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The Nest Report

Nest Realty's blog, The Nest Report, is a platform to educate the public about the changing Charlottesville real estate market, including community news, industry updates, market reports, and all of the great things Charlottesville, Albemarle County, and Central Virginia have to offer.
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Good News for the Charlottesville Real Estate Market?

February 27, 2010 – 10:41 pm

With the exception of a small few, every homeowner in Charlottesville and throughout the country is looking for positive real estate news.  As compared to 2009 – when there wasn’t much – we’re starting to see some good news starting to trickle in…and that’s a good thing.

REAL Trends just reported that Long and Foster reported that sales in all of their major markets were up year-over-year .

Here’s a blurb:

According to a recent report from Long & Foster Real Estate Inc., all of the reported regions are up     from the prior year in total units sold, with the Washington, D.C. region up 13 percent with sales of   16,989 residential units. Roanoke is up 23 percent, with 759 units sold; Richmond is up 21 percent     with 2,962 units sold; Baltimore/Towson saw a 34 percent increase with sales of 6,310 units; the         Virginia Beach/Norfolk/Newport News metropolitan region saw a 45 percent increase with 4,784  units sold; and Philadelphia was up 35 percent with 9,995 units sold.

Washington, D.C. shows signs of continued recovery with average sales prices rising two percent over a year ago. Average sales prices are down slightly versus a year ago in the other markets throughout the region.  In addition, all markets show the final sales price as a percent of the list price has increased or stabilized, suggesting that sellers are pricing closer to market value.  In the category of total volume dollar sold, all markets saw an increase over 2008. Read More »

By Jonathan Kauffmann | Posted in Charlottesville, Market Reports, Real Estate Brokerage | Tagged , , , , | Comments (0)

Why Don’t Nest Realtors do Single Agent Dual Agency?

February 25, 2010 – 8:15 am

“Why don’t Realtors at Nest Real Estate Group do Single-Agent Dual Agency?” is a question we are frequently asked. The answer is simple – we believe that our clients want and deserve full representation.

The Virginia Association of Realtors standard Buyer Brokerage form says as much:

Because of the Broker’s dual representation in such a transaction, Buyer understands that Buyer and the seller have the responsibility of making their own decisions as to what terms are to be included in any purchase agreement. Buyer should be aware of the implications of Broker’s dual representation, including the limitation on Broker’s ability to represent the seller or Buyer fully and exclusively.

What is single-agent dual agency? Simple – where the Realtor “represents” both sides of a transaction. “Represents” as in neither fully nor exclusively.

We do practice designated agency, whereby two Nest agents each represent their respective client.

The Code of the Commonwealth of Virginia says:

“Designated agent” or “designated representative” means a licensee who has been assigned by a principal or supervising broker to represent a client when a different client is also represented by such principal or broker in the same transaction.

“Dual agent” or “dual representative” means a licensee who has a brokerage relationship with both seller and buyer, or both landlord and tenant, in the same real estate transaction.

What we don’t do is Single-Agent Dual Agency.

Just a clarification in light of the recent Realtor Magazine article on Nest Realty and Jonathan Kauffman :

I require that all of our agents work full time and have a minimum of three years of full-time real estate experience. I also require that associates earn their broker license within six months of joining the firm. From a brand perspective, higher standards differentiate us. All of our agents have a track record before they get here. Last year their individual sales volume ranged from $2.5 million to $8 million. As a company rule, we also don’t do dual agency. We made that decision thinking in terms of what’s in the best interest of our clients, not our cash flow. It doesn’t matter to us if it hurts our profitability.

Consumers care.

This post is Part One of Two; part Two – How Brand Matters – is coming next week.

By Jim Duncan | Posted in Agency | Comments (2)

Nest Realty Spotlighted in Realtor Magazine

February 23, 2010 – 6:29 pm

I’d like to congratulate the entire Nest Realty team (and those new Charlottesville Realtors that will be officially with us very soon) for being recognized and spotlighted in Realtor Magazine. (I haven’t actually seen the print version, so we’re linking the online version).

