Author: celeste-smucker

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REW Community Focus: Glenmore

Post author By celeste-smucker
Post date June 21, 2012
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About 15 minutes east of Charlottesville on Route 250 in Keswick is the beautiful, country club subdivision of Glenmore, a gated community that appeals to horse lovers, serious and weekend athletes, young families, singles, retirees and anyone else who enjoys natural beauty in a safe, friendly place close to town.

Among Glenmore’s many advantages is its proximity to a wide range of goods and services. The new Martha Jefferson Hospital at Pantops makes medical care accessible as are all of Charlottesville’s shopping and cultural activities. In addition, these east side residents can jump on Interstate 64 and visit both Lowes and Walmart at Zion Crossroads, or keep heading east and shop in Short Pump, avoiding the traffic on 29 North.

Glenmore also has much to offer right within the subdivision. Denise Ramey, with Roy Wheeler Realty Co. (and president-elect of the Charlottesville Area Association of REALTORS®), calls it a “little oasis,” because it is a warm and friendly community with beautiful scenery and activities to keep everyone busy without ever leaving home.

Glenmore’s Active Real Estate Market

Glenmore’s convenient location may be part of its popularity. Like other parts of our area it suffered in the recent real estate downturn. However things are definitely looking up. Tom Pace, with Better Homes and Gardens Real Estate III, explained that in 2011 a total of 28 homes sold in Glenmore.

As of the end of May in 2012, 24 homes had already closed and nine more were under contract. Good news for Glenmore sellers.

It is also a great time to be a buyer looking for a home in Glenmore. Prices are still reasonable compared to when the market was hot and there are lots of options. Not only can you choose from resale homes, but two new sections of the subdivision offer lots for those who prefer to build a new home.

If a large home site with extra privacy appeals to you, consider The Preserve at Glenmore, which has lot sizes ranging from 5 to 21 acres. There is also a new section now open in Pendower Heights in Glenmore where Piedmont Realty and Construction will build your dream home on one of 43 choice home sites.

Why Glenmore?

Glenmore has many amenities in addition to its prime location.

Many residents feel safer there because it is a gated community. It’s not unusual, explained Pace, to find households where one spouse has a job requiring frequent travel, or who works very long hours. The safety of Glenmore appeals to both the traveler and the spouse at home with the family.

Ramey moved here from Florida where gated communities are common. As a single mom she liked Glenmore for many reasons, but one of them was the familiar sense of safety she associates with living in a community that has a gate and a security guard. She also described Glenmore as “very welcoming,” another feature that adds to a feeling of safety.

The front gate also keeps traffic to a minimum, perhaps part of the reason Pace said that many adults and children in Glenmore enjoy biking. It’s a lot easier to bike where there are fewer cars. It’s also safer for kids who want to bike to swimming, golf, tennis or horseback riding lessons, or to visit a friend. Pace said that a number of local children have qualified for golf and tennis scholarships for college thanks to easy access to lessons at Glenmore.

People who prefer to get around by foot or on horseback will find walking trails throughout the community, as well as many miles of trails for horseback riding.

Clubhouse Renovation

A big change at Glenmore this last year is the renovation of the Clubhouse. New owners have redecorated, added a lounge area and reconfigured the bar. Pace explained that it is “now more conducive to entertaining.” People gather for appetizers and beverages and enjoy the view from the sunroom, and, he said, “it’s not uncommon for people to go for drinks, pair up with friends and stay for dinner. The new clubhouse is great for socializing,” he added.

Community is the Big Draw

Ramey and Pace agree that Glenmore offers a special kind of community feeling with its nice combination of people of all ages. Retirees can choose a compact maintenance free dwelling, while estate sized homes are available to families who want them. “The school bus drives through the community every day, and this is popular with families with children,” Pace said.

Finally, regardless of who you are and what you enjoy, Ramey added, “Glenmore is a very welcoming place.”

Celeste Smucker is a writer, editor and author of Sold on Me, Daily Inspiration for Real Estate Agents, she lives near Charlottesville.

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The CAAR Workforce Housing Fund Makes Home Ownership a Reality

Post author By celeste-smucker
Post date June 7, 2012
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Back in 2004, members of the Charlottesville Area Association of REALTORS® decided to take action about a growing problem we face in our area. At that time they recognized that many of the essential members of our workforce were unable to purchase a home in the community in which they worked, forcing them to commute from elsewhere. The REALTORS® decided to focus on four essential workers—police officers, fire fighters, nurses and teachers—and find a way to assist them to become homeowners in Charlottesville or one of the surrounding counties of Albemarle, Greene, Nelson, Fluvanna or Louisa.

The solution was the CAAR Workforce Housing Fund (CWHF). Administered by Piedmont Housing Alliance (PHA), these funds can be used to help qualified home buyers pay for closing costs and pre-paids. While the funds can’t be used towards required down payments, for example the 3.5 percent that must be put down on an FHA loan, they can be used to increase down payments, reducing the amount of the main mortgage and therefore the monthly payment. They also could help someone purchase more house for the same monthly payment.

Ginny Barefoot, a REALTOR® with Roy Wheeler Realty who also serves on the PHA Board explained, “ We are happy to be able to help these people who work so hard to serve our community. It’s a great opportunity for us to be able to help them purchase a house and enjoy all the benefits of living close to where they work.”

Workforce Housing â¨is a National Concern
Concerns about workforce housing focus on finding quality places to live for people who work in a particular community but whose incomes prevent them from buying a home there. In our area, for example, over 70 percent of the police force lives in Waynesboro because the officers can’t afford Charlottesville and Albemarle County. Typically workforce housing solutions are for those whose incomes are between 80 and 120 percent of the area’s median. These are individuals who can’t afford local housing, but make too much money to qualify for many of the income sensitive mortgage programs.

For most people, living near their work is important for many reasons. For example, a big one is that it just makes life easier. Long commutes are time consuming and stressful, becoming more so when the weather is bad or there is fog to contend with. They make an already long workday longer and take away from leisure time with family and friends.

From the perspective of the larger community, it helps to have a workforce that is happy about where they live and fully committed to the municipality in which they work. If, on the other hand, individuals work in one place but live elsewhere, their loyalties are split.

While they may develop ties to the community where their job is, they also develop loyalties to their place of residence through neighborhood friends and acquaintances, through their children’s activities at school or through volunteer activities.

Communities have other big incentives to help their workers find nearby housing. Chances are when these individuals choose to give back, it is during their free time which means they are more likely to volunteer in the community where they live and where their children are, depriving the place where they work of their time and talents.

In addition, when many people are forced to commute in from outlying areas, both air pollution and congestion on the roads are worse, increasing local costs and decreasing the quality of life. At the same time, many of the taxes these commuters pay end up in the coffers of the community where they live so are not available to help offset these costs.
On the other hand, when someone works and lives in the same community they have the benefit of knowing that their taxes support the police force that pays their salary or the school where they work and/or send their children Finally, when fire fighters, police officers and medical personnel live elsewhere, it takes them longer to get to work in the event of an emergency; something that could endanger the rest of us.

The CAAR Workforce â¨Housing Fund
The CAAR Workforce Housing Fund was created by the real estate community to help alleviate this situation, contribute to a happier more productive workforce, and attract better quality workers. At a forum on this topic, which was held in 2007, Jeff Gaffney of Better Homes and Gardens Real Estate III, pointed out that the vast majority of our local police officers live in Waynesboro. In addition, he stated that Albemarle County was having difficulty hiring teachers because candidates were discouraged by the lack of affordable, close-in places to live. He referred to the CWHF as a “recruiting and retention tool” that could potentially influence an excellent employee to choose our area over another one.

The CWHF helps critical members of the workforce find housing by providing assistance with closing costs and down payment up to 5 percent of the sales price of the home, which cannot exceed $325,000. Participants must purchase a home in the area in which they work, however Albemarle and Charlottesville are considered one jurisdiction for these purposes. Homebuyers are required to contribute at least 1 percent of the purchase price, which can include the cost of their appraisal, credit report and/or home inspection.

To be eligible for the CWHF, participants must meet the VHDA first-time homebuyer income limits, which are $70,000 with two or less people in the household and $81,000 if household size exceeds two. This and other loan requirements are enforced by PHA, which administers the fund and assures that borrowers also complete their first-time homebuyer classes just like someone applying for a VHDA loan.
“A big plus of this program is that buyers don’t have to be first-time home buyers,” said Catherine Potter, a lender with Suntrust Mortgage. This is an advantage over other down payment and closing cost assistance programs, most of which impose this restriction. She referenced one of her clients who is a teacher. Recently divorced, she had been part owner of a previous home with her spouse, but nevertheless was able to use the CWHF program to purchase a house for herself and her two daughters. The money was used to pay down what she borrowed on the first mortgage, and without it, Potter said, she would have had a much tougher time finding an affordable house.

