The Belmont neighborhood of Charlottesville is one of two hip places to live in the city of Charlottesville (the Woolen Mills neighborhood being the 2nd).
Belmont is located southeast of the historic Downtown Mall neighborhood. Divided by C&O’s railroad tracks and a bridge.
The Belmont neighborhood of Charlottesville sits in its own little world. In the mid-nineties, it underwent beautification with the City adding newly paved crosswalks, landscape trees, and planters throughout the downtown. Though still a bit of a slum, it got young people and some of the best local artista’s attention and they began moving here in droves.
Belmont is full of up-and-coming musicians and artists and the nightlife is lively.
The Bridge Progressive Arts Initiative is a local gallery and community organization that bridges with the local community.
The world-famous Tom Tom Festival hold its annual Belmont Block party celebrating the community spirit with music, food, and amazing street art.
Belmont is home to four of the tastiest restaurants in Charlottesville: The Southern Crescent, Mas, Tavola, The Local, and Lampo.
The circa 1915 Belmont Park offers 360 degree panoramic views of Charlottesville and the Blue Bridge Mountains.
Belmont has its own on-off-ramp to I-64 onto Monticello Ave for an easy commute east and west.
Ten years ago one could purchase a 3 bedroom, 2 bath 1940s home for $225,000. Today it’s almost double.
According to AreaVibes.com
1) Belmont has a Livability Score of 77/100, which is considered exceptional.
2) Belmont crime rates are 17% higher than the Charlottesville average
3) Cost of living in Belmont is 5% lower than the Charlottesville average
4) Belmont real estate prices are 12% lower than the Charlottesville average
5) Rental prices in Belmont are 19% lower than the Charlottesville average
I’m not sure I agree with all the above.
The Belmont neighborhood real estate market is prime for investors since the majority of Belmont rents are more than enough to cover an investor’s loan. But be more careful if you are using a hard money loan.
First-time homebuyers are still able to purchase a home in the Belmont neighborhood using an FHA loan (the current loan maximum is $420,680 for a single-family home as of 2022 with 3.5% down).
There are still numerous homes that will eventually come on the market and will need to be renovated. So, Let’s Flip This House!
I would be thrilled to be your Charlottesville realtor!