(Williamsburg, VA) Reduced pricing on real estate listings in Williamsburg and surrounding areas indicates many sellers are still over leveraged and experiencing some sort of financial hardship. Divorce, death and the necessity to relocate also create a need to sell quickly. In Virginia, there are many opportunities to find luxury homes, waterfront estates, historic homes and estate properties. Farms, farmettes, equestrian properties, homes with acreage and waterfront properties are also listed. Many properties are priced to sell and are a good value.
The pressures of the new economy are affecting real estate listings over $500,000. According to Virginia Association of Realtors (VAR), median home values in the Chesapeake Bay and Hampton Roads region of Virginia declined 9.8% since last year; homes prices in Norfolk, Virginia Beach and Chesapeake are reduced 15.9%; and in Richmond, there are 6% decreases. Northern Virginia median home sales prices have increased by 1%.
Foreclosures and short sales are plentiful in luxury real estate. Coldwell Banker recently unveiled a new program for luxury buyers and sellers: Coldwell Banker Previews. This allows luxury buyers a detailed look at exclusive properties. Many real estate professionals recommend casting a wider geographic area for a home search to find the best deals.
Elaine VonCannon, a Coldwell Banker REALTOR, recommends taking a closer look at homes for sale in several areas of Virginia. “Look at waterfront homes in Chesapeake Bay Country and estates and historic homes in Williamsburg, James City County and York County. In York, Henrico and Chesterfield Counties, buyers will find horse farms and estates with equestrian facilities for sale. High end home buyers in these areas of Virginia will find excellent bargains right now,” said VonCannon.
“Interest rates are historically low, at approximately 4% for well-qualified buyers,” said VonCannon. “This, combined with the sharp reduction in prices for luxury homes in Williamsburg, Richmond, and Tidewater Virginia, creates an excellent opportunity for home buyers,” she added.
Although median sales prices for homes are declining in some Virginia real estate markets, the number of home sales across the Commonwealth is stabilizing, according to VAR QE3 2011 report. In Richmond, Southside Virginia, Chesapeake Bay and Hampton Roads, the number of home sales has increased, indicating many real estate investors see now as a good time to buy and find values.
Visit VonCannonRealEstate or EstatesInVirginia.com to view property listings in Virginia. Or call 757-288-4685 to schedule some viewings.
Thursday, December 29, 2011
Tuesday, November 1, 2011
Buying Real Estate: Building a Lifestyle
In the current real estate market, both buyers and sellers have different objectives then they did five years ago. Then, many homeowners bought with the intention to hold a property for one to three years and sell it for a profit or to gain equity for the next property purchase. After the real estate and mortgage market downturn, many areas of the U.S. were flooded with short sales and foreclosed properties -- so buyers can no longer rely on this fast equity. Nowadays, most real estate professionals are recommending that homebuyers plan to hold their property investment for a minimum of 10 years.
Homes for Sale are More Likely to Sell if They are Move in Ready
These days, the trend in home buying is for move in ready homes. Most buyers cannot take out home equity loans for property improvements. It is imperative the seller makes certain appliances, fixtures, flooring, kitchens and bathrooms are in good condition or recently renovated or replaced. Homebuyers are in a place to be choosy. If they want fixer uppers they can purchase foreclosures or distressed properties. Sellers serious about closing on their homes will make the necessary renovations even before putting the home on the market.
Homebuyers Want to Purchase Homes Near Shopping Districts
If the home purchase is intended as a primary residence for ten years, it needs to fit the lifestyle of the family or individual who owns it-- perfectly. Right now the most popular trend in real estate purchases is to live close to mass transit, shopping and entertainment. Many people want to walk in their own neighborhoods and have easy access to everything they enjoy: the gym, restaurants, bars, movies, and more. Neighborhoods and condominiums close to main shopping districts will be more desirable then other areas where driving is necessary.
I have worked with many homebuyers over the years. Generally, I break down lifestyles into three types of areas: rural, suburban and urban. I ask homebuyers I work with which of these lifestyles they desire. Then we work on identifying other specifics about the home such as: pools, garages, multiple bathrooms, square footage and more. The most important parameter in purchasing a home is location. Price range for home purchases sometimes limits choices to certain areas, but I have found we can usually work around this and still find the buyer a desirable location.
Here’s my breakdown of the three locations related to lifestyle choices for homebuyers:
Rural: Do you need a property with acreage?
Many rural homebuyers are used to this lifestyle. They often own horses or enjoy boating, gardening, hiking or other outdoor activities. Some of these buyers will be new to rural living and making a change in lifestyle. To many who choose the rural lifestyle, living near a small town or in one is best, because there are grocery stores, doctors, restaurants and businesses nearby. Rural buyers will want a certain amount of acreage and outbuildings for additional guests or activities. Some of the buyers who want to own rural property will be more inclined to ask about green built features in a home, or be willing to purchase green built homes.
Living in the Suburbs
Some families and couples want peace and quiet or they choose to raise their children outside of rural areas and big cities -- but still want to be close to a host of activities. So they choose suburban lifestyles. Many suburban developments and communities are close to a city or an interstate entrance. Subdivisions appeal to various lifestyles such as: golf communities, waterfront homes with docks or dock access for boating, homes near a historic area, houses close to a national park or public trails, or nearby a shopping district. Suburban lifestyles can be varied but many have the same themes running throughout. Families want to be close to school and churches and have plenty of green space in the backyard for leisure activities such as grilling, swimming, playing or just relaxing. Multiple bedrooms and bathrooms are required with plenty of square footage.
Choosing the Urban Lifestyle
Professionals, people who travel a great deal, and individuals with sophisticated tastes in cultural choices, dining and entertainment want to live in urban areas. Mass transit and airports are easily accessible. A choice of restaurants and leisure activities is literally at the doorstep. Urbanites live life on the go and do not want to be bogged down with yard work. Many urbanites will want to purchase a townhome or condominium that will include exterior maintenance. Some urban dwellers will want amenities such as pools, gyms and community rooms included as amenities to complement the condominium lifestyle. Many will want to be within walking distance of restaurants, markets and bars.
These three lifestyle choices are a matter of personal taste and preference. Since home ownership is now a decade long commitment, lifestyles need to be carefully considered prior to purchasing a home. I often tell homebuyers to project 10 years into the future. For example, will the homebuyer need a space for an aging parent? Or, will the homeowner need extra room for a child or grandchild who may have to move back in for a while? These lifestyle changes could weigh in heavily on the decision of which home to buy.
Plan ahead by carefully considering lifestyle in your home purchase.
For more information on different lifestyles, visit http://www.voncannonrealestate.com.
Homes for Sale are More Likely to Sell if They are Move in Ready
These days, the trend in home buying is for move in ready homes. Most buyers cannot take out home equity loans for property improvements. It is imperative the seller makes certain appliances, fixtures, flooring, kitchens and bathrooms are in good condition or recently renovated or replaced. Homebuyers are in a place to be choosy. If they want fixer uppers they can purchase foreclosures or distressed properties. Sellers serious about closing on their homes will make the necessary renovations even before putting the home on the market.
Homebuyers Want to Purchase Homes Near Shopping Districts
If the home purchase is intended as a primary residence for ten years, it needs to fit the lifestyle of the family or individual who owns it-- perfectly. Right now the most popular trend in real estate purchases is to live close to mass transit, shopping and entertainment. Many people want to walk in their own neighborhoods and have easy access to everything they enjoy: the gym, restaurants, bars, movies, and more. Neighborhoods and condominiums close to main shopping districts will be more desirable then other areas where driving is necessary.
I have worked with many homebuyers over the years. Generally, I break down lifestyles into three types of areas: rural, suburban and urban. I ask homebuyers I work with which of these lifestyles they desire. Then we work on identifying other specifics about the home such as: pools, garages, multiple bathrooms, square footage and more. The most important parameter in purchasing a home is location. Price range for home purchases sometimes limits choices to certain areas, but I have found we can usually work around this and still find the buyer a desirable location.
Here’s my breakdown of the three locations related to lifestyle choices for homebuyers:
Rural: Do you need a property with acreage?
Many rural homebuyers are used to this lifestyle. They often own horses or enjoy boating, gardening, hiking or other outdoor activities. Some of these buyers will be new to rural living and making a change in lifestyle. To many who choose the rural lifestyle, living near a small town or in one is best, because there are grocery stores, doctors, restaurants and businesses nearby. Rural buyers will want a certain amount of acreage and outbuildings for additional guests or activities. Some of the buyers who want to own rural property will be more inclined to ask about green built features in a home, or be willing to purchase green built homes.
Living in the Suburbs
Some families and couples want peace and quiet or they choose to raise their children outside of rural areas and big cities -- but still want to be close to a host of activities. So they choose suburban lifestyles. Many suburban developments and communities are close to a city or an interstate entrance. Subdivisions appeal to various lifestyles such as: golf communities, waterfront homes with docks or dock access for boating, homes near a historic area, houses close to a national park or public trails, or nearby a shopping district. Suburban lifestyles can be varied but many have the same themes running throughout. Families want to be close to school and churches and have plenty of green space in the backyard for leisure activities such as grilling, swimming, playing or just relaxing. Multiple bedrooms and bathrooms are required with plenty of square footage.
Choosing the Urban Lifestyle
Professionals, people who travel a great deal, and individuals with sophisticated tastes in cultural choices, dining and entertainment want to live in urban areas. Mass transit and airports are easily accessible. A choice of restaurants and leisure activities is literally at the doorstep. Urbanites live life on the go and do not want to be bogged down with yard work. Many urbanites will want to purchase a townhome or condominium that will include exterior maintenance. Some urban dwellers will want amenities such as pools, gyms and community rooms included as amenities to complement the condominium lifestyle. Many will want to be within walking distance of restaurants, markets and bars.
These three lifestyle choices are a matter of personal taste and preference. Since home ownership is now a decade long commitment, lifestyles need to be carefully considered prior to purchasing a home. I often tell homebuyers to project 10 years into the future. For example, will the homebuyer need a space for an aging parent? Or, will the homeowner need extra room for a child or grandchild who may have to move back in for a while? These lifestyle changes could weigh in heavily on the decision of which home to buy.
Plan ahead by carefully considering lifestyle in your home purchase.
For more information on different lifestyles, visit http://www.voncannonrealestate.com.
Tuesday, July 19, 2011
Investment Rental Properties: When It’s Time to Buy or Sell
How does one determine when to sell a rental property investment? If you are going to buy rental properties – having a plan in place for the appropriate time to sell is important.
I have worked with many individuals over the years and showed them how to buy rental property. There are many things that need to be considered when purchasing for investment purposes. There is also – definitely – a time to sell.
How to Buy an Investment Property
- Is the property in a convenient location? Is it near shopping, in a neighborhood with good schools, and is it easily accessible to interstates and connecting roads?
- Does the potential investment property have a sound foundation? What sort of issues does the home have? If it needs a new roof or the foundation is sunken in and is creating issues within the structure, it might not be a good investment at this time. If the issues are only cosmetic (needs a new bathroom floor, or painting, or carpeting) it may be worthwhile. Inspection reports will reveal the property’s flaws so the buyer and real estate professional can make a good decision.
- Do you have enough of a down payment to purchase the rental property so financing will not be an issue? In the current real estate market, most lenders will see a down payment of 40-50% as a good risk. If you can invest 100% into the property – this is even better.
- Income gained from the property needs to exceed expenses. Identify a credit worthy tenant, a reliable property manager, and a solid lease to make your property investment profitable. Property management fees are tax deductible.
- For residential property investments, single-family homes as well as multi-tenant properties such as duplexes and fourplexes are great ways to build income and wealth. Some investors may want to consider apartment complexes. In this case a commercial property loan will be necessary to obtain financing.
- Use depreciation on the investment property as a way to receive an annual tax deduction. Check with your accountant, who will apply the depreciation deduction on the building, appliances -- even window treatments. The government still allows tax deductions for accelerated depreciation on properties. Savvy real estate investors use this deduction to increase cash flow and net operating profit on a property.
When to Sell a Rental Property
I have a term for properties that need to be sold: alligator properties. These are properties that are eating the investor alive with carrying costs. When an investor looks at the bottom line on an alligator property – there is no profit – just expenses. An alligator property today may have been a good investment ten years ago. But some individuals will continue to hold a property until it depletes all of the profits they may have made in the first 5-7 years.
If a property has sentimental value (it was your first home, or your mother once owned it but now she’s deceased), some investors may tend to want to hold onto it. Having an emotional attachment to an investment property that is supposed to be generating income is not good. Sometimes an individual will hold this type of property even if it is not profitable. It may be time to consider selling this property.
- After a certain number of years, the depreciation tax deduction is used up on a property. Ask your accountant when this depreciation is no longer applicable. When the investment can no longer be depreciated – it’s time to sell that property, and purchase another rental.
- Consider selling the property and applying the 1031 tax code, so no capital gains tax is imposed on the profits. To paraphrase, the code states that an owner can sell one property in exchange for a securitized piece of property or tenant in common piece of property. Roll the profits from one property into a new investment to increase wealth and maintain it.
- On average, in the 12th year of property ownership -- it is time to sell an investment. The decision to sell will depend on two factors. 1. Is there enough equity in the property to sell? Or, have you pulled out too much equity in the property? 2. Will the real estate market allow you to sell and obtain a nice profit? Ask a real estate professional for a custom market analysis on the property to see if it’s realistic to obtain a price that nets a nice profit.
- Alligator properties are not profitable for a variety of reasons. I am amazed at the number of investors who are not even aware that their property is losing money. If you have a property that might be losing money, then ask your real estate professional or accountant to perform a cost to income analysis. If it is indeed an alligator property -- consider selling.
Investors buy and sell equities all the time. There is a time to purchase and a time to sell a home as well. Learn more about buying and selling rental properties by visiting http://www.voncannonrealestate.com.
I have worked with many individuals over the years and showed them how to buy rental property. There are many things that need to be considered when purchasing for investment purposes. There is also – definitely – a time to sell.
How to Buy an Investment Property
- Is the property in a convenient location? Is it near shopping, in a neighborhood with good schools, and is it easily accessible to interstates and connecting roads?
- Does the potential investment property have a sound foundation? What sort of issues does the home have? If it needs a new roof or the foundation is sunken in and is creating issues within the structure, it might not be a good investment at this time. If the issues are only cosmetic (needs a new bathroom floor, or painting, or carpeting) it may be worthwhile. Inspection reports will reveal the property’s flaws so the buyer and real estate professional can make a good decision.
- Do you have enough of a down payment to purchase the rental property so financing will not be an issue? In the current real estate market, most lenders will see a down payment of 40-50% as a good risk. If you can invest 100% into the property – this is even better.
- Income gained from the property needs to exceed expenses. Identify a credit worthy tenant, a reliable property manager, and a solid lease to make your property investment profitable. Property management fees are tax deductible.
- For residential property investments, single-family homes as well as multi-tenant properties such as duplexes and fourplexes are great ways to build income and wealth. Some investors may want to consider apartment complexes. In this case a commercial property loan will be necessary to obtain financing.
- Use depreciation on the investment property as a way to receive an annual tax deduction. Check with your accountant, who will apply the depreciation deduction on the building, appliances -- even window treatments. The government still allows tax deductions for accelerated depreciation on properties. Savvy real estate investors use this deduction to increase cash flow and net operating profit on a property.