Another benefit of this program is that payments on the loan are not due until the home is sold, which means use of the money does not affect the buyer’s debt-to-income ratio when their lender determines how much they can borrow on their main mortgage. When they repay the loan they also pay 6 percent per year simple interest on the amount they borrowed.

Repayment of the loans, plus REALTOR® fund raising activities, help keep the CWHF in business. In years past, CAAR sponsored benefit concerts with big names such as B.B. King and Bruce Hornsby to help raise money. They also hosted smaller events like Broker Bartender Night where a percentage of money paid for drinks went to support the CWHF. In addition, many CAAR members make regular contributions to the fund.

The Workforce Housing Fund in Action
According to Donna Thacker of the Piedmont Housing Alliance, the CWHF has provided assistance in the amount of $351,488 since its inception. As a result, 40 essential workers are now homeowners in our community including three police officers, five fire fighters, two nurses and thirty teachers.

One of them is Mary Johnston, who has been a first grade teacher at Clark Elementary School in Charlottesville for six years. She is also a single mom with a daughter who will soon start kindergarten.

Today they are getting ready to celebrate the one-year anniversary of buying and moving into their new home. Prior to that, she and her daughter lived nearby in a rental. She loves the location, which is a quick commute to school and her daughter, who she said is “into directions,” likes to be able to point out that the new home is close to where they used to live.

Johnston decided to buy because she felt it made sense financially to invest in her own home rather than continue to rent. As a first time buyer, she looked into some of the available down payment assistance programs, but found she didn’t qualify because her income is too high. In addition to her regular job, she teaches summer school and does after school tutoring.

She did, however, qualify for the CWHF money and used it to pay her closing costs. Her agent, Janice Kavanaugh with Nest Realty, explained that without the CAAR funds Johnston would have had little in the way of cash reserves after purchasing her home. The CAAR money made it possible for her to move forward, buy a home and still feel financially stable.

Both Johnston and Kavanaugh had a lot of praise for PHA and the services they offer their clients. Johnston appreciated the homebuyer classes, which she said helped her become more knowledgeable about the process. “I could have read a book and learned some of the same information,” she said, “but the staff at PHA explained things well and made it easy.”

PHA also provides counseling for their buyers to help prepare them for getting a mortgage. Johnston said “they worked with me and helped me with some of my outstanding debt.” She was advised to pay down some of her bills and find ways to lower the interest paid on some others. They also helped her through the process of getting a deferment on payment of a college loan. This made it possible for her to obtain a favorable mortgage loan with payments she could afford.

Kavanaugh also appreciated PHA’s help. Thanks to their advice and preparation, Mary’s transaction was very smooth. “They kept us informed all along the way and met with Mary often to keep things on track. They were very informed, stuck with it and knew all the ins and outs,” she said.

Kavanaugh was the agent for another CWFH client, also a teacher, a few years ago. That transaction was also easy and proceeded with few if any of the kinds of challenges that are common in real estate transactions. Kavanaugh believes a lot of that has to do with PHA’s experience and persistence and she encourages anyone who qualifies for this fund to take advantage of what it has to offer.

Celeste Smucker is a writer, editor and author of Sold on Me, Daily Inspiration for Real Estate Agents. She lives near Charlottesville.

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REALTORS® Give Back

People give back to their community by donating money and time to help organizations that have helped them or their families or to support causes they believe in. Many people also contribute to organizations or participate in fundraising events because it gives them an opportunity to network while doing good. Often it is a combination of these motivations, but the net result is the same, when people volunteer, the entire community benefits from their efforts.

In our country we have a rich tradition of voluteerism and the number of us who give our time and energy to charitable organizations is growing. A recent press release from the Bureau of Labor Statistics reported that in 2011, 64.3 million people volunteered at least once during the year representing a steady increase in the volunteer rate.

In the Charlottesville area we are fortunate to have many volunteers, including lots of local real estate professionals, who take time out from their incredibly busy schedules to give back to the community in a host of ways.

Life Experiences Prompt a Desire to Give Back

Real estate is a demanding profession which often requires long hours and weekend work. Contracts requiring immediate attention can come in at any minute and it is a rare agent who has not been on the phone or working with clients late at night, early in the morning or throughout the weekend. Further, since they are self employed, real estate professionals only make money when they are working. Why then do so many of them take time out to give back to others?

Sometimes it is because at some point in an agent’s life, they or a member of their family have benefitted from the services of a particular organization. A good example is Tommy Brannock, a REALTOR® with Better Homes and Gardens Real Estate III whose mother had Alzheimer’s for the last four years of her life. Brannock said the Alzheimer’s Association was very helpful to his family during that time and he wanted to “give back to the organization.”

For this reason he and his Team Brannock participate in the annual Walk to End Alzheimer’s, and have been the leading fund raisers for over twelve years. He said, “I have a lot of people now who just give automatically because they know I will be asking them anyway.”

James Dickerson, a REALTOR® with RE/MAX Assured Properties, spends a lot of his time as a scout master for the Boy Scouts. As a child he was a scout, eventually earning the rank of Eagle Scout. It is the personal benefit he received from scouting that motivates him to be active today and to encourage first his kids and then his grandkids to be part of the organization. “Scouting,” he said, “supports development of leadership, problem solving and values, all of them skills that are helpful for life.”

A current project is to get Cub Scout pack 143 up and running at Zion Methodist Church where he is an active member. “We’ve had a great first year growing from 4 boys to almost 30 boys participating in the pack,” he explained.

Strong family ties to the area are part of what motivates Edwina St. Rose, a REALTOR® with Montague Miller & Co. She is active in a variety of volunteer organizations that focus on history, including Celebrate!250, a year long celebration of Charlottesville’s 250th anniversary, where she serves on the steering committee. She is also a member of the Board of Directors for the Albemarle Charlottesville Historical Society. She explained that she has a special interest in family history, particularly African-American history and is actively involved in geneology-related research. Her family is from Charlottesville and “their roots go way back,” she said. She loves the area, which she left for a time before coming back to stay for good. In 2011 St. Rose received a Montague Miller & Co. Community Service Award in recognition of all of her volunteer work giving back to the Charlottesville community.

Coincidence Plays a Role

In some instances REALTORS® find themselves volunteering for organizations to which they have no prior ties, until something unexpected happens which pulls them in a particular direction in spite of themselves.

For example, Brannock is an avid supporter of the Virginia Institute for Autism (VIA), a local school for children with autism and autism spectrum disorders. The organization also provides resources for family members and consulting services for educators in schools throughout the state. Brannock has served on the board of VIA for nine years, twice as president.

He has no family members or close friends with autism, but over 10 years ago the then board president of the association asked him for help finding a new school campus. Coincidentally, about that same time his daughter had a babysitting job for a family with two autistic children. Between these two events, he became interested in autism. Because of this he said yes when the board asked him to help out with a capital campaign, and he was so impressed by the organization that ten years later he is still very active.

Like many of her fellow agents, Amy Webb with Nest Realty contributes her time to several different charitable activities. One of her interests is the Shelter for Help in Emergency (SHE) a shelter for victims of domestic abuse. Every year the organization sponsors an event in which a homeowner agrees to having each room in his or her home redecorated by local designers who donate their work. Visitors then pay to tour the home and view the results. Webb was asked by the development director of SHE to help locate a home to lease for this year’s event, a job which she did pro bono.

About this same time she (coincidentally) bumped into a friend at Whole Foods who told her about a new teen auxilliary affiliated with SHE, which is dedicated to raising awareness about date abuse. As a result of this meeting, Webb’s teenaged daughter became part of the auxilliary, which helps with fundraising for the shelter, as well as with education about date abuse in the local high schools. Recently on Valentine’s Day she participated in a date abuse vigil that was held on the downtown mall.

Shared Interests Motivate Volunteer Activity

Sometimes people become involved in charitable activties because of common interests they share with others at the office.

A good example is Tom’s Garden, which is a project of Nest Realty. Tom’s Garden promotes community gardening projects in our area by awarding small grants to schools, neighborhood groups and other local organizations. Webb explained that the idea for Tom’s Garden evolved from conversations between agents who wanted to do something for the community. The website explains their intention like this:

“In addition to sharing a profession, we share a commitment to our community, an interest in the local food movement and ecology, and a firm conviction that community gardens enhance quality of life.”

Supporting community gardens is a good fit for real estate professionals interested in maintaining a high quality of life in local communities. “Working together in gardens helps build community and increases the green space in residential settings,” Webb said. She added that “Gardening is a way for families to spend leisure time together that’s non-electronic.”

Tom’s Garden usually give 4 to 5 grants in both summer and fall with funds coming from Nest brokers and contributions from individual agents. They have few requirements but do request that grantees use their garden in part for educational purposes and that they donate some of the produce to the hungry. Webb currently coordinates this program, but will soon be handing off the responsibility to Martha Campbell, another Nest agent.

Agents Volunteer for Personal Reasons

Most of the agents indicated that they like to volunteer because it is rewarding. Dickerson expressed it like this. “Volunteering refreshes you and makes it easier to deal with issues at work.”

