access digital publications. 

There is nothing more important for me to understand than real estate, and I do this work to educate more than just myself. With every edition I realize how much I have to learn, but I know that these summaries are valued by many out there.

This particular month documents more of the same. Most properties continue to sell well above assessments and those that are selling below assessments likely indicate a troubled seller.  

What I am mostly looking for in these anecdotal reviews is some rough sense of what the 2025 assessments in Charlottesville might be. In most of these entries I draw attention to the 2020 assessment. The increases are staggering. I’m repeating this next paragraph from the June 2024 review. 

“The city’s 2019 Land Book listed 15,071 taxable properties that brought in $72,657,974 in real property tax revenues,” I wrote. “The land book for this year, dated April 1, lists 15,114 parcels bringing in $104,649,940.”

And that was before Council increased the real property tax rate another two cents for each $100 of assessed value.  

I don’t have a summary this month as this one is just a rough look at the numbers and trying to find out what I can in the moment. So many of these have deeper stories and I will come back to some of them either in this newsletter or in my column in every issue of C-Ville Weekly. If you have questions about any of them, please drop me a line or leave a note in the comments. 

July 1, 2024

• A four bedroom house on Huntley Avenue built in 2009 sold for $675,000. That’s 9.06 percent above the 2024 assessment of $618,900 and 36.78 percent above the 2020 assessment of $493,500. (Residential-A, 0.092 acres)
• A 1,124 square foot three bedroom condominium in the Linden Town Lofts in the Belmont neighborhood sold for $359,900. That’s 6.26 percent above the 2024 assessment of $338,700 and 38.85 percent above the 2020 assessment of $259,200. (Residential-C, N/A) 
• A two bedroom housing in the 1000 block of Druid Avenue in the Belmont neighborhood sold for $475,000. That’s 26.8 percent above the 2024 assessment of $374,600 and 55.18 percent above the 2020 assessment of $306,100. (Residential-A, 0.211 acres)
• A two bedroom house built in 1950 in the 1100 block of Locust Avenue sold for $525,000. That’s 29.02 percent above the 2024 assessment of $406,900 and 92.1 percent the 2020 assessment of $273,300. (Residential-A, 0.1437 acres)
• A four bedroom house in the 700 block of Park Street sold for $1.66 million. That’s 30.7 percent above the 2024 assessment of $1,270,100 and 66.7 percent above the 2020 assessment of $995,800. (Residential-A, 0.26 acres)
• An 819 square foot condominium building in the apartment complex at 1800 Jefferson Park Avenue sold for $281,700. That’s 0.25 percent above the 2024 assessment of $281,000. The unit last sold for $226,000 in August 2020 when the assessment that year was $202,700. (Residential Mixed Use 5, N/A)
• A three bedroom house in the 800 block of Henry Avenue in the Rose Hill neighborhood sold for $240,000. That’s 30.01 percent above the 2024 assessment of $184,600 and 97.53 percent above the 2020 assessment of $121,500. (Residential-Neighborhood A, N/A)

July 2, 2024

• A three bedroom house built in 2010 on Montrose Avenue sold for $850,000. That’s 0.89 percent below the 2024 assessment of $857,600 and 35.01 percent above the 2020 assessment of $420,600. There is also an accessory unit of 767 square feet and one bathroom that built in 2015. The property last sold in 2014 for $390,000 to East Grace LLC. (Residential-A, 0.139 acres)
• A two bedroom house built in 1996 in the 800 block of Blenheim Avenue in the Belmont neighborhood sold for $495,000. That’s 37.88 percent above the 2024 assessment of $359,000 and 75.84 percent above the 2020 assessment of $281,500. (Residential-A, 0.13 acres)
• A three bedroom house built in 1920 in the 900 block of Cherry Avenue sold for $640,000. That’s 17.56 percent above the 2024 assessment of $544,400 and 48.94 percent above the 2020 assessment of $429,700. (Residential-C, 0.166 acres)
• A 1,342 square foot two bedroom condominium in the residential building at 202 Douglas Avenue sold for $878,000. That’s 14.77 percent above the 2024 assessment of $765,000 and 101.19 percent above the 2020 assessment of $436,400. (Residential Mixed Use 3, N/A)

