If you could turn back the clock on Charlottesville real estate prices and buy today for the same price or less than buyers were paying in 2004, wouldn’t that be amazing? If you think it sounds too good to be true, it’s not, but the more incredible thing about current conditions and current sentiment is that we are actually debating whether or not this represents excellent value.
Another Shoe Drops
For the last two years, shoes have been falling out of the proverbial sky nearly non-stop. Every time we thought there was some light at the end of the tunnel, it got snuffed out by another round of bad news that was often worse than what preceded it.
Take a look at this list:
- Sub-prime loans
- Lender failures
- Bailout of AIG
- Failure of Bear Sterns
- Frozen global credit markets
- a $700B bailout
- Massive losses and volatility on Wall Street
Doom & Gloom – All Tricks, No Treats?
It’s no wonder we’re all seeing doom and gloom. Somewhere in all this, there will be a bottom. Calling the exact bottom isn’t possible, but you know it’s close when just about everyone you talk to can’t see any way for things to improve. Is that the way you’re feeling right now? Is that the talk you hear around your water cooler? If it is, then it’s time to muster all your courage, tame your emotions, and reflect on the fact that you can buy many Charlottesville homes and Albemarle estate properties for the same prices (or less) than what buyers were paying in 2004.
Below is a brief sampling of homes sold in 2004 that are on the market again today.
1225 Old Garth Road sold in 2004 for $475,000 – today’s list price – $475,000
1935 River Inn Lane sold in 2004 for $555,000 – today’s list price – $575,000
3511 Wedgewood Court sold in 2004 for $550,000 – today’s list price – $580,000
1126 Cambridge Hill Lane sold in 2004 for $956,000 – today’s list price – $800,000
555 Rosemont Drive sold in 2003 for $935,000 – today’s list price – $1,000,000
If you’re ready to swim upstream, we’re here to help you navigate the waters of buying a home in Charlottesville.
Until my next post,