He explained that spending time with the scouts or fundraising for the Shriner’s hospitals for children, another of his projects, keeps it all in perspective.

“It’s really about balance,” he said. “When I can get away and focus on a community project I can address the problems back at the office from a different point of view.” When asked how he manages to get it all done, he explained that he works by setting aside dedicated blocks of time for different activities. That way they all get the attention they deserve.

Volunteering can also reflect an agent’s personal interests. For example, Brannock coaches 4-6 year olds in Lacrosse because he loves sports, and because he enjoys working with young children. He started when his son, who is now 26, was 4 years old, and continues to coach because he loves to do it.

He described the coaching as “fun and rewarding.”

“It’s great to watch young children learn about sportsmanship, develop skills and give each other high fives when they do a good job,” he said.

He has been at it so long that just about everyone calls their practice field the “Brannock Bowl.”

Agents Volunteer because They Believe It’s Right

St. Rose, who also sits on the Boards of Leadership Charlottesville and the Ivy Creek Foundation, stated that for her the volunteer work is enjoyable and a way to meet people. However she also receives a lot of satisfaction from giving back to the community. “Everyone should do it,” she said. “We should all try to help others whenever and however we can.”

Dickerson expressed similar sentiments when he explained that he learned the importance of giving back when he was growing up. “My parents and grandparents always gave back to the community,” he said. He just follows their example with his own activities.

From her perspective, Webb stated that she believes it is our responsibility as citizens to get involved. As a single mom in a demanding profession with teenaged children at home, she has chosen volunteer opportunities which are satisfying but not as time-intensive as some others. Much of what she does can be accomplished by sitting in front of a computer.

Ultimately, like the other agents, she takes time to volunteer because it is very rewarding. “A small effort can have a big impact on people’s lives,” she said. In her case a $250 grant to help an organization start a garden can have a ripple effect on the whole community and she is happy to be the catalyst that gets it all going.

Celeste Smucker is a writer, editor and author of Sold on Me, Daily Inspiration for Real Estate Agents. She lives near Charlottesville.

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Zion Crossroads

Just 15 minutes east of Charlottesville at the intersection of Route 15 and interstate 64 is Zion Crossroads, a vibrant and growing residential and commercial center. While recent challenges in the local real estate market have had an impact here like elsewhere in our region, today the market is picking up steam and both commercial and residential real estate is thriving.

Maury Atkins is an agent in Roy Wheeler Realty’s office in Zion Crossroads, which just opened its doors in February of 2012. He said not only is he very busy, but for the first time in five years he is experiencing what he calls a “true spring market.”

Susan Stewart from the same office agreed. She explained that since Roy Wheeler Realty opened the new Zion Crossroads location, they have added 14 agents to the roster and everyone is staying busy.

Favorable Prices Promote a Strong Residential Market

Stewart offered several reasons for the strong spring market. One is that new construction is starting to sell again in part because prices have come down.

“Many people prefer a new home,” she said, “and in this area they can often find what they want in new construction for a price similar to a resale property.”

She added that the Zion Crossroads area was not as hard hit by the real estate slow down as were other areas, so recovery is happening faster.

Stewart’s company, Roy Wheeler Realty, has just teamed up with Spring Creek Land Developer, LLC to list and sell lots at Spring Creek, a local gated community, and everyone is excited about the potential there.

David Garono, an agent with Nest Realty Group who represents Piedmont Realty and Construction at Spring Creek, is also upbeat about the current residential market. He explained that buyers comparing a new super energy efficient home in Zion Crossroads with a resale in Charlottesville that requires work and costs more to heat and cool, may well decide that comfort and utility savings, along with other benefits of the area, make it well worthwhile to move a few miles east of town.

He was especially positive about the market in his subdivision stating that while 2008 was one of the worst years for real estate in Charlottesville, it was one of the best at Spring Creek. Subsequent years have shown steady numbers, he said, and today there are 6-8 homes under construction, all of them custom, which means they are under contract and not builder spec homes.

Donna Patton, managing broker at Better Homes and Gardens Real Estate III, also mentioned favorable home prices as a big reason Zion Crossroads looks good to buyers. She explained that most prices are less than in either Charlottesville or Richmond for comparable homes and this contributes to the strong market.

Patton said people are also starting to list their homes again. In the recent past, some people who didn’t have to sell held off listing because they didn’t want to compete with foreclosures and short sales.

“However, now people are starting to list again and the agents are very busy,” she said.

She indicated though that while prices are good compared to elsewhere in the region, one of her agents’ biggest challenges is working with people who get their information from the media and expect super bargains.

“They (the media) are not talking about our area,” she said. “Every market is local.” For that reason she cautioned that it’s important for both buyers and sellers to work with a REALTOR® who is familiar with the area and understands the local market.

Location a Plus for Zion Crossroads

What draws people to Zion Crossroads?

According to Patton, “you can’t beat the accessbility.” She stressed how easy it is for Zion Crossroads residents to jump on I-64 and get to either Charlottesville or Richmond. “Lots of people prefer to drive into Short Pump to shop,” she said, “because it’s almost as quick and there is less congestion than in Charlottesville.” Of course residents also go to both Charlottesville and Richmond for work.

Garono agrees that accessibility is an important part of why this area is popular. “Until I started working in the Zion Crossroads area I never realized there are so many households with one spouse working in Richmond and the other in Charlottesville,” he said.

He added that Gordonsville and Orange are within easy reach of Zion Crossroads, as is Northern Virginia.

Jack Crocker, a REALTOR® with Re/Max Assured Properties, described Zion Crossroads as “the next growth area,” stressing that it offers the best of city amenities with a country lifestyle. You can get away from the noise and congestion, but restaurants and essential shopping are nearby, while malls, sporting events and cultural activities, such as concerts and museums, are just a short drive away in Charlottesville or Richmond.

He summed it up by saying “In Zion Crossroads you have all of the benefits of city living, but at the same time you can still see the stars at night.”

Crocker pointed out that Zion Crossroads also offers a lot of benefits for people living on the east end of Charlottesville. For many of them he explained, it is often quicker to drive east to Zion Crossroads to go to Wal-Mart and Lowes than it is to try to navigate Route 29 North in Charlottesville.

Many Residential Opportunities

Given the rural nature of Zion Crossroads, you may be surprised at the number of subdivisions, some older, some with large wooded lots tucked away but still accessible. These lovely spots are what Andy Wade, Director of Economic Development for Louisa County, calls “hidden residential pockets.”

Those who prefer to rent, or who need a place to live while their home is under construction, may soon have some upscale apartments to choose from as well. According to Wade, a mixed use development is under consideration, which includes 282 upper end apartments along with commercial space. The property, which is across the street from Spring Creek, is going through the rezoning process now. It has passed the first two stages of a four step process with a meeting before the Planning Commission scheduled very soon.

For Zion Crossroads home buyers looking for lots of amenities a good choice is Spring Creek, the well-planned gated community that offers lots of extras. Approved for 1,200 homes, it currently has 350, with several currently under construction. While there are two main builders, Ryan Homes and Piedmont Realty and Construction, a third one, Tatum Builders from the Lake Anna area, has just purchased a lot and plans to build a model home soon, according to Dan Girouard, Spring Creek’s Sales Director.

Girouard explained they are seeing lots of traffic at Spring Creek with people coming from Richmond, Northern Virginia and Charlottesville shopping for the perfect lot for their new home. He believes this spring’s uptick in activity is a positive sign reflecting consumer confidence.

One of Spring Creek’s biggest draws is the golf course, which Girouard says has a growing membership reflecting heightened interest in Zion Crossroads.

The course is “the best in our area,” added Garono. In fact Golf Week Magazine rated it one of the best residential courses in the country in 2012. At number 70 in the country, it was one of only two golf courses in all of Virginia that placed in the top 100 on this prestigious list.

Other amenities at Spring Creek include a 9,500 square foot sports club with banquet rooms for parties and other functions as well as a junior olympic sized pool and a state of the art fitness center which, said Garono, overlooks the pool. In addition, each of the locker rooms includes a cedar lined sauna. Tennis courts and a basketball court are nearby, and walking and jogging trails wind throughout the subdivision. All homeowners have access to the sports club as the fees are included in their homeowner dues.

While many people shopping in Spring Creek are ready to build their dream home, Stewart offered that it is also now possible for them to buy a lot today, but hold off building until later. “There are 900 lots open to the public,” she said, “and builders are also welcome.”

Garono added that in some instances, the developer may even do owner financing on lots.

Commercial Real Estate is Alive and Well in Zion Crossroads

The busy residential market in Zion Crossroads provides an incentive for increased commercial development, and of course, the opposite is true as well. Commercial development is a big plus for residential buyers who can shop, eat out and find the services they need and stay close to home. Patton described the new businesses in the area as a huge plus because they are such a convenience, with most less than 15 minutes from residential areas.