July 3, 2024

• A three bedroom house built in 1964 on Camellia Drive in the Fry’s Spring neighborhood sold for $575,000. That’s 30.42 percent above the 2024 assessment of $440,900 and 100.7 percent above the 2020 assessment of $286,500. (Residential-A, 0.187 acres)
• A two bedroom house built in 1930 on Fairway Avenue in the Woolen Mills neighborhood sold for $325,000. This house was lowered in assessment between 2023 and 2024 from $313,200 to $273,100. That makes the transaction 3.77 percent above the 2023 assessment and 19 percent above the 2024 assessment. What will 2025 be? This property was purchased by Morton Properties LLC in November 2023 for $200,000. The only recent application in the city’s development portal is for a vacant building registration. (Residential-A, 0.139 acres)
• A three bedroom townhouse built in 2018 on Lochlyn Hill Drive sold for $677,500. That’s 1.82 percent above the 2024 assessment of $665,400 and 30.44 percent above the 2020 assessment of $519,400. (Residential-A, 0.03 acres)
• In a transaction in which no money was exchanged, UP Charlottesville 2117 Ivy Owner, LLC officially took over 2117 Ivy Road from RMD Properties LLC. The city’s property records no cash transactions since 1987, but RMD Properties LLC show that RMD obtained the property in a transaction on June 21, 2002. Before that, the property shows that a person named Rosa Lee Davis had ownership as of March 20, 1987.
  
  The 2024 assessment on this property is $2.457 million. What will it be if a plan to build a ten story student apartment becomes reality? This is one of the only privately held parcels on the northern side of Ivy Road within city limits. The following two facts are irrelevant because the current development on the site was approved under the old zoning code. (Commercial Mixed Use 8, 1.02 acres)

July 8, 2024

• A three bedroom house in the 1700 block of Yorktown Drive in the Greenbrier neighborhood sold for $695,000. That’s 23.71 percent above the 2024 assessment of $561,800 and 67.03 percent above the 2020 assessment of $416,100. (Residential-A, 0.4 acres)

July 9, 2024

• A three bedroom house in the 1800 block of Meadowbrook Heights Road in the Greenbrier neighborhood sold for $675,000. That’s 7.33 percent above the 2024 assessment of $628,900 and 44.54 percent above the 2020 assessment of $467,000. (Residential-A, 0.402 acres)
• A four bedroom house on Wayne Avenue in the Meadows neighborhood sold for $400,000. That’s 10.83 percent above the 2024 assessment of $360,900 and 48.48 percent above the 2020 assessment of $269,400. (Residential-A, 0.438 acres)
• Little High LLC has purchased an empty lot that’s in the same block as the Charlottesville Day School that Little High LLC also owns. They paid $735,000 which is 34.32 percent above the 2024 assessment of $547,200. That figure is 79.97 percent above the 2020 assessment of $408,400. (Commercial Mixed Use 3, 0.214 acres)

July 10, 2024

• The Lewis Mountain neighborhood is one to watch due to its proximity to the University of Virginia. A house in the 1900 block of Thomson Road sold for $1.85 million, which is 28.93 percent above the 2024 assessment of $1,434,900 and 197.57 percent above the 2020 assessment of $621,700. The previous owner invested in renovations worth over $100,000 in 2019 and 2020. (Residential-A, 0.276 acres)
• A three bedroom townhouse on Greenwich Court in the Ridgecrest section of the Belmont neighborhood sold for $310,000. That’s 6.79 percent above the 2024 assessment of $290,300 and 83.76 percent above the 2020 assessment of $168,700. (Residential-C, 0.06 acres) 
• A four bedroom house in the 700 block of Stonehenge Avenue sold for $675,000. That’s 8.68 percent above the 2024 assessment of $621,100 and 41.12 percent above the 2020 assessment of $478,300. (Residential-B, 0.139 acres)
• A four bedroom house on Foxbrook Lane was sold for $1.205 million. That’s 38.09 percent above the 2024 assessment of $872,600 and 78.41 percent above the 2020 assessment of $675,400. 
• A four bedroom house on 3rd Street NE built in 1940 in the North Downtown neighborhood sold for $895,000. That’s 1.86 percent above the 2024 assessment of $878,700 and 28.5 percent above the 2020 assessment of $696,500. (Residential-A, 0.122 acres)

