Wed - April 13, 2005
A few morning links
Why are homes in some cities outrageously
expensive, while those in other cities easily affordable? In attempting to
answer these questions, I found that a simple and intuitive model of the housing
market does a remarkably accurate job of predicting median prices.
Efficient Frontier
Is there a housing bubble? Why are homes in some cities outrageously expensive, while those in other cities easily affordable? In attempting to answer these questions, I found that a simple and intuitive model of the housing market does a remarkably accurate job of predicting median prices. This model allows us to think more clearly about the state of today’s residential markets.
The Onion (some bad language here)
Is there a housing bubble? Why are homes in some cities outrageously expensive, while those in other cities easily affordable? In attempting to answer these questions, I found that a simple and intuitive model of the housing market does a remarkably accurate job of predicting median prices. This model allows us to think more clearly about the state of today’s residential markets.
The Onion (some bad language here)
Posted at 09:14 AM |
Another example
When the people speak
...
More than 170 area residents signed a petition in protest to the development arguing that the subdivision's main road would be too steep and too dangerous.
More than 170 area residents signed a petition in protest to the development arguing that the subdivision's main road would be too steep and too dangerous.
When the people speak
...
More than 170 area residents signed a petition in protest to the development arguing that the subdivision's main road would be too steep and too dangerous.
WCAV has more.
More than 170 area residents signed a petition in protest to the development arguing that the subdivision's main road would be too steep and too dangerous.
WCAV has more.
Posted at 09:09 AM |
Sat - April 2, 2005
New website is up!!
My weekend will now be spent tweaking, editing
and changing/optimizing.... Anybody who says that a website will run itself has
never done it before.
My new, redesigned
website is finally up! My weekend will now be spent tweaking, editing
and changing/optimizing. the switch happened this morning. Anybody who says that
a website will run itself has never done it before.
Posted at 01:21 PM |
Fri - April 1, 2005
More jobs in C'Ville soon?
Silvercrest CEO Moffett Cochran says they hope
to double the number of local employees within a short time and expand enough
over the next several years to become a major local employer. Cochran, a UVA
grad and native of Staunton, says the high concentration of wealth in our area
made the merger logical.
From
WINA -
Heritage Financial of Charlottesville has been acquired by New York-based Silvercrest Asset Management. The merger means the combined firm will have nearly $6 billion in assets. Silvercrest CEO Moffett Cochran says they hope to double the number of local employees within a short time and expand enough over the next several years to become a major local employer. Cochran, a UVA grad and native of Staunton, says the high concentration of wealth in our area made the merger logical.
Anything that could bring new jobs to the area is welcomed. WINA said this morning that one of the reasons for the merger was the high concentration of wealth in the area. Should prove interesting.
Heritage Financial of Charlottesville has been acquired by New York-based Silvercrest Asset Management. The merger means the combined firm will have nearly $6 billion in assets. Silvercrest CEO Moffett Cochran says they hope to double the number of local employees within a short time and expand enough over the next several years to become a major local employer. Cochran, a UVA grad and native of Staunton, says the high concentration of wealth in our area made the merger logical.
Anything that could bring new jobs to the area is welcomed. WINA said this morning that one of the reasons for the merger was the high concentration of wealth in the area. Should prove interesting.
Posted at 08:41 PM |
Tue - March 8, 2005
Real estate tax reduction in the City
"The largest real estate tax rate cut in over a
quarter of a century or longer is being proposed, a 4 cent reduction," said
O'Connell - from WCAV.
Instead of helping qualified homeowners pay their tax bills, as the relief program does, the city would put any tax increases resulting from higher assessments into an escrow account payable upon the sale or transfer of the house. The homeowner would use some of the profit from their home’s appreciation to pay off the account.
Instead of helping qualified homeowners pay their tax bills, as the relief program does, the city would put any tax increases resulting from higher assessments into an escrow account payable upon the sale or transfer of the house. The homeowner would use some of the profit from their home’s appreciation to pay off the account.
