Virginia Archives

Virginia Now in Top Ten States for Foreclosures

According to the July Foreclosure Market Report just released by Realty Trac, the leading online foreclosure market report, Virginia is now among the 10 states with the most foreclosures. The three states with the highest foreclosure rates are Nevada, California, and Florida. The additional states in the top ten are Arizona, Ohio, Gerogia, Michigan, Colorado, Utah and Virginia.

In Virginia the areas with the most foreclosures are Northern Virginia, Prince William County and Fredericksburg. We are lucky that the Charlottesville area, although we are seeing an increase in foreclosure activity, is still seeing much less than many parts of the country.

However some foreclosures are starting to come onto our local market. These can present a valuable market for the savy buyer.

To read the entire article click here.

Contact me if you would like to discuss the possibility of finding a foreclosure or would like information on the Charlottesville real estate market.

Click here if you would like to search all of the homes currently on the market.

Enjoy the Trails at Glenmore

The extensive system of walking and riding trails is a key feature that sets the Glenmore neighborhood appart. Glenmore is a gated community located in the beautiful Keswick countryside just east of Charlottesville, Virginia. The neighborhood has the usual amenities of country club, golf course, pool, tennis and fitness center. However, it is the dedication to providing numerous opportunities to enjoy the countryside outside of the residential areas, but still inside the gates that sets this community appart.

Glenmore currently has 8.5 miles of trails, which is slated to grow to almost 13 miles by 2012. These trails are enjoyed by walkers, joggers, photographers, birdwatchers and equestrians from the adjoining Glenmore Equestrian Center, managed by Shadowfax LLC. Maintaining the trails has been a tru community effort with more that 50 volunteers participating in the upkeep of the existing trails and the opening of new areas.

It is very special to have so much access to nature, yet be a few minutes away from Charlottesville. Please contact me if you would like a tour of Glenmore, to see how you could experience the Glenmore Lifestyle.

Click here to search all the homes for sale in Glenmore and the Charlottesville area.

Shadowfax Riders in the Glenmore Parade

Every July 4^th the Glenmore Community has a parade through the neighborhood. Any community member is welcome to participate and we always see an array of decorated golf carts. This year's parade included a contingent of dedorated horses and riders from Shadowfax LLC at the Glenmore Equestrian Center. The riders included Allyson Louthan, her daughter Tyler and grandson Linden, Shelly Payne, and Sidney Simcoe. Baily Dent even decorated the barn tractor and drove that in the Parade.

This post is a little belated, but I just got the pictures and I wanted to share the fun.

Glenmore is a gated community located in Keswick just east of Charlottesville, Virginia. The nighborhood offers an active lifestyle with many amenities such as country club, golf course, tennis, pool, fitness center, and adjoining equestrian center.

If the Glenmore lifestyle looks like fun, contact me; I would be happy to give you a tour of the neighborhood.

Click here to search all of the homes for sale in Glenmore.

For information on Shadowfax LLC at the Glenmore Equestrian Center click here.

Features of Green Building

It has become quite popular to speak about "green" building, but what exactly do we mean. I was reading an article in Realty Times this morning wich gave a good overview of the factors which make up green building design.

According to the article a green home should have the following features:

Natural Light – in order to reduce energy used for lighting
Shading – screens, awnings and trees on the southern and western exposures to block the summer sun
Dual-glaze windows – keep heat in during winter and heat outside in the summer
Roof reflectivity or a landscaped roof to lessen heat absorption
Green building materials
1. Non-toxic materials (low-VOC paint and finishes)
2. Sub-flooring made of strawboard
3. Renewable wood products
4. Materials made from recycled content
5. Non-toxic insulation with a high R factor
6. Energy Star rated HVAC systems and appliances
7. Drought tolerant landscaping and native plants

While many of these systems and supplies may be more expensive initially they will often pay for themselves over time.

Click here to read the entire article.

Search all of the homes currently on the Charlottesville, Virginia real estate market or contact me if you would like information on green homes available in the Central Virginia area.

Construction Begins At Bundoran

Construction has started on the first home to be built on the 2,300 acre Bundoran development. This unique community is comitted to natural preservation, conservation of natural resources and the environment. The 100 homes to be built will be required to meet the standards for the Earthcraft designation. In addition, the majority of Bundoran’s acreage will be under conservation easement and deed restriction designed to limit development and insure the continuation of the community’s natural beauty. It will be exciting to watch Bundoran’s creation. I think it will be raising the bar for future area projects.

Click here to read about Bundoran as reported in the Charlottesville Daily Progress.

To search all of the homes on the market in Charlottesville and Albemarle County click here.

716 Salem Road – What A Steal!

Fluvanna County country homes market report July 2008

The following is the report of sales of country homes in the Fluvanna County, Virginia real estate market in July 2008. For the purpose of this report a country home ranges in size from 3 to 10 acres.

In July there was 1 country home under a contingent contract in Fluvanna County. It was listed at $499,999 and had been on the market for 432 days.

One country home was under a pending contract. It had a list price of $499,999 and had been on the market for 428 days.

In the Fluvanna County real estate market in the month of July two country homes sold. The average list price was $442,500 and the average sold price was $392,500. They had been on the market an average of 364 days and sold for an average of 88.70% of the list price..

There are currently 51 country homes actively listed in Fluvanna County. The average list price is $372,783 and the median is $310,000. The homes have been on the market for an average of 146 days.