July 12, 2024

• A three bedroom house in the 500 block of 9th Street SW in the Fifeville neighborhood sold for $410,000. That’s 22.13 percent above the 2024 assessment of $335,700 and 62.7 percent above the 2020 assessment of $252,000. (Residential Neighborhood A, 0.165 acres)
• A four bedroom house in the 800 block of Locust Avenue sold for $920,000. That’s 4.49 percent above the 2024 assessment of $880,500 and 54.88 percent above the 2020 assessment of $594,000. (Residential-A, 0.275 acres)
• A single family attached unit in the 1000 block of Coleman Street sold for $266,000. That’s 27.7 percent below the 2024 assessment of $367,900. (Residential-A, 0.174 acres)
• A three bedroom house on Morgan Court built in 2019 in the Fry’s Spring neighborhood sold for $610,000. That’s 18.52 percent above the 2024 assessment of $514,700 and 45.24 percent above the 2020 assessment of $420,000. (Residential-A, 0.1 acres)
• A two bedroom house built in 1948 in the 1000 block of Elliott Avenue sold for $260,000. That’s 7.75 percent above the 2024 assessment of $241,300 and 37.42 percent above the 2020 assessment of $189,200. (Residential-B, 0.13 acres)
• A three bedroom house built in 2005 in the 1000 block of Druid Avenue sold for $585,000. That’s 27.01 percent above the 2024 assessment of $460,600 and 70.36 percent above the 2020 assessment of $343,400. (Residential-A, 0.069 acres)

July 15, 2024

• A three bedroom townhouse on Waterbury Court in the Ridgecrest community in Belmont sold for $290,000. That’s 5.49 percent above the 2024 assessment of $274,900 and 70.19 percent above the 2020 assessment of $170,400. (Residential-C, 0.04 acres)
• A two bedroom house built in 1949 on Lewis Mountain Road in the neighborhood of the same name sold for $875,000. That’s 24.38 percent above the 2024 assessment and 82.63 percent above the 2020 assessment of $479,100. However, the new owners have filed for a permit to tear the existing house down and this is under review. More on this property to come! (Residential-A, 0.25 acres)
• A six bedroom house at 175 Madison Lane is now owned by Royal Blue Properties of Austin, Texas. The company paid $750,000 for the property and that is 22.55 percent above the 2024 assessment of $612,000 and 53.56 percent above the 2020 assessment of $488,400. (Residential-B, 0.1 acres)
• A four bedroom house on Chancellor Street split into multiple units sold for $450,000. That’s 40.14 percent above the 2024 assessment of $321,100 and 75.92 percent above the 2020 assessment of $255,800. (Residential-B, 0.08 acres)
• A four bedroom house on Lide Place in the city’s portion of the Willoughby neighborhood sold for $460,000. That’s 15.4 percent above the 2024 assessment of $398,600 and 31.96 percent above the 2020 assessment of $348,600. (Residential-A, 0.203 acres)
• A two bedroom house in the 700 block of St. Clair Avenue in the Martha Jefferson neighborhood sold for $430,000. That’s 4.67 percent above the 2024 assessment of $410,800 and 53.74 percent above the 2020 assessment of $279,700. (Residential-A, 0.304 acres)
• A four bedroom house in the 1300 block of Rose Hill Drive in the Barracks / Rugby neighborhood sold for $930,000. That’s 28.1 percent above the 2024 assessment and 77.51 percent above the 2020 assessment. (Residential-B, 0.44 acres)
• A 1,107 square foot condominium in the building at 215 5th Street with two bedrooms sold for $380,000. That’s 5.47 percent above the 2024 assessment and 58.07 percent above the 2020 assessment of $240,400. (Residential Mixed Use 5, N/A)