At the moment the two big retail tenants are Lowes and a Super Wal-Mart, however rumor has it that another big retailer may join them soon. There are a number of options for quick meals. Just about everyone mentioned the new Arby’s which has recently joined IHOP, a Subway and McDonalds. For those seeking ethnic food, Chinese and Thai cuisine are available at Made in Asia restaurant and residents can also look forward to eating Italian very soon.

There is a lot of excitement about the new Sheetz which opens in the very near future and there is a Best Western for out of town home buyers and visitors to the area who want a centrally located place to stay overnight.

A variety of personal services are also available according to Patton who said local residents can get a hair cut, visit a nail salon and work out at Anytime Fitness without leaving the area.

In addition to being a retail center, Zion Crossroads also offers a variety of medical offices and services with more on the way.

Martha Jefferson Hospital has a local center called Health Services at Spring Creek which offers imaging services including digital X-rays and mammograms, lab and EKG services and two full time family physicians.This means patients can stop by for digital X-rays which can be processed in a short amount of time and sent electronically to their physician for quick viewing and evaluation.

The UVA Health System has a dialysis center in this area and will soon be opening a new 50,000 square foot facility on five acres, which Garono described as “massive.”

Pet owners also have a local option. The Crossroads Animal Hospital is a full service clinic across from Lowes that treats both dogs and cats.

Celeste Smucker is a writer, editor and author of Sold on Me, Daily Inspiration for Real Estate Agents. She lives near Charlottesville.

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Local REALTORS® Embrace Technology

Post author By celeste-smucker
Post date May 10, 2012
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In today’s real estate market, more and more agents recognize the benefits of technology and social media to provide high level service to customers and clients. At the same time, technology helps agents improve their efficiency, their productivity and ultimately their bottom lines.

What kinds of technology do agents use? The National Association of Realtors (NAR) REALTOR® Technology Center does an annual survey of technology use in real estate. When asked what they considered to be the three most valuable tools they had started to use in 2011, at the top of the list for most agents were tablets such as the iPad. In second place were mobile and desktop tools followed closely by contact management softwares.

For those yet to purchase a tablet, a large number had intentions of acquiring one in the near future because of their usefulness for keeping in touch with clients. Similarly, many agents referenced a smartphone as a “must have” tool with most intending to purchase one in the near future if they didn’t already own one.

In addition to devices and specialized software, use of social media is way up compared to where it was as recently as 2008. Back then only 67 percent of agents were active on these platforms, whereas today that figure is 90 percent+. The most popular forms of social media are Facebook, LinkedIn and YouTube.

Agents Build Relationships with Social Media

When done correctly, use of social media is a way to establish relationships and build rapport with people before you meet them.

“Back in December of 09, I recognized the importance of jumping into this area and leading the way,” said Michael Guthrie, principal broker of Roy Wheeler Realty Co. For that reason he got involved with LinkedIn, Facebook and Twitter. At that time only a handful of his agents were active in this arena. Today 75-80 percent have a presence there.

Guthrie uses his LinkedIn account as an electronic brochure, sending people there who want more information about him. “It’s a good way to establish credibility,” he said. People can go to his site, read about his accomplishments, and review recommendations from others.

Facebook and Twitter are more social, he explained. He encourages his agents to use them as a way to develop conversations with people and get to know them. “Being active in social media is like going to a party,” he said. “Lots of people are there and we can go and join in the conversation. Out of that, if we are sensitive, may come opportunities to conduct business.” He described one scenario in which someone mentions they were up until midnight painting their bathroom. If the agent has established rapport with the person, they may also discover the painting is part of getting the house ready to sell, which could then lead to a listing. “However,” Guthrie concluded, “if we don’t attend the party in the first place we’ll miss the conversation.”

Social media is also a way to establish a relationship before ever having an appointment with someone. Guthrie described attending an event at a restaurant set up via Twitter called a Tweetup. When he arrived he realized 12 of the 20 people had never met face to face, but were chatting like old friends because they had already become acquainted through Twitter. “So when we do meet each other for business, “ he said, “we are further down the road in our relationship as much of the credibility is already established.” He added that no one can attend every in-person networking event, but most people can make time to be on Facebook once or twice a day having the kinds of conversations that lead to relationships, trust, more business and good customer service.

One of Guthrie’s agents, Phyllis Novotny, was not amongst the first to get on board with social media. However, she related that eventually her colleagues talked her into it. Now she uses Facebook as a way to establish relationships with people, including former clients. For example, some of her clients share her interest in gardening and often comment when she posts on this topic. The result is a conversation that can lead to sharing meaningful information as well as more business and referrals.

“It’s marvelous because I get to know these people as individuals,” she said. Recently when she wrote a post about the outdoors, one of her clients replied they were happy to see that she was also a nature lover. All of this helps her understand and better serve her clients.

Novotny also uses social media to advertise listings. She has all of them professionally photographed, and posts virtual tours of the homes on Facebook. In addition, she uses Facebook to let people know when she has just listed or sold a home, and posts information about our area for out of towners. Recently Guthrie gave her a special award for her successful use of social media in her business. He explained that when it comes to social media, “She really gets it.”

Technology Means Better Customer Service

Technology takes many forms. According to Jonathan Kauffmann, principal broker of Nest Realty, his firm’s website is at the core of their technology focus.

“There are many templated systems available,” he said “which would have allowed us to input local data. However, we chose instead to take a different approach.” Instead Nest Realty invested in a custom built website based in part on feedback they received from consumers about what would be most useful to them.

Today their website assists consumers, and also helps agents be more productive. It contains detailed information about the local area and popular neighborhoods including photos and videos. In addition there is up-to-date news about the local market including monthly, quarterly and annual data regarding sales, pricing and trends. This gives agents current information and helps clients make more informed decisions, Kauffmann explained.

Technology also can improve agent productivity by making it possible to do paperless transactions. Kauffmann explained that many of his agents work remotely, but have access to all of the documents they need since the company uploads them to the cloud making them accessible by computer, tablet or smartphone.

In addition, the company website provides systems and checklists. Keeping track of all the details and negotiations surrounding a transaction is one of an agent’s biggest jobs. Now when they submit a signed contract, the system logs in the closing date and all of the deadlines for inspections and other critical events. This keeps the process on track saving time and energy by helping to assure that all the contract terms are met in a timely fashion so that the closing can happen on schedule. With paperwork under control, agents have more time and energy to work directly with clients assuring their questions and concerns are handled to everyone’s satisfaction.

Technology is a time saver in other ways as well. “It used to be that we would receive a contract, pick up the hard copy, drive across town, and meet with the seller to obtain signatures or initial changes,” Kauffmann said. “Today with electronic signatures what used to take two hours might only take two minutes using a tablet or smartphone.” Both agents and their clients appreciate the savings in time and energy, he explained, especially since contract negotiations often demand working at odd hours.

e-PRO

For agents who want to increase their understanding and use of technology, the NAR offers a special designation called e-PRO. Pam Dent, a REALTOR® with Montague Miller and Co.. earned this designation some years ago. The market was changing, she explained, and she looked for ways to differentiate herself from other agents and better serve her clients. Becoming an e-PRO agent increased her appeal to tech savvy buyers and sellers.

With the training Dent learned how to advertise properties and communicate effectively online. She also was one of the first agents in the area to use blogging as a way to stay in touch with clients. “My blogs are a real time saver,” she said. She posts information about the area and her listings and offers answers to frequently asked questions sometimes written and sometimes via video. When people have questions they can refer to her blogs if she is not immediately available to talk to them in person.

As part of being tech savvy, Dent also makes regular use of a tablet, laptop and smartphone. “With these devices I can stay in touch,” she said. “While there’s always someone in the office who can help out, most business these days can be done wherever I am using technology.”

Foreclosures Lead to Creative Uses of Technology

Linda McCauley and Chris Webb are REALTORS® who work for a company called Real Home Services and Solutions, which auctions forclosed properties for banks. In order to keep up with the large volume of homes they deal with daily, the company is very creative in its use of technology.

For example, listings are displayed online and buyers can even make offers directly, although the vast majority work through their agents. A big advantage to their system is transparency, explained Webb. When buyers make an offer, it is posted on the website assuring them it is not being held in a file somewhere in hopes of a better one coming in. The system also posts the amount of the highest current offer on a home and information is updated in real time so buyers and their agents know where they stand.

In contrast, Webb explained, agents who submit offers to other auction sites may feel like they’re faxing them into a black hole, and without transparency about the bidding process, buyers may end up offering more than they need to out of fear of being too low. Consequently, transparency in the process serves both agents and their buyers.

As agents for the seller, McCauley and Webb are available to assist the process and do the behind the scenes work to get a contract to closing. They can also answer buyer agent questions, however answers to the most common ones are posted online which means most information is readily and quickly available.

After an offer is presented, counteroffers, if any are available on line. With other auction sites, the turn around time on contracts may be days, however with this system the response often comes within a few hours. If the contract is accepted everyone can celebrate. If not, the parties can start looking for another house right away, something that appeals to both buyers and their agents. Once the property is under contract the agents use another form of technology to negotiate repairs and keep in touch with the transaction: text messaging.

