Spring time in Charlottesville is a beautiful sight with the redbuds, dogwoods, azaleas and a host of other trees, shrubs and flowers blooming. As you drive through the Charlottesville area along the farms and estate properties you are amazed at the colors that abound. To celebrate this explosion of color we have a Dogwood Festival.

Popularity of Dogwood Festivals

When I Goggled “Dogwood Festival” to get some history for this post, I was surprised to find on the first page dogwood festivals in Atlanta, GA; Fayetteville, NC; Winchester, VA: Orleans, Indiana; Farmville, NC; Tyler County, TX; Knoxville, TN and that was just on the first page!

History of the Charlottesville Dogwood Festival

But I digress, back to Charlottesville. The Dogwood Festival is held in mid April lasting nearly 2 weeks. It began in 1950 as the Apple Harvest Festival and became the Dogwood Festival in April of 1958. This year’s Festival was touted at the 59th Annual Dogwood Festival, and included amusement rides, barbeques, fireworks, beauty pageant, parade, and a host of other activities.

The Food & Fun of the Dogwood Festival

Of the many activities held, some of the most popular are the amusement rides and the pork and chicken barbeques held at McIntire Park, which is located along the Rt. 250 Bypass in the City of Charlottesville. One night there will be pork barbeque and another night will be the chicken barbeque dinner. You need to get there early as the food runs out quickly. As you can imagine, these are very popular and the food is always delicious!

Fireworks & Golf

Generally the fireworks begin the Festival as they are held in celebration of Thomas Jefferson’s birthday, which is April 13. They are not necessarily held on that date, but as close to it as possible. There are many other activities including the Dogwood Festival/Pepsi ProAm Golf Tournament held at Meadowcreek Golf Course; a fashion show held at Fashion Square Mall; and a breakfast held at the local Elk’s Club.

Charlottesville Celebrates “Community”

There are also community based activities such as the “Celebration of the Community” sponsored by the Charlottesville Chamber of Commerce which is a gathering of all the non-profit community resources in the area to show who’s out there and how citizens can help support our community. There is the rededication of the Vietnam War Memorial at McIntire Park. There is also a track meet held at University of Virginia which used to be the largest on the East coast, now it attracts 1600+ athletes from 100+ schools, that is still pretty large.

Charlottesville School System Sponsored Events

There are also some non-public events for underprivileged children with special needs from the City of Charlottesville school system and children from Head Start programs in the surrounding counties sponsored by local businesses. These events provide free rides at the carnival, pizza, Pepsi and t-shirts for these special children.

The All-American Way - Parades, Pageants and Races!

No festival would be complete without a beauty pageant. The surrounding counties send their prettiest young ladies (winners of their local beauty pageants) to compete to be “Miss Dogwood”. Nor would any festival be complete without a parade. This parade in downtown Charlottesville takes place on the last day of the Dogwood Festival. Incidentally, this is also the same day as the Foxfield Races, which I talked about last time.

Charlottesville, VA Real Estate

If you are interested in the moving to the Charlottesville, Albemarle area, let us know. As Charlottesville real estate professionals in the greater Albemarle County area, we are able to introduce you to our diverse neighborhoods and show you a broad spectrum of available homes for sale. If you are local and looking for a larger home for your growing family or maybe a smaller home, let us help you find your next home. If you are happy with your current home and are looking for a second vacation home, consider The Chase Team when you are ready to search for your mountain vacation home at Wintergreen, a mountain/ski resort only 45 minutes from Charlottesville. Wintergreen has much more to offer than just skiing.

Your Comments/Questions?

Did you attend the Dogwood Festival? Tell us your favorite event during the 2-week Dogwood Festival.

Lauri

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Not to Be Missed Bi-annual Charlottesville Social Event

Charlottesville has many annual events but none that hold more allure than The Foxfield Races. Held twice a year (the last Saturday in April and the last Sunday in September) in the middle of Albemarle farm and estate country, this event has been a favorite for tailgaters since 1978. Rivalled only by UVA football game tailgating, there are tents set aside for those who wish to have their parties catered and open areas for those who wish to bring their own gourmet tailgating affairs.

