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Williamsburg Area Real Estate News:
The Hottest neighborhood for home buyers in 2006 has been Kings Mill and Ford's Colony following in second place. The median sales price for a home sold in our area has reached $ 360,000. (Source: VA Gazette, 8/26/2006)
Money magazine this week rated Willamsburg, Virginia and surrounding areas among the five best places in America to retire. The magazine rated communities across the country for state taxes, culture and other factors that contribute to the quality of life. The rating for taxes focused on the state, so it didn't even take into account the deferment that seniors get on their homes in the city. Even without that, we've got one of the lowest tax rates in the state at 54 cents per $ 100 of assessed value. (Source: VA Gazette, 9/16/2006)
The Hampton Roads Housing Market is not all that doom and gloom, as people may think. Yes, the real estate market has slowed down across the nation, but there is no national market, each geographic area has its own characteristics and is a market in itself. This is determined by the economy, employment and population changes. Our area has grown tremendously and continues to gain recognition. many families as well as large firms are locating to the area and, of course, we have always had a strong military presence, which has helped the Hampton Roads economy to remain strong. Due to our strong economy, our market will likely be seeing a stall, rather than a plunge.
Price of new home just rose $ 13,000 hike in proffers supposed to offset schools. James City County - As expected, the supervisors voted Tuesday night to quadruple the cash proffers that will be extracted from new homeowners for schools.
The rising cost of school construction prompted the county to raise the proffers. Warhill High School, with a capacity of 1,200 students, topped $ 58 million for land and construction, and an early estimate for a fourth middle school was $ 51 million. Ted Evans, president of the Williamsburg Area Association of REALTORS, said proffers are a very sensitive issue in the community. "It does impact the pricing of a home in our opinion," he said. "We feel the fee is passed on to the consumer."
(Source: VA Gazette, 7/25/2007)
Pricey Townhomes draw harsh critics
James City- The third time may not be the charm for $ 450,000 townhomes tucked between Ford's Colony and Powhatan Secondary.
Opponents cited five NIMBY objections. -Truck traffic during construction. -Traffic congestion when built out. - Environmental impact to wetlands. - Impact on various public services. - Too much density for rural acreage.
( Source: VA Gazette, 9/1/2007)
No-growth rule would last a year
Moratorium on rezonings has pros & cons
James City - Departing Berkeley supervisor Jay Harrison argues that a moratorium would provide breathing space to catch up on the rural lands study while mapping a more thoughtful development plan. He feels that the county needs to look at the "tipping point of population," where the head count outstrips the ability to provide roads, water, fire and rescue, education or social services.
Planning Commissioner and Berkeley District canditate Mary Jones noted that a moratorium would hamstring the very people providing the infrastructure and does not support a residential rezoning moratorium for James City County given the need to provide workforce housing opportunities for our hardworking police, firefighters, teachers, nurses and young professionals so they can live in the very community they work.
Even if were to support the housing moratorium, current projects and at least one conceptual housing plan would be grandfathered. They would add more than 1.200 new homes to the county.(see chart)
New Town sections 7 & 8 New Town Approved
Maximum 400 dwelling units plus 62,300 sq. ft. of commercial
Villages at White Hall- LaGrange Village Anderson's Corner Approved
23 acres for a maximum of 79 homes
Villages at White Hall - Rochambeau/Taskinas Anderson's Corner Approved
138 acres for maximum 443 homes
Village at Toano Forge Road at Richmond Rd. Denied
21 acres for 94 townhomes
New Town section 9 New Town Approved
57 - 118 condos or townhouses
Monticello at Powhatan North Powhatan Pky. Withdrawn
36 acres for 91 condos
Jennings Way Richmond Rd. Approved
30 acres for 75 single-family homes and 10 condos
Mason Park 1916 Jamestown Rd. Approved
9 acres for 15 single-family homes
Ford's Colony workforce housing News Road Unsubmitted
250 homes
(Source: VA Gazette, 10/03/07)
Condos suffer $ 30,000 decline
Home prices hold up, but fewer closings
Conventinal homes throughout greater Williamsburg have maintained or increased their value during the housing slump, but condos and townhomes have slipped.
Data from the Williamsburg Association of REALTORS show that the average condo or townhome has declined $ 30,000 since the peak of the boom in 2005.
Volume is a different story, November sales of condos and townhomes fell 12 % from 424 a year ago to 374 this year. Yet sales of conventinal homes fell 20 % from 1,272 to 1,012.
