February 2023 Property transactions: Former Fox's Café site sells for $1.4M; Seven Development buys property for planned 77-unit riverfront development

Another anecdotal look at property transactions in Charlottesville

In the 26 months since I began writing up these summaries of property transactions in Charlottesville, this is one with the lowest volume to date and thus the shortest entry. I go through each sale in order to better understand what’s happening in land use and development. 

Sales volumes may be down, but my time capacity has also been down recently, so I’m a little late on getting this out. I’m also a little behind in writing about the Cville Plans Together initiative but I need to get this done before I can get to that. I hope to have a story on that out by Tuesday. Each parcel does list what the new zoning is currently expected for each property.

With regards to this summary, I don’t have the capacity to identify or quantify trends, but I do focus on comparing the sales price to recent assessments. There was another double-digit jump in Charlottesville from 2022 to 2023. Many of these transactions seem to be in line with that increase. But do remember that every transaction is unique to itself and there are likely circumstances I am not reporting here.

How will the market behave next? Ask a Realtor, or continue reading along with these summaries which are sent out to paid Substack subscribers first but will be posted to Information Charlottesville early next week. 

If you’re not a paid subscriber yet, consider this an incentive to do so. It helps me stay in business. If you are a paid subscriber, feel free to send the email around.