Six properties on 14th Street NW sell for $4.4 million and 47 other Charlottesville property transactions from October 2024

As promised, here is a summary of property transactions from October 2024, first published for paid subscribers of the Charlottesville Community Engagement.

At the heart of most of the reporting in this newsletter is an interest in what will happen with the real estate market in Charlottesville as a series of dynamics play out. I’ve been writing about land use here for over 17 years now, and there’s still much more I want to know. Every now and then I produce one of these monthly summaries for paid subscribers to share some of what I’ve learned.

In any given month, there are questions in my mind as I go through recent transactions. The chief one is what the 2025 property assessment in Charlottesville will be and what impact that will have on the budget. A close second is what effect the city’s new Development Code may have on what happens with some of these properties.

As always, some disclaimers. First, I don’t list the actual address for a transaction unless a corporation has purchased it. This may change in the future as I hope to take a new approach to this work in 2025. Second, I’m making comparisons to assessments from previous years but I’m not adjusting for inflation. Maybe I’ll learn in 2025!

Third, I’m not able to develop any trends but this may change in the future. My main reason to go through these is to fuel the work I do reporting on land use. In addition to this newsletter, I write a weekly column for C-Ville Weekly.

I rely on paid subscriptions to keep growing and to build capacity. If you’re not one yet, perhaps this is a good day!

October 1, 2024

• A four bedroom house built in 1946 on Greenleaf Lane in the Barracks / Rugby neighborhood sold for $811,000. The purchaser is the entity Greenleaf LLC, an entity with an address of Vail, Colorado. The transaction is 54.59 percent above the 2024 assessment of $524,600. The transaction is 116.04 percent above the 2020 assessment of $375,400. (Residential-A, 0.252 acres)

October 2, 2024

• A three bedroom house built in 1928 in the 500 block of Lexington Avenue sold for $952,000. That’s 4.93 percent below the 2024 assessment of $1,001,400. This transaction is also below the previous sale of $995,000 recorded on October 31, 2023. The 2020 assessment is $763,000. (Residential-B, 0.2 acres)

October 4, 2024

• Bellflower Properties LLC purchased 809 East Jefferson Street for $550,000. That’s 21.47 percent below the 2024 assessment of $700,400 and 8.79 percent below the 2020 assessment of $603,000. (Node Mixed Use 10, 0.07 acres)
• A single family attached unit in the 600 block of Prospect Avenue sold for $222,500. That’s 5.15 percent above the 2024 assessment of $211,600 and 66.54 percent above the 2020 assessment of $133,600. (Residential Neighborhood A, 0.102 acres)

October 7, 2024

• A two bedroom house built in 1947 on Brunswick Road in the Fry’s Spring neighborhood sold for $850,000. That’s 60.14 percent above the 2024 assessment of $530,800 and 159.78 percent above the 2020 assessment of $327,200. A building permit was issued in late 2020 for interior renovations estimated at $150,000. (Residential-A, 0.3 acres)
• White Dog LLC is the new owner of 2003 Lewis Mountain Road in the Lewis Mountain neighborhood. The company paid $930,000 for the four bedroom house built in 1930 that is listed in the city’s records as being multi-family. The transaction is 9.73 percent above the 2024 assessment of $847,500 and 60.29 percent above the 2020 assessment of $580,200. (Residential-A, 0.25 acres)
• A condominium in the McGuffey Hill community in North Downtown sold for $831,000. That’s 16.99 percent above the 2024 assessment of $710,300 and 60.95 percent above the 2020 assessment of $516,300. (Downtown Mixed Use, N/A)

October 9, 2024

• A three bedroom townhouse built in 2007 on Brookwood Drive in the Ridge Street neighborhood sold for $530,000. That’s 0.13 percent below the 2024 assessment of $530,800 and 60.29 percent above the 2020 assessment of $516,300. (Residential-C, 0.097 acres)