July 16, 2024

• A four bedroom house at the corner of Forest Hills Avenue and Cherry Avenue sold for $515,000. That’s 13.76 percent above the 2024 assessment of $452,700 and 49.84 percent above the 2020 assessment of $343,700. (Residential-B, 0.3 acres)
• A two bedroom house in the 1300 block of Knoll Street in the Belmont neighborhood sold for $350,000. That’s 7.07 percent above the 2024 assessment of $326,900 and 49.19 percent above the 2020 assessment of $234,600. (Residential-B, 0.12 acres)
• An entity called Realty Holdings LLC purchased four properties across the city for $875,000. These are at 530 Cleveland Avenue, 904 Rock Creek Road, 409 Paton Street, and 719 Prospect Avenue. That’s 27.25 percent below the 2024 combined assessment for all four properties but 2.97 percent above the 2020 combined assessment. The seller is Magen LLC, a company that continues to own one property. 

July 17, 2024

• A three bedroom house built in 1952 on Park Street sold for $1.139 million. That’s 29.87 percent above the 2024 assessment of $877,000. (Residential-A, 0.28 acres)
• A 771 square foot two bedroom condominium in the apartment complex at 1800 Jefferson Park Avenue sold for $270,000. That’s 1.16 percent above the 2024 assessment of $266,900 and 37.97 percent above the 2020 assessment of $195,700. (Commercial Mixed-Use 5, N/A)
• A three bedroom house built in 2000 in the 2600 block of Jefferson Park Avenue sold for $612,000. That’s 15.65 percent above the 2024 assessment of $529,200 and 57.65 above the 2020 assessment of $388,200. (Residential-B, 0.23 acres)

July 18, 2024

• A one bedroom unit in the Charlottesville Towers at 511 1st Street North with 718 square feet sold for $260,000. That’s 11.25 percent above the 2024 assessment of $233,700 and 68.72 percent above the 2020 assessment of $154,100. (Residential-Mixed Use 5, N/A)

July 19, 2024

• A three bedroom house in the 1100 block of St. Charles Court in the Locust Grove neighborhood sold for $540,000. The structure was built in 2006. The sales price is 20.32 percent above the 2024 assessment of $448,800 and 48.84 percent above the 2020 assessment of $362,800. (Residential-A, 0.165 acres)
• A three bedroom house built in 1969 on Melbourne Road in the Greenbrier neighborhood sold for $525,000. That’s 4.44 percent above the 2024 assessment of $502,700 and 41.13 percent above the 2020 assessment of $372,000. (Residential-B, 0.28 acres)

July 22, 2024

• A four bedroom house built in 2017 on Oak Lawn Drive in the Fry’s Spring neighborhood sold for $1,195,000. That’s 18.86 percent above the 2024 assessment of $1,005,400 and 84.76 percent above the 2020 assessment of $646,800. (Residential-A, 0.16 acres)
• Laurel Glen Properties has purchased 106 North Baker Street in the Fifeville neighborhood for $289,000. That’s 20.54 percent below the 2024 assessment of $363,700 and 3.07 percent above the 2020 assessment of $280,400. The company owns several other properties across the city. (Residential-A, 0.165 acres)

