PAM DENT

Jump into Greener Pastures


434-960-0161
[email protected]

Mountain Luxury Estate Home

Nestled in the Blue Ridge Mountains of Nelson County VA, Cardinal Rest is an exceptional 15,000 sf custom home that was created with exquisite craftsmanship and luxurious attention to detail.

MLS #618465            $2,700,000

Cardinal Rest is the ultimate Blue Ridge retreat property. The home features a floor plan that is open and perfect for relaxation or entertaining. Eucalyptus flooring leads you past mahogany doors and foyer to the dining room with a wagon wheel ceiling and alabaster and bronze chandelier.

Here are photos of the main living areas of the home.


On the first floor, the great room is stunning, with its 19′ barrel ceiling and a two-story Rumford stone fireplace. The gourmet kitchen will delight the cook with its wet bar, custom copper vessel sink from Italy, and butler’s pantry. Floor-to-ceiling mahogany creates warmth and elegance in the study. A sitting area and fireplace complement the owner’s suite with luxuriously appointed bath that encourages relaxation. You also find an indoor pool, sauna, and a gym on the first floor.

A media and billiard room are on the second level with three additional bedrooms. There are 5 bedrooms and 6.5 baths in the home. Wine cellar, banquet room with a full bar, and an apartment are on the terrace level. Entertaining continues outdoors; with a fire pit and grill on the upper patio and fireplace on the lower patio. For the most discerning buyer, Cardinal Rest is the perfect mountain retreat or year-round primary residence.

Below are photos of the home’s indoor pool, apartment, wine cellar, and additional areas

ADDITIONAL DETAILS AND FEATURES

Exquisite attention to quality details puts this elegant retreat property in a class of its own. Here is a link to a printable full report of the Special Features of Cardinal Rest, which includes details of systems, rooms, upgrades, and equipment.
 
And here is a link to a Plat of the Property


CLICK FOR MLS LISTING DETAILS

Below is an aerial view showing the boundaries of the approx 10.5 acre Cardinal Lane property.

Below is a Google map of the Cardinal Rest property. You can click on the map to zoom/drag and explore the Cardinal Lane area.



How Much Money Should I Save To Buy A Charlottesville VA House?

As a prospective homeowner, it is likely that you already have a dream home in mind. You may already have a checklist of all the features that you need the house to have. The more elaborate your checklist, the more expensive your dream home will be.

If you want to buy a home in Charlottesville, VA, you might be wondering how much you’ll need to save up. It all depends on you, and the type of home that you’re looking at buying. There are quite a few things that could make the house you want to buy expensive. The more expensive it is, the more you will need to save.

This article will explain the cost of the average home in Charlottesville, VA and how much you might need to save to buy one.

Charlottesville Country Homes

What Are Property Values Like in Charlottesville, VA?

For those looking to buy a home in this city, they have to know how much they’d be likely to spend. The median price for a home is about $355,000. Of course, there will also be plenty of homes below and above this price. 

For instance, over 50% of homes available in Charlottesville cost between $250,000 and $500,000. As prices go higher or lower than that range, the number of available homes decreases. But even if you are looking for seven figure homes, you will find a good selection in Charlottesville.

You’ll also find many three-bedroom homes here, followed by two-bedroom houses. If you need even more space, then four-bedroom houses make up 16% of homes in the city.

Since the year 2000, homes in this city have appreciated 134.5%. This is about 4% every year, on average. This is something to consider for those who are planning to buy a home for investment purposes. Over the last ten years alone, the appreciation rate has been about 40%. This is in the top 30% in the nation.

Speaking of investments, you may want to buy a home as a rental property. Charlottesville, VA, is a great location to consider if that is the case. The average rent goes for about $1,700 every month, and about 60% of residents are renters.

Top Real Estate Agents in Charlottesville, VA

How Much Money Should I Save to Buy a Home in Charlottesville, VA?

If you have the cash to buy a home, it is always best to do it outright. This is not an option for most people, which is why they turn to their banks to finance the sale. By getting a mortgage, most people can become homeowners.

You will always need to pay a down payment on the house, even with a mortgage. The percentage of the total house price for the down payment varies. Many people use 20% as a rule of thumb. It can be lower than this, but it is unlikely to be higher. This makes it a good benchmark to use. If the house you decide to buy costs $500,000, you will have to have $100,000 saved up.

To always be on the safe side, ensure you have 20% of the total put aside. If you manage to get a smaller percentage on your down payment, that’s a definite bonus. You can put this extra cash to use if needed, especially if you might need to make some repairs.