From November 2005 to November 2006, the average condo/townhome sold within 49 days for $ 291,000. But between November 2006 and November 2007, the time on market rose to 80 days and the price fell to $ 260,000.
While the average time on market for a house rose from 72 days to 98 days, Kinsman, executive director of the association, said the average home price bucked the national trend and rose from $ 405,000 to $ 411,526.
Kinsman was at a loss to explaoj the shirinking value of condos/townhomes, except for a glut on the market.
John Wilson at Coldwell Banker Traditions Real Estate offered several explanations.
"For newer condo and townhomes coming online in the past year, they maybe smaller", he said. "When the amrket is good, people want bigger and bigger. But the people who are looking for the economy of the condo or townhomes are also most likely looking for economy of price." He said attached homes had a better opportunity to respond to the conges than gerneal housing market because there were a number of projects in the works that could be modified. Wilson said that when a seller's market transitins to a buyer's market, condos and townhouses almost always slow first because they appeal to more narrow segments of the market.
(Source VA Gazette, 11/17/07)
High End Homes
Million-Dollar Houses - Rich Homes Sell slowly, too!
Residences that cost in seven figures feel the market's recent drag. But not as much and are still moving.
Homes priced for more than $ 1 million in Hampton Roads are taking longer to sell now than during the heat of the real estate boom in 2004 and 2005. The 22 homes sold on the Peninsula, the Middle Peninsula, Williamsburg, Suffolk, James City County and Isle of Wight counties for more than $ 1 million in 2007 have taken an average of 195 days to sell - and one took 571 days to sell, according to Real Estate Information Network statistics. That's up from the 127 day average in 2005, when 23 homes sold, taking as long as 433 days.
All homes are staying on the market longer, given a downturn in the real estate market nationwide. But the affordable ones, which are in higher demand, move faster than the expensive ones. The 1,625 homes sold in Hampton Roads, including South Hampton Roads, in September sold for a median price of $ 235,000 and stayed on the market an average 68 days. That's up from 51 dyas in September 2006 and 27 days in September 2005.
The slowdown in real estate sales has affected the homes at the high end of the spectrum but to a lesser degree. Homes selling for $ 1 million or more are generally on the market longer than affordable homes. But this year, the market time is longer than the past three years.
Despite a significant slowing in the rela estate market nationally, the sale of high-end homes around here has by no means stopped. In fact, with 22 homes sold so far and two others under contract, the region will exceed the 23 million-dollar homes sold in 2005, the highest amount since 2000 in 2007.
There are likely more million-dollar homes around due to homes that appreciated to that level during the real estate boom. And builders added more stock in that range, assuming a market for them.
That means there are plenty of homes in this range to pick from. If you are looking for a million-dollar home, Now is the best time to buy a high-end property. Contact me to see what is currently available.
(Source Daily Press 12/09/07)
Active Adult Communities in the Williamsburg, Virginia Area, for active adults 55 and better.
Colonial Heritage -- Attached Homes
starting in the mid $ 300,000
Single Family Homes
starting in the low $ 400,000
The Settlement at Powhatan Creek -- Attached Homes
starting the upper $ 400,000
Single Family Homes
starting in the mid $ 500,000
Gated Communities
Ford's Colony
Ford's Colony is an award winning master-planed gated Golf Club Community, offering three award-award winning hole award winning Golf courses, Country Club, 2 Swim and Tennis Clubs, each club includes a junior olympic size children's, children's pool, Har-Tru clay or asphalt tennis courts and a fully furnished clubhouse and over 12 miles of paved fitness trails. More than half of the 3,000 acres of Ford's Colony is designated as green space, buffers, pond and preserve. Homewoners Association Dues cover the cost for the maintenance of the common areas, over 44 miles of streets, Ford's Colony Security operations, including 24 hour staffed entrance gates, 2 swim and tennis facilities and over 12 miles of paved fitness trails.
Single Family Homes priced between $ 410,000 to $ 2,500,Town-homes
Town-homes priced between $ 340,000 to $ 634,000
Residential Lots priced between $ 115,000 to 895,000
Kings Mill
Kings Mill is one of Virginia's finest Golf Resorts and residential communities, host of the Michelob Ultra Open Championship at Kings Mill on the LPGA Tour. Perfectly planned on 2,900 acres, with 3.5 miles of James River frontage, Kings Mill offers its residents two 24 hour staffed gated Entrances, 3 championship 18 hole Golf Courses and a 9 hole par 3 course, a Clubhouse with 4 dining facilities, 15 clay and hard tennis courts, 90 Slip Marina, a Sports Club with indoor pool, Fitness Center, Racquetball, and Game Room, Canoing and spring -fed ponds, Biking and Hiking Trails, Outdoor Pools, a Full Service Spa with Saune Sauna & Whirlpools, Salon Services including Massage.