Celeste Smucker is a writer, editor and author of Sold on Me Daily Inspiration for Real Estate Agents. She lives near Charlottesville.

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Waterfront Property

Is a second home on your horizon? Maybe you’d like a nice cottage on a lake or a riverfront property where you can go to get away from it all on weekends and holidays? Or perhaps you are planning for a retirement lifestyle that includes gorgeous vistas, boating, fishing and water skiing. Better yet it might be time for a more vacation-like lifestyle year round.

Fortunately in our area there are many scenic waterfront communities and in today’s real estate market one of them will have a home that is affordable and right for you.

Before you look, however, make a list of what you want most. For some people just being on or near the water is enough. Rick Walden, REALTOR® and owner of Virginia Estates, Inc., describes living on water as “soothing.” He learned to love water as a child because he grew up in a subdivision that was in walking distance of a swamp and bird sanctuary. He also loves the sight of sunlight reflected on water. Today he lives in a home surrounded by ponds that he put in himself after he relocated and discovered how much he missed the water.

What do you enjoy most about living on water? Maybe it’s long lazy days fishing from your own dock? Or do you prefer the challenges of trout fishing? If so, then a home in the mountains near a trout stream will appeal more than lakefront. If you are the social type who enjoys community activities you will want a very different piece of property from someone who craves privacy. Do you enjoy swimming and boating? If so, is it enough to have access to beaches and a marina? Or do you want to have your own private dock where you can swim, launch a boat or just enjoy the sunset reflected in the water?

All of these different kinds of waterfront amenities are available in our area and, thanks to our current real estate market, you will also find prices that were unheard of just a few years ago. So if you didn’t find what you wanted back then, take another look. In addition to favorable prices, interest rates are the lowest they’ve been in over 60 years, which means it’s a great time to lock in affordable monthly payments on your vacation, retirement or year-round waterfront home.

The Many Variations of Waterfront

If you are someone who enjoys a private, rural lifestyle, riverfront property may be the perfect choice, especially if you want to build your own house. Finding property that actually fronts on the water may be a bit of a challenge since many rivers have roads and railroads running along side of them. In addition, although mortgage money is available,Walden, who specializes in rural property, explained it is always more difficult to find financing for raw land. Currently he has some large parcels for sale which front directly on the Rockfish River, but most of his buyers, he said, pay cash. Prices start at around $300,000.

If you want a more developed place to live, there are several lake communities within reasonable commuting distance of Charlottesville including Lake Louisa, Lake Monticello, and Lake Anna, all of which offer values appealing to first timers, people seeking a weekend get away, or those looking for something more luxurious.

Lake Louisa

Lake Louisa is surrounded by a gated community called Blue Ridge Shores. This family-oriented neighborhood has some properties directly on the water, and many others that are within easy walking distance. For those who don’t live right on the water, there are three beach areas for swimming. Boatslips are available for rent at the marina for those who need them. Residents can also use the community center as well as enjoy the tennis and basketball courts or take a leisurely stroll on the walking trails.

Lake Louisa offers fishing, boating, water skiing and white boarding, but jet skis are prohibited. Libby Sandridge, a REALTOR® with Lake Anna Island Realty and a Lake Louisa property owner, has introduced many clients and customers to Lake Louisa’s waterfront lifestyle. She explained that Blue Ridge Shores banned jet skis because it is a small family-oriented community that has concerns about noise and dangers to children. There are also restrictions on boat size and horsepower.

Sandridge explained that properties right on the water at Lake Louisa are difficult to find, and when they do go on the market they don’t last long. Prices for these homes start at about $275,000. In addition, there are some terrific deals available on homes elsewhere in the subdivision, including some foreclosures that start as low as $100,000.

Lake Monticello

A little closer in to Charlottesville is Lake Monticello, also a gated community. While the lake is similar in size to Lake Louisa, the community itself is much larger with a great deal more to offer. In addition to water activities such as boating and fishing, it has an 18-hole golf course with a pro shop, five swimming beaches, a marina with boat slips for rent, a well-stocked fishing pond and a large swimming pool complex. In addition, on the perimeter of the community are many amenities such as restaurants, a day spa, medical services, a pharmacy and fitness centers.

When you live in a gated community like Lake Monticello, not only do you have to deal with the gates when you go in and out, but you have to remember to let the security guard know if you are expecting visitors. While many people appreciate this level of security, if you are someone who has lots of friends and relatives dropping by, or if you don’t have the patience for the gate, you have another option, according to Diane Miller, a REALTOR® with Century 21 Monticello Properties. Miller explained that there are sections of Lake Monticello that are outside the main gates. Residents of this area have the same privileges as those who live inside, but don’t have to contend with entry and exit through the security booth.

While Lake Monticello has properties that sell for over $1 million, in today’s market there are many good buys including at the low end. For example, Miller said there are foreclosure and short sale situations that have prices between $100,000 and $130,000. Don’t expect a garage at that price, she said, but some homes are available and offer a good opportunity for first timers or people looking for a second home. “We see a lot of buyers out here who have decided the Charlottesville market is too expensive,” she said. “Often they are surprised at how much more house their money will buy at Lake Monticello compared to in town.” Of course in addition to a good price, new owners also have access to all of the waterfront amenities.

Lake Anna

While a little further from Charlottesville, Lake Anna is another popular place to find waterfront property. Created by Dominion Power over 30 years ago to provide a cooling source for the North Anna power plant, today it is a major recreational and waterfront center with both residential and commercial real estate opportunities. While the other two lakes have 300+ acres, Lake Anna is much larger with 13,000 acres, said Kate Elim, REALTOR® with Dockside Realty who is a Lake Anna specialist and resident.

The Lake Anna community is divided into two parts—one with 9,600 water acres and the other with 3,400 water acres. The larger, or public side, has commercial activity such as hotels, restaurants and the marina. The private side is quieter with no commercial activity. Swimmers may prefer this side because it serves as the cooling lagoon for Dominion Power and is a few degrees warmer. The two are separated by three dikes and you can’t get from one side to the other by water.

If you love boating, Lake Anna has many acres to explore and, according to Sandridge who also owns property on this lake, there are no restrictions on boat sizes or numbers. Unlike at Lake Louisa, jet skis are welcome. Fishing is also a highlight of the Lake Anna lifestyle and people come there from around the country for fishing tournaments.

Another major attraction of this area is the Lake Anna State Park, which offers hiking trails, a swimming beach, picnic facilities, camping, and cabin rental. Horseback riders and bikers are also welcome on some of the trails.

Over all there are approximately 120 different neighborhoods on 250 miles of shoreline that are part of Lake Anna. This kind of variety comes with many different price ranges. Lot prices range from $50,000 to $400,000 depending on whether you have your own private waterfront, a view of the lake, or just lake access.

As in the other communities, you will find some great values here, including short sales and foreclosures, some with frontage on the water. For example, Sandridge explained that homes that may have sold for $800,000 during the hot market will be selling for $650,000 to $700,000 today.

Why People Buy Virginia Waterfront Property

People buy waterfront in our area for a lot of reasons. If they are looking for a second home, a big one is convenience. All of these lake communiities are an easy commute from urban centers such as DC, Richmond, Fredericksburg and Charlottesville, making it easy to get away for a weekend, or for a nice vacation with minimal travel.

For many people, a second home is a way to diversify their investment portfolio by acquiring property when prices are low. This purchase can also be part of retirement planning. Walden said many of his buyers are within five years of retirement, and most are from out of town. Of the people who have purchased his parcels on the Rockfish River, only one is local, the rest come from places such as Tappahanock, Virginia Beach, and Maryland. One of his investors is from overseas and is quite young, but wants to purchase waterfront property now before it is all gone.

Whether or not they actually retire there, the purchase may be a good investment because waterfront property has good resale value, according to Walden. “When people call, inevitably 80 to 90 percent want privacy, mountain views and water. When waterfront property is available people are willing to pay more for it,” he said.

Consult a Waterfront Specialist

Waterfront properties require special knowledge and expertise. For this reason, when you are ready to buy, consult a REALTOR® who works regularly with waterfront and understands the benefits and potential pitfalls of purchasing this kind of property.

Celeste Smucker is a writer, editor and author of Sold on Me, Daily Inspiration for Real Estate Agents. She lives near Charlottesville.

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Charlottesville Offers Real Benefits to Real Estate Investor

Post author By celeste-smucker
Post date March 29, 2012
No Comments on Charlottesville Offers Real Benefits to Real Estate Investor

There are a number of reasons for this—two big ones being exceptionally low prices and interest rates that are at a 65 year low. In addition, real estate offers a number of clear tax benefits that are hard to beat. These include write-offs for fix-up costs, taxes and insurance, plus, says Robert Ramsey, Broker-Owner of Charlotte Ramsey Real Estate, Inc., best of all is the annual depreciation allowance that helps shelter some of your other income. Taken together, for many people, these are powerful reasons why real estate compares favorably to other types of investments such as the stock market.