July 24, 2024

• A three bedroom house on Evergreen Avenue in the North Downtown neighborhood sold for $995,000. That’s 12.71 percent above the 2024 assessment of $882,800 and 32.05 percent above the 2020 assessment of $753,500. This house was built in 1954. (Residential-B, 0.194 acres)
• A three bedroom townhouse built in 2001 in the Ridgecrest section of Belmont sold for $300,000. That’s 14.11 percent above the 2024 assessment of $262,900 and 84.05 percent above the 2020 assessment of $163,000. (Residential-C, 0.04 acres)
• A townhouse just like the one above but an end unit sold for $350,000. That’s 6.35 percent above the 2024 assessment of $329,100 and 108.33 percent above the 2020 assessment of $168,000. (Residential-C, 0.06 acres)
• A four bedroom house on Fairway Avenue in the Woolen Mills neighborhood sold for $465,000. That’s 7.24 percent above the 2024 assessment of $433,600 and 49.76 percent above the 2020 assessment of $310,500. (Residential-A, 0.15 acres)

July 25, 2024

• A two bedroom condominium in the Lewis and Clark Building at 250 West Main Street sold for $695,000. That’s 3.31 percent above the 2024 assessment of $672,700 and 33.07 percent above the 2020 assessment of $522,300. (Downtown, N/A)
• ISHT LLC now owns 1619 Mulberry Avenue in the Fry’s Spring neighborhood after purchasing it on this day for $250,000. That’s 25.48 percent below the 2024 assessment of $335,500 and 6.43 percent above the 2020 assessment of $234,900.
  
  A building permit for interior renovations was issued on August 19, but a stop work order was placed on the property two days later. The description of the work states “Installation of 94 [linear feet of Basement Gutter, 1 Sump Pump, and 5 Wall Anchors] but the images included in the application portal show a lot more internal demolition than stated in the plan.  (Residential-A, 0.172 acres)

July 26, 2024

• A single family detached house on Orangedale Avenue in the Fifeville neighborhood sold for $270,000. That’s 7.31 percent above the 2024 assessment of $251,600 and 67.6 percent above the 2020 assessment of $161,100. (Residential Neighborhood A, 0.08 acres)

July 29, 2024

• A two bedroom house built in 2016 on Nassau Street sold for $278,000 and the buyer is a firm called Ridian LLC. The sales price is 7.76 percent below the 2024 assessment of $301,400 and 33.46 percent above the 2020 assessment of $208,300. (Residential-A, 0.18 acres)
• A narrow strip of undeveloped land on Berring Street in the Ridge Street neighborhood sold for $8,100, or ten percent below the 2024 assessment of $9,000. This is the one of the first lots I’ve seen created with Residential Neighborhood A zoning district which has the least development rights of any of the new zones. (Residential-Neighborhood A, 0.049 acres)
• A three bedroom house on Tarleton Drive sold for $450,000. That’s 14.56 percent below the 2024 assessment of $526,700 and 13.98 percent above the 2020 assessment of $394,800. (Residential-A, 0.326 acres)
• A three bedroom condominium in the Gleason neighborhood sold for $1.7 million. That’s 23.96 percent above the 2024 assessment of $1,371,400 and 61.7 percent above the 2020 assessment of $1,051,300. The unit has 2,285 square feet. (Neighborhood Mixed Use 10, N/A)

July 30, 2024

• 1107 Myrtle Street sold twice on this day. The structure itself is a three bedroom house built in 1925. Hanover Home Buyers LLC purchased it first for $257,000. Later on that same day, the property closed again as Llandaff Farm bought it for $319,000. That price is 5.82 percent below the 2024 assessment of $338,700 and 76.93 percent above the 2020 assessment of $180,300. Why twice in one day?
• A four bedroom house built in 2019 on Nicholson Street in the Locust Grove neighborhood sold for $880,000. That’s 24.66 percent above the 2024 assessment of $705,900 and 54.98 percent above the 2020 assessment of $567,800. (Residential-A, 0.1 acres)

July 31, 2024

• A three bedroom townhouse on Bing Lane in the Cherry Hill planned unit development sold for $499,000. That 9.98 percent above the 2024 assessment of $453,700 and 35.86 percent above the 2020 assessment of $367,300. (Residential-C, 0.048 acres)

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