When to Sell a Rental Property
I have a term for properties that need to be sold: alligator properties. These are properties that are eating the investor alive with carrying costs. When an investor looks at the bottom line on an alligator property – there is no profit – just expenses. An alligator property today may have been a good investment ten years ago. But some individuals will continue to hold a property until it depletes all of the profits they may have made in the first 5-7 years.
If a property has sentimental value (it was your first home, or your mother once owned it but now she’s deceased), some investors may tend to want to hold onto it. Having an emotional attachment to an investment property that is supposed to be generating income is not good. Sometimes an individual will hold this type of property even if it is not profitable. It may be time to consider selling this property.
- After a certain number of years, the depreciation tax deduction is used up on a property. Ask your accountant when this depreciation is no longer applicable. When the investment can no longer be depreciated – it’s time to sell that property, and purchase another rental.
- Consider selling the property and applying the 1031 tax code, so no capital gains tax is imposed on the profits. To paraphrase, the code states that an owner can sell one property in exchange for a securitized piece of property or tenant in common piece of property. Roll the profits from one property into a new investment to increase wealth and maintain it.
- On average, in the 12th year of property ownership -- it is time to sell an investment. The decision to sell will depend on two factors. 1. Is there enough equity in the property to sell? Or, have you pulled out too much equity in the property? 2. Will the real estate market allow you to sell and obtain a nice profit? Ask a real estate professional for a custom market analysis on the property to see if it’s realistic to obtain a price that nets a nice profit.
- Alligator properties are not profitable for a variety of reasons. I am amazed at the number of investors who are not even aware that their property is losing money. If you have a property that might be losing money, then ask your real estate professional or accountant to perform a cost to income analysis. If it is indeed an alligator property -- consider selling.
Investors buy and sell equities all the time. There is a time to purchase and a time to sell a home as well. Learn more about buying and selling rental properties by visiting http://www.voncannonrealestate.com.
Tuesday, July 5, 2011
Stabling Horses in Counties in Southeastern Virginia – Part 2
Virginia is a ‘horse friendly’ Commonwealth, where the horse owner can find ample land and facilities to stable horses throughout the state. This article will focus on the Richmond, VA area and detail county laws for the number of horses allowed on properties and on acreage in various counties in Virginia. The counties selected stretch from the Northern Neck in Chesapeake Bay Country to James City County, where Williamsburg is located.
Each county has different requirements for stabling horses, and some may even limit the number of horses per property or per acre. Though this article attempts to provide a comprehensive overview of county laws in each area, I still encourage home buyers to contact the county directly once they finalize a contract on a property. For the most part, horses are allowed on agriculturally zoned properties. There may be cases in which exceptions are made on residentially zoned properties if they are located close to an agricultural area or are grandfathered in under older laws.
Hanover County
In this Virginia County, one horse is permitted for every one acre of land.
Henrico County
The Henrico County zoning ordinance regulates the keeping of horses in three ways. In most cases the main requirement is that any buildings or yards to enclose and feed the horses must be at least 400 feet from any lot in a residential zoning district and at least 200 feet from any other lot occupied by a dwelling. Henrico County advises horse owners to limit their stables for personal use. The excerpted code reads as follows, “Keeping of not more than three horses and/or ponies for personal enjoyment and not as a business.” In that case, the stable must be at least 400 feet from any dwelling in a Residential zoning district or 200 feet from any other dwelling. Measuring from the dwelling, rather than the property line, allows much greater flexibility in the location of the buildings or yards. In exchange, however, this provision comes with a restriction that no more than one horse or pony is allowed per acre of fenced pasture.
James City County
If the property is zoned A-1 it is general agricultural, and the county allows up to seven horses per acre. If the property is zoned R-8, rural residential, up to seven horses are permitted per acre. Horses are not permitted in R-2 or R-1 zoned areas.
York County
Horses are permitted on properties that are zoned Rural Residential (RR) or Resource Conservation (RC) properties. Property owners must have a minimum of two usable acres, excluding the home or setbacks. If a portion of the property has environmental issues, or other restrictions, then this area cannot be counted as usable acres. The number of horses allowed is one per usable acre. Stables have to be constructed 100 feet form abutting properties and 100 feet from public right-of-ways. The stables must also be 1,000 feet from drinking water reservoirs (exceptions to this are possible if a zoning administrator determines that runoff goes away from the reservoir and public health will not be negatively impacted). In addition, horses cannot be stabled within 100 feet of an active well nor can runoff from the stable, pasture or animal yard flow within 100 feet of an active well.
Isle of Wight
In this county, there must be one acre of land for the personal dwelling and one acre of land per horse for private stables.
Sussex County
Sussex County requires the property parcel to be zoned A-1 General Agricultural (with a 2 acre minimum) in order to stable horses. The county is mostly agricultural. If the agricultural property has been subdivided, check the deed for any restrictions on horses.
Essex County
In this county the agricultural district is zoned A-1 and A-2. If the property is zoned A-1 or A-2 zoning laws apply to keeping of horses or ponies for personal enjoyment. Any building for keeping animals must be 300 feet from any residence not located on the same property or from any lot in a residential district and at least 200 feet from any residential property line. Horses are not permitted in most residential areas.
King George County
Horses are only allowed in agriculturally zoned districts A-1 or A-2. According to King George County zoning, “The keeping of a horse shall require a minimum lot area of two acres [dedicated to pasturing] plus one acre for each additional horse. Horses may not be kept in a subdivision with lots of less than five acres.
Powhatan County
In this county, if a property is agriculturally zoned there is no limit to the number of horses allowed. Generally, these properties are zoned as A-1. There are a few properties zoned RR -- Rural Residential. This section of Powhatan County is small in scope and is bordered by the James River in the North East part of the county. RR is agriculturally zoned and the same laws apply to stabling horses as A-1. However, horse owners should call the county and double check the number of horses allowed on parcels in RR areas. Horse stabling is limited in residential areas of Powhatan County. Property owners must have a minimum of 3 acres for one horse in R-2. For each additional horse, another acre is required and the total number of horses is capped at three horses. R-5 properties must have a minimum of 5 acres for one horse, and one additional acre for each additional horse. R-5 properties are 20 acres or less.
Goochland County
In this county any agriculturally zoned property or R-1 zoned properties allow horses. There are two acres required for the first horse and an additional acre is required for each additional horse. In RR zoned properties the parcel must be a minimum of 10 acres to stable horses.
Richmond County
A minimum of five acres is needed for a horse, whether it’s zoned agricultural or R-1 or R-2. Up to three horses are permitted for the first five acres. An additional acre is needed for each additional horse.
There is quite a bit of variation for laws on stabling horses in these Virginia counties. The closer a county is to a town or city, the more restrictions seem to apply, and the less agricultural land there is available.
For more information on horse farms, estate properties, farmettes and other types of properties in Virginia, visit http://www.voncannonrealestate.com.
Each county has different requirements for stabling horses, and some may even limit the number of horses per property or per acre. Though this article attempts to provide a comprehensive overview of county laws in each area, I still encourage home buyers to contact the county directly once they finalize a contract on a property. For the most part, horses are allowed on agriculturally zoned properties. There may be cases in which exceptions are made on residentially zoned properties if they are located close to an agricultural area or are grandfathered in under older laws.
Hanover County
In this Virginia County, one horse is permitted for every one acre of land.
Henrico County
The Henrico County zoning ordinance regulates the keeping of horses in three ways. In most cases the main requirement is that any buildings or yards to enclose and feed the horses must be at least 400 feet from any lot in a residential zoning district and at least 200 feet from any other lot occupied by a dwelling. Henrico County advises horse owners to limit their stables for personal use. The excerpted code reads as follows, “Keeping of not more than three horses and/or ponies for personal enjoyment and not as a business.” In that case, the stable must be at least 400 feet from any dwelling in a Residential zoning district or 200 feet from any other dwelling. Measuring from the dwelling, rather than the property line, allows much greater flexibility in the location of the buildings or yards. In exchange, however, this provision comes with a restriction that no more than one horse or pony is allowed per acre of fenced pasture.
James City County
If the property is zoned A-1 it is general agricultural, and the county allows up to seven horses per acre. If the property is zoned R-8, rural residential, up to seven horses are permitted per acre. Horses are not permitted in R-2 or R-1 zoned areas.
York County
Horses are permitted on properties that are zoned Rural Residential (RR) or Resource Conservation (RC) properties. Property owners must have a minimum of two usable acres, excluding the home or setbacks. If a portion of the property has environmental issues, or other restrictions, then this area cannot be counted as usable acres. The number of horses allowed is one per usable acre. Stables have to be constructed 100 feet form abutting properties and 100 feet from public right-of-ways. The stables must also be 1,000 feet from drinking water reservoirs (exceptions to this are possible if a zoning administrator determines that runoff goes away from the reservoir and public health will not be negatively impacted). In addition, horses cannot be stabled within 100 feet of an active well nor can runoff from the stable, pasture or animal yard flow within 100 feet of an active well.
Isle of Wight
In this county, there must be one acre of land for the personal dwelling and one acre of land per horse for private stables.
Sussex County
Sussex County requires the property parcel to be zoned A-1 General Agricultural (with a 2 acre minimum) in order to stable horses. The county is mostly agricultural. If the agricultural property has been subdivided, check the deed for any restrictions on horses.
Essex County
In this county the agricultural district is zoned A-1 and A-2. If the property is zoned A-1 or A-2 zoning laws apply to keeping of horses or ponies for personal enjoyment. Any building for keeping animals must be 300 feet from any residence not located on the same property or from any lot in a residential district and at least 200 feet from any residential property line. Horses are not permitted in most residential areas.
King George County
Horses are only allowed in agriculturally zoned districts A-1 or A-2. According to King George County zoning, “The keeping of a horse shall require a minimum lot area of two acres [dedicated to pasturing] plus one acre for each additional horse. Horses may not be kept in a subdivision with lots of less than five acres.
Powhatan County
In this county, if a property is agriculturally zoned there is no limit to the number of horses allowed. Generally, these properties are zoned as A-1. There are a few properties zoned RR -- Rural Residential. This section of Powhatan County is small in scope and is bordered by the James River in the North East part of the county. RR is agriculturally zoned and the same laws apply to stabling horses as A-1. However, horse owners should call the county and double check the number of horses allowed on parcels in RR areas. Horse stabling is limited in residential areas of Powhatan County. Property owners must have a minimum of 3 acres for one horse in R-2. For each additional horse, another acre is required and the total number of horses is capped at three horses. R-5 properties must have a minimum of 5 acres for one horse, and one additional acre for each additional horse. R-5 properties are 20 acres or less.
Goochland County
In this county any agriculturally zoned property or R-1 zoned properties allow horses. There are two acres required for the first horse and an additional acre is required for each additional horse. In RR zoned properties the parcel must be a minimum of 10 acres to stable horses.
Richmond County
A minimum of five acres is needed for a horse, whether it’s zoned agricultural or R-1 or R-2. Up to three horses are permitted for the first five acres. An additional acre is needed for each additional horse.
There is quite a bit of variation for laws on stabling horses in these Virginia counties. The closer a county is to a town or city, the more restrictions seem to apply, and the less agricultural land there is available.
For more information on horse farms, estate properties, farmettes and other types of properties in Virginia, visit http://www.voncannonrealestate.com.
Thursday, May 26, 2011
Rental Shortages in VA Real Estate Markets: Invest in Rental Properties NOW!
With listing prices down across the United States and many foreclosures and bank owned properties on the market -- the time is certainly right for buying property. It is also the perfect time for real estate investors to enter or re-enter the market. There are rental shortages in various markets in the U.S. The low inventory and high demand for rentals is driving the cost of rental properties higher. Now is the time to purchase single family homes, duplexes, four plexes, and commercial apartment complexes. A lower vacancy rate coupled with a predictably higher return on investment makes it an attractive time to invest in real estate.
According to an article published by the Daily Real Estate News in April 2011, "The cost of renting continues to rise as vacancies remain low. The number of renters increased 8 percent nationally between 2007 and 2009, according to Census Bureau figures, and rents climbed 3 percent nationwide." Online sources concur. In 2010, rental prices soared even more. HotPads.com, a highly trafficked and well-respected real estate website, reports that "rent prices nationwide rose 11.6 percent in 2010, from an average of $1,181 in January to $1,319 in December." Multiple sources report a trend in rental property price increases nationwide.
As a property manager in the Williamsburg, VA real estate market, I have seen rental property prices increase over the past three years. A single family home that used to rent for $900-1000 per month now costs $1,100-1,250 per month. As more and more people feel the strains of the present economy, renting is their only option. It's more challenging to purchase a home now than before. The homebuyer must have a down payment, be willing to pay closing costs and have a high enough credit score to qualify for a mortgage.
For property investors looking to purchase a single family home or duplex, a traditional mortgage will apply. However, if the investor wants to purchase a multi-family dwelling, fourplex or an apartment complex, a commercial property loan is needed. When investors choose the latter, I encourage them to review the rent rolls. This will include the rental history of the property. Rent rolls are an indispensable financial tool for making the decision to buy. Currently, rehab loans are only available on primary residences - not on rental property. This means investors should also have the cash available to repair, update or rehab a property, in addition to the down payment and monthly mortgage.
Real estate can also be an excellent tax shelter. Rental properties can be depreciated on taxes. Repairs, maintenance, property management fees, travel to and from a property and other expenses related to the property are all tax deductible. If a real estate investor wants to defer taxes, he or she has the option now to place the real estate property into an IRA or charitable remainder trust.
Compared to other types of investments real estate is less risky. The owner has more oversight and control over residential and commercial property investments. It's true that real estate investments may lose value over the short term, but historically, property investment has been established as a reliable way to create and keep wealth over the long term.
As investors enter the real estate market after several years of sitting back, they will want to secure a reliable and experienced property manager to maintain a good, even cash flow. With rentals absorbing up to 50% of most household incomes these days, it could conceivably become more difficult to collect the monthly rent. A savvy and aggressive property manager will ensure rents are collected in a timely manner and that repairs are made on the property when tenants request them.
Real estate investment is not for everyone. So, think carefully about whether acquiring property is the way to go before making a purchase.
For more information on residential and commercial investment properties or property management services, visit http://www.voncannonrealestate.com. Or, email voncannonrealestae@cox.net or call 757-288-4685.
According to an article published by the Daily Real Estate News in April 2011, "The cost of renting continues to rise as vacancies remain low. The number of renters increased 8 percent nationally between 2007 and 2009, according to Census Bureau figures, and rents climbed 3 percent nationwide." Online sources concur. In 2010, rental prices soared even more. HotPads.com, a highly trafficked and well-respected real estate website, reports that "rent prices nationwide rose 11.6 percent in 2010, from an average of $1,181 in January to $1,319 in December." Multiple sources report a trend in rental property price increases nationwide.
As a property manager in the Williamsburg, VA real estate market, I have seen rental property prices increase over the past three years. A single family home that used to rent for $900-1000 per month now costs $1,100-1,250 per month. As more and more people feel the strains of the present economy, renting is their only option. It's more challenging to purchase a home now than before. The homebuyer must have a down payment, be willing to pay closing costs and have a high enough credit score to qualify for a mortgage.