While these are general incentives to invest in real estate, there also are a number of reasons why Charlottesville area properties are potentially profitable places to put your money. A big one, of course, is the stability associated with the University which, according to Jim McVay, of Roy Wheeler Realty Co., can be depended upon to provide “a stable base of rental prospects.”

As in other markets, Charlottesville area prices are significantly lower than they were a few years ago when the market was very hot, and according to the 2011 4th quarter market report, they were continuing to decline somewhat compared to 2010. However, this may not be the case for long. The report also noted that the number of new listings was down over 20 percent compared with the end of 2010 and pending sales (homes under contract but not closed) were up almost 20 percent during the same time frame. In other words, if you are waiting for the market to bottom out, don’t wait much longer.

Financing and Interest Rates

While the combination of low prices and interest rates makes a powerful argument for investing now, this is tempered somewhat by the relative lack of invester funds. There are several reasons for this.

One is that money is a lot harder to borrow than it once was, which means you have to work harder to get a loan. A few years ago when loans were easier to obtain, explained Tommy Richards, a loan officer with StellarOne Bank, investors took advantage of these much looser standards and often got in over their heads. All was well until real estate prices started coming down instead of going up, and investors who were unable to make their payments also could not sell their properties. The resulting foreclosures caused banks to tighten up credit standards significantly.

“Expect to provide about three times the documentation as you would have a few years ago,” said Lee McAllister, a senior loan officer at Fulton Mortgage. Both lenders also agreed that you need excellent credit, good income and the ability to put 20 to 25 percent down. More is better, advises McAllister, who said there is a big interest rate advantage associated with a larger down payment.

For those who already have several mortgages on investment properties there is another important consideration. According to McAllister, Fannie Mae’s requirements limit investors to 10 mortgaged properties including their home, considering more than that to be too big of a risk. In addition, investors with more than four financed properties have to show six months of payment reserves for all of them.

While at one time there was other money readily available to accommodate investors with more than 10 properties, today it is harder to come by, commented Ramsey, who owns many rental properties.

When he was just starting out, Ramsey said that he had a goal of acquiring at least one new rental property per year. However in the last several years, with the dearth of funds for larger investors, he has been unable to meet that goal, and has run into the same frustration when seeking property on behalf of his larger investor clients.

There is good news, however. Some local sources are now making loans again which they portfolio (keep in-house) eliminating the need to meet Fannie Mae or Freddie Mac requirements. Richard’s bank, StellarOne, which is headquartered in Charlottesville, is one of those. “It is a big advantage to be local,” he said. “We know the area and the neighborhoods and can drive over and look at a property if need be before making a loan.”

Because of the increased risk, “loans cost more today,” said Richards, “but usually not so much as to be a deal breaker.”

Who are Today’s Investors

People invest in Charlottesville real estate for a number of reasons. A big one is that they fell in love with the area when they went to school here, explained McAllister. They purchase property here both because they understand the Charlottesville market with its stable base of renters and its potential for long term appreciation, and because they have plans to return eventually when they retire. When they do, they already have a place to live.

In other cases, she said, people do the opposite. They move here to retire or just because they love the area, but rather than sell their previous house they keep it as an investment property.

In some instances students purchase a starter home or condo while they are in school with the idea of keeping it for rental when they graduate and move on. McVay described some buyers who did just that. They purchased a townhome while in graduate school, and lived there several years, enjoying the proximity to the University.

When they purchased the property it was with the foresight that not only was it a good long term investment, but the realization that they could always network with contacts in their respective departments to find qualified renters after they had moved out. Coming from families with some experience in real estate and investments, they were familiar with the challenges of property management and were comfortable with their ability to do so successfully. If you are contemplating following their example, do some research on what is required to be a good landlord before you jump in.

Richards said it is not uncommon for investors to be empty nesters with disposable income looking to diversify their portfolios. These are the folks who can get loans for investment properties because over the years they have established the kind of credit scores and acquired the depth of assets needed to qualify.

The main question we want to answer when qualifying a borrower, he said, is “can they handle the bumps in the road? A solid set of assets and an excellent credit score are not things you acquire over night,” he explained. When a borrower has these in place, they are more likely to be considered a good risk.

Charlottesville’s Rental Market

People choosing to purchase investment property should be confident in the stability of the rental market. According to Ramsey, today Charlottesville’s market is what he calls “pocketed.” However, “in general, rents have remained strong through the recession,” he added.

A number of factors contribute to the strength of our local rental market. In addition to the demand for properties around the University, the higher than average foreclosure rate means there are a whole class of people who are unable to purchase a home and are forced to rent. At the same time, the condo market is complicated by tighter Fannie Mae, Freddie Mac rules which make loans for these units a lot harder to obtain than they once were. This means people who may have purchased a condo in the past may be more inclined to rent today.

Property Management

Before you decide to start acquiring rental property, consider whether you are cut out to be a property manager. “After 30+ years in the real estate business,” said McVay, “I always tell clients that you can make good money owning rental property, but it can be a real headache.” A big part of this headache is learning how to choose good tenants.

Ramsey expressed similar sentiments when he said that he advises about 50 percent of the people who express interest in purchasing rental property to give serious thought to putting their money elsewhere. The reason is “not everyone can be a landlord.” It takes someone who is willing to research rental prospects carefully and recognize who is and isn’t a good risk. Ramsey always runs a credit check and asks for a recommendation from their current landlord. He added that if someone can’t come up with the first month’s rent and tries to negotiate their security deposit, it’s a good sign they won’t be a strong tenant.

Of course you can always pay someone else to manage your property and that is a good option for many people. The 6 to 10 percent of your rental income which you can expect to pay for this purpose cuts into your cash flow, but may be well worth it. Also, it’s a good idea to check with your accountant since if you don’t actively manage your property, the IRS may consider you a passive investor, in which case you may also lose some of your write offs.

The Costs of Property Ownership

Whether or not you make money on rental properties depends on a number of factors, and inexperienced investors may overlook some of the real costs. For example, McVay said it helps to be handy, and/or to have a good list of people you can rely on who are. If you are handy yourself and know other people who are, or if you own a number of properties, you can do your own fix up and repair, or have a better chance of negotiating good prices from others. If you are regularly forced to pay retail prices on repair this will eat quickly into any profits.

Another consideration is your market. While the University provides good demand for rental properties, you can also count on a lot of turnover as students come and go; and don’t expect them to be good at maintenance and yard work. It usually takes a year to recover the costs of fixing up a rental unit for the next tenant, even if there is just normal wear and tear, Ramsey explained. This means you are into your second year before you start making money again on that unit.

The cost of turnover is also a good reason to stay reasonable with rents and not raise them too often or too much. Keeping tenants happy enough to stay for several years can be good business, and more profitable in the long run than continually raising rents.

Celeste Smucker is a writer, editor and author of Sold on Me Daily Inspiration for Real Estate Agents. She lives near Charlottesville.

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Old Trail Village

If you’ve visited Crozet you know it is both a quaint, quiet village and a rapidly growing part of our area. Located 12 miles west of Charlottesville, it has panoramic mountain views, restaurants, shops, vineyards and recreational activities. While the community plans to build a new library, if you want to borrow a book today you still will find it by visiting the historic old train station in the center of town. Crozet is also known as the setting for the film Evan Almighty and for the Mrs. Murphy mysteries featuring felines and their companion animals by local author Rita Mae Brown and her cat Sneaky Pie Brown.

Crozet was named for Colonel Claudius Crozet, a French engineer who built the Blue Ridge railroad and tunnels. Once known primarily for its orchards, it is now home to companies such as Musictoday.com and Starr Hill Brewery. The addition of Harris Teeter and surrounding stores and restaurants make Crozet a popular spot for people seeking to live in a rural setting with spectacular scenery and still have all the conveniences plus an easy daily commute.

People wanting to relocate to Crozet can choose from a number of fine subdivisions of which a favorite is Old Trail Village. Old Trail is a walkable community that features a village center that is easily accessible to all residents. The village center offers shops, restaurants, and a place to sit with friends and enjoy a good cup of coffee. It also has medical, dental and real estate offices and services such as the elegant Face Value hair salon and ACAC. Located at the heart of Old Trail, the village center is a gathering place where neighbors can come together and become friends.

While many neighborhoods feature a particular price range of homes, part of the attraction of Old Trail is that it offers something for everyone, including apartments, townhomes, starter homes, estate quality homes and everything in between. In addition, in May of this year, The Lodge at Old Trail will open. The Lodge is a senior living facility that offers independent living apartments, assisted living, and special care for individuals with Alzheimer’s and other forms of dementia. These many varieties of housing options throughout Old Trail allow residents to enjoy a diverse community with many special benefits including those of living in historic Crozet.

