The week always flies by when Monday is a holiday.  I can’t believe it’s already Wednesday!  Tonight PCA’s Art Drinks will pick back up and are meeting at The Local in Belmont!  The group of art lovers meets the 2nd Wednesday of the month from 5:30-7:30.  Visit the Piedmont Council of the Arts website for more information on the event.

Tonight Beer Run has a beer tasting from 6-8pm, that’s where I’ll be!  Since winning Best Draft Beer Selection in Charlottesville for Best of Cville, I haven’t been.  I’m interested to see what they have on tap, and how it’s possible that they beat Mellow Mushroom.  Mellow Mushroom boasts 38 beers on draft, and I think there are so many great choices!  Right now Mellow even has 2 beers from the Blue Mountain Brewery.  I’m interested to see the taps that Beer Run must have added since my last visit.

I’m not alone in my assessment of the tiny playground.

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I’m betting that for this list, they are considering “Charlottesville” to be at least “Charlottesville + Albemarle.”

Simply put, the Charlottesville area is a great place to live. We benefit from the University tremendously – and this is reflected in the rankings.

From USA Today:

“Most students and their parents think about location in a vague way. They have a general impression of locales, but they don’t have much solid information, and it’s hard to compare one to another. And that’s what we’re trying to do — so they can get a picture of that,” Lynch says.

The organization identified 222 metropolitan statistical areas with at least 15,000 students, based on U.S. Census Bureau standards, and then chose the top 75. It then ranked cities in four population categories, from the largest metro areas to small college towns. The rankings are based on 12 criteria in three general categories: academic environment (with an eye toward factors such as student diversity and degree attainment), quality of life (arts and leisure, cost of living, etc.) and professional opportunity (such measures as earning potential, unemployment rate, entrepreneurial activity).

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Charlottesville is #6 – #6 College Town, That Is

““If we keep trying to stimulate the market, that’s the definition of insanity.””

Dear Government: Please stop.

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Defining Insanity

Interesting article at the Wall Street Journal this morning discussing walking to school. I’ve noticed more people walking to Crozet Elementary this year, which I’ll chalk up as a good thing.

(read more at my new favorite blog, Free Range Kids)

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Walking to School – Do you Do it?

I’ve mentioned before how much I enjoy the writing and the message of the Free Range Kids blog … today she pens Whatever Happened to Walking to School? in the Wall Street Journal.

How did we get to this point? How did we forget that it’s just a walk to school?

Simple. We bought the line that good parenting is the same as over-parenting. That the more we could do for our children, the better. We forgot the joy of scuffing down the street when we were young, crunching leaves, picking up seeds, and decided we’d do it all for our kids, independence be damned!

Except independence is good. Children who walk to school are healthier, for obvious reasons. New studies suggest they may do better academically, too. “You can see the difference in the kids who walk or bike,” says Jerry Flynn, principal of St. Thomas Aquinas, a Catholic school in Indianapolis that has been encouraging parents to stop driving their kids. “They’re bright, chatty, ready to go.”

And one day, they might even get to tell their own kids something more than: “When I was your age, I walked 10 feet to the SUV—and it was uphill both ways.”

I’ve been walking my daughter to school a couple days a week for the past two years. The time spent with her is invaluable – we talk, share, laugh, play in a way that we don’t do at any other time.

I have been advocating for walkability for some time – the benefits – physical, mental and real estate values – are remarkable.

I know this – walkability has become more of an absolute “must-have” for more of my clients seeking to buy homes in the Charlottesville and Albemarle area. They want to be “close to stuff.” Period.

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A few stories that speak to walkability in the Charlottesville area:

Albemarle County Schools Fighting Obesity Epidemic

Crozet Mudhouse – Will it Increase Property Values?

Walkability – More than a Fad

Crozet is getting a grant to enhance/create “a pedestrian-friendly environment in the area surrounding (Crozet Elementary)“.

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Walking to School – Let’s Make it a Habit Again

I have been meaning to do this video for years; the question of title insurance always seems to be a surprise at the closing table, and buyers – particularly first time homebuyers – are frequently confused, surprised, curious as to what title insurance is, why they have to pay for lender’s title insurance and whether they need to buy owner’s title insurance for themselves.

So … this is another video in my “real estate questions” series that I will send to my buyer clients as they approach closing. Better informed, better educated clients are better for everyone.

Big thanks to Tim Kelsey with Boyle, Bain, Reback and Slayton in Charlottesville for dropping some title insurance knowledge and advice.

I tell my clients that title insurance may seem to be worthless, but … if you end up having a claim against your property, the cost of title insurance will be far outweighed by the cost of hiring an attorney.

