The Real Estate Weekly | 2.22.2023

CHARLOTTESVILLE ALBEMARLE, FLUVANNA, GREENE, LOUISA, MADISON, NELSON, ORANGE, AUGUSTA

Stanardsville, VA

Encourage and accept diversity in your neighborhood and community It will promote a greater sense of engagement, better prepare your children for the global community they will inhabit…give us all a richer life. To better understand how neighborhood diversity will benefit you and your family, please log onto www.ARicherLife.org

Celebrating the 40th Anniversary of the Fair Housing Act

Trish

Montague Miller & Company is proud to be celebrating 75 years of service in Charlottesville and surrounding communities!

As a family-owned real estate company deeply rooted in the region’s evolution and growth, we are committed to serving our clients and communities with experience and integrity.

We owe our past, present and future success to our exceptional group of real estate professionals who keep one goal in mind: Earn our clients’ trust by providing exceptional service to establish long term client relationships. Your Place. Our Purpose.

$379,900 |

1051 Glenwood Station Ln | Charlottesville 3545 Springfield Rd | Charlottesville

Great value in Albemarle County! This 3 BR, 2 BA Ranch is located on a quiet Cut-de-sac just minutes from shopping, schools, and the airport. You’ll love the spacious living room, wood floors and open floor plan.

605 Lexington Ave | Charlottesville Circa 1940 two story in the heart of the North Downtown Charlottesville neighborhood. Spacious rooms and wood floors throughout. Large and level city lot. Walkable to everything downtown - 605 Lexington exudes charm inside & out!

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Sold!

A glimpse at what’s on the market (so far) in 2023

By Sean Tubbs

Alook through real estate sales in Charlottesville for the first month of the year shows a market with signs of a cooler 2023, while also revealing hints that there is money to be made in the future. Sales volumes are down from January 2022, while inventories are beginning to increase.

“January saw fewer transactions than we are accustomed to, and likely represents the start of a trend that we’ve seen where people are choosing to not sell because they either have no compelling reason to sell, or they have interest rates below 4 percent,” said local realtor Jim Duncan. “Current market rates are well above that.”

But one month of data is not enough to predict a trend, and there is still a long way to go in 2023 to see if this year will follow the past two years, which have seen doubledigit assessment increases in both Albemarle and Charlottesville. Plus, any analysis of the market must also factor in changing rules that will give property owners significantly more development rights in the near future.

In many cases, properties sold just below the 2023 assessments, including a house on Minor Road in the Lewis Mountain neighborhood: Its sales price of $534,600 was 4.63 percent under the assessor’s value. A house at 907 Nassau St. sold for $485,000, just under the 2023 assessment of $503,800.

Anyone buying property in Charlottesville now has a clearer picture of what the future zoning code will allow. Three empty lots sold in January in the new Residential A district, which will allow for three housing units on each property.

A single-family home on Fontaine Avenue went for $355,000, right between the 2022 and 2023 assessments. The purchaser may not realize that the property will jump from R-2 to the new Commercial Mixed Use 5, which, under the draft zoning code, allows

up to five-story buildings before any bonus height is given for providing below-market residences.

House flips to watch include a two-bedroom house at 1213 Little High St. that was purchased for $208,000, more than half under the 2023 value of $448,800. The buyer is Quick Fix Real Estate LLC. Another, a property at 1205 King St. in Fifeville, sold for $175,000 to Cardinal Ventures. A house on 12th Street in the Venable neighborhood was bought by a Puerto Rico-based nonprofit that paid about $50,000 under the 2023 assessment.

Other existing homes continued to sell well above assessment, including a twobedroom house on Sheridan Avenue in the Locust Grove neighborhood that was bought for $375,000, or 17.8 percent over the 2023 assessment. A three-bedroom house at 815 Elliott Ave. went for $565,000, or 35.07 percent over the assessment. That property includes a separate apartment.

A house at 1505 Cherry Ave. was purchased for $425,000, or 43.1 percent above the 2023 assessment. That property is within the new Residential B zoning, which could allow up to six units by-right and 12 if all of the units will be subsidized.

Habitat for Humanity of Greater Charlottesville sold two new homes in the Jefferson Park Avenue neighborhood to two qualified homebuyers. They went for $281,900 and $284,900, and the deeds include restrictions that allow Habitat to have the right to buy them first if the owners decide to sell. Both are single-family detached units that are also located in the new CX-5 district.