Horse Farms for Sale in Central VA

What Factors Can Make a Home More Expensive in Charlottesville, VA?

When looking for a home in Charlottesville, VA, some things can make a house more expensive. You should have these in mind and keep your wallet at the ready. Especially if you want a five-bedroom estate or something like that!

Just because you can afford a house that large doesn’t mean that it is a good idea. Look at your monthly income and make sure that the mortgage won’t take too much of a hit on that. You are going to be paying it off for decades. You should go for a mortgage that is comfortable and won’t leave a serious dent each month.

Here are the factors which increase the value of a home:

  1. The size. This might be the most important consideration when looking for a home. The square footage of the property has a large effect on how much it will cost. This doesn’t refer to the house alone, but the entire lot. There are homes in Charlottesville, VA, that belong to golf communities or have farm space. All that extra land is sure to drive up the listing price. If this is what you want, make sure that you prepare for it. Homes like these are beautiful!
  2. The neighborhood. Charlottesville, VA, is a city and there are many neighborhoods within it. These areas can differ quite a bit and this can show on the average price for homes. Ivy is one of the more expensive neighborhoods in Charlottesville. In fact, it is one of the more expensive neighborhoods in the country. The median price for a home here is $790,000. This shows how important it is to select a neighborhood wisely.
  3. The year of construction. Simply put, the newer a home, the more expensive it is likely to be. The reason for this is rather straightforward. A lot of things in the house will be less likely to break down! Some of the most important parts of a home are the most expensive to fix. This includes the plumbing, wiring, and roof. If any of these get damaged, it will cost a lot of money to fix. A newer house is a sort of guarantee that these parts of the structure will last longer. Buying an older house for cheaper saves you some money you might need for fixes.

To summarize everything, you should aim for a house which you can afford comfortably. The amount of usable space, the area, and how old the house is, affect the price.

Whatever the price might be, have 20% of it on the ready. This will help avoid any disappointments you might encounter. Nobody wants to miss out on the house of their dreams.

Before you make any of these steps, you need to find the house of your dreams. If Charlottesville, VA, is your destination, Pam Dent, Realtor®, is the one. She’ll find you the best options to fit your needs. Call her at 434-960-0161 to get started now!

WaHooWah

If you are an alum of the University of Virginia, you can probably skip this next lesson.   But for anyone who is new to the Charlottesville area, it might help to explain a term you will hear frequently.

At Charlottesville’s University of Virginia, the students call themselves Wahoos.   The term has been in place since 1893 so it is not a new phenomenon.   According to Wikipedia, several factors converged for the Wahoos to claim that name.   A school chant using the term was used as an Indian yell at Dartmouth College as early as 1878 but was abandoned by Dartmouth when political propriety rendered it obsolete.   Around the 1890’s the Washington and Lee baseball fans referred to the University of Virginia fans as a bunch of rowdy Wahoos, and they used the Wahoowa chant as a form of mockery.   However the UVa students instead adopted that nickname of Wahoos, and by the 1940’s the term had been shortened to calling themselves Hoos.

So now the students of UVa are the Wahoos.   Or Hoos.   You’ll see it and hear it all over town when you live here.   The official name of the UVa sports teams is the Virginia Cavaliers, so there’s a lot of “cavalier” imagery here as well.

WAHOOWAH :

The chant might mystify newcomers.   When you attend your first UVa sporting event, after the team scores you’ll hear the chant of “Wa-hoo-wah”!   And it might be followed by The Good Old Song which is an alma mater tribute of UVa, and the lyrics include the Wahoowa chant.   At first The Good Old Song (same tune as Auld Lang Syne) sounds very proper and sleepily “southern”.   Fans stand and sway to the music as they sing.   Dreamy slow verses of reminiscence and nostalgia.   But soon that idyllic lilt is punctuated by loud rapid-fire cheers.


Amazing Grace on Winery Lane


MLS #616994             $1,225,000
CONTRACT PENDING

This magical 16.78 acre property is tucked into a landscape of wineries and breweries in the spectacular mountains of Nelson County. The beautiful 2-story home faces a picturesque vineyard and some of the best views in Virginia.

The scenic drive begins at the South Fork Rockfish River, passing by the stocked pond and award-winning vineyard to a home overlooking the valley with panoramic mountain views.

