Category: real estate

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Where’s the New Housing Inventory in Crozet?

Disclosure: I’m a real estate agent. I occasionally write about the Crozet real estate market.

I’ve been looking at the data and am getting more and more curious … where are the new listings that I (and other professionals) thought would be coming on the market in Crozet? (There’s more insight in my subscription-only monthly note)

Some of the questions this data raises:

– How will this affect new construction? (probably quite well – fewer good homes with which they’re competing may mean more sales and higher prices)

– How might this affect buyers? More competition for good houses and less to choose from may 1) discourage buyers 2) keep potential buyers renting 3) drive up prices

– How might this affect sellers? They might be able to push the asking price a little bit. Or, they might price it a bit under where they might be able to price it in order to better ensure a reasonably quick contract

– How might this affect growth in Crozet? We have quite a few new homes yet to be built … will they continue at the same pace?

– Is it too early to draw any kind of reasonable conclusions? Yes. Absolutely. For all the years I’ve been writing about and practicing real estate, I’ve said that I’ll let you know in 18 months what the market did today.

– What if I have more questions about the Crozet real estate market? Ask me anytime. Here in the comments or email or call me anytime.

The short story is that there’s always more to the story than top-level data suggests. This post is just some brief insight into what’s happening in the Crozet real estate market. For broader insight, I wrote today about the Charlottesville/Central Virginia market.

Continue reading “Where’s the New Housing Inventory in Crozet?”

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Brief Market Update for Crozet – December 2013

When do homes come on the market in Crozet- - Zoho Sheet.jpg

I looked at this data a couple months ago but was curious as to what was happening now in the market.

Keep in mind that these numbers are a bit skewed as so much of the Crozet real estate market is new construction:

– Of the 238 homes that have sold this year in the Charlottesville area MLS, 90 are marked as new construction* – nearly 40% of homes sold this year in Crozet are new construction! And that’s a lower percentage than last year, when 48% of the homes sold in Crozet from 1/1/12-12/1/12 were marked as new construction.

That said, in short:

– New resale listings are trending downward, month over month and year over year
– Contracts are trending slightly up
– Closings are moving downward, month over month and year over year

Fewer listings coming on the market with contracts remaining steady may indicate that now could be a good time to consider putting your home on the market …

Have questions? Ask me. (I’m a real estate agent) Continue reading “Brief Market Update for Crozet – December 2013”

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Does Crozet Have All the Pieces for Walkability?

As Crozet continues to grow, it’s important to keep the end result in mind. What do we want Crozet to be in 10 years? In 20 years?

This story at CNBC is a great in-depth read that has quite a few parallels to Crozet as well as and lessons we can learn from.

“Walkability plays a big part in an area’s economic vibrancy,” said Scott Bricker, executive director of America Walks, a national nonprofit that fosters walkable communities. “The most valuable real estate around the world is in walkable places, places where people are living and working in closer proximity.”
…

Researchers have found that areas with high Walk Scores fare better environmentally (less use of cars), socially (better chances of connecting with someone face to face) and economically. A recent study published in Real Estate Economics found that in neighborhoods with greater walkability, the resale value of both residential and commercial properties is higher. And according to a 2009 report commissioned by CEOs for Cities, “a one-point increase in Walk Score was associated with an increase in value ranging from $700 to $3,000 depending on the market.”

“There’s a strong preference for being in a neighborhood where people can walk to shops, restaurants, parks,” said Joe Molinaro, managing director of community and public affairs at the National Association of Realtors, which found that two-thirds of respondents in its 2011 Consumer Preference Survey said that walkability was an important factor when deciding where to live. “We asked people for tradeoffs—comparing different things they might have to give up to get that—and more and more are willing to make a sacrifice to be in a walkable neighborhood.”

For example:

– Homes for sale in Old Trail have relatively low Walk Scores (for now) – there’s Trailside Coffee, ACAC gym, Anna’s Pizza, Dentist, Augusta Medical, park, playgrounds and more (and much more to come as the Village Center gets built out.
– Homes around Downtown Crozet have higher Walk Scores – Mudhouse and Greenhouse coffee shops, hardware, Fardowners pub, Great Valu, Crozet Park, YMCA gym and lots more.
– Homes around the third business center – 250 West – don’t have the same connectivity, despite the proximity to Harris Teeter and all of the businesses in Clover Lawn – Eye Care, restaurants, UVA Credit Union …

With the lumberyard having been purchased recently, the future of downtown Crozet has the potential to shape up in the next couple years. What will it look like?