For property investors looking to purchase a single family home or duplex, a traditional mortgage will apply. However, if the investor wants to purchase a multi-family dwelling, fourplex or an apartment complex, a commercial property loan is needed. When investors choose the latter, I encourage them to review the rent rolls. This will include the rental history of the property. Rent rolls are an indispensable financial tool for making the decision to buy. Currently, rehab loans are only available on primary residences - not on rental property. This means investors should also have the cash available to repair, update or rehab a property, in addition to the down payment and monthly mortgage.
Real estate can also be an excellent tax shelter. Rental properties can be depreciated on taxes. Repairs, maintenance, property management fees, travel to and from a property and other expenses related to the property are all tax deductible. If a real estate investor wants to defer taxes, he or she has the option now to place the real estate property into an IRA or charitable remainder trust.
Compared to other types of investments real estate is less risky. The owner has more oversight and control over residential and commercial property investments. It's true that real estate investments may lose value over the short term, but historically, property investment has been established as a reliable way to create and keep wealth over the long term.
As investors enter the real estate market after several years of sitting back, they will want to secure a reliable and experienced property manager to maintain a good, even cash flow. With rentals absorbing up to 50% of most household incomes these days, it could conceivably become more difficult to collect the monthly rent. A savvy and aggressive property manager will ensure rents are collected in a timely manner and that repairs are made on the property when tenants request them.
Real estate investment is not for everyone. So, think carefully about whether acquiring property is the way to go before making a purchase.
For more information on residential and commercial investment properties or property management services, visit http://www.voncannonrealestate.com. Or, email voncannonrealestae@cox.net or call 757-288-4685.
Wednesday, May 11, 2011
Stabling Horses in Counties in Southeastern Virginia Pt. 1
Like many Southern states, Virginia is horse friendly, with ample pastureland and stables to win over any horse owner’s heart. For centuries, Virginians have relied upon horses for transportation, war, agricultural labor, breeding, hunting, shows, competitions and even companionship. Virginia is an excellent place to stable horses. With a relatively mild winter and a moderate climate throughout the year, Southeastern Virginia, near Chesapeake Bay country and the coastal region, is especially attractive to many who love horses.
This article contains detailed information about stabling horses in many counties near the coastal regions of Virginia. Some of the less populated counties have more lenient laws regarding the stabling of horses for personal use -- provided there is ample land to properly exercise and feed each horse. The more densely populated counties I mention limit the number of horses per acre. Agriculturally zoned property falls under different regulations than residentially zoned horse properties and for the most part -- will not be addressed in this piece (unless the county only allows horses on agriculturally zoned properties or is mostly agricultural).
Information for each county was obtained through review of ordinances for each county or direct contact with the planning office.
Horse Stabling Laws in Southeastern Virginia Counties
New Kent: This county is mostly rural. The number of horses allowed depends on how the parcel is zoned. If it’s A-1 Agricultural there is no limit to the number of horses. If the property is zoned residential, one horse is permitted for every two acres.
Middlesex: This coastal county near the Chesapeake Bay is partial to livestock. For horses used for non-commercial purposes, the minimum lot size 1 ½ acre per animal unit. In addition, a minimum lot area is required for the residential unit (depending upon the infrastructure in place).
Mathews: This county is horse friendly, especially for owners who want to keep more than two horses. There is no ordinance on the number of horses per acre, though owners will want to provide adequate pasturing for each horse. The stable or barn must be 200 feet off of each property line.
King and Queen: Two horses are allowed on a three-acre piece of land. For each additional acre there may another horse. If horse owners want to expand their keep, then ten acres or larger is required in an agricultural district where more livestock and horses are allowed per acre then the above mentioned.
King William: Buildings, housing, horses or ponies for personal enjoyment must be 200 feet from the perimeter of the development and 200 feet from property lines of residential lots.
Lancaster: There is no limit to horses per acre. No commercial use of horses is permitted on residentially zoned property. Barns are required to be 5 feet from the property line -- this applies to a one story accessory structure.
Gloucester: In this county a minimum of 1.5 acres per horse is required. This will not include the area occupied by the primary or accessory structures, yards, and associated wetlands. All horses must be contained within a fenced area and there shall be no more than 5 boarded horses, exclusive of horses owned by the property owner(s) and no horse shows are permitted.
Northumberland: Livestock production is important to the economy in this county. Seventy-five acres are the minimum requirement for keeping horses for commercial use. If property is zoned A-1 there is no restriction on number of horses. If the property is zoned R-1 or R-2 the property owner is limited to two horses. If the property owner wants more than two horses, the owner must petition the Board of Supervisors for a conditional use permit.
Surry: This county requires a minimum of 2 acre lots for private horse stables. Be prepared to pay a uniform tax upon farm animals. This tax is figured based on the assessed value of the horse.
Charles City: Most areas of the county are zoned agricultural, though there may be residential uses within these areas. Ten horses equals 20 animal units. There are ten horses allowed per piece of property.
Suffolk: In the city of Suffolk, no horses are permitted to be kept, maintained, or stabled with the RL, RLM, RM, RC or RU Zoning districts.
Chesapeake: The city of Chesapeake zones residential properties in three categories: rural, suburban, and urban. Horses are not permitted in residentially zoned properties. Horses can be stabled in Agricultural 02 districts.
Westmoreland: One horse per acre is allowed on agriculturally zoned properties.
The Commonwealth of Virginia has equestrian laws on the books that relate to liability and horse riding or training activities. Visit http://www.americanequestrian.com/legal/VA.htm for more detailed information on this law.
County zoning laws in all areas are subject to change after 2011 and horse owners are encouraged to contact individual county planning departments to confirm current laws. This information was compiled for home buyers who own horses and are interested in purchasing horse farms, farmettes, estate properties, and property in this region, but want to be clear about county laws governing the number of horses that can be stabled.
For more information about horse farms or other properties appropriate for livestock in Southeastern Virginia, visit http://www.voncannonrealestate.com or http://www.estatesinvirginia.com.
This article contains detailed information about stabling horses in many counties near the coastal regions of Virginia. Some of the less populated counties have more lenient laws regarding the stabling of horses for personal use -- provided there is ample land to properly exercise and feed each horse. The more densely populated counties I mention limit the number of horses per acre. Agriculturally zoned property falls under different regulations than residentially zoned horse properties and for the most part -- will not be addressed in this piece (unless the county only allows horses on agriculturally zoned properties or is mostly agricultural).
Information for each county was obtained through review of ordinances for each county or direct contact with the planning office.
Horse Stabling Laws in Southeastern Virginia Counties
New Kent: This county is mostly rural. The number of horses allowed depends on how the parcel is zoned. If it’s A-1 Agricultural there is no limit to the number of horses. If the property is zoned residential, one horse is permitted for every two acres.
Middlesex: This coastal county near the Chesapeake Bay is partial to livestock. For horses used for non-commercial purposes, the minimum lot size 1 ½ acre per animal unit. In addition, a minimum lot area is required for the residential unit (depending upon the infrastructure in place).
Mathews: This county is horse friendly, especially for owners who want to keep more than two horses. There is no ordinance on the number of horses per acre, though owners will want to provide adequate pasturing for each horse. The stable or barn must be 200 feet off of each property line.
King and Queen: Two horses are allowed on a three-acre piece of land. For each additional acre there may another horse. If horse owners want to expand their keep, then ten acres or larger is required in an agricultural district where more livestock and horses are allowed per acre then the above mentioned.
King William: Buildings, housing, horses or ponies for personal enjoyment must be 200 feet from the perimeter of the development and 200 feet from property lines of residential lots.
Lancaster: There is no limit to horses per acre. No commercial use of horses is permitted on residentially zoned property. Barns are required to be 5 feet from the property line -- this applies to a one story accessory structure.
Gloucester: In this county a minimum of 1.5 acres per horse is required. This will not include the area occupied by the primary or accessory structures, yards, and associated wetlands. All horses must be contained within a fenced area and there shall be no more than 5 boarded horses, exclusive of horses owned by the property owner(s) and no horse shows are permitted.
Northumberland: Livestock production is important to the economy in this county. Seventy-five acres are the minimum requirement for keeping horses for commercial use. If property is zoned A-1 there is no restriction on number of horses. If the property is zoned R-1 or R-2 the property owner is limited to two horses. If the property owner wants more than two horses, the owner must petition the Board of Supervisors for a conditional use permit.
Surry: This county requires a minimum of 2 acre lots for private horse stables. Be prepared to pay a uniform tax upon farm animals. This tax is figured based on the assessed value of the horse.
Charles City: Most areas of the county are zoned agricultural, though there may be residential uses within these areas. Ten horses equals 20 animal units. There are ten horses allowed per piece of property.
Suffolk: In the city of Suffolk, no horses are permitted to be kept, maintained, or stabled with the RL, RLM, RM, RC or RU Zoning districts.
Chesapeake: The city of Chesapeake zones residential properties in three categories: rural, suburban, and urban. Horses are not permitted in residentially zoned properties. Horses can be stabled in Agricultural 02 districts.
Westmoreland: One horse per acre is allowed on agriculturally zoned properties.
The Commonwealth of Virginia has equestrian laws on the books that relate to liability and horse riding or training activities. Visit http://www.americanequestrian.com/legal/VA.htm for more detailed information on this law.
County zoning laws in all areas are subject to change after 2011 and horse owners are encouraged to contact individual county planning departments to confirm current laws. This information was compiled for home buyers who own horses and are interested in purchasing horse farms, farmettes, estate properties, and property in this region, but want to be clear about county laws governing the number of horses that can be stabled.
For more information about horse farms or other properties appropriate for livestock in Southeastern Virginia, visit http://www.voncannonrealestate.com or http://www.estatesinvirginia.com.
Tuesday, April 19, 2011
Williamsburg, Virginia: 18th Century Colonial Capital
A Place in American History: Williamsburg, Virginia
Nestled in the green pastureland between the James and York Rivers, Williamsburg Virginia was not only the Colonial capital of Virginia, but also a center of commerce and culture. Williamsburg is no different today. With Busch Gardens & Water Country and the historical Colonial Williamsburg Foundation as main attractions and Historic Jamestown and Yorktown Battlefields on either end of the scenic Colonial Parkway, Williamsburg has plenty to offer residents and visitors in natural beauty, fun, and history.
Famous Americans from Williamsburg, Virginia
Williamsburg is the current home of rock star Bruce Hornsby. Football player Lawrence Taylor has also lived in Williamsburg. In addition, there have been many famous early American figures who either passed through Williamsburg or had important business there; these include: Thomas Jefferson, George and Martha Washington, and many more.
Waterfront Estates and Historic Property in Williamsburg Virginia
Kingsmill is one of the oldest and most prestigious gated communities in Williamsburg, and is partially situated on the banks of the James River. Governor's Land is another exclusive gated community, situated at the intersection of the Chickahominy and James Rivers, just off historic Route 5. There are also numerous older neighborhoods in the Williamsburg area that date back to the Colonial era where refurbished historic homes can be purchased.
Fine Dining in Williamsburg Virginia
There are several excellent colonial taverns owned by Colonial Williamsburg Foundation, where guests may eat an authentic British meal in a setting comparable to a pub of the 18th Century. Chowning's Tavern, Shields Tavern, King's Arms Tavern and Christiana Campbell's are the main pubs of Colonial Williamsburg. For those who prefer continental or ethnic food, The Trellis, on the Duke of Gloucester Street, is a good choice. The Second Street Tavern and Casa Maya Mexican Restaurant, both in Williamsburg, also provide savory dishes and an excellent atmosphere.
Historical Landmarks in Williamsburg, Virginia
The historical landmarks in Williamsburg are too numerous to list. But a brief overview of some historical highlights in Williamsburg will follow. Historic Jamestown is the National Park Service site that was settled as a fort in 1607, and this sits at the south end of Williamsburg. The site of former colonial Virginia Governor William Berkely's mansion was burned, but the ruins remain just off Route 5 and are also being carefully dug, studied and preserved by archeologists and historians. Colonial Williamsburg Foundation also offers a tour of the entire town of Williamsburg for one inclusive price that allows visitors access to the colonial homes, pubs, the capital, the old jail, and more. Residents of the Williamsburg area may obtain a Good Neighbors pass for year round access to Colonial Williamsburg.
Marinas and Boat Launches in Williamsburg Virginia
There are several excellent marinas in Williamsburg with access to the James River and its estuaries. These include the Jamestown Yacht Basin, Kingsmill Marina, and Two Rivers Country Club Marina, which is located at the intersection of the James and Chickahominy Rivers. Waller Mill Park also offers public boat launch for private crafts.
Jamestown Yacht Basin is one of the most popular marinas located on Powhatan Creek, nearby Historic Jamestown, at the south end of Williamsburg. Speedboats and jet skis are permitted to launch from this marina. Boats coming via the Colonial Parkway, on trailers, are limited to 12 feet, due to tunnels. The Yacht Basin has 125 wet slips, which are usually booked. Jamestown Yacht Basin is the only covered marina in James City County.
Williamsburg Winery and a Brewing Company
Williamsburg Winery produces approximately 60,000 cases of wine per year. The winery is convenient to the historic district, just off Route 199, and it's a great place to purchase Virginia wine. Tours and tastings are offered daily, even on Sundays. The Gabriel Archer Tavern is adjacent to the winery and offers lunch daily and dinner Thursday through Monday. For the beer lover, Williamsburg AleWerks sells crafted brews in a variety. Williamsburg Alewerks is open from Monday through Saturday from 12:00 to 5:30 for tours and souvenirs.
Williamsburg Virginia Culture and Entertainment
Residents of Williamsburg may obtain a Good Neighbors pass from Colonial Williamsburg Foundation for a special year round fee after providing proof of residency. This allows the pass holder to attend performances in the evenings, usually Colonial era theater and historical re-enactments. The College of William and Mary has an excellent theater and music series which is open to the public. The Virginia Symphony performs regularly in Williamsburg, just off Ironbound Road. And, the Williamsburg Library is a centrally located place to attend a wide range of events related to art, culture, music, writing and more.
Williamsburg Virginia Outdoor Recreation
With the Colonial Parkway, Colonial Williamsburg, and the scenic James River running through Williamsburg there is always plenty for the outdoor enthusiast to do. This is a wonderful place for biking or hiking. Boating and fishing is also popular in many of the estuaries of the James and York Rivers. Williamsburg is also an ideal place for bird watching, especially at Jamestown Island and along the Colonial Parkway, where great bald eagles can be sighted, and migratory birds can be seen moving south in October and November. The eagles have been nesting, and returning to the Williamsburg area for over a decade.
Williamsburg Location in Proximity to Major Cities
Williamsburg is conveniently located about 45 minutes drive from Richmond and Norfolk, Virginia, both major urban areas. Nearby areas offer dining, entertainment, shopping, and culture on a larger scale than found in Williamsburg. A drive to Virginia Beach takes about an hour and fifteen minutes from Williamsburg. Williamsburg is a great place to have a quiet home, and it is close enough to commute to work in these urban areas, and just far enough away to leave the stress behind.
Colleges in Williamsburg Virginia
The College of William and Mary is located in Williamsburg and is a central hub for the town. Because it's the second oldest college in the nation, the architecture on campus is extraordinary and dates back to the Colonial Era. A wide range of academic programs are available to students at this Commonwealth of Virginia college. Thomas Nelson Community College is projected to open a New Historic Triangle Campus in the spring of 2009. Community college classes and adult education will all take place in this 120,000 square foot facility near Warhill High School.
