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The Nest Report

Our Nest Report Blog is a platform to educate the public about the changing real estate markets in Charlottesville, New River Valley, and Hampton Roads. Our team of agents contributes timely market updates and statistics, as well as hyper-local news and information for each community.

Charlottesville Home Showings and Contracts Written Are Up

February 15, 2012 – 8:28 pm

Some positive news continues for the Charlottesville and Albemarle real estate market.

The January Nest Report is coming out and there are continued signs that buyer activity is on the rise.

The Nest Realty lockbox report – basically telling us how many times area lockboxes were opened – shows that lockbox openings year-to-date are up 17.5% over the same period in 2011.  So what does this mean?  More lockbox openings means there are more buyers looking for homes.  More buyers = more demand.  And more demand = a chance that we may start to see some stabilization in our local market.

We’ve been tracking lockbox openings for a few years and it’s consistently allowed us to forecast the  sales contract numbers for the upcoming 30-60 day period.  So, with this data, we’d expect to have contracts rise somewhere in the range of the lockbox showing increase.

Let’s take a look at contracts written in January 2012 vs. January 2011 in the Charlottesville MSA:

Albemarle:                112 (2012) vs. 94 (2011)

Charlottesville:        35 (2012) vs. 24 (2011)

Fluvanna:                  22 (2012) vs. 19 (2011)

Greene:                       15 (2012) vs. 18 (2011)

Louisa:                        34 (2012) vs. 29 (2011)

Nelson:                       12 (2012) vs. 15 (2011)

TOTAL:                     230 (2012) vs. 199 (2011)

Overall, 4 of the 6 areas in the Charlottesville MSA had more contracts written in January 2012 as compared to January 2011.

And remember how we said that lockbox activity directly correlates to contracts?  Well, lockbox activity is up 17.5% and contracts in January were up 15.6%.  (That’s not just coincidence.)

One more note: lockbox openings per listed home in January 2012 was up 24.1% (2.65 per) from January 2011 (2.13 per).  In fact, 2.65 lockbox openings per listing is almost to the level of 2009 (2.75 per) when there was a flood of buyer activity because of the tax credit.

We’ll definitely keep an eye on this trend and see if the lockbox and sales activity continues to outpace last year.

 

By Jonathan Kauffmann | Posted in 29 North, Albemarle County, Barracks, Buying a Home, Charlottesville, Charlottesville, Crozet, Earlysville, Fluvanna County, Greene County, Ivy, Keswick/East, Louisa County, Market Reports, Nelson County, Real Estate Brokerage, Rio, Southside | Comments (1)

More Discussion on Charlottesville’s Avon Center

February 10, 2012 – 1:21 pm

NBC29 news did a piece on Thursday on Charlottesville’s Avon Center retail development.  You can check it out here.

No one has made an official announcement yet on the specifics or the timeframe of development.  The big unknown is the expansion/construction of the Bent Creek Parkway, which will connect 5th Street to Avon Street and will serve as the linchpin for the entire Avon Center development.

Avon Center will have a big impact on residents living in Downtown Charlottesville and Southside, including neighborhoods like Belmont, Mill Creek, Redfields, Mosby Mountain and Whittington.

 

By Jonathan Kauffmann | Posted in Belmont, Charlottesville, Charlottesville, Foxcroft, Mill Creek, Mosby Mountain, Mountain Valley Farm, Real Estate Brokerage, Redfields, Southside | Comments (0)

Fry’s Spring Charmer

February 10, 2012 – 11:57 am

 

The Hook did recap of Deborah Rutter and Amy Webb‘s listing at 100 Troost Court in Charlottesville’s Fry’s Spring neighborhood.

Check it out here.

And a quick quote:

With both the sunroom and a greenhouse situated along the front elevation, the house is noticeably short on curb appeal. However, prospective buyers might remember the adage about not judging a book by its cover, for the lackluster exterior belies the upscale finishes found within. Replacing the sliders that ring the sunroom with more modern (and energy-efficient) doors and relocating the greenhouse could go a long way toward sprucing up the facade and providing an external appearance more in keeping with the fine quality of the interior.

Contact Amy Webb or Deborah Rutter for more information.