This is great news -
One major item proposed was a four penny drop in real estate tax. "The largest real estate tax rate cut in over a quarter of a century or longer is being proposed, a 4 cent reduction," said O'Connell - from WCAV.
This idea may have legs, proposed by Kevin Lynch - in the DP
Instead of helping qualified homeowners pay their tax bills, as the relief program does, the city would put any tax increases resulting from higher assessments into an escrow account payable upon the sale or transfer of the house.
The homeowner would use some of the profit from their home’s appreciation to pay off the account.
Email me for a copy of Kevin Lynch's white paper.
One major item proposed was a four penny drop in real estate tax. "The largest real estate tax rate cut in over a quarter of a century or longer is being proposed, a 4 cent reduction," said O'Connell - from WCAV.
This idea may have legs, proposed by Kevin Lynch - in the DP
Instead of helping qualified homeowners pay their tax bills, as the relief program does, the city would put any tax increases resulting from higher assessments into an escrow account payable upon the sale or transfer of the house.
The homeowner would use some of the profit from their home’s appreciation to pay off the account.
Email me for a copy of Kevin Lynch's white paper.
Posted at 03:29 AM |
Fri - March 4, 2005
Tax reduction in the City
This is a bit disingenuous, in my opinion.
Rates go down by .04, but assessments rise by 20%. No more than a "look, we feel
your pain" measure.
I love this snippet - "The end of commercial trash collection saves the city $1.2 million. Competition from BFI and Waste Management has cost the city 20 percent of its customers." Competition is good.
" O’Connell said the budget is increasingly relying on real-estate taxes because of a small commercial tax base."
WINA and the DP report.
I love this snippet - "The end of commercial trash collection saves the city $1.2 million. Competition from BFI and Waste Management has cost the city 20 percent of its customers." Competition is good.
" O’Connell said the budget is increasingly relying on real-estate taxes because of a small commercial tax base."
WINA and the DP report.
Posted at 10:17 AM |
Wed - March 2, 2005
Opposition to Habitat?
C-Ville (who doesn't have an easy way to link to
their articles) has an interesting story this week on the plans to build a
couple of Habit
for Humanity houses in the Holmes Avenue
area.
This is the part that concerns me - the residents were not given an opportunity to purchase the lots. '...but the City wants to donate them to affordable-housing advocates and builders Habitat for Humanity. ... According to the City, the two lots are assessed at $32,000 apiece; City Planning Manager Ron Higgins, however, says the City could probably get much more. “Vacant lots in the City have been selling for as much as $60,000,” says Higgins. Habitat for Humanity director Overton McGehee says he’s willing to pay $15,000 apiece for the lots. ..." Far be it from me to criticize Habitat and I'm not. The City has a responsibility to not give away its property; they have an obligation to maximize their potential revenue.
A resident says "Some welcomed him, others asked him to not “take it personally” as they fretted for their property values. “Some people think Habitat for Humanity is a great thing, as long as the houses are somewhere else,” says Scott, who works as an assistant manager at the Salvation Army. “But I understand—they worked hard for what they have, and they want the area to be clean. It’s natural." Now that's just silly. Those who take the initiative to qualify for an purchase a home should be given the benefit of any doubt that may arise. If they couldn't get their stuff together, they would still be renting. Habitat and other groups in the region help those who otherwise would not be able to purchase their own homes.
This is the part that concerns me - the residents were not given an opportunity to purchase the lots. '...but the City wants to donate them to affordable-housing advocates and builders Habitat for Humanity. ... According to the City, the two lots are assessed at $32,000 apiece; City Planning Manager Ron Higgins, however, says the City could probably get much more. “Vacant lots in the City have been selling for as much as $60,000,” says Higgins. Habitat for Humanity director Overton McGehee says he’s willing to pay $15,000 apiece for the lots. ..." Far be it from me to criticize Habitat and I'm not. The City has a responsibility to not give away its property; they have an obligation to maximize their potential revenue.
