Reassessments to Begin

Blue Ridge Mass Appraisals will be back out in full force next month, September, to reassess property values in the City of Fredericksburg.  In the past, property values were reassessed every 4 years, but in a motion passed in October of 2006 by City Counsel, Fredericksburg politicians voted to change reassessments to every 2 years.  Without a doubt this can be equated to the city’s loss of tax revenue during the housing boom.  However, it is not necessarily a bad thing and is more inline with the Virginia statue that says property assessments should be as close to fair market value as possible.  The 2 year schedule could help Fredericksburg more closely adhere to this statute. 

Oh, No He Didn’t!

In a statement to City Counsel and quoted by the Free Lance Star the owner of Blue Ridge Mass Appraisals has indicated that Foreclosures would not be weighed very heavily in determining assessment values.  He is also reported to have said that foreclosures and other forced sales are not good examples to determine fair market value.  What!?!  Last time I checked foreclosures and short sales were impacting our local market a great deal and definitely helping determine market values.  I can’t think of the last time I got a copy of an appraisal report on a home I helped sell that did not include a foreclosure or a short sale as a comparable property.  If these properties are being used to help give banks a market value on a property in order to secure a loan, why wouldn’t they be used in determining the fair market value in a reassessment process? 

Taxes, Taxes, Taxes!

So, what will this do to your property assessment values?  There is a great potential for assessments to continue to be higher than market value.  I personally think that more assessment disputes will be filed with the city and more city property owners will be disappointed by the outcome of these assessment appeals.  Only time will tell.  Expect to receive your new assessments to arrive in the mail by next spring.  Let the value games begin! 

It’s my favorite time of year, football season!  Here is James Monroe High School’s 2008 Football Schedule:

Sept. 5:     at Western Abemarle                         
Sept. 12:   at Charlottesville                       
Sept. 19:   WASHINGTON-LEE
Sept. 26:   at Manassas Park
Oct. 3:      ORANGE
Oct. 10:    KING GEORGE
Oct. 17:    at Caroline
Oct. 24:    at Spotsylvania
Oct. 31:    CHANCELLOR
Nov. 7:     COURTLAND

Fredericksburg City -

·  171 days on market – this is 95 days more than in July 2007

·  Sellers received, on average, 90.91% of their list price when the home sold

·  There are 7.73 months inventory on the market

·  22 homes sold in August 2008, this is 5 less than in July 2007

·  The most popular price range was $300,000-$399,999

·  The average sales price was $360,436, compared to $300,025 in July 2007

Orange County

• 165 days on market – this is 33 days more than in July 2007
• Sellers received, on average, 85.27% of their list price when the home sold
• There are 21.04 months inventory on the market
• 26 homes sold in August 2008, this is 12 less than in August 2007
• The most popular price range was $200,000-$249,999
• The average sales price was $237,462, compared to $302,788 in July 2007

Spotsylvania County

• 143 days on market- this is 32 days less than in July 2007
• Sellers received, on average, 88.51% of their list price when the home sold 
• There are 10.13 months inventory on the market
• The most popular price range was $250,000-$299,999
• The average sales price was $272,725, compared to $336,537 in July 2007

Stafford County

• 107 days on market – this is 9 days less than in July 2007
• Sellers received, on average, 89.89% of their list price when the home sold
• There are 8.52 months inventory on the market
• The most popular price range was $300,000-$399,999
• The average sales price was $287,918, compared to $367,920 in July 2007

Prince William County

• 112 days on market – this is 3 more than in July 2007
• Sellers received, on average, 90.30% of their list price when the home sold
• There are 6.02 months inventory on the market
• The most popular price range was $300,000-$399,999
• The average sales price was $255,185, compared to $407,363 in July 2007

FYI: There has been a rash of break-ins and vandalisms to cars in the downtown Fredericksburg area.  I personally know three people who have been effected.  Their cars were damaged on Kenmore Ave, Mortimer Ave, and Prince Edward Street.  Be sure to remove valuables from your car, lock it, and set your alarm.   

Fredericksburg City Council met yet again on August 12, 2008 to discuss the fate of 1200 Prince Edward Street.  The apartment house at 1200 Prince Edward Street burned down during Hurricane Isabel in September 2003.  The building has remained a burned out shell at the corner of Lewis Street and Prince Edward Street since the fire.  City Council met in 2006 to discuss the structure and rejected a proposal for a four unit condominuim development presented by the land owner, Al Sharp.  Since the last City Council meeting, where the counsel favored demolition of the building, Al Sharp has suffered a tramatic injury that has left him a quadriplegic and has put the 1200 Prince Edward Street project on the back burner in his life.  The building/ land has also failed to sell at the current list price of roughly $600,000.  (Current Listing information could not be found in MRIS).  Last night’s meeting pitted neighbor against neighbor again with many voiceing their support for preserving the architectural significance of the building, while others had gathered 44 signatures on a petition to demolish the building.  (I happen to live on Prince Edward Street – 2 blocks away, and was never asked to sign this petition). 