“Families only pay what they can afford, which is always less than that and generally about half of that,” said Dan Rosensweig, Habitat’s CEO. “In addition, we provide a zero interest mortgage to them, which saves them generally tens of thousands of dollars in interest expense.”

and restrictions. High speed internet is available now. One owner is a licensed real estate broker in the state of Va. Located one mile off 29 North off of Frays Mill Rd. Less than 10 minutes for all conveniences. $1,500,000

“January saw fewer transactions than we are accustomed to, and likely represents the start of a trend.” JIM DUNCAN, LOCAL REALTOR

A two-bedroom house at 1213 Little High St. was recently purchased for $208,000, much less than its assessed value, by Quick Fix Real Estate LLC.

Impeccable country property with an attractive, well designed and self-sustaining 5,525 fin. sf residence on 38± acres with 3-car garage, barn and Blue Ridge Mountain views. A peaceful oasis easily accessible to Charlottesville and Washington DC. MLS#634846

$1,550,000 Charlotte Dammann, 434.981.1250

BLOOMFIELD ROAD

Exceptionally rare offering in Western Albemarle! Surrounded by large farms and estates, this beautifully constructed 4-5-BR, 4.5-BA custom home is nestled on just under 9 park-like acres with mountain views and wonderful privacy yet is only minutes from Birdwood Golf Course, Boar’s Head Resort & Sport’s Club, UVA and Downtown. The home boasts a fantastic floor plan with rooms of generous proportion ideal for easy living and entertaining. Superb craftsmanship, quality materials, gorgeous setting and great location! MLS#638437 $2,885,000 Steve McLean, 434.981.1863

ASHCROFT

3-4 bedroom, 3,490 sf home on 1.6 private, wooded acres features LR, DR, cook’s kitchen with breakfast room, spacious main floor master suite. 2 additional BR and 1 BA upstairs. Large FR and BA downstairs with access to 2-car garage. $695,000 Tim Michel, 434.960.1124

HATTON RIDGE FARM

A most tranquil and private 278+ acre grazing and hay farm with two-thirds mile of James River frontage. The centerpiece of Hatton Ridge Farm is an impressive 4-5 bedroom, brick Georgian home, built circa 2000. MLS#634311 $3,675,000 Jim Faulconer, 434.981.007

317 acre estate that has it all: location, views, water, spectacular 5-BR residence, event center and more! 15+ acre lake is centered among lush rolling fields of rich grass and unparalleled views. Additional acreage available. 25 minutes west of Charlottesville. MLS#631962 $8,875,000 Steve McLean, 434.981.1863

A spacious and meticulously maintained 4-6-bedroom, 5.5 bath Manor home on 57 acres of tranquility.

Panoramic views of the Southwest Mountains and winter views of the Blue Ridge Mountains to the west. Located 6 miles from Charlottesville. MLS#638292

$2,575,000 Jim Faulconer, 434.981.0076

Situated near the Blue Ridge Mtns. in Madison County on 333 acres. Currently runs as a grazing farm for beef cattle. There are 2 homes on the property and a complement of necessary farm buildings. NOT IN CONSERVATION EASEMENT! MLS#630435

$3,200,000 Jim Faulconer, 434.981.0076

BLUE SPRINGS FARM

Impeccably designed and custom-built Ivy residence situated on over 11 parklike acres, surrounded by mountain and pastoral views, only 7 miles west of the University of Virginia. This magnificent home is in immaculate condition and has been extensively remodeled and expanded upon by the current owner. It boasts a wonderful floor plan with ample space in every room. The formal gardens are truly a work of art and an impressive compliment to the rolling and fenced open acreage. $1,975,000 MLS#638445 Will Faulconer, 434.987.9455

Embodying the essence of country life! 214+/- acre farm with spacious main residence, 3-car garage with apartment, dependencies & farm buildings. Many agricultural & recreational uses. Easily accessible to Charlottesville, Orange, I-95 & DC region. MLS#636896

$1,975,000 Charlotte Dammann, 434.981.1250

BELMONT LOFTS

This 3-bedroom, 3.5 bath condo features extra high ceilings, a modern and open floor plan with huge windows and doors, and a large rooftop terrace with views of the Downtown Mall all the way around to Monticello. MLS#634149 $1,890,000 Jim Faulconer, 434.981.0076

PEA RIDGE FARM

WOLFCREEK FARM

K’DEE FARM

STONY POINTE

BLACKBERRY HILL FARM

Two wonderful estate parcels comprised of 185.01± acres in coveted Ragged Mountain Farm. Excellent elevated building site, complete privacy, and beautiful views. Murray/Henley/Western school district. MLS#621083 $1,895,000 Steve McLean, 434.981.1863

