July 2024 property sales report: Up Charlottesville assumes ownership of 2117 Ivy Road
An anecdotal look at over 60 real property transactions in Charlottesville
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.
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.