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Buying a Home in Charlottesville – Title Insurance

This is a far-reaching and informative conversation/debate at Rain City Guide, which is worth the thirty minute read if you’re interested in this sort of thing.

(And you should be interested if you’re in or will be in the market to buy or sell a house in Charlottesville or if you’re a Realtor … times continue to change as people continue to question and challenge the archaic way by which the real estate world operates)

And here is the crux of the issue: If a broker just opens the door for a buyer, has that broker become the “procuring cause,” thus entitling that broker to the (commission)?
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As the real estate industry matures in the modern, internet-based world, hopefully it will move towards a more rational way of compensating buyer’s brokers, one that compensates them for services peformed and value added, not just for “procuring” a buyer.

I’ve said time and again – my business, and hopefully the better parts of the real estate industry, will continue to shift towards representation of clients’ and their interests and away from selling.

(come back on 9 September to read a very relevant story about buyer broker fees)

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Who Pays the Buyer Broker Fee?

Home sellers had a 6% success rate in the C'ville Metro area in August. Inventory soared to 18 months.   In this 5 County region, as in many other areas, buyers sit on the sidelines as sellers have to "chase down the market. "   Meanwhile, Virginia remains in the Top 10 for mortgage holders with negative equity.  And today, the Obama Administration will announce another mortgage bailout. 

But in the 'wider world,' more and more economists and housing analysts are calling for what's been Federal Gov't policy to avoid thus far: letting housing crash where it will. 

Thanks to Crozet Eye Care, Optometrists

The counselor at Crozet Elem needs a bone marrow transplant. There is a drive to join the bone marrow registry on Sept 9 from 5-7 pm at Courtyard North by Marriott Hotel (behind ToysRUs). More info 866-301-4650 x7385

See the flyer for more information.

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Bone Marrow Drive for Crozet Counselor

Editor’s Note: This is the third of a three-part guest post series. I asked David Jenkins, who last wrote here about vacant homes and homeowners’ insurance, to answer three common questions that homeowners have.

What’s the relationship between the sales price and replacement cost of the home?

Many homebuyers make the mistake of thinking that however much they are purchasing a home for, that’s how much insurance they should carry. However, the sales price includes the value of the land, location, etc. All of those things are uninsurable. If the home burns down to the ground, the land is still there and you still have the location.

What a homebuyer really needs to worry about is how much it would actually cost to re-build the home. If someone buys a home for $250,000 and the replacement cost is $200,000, the insurance company is not going write a check for an extra $50,000 just because it was insured for $250,000. This is very important in order to receive an accurate quote and to understand your home policy.

The appraisal can be used as a source for the replacement cost as many times it separates the rebuilding cost from the value of the land and so forth. If that is not an option, some insurance companies use various tools to calculate the replacement cost based on the details of the home. Either way, it’s important to talk with your agent to make sure you understand what the replacement cost is based on and why it’s different from the purchase price.

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Guest post by David Jenkins at Gary Albert Insurance Agency.

Part Two – An inspection was done on the home, why does the insurance company need to see if any losses occurred at the home or come out and see it?

Part One – Who Handles the Claim?

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Three Common Questions Homebuyers Ask About Homeowner’s Insurance – Part Three

We did this last year and it was a great experience. Lots of Old Trail and Crozet folks participating in getting kids involved with and loving soccer.

From the Old Trail blog:

Beginning Saturday, September 11th, we will be starting the season of the Old Trail/Crozet Soccer League for children ages 3 to 6.  It is a casual program where the parents coach, kids work in small groups, and then come together at the end.  It is a great program to introduce kids to soccer, help them build skills, meet new friends and have fun!

This is a co-op soccer program, not a drop-off program.  Please plan to remain on the field while your child is at practice.  As a co-op soccer program all parents should plan on helping out in some way. 
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If you are interested in signing up your children, please fill out and complete the registration form found here by next Thursday, September 9th:

Feel free to contact me with any questions at lisasauce@gmail.com. Looking forward to seeing you there!

For those not wanting to go the SOCA route, this is a great option.

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Crozet/Old Trail Soccer League – Starting Next Weekend

In a January post (here), we wrote about the significant influence that homeowners' associations sometimes play in deciding what a person can and cannot do on his property.  We said that clients are as likely to object one way as the other to the rules established and enforced by their homeowner's association:

It is not uncommon to hear clients complain about their association being either too intrusive or not intrusive enough in terms of regulating their -- and their neighbors' -- rights. It can certainly be a difficult line to draw, as neighbors try to be good neighbors but also express their own preferences for what is or is not reasonable.

Now, word arises from the West of a fascinating homeowners' association struggle with a property owner who objects to the association's rule against flying certain kinds of flags.

