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.

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.

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.

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.

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.

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.