May 2024 City Transactions: Seven residential properties in Charlottesville sell for over $1 million; UVA Foundation picks up three buildings on Arlington Blvd
Another anecdotal review of property transactions to provide a glimpse into the city's real estate market
More than six months have passed since the Charlottesville City Council adopted a new Development Code that increased the amount of residential density that is allowed across the city. It’s way too early to tell what effect that will have on the long-term, but worth keeping the new rules in mind while looking at every single transaction.
One of the concerns opponents have expressed is that developers will buy up property to develop more units that will be sold at market-rate. Proponents of the upzoning have argued that’s precisely the point because a lack of supply is driving up prices. Some also would say the city’s investments in affordable housing will help ensure more places for people with lower incomes to live.
What’s actually happening? For three and a half years now I have been writing up transactions for this newsletter as a way of trying to separate the theoretical and the actual. Paid subscribers get a first look at the details followed by them being posted to the Information Charlottesville.
Another item I want to draw people’s attention to is how sharply assessments have gone up since 2020. Why is that? Is it a lack of supply? Did the publication of the Future Land Use Map in early 2022 influence the market? Some other reason?
Either way, the increase in assessments has led to significantly more money being available for the City of Charlottesville to spend. Well, that coupled with a two cent increase on the real property tax from $0.96 per $100 of assessed value to $0.98.
I do not make an attempt to draw a trend. Every transaction is its own story, and each story adds up to form a mosaic of sorts to be interpreted. I make my living paying attention to this stuff and really appreciate all of the paid subscribers who make it happen.
Some brief highlights before the paywall drops down:
Seven single-family residential properties sold above $1 million this month, not counting one that will likely be the site of an apartment building sharing the space of a historic structure
At least six properties sold to out-of-town companies
Property values at condominium complexes such as 1800 Jefferson Park Avenue and the Cedars continue to increase, though not always!
Two properties that were built as part of Habitat for Humanity’s Sunrise Park development sold with one apartment selling at 47.6 percent above assessed value
I wrote two stories for C-Ville Weekly based on transactions in May and one for this newsletter
One company bought three properties on East High Street
The paywall helps keep me in business and for now this is the only content that asks for paid subscriptions. This will be posted to the other site on July 6, 2024, but if you’ve come to rely on the information I’m writing, now might be a good way to contribute to keep me going.