This home is conveniently located in the Martha Jefferson neighborhood of Charlottesville, just steps from the Martha Jefferson site and Charlottesville’s Downtown Mall.

Check out what The Hook had to say about this gem…

The house itself feels like a dollhouse in the best sense of the word. White, with mustard trim, and a front porch perfect for lemonade and neighbor-watching, this Victorian has stayed true to form. It’s eminently livable— no falling through floorboards or fighting over closet space. Everything has been carefully brought up to the present century while the spirit of the time when men wore hats and women wore bustles has been preserved.

The flooring is all heart pine, the ceilings are high (9’4″ downstairs), and the walls are painted in salmon, peach, and sage. The small, street-facing living room is the most elegant, with crown molding and an antique mirror above an ornate fireplace (unfortunately now blocked with tiles of red marble because it can’t be resuscitated).

And 8 out of 10 stars?  We agree.  It’s a pretty sweet place.

To learn more about 700 Locust Avenue, visit us at the Nest Realty web site.

There are definitely pockets of Charlottesville that are outperforming other parts of Central Virginia.  Actually, I could probably make the argument that a few small pockets (Martha Jefferson Neighborhood, North Downtown, Lewis Mountain neighborhood) in the City may actually be appreciating (gasp…remember that word?).   Those unique areas/streets are typically located within walking distance to the Downtown Mall in parts where the homes are in great condition and full of character.

However, overall, Charlottesville real estate has suffered just like other parts of the County (and the Country).  Because of location, some Charlottesville neighborhoods (like Belmont, for example) rode the real estate wave to the peak…and have, therefore, had a long fall from the top.  Investors definitely pumped up prices in certain pockets of Charlottesville.

Charlottesville home sale numbers haven’t quite recovered like some other parts of Central Virginia (like Ivy, for example, where home sales are showing signs of recovery).  2009 Charlottesville home sales were off about 15% from 2008…and 2008 numbers were off about 12% from 2007.  The final quarter of 2009 did show some positive momentum in that sales were up over the same period in 2008.

Here is a quick overview of some other signs in the Charlottesville real estate market:

- Overall 2009 Inventory (8.79 months) is slightly higher than 2008 (8.03) and 2007 (7.86)

- Total sales volume was about $20 million lower in 2009 than 2008 (from $110m to about $90m)

- List-to-sale ratios were down again in 2009…though slightly.  In 2009, Charlottesville homes sold for approximately 95.11% of their final list price.  In 2008, it was 95.79% and 2007 was 97.39%

- Days on Market in 2008 (102 days) vs. 2009 (100 days) are essentially a wash

So, there still seems to be some downward movement in Charlottesville real estate.  The positive signs are that things seem to be correcting.  As prices drop a little more, I expect to see sales jump.  We’re definitely seeing buyers in the marketplace…they’re just waiting for the right opportunity.