Single Family Homes priced between $ 419,000 and $ 4,000,000
Town-homes/ Condos priced between $ 275,000 and $ 1.200,000
Residential Lots priced at 475,000
Governor's Land At Two Rivers
Governor's Land, located between Rivers Home James and Chickahominy Rivers Home-Home sites features 734 Single Family Homesites on more than 1,500 acres and offers residents an 18 hole Golf Course, designed by Tom Fazio, Country Club, Full Service Dining, protected Full Swimming Marina, Two Swimming Pools, Fitness Center, 6 Clay and Hard Tennis Courts, Pro-shop, 7 miles of Walking Walkin Trails, Private Beach, 200 acres of Nature Preserve and 24 hour Security, controlling Governor's controlling Governer's Land Neighborhoods, Storage Facilities and the Marina.
Single Family Homes priced between $ 539,000 to $ 10,500,000
Residental Lots priced between $ 195,000 and $ 450,000
Real estate slows, but it hasn't fallen
Sales in specific neighborhoods matter
While the real estate market is sloing, it's yet to have a real impact on the budget of local municipalities. -And it may not.-
That's not the case in other parts of the state. Falling real estate price and foreclosures are blamed for a looming $ 120 million budget deficit in Fairfax County. That may lead to cuts in school funding, according to The Washington Post.
Other local governments in Northern Virginia are also suffering.
If actual property values were to fall here, it could have the same effect. But, to this point, we haven't seen a real drop at all. As reflected in assessments in Williamsburg and James City County, there's been a slowing in the rate of increase of home values, but not a fall. York reassesses property every two years, and new notices will go out in January. If the real estate market continues to slow to the point where sale prices actually fall, that will affect assessments.
Is James City in Navy flight path?
James City - If the Navy constructs a practice landing field in Surry County, overhead jet noise could annoy residents across the James.
Reaction to that possibility is gaining traction among some Governor's Land residents and members of the James City County Citizens' Coalition, especially after a Surry landowner approached a number of locals last weekend to talk about the scenario. The Navy refutes that it will have any impact.
The Office of Commonwealth Preparedness announced last summer that one of 11 sites being studied to support F/A-18, or Super Hornet, training operations out of Naval Air Station Oceana was in Surry.
The Navy has been trying to find a site for years as development in Virginia Beach and Chespeake have put increased pressure on pilot training.
Officials are especially concerned about practicing nighttime carrier landings, so are seeking quiet and dark acreage facing little foreseeable residential or commercial development. Rural Surry fits that bill. Early this year the Navy narrowed the list down to three sites in Virginia and two in North Carolina. Surry remains on the list, specifically Cabin Point, about 10 miles from Governor's Land.
(Source VA Gazette, 03/26/2008)
Housing Values Rediscover Reality
Lag in assessments may prove beneficial
James City -- Even with the housing market down, a modest growth in residential tax revenue is anticipated by the county in the next few years.
Some supervisors are worried that the housing market will implode to the point of requiring significant cuts to the budget in the out years.
Tow years ago when the housing market was hot, sales outpaced assessments in value and in timing, according to finance manager John McDonald. Values rose so quickly in an inflated market that assessors couldn't keep up. As a result, the county's values only reflected about 75 % of the true market value. Now with home sales slowing and values leveling off, the county's assessments are coming in around 93 % of market value.
Meanwhile, sales prices are still above the assessment values, McDonald said. Residential construction has slowed down, but still exists.
(Source VA Gazette, 05/24/2008)
York offers help to Fight Foreclosures
With foreclosures on the rise across the state and nation, the county's Division of Housing is launching a new program designed to help people keep their homes.
York's program follows the creation last fall of the Virginia Foreclosure Prevention Task Force. The group was formed after the number of foreclosures in Virginia doubled between 2006 and 2007.
In the second quarter of 2007 there were 5,800 foreclosures across the state of which 4,000 involved subprime loans. Foreclosure rates in York, Williamsburg, James City, Poquoson and Mathews have remained low at less than half of one percent. Between January and June there were 22 foreclosures in York among 24,000 residences.
The county is starting small by opening up existing mortgage and credit counseling education services to citizens on the verge of foreclosure. Those programs previously focused on first-time homeowners. The county's mortgage and credit counseling programs include information on budgeting and debt management, and homepurchse financing.