October 10, 2024

• A three bedroom house on Rialto Street in the Belmont neighborhood sold for $650,000. That’s 5.03 percent above the 2024 assessment of $618,900 and 14.78 percent above the 2021 assessment of $566,300. The structure was built in 2020 as part of a planned unit development allowed under the city’s 2003 zoning code. (Residential-A, 0.07 acres)
• A four bedroom house built in 1969 on Hampton Street in the Belmont neighborhood sold for $451,500. That’s 8.12 percent above the 2024 assessment of $417,600 and 67.22 percent above the 2020 assessment of $270,000. (Residential-A, 0.19 acres)
• A four bedroom house built in 1958 in the 1700 block of King Mountain Road in the Locust Grove neighborhood sold for $995,000. That’s 28.7 percent above the 2024 assessment of $773,100 and 88.09 percent above the 2020 assessment of $529,000. (Residential-A, 0.47 acres)

October 11, 2024

• A three bedroom townhouse on Melbourne Circle in the Locust Grove neighborhood sold for $460,000. That’s 19.02 percent above the 2024 assessment of $386,500 and 59.72 percent above the 2020 assessment of $288,000. (Residential Mixed Use 3, N/A)
• A three bedroom townhouse in the 300 block of Quarry Road in the Belmont neighborhood sold for $495,000. That’s 6.66 percent above the 2024 assessment of $464,100 and 30.43 percent above the 2020 assessment of $379,500. This structure was built in 2007. (Residential-C, 0.04 acres)

October 15, 2024

• A three bedroom house built in 1956 on Willard Drive in the Fry’s Spring neighborhood sold for $555,000. That’s 27.91 percent above the 2024 assessment of $433,900 and 84.45 percent above the 2020 assessment of $300,900. (Residential-A, 0.24 acres)
• A four bedroom house in the 800 block of Ridge Street sold for $250,000. That’s 11.19 percent below the 2024 assessment of $281,500 and 24.32 percent above the 2020 assessment of $201,100. (Residential Neighborhood A, 0.12 acres)
• The City of Charlottesville paid Weber Property Management $100,000 for the 0.22 acres of land. This would not come as a surprise to close readers of Charlottesville Community Engagement. City Council approved this purchase and two others in August, as I reported at the time The transaction is 16.67 percent below the 2024 assessment of $120,000. (Civic, 0.22 acres)

October 16, 2024

• A five bedroom house built in 2021 on Bennett Street in the Lochlyn Hill Road sold for $885,000. That’s 18.39 percent above the 2024 assessment of $747,500 and 35.28 percent above the 2021 assessment of $654,200. (Residential-A, 0.125 acre)

October 17, 2024

• A one bedroom condominium in the Walker Square apartment complex sold for $315,000. That’s 18.11 percent above the 2024 assessment of $266,700 and 56.1 percent above the 2020 assessment of $201,800. (Residential Mixed Use 5, N/A)

October 18, 2024

• A five bedroom house on Cambridge Circle built in 1953 sold for $815,000. That’s 25.15 percent above the 2024 assessment of $651,200 and 76.45 percent above the 2020 assessment of $461,900. (Residential-A, 0.575 acres)
• A one bedroom condominium in the Charlottesville Towers at 511 1st Street North sold for $200,000. That’s 13.01 percent below the 2024 assessment of $229,900 and 29.95 percent above the 2020 assessment of $153,900. (Residential Mixed Use 5, N/A)
• A four bedroom house in the 800 block of Ridge Street sold for $220,000. That’s 32.56 percent below the 2024 assessment of $326,200 and 8.9 percent below the 2020 assessment of $241,500. (Residential Neighborhood A, 0.16 acres)

October 21, 2024

• A five bedroom house in the 2200 block of Wayne Avenue in the Meadows sold for $400,000. That’s 9.77 percent above the 2024 assessment of $364,400 and 44.98 percent above the 2020 assessment of $275,900. The purchaser is Sunlight Investing LLC. (Residential-A, 0.374 acres)

