January 26, 2010

Dear Friends,

            Please visit the link to the right to find the 2009 Year-End Report about the real estate market in Central Virginia, published by the Charlottesville Area Association of Realtors.

            Several bright notes from this report: sales in Central Virginia for the fourth quarter of 2009 were higher than the same quarter in 2008, and all sales in Central Virginia for 2009 were less then 10% lower in total numbers of sales as compared to 2008, and some areas like Charlottesville and Green Counties, had more sales in 2009 compared with 2008.

            Certainly 2009 was a trying year to be having to sell a property, and a great year if you were buying properties.  There were many great “opportunity purchases,” and some real “deals.”

            According to Frank Serio, a real estate broker in Maryland, and a well-known national real estate seminar speaker, “opportunity purchases” are those where the property is well-maintained and priced slightly below the market average.  “Deals” are like foreclosures and short sales where properties are marked down significantly below market value, and are sold “as is.”  We saw more of these types of sales in 2009 than I can ever remember in Central Virginia, but we also saw a number of sales that occurred at market prices, due to the desirability of this area with people coming here for employment and/or lifestyle reasons.  The Central Virginia area, including Charlottesville, is a very desirable area, and people are attracted here for many reasons, including the natural beauty of the area, the attractions of the cosmopolitan City of Charlottesville which offers culture, great restaurants, a lot of events and recreational opportunities, the University of Virginia, and just great people!

            I am cautiously optimistic about 2010, we are busy now, interest rates are good, and McLean Faulconer Inc. is receiving inquiries and selling significant properties to persons moving here for the excellent lifestyle.  There will be some “deals” and “opportunity purchases,” but I believe our market is more solid than many areas of the country.  It is still very important to price your property correctly if you want to sell, but Central Virginia is still in demand which should help prices remain stable.  Some areas in Albemarle County, such as Ednam Forest, are actually “hot,” with almost every property coming on the market in the last six months selling, if it was priced realistically.

            If you would like to know more about a specific neighborhood or area, and how prices did last year, please call me at (434) 295-1131 or (434) 981-0076, and I will be glad to share statistical data with you, or e-mail me at jfaulconer@mcleanfaulconer.com

With kind regards,

Jim Faulconer

Principal Broker