A resident says "Some welcomed him, others asked him to not “take it personally” as they fretted for their property values. “Some people think Habitat for Humanity is a great thing, as long as the houses are somewhere else,” says Scott, who works as an assistant manager at the Salvation Army. “But I understand—they worked hard for what they have, and they want the area to be clean. It’s natural." Now that's just silly. Those who take the initiative to qualify for an purchase a home should be given the benefit of any doubt that may arise. If they couldn't get their stuff together, they would still be renting. Habitat and other groups in the region help those who otherwise would not be able to purchase their own homes.
Posted at 02:35 PM |
Mon - February 28, 2005
Further evidence that gentrification is everywhere
The 10th and Page Street area of the City is
slated to be Piedmont Housing Alliance's next target area.
WINA has the first report .
Posted at 10:23 PM |
Sat - February 26, 2005
One of the unique C'Ville neighborhoods
Nifty write up in The HooK on a house I showed last week. It has
layout that does not flow that well, a good-sized master, particularly for an
older house and needs between $30k and $100k of updating/refreshing. Simply put,
a nice older home in the City that is realistically a short walk to the Downtown
Mall.
Posted at 02:46 PM |
Sun - February 6, 2005
Realtor fluff
"There's a reason why Charlottesville,
Virginia attracts such a diversity of homebuyers, including famous authors and
politicians, say local
Realtors."
Charlottesville is a great place to live, as this Realty Times article states; do your due diligence before you come to the Central VA region so that your expectations will be in check with reality regarding our market.
Charlottesville is a great place to live, as this Realty Times article states; do your due diligence before you come to the Central VA region so that your expectations will be in check with reality regarding our market.
Posted at 09:09 PM |
Sat - February 5, 2005
Assessments - slightly worse than reported
Well, at least they are
looking
at how much more money they are taking in.
" The average assessment was up 14.6 percent, not 9.9 percent as reported in a Jan. 31 news release distributed by the assessor."
Correction was noted in today's DP, and was noted here earlier as 13.3 percent. Either way, the City just received a huge raise.
" The average assessment was up 14.6 percent, not 9.9 percent as reported in a Jan. 31 news release distributed by the assessor."
Correction was noted in today's DP, and was noted here earlier as 13.3 percent. Either way, the City just received a huge raise.
Posted at 08:19 AM |
Mon - January 31, 2005
Charlottesville's assessments are out
When looking at the assessment's increase,
Charlottesville is NOT #1!
"The yearly taxable real property values increased by 13.3 percent for the 2005 year. Apparently, it's not shocking for some homeowners in the area."
WCAV is on the ball tonight with the story, as is WINA.
"The yearly taxable real property values increased by 13.3 percent for the 2005 year. Apparently, it's not shocking for some homeowners in the area."
WCAV is on the ball tonight with the story, as is WINA.
Posted at 08:14 PM |
Charlottesville's population continues its decline
"The amount of residential housing available
for middle income families has increased significantly in the past three to four
years.""
""The City of Charlottesville has actually
been losing population for quite awhile, but Albemarle County has been gaining
population.""
Neither the Cavalier Daily article nor this particular study (PDF)by the Weldon Cooper Center for Public Service address the above statement directly, but the fact that the City of Charlottesville is experiencing a slow decline or stagnation is no surprise. Few people can afford to live in the City itself; most commute into the City to work.
"The City's location within Albemarle County also plays a key role in its population growth.
"Charlottesville is an island in the middle of the ocean that is Albemarle County," Dr. Martin said. "Housing availability is low, and prices are high."
No kidding.
Despite the recent decline in population growth, there is some evidence of future expansion.
"In the last three or four years, the real estate industry has come alive," Caravati said. "The amount of residential housing available for middle income families has increased significantly in the past three to four years.""
Really? In what world is he living? Unless "middle income families" refers to those who can afford houses costing at least $250k.
" The median sales price for the entire market area in 2004 was $247,250 which is $18,000 more than the previous year’s figure." - from Caar.com
There is a great deal more statistical data at this site here and here are good places to start. If anybody wants to give me an executive summary, I would be much appreciative!
Neither the Cavalier Daily article nor this particular study (PDF)by the Weldon Cooper Center for Public Service address the above statement directly, but the fact that the City of Charlottesville is experiencing a slow decline or stagnation is no surprise. Few people can afford to live in the City itself; most commute into the City to work.