October 22, 2024

• A three bedroom townhouse built in 2007 on Quarry Road in the Belmont neighborhood sold for $400,000. That’s 8.23 percent above the 2024 assessment of $369,600 and 35.69 percent above the 2020 assessment of $294,800. The purchaser is Newton Family Holdings LLC. (Residential C, 0.05 acres)

October 23, 2024

• A four bedroom townhouse built in 2008 on Bing Lane in the Cherry Hill community in the Fry’s Spring neighborhood sold for $499,000. That’s 12.41 percent above the 2024 assessment of $443,900 and 38.77 percent above the 2020 assessment of $359,600. (Residential-C, 0.048 acres)
• Several doors down, another Bing Lane townhouse with four bedrooms sold for $489,000. That’s 18.06 percent above the 2024 assessment of $414,200 and 47.16 percent about the 2020 assessment of $332,300. (Residential-C, 0.048 acres)
• A duplex at 526 Cleveland Avenue is now owned by 526 Cleveland Avenue LLC. The Crozet-based entity paid $510,000 which is 13.44 percent below the 2024 assessment of $589,200 and 5.94 percent above the 2020 assessment of $481,400. (Residential-A, 0.291 acres)

October 24, 2024

• A three bedroom house built in 1997 on Locust Lane in the Locust Grove neighborhood sold for $430,100. That’s 25.94 percent about the 2024 assessment of $341,500 and 57.14 percent above the 2020 assessment of $273,700. (Residential-A, 0.146 acres)
• A four bedroom house built in 1959 on Banbury Lane in the Greenbrier neighborhood sold for $420,000. That’s 4.31 percent below the 2024 assessment of $438,900 and 39.44 percent above the 2020 assessment of $301,200. (Residential-A, 0.287 acres)
• A two bedroom house built in the 500 block of Elliott Avenue in 1946 sold for $62,500. This is a sale between people who know each other so it will not count toward the calculation of the 2025 assessments. The 2024 assessment is $333,200. (Residential-B, 0.215 acres)
• A four bedroom house on Hanover Street and a vacant lot next door sold for $625,000. That’s 44.54 percent above the 2024 combined assessment of $432,400 and 93.86 percent above the 2020 combined assessment of $322,400. (Residential-B, 0.321 acres)

October 25, 2024

• A newly constructed four bedroom house built on Pen Park Lane in the Lochlyn Hill neighborhood sold for $785,000. That’s 7.65 percent above the 2024 assessment of $729,200. (Residential-A, 0.045 acres)
• A two bedroom house in the 400 block of Quarry Road sold for $194,000. That’s 9.48 percent above the 2024 assessment of $177,200 and 56.33 percent above the 2020 assessment of $124,100. (Residential-A, 0.139 acres)
• A duplex on Douglas Avenue with a total of six bedrooms sold for $700,000. That’s 49.44 percent above the 2024 assessment of $468,400. (Residential-A, 0.224 acres)
• A company called TCDH JR Properties purchased both halves of a single-family attached home at 540 Cleveland Avenue for $500,000. That’s -34.11 percent below the combined assessment of $758,800. (Residential-A, 0.388 acres)

October 28, 2024

• A vacant lot at 803 Dale Avenue in the Rose Hill neighborhood sold for $185,000. That’s 20.84 percent above the 2024 assessment of $153,100 and 27.94 percent above the 2020 assessment of $144,600. (Neighborhood Mixed Use 3, 0.09 acres)
• A three bedroom house in the 1200 block of Agnese Street sold for $470,000. That’s 13.2 percent above the 2024 assessment of $415,200 and 76.82 percent above the 2020 assessment of $265,800. (Residential-A, 0.207 acres)