By Jonathan Kauffmann | Posted in Charlottesville, Fry's Spring, Real Estate Brokerage | Comments (0)

Live Where You Love: Virginia’s Booming Wine and Beer Industry

February 8, 2012 – 2:31 pm

 

The growth of the beer and wine industry in Charlottesville, Albemarle, and Nelson County over the last few years has been amazing. Local vineyards and breweries are flourishing and this region is becoming known for not only its variety, but its quality. And these businesses are not only reaching out to and appealing to area residents, but tourists are coming from far and wide to experience what these Virginia vineyards and breweries have to offer.

It’s pretty amazing to see this growth over the last 4-5 years.  I think the best part about the success of these wineries and breweries is that they are creating fantastic events and interactions with the local community.  From Starry Nights at Veritas Vineyards to the polo matches at King Family Vineyards to movie nights at Blue Mountain Brewery, all of these businesses are creating exciting and fun opportunities for residents and tourists.

We’d like to thank King Family Vineyards, Blue Mountain Brewery, and Starr Hill Brewery for their help with this video. But there are countless others wineries and breweries out there that are helping to make this region well known for grapes and hops.  And best of all – they all work together.  Check out the Brew Ridge Trail and the Virginia Wine Trail for more information.

By Jonathan Kauffmann | Posted in Real Estate Brokerage | Comments (0)

Troubles at Wintergreen

February 8, 2012 – 12:24 pm

Photo Courtesy of Wintergreen Resort

While many folks throughout Central Virginia are enjoying this mild winter, Wintergreen Resort seems to be cursing it.  After a 2009 winter that brought record snowfall to the entire state of Virginia, 2011 marks the second straight winter of warm temperatures and basically no snowfall.  Combine the weather with an economy that is only now starting to chug a little…and that’s a recipe for disaster for Wintergreen.

The Daily Progress and multiple other sources have reported that Wintergreen has seen a $2.5 million operating profit shortfall this season…and it could only get worse if our February heat wave continues.  In other bad news, it has also been reported that Bank of America has terminated Wintergreen’s line of credit.

Sales in Wintergreen and Nelson County have struggled for the past few years.  However, there have been some positive trends in Nelson.  Here are a few from our 4th Quarter 2011 Nest Report:

- Median prices were down only 4.3% from Q4 2010.  Some other areas were much worse.

- Days on Market for sold properties were down about 5% (from 118 days to 112)

- Total sales jumped in Q4: up 15.8% from 2010

- Months of inventory continued to creep down year-over year…decreasing about 4% to 23.1 months.

23.1 Months of inventory is still an extremely high number.  However contracts written in Q4 2011 were also up (almost 20%), so the inventory levels looked like they may continue to decline.

All in all, Nelson County and Wintergreen are beautiful places.  We’re lucky to have them so close.  So, if you are looking for something to do this weekend or searching for a new place to eat, we’re sure that our friends at Wintergreen would love your support.  Here’s a few ideas of things to do there:

Places to Eat at Wintergreen

Places to Stay at Wintergreen

Wintergreen’s Winter Zip Line

Ridgely’s Fun Park for Kids

Wintergreen Snow Tubing

And of course, there is plenty of skiing and ski lessons.

By Jonathan Kauffmann | Posted in Glen Mary, Market Reports, Nelson County, Real Estate Brokerage, Stoney Creek, Wintergreen | Tagged | Comments (0)

Is More Development Coming Along 5th Street in Charlottesville?

February 7, 2012 – 4:18 pm

Over the past few years, Crozet and Northern Albemarle have been the big development spots in Albemarle County.  Neighborhoods like Old Trail and Belvedere have blossomed and have created opportunities close by.  But it looks like 5th Street could be one of Charlottesville’s development centers in the coming months.

Here’s a few examples of what’s happening just south of Downtown Charlottesville:

1. Site work has begun on the Cracker Barrel location along 5th Street – just next to the Holiday Inn by Interstate 64.

2. On the residential side, Whittington is getting closer to fruition.  If you’re familiar with that side of town, it will be close to Mosby Mountain and will include approximately 96 single family homes on 1 acre home sites.  Piedmont Realty and Construction will be building in Whittington’s first phase.

