August 2022 Charlottesville Property Transactions: CRHA misses out on one pair of duplexes, but acquires another on Coleman Street; Vacant building on West Main Street sells for $1.3 million
Another look at what's happening in the Charlottesville property market nine months after a new Comprehensive Plan was adopted by City Council
The rewrite of the zoning ordinance is underway with sometimes heated conversations happening all over Charlottesville. This monthly summary of property transactions in the city is my way of checking out what’s happening as the rules of development change. There have been many claims that speak with certainty about what might happen, but I am a professional skeptic and I will continue this anecdotal look as long as I am able to do so.
This time around I am including the total acreage for each parcel as well as the current Future Land Use Map designation. It’s possible the specifics for each parcel will change but the map is an adopted part of a Comprehensive Plan that assumes every parcel will have more development rights. The way those new development rights may be realized will depend on the size and shape of the plot. That’s where the zoning rewrite comes in.
Take a look at the draft Zoning Diagnostic and Approach Report and the draft Inclusionary Zoning report for more information on how these dimensions will play a role in determining how many residential units can be on each lot.
This work is intended to increase general awareness of the various rules that are in play. As I have disclaimed before, I am a property owner in Charlottesville and my financial future depends in part by recognizing what value I might have. If I sell my house now, will the sales price reflect the additional density I could get on my land, which is designated Middle Intensity Residential? Do I sell to a friend? Do I hold?
Some questions in the back of my head that aren’t strictly rhetorical:
Are people who are selling their houses now being informed of the potential worth?
What steps are being taken right now to stop displacement from happening?
Who will do the work of building all of the infill units?
Paid Substack subscribers get a first look at this summary, as it is my main ‘premium’ content. As I continue doing these in the months and years, I will try to add more services, but in order to be a good land use reporter, I have to look at all of this and share it with the many people interested. I do this work on my days off, usually while watching Premiership matches.
Thank you for the hundreds of people keeping me in the game! Reporting, not soccer. I’m not good at competing.