A Charlottesville Spring Spectacle

The April race means spring is in full bloom, gracing our Charlottesville homes with spectacular blossoms. Adding to nature’s colors are those of the race attendees - you will see everything from elegant summer hats and sun dresses (not unlike the Kentucky Derby) to shorts and sandals. Race day is popular among Charlottesville residents, UVA students, and UVA alumni who often travel back to Charlottesville to attend.

The History of the Steeplechase Racing

The Foxfield Race is a steeplechase race which draws top thoroughbreds from up and down the Atlantic seaboard. Steeplechase racing is one of the oldest organized horse racing events with the first being recorded in 1752 in County Cork, Ireland, when the races were run from one church steeple to another. Church steeples being the most prominent landmarks at the time, early races were run across the natural terrain (hills, fences, streams) between them. Today Steeplechase races are run on “turf” (a hardy, thick-bladed grass), down long inclines that allow the horses to build up speed, and over 52″ steel frames either stuffed with artificial brush, or in some cases natural brush. Most tracks are between 1 1/2 and 2 1/2 miles long.

Foxfield History

Locally, The Foxfield Races are held on a piece of prime Charlottesville real estate located just 8 minutes from town at the site of what was a grass runway airport in the 1920s. The old terminal building has since been converted into a home and the hangar into stables. It was owned as a private Albemarle horse farm until 1973 after which it was purchased and redesigned into the race facility we see today. The site (just 4 miles West of Charlottesville on Garth Road), sits among some of the loveliest Albemarle estate homes and offers magnificent views of the Blue Ridge Mountains.

The Sumo Gala

The Foxfield Races support local charities with a “black tie” event the evening before. This year, the benefit will be a black tie “Sumo Gala” with 12 world class Sumo wrestlers from the U.S. Sumo Federation. The black tie dinner, auction, and Sumo wrestling tournament is modeled on a Las Vegas style boxing match with a raised arena in the middle and tables all around. The beneficiary of this year’s fund raiser is the Ronald McDonald House Charities of Charlottesville.

Are You a Foxfied Race Regular?

If so, tells us about your most memorable race-day experience!

Lauri

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During last month’s regional housing conference titled “Finding Common Ground“, lunch plenary session keynote speaker Joe Molinaro discussed how future demographics will change the way Charlottesville homes will be built and real estate development should be planned. Mr. Molinaro is Managing Director for Smart Growth and Housing Opportunity for the National Association of REALTORS® (NAR). By using trends in demographics, Mr. Molinaro identified numerous changes in future real estate development. These changes are targeted in several high-growth regions which includes the East Coast “megalopolis”. Charlottesville is included in this East Coast megaloplis region. Population increases and demographic changes identified by Mr. Molinaro include:

• Total growth in population in the US. Based on the 2006 census, the U.S. population hit 300 million. It will hit 400 million by 2035
• The growth of the “Boomer Generation” will occur every year from now to 2025
• Historic changes in the number of single person households from 13% of households belonging to singles in 1960 to over 30% in 2040
• Households with children will continue to shrink from 48% in 1960 to 27% by 2040

Because of these dramatic changes in our population and shifts in demographics, Charlottesville real estate professionals, city planners, developers, and civic leaders will need to address how Charlottesville will plan for the future housing needs of these population segments in the years to come.

Future Charlottesville Home Solutions

Obvious choices to handle the shifting demographics include the following according to Molinaro:

1. The face of Charlottesville neighborhoods will change. Greater population density to accommodate individuals who seek “walkable living” scenarios will grow in popularity. Health conscious Charlottesville seniors who need less space to live and desire to walk to shopping, cultural centers, health clubs and recreational outlets will be more prevalent
2. Demand for mass transit will grow with greater density
3. The village concept for all-inclusive services, shopping, offices and housing will grow in popularity. This means affordable Charlottesville single-family homes will fit on smaller lots. More Charlottesville neighborhoods will offer condos, townhomes and zero lot-line patio homes

Plan Today For Tomorrow’s New Charlottesville Demographics

No doubt, Albemarle County will always retain its charm and beauty with lush farms and estate homes. In light of the need for “smart growth” in today’s Charlottesville real estate market, it’s time we awoke to these future demographic realities and started planning for these realities. What changes do you foresee for tomorrow’s Charlottesville housing options and our ever changing Albemarle County real estate market?