3. The biggest news seems to be what’s happening at the approved Avon Center development.  Rumors are swirling of a Wegman’s Grocery Store and a Target (pronounced Tar-zhay). This would be a big boom to the south side of town, but it will definitely change the landscape.  A major shopping area on this side of Charlottesville that is accessible from Downtown, Interstate 64, Avon Street, and 5th Street could actually alleviate some traffic issues along the 29 corridor, the 250 Bypass, and Hydraulic Road.  We’ll see…

We’ll keep you posted on what we hear – stay tuned to the Nest Report for more updates.

* Photo courtesy of our friends at Charlottesville Tomorrow.

By Jonathan Kauffmann | Posted in Charlottesville, Mosby Mountain, News, Real Estate Brokerage, Southside | Tagged , , | Comments (2)

Live Where You Love: Nelson County, Virginia

February 1, 2012 – 11:59 am

 

We’re venturing into Nelson County for the next episode in our Live Where You Love video series.

If you haven’t been to Nelson recently, there’s a lot going on.  Between the increased tourism from the Brew Ridge Trail, the Virginia Wine Trail and Wintergreen to Nelson’s sheer beauty, it’s really an amazing part of our region.

Please let us know if there is anything we can do to help you with your Nelson County real estate needs.

By Jonathan Kauffmann | Posted in Nelson County, Real Estate Brokerage | Comments (0)

Q4 Nest Report Covered by the Local Charlottesville News

February 1, 2012 – 9:12 am

The Nest Realty Q4 Nest Report was picked up yesterday by two local news stations.  If you haven’t read our report, check out these quick snippets…and then touch base with your favorite Nest Realty agent to get a little more of a recap.

Overall, we’re using the two words: CAUTIOUS OPTIMISM.  For the first time in years, there is actually a string of positive news in real estate.  It’s a combination of positive national news and positive stories locally from the real estate trenches.  Want a great story ‘from the trenches’?  This past weekend, one of our Nest agents, Janice Kavanagh, hosted an open house and had 33 visitors.  Yes, 33!  That’s a sign that buyers are beginning to look.

Here’s the story and video from Charlottesville’s NBC 29.

And here’s one from the Charlottesville Newsplex.

Stay tuned for more analysis on the Charlottesville real estate market in coming days.  We’re really working hard to dig through the numbers so that our agents and clients have a better take on what’s happening in the market.

By Jonathan Kauffmann | Posted in 29 North, Albemarle County, Barracks, Charlottesville, Charlottesville, Crozet, Earlysville, Fluvanna County, Greene County, Ivy, Keswick/East, Louisa County, Market Reports, Nelson County, Nest Agents, News, Rio, Southside | Comments (0)

Charlottesville Real Estate Market Update: Q4 2011

January 31, 2012 – 9:57 am

We apologize for the slight delay with this Q4 report.  Fortunately, it’s been a very busy last couple of weeks at Nest.  Between a lot of activity in the Charlottesville real estate market, adding a few more fantastic agents to our team, and a few other exciting projects in the works, this took a little longer than we anticipated.  (Did you see that that we’re hiring?)

Overall, we’re seeing some very positive signs in the local marketplace.  Besides many national economic indicators having upward trends, there’s a really good vibe locally…and we hope that continues.

Nest Report Charlottesville: Q4 2011

Nest-Report-Charlottesville-Q4-2011

 

By Jonathan Kauffmann | Posted in 29 North, Albemarle County, Barracks, Charlottesville, Crozet, Earlysville, Fluvanna County, Greene County, Ivy, Keswick/East, Louisa County, Market Reports, Nelson County, Real Estate Brokerage, Rio, Southside | Comments (2)

Are You Exceptional? Nest Realty is Hiring!

January 27, 2012 – 11:32 am

We’ve been very fortunate to continue to grow over the past few years…and it’s time to add a new member to our team.  We’re hiring an Engagement and Brand Manager to join our Nest.  The job is part brand management, part content director, and part marketing manager.  I’m not going to bore you with a mundane job description…so, check out this video.

If you are intrigued, give us a shout and we’ll shoot you over some more info.

 

By Jonathan Kauffmann | Posted in Nest Agents, Nest Belief System, News, Real Estate Brokerage, Real Estate Video, Technology | Comments (1)