Community Ties

Old Trail is part of a movement called New Urbanism. According to Andrea McNeil, Director of Marketing and Business Development for Old Trail, this describes communities designed to be “connected and accessible. In other words, amenities are all within walking distance of every residence.”

This kind of accessibility is convenient and also helps promote a sense of community. Jonathan Kauffmann, an Old Trail resident who is the Principal Broker for Nest Realty, explained that many people today seek a community where they can meet people, enjoy common activities and find a sense of belonging. “There is a trend in real estate which is that many home buyers want neighborhoods. Old Trail is filling a niche for these buyers,” he said.

Community fun is especially evident during holidays when Old Trail has functions such as Christmas parties and Easter egg hunts. Halloween is a tremendous event,” said Greg Slater, an Old Trail resident and REALTOR® with Nest Realty. “Last year we finally ran out of candy after serving 200 children.”

In the summertime, an event called Fridays After Five, West is popular. This relaxed gathering and potluck for families and friends, adults and children, is for everyone whether or not they live in Old Trail. Other enjoyable activities include campouts on the commons and a community garden, added Kauffmann.

Recreation

Among the many things to do in the Crozet area are outdoor activities such as hiking, kayaking, fishing, running, biking and sports. Amenities available at Old Trail, which facilitate these activities, are “open to everyone. Old Trail Village was created and is always open to all,” McNeill explained.

If you are a golfer, check out the privately owned public golf course at Old Trail that is open to anyone who wants to play. It features a regulation 18-hole course with great views and has a pro shop and lessons for those who want to improve their skills. Tennis fans have free use of the courts at Western Albemarle High School. For swimmers, paid memberships in the Old Trail Swim Club are open to residents as well as anyone from the greater community who want to swim and relax surrounded by gorgeous mountain views.

A recently opened Albemarle County park located within Old Trail’s boundaries has walking trails, a shelter, sports fields, and a protected wetlands area which is home to wildlife. Runners and walkers can also enjoy a regulation 3.2 mile cross country trail that winds in and around Old Trail. Donated by the Beights Corporation, developers of Old Trail, the course was built by funds from a non-profit organization that supports track and field activities at Western Albemarle High School. It is open to the public except during competition events. There are also 6+ miles of walking and biking trails within Old Trail, all open to the public.

The Village Center

Justin Kent, a REALTOR® with Better Homes and Gardens Real Estate III, who represents Craig Builders, described Old Trail’s village center as “the heart of our community.” It is the gathering place where people come to enjoy a cup of coffee, have a meal out, get their hair cut or work out at the gym.

The village center concept is one reason people choose Old Trail. “Most neighborhoods have some kind of social life,” explained Kauffmann, ‘but most don’t have a central meeting place.” The village center provides that and for local residents it is easily accessible by walking or a short drive.

The Lodge at Old Trail

There is a lot of excitement in the Crozet/Old Trail community about the senior living facility called The Lodge, scheduled to open in May of this year. Steve White, a REALTOR® with Roy Wheeler Realty Company, described The Lodge as “fantastic.” People with elderly parents now have a place for them to live that is right in the neighborhood…a place they can walk to for visits. “Not only is it a beautiful building,” White said, “but the concept is great for the community.”

Slater agreed saying it adds “tremendous value” and makes Old Trail a multi-generational community. It is also a source of jobs and that benefits everyone in the area, he added.

David Hilliard, owner and developer of The Lodge, is passionate about his project. He explained that senior living facilities commonly are located on the fringes where land is cheap. Friends and family members must go out of their way to visit, and the trips often become a chore rather than an outing to look forward to.

The Lodge, on the other hand, was intentionally located near the village center. This makes it possible for family members to easily drop by and take their elderly relatives out for coffee, or for grandma and grandpa to bump into their grandchild and her friends when she is riding a bike and they are taking a stroll on the walking trails. Three generations of a family can go together to the park for a picnic, or meet up at Friday’s After Five, West. In this kind of setting, family interactions are more fun because they are a casual part of daily life instead of occasional uncomfortable meetings in a sterile and unfamiliar environment.

Putting seniors in the center of things is also a way of acknowledging that they are an important part of the community where, said McNeill, “they continue to contribute and remain active throughout their experience in Old Trail Village.”

The Lodge also will be a place for special events open to everyone. One of these features wine, cheese and a speaker and happens every third Thursday. All adults are welcome. Hilliard said at one such event they planned for 100 and had to start turning people away when more than 130 people turned out. He said it’s a great way to meet people of all ages. “Bring mom and go out to dinner afterwards,” he suggests. For more information The Lodge has its own website at lodgeatoldtrail.com.

Crozet Real Estate Market

In a 2011 year end blog post, Jim Duncan, a REALTOR® with Nest Realty, reported that the Crozet area real estate market still suffered from excess inventory, which can cause unstable or declining prices, homes staying too long on the market and continuing foreclosures and short sales. However, there were also some positive signs, including a decrease in the number of active listings, and more pendings (or homes under contract) than in 2009 and 2010. In addition, the number of homes sold in this area area was up compared to previous years. All of these figures suggest a slow but steady recovery of the market in western Albemarle County.

Figures for Old Trail are even more impressive. In their 2011 Annual Home Sales Report, the Beights Corporation stated that in 2011 average sales prices increased 12 percent, median sales prices, 16 percent, a noteworthy result in the current real estate market. Further, while the average home in Charlottesville sold for 5 percent less than its original list price, in Old Trail, in 2011, on average homes sold for 101 percent of their original list price. While an impressive indication of demand for homes in this popular neighborhood, this figure also reflects in part the high volume of new homes being sold whose prices tend to rise as buyers select upgrades during the construction process, McNeill explained.

REALTORS® were equally optimistic about the prospects for 2012. White described Old Trail as “the fastest growing neighborhood in central Virginia,” and was enthusiastic about the future. His compnany has sponsored several successful seminars for people in Charlottesville looking to down size and/or for retirement housing in this area.

Kauffmann described the market as “very strong,” with sales continuing to increase. “People want community,” he said, “and they are drawn to the variety of housing options available in Old Trail, which can accommodate first timers to those seeking larger homes. In addition,” he explained, “the builders are cooperative and willing to work with buyers to give them the house they want.”

Kent agreed emphasizing that a new home can be anything from an attached one-level townhome to a more traditional three story model with an attached garage to maintenance-free golf villas to just about every other style of single family home.

Celeste Smucker is a writer, editor and author of Sold on Me, Daily Inspiration for Real Estate Agents. She lives near Charlottesville

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2012 Looks Promising for Commercial Real Estate in Charlottesville

Post author By celeste-smucker
Post date February 23, 2012
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2012 Looks Promising for Commercial Real Estate in Charlottesville

What’s new in commercial real estate in our area? Are there some exciting new shops, restaurants or theatres coming to town? What can we expect in 2012?

Nationwide, commercial real estate, like its residential counterpart, has suffered during the down market of the last several years, but things may be looking up. Recently National Real Estate Investor, an organization that follows trends in commercial real estate, conducted its annual Borrowers Trends Survey. Based on responses from 185 commercial buyers and 136 lenders, they concluded that, while nationally things continue to be slow compared to the hot market of a few years ago, there is reason to be hopeful in 2012. Both borrowers and lenders expressed optimism about business in 2012 with 56-percent of the lenders and 44-percent of the buyers predicting an easing of the credit crunch that has slowed investment in recent years.

Like the people in the survey, Charlottesville’s commercial agents and developers are expressing confidence in our local market and looking forward to a profitable 2012. Commercial activity is evident on Pantops around the new Martha Jefferson Hospital, as well as on Route 29 North with businesses coming to Stonefield, the Hollymead Town Center area and Rivanna Plaza. In addition, a number of existing companies such as Whole Foods and Super Shoes have relocated or are planning to do so, making space for others to move in and creating speculation about who the newcomers may be.

Hollymead Town Center

One of our more active areas is the section of 29 North near Hollymead Town Center where a number of both local and national firms soon will be moving in. Why is this such an attractive area?

“People are beginning to realize that this part of the county is where the action is,” said Wendell Wood of United Land Corporation. He stressed that the driving force behind all the activity is the jobs generated by a combination of NGIC/DIA ,GE and University Research Park making this the largest employment base outside of the University itself. In addition, he added, it is nice to have Kohls, Target and Harris Teeter already in place as strong anchor tenants. Wood also emphasized the accessibility of this area via the by-pass as a feature that makes it attractive to prospective tenants.

Wood said his company is busy with lots of activity and many inquiries. They have 52,000 square feet under construction near Kohls in the Hollymead Town Center area, and over half of it is pre-leased. While the identity of the new tenants is still a closely guarded secret, as their move in dates approach there definitely will be signs out front announcing who they are and letting us know when they will be open for business. While some of the new tenants are smaller companies, United Land is negotiating with a number of larger firms of which most are national and one is local. The first of the new tenants should be open for business sometime in April or May.