Until my next post,

Brian

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1. Colleges
2. Cost of Doing Business
3. Cost Of Living
4. Crime Rate
5. Culture & Leisure
6. Educational Attainment
7. Income Growth
8. Job Growth
9. Net Migration
10. Overall score: 9th place

The Forbes.com caption “America’s Best Small and Large Metro Cities was based on the cumulative “Business and Career climate” in the area.

Charlottesville Real Estate - Virginia’s Best Kept Secret?

Obviously being named to this illustrious list is a double-edged sword. It’s both gratifying and regrettable as these publications typically raise the overall awareness of and desire for the quality of life offered here in Charlottesville. Many native Charlottesville residents and newcomers alike want to maintain the “status quo” and continue to enjoy the quality lifestyle to which we have grown accustom. The good news is that in spite of years of growth and award winning attention as one of the best places in the country to live, Charlottesville continues to retain its small town character and charm. Families from across America, for obvious reasons, want to experience this quality of life here in Charlottesville. In today’s hyper-speed communication era, it’s difficult to “keep a lid” on what we enjoy here in Charlottesville and greater Albemarle County with such amazing communities as Ashcroft, Farmington, Glenmore, Wintergreen. That being said, expect Charlottesville real estate to continue to be attractive and growth to occur.

How About You?

What other Charlottesville area qualities would you put at the top of the list that makes this such a great place to live? Be the first to comment and tell the other readers why you moved to Charlottesville.

Until my next post,
Brian

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Great Charlottesville Home Values Abound

Prices have corrected and great home values abound for Charlottesville real estate at every price point, but value in one location will not be the same as in another. In Ashcroft, for example, supply is limited with just three homes listed for sale at this time, and the community has a low turn-over rate with an average of just 10 homes selling in a typical year. Glenmore on the other hand, sees considerably more turnover and currently there are 36 homes listed for sale while the average sales per year are 26. You don’t have to be gifted with numbers to see why the selling prices in Ashcroft are higher for a comparable property than in Glenmore. The bottom
line: With many more homes for sale in Glenmore, that’s where the super values will be. And, with so few homes for sale in Ashcroft, a ’super value’ will simply be priced higher than in Glenmore.

Surround Yourself with a Team of Knowledgeable Charlottesville Real Estate Professionals

Moral to the story: Find a good Charlottesville Realtor® you can trust and let him/her help you understand the micro markets you are considering as a buyer. Great value doesn’t mean the same price for comparable properties in two different subdivisions.

Until my next post,

Brian
Your Charlottesville Real Estate Resource

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The Buying Power of Cash in Today’s Charlottesville Real Estate Market!

Every deal will still involve a negotiation and that negotiation will usually result in the buyer paying less than the asking price. How much less? If you have the wherewithal to make a cash offer, you will be able to negotiate your best deal with the seller. For the first two months of 2008, the average percentage of Sales Price to List Price for homes sold in Charlottesville as 96.5% while for the sale of Albemarle County Homes, the percentage was 94.18%. Cash buyers of Charlottesville real estate on the other hand paid on average 93.19% of asking price while cash buyers of Albemarle County real estate paid 92.09%. That’s the power of cash in a negotiation and the reason Cash is King. But, credit is pretty good too particularly when you think about how little money you have to come up with at closing versus paying all cash. You’ll end up with a slightly higher purchase price, but the reality is that the extra 2-3% you’ll pay, will hardly be noticeable when amortized over the life of a 15 year or 30 year mortgage.

I look forward to your comments.

Until my next post,

Brian

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You Do the Math

Here’s a quick example using the mortgage calculator on my ChaseTeamOnline website: Let’s say you buy a $400,000 home, put 20%, and borrow $320,000. Total principal and interest for a 30 year fixed mortgage at 6.0% is $1918.56 per month. That same property will cost you $104.05 more per month at a rate of 6.5%. Total increase in cost over the life of the loan: $37,458.

Mortgage Rate Watching

If you have been monitoring the mortgage rates recently, interest rates have been moving slightly higher. Where will they go? No one knows. The question is this, do you wait and hope rates fall again or act now?

I look forward to your comments.

Until my next post,

Brian

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Fear Sells!