Easy living is achieved in this custom-built home with a first floor owner’s suite, great room with a stunning 2-story stone fireplace, gourmet kitchen, breakfast island, butler kitchen, and dining room. Upstairs, there are two additional bedrooms and ample storage space. The terrace level has a family room, office, laundry room, bathroom, and workshop. The views of the valley and mountains are magnificently captured throughout the home.


The deck, with its stunning views and hot tub, invites you to sip wine from your own award-winning vines maintained by Thatch Winery. This property has all the reward with none of the work. From the breathtaking views and craftsmanship of the house, to the dramatic beauty of the land, you will feel that you have found home.

Designed for comfort and sustainability, there is a geothermal heating and air system with four zones and a whole house generator. The 2-car garage is detached with a covered walkway to the house.


CLICK FOR LISTING DETAILS

Below is a map of the approximate boundaries of the property

Below is a Google map that you can click/move to explore the area of Winery Lane

   

VAR Realtor Survey – Spring 2021


Our Virginia Association of Realtors has recently published the results of a survey conducted among their Realtor members. Below are the shared nuances of the Spring 2021 real estate market in Virginia.

Making An Offer

• Nearly every REALTOR® responding to this survey said that buyers are making offers over list price or including an escalation clause in their offer. Nearly 90% said offers over list price were “very common” and another 8.5% said they were “somewhat common.”

• Buyers in this market are facing stiff competition, and almost all are offering some type of concession in an attempt to make a successful offer.

• About 87% of Virginia REALTORS® said it was “very common” or “somewhat common” for buyers to waive the home inspection. Some REALTORS® commented that buyers were having an inspection done for information purposes only, but not making the offer contingent on the home inspection results.

• Nearly 70% of Virginia REALTORS® said that waiving appraisals has become “very common” or “somewhat common.” Many REALTORS® note that buyers are including a provision that they will pay a certain amount over any appraised value. Other REALTORS® have pointed out that this trend in waiving appraisals has put VA buyers at a disadvantage because they cannot opt out of an appraisal.

• The following tradeoffs are also “very common” or “somewhat common” in today’s market: increasing the earnest money deposit (79.2%), waiving the home sale contingency (66.2%), and offering a shorter loan contingency timeline (68.6%).

Buying A Home

• The fast-paced market and historically low inventory has forced buyers to re-evaluate their housing and neighborhood preferences, widen their search, and make tradeoffs on amenities. Nearly nine out of 10 Virginia REALTORS® members (87.7%) said that it is “very common” or “somewhat common” for home buyers to look outside of their preferred neighborhoods as they realize how few homes are available.

• Buyers in this market seem less likely to make tradeoffs on the size or style of the home they are looking for, but they are willing to consider homes that need major upgrades or updating.

• Only 34.2% of Virginia REALTORS® said that it was “very common” or “somewhat common” for buyers to settle for a townhome or condo instead of a single-family home.

• A little more than half (51.0%) said that it was “very common” or “somewhat common” for buyers to compromise on space or number of bedrooms.

• More than three quarters of Virginia REALTORS® (75.2%) said that buyers were willing to consider homes that need major upgrades or updating.

• As the inventory of existing homes shrinks, some buyers have turned their sights to new construction. About 56% of Virginia REALTORS® said that building a new home, rather than purchasing an existing home, had become “very common” or “somewhat common” among buyers.

• Finally, the tight market has discouraged many buyers. In fact, more than 70% of Virginia REALTORS® said that it is “very common” or “somewhat common” for buyers to decide to put off buying a home altogether in this market.

Contact your realtor to learn how these findings apply in your particular area and price range.

 
   

Optimize Your Sales Price

When it’s time to sell, sellers need to decide how they want to present their home to the market. Should we do some updates?   Repairs?

Not Like Selling A Car

Doing a lot of work to a car before you trade or sell it to a dealer is not generally a good idea. In most cases, you won’t recapture the cost of the repairs. They can do the repairs for a less than you can. Not to mention, you are selling to a wholesaler who needs to sell it again to the end user and still make a profit.

A home sale is totally different.

The owner is selling the home to an end user. Since the buyer, in many cases, is using their available funds for the down payment and purchase costs, they don’t have money to spend on repairs or decorating the home. They would need to live in it “as is” for a while which may not be as appealing as finding a home that is refurbished, up-to-date, and ready to move into.

Even if the buyer would be willing to get a home improvement loan after the sale, it would be a separate loan at a higher interest rate making their payment higher than financing it all in one mortgage at the lower first mortgage rates.