Let’s not forget (or forget to volunteer!) the value of the growing Crozet Trails system and network; I feel that these will be integral to the future of connectivity in Crozet, in addition to sidewalks and bike lanes everywhere possible. Continue reading “Does Crozet Have All the Pieces for Walkability?”

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When Do Homes Come on the Market in Crozet?

Unlike the greater Charlottesville MSA market where the trend lines are fairly consistent, the Crozet real estate market is more of a fits-and-starts market.

The Crozet real estate market cycle can be described succinctly: (“Crozet” defined for these purposes as “Brownsville & Crozet Elementary Schools)

– List early in the year

– Contracts trail listings

– Closings track contracts by 30-60 days or so.

– As with the broader market, rising interest rates (they’re *really* not high) seem to have taken their toll on some of the market exuberance, but not much

– The charts below include single family, attached homes (and condos, but we don’t have any in Crozet) – and specifically include new construction**

The 2013 market compared to the 2012 market:

– Inventory is up a bit (new home inventory is not represented in the listings as there are so many “paper listings” – new homes proposed on lots that may or may not be built – so this number is a bit misleading.

– The market is doing better – prices are up, contracts and sales are up – year over year.

– The peak in closed home sales in December of 2012 appears to be mostly new construction contracts being closed out.

– July was *smoking* with respect to closed sales (see PDF for more information) and screenshot at the bottom of this post.

Continue reading “When Do Homes Come on the Market in Crozet?”

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Crozet Real Estate Market – Conflicting Numbers, Fast Contracts, Not enough Inventory

If you were to look at just the data, you’d think the Crozet real estate market is worse this year than last. Anecdotally and practically though, you’d be wrong. (talk to anyone currently looking for a home in Crozet between $300k and $500k) Or ask me.

In the first four and a half months of 2012, 166 homes came on the market in Crozet. This year, 177 came on the market. (inventory is up)

Last year, 83 homes went under contract. This year, 94 went under contract. (comparing 1/1/12-4/22/12 to this year, the numbers are 89 to 99, respectively) (More homes are selling)

Last year, 54 homes sold. This year, that number is 49. (Let’s call that a push)

But … Of the 99 homes that have gone under contract this year … 44 had days on market of less than 7! 54 had days on market of less than 30. 37 had days on market of less than 3.

So. What in the world do those numbers mean? They’re a perfect representation of how numbers can be deceiving.

In a nutshell – here’s what I’m seeing in the Crozet real estate market right now:

– Great homes are selling fast.

– There aren’t enough quality homes on the market to satisfy the demand of buyers.

– There’s a pile of new construction coming to Crozet – Foothill Crossing, Wickham Pond, Old Trail, Grayrock North (West), Westlake (behind Westhall), Foxchase Landing … and a lot of my clients are shunning said new construction for existing homes because they want something less generic. (a lot are choosing new, but I’m seeing a shift I haven’t previously seen)

– If you’re thinking about selling your home in Crozet, now would be a good time to do so. If you’ve been underwater, you might not be. Seriously.

– If you’re thinking about buying a home in Crozet, be prepared for quality inventory to move. Fast.

– We’re nearing the end of the traditional peak time for new homes to come on the market; most buyers in our area tend to want to either close around the end of the school year or the start of the school year …

I’m embedding some market summary reports below. Please do let me know what questions you have … also keep in mind that even though I’m writing about the Crozet real estate market, individual neighborhood trends are different – both different scales (Old Trail vs everything else) and quality.

Disclosure: I’m a real estate agent. This is a post to inform readers about the state of the Crozet real estate market. It’s not specifically written in order to advertise or solicit business, but I certainly would not dissuade potential buyers, sellers, curious readers from contacting me with questions or if they are seeking buyer or seller representation.

Continue reading “Crozet Real Estate Market – Conflicting Numbers, Fast Contracts, Not enough Inventory”

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Thinking about Crozet Schools

As is often the case, I started a conversation on the RealCrozetVA facebook page and the conversation turned out so well I thought I’d share it here. As always, a huge thanks to the commenters there.

Curious: what is WAHS doing to compete with the high-level academies at CHS, AHS & MHS?

Thoughts welcomed.