The trick to picking up a great Charlottesville real estate deal and to taking Dan Kadlec’s advice is ignoring all the negative mass media headlines. Fear sells. Chronic negative real estate headlines have helped fuel a self-fulfilling prophecy of repressed property values. It’s been hard to think about buying Charlottesville real estate while the headwinds in the mass media have been so strong, but going against the tide and tuning out all the noise will pay dividends if you have the courage to do it. For all you sailors out there, you know it takes a lot more skill and tenacity to reach the finish line when working your way up wind! If you are interested in a big financial gain and have a time horizon of 3+ years, now’s the time to take deep breath and unfurl all your sails!

How about you, are you ready to head up wind and seize opportunity while it is knocking? I look forward to your comments.

Until my next post,

Brian

P.S. Stay tuned for my next post titled “Tomorrow’s Deal will be Inferior and will Cost you More!“

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On the front page of the Washington Post (February 23, 2008), there was feature article about homeowners losing their equity lines. I brought this issue up during the past week on this blog and now it is making news in a major publication. This type of information is very helpful to know so that homeowners can make informed decisions. In this article there is a quote from a homeowner who says “I thought I was too smart for this to happen to me”. I strive to provide useful information that is important when making decisions about real estate financing and will keep you updated as the home finance market changes. It is also important consumers read and understand what many in our industry consider to be “boilerplate” terminology like “deterioration of the value of the asset or the value of the collateral“.

Do you have a HELOC? If so, what has been your experience with your HELOC in light of what many lenders are considering a declining market?

Helping you make smart decisions about your Charlottesville home financing options,

Larry Saunders
Mahone Mortgage, LLC.
685 Berkmar Court
Charlottesville, VA 22901

If you have a specific question about home equity lines of credit, you may leave a question here in the easy to use comment box or you may email Larry direct at larrys@mindspring.com.

Larry’s website is : www.larrysloans.com

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Variety of Uses for HELOC’s

For many reasons, the Home Equity Line of Credit (HELOC for short) has been a very popular method of borrowing money over the past several years. Banks made it very easy for homeowners to set up this type of home loan over and above their existing first trust loan in any amount from $10,000 on up to 100% of the market value of the a home. This type of loan can generally be arranged quickly with little or no closing costs and the interest rate is lower than many credit cards and car loans. People also like that the interest on a HELOC is tax deductible (well, for most people, anyway).

HELOC’s Provide Ready Access to Cash

The interest rate on a HELOC varies over the life of the loan. Whenever the Prime Rate goes up or down, the interest rate on this type of home loan also goes up or down. In return for taking on the risk of a variable interest rate, a homeowner using a HELOC can withdraw any portion of the approved loan amount for any purpose and pay back the borrowed money whenever they want and then do it time and again. This enables a borrower to have ready access to plenty of money for whatever they want, whenever they want to use it but not have to pay interest on it when they don’t need it.

Read the Fine Print!

Most borrowers who have set up a HELOC assume they have access to the full amount of the Line of Credit for which they were approved. However, it would be a good idea to check the fine print of your loan documents because in the fine print for a HELOC, the bank has the right to NOT provide additional funds if, in the bank’s opinion, the market value of the property secured by the loan has decreased in value. This is exactly what is happening in some parts of the country. The nearby Washington Metropolitan Area is currently defined by Fannie Mae and Freddie Mac as being in a “declining market”. Some banks in these ‘declining’ areas are refusing to advance funds to some borrowers even when the borrower has not withdrawn the full amount of their “approved” loan amount.

Smart Access To Your Money Tip

Fortunately, the Charlottesville real estate market is not defined as a declining market. However, if having access to all the funds in your approved HELOC is important, you might want to consider drawing on those funds now just to be on the safe side. You’ll be paying interest on the borrowed funds, but that will be offset by the peace of mind knowing you have access to the amount you were expecting.

Helping you make smart decisions about your Charlottesville home financing options,

Larry Saunders
Mahone Mortgage, LLC.
685 Berkmar Court
Charlottesville, VA 22901

If you have a specific question about home equity lines of credit, you may leave a question here in the easy to use comment box or you may email Larry direct at larrys@mindspring.com.

Larry’s website is : www.larrysloans.com

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