The seller may experience some inconvenience going through the repair process, but it will, most likely, result in a higher sales price in less time. Not all buyers have the imagination to know what something will look like after it is finished. It is better to go ahead and get the work done before putting it on the market.

What Matters?

The bathrooms and kitchen are the most important rooms to update. If the finish on the cabinets is bad, have them painted. New countertops and appliances can make a world of difference. Paint, countertops, and fixtures in the bath give the home a great feel.

In addition to the repairs, a major cleaning and decluttering can make a home look and feel better than the competition.

Where To Begin?

The first step is to go through the home and pack up or get rid of things you don’t need or things that detract from the home like excess furniture, exercise equipment, personal artwork, etc. Now, do the same with the closets and cabinets. By getting rid of things, there will be more room and they’ll look larger.

Next, walk across the street from your house and give it a critical look. How is the drive-up appeal? Would you want to go inside to see the rest if you were a buyer? Are the trees and shrubs trimmed? Yard cleaned up? Do you have blooming flowers in the beds? Does the front door or mailbox need a new coat of paint? Do you need to power wash the outside of the home and the sidewalks and driveway? Do the windows need washing?

Buyers are visual people and beauty is always rewarded. Restaurants know that people eat with their eyes first and they go to a lot of effort to plate the food so it is visually appealing. The same approach works for selling a home. Ask your agent if they have ever taken a buyer to a home that refused to go inside because they didn’t like the looks from the street.

Realtors can make specific recommendations and assist you in finding someone to do the work. This is what we do.

 
 

Equestrian Estate at Cedar Creek Farm

Cedar Creek Farm Equestrian Estate


Gorgeous home beautifully sited on 10 acres in the Cedar Creek Farm equestrian community. This special property is ready for your horses with a 5 stall center aisle stable, 4 board-fenced pastures and run-in shed, plus a community riding ring.

NOW UNDER CONTRACT BUT WE HAVE OTHERS
MLS #615006       $900,000

This spacious 5002 sqft home has 4 bedrooms and 3.5 baths and it is loaded with high end finishes. The family room with a soaring vaulted ceiling and gas fireplace is open to the charming breakfast room and the well-appointed gourmet kitchen. An elegant formal dining room with tray ceiling and wainscoting provides a lovely setting to host family and friends. There’s an owners suite is a luxurious haven with large bedroom, tray ceiling, spa bath with soaking tub, walk-in shower, double vanity and water closet. Two guest bedrooms with a jack and jill bath, an office, laundry room, and half bath complete the main floor. On the terrace level, a huge finished rec room offers many possibilities: it could be left open with the 4th bedroom, full bath, bar/kitchen and lots of space to play, or it could easily be transformed into an apartment with its own entrance.

PROPERTY FEATURES LIST

You can click on the Google map below to zoom or explore the area surrounding Alydar Ct.


CLICK FOR LISTING DETAILS


Transferring Property Prior to Death

Sometimes, as people approach the inevitable, they start trying to get their things “in order”. They may even have a will, but they decide to transfer title to real estate prior to their death which could be an unnecessary expense for the would-be heir.

Generally, when property is passed through direction of a will, the heir will receive a stepped-up basis which means that the fair market value of the property at the time of death becomes the cost basis for the heir. If the property were sold for that fair market value, there would be no gain and no capital gains tax due.

However, if the property is gifted prior to death of the donor, along with the title to the property comes the cost basis of the property. The transfer of title does not trigger the capital gains tax but when the property is sold, the gain is calculated by subtracting the basis from the sales price leaving a capital gain subject to tax. In other words, the person receiving the gift does not get the stepped-up basis.

There certainly can be advantages to transferring the property prior to death. It completes the transfer without having to wait for the death and bypasses the probate process that might be required to settle the will. Another advantage to the donor may be to remove the property from the owner’s name which could lower the taxable estate.

Some owners may transfer title prior to death to qualify for Medicaid. The value of the asset may make them ineligible. It may trigger a Medicaid Transfer Penalty when the gift is made within five years and the basis of the property is less than fair market value.

Once a property is deeded to someone, the donor loses control of the asset and it cannot be reversed. Depending on the value of the estate, there could be gift or estate tax implications. As mentioned earlier, it may have capital gain tax consequences for the donor when they dispose of the property.

If the person receiving the gift has creditors or judgements, the gift becomes an asset subject to those creditors or judgements.

Even though the mechanics of transferring title to a property is simple, there are many things to consider for both the person giving the property and the one receiving it. Consult an attorney and tax professional to determine the best informed decision available. There could be other alternatives that would better serve your situation.