Contemporary Williamsburg Virginia
Contemporary Williamsburg is an ideal location to retire, relocate, purchase a second home, or raise a family. Email vonmor1@cox.net or call Elaine VonCannon at 757-288-4685 for information about real estate for sale in Southeastern Virginia, and especially Williamsburg.
Visit my web sites to view other listings at www.voncannonrealestate.com www.estatesinvirginia.com www.elainesrealestate.com You will also find articles and more information on homes, the Virginia real estate market and my team.
Nestled in the green pastureland between the James and York Rivers, Williamsburg Virginia was not only the Colonial capital of Virginia, but also a center of commerce and culture. Williamsburg is no different today. With Busch Gardens & Water Country and the historical Colonial Williamsburg Foundation as main attractions and Historic Jamestown and Yorktown Battlefields on either end of the scenic Colonial Parkway, Williamsburg has plenty to offer residents and visitors in natural beauty, fun, and history.
Famous Americans from Williamsburg, Virginia
Williamsburg is the current home of rock star Bruce Hornsby. Football player Lawrence Taylor has also lived in Williamsburg. In addition, there have been many famous early American figures who either passed through Williamsburg or had important business there; these include: Thomas Jefferson, George and Martha Washington, and many more.
Waterfront Estates and Historic Property in Williamsburg Virginia
Kingsmill is one of the oldest and most prestigious gated communities in Williamsburg, and is partially situated on the banks of the James River. Governor's Land is another exclusive gated community, situated at the intersection of the Chickahominy and James Rivers, just off historic Route 5. There are also numerous older neighborhoods in the Williamsburg area that date back to the Colonial era where refurbished historic homes can be purchased.
Fine Dining in Williamsburg Virginia
There are several excellent colonial taverns owned by Colonial Williamsburg Foundation, where guests may eat an authentic British meal in a setting comparable to a pub of the 18th Century. Chowning's Tavern, Shields Tavern, King's Arms Tavern and Christiana Campbell's are the main pubs of Colonial Williamsburg. For those who prefer continental or ethnic food, The Trellis, on the Duke of Gloucester Street, is a good choice. The Second Street Tavern and Casa Maya Mexican Restaurant, both in Williamsburg, also provide savory dishes and an excellent atmosphere.
Historical Landmarks in Williamsburg, Virginia
The historical landmarks in Williamsburg are too numerous to list. But a brief overview of some historical highlights in Williamsburg will follow. Historic Jamestown is the National Park Service site that was settled as a fort in 1607, and this sits at the south end of Williamsburg. The site of former colonial Virginia Governor William Berkely's mansion was burned, but the ruins remain just off Route 5 and are also being carefully dug, studied and preserved by archeologists and historians. Colonial Williamsburg Foundation also offers a tour of the entire town of Williamsburg for one inclusive price that allows visitors access to the colonial homes, pubs, the capital, the old jail, and more. Residents of the Williamsburg area may obtain a Good Neighbors pass for year round access to Colonial Williamsburg.
Marinas and Boat Launches in Williamsburg Virginia
There are several excellent marinas in Williamsburg with access to the James River and its estuaries. These include the Jamestown Yacht Basin, Kingsmill Marina, and Two Rivers Country Club Marina, which is located at the intersection of the James and Chickahominy Rivers. Waller Mill Park also offers public boat launch for private crafts.
Jamestown Yacht Basin is one of the most popular marinas located on Powhatan Creek, nearby Historic Jamestown, at the south end of Williamsburg. Speedboats and jet skis are permitted to launch from this marina. Boats coming via the Colonial Parkway, on trailers, are limited to 12 feet, due to tunnels. The Yacht Basin has 125 wet slips, which are usually booked. Jamestown Yacht Basin is the only covered marina in James City County.
Williamsburg Winery and a Brewing Company
Williamsburg Winery produces approximately 60,000 cases of wine per year. The winery is convenient to the historic district, just off Route 199, and it's a great place to purchase Virginia wine. Tours and tastings are offered daily, even on Sundays. The Gabriel Archer Tavern is adjacent to the winery and offers lunch daily and dinner Thursday through Monday. For the beer lover, Williamsburg AleWerks sells crafted brews in a variety. Williamsburg Alewerks is open from Monday through Saturday from 12:00 to 5:30 for tours and souvenirs.
Williamsburg Virginia Culture and Entertainment
Residents of Williamsburg may obtain a Good Neighbors pass from Colonial Williamsburg Foundation for a special year round fee after providing proof of residency. This allows the pass holder to attend performances in the evenings, usually Colonial era theater and historical re-enactments. The College of William and Mary has an excellent theater and music series which is open to the public. The Virginia Symphony performs regularly in Williamsburg, just off Ironbound Road. And, the Williamsburg Library is a centrally located place to attend a wide range of events related to art, culture, music, writing and more.
Williamsburg Virginia Outdoor Recreation
With the Colonial Parkway, Colonial Williamsburg, and the scenic James River running through Williamsburg there is always plenty for the outdoor enthusiast to do. This is a wonderful place for biking or hiking. Boating and fishing is also popular in many of the estuaries of the James and York Rivers. Williamsburg is also an ideal place for bird watching, especially at Jamestown Island and along the Colonial Parkway, where great bald eagles can be sighted, and migratory birds can be seen moving south in October and November. The eagles have been nesting, and returning to the Williamsburg area for over a decade.
Williamsburg Location in Proximity to Major Cities
Williamsburg is conveniently located about 45 minutes drive from Richmond and Norfolk, Virginia, both major urban areas. Nearby areas offer dining, entertainment, shopping, and culture on a larger scale than found in Williamsburg. A drive to Virginia Beach takes about an hour and fifteen minutes from Williamsburg. Williamsburg is a great place to have a quiet home, and it is close enough to commute to work in these urban areas, and just far enough away to leave the stress behind.
Colleges in Williamsburg Virginia
The College of William and Mary is located in Williamsburg and is a central hub for the town. Because it's the second oldest college in the nation, the architecture on campus is extraordinary and dates back to the Colonial Era. A wide range of academic programs are available to students at this Commonwealth of Virginia college. Thomas Nelson Community College is projected to open a New Historic Triangle Campus in the spring of 2009. Community college classes and adult education will all take place in this 120,000 square foot facility near Warhill High School.
Contemporary Williamsburg Virginia
Contemporary Williamsburg is an ideal location to retire, relocate, purchase a second home, or raise a family. Email vonmor1@cox.net or call Elaine VonCannon at 757-288-4685 for information about real estate for sale in Southeastern Virginia, and especially Williamsburg.
Visit my web sites to view other listings at www.voncannonrealestate.com www.estatesinvirginia.com www.elainesrealestate.com You will also find articles and more information on homes, the Virginia real estate market and my team.
Monday, April 11, 2011
James City County VA
Learn about why James City County is such a great place to retire or raise a family. Enjoy Busch Gardens and Water Country USA, as well as Colonial Williamsburg. Fish or boat on the James River. Explore Early American history.
http://www.estatesinvirginia.com/vc_jamesCityCounty.php
Visit http://www.voncannonrealestate.com for more real estate listings in Williamsburg and James City County VA.
http://www.estatesinvirginia.com/vc_jamesCityCounty.php
Visit http://www.voncannonrealestate.com for more real estate listings in Williamsburg and James City County VA.
Monday, April 4, 2011
Home for Sale in Williamsburg VA: 4/3 with All the Amenities You Expect
Beautiful 2 story home with over an acre in Oakland Estates, Williamsburg, Virginia,
For Sale!
Ready to Go
Corian counters, ceramic tile & hardwood flrs. 3rd flr is finished w/heat & air. Open Great Rm w/fireplace & Built-ins. Formal Dining & Living Rms. Plenty of rm for your family. New roof. Acreage zoned A1. New granite counters in Master Bath, new ceramic flr in hall bath.
For more listings in Williamsburg, VA visit: http://www.voncannonrealestate.com or call 757-288-4685.
Friday, March 11, 2011
Mathews, Gwyn's Island, Deltaville, Urbanna: Scenic Chesapeake Bay Cruising
Elaine VonCannon, ABR, SRES, REALTOR, Notary Public, Team Manager
Cruising the Chesapeake Bay in Virginia from the Peninsula where Gloucester begins northward to Mathews, Gwynn's Island, Deltaville, Urbanna and Kilmarnock is scenic and filled with solitude. Enjoy the peaceful marshes, quiet rural and plantation lifestyles along the shoreline, and abundant wildlife and natural surroundings. The mouth of Mobjack Bay is about 4 miles wide and and the bay spans 7 miles. The bay has four main tributaries: the East, North, Ware and Severn Rivers. Above Mobjack Bay is Horn Harbor, where New Point Comfort Lighthouse has been lighting the mariner's way into this tranquil part of the Chesapeake Bay since 1804. There are only a few marinas along the way, but you'll find many sprinkled along the tidal inlets and creeks that populate this part of the bay.
Fishing Bay Yacht Club, Deltaville, Virginia - http://www.fbyc.net
This Yacht club has waterfront property on both Fishing Bay and Jackson Creek. It's close to the site of the Urbanna Oyster Festival, which happens annually. The boat launch allows access for visiting trailered yachts. A brand new, elegant two-story clubhouse is a meeting place during boat races. Stove Point, Deltaville, Virginia. Phone: (804) 776-9636.
Mathews Yacht Club, Mathews Virginia - http://www.mathewsyachtclub.com
No transient slips are available at this marina, because it is a private club. Boaters are welcome to stop by and purchase gas. This exclusive club has a small waiting list for membership. Inquire with the Mathews Yacht Club for more information on obtaining a membership. Phone: (804) 725-3165.
Mobjack Bay Marina, North Virginia, Virginia
This marina offers about 5 transient slips for boaters on a Chesapeake Bay journey. Gas and diesel fuel, as well as basic provisions from the Ship's Store can be obtained here. Amenities include restrooms and hot showers, as well as a picnic area. Bicycles are available for use. A boat launch and a travel lift are available at Mobjack Bay Marina, and they repair boats. 450 Marina Road, North Virginia. Phone: (804) 725-7245.
Norton's Marina, Deltaville, Virginia - http://www.nortonyachts.com/
This marina on Broad Creek in Deltaville offers quite a few amenities for the Boater. Over 60 covered slips are available for the weary traveler. Gas, diesel and ice can be purchased here, and towing and docking services are available. Broad Creek, Deltaville, Virginia. Phone: (804) 776-9211.
Chesapeake Boat Basin, Kilmarnock, Virginia
This 50 year-old marina is a well-established favorite for Chesapeake Bay area boaters. Stop here for fuel, pump out sewage, visit the ship's store to stock up on supplies, or make repairs. Chesapeake Boat Basin is on Indian Creek and the Chesapeake Bay. 1686 Waverly Avenue, Kilmarnock, VA. Phone: 804-435-3110 or 877-482-4287.
Queens Creek Marina, Mathews County, Virginia
Queens Creek Marina accommodates sailboats and fuel powered boats with special slips for each. This quiet marina is well kept and has a clean bathhouse and a picnic area that is covered. For the fisherman anxious to eat a fresh catch, the fish cleaning station comes in handy. Boats on trailers can be stored Queen's Creek Marina and it is only two miles to the Gwynn's Island boat ramp. This well protected waterway also allows for easy access to the Chesapeake Bay and the Piankatank River. Cell phone access available here. Call 804-730-5818 or 725-2395 or email qcmarina@aol.com.
Regent Point Marina, Topping, Virginia
This marina caters to only sailboats. Explore Topping Virginia by bicycle or small craft by renting a bike or canoes or kayaks. A family friendly picnic area and playground is a nice feature. The boatyard provides hauling and boat repair facilities. Boaters on the Chesapeake Bay will find Regent Point Marina in Toppping, Virginia a safe harbor during storms. The marina is located on Locklies Creek which feeds into the Rappahannock River, near Urbanna, Virginia. 317 Regent Point Drive, Topping, Virginia. Phone: 804-758-4478.
If you are searching high and low for a waterfront estate, property with waterfront, country estate, or plantation on a waterway, this area of Virginia is prime. I'm a local Realtor who grew up in Tidewater Virginia and I'm familiar with the terrain and the waterways as well as the colonial history of the area, when the population relied on waterways for travel and trade. Please call me at 757-288-4685 if I can be of assistance in locating a waterfront property. Or e-mail me at vonmor1@cox.net if you want me to assist in a search for a waterfront estate or waterfront property in the Northern Neck counties of Virginia, in the heart of Chesapeake Bay country.
To view listings of waterfront properties in VA, visit http://www.voncannonrealestate.com or http://www.estatesinvirginia.com or email: voncannonrealestate@cox.net.
Cruising the Chesapeake Bay in Virginia from the Peninsula where Gloucester begins northward to Mathews, Gwynn's Island, Deltaville, Urbanna and Kilmarnock is scenic and filled with solitude. Enjoy the peaceful marshes, quiet rural and plantation lifestyles along the shoreline, and abundant wildlife and natural surroundings. The mouth of Mobjack Bay is about 4 miles wide and and the bay spans 7 miles. The bay has four main tributaries: the East, North, Ware and Severn Rivers. Above Mobjack Bay is Horn Harbor, where New Point Comfort Lighthouse has been lighting the mariner's way into this tranquil part of the Chesapeake Bay since 1804. There are only a few marinas along the way, but you'll find many sprinkled along the tidal inlets and creeks that populate this part of the bay.
Fishing Bay Yacht Club, Deltaville, Virginia - http://www.fbyc.net
This Yacht club has waterfront property on both Fishing Bay and Jackson Creek. It's close to the site of the Urbanna Oyster Festival, which happens annually. The boat launch allows access for visiting trailered yachts. A brand new, elegant two-story clubhouse is a meeting place during boat races. Stove Point, Deltaville, Virginia. Phone: (804) 776-9636.
Mathews Yacht Club, Mathews Virginia - http://www.mathewsyachtclub.com
No transient slips are available at this marina, because it is a private club. Boaters are welcome to stop by and purchase gas. This exclusive club has a small waiting list for membership. Inquire with the Mathews Yacht Club for more information on obtaining a membership. Phone: (804) 725-3165.
Mobjack Bay Marina, North Virginia, Virginia
This marina offers about 5 transient slips for boaters on a Chesapeake Bay journey. Gas and diesel fuel, as well as basic provisions from the Ship's Store can be obtained here. Amenities include restrooms and hot showers, as well as a picnic area. Bicycles are available for use. A boat launch and a travel lift are available at Mobjack Bay Marina, and they repair boats. 450 Marina Road, North Virginia. Phone: (804) 725-7245.
Norton's Marina, Deltaville, Virginia - http://www.nortonyachts.com/
This marina on Broad Creek in Deltaville offers quite a few amenities for the Boater. Over 60 covered slips are available for the weary traveler. Gas, diesel and ice can be purchased here, and towing and docking services are available. Broad Creek, Deltaville, Virginia. Phone: (804) 776-9211.