THE WILLIS FARM

59 acres pastures and mountain woodland, magnificent views from c. 1920 farmhouse, large barn with stalls situated in quiet rural area of Nelson County. Vineyard nearby, 7 miles to shopping. Great grazing farm, possible to grow grapes. MLS#638289 $595,000 Jim Faulconer, 434.981.0076

Ivy area! A 249 + acre hidden, private Arcadia controlling its own little valley up to the mountain ridge top building sites. Multiple parcels and subdivision rights make it a conservation easement candidate. MLS#634183 $3,250,000 Tim Michel, 434.960.1124 or Steve McLean, 434.981.1863

CROZET AREA

Beautiful building lot -3.3 acres, fronting on a quiet paved county road. Land is mostly in pasture, some woods, creek and elevated homesite with panoramic views of mountains, pond, and surrounding pastoral area. Less than a mile to Harris Teeter at Crozet.

MLS#636349 $450,000 Jim Faulconer, 434.981.0076

820 CONDO

Well-designed corner condo consisting of an exceptionally bright great room with high ceilings, ample space for both relaxed living and dining, 1- bedroom, 1-bath, and inviting private balcony. Views of the Downtown skyline and mountains.

MLS#634496 $285,000 C. Dammann, 434.981.1250

MISSION HOME ROAD

146.88 ac. in Albemarle & Greene County. Privacy & protection adjacent to the Shenandoah National Park! Full division rights & multiple home sites. Extraordinary timberland. Views of the mountains, along with easy access to trails & Skyline Drive. MLS#620276 $1,100,000 Steve McLean, 434.981.1863

SOUTHWIND ESTATES

3 separate parcels with commanding Blue Ridge Mtn. views, level building sites 15 minutes from Charlottesville. Sites have been perked, have wells, and ready for your dream home. MLS#632482 $375,000 (7.8 acres), MLS#632490 $275,000 (2.4 acres), MLS#632487 $175,000 (2.0 acres), Court Nexsen, 646.660.0700

EDNAM FOREST

Wonderfully large 1.5+ acre building lot in Ednam Forest. Build your dream home on this elevated, wooded lot located in a single family community, minutes from UVA and within walking distance to Boar’s Head Resort. MLS#598537 $289,500 Steve McLean, 434.981.1863

SIMMONS GAP ROAD

5-acre lot with mature hardwoods. Great opportunity to build with no HOA. Private building site amongst beautiful woods. Located between Free Union and Earlysville but so convenient to Charlottesville & UVA. MLS#621177 $140,000 Charlotte Dammann, 434.981.1250

GREENTREES

94+ acres 20 minutes from Charlottesville. Originally part of a 188-acre tract, two parcels may be purchased separately or together, with 2 developmental rights each. Mostly maturing pine and very long public road frontage.

MLS#635861 $700,000 Tim Michel, 434.960.1124

436+ acre parcel of land in Southern Albemarle! 4 division rights; complete privacy; lush, gently rolling terrain; long road frontage; stream; 3-acre lake; 125135 acres of open land; mature hardwood forests. Under conservation easement. Owner/agent. MLS#634139

$2,985,000 Steve McLean, 434.981.1863

11.73-acre, buildable lot in Western Albemarle! One of a kind location and a rare opportunity to purchase a large lot in an estate neighborhood 10 minutes to town. 2 division rights and is gently rolling with a small stream bisecting the property. MLS#628219

$795,000 Steve McLean, 434.981.1863

GIBSON’S HOLLOW

RAGGED MOUNTAIN FARM

MEADOW FARM

GARTH ROAD

A DREAM HOME IS GREAT, BUT THE RIGHT ONE IS BETTER. Let an

Dan Corbin 434-531-6155

• Wonderful Home in Earlysville

• 4100+ sq ft, 4/5 Bedroom, 4 Bath

• Huge Master Suite / Bath, 2 Walk ins

• New Roof 2021, Granite, Hardwoods, Deck

• 12 mi to UVA, 2 mi Broadus Wood, 8 mi to Airport

• Privacy in Hickory Ridge on 2+ ac, MUST SEE

• MLS 637801

Lori Click 434-326-7593

• Lakefront living at it’s finest in a spacious, well maintained custom home

• 5 Bedrooms/3 Baths located at Lake Monticello

• Living room with cathedral ceilings & fireplace

• Family room with pellet burning

agent who knows guide you.

CREEK VILLAGE HOMES