Robin Amato, an agent with Real Estate III Commercial Properties, explained that many larger national franchises are attracted by Charlottesville area demographics, which offer a profitable combination of life style, income and population density. It also helps that Route 29 connects Charlottesville with Greene and Madison counties, she said. Amato agrees the market is improving. “There is definitely an uptick across the board, everything from retail leases to office space. There is more confidence and a more positive attitude amongst commercial property users,” she said.

Mason Graham, an agent with CB Richard Ellis, also has noticed the market picking up lately. She said that her phone is ringing more and that lots of people are out looking for space to rent. “Things are definitely improving,” she said, and added that many office users are looking to expand into this market.

One of her recent leases is a trendy new sandwich shop called Which Wich now open for business in Hollymead Town Center near Harris Teeter. This is a local franchise with 50 different varieties of subs that can be customized to suit consumer’s tastes. Buyers have a choice of a variety of different sandwich types. They choose a pre-printed bag and mark their sandwich choices with a red sharpie. Artistic (or brave) diners can draw on the bag when they are finished with their lunch and hang their artwork on a special wall where it can be admired by other members of the community. On a recent visit Graham said the line of customers extended out the door.

The nearby Hollymead Professional Center on 29 North, which is managed by Virginia Land Company, will also have some new tenants in 2012. Property manager Steve Melton said they are now working on an office build out to accommodate both a government contractor and a non-profit organization.

Rivanna Plaza

Graham also represents Rivanna Plaza, a strip center on 29 North in front of Kegler’s Bowling Alley. A major new tenant there will be the Kiddie Academy, which offers day care services with a little extra. A national company, Kiddie Academy is known for providing educationally focused day care with curriculum that is developmentally appropriate for the children in its care.

Rivanna Plaza also will feature Dunkin’ Donuts and soon will have another restaurant, the identity of which is still a secret, as is that of a national retailer that will move into a currently vacant 6,000 square foot space in the same strip. Ragazzi’s fans will be glad to find it will reopen at Rivanna Plaza after leaving its long time home at Shopper’s World at the end of last year.

Stonefield

Work at Stonefield is moving along and at least one agent ventured a guess that the first commercial tenants will be moving in sometime between July and September. Stonefield will be a walkable, mixed use development featuring a combination of townhomes and apartments plus retail shops, a hotel and office space located at the intersection of 29N and Hydraulic Road. When fully built it will surround Northrup Grummon on three sides.

Pier 1 will soon be moving into its new home in Stonefield, along with a 14 screen IMAX theatre and a boutique hotel by Hyatt. Stonefield also brings the much anticipated Trader Joe’s to the Charlottesville market for the first time. If you haven’t shopped at a Trader Joe’s, it is a specialty grocery store that started in California back in the 1950s. Originally a chain of convenience stores called Pronto Markets, today Trader Joe’s is a national organization and known for seeking out interesting and innovative foods which they buy in large quantities passing on the savings to customers.

Pantops

A big new addition to Pantops is the recently relocated Martha Jefferson Hospital. According to Graham, one result is that the Pantops market is very active as doctors and medical support services look for space to allow them to be near the hospital. Amato cautioned, however, that retail space in Pantops is limited because there is not a lot of land to build anything new. One bright spot is the strip center near Wells Fargo Bank where she is working on a lease for a new business that will be going in next to the AT & T store.

Another new addition to Pantops is a MedExpress that will occupy the building that was formerly the Ponderosa Steak House. MedExpress is an urgent care center that is open 12 hours a day 7 days a week. They treat emergencies, such as broken bones or burns, as well as common illnesses such as colds and flu and do routine physicals, medical evaluations and immunizations. There is always a full medical team in house including a physician. Melton said the 7,000 square foot facility should be up and running in about 45 days.

Commercial Trends

There are a number of trends noted by the agents and developers. For example, Amato has noticed what appears to be an increase in local people opening businesses. This is in part, she said, the result of people losing jobs in the current economy and looking for alternatives. While it is still difficult to find financing, she explained that some local banks such as First Citizens are now making business loans.

Amato also referenced another trend, which is office type businesses going into retail locations. She cited the example of Kelly Services, which is now located on Gardens Boulevard near the Carmike Six Theatre just off Route 29.

Rumors and Speculation

Most commercial deals are shrouded in secrecy until the contracts are finalized. As a result, there are many rumors and much speculation about what may be happening in any given center. A good example is Shoppers World where last year a number of major tenants such as Whole Foods and Super Shoes moved out as did two restaurants Ragazzi’s and China King Buffet. Two other businesses, Massage Envy and Advance Auto Parts moved to other locations within the center.

There is much speculation, but little actual information, about what the developer has planned for Shoppers World. For example, will a well-known deli move into Ragazzi’s old spot? And will Staples still be there this time next year? A call to the developer revealed they are not able to share that information with us at this time.

Bill Howard, with Real Estate III Commercial Properties, explained that big developers typically sign anchor tenants before they allow local REALTORS® to facilitate leases for smaller customers. Consequently, local agents are as much in the dark about what is planned for the big shopping centers as is the general public until the big leases are finalized.

One persistent rumor is the possibility of a Cracker Barrel on 5th Street Extended. While at least one agent told me it may still be a possibility, several others said with authority that the deal was definitely dead. This means if you want to eat at Cracker Barrel you must still travel to Waynesboro, although at least one person suggested the possibility you may soon see one at Zion Crossroads. What if anything will open on 5th Street Extended instead? Apparently that is one of many closely held secrets and the answer is, wait and see.

Celeste Smucker is a writer, editor and author of Sold on Me, Daily Inspiration for Real Estate Agents. She lives near Charlottesville.

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Lease Purchase Agreements

Post author By celeste-smucker
Post date January 26, 2012
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Lease Purchase Agreements

In today’s challenging real estate market, sellers may be forced to relocate before their home is sold and leave an empty house behind. Not only is this a financial burden, but empty homes are more difficult to sell and while finding a tenant is an option, this solution may cause problems if the renter does not take good care of the property. Similarly, there are buyers who are unable to purchase a home today, but who are good candidates in the long run. A solution for both of these parties may be a lease purchase arrangement in which the sellers lease their property to a buyer who is willing to purchase it within a mutually agreed upon time frame.

While there are many variations, most contracts specify that a percentage of the monthly lease goes towards the buyer’s down payment. Often, as well, sellers require the purchasers to put down a cash deposit, some or all of which may be non-refundable if they choose not to buy the property when the lease is up. Regardless, whether you are a buyer or a seller, your REALTOR® can help you take advantage of the benefits inherent in this kind of agreement.

From a seller’s perspective, a lease purchase offers a number of benefits, the most obvious being that it provides cash flow for a home which otherwise would remain empty. In addition, the purchaser is someone with a genuine interest in and commitment to the home who is therefore motivated to take good care of it in the interim. The agreement protects the seller by locking in a favorable price, and since in most cases a portion of the rent is credited towards the down payment, the monthly income is often greater than what it would have been in a conventional rental agreement.

On the down side for sellers, a lease purchase is not a definite sale, and the buyers may choose not to buy the home at the end of the agreed upon lease term. There may be several reasons, not the least of which is that they may just change their minds. Every home has its eccentricities. After someone lives there for awhile they become very familiar with these and may decide the home doesn’t suit them or they don’t like the neighbors or it is too far from work. Alternatively, they may just wander into a Sunday open house and find a house they like better.

The buyer may also fail to qualify for a mortgage. Buyers who enter into lease purchase agreements may be strong candidates waiting for a previous home to sell, or perhaps they are young professionals with good credit but little cash. On the other hand they may seek this kind of agreement because their credit is weak and, though well-intended, may underestimate their ability to either improve it before the agreement expires or to save sufficient funds to actually make the purchase. To protect themselves, sellers can request a letter from the buyers’ mortgage company supporting their ability to obtain a mortgage when the time comes. To decrease the risk of a buyer pulling out of the deal for trivial reasons, sellers can require a deposit and stipulate that some or all of the money is non-refundable.

From the buyer’s perspective, a lease purchase makes it possible for someone who is unable to obtain a mortgage to find a home they like and start settling in. While lack of funds may be the reason they can’t buy now, another possibility is that they have minor credit glitches and are willing to repair them, but need time to do so. Many lenders will work with good candidates and help them straighten out their affairs so they can qualify for a loan. For such an individual, the lease purchase agreement permits them to lock in a price and start building equity even before they are actually owners.

On the down side, if buyers are required to make a non-refundable deposit, they run the risk of losing those funds should they be unable to exercise the purchase option at the end of the lease. Similarly, they lose any money they pay monthly that is above and beyond what would have been required had they entered into a conventional rental agreement. Finally, buyers should be aware that some sellers intentionally structure agreements to make it easy for them to nullify the contract (and keep the deposit) should a monthly payment be late or in the event prices begin to rise and they can increase their profit by selling the home to someone else.

Celeste Smucker is a writer, editor and author of Sold on Me Daily Inspiration for Real Estate Agents. She lives near Charlottesville.