October 29, 2024

• A three bedroom townhouse on Bing Lane in the Cherry Hill development sold for $489,000. That’s 21.07 percent above the 2024 assessment of $403,900 and 50.05 percent above the 2020 assessment of $325,900. (Residential-C, 0.048 acres)
• A three bedroom house on Westwood Circle in the Barracks / Rugby neighborhood sold for $540,000. That’s 17.29 percent above the 2024 assessment of $460,400 and 63.44 percent above the 2020 assessment of $330,400. (Residential-A, 0.1 acres)
• A five bedroom house on Winston Road in the Venable neighborhood sold for $2.575 million. That’s 24.99 percent above the 2024 assessment of $2,060,100 and 281.65 percent above the 2023 assessment of $674,700. The city’s building permit portal does not have any information but the listing on realtor.com describes it as a “fabulous transformation like new residence in the city built originally in 1951.” (Residential-A, 0.41 acres)
• A property at 101 Seminole Court that is the site of the Plaza Azteca restaurant has been sold. Plaza Property LLC purchased the building and the land for $2.49 million. That’s 4.88 percent above the 2024 assessment of $2,374,200 and 27.17 percent above the 2020 assessment of $1,958,000. (Node Mixed Use-10, 1.47 acres)

The final transaction for this day is a bit more complex. An entity with the name “RALSTON, JOHN S, TR 14TH ST NW LD TR” purchased five properties in the 500 block of 14th Street NW and one in the 600 block for $4.4 million. According to the deed, Ralston is the trustee of the 14th Street NW Land Trust. All of the properties appear to be single family homes and there are no land use permits associated with any of them. The transaction is 14.95 percent above the combined 2024 assessment of $3,872,700. Five of the properties on the eastern side of 14th Street NW are Residential-A. The one on the western side is Residential Mixed Use 5. The total combined acreage is 0.846 acres.

A four bedroom house built 1950 in the 700 block of Lexington Avenue sold for $450,000. That’s 10.2 percent below the 2024 assessment of $501,000 and 16.16 percent above the 2020 assessment of $387,400. (Residential-A, 0.189 acres)

A company called Jones Streets Flats LLC has purchased 1101 Cherry Avenue for $420,000. That’s 12.6 percent above the 2024 assessment of $373,000 and 57.36 percent above the 2020 assessment of $266,900. (Residential-B, 0.168 acres)

A 2,304 square foot two bedroom condominium in the apartment building at 200 Douglas Avenue sold for $1,375,000. That’s 12.63 percent above the 2024 assessment of $1,159,200 and 131.83 percent above the 2020 assessment of $593,100. The last time this unit sold was in September 2021 when it went for $1.4 million. (Residential Mixed Use 3, N/A)

A two bedroom house in the 1200 block of Preston Avenue sold for $399,000. That’s 34.3 percent above the 2024 assessment of $297,100 and 87.5 percent above the 2020 assessment of $212,800. (Residential-A, 0.285 acres)

October 31, 2024

• Train Station LLC sold 215 Albemarle Street and a lot next door for $1.3 million to 215 Albemarle Street LLC. That appears to be 141.95 percent above the 2024 combined assessment of $537,300. The 215 Albemarle Street LLC is not the same as 215Albemarle LLC that sold the property to Train Station LLC in 2015. A zoning compliance for the property requested in June seems to indicate that an automotive repair shop could be the “proposed use” referred to in the letter. (Commercial Mixed Use 3, 0.375 acres)

• The Charlottesville Redevelopment and Housing Authority closed on its purchase of 407 Harris Road for $475,000. That’s 20.93 percent above the 2024 assessment of $392,800 and 59.24 percent above the 2020 assessment of $298,300. I wrote about this transaction in September. (Residential-B, 0.167 acres)
• Druid Avenue LLC has purchased a three acre parcel of land on Monticello Avenue in Belmont for $3 million. That’s 3.41 percent below the 2024 assessment of $3,105,900 and 33.52 percent above the 2020 assessment of $2,246,800. A site plan for a 260 unit apartment complex is being reviewed under the old zoning. (Node Mixed Use 3, 3.01 acres)

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 went out to people who have paid through Substack seven days before posted here to Information Charlottesville. 

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