Since Realtor Magazine interviewed us in early 2010, we’ve continued our growth with the acquisition of Summit Realty and the addition of 2 more agents.

(As a point of clarification to the article, we don’t practice single agent dual agency.)

Though it’s my picture and name as the ‘Broker’, it has been a team effort for the last year.  In actuality, I tried my best to get all of our agents in the picture (not just me), but Realtor Mag wouldn’t allow it.

We’re proud of our accomplishments, our beliefs and our level of service.

So, with the exception of the 2 agents joining us later this week…here’s our team.  I’m a little biased, but I think we have some of the best Realtors in Charlottesville!

The Nest Team includes: Deborah Rutter, Bob Headrick, Heather Griffith, David Ferrall, Chris Kabbash, Jonathan Kauffmann, Amy Webb, Laura Michael, Laura Winn Smith, Martha Campbell, Jim Duncan, Bob Hughes, and Keith Davis.

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

Charlottesville Market Snapshot: January 2010 Albemarle Detached Homes

February 17, 2010 – 11:53 pm

Albemarle County detached home sales continue to suffer a bit, according to January Charlottesville home sale stats.  Average sale price and median sales price fell from both 2008 and 2009 levels, while Days on Market increased over 42 days from 2009 levels.

However, there were some positive signs.  January sales of Albemarle single family homes increased from 22 in 2009 to 27 in 2010.  Total monthly volume also increased (though slightly).  Current inventory levels and months of inventory did drop fairly significantly.  Inventory levels dropped about 14% from 2009 levels and the months of inventory is down from 29 months of inventory to 20.25 months.

Inventory reductions and the drop in months of inventory are two key factors in price stabilization and market recovery.  Many industry experts are linking our market recovery to lower inventory levels.  The Albemarle County real estate market has shown some positive signs over the last few months.  With interest rates hovering below 5%, you can expect a steady flow of activity over the next few months.

To check out these January real estate statistics in depth, see the chart below…

By Jonathan Kauffmann | Posted in Market Reports | Tagged , | Comments (0)

Nest Realty Acquires Summit Realty

February 8, 2010 – 3:25 pm

From the news wire…

CHARLOTTESVILLE, VA (Feb. 8, 2010) – Charlottesville-based Nest Realty Group today announced its acquisition of Summit Realty Company. The move combines two of Charlottesville’s most successful real estate firms and expands the 1-year-old Nest Realty team to 14 full-time real estate professionals. It also paves the way for Nest to expand its services from a primary focus on residential real estate into commercial real estate and leasing.

“While other firms are cutting back, Nest is continuing to expand,” said Jonathan Kauffmann, Principal Broker, Nest Realty. “I believe this is a testament to our top-notch agents, the emphasis we place on technology and our dedication to client service. Our combined resources and expanded services will allow us to better serve our clients, something that is paramount to all of us.” Read More »

By Jonathan Kauffmann | Posted in Nest Agents, Nest Belief System, News, Real Estate Brokerage, Realtor | Tagged , , , | Comments (4)

Nest Realty Announces Tom’s Garden

February 7, 2010 – 10:30 am

While Central Virginia is in the deep freeze at the moment, some of us are dreaming of Springtime, or more specifically, our Spring gardens and the fresh veggies they yield!   With that in mind, the Nest team is thrilled to introduce Tom’s Garden, an initiative to support and fund Community Gardening in the Charlottesville-Albemarle community.

The agents at Nest, in addition to sharing a profession, share a commitment to our community, an interest in the local food movement and ecology, and a firm conviction that community gardens enhance quality of life. Read More »

By Jonathan Kauffmann | Posted in Nest Belief System, News | Tagged | Comments (1)

Year-End Nest Report Released

February 5, 2010 – 8:33 am

Nest have released our year-end Nest Report, what we believe to be the most “comprehensive and transparent analysis of the residential real estate market in Charlottesville, Albemarle and surrounding counties, prepared quarterly by Nest Realty Group.”

Download your copy here – 2009 Year End Nest Realty Group Nest Report (PDF)

Please let us know what questions, comments or clarifications you have.