Other area resources include: Consumer Credit Counseling Service of Hampton and The Greater Peninsula United Way First Call program. York has partnered with the James City Housing Office to allow residents who live in the upper county to get conseling services there if they can't get to the Division of Housing offices in Yorktown.
(Source: VA Gazette 08/23/2008)
Rural Stonehouse is tops for growth
Brace yo8urself for 10,500 new homes
What will the rolling landscape of Stonehouse District look like with three times the number of today's homes?
Last year the county's Real Estate Assessments Division assessed 4,825 parcels in Stonehouse, the westernmost of ive magisterial districts. More than 5,000 new housing units are approved and under way, according to a James City County Citizens' report on cumulative growth. Beyond that, another 5,500 are approved but not yet started. New housing of that magnitude seems far fetched in the middle of a real estate slump, but Stonehouse remains a hot market for $ 200,000 homes. The population of the county could drastically shift within 20 years as Villages at White Hall, Jennings Way, Michelle Point, Stonehouse and Colonial Heritage build out.
(Source: VA Gazette 08/30/2008)
Neighborhoods, Subdivisions and Communities in the Greater Williamsburg Area:
Adams Hunt, Banburry Cross, Baron Woods, Birchwood Park, Bradshaw Ordinary, Breamar Creek, Brandywyne, Brickshire, Bruton Glenn, Burlington Woods, Camelot, Chancos Grant, Chickahominy Haven, Chisel Run, Claiborne, Colonial Heritage, Country Club Acres, Counselors Clos, Creekside Landing, Cromwell Ridge, Cypress point, Deerwood Hills, Druid Hills, Drummonds Field, Elmwood, Ewell Hall, Graylin Woods, Green Acres, Farms at New Kent, Farmville Estates, Fairway Villas, Felgate Woods, Fenwick Hills, Fernbrook, Fieldcrest, First Colony, Fords Colony, Forest Hill Park, Foundation Square, Foxfield, Fox Ridge, Gatehouse Farms, Governors Land, Governors Grove at Five Forks, Freedom Woods, Graylin Woods, Greensprings Plantation, Greensprings West, Heritage Landing, Highgrove, High Street, Holy Hills, Hunters Creek, Indian Springs, Indigo Park, Jamestown Hundred, James Shire Set, Kensington Woods, Kings Mill, Kingspoint, Kingswood, Kristiansand, LaFontaine, Lake Powell, Lake Powell Forest, Lake Powell Point, Lake Toano Estate, Landfall at Jamestown, Liberty Crossing, Longhill Gate, Longhill Station, Longhill Woods, Ludwell, Mallard Hill, Marywood, Michelle Point, Mill Creek Landing, Mirror Lake Estates, Monticello Woods, Mulberry Place, New Town, Norvalia, Parkway Estates, Patriots Colony, Patriots Landing, Pelegs Point, Penniman East, Penniman Woods, Piney Creek, Pocahontas Square, Pointe at Jamestown, Poplar Hall Plantation, Port Anne, Powhatan Crossing, Powhatan Secondary, Powhatan Place, Powhatan Plantation, Powhatan Woods, Priorslee, Queens Creek, Queens Farm, Queens Lake, Queenswood, Raintree, Richmond Hill, Rich Neck Hight, Riverview Plantation, Rolling Woods, Royal Grant, Sandhill, Scotts Pond, Seasons Glen, Seasons Trace, Settlers Market, Settlers Mill, Shellbank Woods, Shores of York, Springdale, Skiffes Creek, Skimino Landing, Skimino Hills, Skipwith Farms, Springhill, St. Georges Hundred, Stonehouse, Stonehouse Glen, Sycamore Landing, Temple Hall Estate, The Colony, The Conservancy, The Farms of New Kent, The Meadows, The Mews, The Oaks at Fenton Mill, The Woodlands, The Woods, The Retreat, The Settlement at Powhatan Creek, The Vineyards, Vass Meadows, Village at Quarterpath, Village Square, Villages at Powhatan, Vallages at Westminster, Villas at Five Forks, Vinyard Hights, Walnut Hills, Ware Creek Manor, Waterford, Warhill Green, Wellington, Westgate, Westmoreland, Westport, Westray Downs, Whitehall, White Oaks, Wexford Hills, Windmill Point, Windsor Forest, Winston Terrace, Winter Park, Williamsburg Bluffs, Williamsburg Commons, Williamsburg Village at Norge, Williamsburg West, Willow Lake, Wyndham, Yorkshire, Yorktown |
