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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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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.”

Founded in 1982, Summit Realty grew to be one of the most well-known and respected real estate companies and brands in Central Virginia. Owners Bob Hughes and Bob Headrick took over Summit in 2007 and are enthusiastic about joining forces with Nest Realty as Associate Brokers.

Bob Hughes has been a full-time Realtor since 1989. He is a consistent top producer, a past winner of the Charlottesville Area Association of Realtors’ Salesperson of the Year award and was named C-Ville Weekly’s Best Real Estate Agent in 2009.

Specializing in commercial and residential property for sale, purchase or lease, Bob Headrick brings an array of experience to Nest Realty.  He also offers strong expertise in investment sales, corporate services, and both tenant and landlord representation.

“We are excited to be part of the Nest team. They are an aggressive, young company with a vision of how real estate will be marketed and sold in the future,” states Bob Hughes, Associate Broker, Nest Realty.

In 2009, the company’s first full year of operations, Nest Realty was awarded the prestigious Most Innovative Brokerage honor by Inman News at the Inman Connect Conference in San Francisco.  Hewlett Packard also honored Nest Realty at the National Association of Realtors conference in San Diego with its 2009 Real Estate Technology Award, given to only five Brokers nationwide.

Nest Realty is known for its use of technology to better serve clients, both locally and nationally.  The firm has received national accolades for its cutting-edge web site, www.NestRealtyGroup.com, which features interactive home search capabilities and detailed information for more than 175 Charlottesville neighborhoods. Jim Duncan, one of Nest Realty’s partners, was recently named to Inman News’ Real Estate’s 50 Most Influential Online.

In addition to a strong focus on technology and innovation, Nest Realty agents are held to a higher standard.  All agents must have a minimum of three years experience, practice real estate full-time and earn their Broker’s license shortly after joining the firm.  With almost $4.7 million in sales per agent and 13.75 transactions per agent, Nest Realty agents more than doubled the production for the average Charlottesville Realtor in 2009.

“We pride ourselves in having a team comprised of exceptional professionals, said Kauffmann. “We want consumers to know that if you work with a Nest agent, you are working with a true, full-time professional with high ethical standards. To date, we have had an extraordinary team; the addition of the Summit agents only enhances our strength. The combined experience and track record of Bob Hughes, Bob Headrick, and their entire team is a wonderful addition to the Nest family. We couldn’t be happier.”

About Nest Realty

Founded in 2008, Nest Realty Group is a full-service, residential real estate brokerage specializing in residential and commercial properties throughout Charlottesville and Central Virginia. Through a strong focus on technology, customer commitment, and the region’s most innovative and focused marketing strategies, Nest Realty has established itself as a top choice for buyers and sellers of residential and commercial property in Central Virginia.


By Jonathan Kauffmann | Posted in Nest Agents, Nest Belief System, News, Real Estate Brokerage, Realtor | Tagged , , , | Comments (2)

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)

Help Save the Crozet Library

January 20, 2010 – 10:58 pm

Many of you have heard about the possibility that the Crozet library could be shut down because of budget cuts.  Jim Duncan has reported it on his Crozet real estate blog, RealCrozetVA, and his Charlottesville real estate blog, RealCentralVA.  You can read more about it The Hook, Charlottesville Newsplex, and Daily Progress.

One of the commenters on the RealCrozetVA site recommended that people concerned about the possible Crozet library closing should contact the Chairman of the Board of Supervisors for the White Hall district, Ann Mallek.  Her information is as follows:

Ann H. Mallek
White Hall Supervisor
P.O. Box 207, Earlysville, Virginia 22936
Home: 434-978-1150
Email: amallek@albemarle.org

If you would like to post other ideas so Crozet citizens can voice their concerns, please post in the comments section.

By Jonathan Kauffmann | Posted in Crozet | Tagged , , , | Comments (2)

Charlottesville Real Estate Market Statistics

January 19, 2010 – 10:28 pm

Now let’s take a look at some market statistics for single family detached homes in the City of Charlottesville.  In real estate, we talk a lot about ‘Location. Location. Location.’  Typically, property values hold their values more in areas that are located closer to urban and employment centers.  Charlottesville is definitely the cultural and economic center of Central Virginia.  Therefore, we would expect home values and sales in the City to outperform other areas of Central Virginia.

There are definitely pockets of Charlottesville that are outperforming other parts of Central Virginia.  Actually, I could probably make the argument that a few small pockets (Martha Jefferson Neighborhood, North Downtown, Lewis Mountain neighborhood) in the City may actually be appreciating (gasp…remember that word?).   Those unique areas/streets are typically located within walking distance to the Downtown Mall in parts where the homes are in great condition and full of character. Read More »

By Jonathan Kauffmann | Posted in Charlottesville, Ivy, Lewis Mountain, Market Reports, Martha Jefferson, North Downtown | Tagged , , , , , | Comments (0)

Western Albemarle Home Sales History

January 17, 2010 – 10:32 pm

Single family home sales in Western Albemarle (which includes Ivy and Crozet) seem to be showing some positive signs over the last few months. Total sales per month were higher in 4 of the last 5 months of 2009 as compared to 2007 and 2008 sales.

A few more quick Charlottesville real estate statistics:

- November and December 2009 total sales significantly outpaced 2007 and 2008
- Inventory levels in Western Albemarle were significantly down in the final quarter of 2009 as compared to similar timeframes over the past 2 years. 4th quarter inventory in 2007 and 2008 averaged about 15 months. In 2009, it was around 10 months.
- Median sold price is down in 2009 is down approximately 5.5%

Overall, Crozet real estate and Ivy real estate have been stronger and slightly more resilient markets over the last few years as compared to some other areas of Charlottesville. Their resiliency can be tied to a few factors that makes them desirable places to live.

Western Albemarle Real Estate Statistics

Western Albemarle Real Estate Statistics

Ivy homes for sale

Crozet homes for sale

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

Charlottesville Real Estate Market Stats: One Year Moving Median

January 9, 2010 – 12:18 am

At Nest Realty, we always spend time analyzing Charlottesville real estate market statistics to see what has happened, what is happening, and what may happen within our local market.  We’ve been taking a look at moving averages and moving medians in our market recently.  It’s always telling to look back at these charts and see what has happened.

Charlottesville_Area_Association_of_REALTORS®_©_2010_LIST-IT-20100109-000546

Taking a look at the one-year moving median of the Charlottesville area real estate market shows us that prices definitely backed off in 2009. However, it’s interesting to note that prices actually held up during the first half of the year…then took a pretty big hit during the second half of the year.  June 2009 seemed to be the beginning of the price drops. The 7, 30, and 90-day moving medians began to drop in that range…and then the 200-day followed suit later in the year.

But take a look at the end of 2009 – there was another crossover…this time with positive signs.  The 30-day moving median showed positive signs against the 90 and 200 day medians.  And the 90-day chart seems to be moving upward as compared to the 200-day.  If this trend continues, it could prove to be good news for the real estate market through Charlottesville, Crozet, Ivy, and all of Central Virginina.

However, it’s just a small blip on the radar and we’ll need to keep a close eye on things.

Stay tuned to The Nest Report in 2010.  We’ll be keeping a close eye on the overall Charlottesville real estate market, as well as drilling down into sub-markets like Crozet, Ivy, Keswick, Greene, and many other micro-markets.

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