Chesapeake Boat Basin, Kilmarnock, Virginia
This 50 year-old marina is a well-established favorite for Chesapeake Bay area boaters. Stop here for fuel, pump out sewage, visit the ship's store to stock up on supplies, or make repairs. Chesapeake Boat Basin is on Indian Creek and the Chesapeake Bay. 1686 Waverly Avenue, Kilmarnock, VA. Phone: 804-435-3110 or 877-482-4287.
Queens Creek Marina, Mathews County, Virginia
Queens Creek Marina accommodates sailboats and fuel powered boats with special slips for each. This quiet marina is well kept and has a clean bathhouse and a picnic area that is covered. For the fisherman anxious to eat a fresh catch, the fish cleaning station comes in handy. Boats on trailers can be stored Queen's Creek Marina and it is only two miles to the Gwynn's Island boat ramp. This well protected waterway also allows for easy access to the Chesapeake Bay and the Piankatank River. Cell phone access available here. Call 804-730-5818 or 725-2395 or email qcmarina@aol.com.
Regent Point Marina, Topping, Virginia
This marina caters to only sailboats. Explore Topping Virginia by bicycle or small craft by renting a bike or canoes or kayaks. A family friendly picnic area and playground is a nice feature. The boatyard provides hauling and boat repair facilities. Boaters on the Chesapeake Bay will find Regent Point Marina in Toppping, Virginia a safe harbor during storms. The marina is located on Locklies Creek which feeds into the Rappahannock River, near Urbanna, Virginia. 317 Regent Point Drive, Topping, Virginia. Phone: 804-758-4478.
If you are searching high and low for a waterfront estate, property with waterfront, country estate, or plantation on a waterway, this area of Virginia is prime. I'm a local Realtor who grew up in Tidewater Virginia and I'm familiar with the terrain and the waterways as well as the colonial history of the area, when the population relied on waterways for travel and trade. Please call me at 757-288-4685 if I can be of assistance in locating a waterfront property. Or e-mail me at vonmor1@cox.net if you want me to assist in a search for a waterfront estate or waterfront property in the Northern Neck counties of Virginia, in the heart of Chesapeake Bay country.
To view listings of waterfront properties in VA, visit http://www.voncannonrealestate.com or http://www.estatesinvirginia.com or email: voncannonrealestate@cox.net.
Thursday, March 10, 2011
Wineries in Virginia: Near Williamsburg, Northern Neck, and Chesapeake Bay Country
Elaine VonCannon, ABR, SRES, REALTOR, Notary Public, Team Manager
In Colonial Virginia, wine was a staple. The House of Burgesses, passed an Acte governing vineyards in 1619. The Twelfth Acte stated that each settler was obligated to plant at least 10 vines for the purpose of making wine on his land. The colonial settlers could not transport all of the wine and provisions they needed so they began to establish vineyards to supply the colony. The Colonial tradition of having an estate with a vineyard was widely practiced in Virginia during Colonial times. Even to this day, Virginia has well established and new vineyards, from the mountains to the sea. This article will focus on wineries in Southeastern Virginia, home to vast numbers of colonial estates, waterfront estates, plantations, country estates --- and, high quality vineyards often planted with grapes from the old world.
Athena Vineyards , 804-580-4944
http://www.atheanavineyards.com
With a grand opening scheduled for Memorial Day 2006, the three friends who began in the health care profession and opened a vineyard because they were inspired by the healthful qualities of wine will present their first vintages to the world. Athena Vineyards are located in Northumberland County. This new vineyard also hails as the first commercial vineyard in Northumberland County. With an assortment of Wiccomico Whites and some Cabernets and other varieties, Athena Vineyards has plenty of wine offerings to open its first season.
Belle Mount Vineyards, 800-335-5564
http://www.bellemount.com
Belle Mount Vineyards is in Virginia's Northern Neck, in the town of Warsaw. The parcel of land where the vineyards are located is within sight of the Rappahannock River, which feeds into the Chesapeake Bay. Belle Mount offers handcrafted wines and a unique, original selection of Chardonnay, Merlot, and Cab Franc grapes. This Northern Neck vineyard also grows the Norton grape, discovered in Richmond, Virginia. Wine tastings and tours of the vineyard and winery are free.
Bloxom Winery, Bloxom, Virginia , (757) 655-5670
http://www.virginiawines.org/wineries/bloxom.html
Take the Chesapeake Bay Bridge Tunnel from Williamsburg/Norfolk/Virginia Beach north to the Eastern Shore of Virginia. Visit old world traditions when you visit the Bloxom Winery. This 35 acre Victorian farm has six acres of wine including Chardonnay, Merlot and Cabernet. Bloxom Winery is only open from June through September from 1-6 p.m. The chocolate enthusiast can indulge in the combination of free wine tasting and chocolate confections.
Hummel Winery, Montross, Virginia , (804) 493-1544
Hummel Vineyards is tucked away near Westmoreland, in the Northern Neck of Chesapeake Bay Country. The sea air and surroundings are evocative of a country estate, with open wood beams in the traditional style sampling room. Tastings are $5 at Hummel Winery. Sandwiches and light gourmet food are also available to complement the wine.
Ingleside Vineyards, Oak Grove, Virginia, (804) 224-8687
http://www.ipwine.com
At the intersection of the Potomac and Rappahannock Rivers, Virginia's Northern Neck is rich in history and classic and contemporary wines. Ingleside Vineyard's is part of the 3,000 acre Flemer estate. Planted in the fertile river land between the Potomac and Rappahnnock, 70 acres of grapes grow to their luscious fullness in a stable climate. The Vineyard has been producing wines with awards since 1980, and is run by Charles H. Flemer's great-great grandson. Basic tastings with a souvenir glass are $2.50 and Black Label tastings are $6.00.
Oak Crest Vineyard, King George, Virginia , 540-663-2813
http://www.oakcrestwinery.com/
There are approximately 100 vineyards in Virginia, and each has its own unique approach. Oak Crest Vineyard is founded by a family that has been handcrafting wines since the 1960s. The Conrad Brandts opened the Winery in 2002, but it seems years have gone into the making of these grape connoisseurs. Known for their Bordeaux reds and Rhine style whites, this winery seems to have a healthy offering of Cabernets and Merlots and has just added some sweet blush wines to the menu. The tasting room is a traditional post and beam room. Tastings and tours are free. The winery is only open April 1 - Decmeber 23rd.
White Fences Vineyard and Winery, Irvington, Virginia, (804) 438-5559 http://www.northernneckwinetrail.com/whitefences.html
The first White Fences vintages were presented at the Irvington Stomp in September 2005. White Fences is slated to open in the summer of 2006. Self-guided tours of the vineyards are available.
The Williamsburg Winery, Williamsburg, Virginia (757) 229-0999 http://www.williamsburgwinery.com
This Williamsburg favorite has been producing wine since 1988. The Williamsburg Winery is known for its signature vintage, Governor's White, "the best selling wine made in Virginia". Sample some reserve stocks and varietal blends at this winery, too. Dessert wines include Late Harvest Vidal, Blackberry Merlot, and Rasberry Merlot. The Williamsburg Winery is close to downtown Williamsburg, just off Route 199 West towards Jamestown.
For information on properties in the Greater Williamsburg and Southeastern Virginia area, visit http://www.voncannonrealestate.com. Or, to find out about colonial estates, country estates, waterfront estates, farmettes, equestrian estates, estates with vineyards, historic estates and more, visit http://www.virginia-estates.com.
In Colonial Virginia, wine was a staple. The House of Burgesses, passed an Acte governing vineyards in 1619. The Twelfth Acte stated that each settler was obligated to plant at least 10 vines for the purpose of making wine on his land. The colonial settlers could not transport all of the wine and provisions they needed so they began to establish vineyards to supply the colony. The Colonial tradition of having an estate with a vineyard was widely practiced in Virginia during Colonial times. Even to this day, Virginia has well established and new vineyards, from the mountains to the sea. This article will focus on wineries in Southeastern Virginia, home to vast numbers of colonial estates, waterfront estates, plantations, country estates --- and, high quality vineyards often planted with grapes from the old world.
Athena Vineyards , 804-580-4944
http://www.atheanavineyards.com
With a grand opening scheduled for Memorial Day 2006, the three friends who began in the health care profession and opened a vineyard because they were inspired by the healthful qualities of wine will present their first vintages to the world. Athena Vineyards are located in Northumberland County. This new vineyard also hails as the first commercial vineyard in Northumberland County. With an assortment of Wiccomico Whites and some Cabernets and other varieties, Athena Vineyards has plenty of wine offerings to open its first season.
Belle Mount Vineyards, 800-335-5564
http://www.bellemount.com
Belle Mount Vineyards is in Virginia's Northern Neck, in the town of Warsaw. The parcel of land where the vineyards are located is within sight of the Rappahannock River, which feeds into the Chesapeake Bay. Belle Mount offers handcrafted wines and a unique, original selection of Chardonnay, Merlot, and Cab Franc grapes. This Northern Neck vineyard also grows the Norton grape, discovered in Richmond, Virginia. Wine tastings and tours of the vineyard and winery are free.
Bloxom Winery, Bloxom, Virginia , (757) 655-5670
http://www.virginiawines.org/wineries/bloxom.html
Take the Chesapeake Bay Bridge Tunnel from Williamsburg/Norfolk/Virginia Beach north to the Eastern Shore of Virginia. Visit old world traditions when you visit the Bloxom Winery. This 35 acre Victorian farm has six acres of wine including Chardonnay, Merlot and Cabernet. Bloxom Winery is only open from June through September from 1-6 p.m. The chocolate enthusiast can indulge in the combination of free wine tasting and chocolate confections.
Hummel Winery, Montross, Virginia , (804) 493-1544
Hummel Vineyards is tucked away near Westmoreland, in the Northern Neck of Chesapeake Bay Country. The sea air and surroundings are evocative of a country estate, with open wood beams in the traditional style sampling room. Tastings are $5 at Hummel Winery. Sandwiches and light gourmet food are also available to complement the wine.
Ingleside Vineyards, Oak Grove, Virginia, (804) 224-8687
http://www.ipwine.com
At the intersection of the Potomac and Rappahannock Rivers, Virginia's Northern Neck is rich in history and classic and contemporary wines. Ingleside Vineyard's is part of the 3,000 acre Flemer estate. Planted in the fertile river land between the Potomac and Rappahnnock, 70 acres of grapes grow to their luscious fullness in a stable climate. The Vineyard has been producing wines with awards since 1980, and is run by Charles H. Flemer's great-great grandson. Basic tastings with a souvenir glass are $2.50 and Black Label tastings are $6.00.
Oak Crest Vineyard, King George, Virginia , 540-663-2813
http://www.oakcrestwinery.com/
There are approximately 100 vineyards in Virginia, and each has its own unique approach. Oak Crest Vineyard is founded by a family that has been handcrafting wines since the 1960s. The Conrad Brandts opened the Winery in 2002, but it seems years have gone into the making of these grape connoisseurs. Known for their Bordeaux reds and Rhine style whites, this winery seems to have a healthy offering of Cabernets and Merlots and has just added some sweet blush wines to the menu. The tasting room is a traditional post and beam room. Tastings and tours are free. The winery is only open April 1 - Decmeber 23rd.
White Fences Vineyard and Winery, Irvington, Virginia, (804) 438-5559 http://www.northernneckwinetrail.com/whitefences.html
The first White Fences vintages were presented at the Irvington Stomp in September 2005. White Fences is slated to open in the summer of 2006. Self-guided tours of the vineyards are available.
The Williamsburg Winery, Williamsburg, Virginia (757) 229-0999 http://www.williamsburgwinery.com
This Williamsburg favorite has been producing wine since 1988. The Williamsburg Winery is known for its signature vintage, Governor's White, "the best selling wine made in Virginia". Sample some reserve stocks and varietal blends at this winery, too. Dessert wines include Late Harvest Vidal, Blackberry Merlot, and Rasberry Merlot. The Williamsburg Winery is close to downtown Williamsburg, just off Route 199 West towards Jamestown.
For information on properties in the Greater Williamsburg and Southeastern Virginia area, visit http://www.voncannonrealestate.com. Or, to find out about colonial estates, country estates, waterfront estates, farmettes, equestrian estates, estates with vineyards, historic estates and more, visit http://www.virginia-estates.com.
Monday, February 28, 2011
Live and Play in Your Own Backyard: Golf Communities in Williamsburg
By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board
Golf has long been one of the favorite leisure activities of professional and retired individuals. In Williamsburg, Virginia and surrounding areas, the professional and retiree can play golf on many renowned golf courses. The devoted golf enthusiast may desire even more than this. For some golfers, the ultimate immersion in the sport means moving to a golf community. In and around Williamsburg, Virginia a concentration of great courses and elegant golf communities make it the perfect place for the golfer to live, work, or retire.
Check with individual communities, but most have additional amenities such as swimming pools, tennis courts, and restaurants. Home buyers at most golf communities may choose to live in Planned Unit Development homes with maintenance included for a monthly fee in addition to a homeowners association fee.
The Golf Club at Brickshire
In addition to being a Curtis Strange signature course, the Golf Club at Brickshire also offers the golfer opportunities to play emulation holes from August National, Saint Andrews, Pinehurst #2, and Riviera Country Club. Brickshire is a relatively new 18 hole course that is only three years old at the date of this writing and has been described as "player friendly" by avid golfers. Golf Digest recently gave the Brickshire course a 4 1/2 star rating.
Home buyers may choose from newly built and custom built attached and detached homes.
The Tradition Golf Club at Stonehouse This stunning 18 hole golf course in New Kent County Virginia has been described as a challenging course that is larger than life. Featuring oversized greens and tremendous vistas, it is characterized by deep bunkers and long carries. In 2002, Stonehouse was awarded 4 1/2 stars by Golf Digest.
Kingsmill Resort and Spa
Kingsmill is the oldest gated golf community in Williamsburg and is home to three 18 hole golf courses, a marina and a conference center. The River course was once the site of the PGA Tour and is now the location of the LPGA tour's Michelob ULTRA open. In 2004 the original architect, Pete Dye, returned to oversee The River's renovation, which included resurfacing of greens and the addition of new fairway bunkering. Some golfers prefer the Plantation course, an Arnold Palmer design with generous fairway landing areas and water near eight holes. The Woods Course, designed by Tom Clark, has unique features such as a double green with a bunker in the middle shared by the par-3 twefth hole and par-4 fifteenth hole.
Kingsmill is one of the most prestigious communities in Williamsburg. All homes are custom built.
Ford's Colony
Ford's Colony, like Kingsmill, has three 18 hole courses. All were designed by Dan Maples. Choose from the Marsh Hawk Course, Blackheath Course, or the Blue Heron Course. Visit http://wwww.fordscolony.com to take a virtual tour of each course.
Home buyers interested in living at Ford's Colony will find lots available for home building sites, newly custom built homes, and resells of custom built homes.
Greensprings Plantation
At Greensprings Plantation, golfers come from near and far to play 18 holes on the Williamsburg National Golf Course designed by Jim Lipe of Jack Nicklaus Design Associates.
Lots are available for home building sites, newly custom built homes and resells of custom built homes.
Governor's Land
Governor's Land is known for its high dollar elaborate homes and quiet seclusion on the James River. Two Rivers golf course was designed by the three-time golf architect of the year Tom Fazio. Admission to this course is only granted to members of the Two Rivers Country Club. This 18 hole course runs along the James River, which provides a scenic backdrop for a game. The design takes advantage of the natural contours of the river, marshlands, ravines, and woodlands.