*I’m tagging this post as a “real estate” post as well as “schools” because (perceived at least) school quality matters with respect to property values.

And, click through to read about the Albemarle County Strategic Plan Review. Continue reading “Thinking about Crozet Schools”

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What do We Want Crozet to Be?

I posted the following thought on the RealCrozetVA facebook page and it generated quite a few thoughtful comments, but I much prefer to center the conversation here. That said, the comments added to my original thought by changing my premise from “what do we want Crozet to be” to first, let’s define the Crozet culture as it currently is and then define what we want Crozet to look like.

This is something that is been going through my head for the last 12 or 18 months: what is Crozet going to look like in 12 or 20 years? More importantly, what do we want it to look like in 12 or 20 years?

Our town is going to change. That is a known known. But what are the unknowns? Will we encourage the homogenization that is happening in Charlottesville? Will we be able to encourage adoption of the Crozet
culture to those who are new?

If we don’t plan (and act!) accordingly and wisely for the coming growth – the school traffic coming from Old Trail comes to mind as well as the traffic to and from all the schools in the mornings and afternoons, and presumably more when Re-Store ‘n Station opens, and from Westlake Hills – then Crozet won’t be as wonderful a place to live as it is now.

I love Crozet; we’ve been here for 11 years (I think) and I intend to be here for a long time. I make my living representing buyers and sellers moving to and from Crozet, so I have a different perspective than many, but my goal remains to work to do whatever I can to keep and make Crozet a special place to be.

I’m posting below the comments from the conversation … please, take some time to read them all (and thank you to everyone who has already commented). They’re thoughtful, insightful comments about what Crozet was, is and could be. I’ll call out this one as I think it well articulates what most may be thinking:

I think we have to combine and find the way to bring the new into the fold of the old unique Crozet so we can grow together.

* For the purposes of this conversation, “Crozet” means (very roughly) – from the railroad bridge at 240/250 intersection to Greenwood Gourmet just past 64 to about two miles past Crozet Elementary. Seriously. Getting into a discussion about “what are the boundaries of Crozet” won’t serve this discussion well … and may lead to moderation of comments.”

Continue reading “What do We Want Crozet to Be?”

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If you Haven’t Walked or Biked on Jarman’s Gap, Why not?

It’s looking good. Last week, my no-longer-a-second-grade-daughter and I rode our bikes from Parkside Village to get ice cream at Trailside Coffee; it’s an easy ride.

I haven’t taken photos of Jarman’s Gap in a while, but I’ll say this – it’s a fantastic road – easy to walk and ride on. It’s surely going to allow better connectivity – both physically and psychologically – between the neighborhoods along Jarman’s Gap and downtown Crozet.

Continue reading “If you Haven’t Walked or Biked on Jarman’s Gap, Why not?”

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What would YOU Tell those Moving to Crozet?

A question from the RealCrozetVA Facebook page:

This is a real estate (for my clients) and a “welcome to Crozet” question –

1: What would you tell those moving to the Crozet area about the Crozet Master Plan?

2: What would you tell those moving to Crozet about Crozet?

Good, bad, ugly … just honest.

Update 4 May 2012:

Kim writes a fantastic comment on the FB post. I’m putting it here because I don’t want FB to archive it so I can’t find it in three years. Or two months.:

I would tell them that Crozet retains its small town flavor, despite the growth due to the Master Plan so far. However, because of this growth, there has been strain on our infrastructure and schools and so far the BOS and BoEd and the Planning Commission seem to be working in silos when it comes to this.

They approve huge developments like Gray Rock and Old Trail without concurrent planning for schools and roads – that should take place at the same time, not at crisis time (Crozet Elementary in 2007 and now Brownsville in 2012). There is some tension between long time residents and those that move in to these developments and want to remake Crozet into something else. I think all residents are afraid of 250 becoming yet one more plain vanilla expanse of national chain stores. My biggest piece of advice would be to GET INVOLVED!

With schools, Crozet Trails Crew, youth sports, Crozet Community Association, Crozet Park, and so on. Take the time to walk the downtown area, go to the farmer’s market, and meet the local business owners tucked away in those funky old imperfect buildings.

That is the charm of Crozet. We came from a picture postcard perfect small New England Town in 2005, and realize now that it is not the exteriors of the buildings, but those inside them that make Crozet so friendly and special.