Jim Duncan is one of the founding partners of Nest, Associate Broker and is a Charlottesville Realtor who writes at RealCentralVA, RealCrozetVA and AgentGenius.

By Jim Duncan | Posted in Market Reports | Tagged , , , | Comments (0)

Charlottesville and Albemarle Real Estate Focus: Inventory Levels

February 2, 2010 – 11:39 pm

I was watching a great video recently featuring real estate guru Steve Harney.  Steve is a mastermind in real estate trends…and even more masterful in taking complicated economic data and simplifying it for everyone to understand (including me, the Uva English major).  I’ve had the fortune to see him speak twice in the last six months at Inman Connect – once in San Francisco and once in New York.  Each time, I’ve taken away useful information that my clients have directly benefitted from. But only recently have I started reading and tracking his blog.

So, back to this video.  There were 5 or 6 ‘aha’ moments for me in this particular video, but I wanted to focus on his analysis of inventory levels. The Charlottesville and Albemarle County real estate market has taken a hit over the past few years…as have most real estate markets nationally.  If any of us could predict the future or had a crystal ball, we probably would be sitting on a beach somewhere.  But one of Steve’s comments about how current housing inventory levels can be a future indicator of pricing/value was particularly poignant.  Here’s the gist of it:

Read More »

By Jonathan Kauffmann | Posted in Market Reports | Tagged , , , , , , | Comments (0)

Charlottesville Condominium Market Statistics

January 28, 2010 – 12:50 am

Of all of the real estate options in the Country, condominiums may have been hit the hardest over the last few years.  As the Charlottesville real estate market heated up in 2004 and 2005, developers and investors swarmed to purchase apartment buildings to convert them to Condominiums in hopes of cashing in on the real estate boom.  The first Charlottesville condo conversion, Hessian Hills, sold like hotcakes and was completely sold out faster than any of us could blink. However, as others followed, the market began to cool and sales didn’t go nearly as well (see Barracks West condominiums).

Obviously, Charlottesville condominium conversions have come to a grinding halt – the cost and risk associated just isn’t worth it for developers.  While new condominium inventory isn’t increasing, sales are still decreasing.  The lower cost of Charlottesville town homes and single family homes has caused would-be condo buyers to choose town homes or detached homes instead.  And with demand falling off, prices have gone back to 2004 levels. Read More »

By Jonathan Kauffmann | Posted in 1800 Jefferson Park Avenue, Barracks West, Claremont at Carriage Hill, Hessian Hills Condominiums, Market Reports, Overlook Condominiums, Riverbend Condominiums, The Villas at Southern Ridge, Turtle Creek, Walker Square Condominiums, Woodlands of Charlottesville | Tagged , , , , , , | Comments (0)

Murray Elementary Raffling off Taylor Swift Tickets

January 22, 2010 – 10:48 pm

From Amy Webb’s blog, Amy’s Yard:

Yes T-Swift fans ( and their parents), you read that correctly: there is still a chance to get your hands on tickets to the concert of the year!

Here is the scoop:

I am the co-chair of Bingo Night at Virginia L. Murray Elementary School in Ivy.  We have three tickets to the March 20th Taylor Swift concert at the John Paul Jones Arena in Charlottesville and we are raffling off these concert tickets to benefit the Murray Elementary PTO as part of Bingo Night on Friday, Jan 29th at 6:30 pm at the school.

Details:

- The three concert tickets together constitute the prize for the raffle.
- They are in Section 312, Row L, Seats 8,9,10.
- One raffle ticket costs $5.00.
- You do not need to be present at Bingo Night to win.
- We will not sell any more than 1000 raffle tickets, so your chances are 1/1000 or better.

If you would like to purchase raffle tickets, I will be selling them on Saturday, January 23rd, 2010 from 10am to 4pm at my office: Nest Realty, 126 Garrett St., Suite E, Charlottesville. Check out the map here.


Questions? Email me any time.

(If you use webmail, I am at ambw at comcast dot net).

So come out to Nest on Saturday and take a chance on these tickets: benefit a local school and perhaps you’ll win a chance to make some lucky teen in your life extremely happy!

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