Residents of Governor's Land enjoy full use of a marina, and life in the most exclusive, high end community in Williamsburg.
Home buyers may purchase lots to build new homes, newly custom built homes, or resells of custom built homes.
For the golfing enthusiast, an opportunity to live so close to the game is paramount. In Williamsburg Virginia, the golf capital of the East Coast, golf communities abound. Call me at 757-288-4685 or e-mail at voncannonrealestate@cox.net. I am a REALTOR who is in the know about these communities. I'll be happy to help you locate the home that fits your needs and lands you as close to the game of golf as you dream of being. Visit VonCannonRealEstate.com to view listings for Golf Communities in Williamsburg, VA.
Golf has long been one of the favorite leisure activities of professional and retired individuals. In Williamsburg, Virginia and surrounding areas, the professional and retiree can play golf on many renowned golf courses. The devoted golf enthusiast may desire even more than this. For some golfers, the ultimate immersion in the sport means moving to a golf community. In and around Williamsburg, Virginia a concentration of great courses and elegant golf communities make it the perfect place for the golfer to live, work, or retire.
Check with individual communities, but most have additional amenities such as swimming pools, tennis courts, and restaurants. Home buyers at most golf communities may choose to live in Planned Unit Development homes with maintenance included for a monthly fee in addition to a homeowners association fee.
The Golf Club at Brickshire
In addition to being a Curtis Strange signature course, the Golf Club at Brickshire also offers the golfer opportunities to play emulation holes from August National, Saint Andrews, Pinehurst #2, and Riviera Country Club. Brickshire is a relatively new 18 hole course that is only three years old at the date of this writing and has been described as "player friendly" by avid golfers. Golf Digest recently gave the Brickshire course a 4 1/2 star rating.
Home buyers may choose from newly built and custom built attached and detached homes.
The Tradition Golf Club at Stonehouse This stunning 18 hole golf course in New Kent County Virginia has been described as a challenging course that is larger than life. Featuring oversized greens and tremendous vistas, it is characterized by deep bunkers and long carries. In 2002, Stonehouse was awarded 4 1/2 stars by Golf Digest.
Kingsmill Resort and Spa
Kingsmill is the oldest gated golf community in Williamsburg and is home to three 18 hole golf courses, a marina and a conference center. The River course was once the site of the PGA Tour and is now the location of the LPGA tour's Michelob ULTRA open. In 2004 the original architect, Pete Dye, returned to oversee The River's renovation, which included resurfacing of greens and the addition of new fairway bunkering. Some golfers prefer the Plantation course, an Arnold Palmer design with generous fairway landing areas and water near eight holes. The Woods Course, designed by Tom Clark, has unique features such as a double green with a bunker in the middle shared by the par-3 twefth hole and par-4 fifteenth hole.
Kingsmill is one of the most prestigious communities in Williamsburg. All homes are custom built.
Ford's Colony
Ford's Colony, like Kingsmill, has three 18 hole courses. All were designed by Dan Maples. Choose from the Marsh Hawk Course, Blackheath Course, or the Blue Heron Course. Visit http://wwww.fordscolony.com to take a virtual tour of each course.
Home buyers interested in living at Ford's Colony will find lots available for home building sites, newly custom built homes, and resells of custom built homes.
Greensprings Plantation
At Greensprings Plantation, golfers come from near and far to play 18 holes on the Williamsburg National Golf Course designed by Jim Lipe of Jack Nicklaus Design Associates.
Lots are available for home building sites, newly custom built homes and resells of custom built homes.
Governor's Land
Governor's Land is known for its high dollar elaborate homes and quiet seclusion on the James River. Two Rivers golf course was designed by the three-time golf architect of the year Tom Fazio. Admission to this course is only granted to members of the Two Rivers Country Club. This 18 hole course runs along the James River, which provides a scenic backdrop for a game. The design takes advantage of the natural contours of the river, marshlands, ravines, and woodlands.
Residents of Governor's Land enjoy full use of a marina, and life in the most exclusive, high end community in Williamsburg.
Home buyers may purchase lots to build new homes, newly custom built homes, or resells of custom built homes.
For the golfing enthusiast, an opportunity to live so close to the game is paramount. In Williamsburg Virginia, the golf capital of the East Coast, golf communities abound. Call me at 757-288-4685 or e-mail at voncannonrealestate@cox.net. I am a REALTOR who is in the know about these communities. I'll be happy to help you locate the home that fits your needs and lands you as close to the game of golf as you dream of being. Visit VonCannonRealEstate.com to view listings for Golf Communities in Williamsburg, VA.
Friday, February 25, 2011
Marinas and Boat Launches in James City County and Williamsburg, VA
Williamsburg and James City County are premier locations for boating and fishing enthusiasts to live and visit in Virginia. The James River is just a short distance from the Chesapeake Bay and the Intracoastal Waterway. Marinas near the James River are a wonderful, restful berth for boaters and offer the amenities, and sometimes- dining. Inlets and coves used since colonial times and perhaps longer allow the boater a pleasant respite from the busy James River channel, which carries boats from the Hampton Roads Bridge Tunnel to the piers of Richmond, Virginia. There are several well-maintained public boat launches in the area that lead into the James or Chickahominy Rivers, or allow access to lakes or reservoirs.
Jamestown Yacht Basin (757)-229-8309
If it is convenience to the James River you are searching for, the Jamestown Yacht Basin is located on Powhatan Creek, nearby Historic Jamestown, just a five-minute boat ride from the James River. Speed boats and jet skis are permitted to launch from this marina. Boats coming via the Colonial Parkway, on trailers, have a 12 foot height restriction, due to tunnels. The Yacht Basin has 125 wetslips, but they are usually booked, so call ahead. The fully functional marina has a boat launch and stocks boat supplies, ice, gas, and marine fuel. Fish caught in the immediate area include catfish, croaker, striped bass, and large mouth bass. Jamestown Yacht Basin is the only covered marina in James City County.
Kingsmill Marina (757)-253-3919
http://www/kingsmill.com/recreation/marina.asp
If docking and dining is on the plan for the evening, Kingsmill Marina is a pleasant place to unwind. It's also an opportunity to experience all there is to do at Kingsmill Resort & Spa, including golfing, tennis, other recreation and traditional spa treatments such as massage and facials. Kingsmill has a full-service marina with 15 transient boat slips equipped with water and power connections. Concrete floating docks make embarking and disembarking easier, and the convenience of full-service dockside fueling may be welcome for some boaters. Have a bite to eat at The Deck at the Marina - with light fare and live entertainment complemented by a panoramic view of the James River. The marina store stocks boating and fishing supplies and other provisions. To access Kingsmill Resort & Spa's Marina, which is just 35 miles upriver from the Hampton Roads Bridge Tunnel, look for channel marker #40 on the James River.
Two Rivers Country Club Marina (757)-258-4863
Two Rivers Country Club is located in a protected, private harbor nearby the intersection of the James and Chickahominy Rivers One hundred boat slips can be housed at this Yacht Club with exclusive membership. There are 78 slips at the 25-50' depth range. There are 8 transient slips at the Yacht Club. A maximum of 50' boats are permitted. Water, electric, and boat dock boxes are included with all slips. Amenities include a boat launching ramp, fuel service, a terrace with a covered awning and tables, an office, shop, laundry, bathroom, showers, and ice.
Waller Mill Park, Williamsburg (757) 220-6178
http://www.ci.williamsburg.va.us/dept/rec/parks.htm#waller
This fishing lake is maintained by the City of Williamsburg Parks and Recreation and only rowboats, canoes, pedal boats and kayaks are allowed. No gasoline boats are permitted in Waller Mill Park, but electric motors are permitted, and they are available for rental for $15-20 per day. This is a great fishing lake -- well stocked with striped bass, large mouth bass, blue gill, yellow and white perch, catfish, and red-earred bream. Fishing is only permitted from boats. Waller Mill Park is Williamsburg's 2700-acre park situated around its reservoir and has been open to the public for 24 years. The 343-acre lake has a tunnel connecting the upper and lower sections of the lake. To get to Waller creek, take Airport Road (Rt. 645), which connects I-64 and Rt. 60 West.
Chickahominy Riverfront Park (828)-258-5020
http://www.jccegov.com/recreation/chickahominy_park.html
At the mouth of the Chickahominy River, approximately 1/2 mile from the James River is Chickahominy Riverfront Park which offers a four wide boat ramp. Speed boats and jet skis are permitted to launch here, and boats are also available for rental. For directions, log on to http://www.jccegov.com/recreation/directions.html#Anchor-Chickahomin-40400.
Diascund Creek Resevoir
This public boat launch, Diascund Landing is overseen by the Virginia Department of Game and Inland Fisheries and is right in James City county. From Williamsburg, Go West on Rt. 60 at past Norge for 8 miles until the intersection of Route 603 north. Boat access is 1/2 mile on the right.
Marine Weather Reports
For any jaunts on the Rivers near Williamsburg and in James City County, always remember conditions can change. It's a great idea to check the weather report before heading out for a boat cruise with family and friends.
Here is a the National Weather Service Forecast, with a base in Wakefield, Virginia, just across the James River from Williamsburg. Consult the NOAA site for direct weather information: http://www.srh.noaa.gov/data/forecasts/VAZ090.php?warncounty=VAC095&city=Williamsburg.
Have a pleasant cruise on these Virginia rivers. If you are looking for a permanent home for your boat with a dock, contact me at 757-288-4685. I'd love to show you some waterfront property in this area. Don't forget to visit www.voncannonrealestate.com for other articles on the Tidewater/Hampton Roads area or for more information.
Jamestown Yacht Basin (757)-229-8309
If it is convenience to the James River you are searching for, the Jamestown Yacht Basin is located on Powhatan Creek, nearby Historic Jamestown, just a five-minute boat ride from the James River. Speed boats and jet skis are permitted to launch from this marina. Boats coming via the Colonial Parkway, on trailers, have a 12 foot height restriction, due to tunnels. The Yacht Basin has 125 wetslips, but they are usually booked, so call ahead. The fully functional marina has a boat launch and stocks boat supplies, ice, gas, and marine fuel. Fish caught in the immediate area include catfish, croaker, striped bass, and large mouth bass. Jamestown Yacht Basin is the only covered marina in James City County.
Kingsmill Marina (757)-253-3919
http://www/kingsmill.com/recreation/marina.asp
If docking and dining is on the plan for the evening, Kingsmill Marina is a pleasant place to unwind. It's also an opportunity to experience all there is to do at Kingsmill Resort & Spa, including golfing, tennis, other recreation and traditional spa treatments such as massage and facials. Kingsmill has a full-service marina with 15 transient boat slips equipped with water and power connections. Concrete floating docks make embarking and disembarking easier, and the convenience of full-service dockside fueling may be welcome for some boaters. Have a bite to eat at The Deck at the Marina - with light fare and live entertainment complemented by a panoramic view of the James River. The marina store stocks boating and fishing supplies and other provisions. To access Kingsmill Resort & Spa's Marina, which is just 35 miles upriver from the Hampton Roads Bridge Tunnel, look for channel marker #40 on the James River.
Two Rivers Country Club Marina (757)-258-4863
Two Rivers Country Club is located in a protected, private harbor nearby the intersection of the James and Chickahominy Rivers One hundred boat slips can be housed at this Yacht Club with exclusive membership. There are 78 slips at the 25-50' depth range. There are 8 transient slips at the Yacht Club. A maximum of 50' boats are permitted. Water, electric, and boat dock boxes are included with all slips. Amenities include a boat launching ramp, fuel service, a terrace with a covered awning and tables, an office, shop, laundry, bathroom, showers, and ice.
Waller Mill Park, Williamsburg (757) 220-6178
http://www.ci.williamsburg.va.us/dept/rec/parks.htm#waller
This fishing lake is maintained by the City of Williamsburg Parks and Recreation and only rowboats, canoes, pedal boats and kayaks are allowed. No gasoline boats are permitted in Waller Mill Park, but electric motors are permitted, and they are available for rental for $15-20 per day. This is a great fishing lake -- well stocked with striped bass, large mouth bass, blue gill, yellow and white perch, catfish, and red-earred bream. Fishing is only permitted from boats. Waller Mill Park is Williamsburg's 2700-acre park situated around its reservoir and has been open to the public for 24 years. The 343-acre lake has a tunnel connecting the upper and lower sections of the lake. To get to Waller creek, take Airport Road (Rt. 645), which connects I-64 and Rt. 60 West.
Chickahominy Riverfront Park (828)-258-5020
http://www.jccegov.com/recreation/chickahominy_park.html
At the mouth of the Chickahominy River, approximately 1/2 mile from the James River is Chickahominy Riverfront Park which offers a four wide boat ramp. Speed boats and jet skis are permitted to launch here, and boats are also available for rental. For directions, log on to http://www.jccegov.com/recreation/directions.html#Anchor-Chickahomin-40400.
Diascund Creek Resevoir
This public boat launch, Diascund Landing is overseen by the Virginia Department of Game and Inland Fisheries and is right in James City county. From Williamsburg, Go West on Rt. 60 at past Norge for 8 miles until the intersection of Route 603 north. Boat access is 1/2 mile on the right.
Marine Weather Reports
For any jaunts on the Rivers near Williamsburg and in James City County, always remember conditions can change. It's a great idea to check the weather report before heading out for a boat cruise with family and friends.
Here is a the National Weather Service Forecast, with a base in Wakefield, Virginia, just across the James River from Williamsburg. Consult the NOAA site for direct weather information: http://www.srh.noaa.gov/data/forecasts/VAZ090.php?warncounty=VAC095&city=Williamsburg.
Have a pleasant cruise on these Virginia rivers. If you are looking for a permanent home for your boat with a dock, contact me at 757-288-4685. I'd love to show you some waterfront property in this area. Don't forget to visit www.voncannonrealestate.com for other articles on the Tidewater/Hampton Roads area or for more information.
Saturday, February 5, 2011
Another Bank with Issues: Introducing USAA’s Mortgage Program
Elaine VonCannon, ABR, SRES, REALTOR, Notary Public, Team Manager
The topic of the last article I wrote and syndicated was inconsistencies with home loan financing. It featured Bank of America and Homesteps and Homepath, the FHA home loan programs. Now the spotlight has shifted to USAA mortgages.
As a real estate agent in the Williamsburg, Virginia market for nearly a decade, I have ample experience with mortgage companies and banks. This is not the first time my clients had issues with USAA.
Recently, I had a homebuyer who was purchasing a short sale. USAA promised a low interest rate, which motivated the buyer to use their home loan services. Two weeks prior to closing USAA became very demanding, and my client had to jump thru hoops to get the loan done. This was a professional couple with a very high credit score. They could have taken their home purchase to any mortgage company or bank. Why do the banks continue to scrutinize even the best borrowers?
Now, it is time for the icing on the cake. My current client is using USAA after a bad start with -- OH YES -- the infamous Bank of America (who I might add holds the paper on several of his loans). Bank of America informed him eight days from closing they could not do the loan. The homebuyer had to search for another lender a week before closing. In the beginning, I recommended he use another lender, not USAA. I cited examples of local mortgage lenders who had clients come back to them in tears after treatment at the hands of USAA employees.