Marc Lacey has the story in Monday's New York Times, here.

According to Lacey, homeowner Andy McDonel received a notice from his association - the Avalon Village Community Association - demanding that he stop flying the Gadsden Flag on his property.

FLAG HISTORY INTERLUDE: In case you haven't recently studied the historical flags of the United States, the Gadsden Flag (which includes an image of a coiled snake and the phrase "Don't Tread On Me") was used by certain Continental naval forces during the American Revolution. It was named for Colonel Christopher Gadsden from South Carolina. More recently, it has taken on a renewed political importance as a symbol, for some people, of the Tea Party Movement. It association with the Tea Party is, no doubt, the reason that McDonel's story has received national attention. For property law junkies, it's just a good debate-starter! 

According to Lacey, the Avalon Village Community Association has taken the position that it is within its rights to prohibit its members from flying the Gadsden Flag because that flag was not included by the Arizona legislature in a law that listed several flags that all property owners have the explicit right to display.

Avalon's argument is based on the idea that the Arizona statute, by including a particular list of flags, necessarily excludes all flags which are not listed; in other words, a homeowners association logically has the right to prohibit its members from flying the flags that are not listed in the Arizona statute, including the Gadsden Flag.  This interpretation is rooted in the legal theory of "expressio unius est exclusio alterius" (now there's some Latin to spice up your Friday!), which means that items excluded from a statute were intentionally excluded by the legislators who voted for the law.

Interestingly, the Code of Virginia includes a provision similar to Arizona's, stating that property owners have the right to display the American flag, which cannot be infringed by a homeowners association. The difference is that Virginia's statutory provision is even more limited than Arizona's, as it references only "the flag of the United States."

"No association shall prohibit any lot owner from displaying ... the flag of the United States whenever such display is in compliance with ... the United States Code." (Code of Virginia Section 55-513.1)

The Avalon Village Community Association's lawyer has made the point that Andy McDonel should have been aware of the prohibition against flying the Gadsden Flag, particularly since he was formerly an officer of the association.  On this point we can certainly agree: potential owners would be wise to spend a couple extra hours reviewing their association's bylaws and other governing documents, to be sure that they agree and are comfortable with the neighborhood's rules. And if you are an adamant flag-displayer -- be it the Gadsden, the Parrothead, the Soviet, or the Cavalier Football Flag! -- be sure you have the right to fly your flag before signing your purchase contract.

It's Labor Day weekend, and The Fall is just around the corner.

• 162 of 2906 properties of all types sold in C'ville, Albemarle, Fluvanna, Greene, Louisa, Nelson  in August 2010.
• 127 of the 162 were  single family homes.  2047 of the 2906 properties currently available are detached, single family homes.
• This means homesellers had a 6% rate of success.  Or, to put it the other way, a 94% chance of failure.
• Sales were down 30% for all types of inventory in the City + 5 Counties from August 2009. 
• Sales for individual counties have not yet been posted, to compare with July 2010's news, which included a nationwide drop of 27% in sales to a  15 year low, plus a drop of 48% in Albemarle County for single family homes.  Read.
• Inventory for August 2010 is up 50% from August 2009.
• Inventory in August 2010 is up 20% from July 2010. 
• "18 Months of Inventory" means that it would take that long, at this pace, to clear the housing stock.  A "balanced" market has 6 months of inventory.
  
• National inventory (existing) is at 12 months supply.
• Mortgage Rates ave declined for 10 of the past 11 weeks, now at 4.3%.

The data comes from Nest Realty Group.  Broker Jonathan Kauffman comments that the market will continue to "correct" itself, but that the two major factors are unemployment rising locally and rising nationally, plus  huge inventory. 

Actually, the most important element holding back sales in this market: price.  Inventory will clear out when prices reflect  the idea that bubble prices of earlier years do not indicate actual value now.  In this area, Foreclosure resale prices are closest to "fair market value," and Short Sale pricing is getting more realistic as well.  Check out daily "Price Reductions" on Trulia.com.

Read the Nest Realty Group post.

Below: Graph of 2009 and 2010 Single Family Home Sales in Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Nelson  
Click for larger image in new window.

Below: Table of 2009 and 2010 Single Family Home Sales in Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Nelson.
Click for larger image in new window.

Below: Changes in Inventory Levels for All Property Types, C'ville + 5 Counties
Click for larger image in new window.

Below: Table of Inventory and Sales 2009 - 2010, All Property Types, C'ville + 5 Counties
Click for larger image in new window.

Colored graph via C'ville Bubble Blog; all others via Nest Realty Group

Put it on your calendars.

Look at the schedule.

Check out the artists.

Buy tickets!

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Crozet Music Festival 1-3 October 2010!