"The City's location within Albemarle County also plays a key role in its population growth.
"Charlottesville is an island in the middle of the ocean that is Albemarle County," Dr. Martin said. "Housing availability is low, and prices are high."
No kidding.
Despite the recent decline in population growth, there is some evidence of future expansion.
"In the last three or four years, the real estate industry has come alive," Caravati said. "The amount of residential housing available for middle income families has increased significantly in the past three to four years.""
Really? In what world is he living? Unless "middle income families" refers to those who can afford houses costing at least $250k.
" The median sales price for the entire market area in 2004 was $247,250 which is $18,000 more than the previous year’s figure." - from Caar.com
There is a great deal more statistical data at this site here and here are good places to start. If anybody wants to give me an executive summary, I would be much appreciative!
Posted at 09:59 AM |
Tue - January 25, 2005
Backing up work only when you check your backup!
Having experienced my self-inflicted problems
recently, I am learning the true value in TESTING your backup. I neglected to
do this, so I have spent the past hour or so copying and pasting a cached
version of my blog.
Having experienced my self-inflicted problems
recently, I am learning the true value in TESTING your backup. I neglected to do
this, so I have spent the past hour or so copying and pasting a cached version
of my blog.
At least I had that!
This is why all the former entries are now listed with today's date.
At least I had that!
This is why all the former entries are now listed with today's date.
Posted at 06:12 PM |
C'Ville needs money!
The City is facing less tax revenue because ...
Used Cars have less value!!
At some point locales are going to have to look outside real estate taxes for most of their funding needs. Decent article , as far as the DP is concerned.
The Free Enterprise Forum's recent study on Local Governments' Spending is here.
At some point locales are going to have to look outside real estate taxes for most of their funding needs. Decent article , as far as the DP is concerned.
The Free Enterprise Forum's recent study on Local Governments' Spending is here.
Posted at 06:04 PM |
Busy in the City
Lots of new listings today in the
City
It's proof - the market is heating up already! Several new properties came on the market today in the new Willoughby Townes development off of 5th Street Extended
Sorry - no pictures of the new condos on East Market Street. One bedroom condos for $389,500. They'll sell.
It's proof - the market is heating up already! Several new properties came on the market today in the new Willoughby Townes development off of 5th Street Extended
Sorry - no pictures of the new condos on East Market Street. One bedroom condos for $389,500. They'll sell.
Posted at 05:56 PM |
More on local roads
Yet another group TALKING about
roads
The DP has a story today about yet another group of people talking about how we really, really, really need roads. For about thirty (30!) years, the Meadowcreek Parkway has "been discussed."
"Construction projects such as the Meadowcreek Parkway, the eastern connector and the Southern Parkway have taken on near-mythological status as they are perennially discussed, debated and delayed."
"The primary holdup, most parties agree, is state transportation money, which has been delivered to local governments in smaller amounts every budget cycle."
Not necessarily. The money was in the coffers at one time. Public outcry by a powerful, vocal minority has stopped progress in its' tracks each and every time progress is nigh.
Here is an interesting article about the difficulties facing the doomed-before-it-was-built Buck Mountain Reservoir.
The DP has a story today about yet another group of people talking about how we really, really, really need roads. For about thirty (30!) years, the Meadowcreek Parkway has "been discussed."
"Construction projects such as the Meadowcreek Parkway, the eastern connector and the Southern Parkway have taken on near-mythological status as they are perennially discussed, debated and delayed."
"The primary holdup, most parties agree, is state transportation money, which has been delivered to local governments in smaller amounts every budget cycle."
Not necessarily. The money was in the coffers at one time. Public outcry by a powerful, vocal minority has stopped progress in its' tracks each and every time progress is nigh.
Here is an interesting article about the difficulties facing the doomed-before-it-was-built Buck Mountain Reservoir.
Posted at 05:47 PM |
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Published On: Apr 13, 2005 09:14 AM
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Published On: Apr 13, 2005 09:14 AM