Did you know one small mark on someone’s credit can become a large issue these days when applying for a mortgage? This is ridiculous! The USAA loan officer working on this particular loan was Laura Perez. She blames underwriting for not making the loan -- though I am inclined to think it is her. USAA is hung up over a $187.00 bill that my client disputed and is awaiting an answer on.
Laura Perez or the underwriter at USAA does not like the way the bill says paid in full. My client sent Perez two statements on this small bill that had been paid. “The document I sent yesterday is the new "Paid in Full" document, which doesn't say, "releases me of all debt, etc." noted my client.
In essence, this home purchase is stuck in limbo now, over a $187 bill. Until the credit issue drops from this client’s record, USAA will not finalize a loan. According to Laura Perez, “That's not in my control. And, it can take 45 days before I can even continue.” Perez also requested documentation that my client has provided.
Here is the startling information. This bill and credit dispute began four years ago. This client purchased two investment properties in Williamsburg and the credit dispute was not an issue for these closings. Why is it an issue now, with USAA?
This homebuyer is a solid investor, and a good client. I manage two homes for my client here in Williamsburg. He also owns another home out-of-state that he had to rent due to the market and relocation by his employer.
As a last resort, I have emailed Laura Perez and requested to speak to her supervisor. It is no surprise that I have not heard back, and that no information is forthcoming. This home loan is now hung up. It is truly just another example of banking bureaucracy.
If we examine the examples carefully, it is obvious that the inability of the banks and mortgage companies to push loans for qualified buyers through in a timely manner has helped to slow down the real estate market considerably. Until the lenders either staff up with qualified employees or apply consistent formulas and rules to loan applications, this financial quagmire we are currently in may take some time to dissipate.
Visit http://www.voncannonrealestate.com for more information.
The topic of the last article I wrote and syndicated was inconsistencies with home loan financing. It featured Bank of America and Homesteps and Homepath, the FHA home loan programs. Now the spotlight has shifted to USAA mortgages.
As a real estate agent in the Williamsburg, Virginia market for nearly a decade, I have ample experience with mortgage companies and banks. This is not the first time my clients had issues with USAA.
Recently, I had a homebuyer who was purchasing a short sale. USAA promised a low interest rate, which motivated the buyer to use their home loan services. Two weeks prior to closing USAA became very demanding, and my client had to jump thru hoops to get the loan done. This was a professional couple with a very high credit score. They could have taken their home purchase to any mortgage company or bank. Why do the banks continue to scrutinize even the best borrowers?
Now, it is time for the icing on the cake. My current client is using USAA after a bad start with -- OH YES -- the infamous Bank of America (who I might add holds the paper on several of his loans). Bank of America informed him eight days from closing they could not do the loan. The homebuyer had to search for another lender a week before closing. In the beginning, I recommended he use another lender, not USAA. I cited examples of local mortgage lenders who had clients come back to them in tears after treatment at the hands of USAA employees.
Did you know one small mark on someone’s credit can become a large issue these days when applying for a mortgage? This is ridiculous! The USAA loan officer working on this particular loan was Laura Perez. She blames underwriting for not making the loan -- though I am inclined to think it is her. USAA is hung up over a $187.00 bill that my client disputed and is awaiting an answer on.
Laura Perez or the underwriter at USAA does not like the way the bill says paid in full. My client sent Perez two statements on this small bill that had been paid. “The document I sent yesterday is the new "Paid in Full" document, which doesn't say, "releases me of all debt, etc." noted my client.
In essence, this home purchase is stuck in limbo now, over a $187 bill. Until the credit issue drops from this client’s record, USAA will not finalize a loan. According to Laura Perez, “That's not in my control. And, it can take 45 days before I can even continue.” Perez also requested documentation that my client has provided.
Here is the startling information. This bill and credit dispute began four years ago. This client purchased two investment properties in Williamsburg and the credit dispute was not an issue for these closings. Why is it an issue now, with USAA?
This homebuyer is a solid investor, and a good client. I manage two homes for my client here in Williamsburg. He also owns another home out-of-state that he had to rent due to the market and relocation by his employer.
As a last resort, I have emailed Laura Perez and requested to speak to her supervisor. It is no surprise that I have not heard back, and that no information is forthcoming. This home loan is now hung up. It is truly just another example of banking bureaucracy.
If we examine the examples carefully, it is obvious that the inability of the banks and mortgage companies to push loans for qualified buyers through in a timely manner has helped to slow down the real estate market considerably. Until the lenders either staff up with qualified employees or apply consistent formulas and rules to loan applications, this financial quagmire we are currently in may take some time to dissipate.
Visit http://www.voncannonrealestate.com for more information.
Wednesday, February 2, 2011
Banking Backlogs and Inconsistencies Plague the Mortgage System
Elaine VonCannon, ABR, SRES, REALTOR, Notary Public, Team Manager
As a REALTOR in Williamsburg, VA, I have seen many of inconsistencies with mortgage companies during a down market. Frankly, this frustrates buyers and sellers, me, my staff and colleagues.
I have mortgage company incompetencies, slowdowns and backlogs to share. I have collected some stories from other agents in my RE/Max Capital office in Williamsburg, too. These snafus in the mortgage approval system impact buyers and sellers in a negative way.
Short Sales Frustrations
It is common for a seller to short sale a property, and to have the lender(s) make the seller wait six months for approval - and then deny it! More often than not this crucial decision leaves the seller in financial ruins. The sale of the home is never closed, and the property now exists as bank 'inventory' and may not even hit the real estate market for a year or two. Wasting time on short sales leaves homebuyers and home sellers hung-up in financial limbo, and real estate agents without a closed deal. This cannot be good for the economy.
FHA Owned Properties: HomeSteps and HomePath
The FHA is a government agency, backed by tax dollars. If a buyer happens to put an offer on an FHA owned property, they have to use the recommended program. The federal government, in its infinite wisdom, has instituted the HomeSteps program through Freddie Mac and HomePath through Fannie Mae as public loan programs for the home buyer to help assist in the process of closing deals on FHA owned properties. Private lenders work through the program while adhering to government guidelines.
Though the HomePath and HomeStep Programs are enticing for what they offer, the process is slow and unwieldy. Some real estate agents have found the formula applied to each loan approval is not always the same. One agent in my office had a buyer turned down because HomePath indicated they did not have enough income. When the agent confronted the loan officer, she wanted to know why the 10-month income verification was not applied, instead of 12-month verification. She said her clients would qualify with a 10-month formula, and the loan officer agreed it was allowed. Her complaint is that formulas are not being applied consistently. Even those with good credit and stable work histories are finding it hard to close on HomePath loans.
HomePath Lending Program
Fannie Mae's HomePath program offers a traditional mortgage with 3% down, and no appraisal or premium mortgage insurance (PMI) is required. In addition, Fannie Mae offers another 3% down loan that includes home purchase and light to moderate renovations on primary or second homes or investment properties. A separate loan funds manufactured homes with the same 3% down payment.
HomeSteps Lending Program
The Freddie Mac Loan Program, HomeSteps, is stricter. The HomeSetps website recommends a 5% down payment with the possibility of qualifying for special programs offering down payment assistance. An appraisal is required on HomeSteps property purchases. Only certain homes will qualify for this program. A public review on the HomeSteps loan program is just as discouraging as HomePath. According to one buyer who complained publicly on CityData.com, the lender was Wells Fargo and the buyers made an initial offer on a Homesteps property, then made a lower offer once it was determined the house had 'illegal problems.' She inquires, "Is it normal to wait three weeks for a reply?"
Often buyers become frustrated with these slow moving property deals and move on. More often then not, the sale never closes.
Bank of America Backlog on Foreclosure Contract & Loan Approval
The Bank of America foreclosure department also drags its feet on closing real estate sales. I had a buyer ready to close on a Bank of America owned foreclosure and it took them two months to produce a contract. My buyer had an 800 credit score, but it took so long to approve his application, he became frustrated and pulled money out of another investment to pay cash for the property. I was lucky he had assets and was not totally reliant upon bank financing.
Bank of America Loan to Income Ratio Askew?
Another client I had was prepared to close on a property with Bank of America financing and he had a 780 credit score. The loan officer waited until one week before closing to inform him he did not qualify because his debt to income ratio was too high. When we considered lending alternatives, five other banks approved his loan, and even the USAA approved it. Why was Bank of America's loan to income ratio different than the rest?
The backlog in application requests, slow customer service, and inconsistencies with loan approvals are all reasons for concern about the mortgage lending industry today. Everyone involved in closing real estate deals becomes frustrated: real estate agents, buyers, sellers, lawyers and contractors. Even the federal government has become suspicious of Bank of America's (and other mortgage lenders) incomplete foreclosure paperwork and processes.
Though the federal government has been investigating some issues, lender inconsistencies and slow or no customer service are rampant in this real estate market. Buyers need to build extra time into their home sales process and agents need to exercise patience and attention to details for property deals to close.
For more information about purchasing bank owned properties, residential or commercial properties, or listing properties for sale, visit http://www.voncannonrealestate.com.
As a REALTOR in Williamsburg, VA, I have seen many of inconsistencies with mortgage companies during a down market. Frankly, this frustrates buyers and sellers, me, my staff and colleagues.
I have mortgage company incompetencies, slowdowns and backlogs to share. I have collected some stories from other agents in my RE/Max Capital office in Williamsburg, too. These snafus in the mortgage approval system impact buyers and sellers in a negative way.
Short Sales Frustrations
It is common for a seller to short sale a property, and to have the lender(s) make the seller wait six months for approval - and then deny it! More often than not this crucial decision leaves the seller in financial ruins. The sale of the home is never closed, and the property now exists as bank 'inventory' and may not even hit the real estate market for a year or two. Wasting time on short sales leaves homebuyers and home sellers hung-up in financial limbo, and real estate agents without a closed deal. This cannot be good for the economy.
FHA Owned Properties: HomeSteps and HomePath
The FHA is a government agency, backed by tax dollars. If a buyer happens to put an offer on an FHA owned property, they have to use the recommended program. The federal government, in its infinite wisdom, has instituted the HomeSteps program through Freddie Mac and HomePath through Fannie Mae as public loan programs for the home buyer to help assist in the process of closing deals on FHA owned properties. Private lenders work through the program while adhering to government guidelines.
Though the HomePath and HomeStep Programs are enticing for what they offer, the process is slow and unwieldy. Some real estate agents have found the formula applied to each loan approval is not always the same. One agent in my office had a buyer turned down because HomePath indicated they did not have enough income. When the agent confronted the loan officer, she wanted to know why the 10-month income verification was not applied, instead of 12-month verification. She said her clients would qualify with a 10-month formula, and the loan officer agreed it was allowed. Her complaint is that formulas are not being applied consistently. Even those with good credit and stable work histories are finding it hard to close on HomePath loans.
HomePath Lending Program
Fannie Mae's HomePath program offers a traditional mortgage with 3% down, and no appraisal or premium mortgage insurance (PMI) is required. In addition, Fannie Mae offers another 3% down loan that includes home purchase and light to moderate renovations on primary or second homes or investment properties. A separate loan funds manufactured homes with the same 3% down payment.
HomeSteps Lending Program
The Freddie Mac Loan Program, HomeSteps, is stricter. The HomeSetps website recommends a 5% down payment with the possibility of qualifying for special programs offering down payment assistance. An appraisal is required on HomeSteps property purchases. Only certain homes will qualify for this program. A public review on the HomeSteps loan program is just as discouraging as HomePath. According to one buyer who complained publicly on CityData.com, the lender was Wells Fargo and the buyers made an initial offer on a Homesteps property, then made a lower offer once it was determined the house had 'illegal problems.' She inquires, "Is it normal to wait three weeks for a reply?"
Often buyers become frustrated with these slow moving property deals and move on. More often then not, the sale never closes.
Bank of America Backlog on Foreclosure Contract & Loan Approval
The Bank of America foreclosure department also drags its feet on closing real estate sales. I had a buyer ready to close on a Bank of America owned foreclosure and it took them two months to produce a contract. My buyer had an 800 credit score, but it took so long to approve his application, he became frustrated and pulled money out of another investment to pay cash for the property. I was lucky he had assets and was not totally reliant upon bank financing.
Bank of America Loan to Income Ratio Askew?
Another client I had was prepared to close on a property with Bank of America financing and he had a 780 credit score. The loan officer waited until one week before closing to inform him he did not qualify because his debt to income ratio was too high. When we considered lending alternatives, five other banks approved his loan, and even the USAA approved it. Why was Bank of America's loan to income ratio different than the rest?
The backlog in application requests, slow customer service, and inconsistencies with loan approvals are all reasons for concern about the mortgage lending industry today. Everyone involved in closing real estate deals becomes frustrated: real estate agents, buyers, sellers, lawyers and contractors. Even the federal government has become suspicious of Bank of America's (and other mortgage lenders) incomplete foreclosure paperwork and processes.
Though the federal government has been investigating some issues, lender inconsistencies and slow or no customer service are rampant in this real estate market. Buyers need to build extra time into their home sales process and agents need to exercise patience and attention to details for property deals to close.
For more information about purchasing bank owned properties, residential or commercial properties, or listing properties for sale, visit http://www.voncannonrealestate.com.
Monday, January 17, 2011
Debunking the Myth of More Net Gain with For Sale by Owner
Elaine VonCannon, ABR, SRES, REALTOR, Notary Public, Team Manager
Are you thinking of selling your home on your own, without the aid and professional advice of a qualified REALTOR? You may want to re-examine your decision to do so, because chances are good that you will not increase your net gain by selling your own home.
Do you believe your savings on commission will be your reward after you attend a seminar or two on selling your own home? A home sale is a complex series of transactions with multiple parties. Not only is it time consuming, consultation and coordination with professionals at every level is necessary. Attendance at a seminar or two does not make you an expert on home selling.
The average person will buy two to three homes in one lifetime, unless they are a property investor. A top producing REALTOR will average 5-10 transactions per month. A REALTOR with knowledge and experience in the profession will be able to enhance your bottom line on a home sale. Here are some common questions I am frequently asked by For Sale by Owner sellers.
Q: I recently attended a seminar on selling my own home. Won't this enable me to do it on my own?
A: The seminar was probably sponsored by a lawyer, closing attorney, titling company, or lender. The facts you can obtain in three hours or less are not enough to teach you how to get more money for your largest investment: your home.
Q: How do REALTORS sell homes quickly?
A: A staggering 80% of home sales are done through a Multiple Listing Service. REALTORS have access to this. With a listing on MLS sellers have the entire membership of the MLS working for them. Sellers may have as much as several thousand members depending on the area or residence. An MLS listing is the most effective way to bring in qualified potential buyers.
Q: What information is most critical when selling a home?
A: A seller needs to know what the state requires as well as what the lender requires when it comes to home sales transactions. He or she also needs to know the timeframe for all transactions. If time frame is not adhered to the contract can become null and void.
Q: I live in a residential community and am selling my home. How do I deal with the Home Owner's Association effectively?
A: Do you know the timeframe for the Home Owners Association (HOA) packet in your area? If the HOA package is not received in the required timeframe of your state then the buyer may cancel the contract with no penalties to the buyer. These matters are of the utmost importance when dealing with an HOA.
Q: Why does a home seller even need a real estate agent?