So, what will City Council do next?  In my heart, I would like to see the structure preserved, especially since it is located in the historic district and has deep roots in the community.  However, I understand the immediate neighbors reservations about a multi-unit dwelling coming back to the neighborhood, although there are numerous multi-unit dwellings on this street.  If City Council allows another preservation and rebuilding plan to be submitted for review, Al Sharp would have to be granted a special use permit in order to reconstruct the building.  This is a pretty tall order considering the neighbors’ opposition.  I really don’t see a single family home being built on this property unless it is a McMansion which is a whole other concern for downtown Fredericksburg.  I hope that a decision can be reached quickly, and that what ever it is, this corner will be cleaned up soon!    

I have been asked many times why I spend so much time cultivating my relationships on the internet.  I’m not referring to internet dating or chat rooms, but rather social media like blogging and Twitter.  Questions arise like, “How can you get to know people by reading blogs or reading mini-blogs?”  Twitter, a mini-blog where you are limited to typing 140 characters at a time, is the most confusing for those who don’t participate.  My husband is very curious as to how I can convey a worthwhile message in 140 characters.  My answer is always that I have learned to get my meaning across in an efficient way.  Many real estate professionals have not yet found the value in this type of networking.  But, I am here today to tell you that the relationships you create through social media are real and lasting. 

I woke up this morning to the news that one of ”the people that lives in my computer” has passed away.  I am overcome with grief.  In 140 characters or less we developed a friendship that I will cherish for the rest of my life.  I learned about real estate, inner strength, and life from a person who I would have never known had I not taken the jump and joined the social media movement.  I had the absolute pleasure of meeting this Twitter friend at the NAR Mid-Year Tweetup, which only added to the  bond the internet had already created.  

As I think about @Pinky379’s family and friends today, I am honored to be counted among them.  I am also honored and lucky to be a part of such an incredible social media network.  Being on Twitter will be very hard today as we remember how Pinky touched each of us with her words of wisdom and her incredible sense of humor.  But, I am also seeing a celebration of a life lost too soon and one that will be missed by so many.   

Are social media relationships meaningful?  Without a doubt.  How do I know?  Because I am seeing an outpouring of support and emotion from a group of people who, for the most part, have never met and may never meet.  But, we all believe we are better people for having followed @Pinky379. 

Having been raised in North Carolina, of course, I’m partial.  But, now I live in Virginia and according to North Carolina, this isn’t the south!  I was always taught that the Mason-Dixon line was the North Carolina/ Virginia border, cause that’s where good bbq stops.  My husband and I have truly loved living in VA, but at times we really miss living in the land of Dixie.  It’s funny ’cause both our families are from up north.  We recently went to South Carolina for our one year wedding anniversary.  This trip brought back lot of memories.  We also remembered 10 things we love about living down south!

1.  Girls have 2 first names – Our waitress on our first night reminded us of this.  Her name was Sarah Paige.  One of my good friends from high school was Mary Beth.  It goes on and on.  Boys are not immune from this southern tradition either.  Who can forget names like Billy Ray, John Thomas, and Carter Finley – and yes, I these people!

2.  Cole Slaw is a veggie and served as a side item – And I mean, it is served at every meal!  There are a few times when you can get sweet potatoe fries, but for the most part, you are getting cole slaw.  You will also find cole slaw on your bbq sammiches and burgers, whether you like it or not.

3.  Seer Sucker suits – My husband’s best freind actually wore one to his rehearsal dinner, along with an orange bow tie.  True, they are comfortable and breezy, but you won’t catch a northerner in such a thing! 

4.  Flip Flops – Yep, you can even pair flip flops with a seer sucker suit!  From April – October you will find a good southerner in a pair of flip flops. 

5.  Men Wear Pastels – Now, there is a reason behind the madness.  Wearing pastels helps keep you cooler.  Why do you think southern houses are painted pastel?  Same reason!  There is nothing better than a burley construction worker walking down a southern street wearing a pastel pink shirt (and flip flops).

6.  Shrimp = Breakfast Food - Southerners can actually pair shrimp with anything.  This is a problem for people like me who are allergic to shellfish!  I think my husband ate shrimp and grits every day while we were in SC.

7.  Southern Accents are Cute! - I learned this rather quickly when I moved down south.  Northerners aren’t known for their lilting voices and wonderful drawls.  It’s amazing how much more you can get away with saying with a southern accent. 

8.  Debutante Balls – This is actually a french tradition that has survived in the South.  If you are not familiar with Debutante Balls, they are a formal affair when the girls are presented to society.  One of my best friends was actually dumped by a boy when he found out she was not a Deb!  She was 26!  It isn’t the actual particpation in te ball that I love, it is the celebration of history.  In this day and age these balls are out of date, yet in southern society they continue.  I love that retention of history!

9.  Ice Tea – Let’s be honest, you can’t get good ice tea outside of the south!  And while we’re being honest, I actually hate tea!  I call it leaf sweat.  This is a point of contention for me and other southerners.  It is considered pretty rude to refuse someone’s tea.  But I just don’t like it.  However, given it’s prominence at the southern table, I have included it on my list.

10.  Humidty! - Say What!?!  Well, I have naturally curly hair.  Humidty actually helps me style it.  And I believe you haven’t lived until you’ve walked 6 miles in 95 degree weather with 100% humidity. 

So, there you have it, 10 reasons I love the south!  I am about to head to the mid-west on Thursday, Nebraska to be exact.  I am hopeful I can find 10 things I love about the mid-west!