Compare these numbers with the June sale of country homes in Fluvanna County. In the month of June 3
Fluvanna country homes sold for an average of 104.06% of the list price. They had been on the market for an average of 52 days.

Information obtained from the CAAR MLS and is deemed to be correct, but not guaranteed.

Click here to search all of the homes currently listed on the market in Fluvanna County, Virginia.

July Market Report – Albemarle County Country Homes

The following is the market report for sales of country homes in Albemarle County, Virginia for July 2008. For our purposes a country home has 3-10acres.

In July in Albemarle County there were 11 country homes with a contingent contract. The average list price was $592,323 and the median price was $660,000. They averaged 113 days on the market.

2 homes had a pending contract. The average list price and the median price was $315,950. The average days on market was 158.

In July 2008 12 country homes sold in Albemarle County. The average list price was $844,392 and the average sold price was $773,963. The median price was $599,500 and the average days on market was 69. The ratio of sold price to list price was 91.66%.

There are currently 133 active listings of country homes in Albemarle County with the average list price of $780,441 and a median price of $549,885. They have been on the market for an average of 170 days.

To see what is happening in the market in June 2008 there were 11 sales of country homes which had been on the market for an average of 92 days. They sold for an average of 97.25% of the list price.

Information obtained from CAAR MLS, and is deemed correct but not guaranteed.

Check back next month for the August market report to see what the trend is in the Albemarle County real estate market. If you would like to read market reports of the sales of detached homes, condos and townhomes in Charlottesville, Albemarle, Fluvanna and Louisa go to my other blog www.CharlottesvilleRealEstateTalk.com.

Click here to search all of the homes for sale in the Charlottesville and central Virginia real estate market.

Foreclosures – Not Your Typical Real Estate Transaction – Part II

In the first part of this series, I talked about the preforeclosure process which ended with the issuing of a notice of default by the bank. In this post the next step of offering the home at auction will be discussed.

After issuing the NOD (notice of default), the lender will offer the property for sale at auction. The auction may take the form of a sheriff's sale or through a private party. Usually the auction will start with a minimum bid which will cover the balance of the mortgage, interest and any costs associated with the foreclosure. However, most foreclosure auctions don't even get one bid, because the amount owed on the home is usually greater than the market value of the property. As a result the lender will end up the highest bidder thus becoming the owner of the property.

If you do decide to bid on a home at a foreclosure auction, there are some points to be aware of. Often the homeowners are still occupying the home, and will be unwilling to let you in to see the interrior of the home. This results in your bidding on a property that you have only seen from the exterrior. In addition you will not be able to bring in any inspectors. The home will be sold "as is" without any warranties. It is crucial to do your homework and research the title before bidding on the home to determine if there are any back taxes or leins on the property.

You will need to obtain all of your financing in advance, because public auctions usually demand cash payment at the time of the sale.

If you do end up being the highest bidder and buying the home, you may be faced with evicting the homeowner. Also be aware that the former owner may try to vandalize the home before leaving.

If the bank does end up as the owner of the home, it is now referred to as a real estate owned (REO) or bank owned property. I will talk about the special aspects of buying bank owned properties in the next post in the series.

Click here to see all homes for sale including foreclosures in the Charlottesville, Virginia real estate market.

Charlottesville, Virginia and the Albemarle County area is a beautiful place in which to live. Now is the perfect time to buy a home is this area and there are some great deals in the local market right now. We are also seeing more Charlottesville foreclosures as well.

Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
Charlottesville Real Estate Talk
Jump into Greener Pastures

Foreclosure – Not Your Typical Real Estate Transaction – Part 1

Due to this year's volatile mortgage market, we are seeing an increasing number of homes go into foreclosure. As adjustable rate mortgages continue to reset to higher rates with increased mortgage payments, we will see more foreclosures coming onto the Charlottesville real estate market. This can present a chance for the knowledgeable home buyer to purchase a home for a bargain price, but it is not without risk, and therefore it is necessary to understand the process.

Preforeclosure occurs when a homebuyer is in default on their mortgage. After three or more mortgage payments have been missed,and the homeowner has failed to work out a solution with their lender, the lender will issue a default notice to the homeowner and will also publish the notice in the local newspaper. The notice of default specifies a deadline for the homeowner to pay either the past-due amount or the balance of the loan. If the property is not reclaimed by the deadline, a notice of sale will be published, formally moving the home into foreclosure.

During the preforclosure phase may be a good time to purchase the home. This would be called a shortsale. Although the price may not be as deeply discounted as it could be after foreclosure, there are benefits to buying at this time. To begin with there may be fewer competing offers at this stage. We are seeing multiple offers on foreclosed properties in the Charlottesville and Central Virginia area. Also the purchaser is negotiating with the property owner instead of with the bank. You are helping the homeowner avoid foreclosure and the ensueing black mark on their credit, so they may be inclined to cooperate. The homeowner will present the contract to the bank. Hopefully the bank will be negotiable and approve the sale rather than having to go through the expense of the foreclosure process. We are seeing many banks that are extremely slow to respond to these short sale offers so any buyer should be prepared for long delays before an answer.

If the home is not sold at this stage and the homeowner has not been able to work out a loan payment plan with the lender, the next step in the foreclosure process will be a sheriff's sale or auction. The next post in this series will discuss that stage.

If you are interested in discussing foreclosures in the Charlottesville, Virginia area real estate market, I would be happy to talk with you.
To search all Charlottesville area homes for sale including foreclosures and bank owned properties click here.

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