A: If there is no middle party to negotiate between the buyer and seller, you can become deadlocked on terms, have your property tied up, or end up in litigation. If your property is tied up for months you might have missed the right buyer who is willing and able to pay the price you want. Also a REALTOR will not have the emotional ties to the transaction that a seller has. The REALTOR is also separate from the buyer's objectives.
Q: Doesn't hiring an attorney take care of contracts?
A: If you think an attorney drawing up a contract makes you free and clear of worries and responsibilities - you're wrong. The attorney does not have the time to stay on top of this to make sure everything required is done on the home before closing. If you do want the attorney to handle the details, you'll pay a lawyer's fee, which is usually $100 per hour and up.
Q: How does a REALTOR arrive at a market price on a home?
A: A REALTOR will price your home much like an appraiser would. A REALTOR compares your home to what has sold in the area in the past three months. They know the inflation record in your area. A REALTOR's research also consists of checking court records to see what has sold in this area. This covers home sales not listed on MLS, but by law has to be recorded at the court house for a specific area.
Q: How can a REALTOR possibly improve my bottom line on home sales, when I'm saving on commission?
A: On every listing I have sold, I have procured for my sellers $10,000-$50,000 above what they thought their property would sell for - after they had paid all the fees including commission. A majority of For Sale by Owner's homes have sold for less than what a REALTOR would have obtained.
I would like to reiterate the importance of the seller selecting a REALTOR who knows the ins and outs of contractual agreements and has some experience behind him or her. Hiring an experienced REALTOR to help sell your home will the wisest investment you've ever made.
Visit VonCannonRealEstate.com to view the listing engine on the website.
Are you thinking of selling your home on your own, without the aid and professional advice of a qualified REALTOR? You may want to re-examine your decision to do so, because chances are good that you will not increase your net gain by selling your own home.
Do you believe your savings on commission will be your reward after you attend a seminar or two on selling your own home? A home sale is a complex series of transactions with multiple parties. Not only is it time consuming, consultation and coordination with professionals at every level is necessary. Attendance at a seminar or two does not make you an expert on home selling.
The average person will buy two to three homes in one lifetime, unless they are a property investor. A top producing REALTOR will average 5-10 transactions per month. A REALTOR with knowledge and experience in the profession will be able to enhance your bottom line on a home sale. Here are some common questions I am frequently asked by For Sale by Owner sellers.
Q: I recently attended a seminar on selling my own home. Won't this enable me to do it on my own?
A: The seminar was probably sponsored by a lawyer, closing attorney, titling company, or lender. The facts you can obtain in three hours or less are not enough to teach you how to get more money for your largest investment: your home.
Q: How do REALTORS sell homes quickly?
A: A staggering 80% of home sales are done through a Multiple Listing Service. REALTORS have access to this. With a listing on MLS sellers have the entire membership of the MLS working for them. Sellers may have as much as several thousand members depending on the area or residence. An MLS listing is the most effective way to bring in qualified potential buyers.
Q: What information is most critical when selling a home?
A: A seller needs to know what the state requires as well as what the lender requires when it comes to home sales transactions. He or she also needs to know the timeframe for all transactions. If time frame is not adhered to the contract can become null and void.
Q: I live in a residential community and am selling my home. How do I deal with the Home Owner's Association effectively?
A: Do you know the timeframe for the Home Owners Association (HOA) packet in your area? If the HOA package is not received in the required timeframe of your state then the buyer may cancel the contract with no penalties to the buyer. These matters are of the utmost importance when dealing with an HOA.
Q: Why does a home seller even need a real estate agent?
A: If there is no middle party to negotiate between the buyer and seller, you can become deadlocked on terms, have your property tied up, or end up in litigation. If your property is tied up for months you might have missed the right buyer who is willing and able to pay the price you want. Also a REALTOR will not have the emotional ties to the transaction that a seller has. The REALTOR is also separate from the buyer's objectives.
Q: Doesn't hiring an attorney take care of contracts?
A: If you think an attorney drawing up a contract makes you free and clear of worries and responsibilities - you're wrong. The attorney does not have the time to stay on top of this to make sure everything required is done on the home before closing. If you do want the attorney to handle the details, you'll pay a lawyer's fee, which is usually $100 per hour and up.
Q: How does a REALTOR arrive at a market price on a home?
A: A REALTOR will price your home much like an appraiser would. A REALTOR compares your home to what has sold in the area in the past three months. They know the inflation record in your area. A REALTOR's research also consists of checking court records to see what has sold in this area. This covers home sales not listed on MLS, but by law has to be recorded at the court house for a specific area.
Q: How can a REALTOR possibly improve my bottom line on home sales, when I'm saving on commission?
A: On every listing I have sold, I have procured for my sellers $10,000-$50,000 above what they thought their property would sell for - after they had paid all the fees including commission. A majority of For Sale by Owner's homes have sold for less than what a REALTOR would have obtained.
I would like to reiterate the importance of the seller selecting a REALTOR who knows the ins and outs of contractual agreements and has some experience behind him or her. Hiring an experienced REALTOR to help sell your home will the wisest investment you've ever made.
Visit VonCannonRealEstate.com to view the listing engine on the website.
Friday, January 7, 2011
A Primer on Bank Owned Properties for Sale in VA
Elaine VonCannon, ABR, SRES, REALTOR, Notary Public, Team Manager
For perhaps the first time in history, bank owned properties are numerous in just about any real estate market. First time homebuyers, investors, and the average homebuyer in the U.S. markets are eager to purchase bank owned property.
On the surface, bank owned properties seem like a great deal. Often, they do offer significant savings. Yet the purchase of a bank owned property, whether it is a short sale or a foreclosure, also comes with specific parameters and cautions for the buyer and the seller. Buyers must remember that a bank owned property purchase is vastly different from the routine property acquisition.
Bank Short Sales Statistics in Southeastern Virginia
Halfway through 2010, there are over 50 bank owned property listings in Williamsburg, James City County, Yorktown, Northern York County and sections of New Kent County and Charles City. In Hampton and Newport News Virginia, there are approximately 175 bank owned homes for sale. In the Northern Neck Counties on the Chesapeake Bay, there are 28 short sales and foreclosures for sale. These numbers indicate the recession is not over. Homebuyers can expect bank short sales and foreclosures to be listed for some time to come.
Short Sale Process
For property owners who are underwater, or owe more on the home then it is currently worth (and/or cannot afford their present mortgage due to reduction in income, unemployment, or change in life circumstances) a bank short sale may be a viable option.
Bank short sales are a tedious process. Those banks who accepted TARP money, such as Bank of America or Wells Fargo (the former Wachovia) are more inclined to short sale a property. These banks actually have the leverage to take the loss on the loan.
Some banks are not so amicable about a short sale. Instead these banks allow properties to go into foreclosure. Statistically, an average of 75% of short sales are withdrawn or often end in foreclosure. Banks can hold the inventory this way, and wait for property values to increase.
Buyers and sellers need to know that a short sale may take anywhere from four weeks to eight months or more to complete. If a buyer and seller are participating in a short sale, they must be patient.
Bank Short Sale Issues
There are some tricky issues with short sales of properties. To complete a short sale, a good attorney is necessary. The attorney will negotiate with the bank to obtain the best possible conditions for sale of the property. When there is a second mortgage on a property, there is little chance the company will receive any proceeds from the short sale. Since the second mortgage stands to loose the most from a short sale, the company may hold up the process.
Making a short sale on a property does not ensure the property owner will leave free and clear from financial responsibilities. Mortgage companies may still elect to hold the former homeowner responsible for financial losses even after a short sale is completed. A knowledgeable REALTOR will retain a qualified real estate attorney to ensure that the final contract includes verbiage requesting the remainder of debt owned by the first or second lien holder is forgiven. Inserting this clause may or may not work, but it should be written into the contract.
Foreclosures
The best way to find a foreclosed property (or a short sale) is to retain a qualified REALTOR in the desired area. This REALTOR will conduct a special search on the MLS for bank owned properties.
Foreclosed properties may be recently vacated, and some may have been left empty for a year or more. Some property owners elect to speak with their lender about their inability to maintain the loan, then voluntarily vacate the property instead of waiting for foreclosure. The homeowner will send the deed and keys to the lender and leave the premises. If a homeowner leaves in this manner, some banks may even forgive the unpaid balance.
Mortgage companies and banks like to privately "extend and pretend." This means the lender acts as if the loan is performing so they don't have to declare it as a non-performing loan. If the loan were classified as non-performing, the bank would have to pay more reserve money to ensure the investment. Bank owned properties stand vacant longer in this market for this precise reason.
Once the lender takes possession of the property, it has the option to auction the foreclosure at the courthouse. Often these home auctions will only net 50% of the home's value. If a lender cannot obtain enough money for the foreclosed property through public auction, it may hold it and leave it vacant or put it on the real estate market.
Condition of Bank Short Sales and Foreclosed Properties
Short sales and foreclosures are sold 'as is,' without negotiating repairs. The property can be inspected, but even if something is found wrong, the property owners are not required to do anything. The buyer, on the other hand, may need to meet certain conditions for the lender. Some may require moisture and termite inspections, or well and septic inspections, and theses costs are the buyer's responsibility. Do they want to bear it? The seller will more than likely not want to pay for inspections or upgrades to present systems.
Some short sales and foreclosures are in pristine condition, whereas others are 'buyer beware' since they have repair issues. It just depends on the situation. An inspection is well worth the money, and certainly a good decision for a short sale or foreclosed property. Buyers and REALTORS should be on guard for extensive damage, wear and tear and possible structural problems. Avoid purchasing homes where large capital investments are needed to make the home livable: faulty sewers or wells, asbestos, bad roofs, lead or leaky waterlines and malfunctioning electrical are some of these. Even a small or negligible repair issue may grow greater the longer the house is uninhabited and the problem is ignored. Vacant homes are more likely to be filled with rodents and pests and even snakes and small animals. Look for signs of these when viewing the property.
Even if you are not the type of person who wants to take the risks of purchasing bank owned properties, do not let it defer you from purchasing a home altogether. All investments are a risk. It is often better to know what these risks are up front. If, after reviewing the conditions of buying bank owned properties, you decide it's not for you, then consider purchasing a home through a traditional real estate transaction instead. There are still plenty of great bargains on home purchases.
Visit http://www.voncannonrealestate.com to view bank owned properties for sale in VA.
For perhaps the first time in history, bank owned properties are numerous in just about any real estate market. First time homebuyers, investors, and the average homebuyer in the U.S. markets are eager to purchase bank owned property.
On the surface, bank owned properties seem like a great deal. Often, they do offer significant savings. Yet the purchase of a bank owned property, whether it is a short sale or a foreclosure, also comes with specific parameters and cautions for the buyer and the seller. Buyers must remember that a bank owned property purchase is vastly different from the routine property acquisition.
Bank Short Sales Statistics in Southeastern Virginia
Halfway through 2010, there are over 50 bank owned property listings in Williamsburg, James City County, Yorktown, Northern York County and sections of New Kent County and Charles City. In Hampton and Newport News Virginia, there are approximately 175 bank owned homes for sale. In the Northern Neck Counties on the Chesapeake Bay, there are 28 short sales and foreclosures for sale. These numbers indicate the recession is not over. Homebuyers can expect bank short sales and foreclosures to be listed for some time to come.
Short Sale Process
For property owners who are underwater, or owe more on the home then it is currently worth (and/or cannot afford their present mortgage due to reduction in income, unemployment, or change in life circumstances) a bank short sale may be a viable option.
Bank short sales are a tedious process. Those banks who accepted TARP money, such as Bank of America or Wells Fargo (the former Wachovia) are more inclined to short sale a property. These banks actually have the leverage to take the loss on the loan.
Some banks are not so amicable about a short sale. Instead these banks allow properties to go into foreclosure. Statistically, an average of 75% of short sales are withdrawn or often end in foreclosure. Banks can hold the inventory this way, and wait for property values to increase.
Buyers and sellers need to know that a short sale may take anywhere from four weeks to eight months or more to complete. If a buyer and seller are participating in a short sale, they must be patient.
Bank Short Sale Issues
There are some tricky issues with short sales of properties. To complete a short sale, a good attorney is necessary. The attorney will negotiate with the bank to obtain the best possible conditions for sale of the property. When there is a second mortgage on a property, there is little chance the company will receive any proceeds from the short sale. Since the second mortgage stands to loose the most from a short sale, the company may hold up the process.
Making a short sale on a property does not ensure the property owner will leave free and clear from financial responsibilities. Mortgage companies may still elect to hold the former homeowner responsible for financial losses even after a short sale is completed. A knowledgeable REALTOR will retain a qualified real estate attorney to ensure that the final contract includes verbiage requesting the remainder of debt owned by the first or second lien holder is forgiven. Inserting this clause may or may not work, but it should be written into the contract.
Foreclosures
The best way to find a foreclosed property (or a short sale) is to retain a qualified REALTOR in the desired area. This REALTOR will conduct a special search on the MLS for bank owned properties.
Foreclosed properties may be recently vacated, and some may have been left empty for a year or more. Some property owners elect to speak with their lender about their inability to maintain the loan, then voluntarily vacate the property instead of waiting for foreclosure. The homeowner will send the deed and keys to the lender and leave the premises. If a homeowner leaves in this manner, some banks may even forgive the unpaid balance.
Mortgage companies and banks like to privately "extend and pretend." This means the lender acts as if the loan is performing so they don't have to declare it as a non-performing loan. If the loan were classified as non-performing, the bank would have to pay more reserve money to ensure the investment. Bank owned properties stand vacant longer in this market for this precise reason.
Once the lender takes possession of the property, it has the option to auction the foreclosure at the courthouse. Often these home auctions will only net 50% of the home's value. If a lender cannot obtain enough money for the foreclosed property through public auction, it may hold it and leave it vacant or put it on the real estate market.
Condition of Bank Short Sales and Foreclosed Properties
Short sales and foreclosures are sold 'as is,' without negotiating repairs. The property can be inspected, but even if something is found wrong, the property owners are not required to do anything. The buyer, on the other hand, may need to meet certain conditions for the lender. Some may require moisture and termite inspections, or well and septic inspections, and theses costs are the buyer's responsibility. Do they want to bear it? The seller will more than likely not want to pay for inspections or upgrades to present systems.
Some short sales and foreclosures are in pristine condition, whereas others are 'buyer beware' since they have repair issues. It just depends on the situation. An inspection is well worth the money, and certainly a good decision for a short sale or foreclosed property. Buyers and REALTORS should be on guard for extensive damage, wear and tear and possible structural problems. Avoid purchasing homes where large capital investments are needed to make the home livable: faulty sewers or wells, asbestos, bad roofs, lead or leaky waterlines and malfunctioning electrical are some of these. Even a small or negligible repair issue may grow greater the longer the house is uninhabited and the problem is ignored. Vacant homes are more likely to be filled with rodents and pests and even snakes and small animals. Look for signs of these when viewing the property.
Even if you are not the type of person who wants to take the risks of purchasing bank owned properties, do not let it defer you from purchasing a home altogether. All investments are a risk. It is often better to know what these risks are up front. If, after reviewing the conditions of buying bank owned properties, you decide it's not for you, then consider purchasing a home through a traditional real estate transaction instead. There are still plenty of great bargains on home purchases.
Visit http://www.voncannonrealestate.com to view bank owned properties for sale in VA.
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