Make Your Best Offer First

Buying a home in today’s low inventory real estate market requires a new mindset for purchasers. This strategy is not about trying to negotiate the best price; it is about beating out the competition and buying the home. It may be difficult to understand until you have lost a few homes to better offers but when the reality of the situation is that there are not that many homes on the market, the competition heats up and different tactics are necessary.

Sales in December were annualized at 6.76 million, a 22.2% increase year over year according to the National Association of Realtors. The median sales price nationally is $309,800 which is up 12.9% from the previous year. Inventory for December fell to 1.9 months’ supply from 3.0 months’ supply in December of 2019. Six months inventory is considered a balanced market.

Things that work in a buyer’s market will not work in a seller’s market. The shortage of available homes for sale has led to not only shorter market times but multiple offers that have sales prices above the listing price. Buyers, especially in entry to mid-level priced ranges, may have lost out multiple times to buy a home.

Buyers must be strategic if they want to successfully put a home under contract. There are some things that are absolutely essential to just be in the game.

Unless you are paying cash and have adequate proof of funds, you need to get pre-approved. Realtors and financial advisors have been saying this for decades, but it is critical now. There are plenty of reasons that benefit the buyer but most importantly, it is to show that a buyer is serious and has gone through the effort to have a lender run his credit and verify his income, expenses, employment, and credit. Sellers want to make sure that the offer they are choosing will be able to go to closing.

If the home fresh on the market, in a desired location and price range, you need to assume there will be competing offers and you may never even get a counteroffer from the seller. You need to consider making your highest and best offer first, as if you will not get a second chance. This is more difficult for some people than others because of their bargaining nature.

Many properties are going under contract at more than asking price. One strategy that buyers are employing is the escalation clause. For example a buyer will offer full price, but their offer will state that they are willing to escalate their offer by $1,000 (for example) over any competing offer up to a specified amount. With the offers that are coming in at over asking price, there is the chance that a property will not appraise. Some buyers may show the ability to pay an amount between the appraisal and the sale price, if the property does not appraise, thus effectively removing the appraisal contingency. Of course since a cash offer will not have an appraisal, this is another reason that makes a cash offer more desirable.

Earnest money that accompanies a contract shows that the buyer is acting in good faith. The amount that may be customary may not be enough in a competing market. Consider two or three times what might be normal. Talk to your agent about what would make an impression on the seller.

While contingencies like loan approval and inspections will protect your earnest money from specific concerns like loan approval and inspections, the seller will look at them as ways that the buyer can get out of the contract and as a result they’ll need to put the home back on the market. If a seller is presented multiple offers, they might be prone to accept one with the least contingencies, especially, if the prices are comparable.

There is usually a period connected to the different contingencies that are allowed to complete them. By shortening these times as much as possible limits the time the seller might feel they are in limbo.

If you have the flexibility, you might express your willingness to move the closing and/or possession dates to accommodate the seller’s schedule. This could be an important factor in your favor and could be done in a verbal statement conveyed from your agent to the listing agent.

These are things buyers should consider and discuss with their agent before they find the home that they want to buy. While you are formulating your position, another offer may be accepted before you even make yours.

Gorgeous Home In Cascadia Neighborhood

NOW SOLD, BUT WE HAVE OTHERS

Move-in ready opportunity in popular convenient Cascadia located a short walk to Darden Towe Park and minutes from downtown Charlottesville. The spacious 4-bedroom 3.5-bath home features an open floorplan, plank floors throughout the main level, gourmet kitchen with granite counters, stainless appliances, gas cooktop, double oven, and formal dining room.

Upstairs, the generous sized owners bedroom is a luxurious haven with a tray ceiling and attached spa bath with double vanities, garden tub and walk-in shower. There are 3 additional bedrooms and another full bath upstairs. Front and rear decks both offer mountain views.
The huge finished family room on the walk-out terrace level has many possibilities, and there’s a 3rd full bath on the terrace level as well.   The Cascadia neighborhood has a community pool, playground, and clubhouse.

PROPERTY FEATURES LIST

Below is a Google map. You can click and drag to explore the area

TOUR THE CASCADIA NEIGHBORHOOD BELOW

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Contact Pam

Pam Dent
Phone: (434) 960-0161
Email: [email protected]
Gayle Harvey Real Estate Inc.
198 Spotnap Rd, #C-5,
Charlottesville, VA 22911


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