Virginia Archives

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.

716 Salem Road – What A Steal!

5 Patriot Lane – Open House, Sunday Aug. 10, 1-4

Open House at Lake Monticello, Sunday August 10, 1:00-4:00.
5 Patriot Lane, Palmyra, VA

Come see this well maintained Lake Monticello home. This home is a great value with a lot of space for the money. 1,960 finished sq ft, 728 unfinished, 3 bedrooms, 3 full baths, built in 1999. Priced at $229,000. Open floorplan, with a split-bedroom design. The terrace level boasts a large family room with a stone accented bar, stone fireplace and full bath. The private backyard is fully fenced.

Don’t miss the chance to tour this home!

Lake Monticello is a gated community with a lake and golf course located in Fluvanna County within minutes of Charlottesville, Virginia.

Click here to search all the homes on the market at Lake Monticello.

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.

Mortgage shopping Guidelines

If you are a first time homebuyer, shopping for a mortgage can be an intimidating and overwhelming process. It helps if you know in advance what to expect and what you will need to do.

Obtain your credit report and take action to make any necessary repairs to your credit.
Shop for a mortgage. Don’t just go to one lender. Different lenders have different programs. You need to find the program that best suits your particular financial needs. Check with mortgage brokers, mortgage lenders, credit unions as well as banks. Also check and see what mortgage or downpayment assistance programs exist in your locality and if you qualify for any of them.
Find out the total costs involved in each loan: monthly payment, annual percentage rate (APR), the number and cost of points, broker, origination and underwriting fees, administrative costs, mortgage insurance, and commissions, escrow and closing costs.
Check the terms for different kinds of loans; the amount of down payment, the term of the loan, and whether the loan is a fixed or an adjustable mortgage and what are the terms of each.
Negotiate. Ask the lender if they can offer better terms.
Once you have decided on the loan you want, you may want to obtain a rate lock.
Obtain a written loan comittment.

Read the article Beginner’s Guide To Mortgage Shopping in Realty Times.

I would be happy to talk with you about any questions that you might have about the Charlottesville, Virginia real estate market.

Click here to search all homes for sale in Charlottesville, Virginia, Albemarle County and Central Virginia.

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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What is a “Green” Home

We Hear a lot about "green" homes these days. With the rising gas and oil prices, and increased awareness of environmental issues, more home buyers are interested in finding a home that is more energy efficient, with a lower ecological impact.

The following is a list of some of the features that builders strive for in a green-built home:

energy efficiency resulting in lower utility costs
cleaner indoor air
low maintenance and long lasting materials
conservation of water and natural resources
environmentally friendly construction
sustainability
higher resale value

There are several green-built homes on the market in the Charlottesville, Virginia area and I would be glad to show them to you.

Search all of the homes and farms for sale in the Charlottesville area.

Albemarle County is Going Green

The government of Albemarle County is going green, and hopes to save money and reduce the county’s carbon footprint at the same time. Albemarle County is located in Central Virginia surrounding the town of Charlottesville.

All new county buildings to be constructed will meet stricter energy standards, beginning with the new Crozet Library. In addition since 2003, the county has bought new hybrid vehicles.

Albemarle County has set a goal of reducing internal energy use by 30% by 2012, and has pledged to reduce greenhouse gases by 80% by 2050.