Charlottesville Real Estate News

The damage inflicted by home foreclosure extends beyond the heartbreak of a family losing its property.

The costs -- emotional and financial -- extend to neighbors, communities and others, though estimates vary.

Lender: The Joint Economic Committee of Congress wrote in 2007 that foreclosures carry an average cost of about $78,000, while preventing a foreclosure costs about $3,300. Most of the expense ($50,000) is borne by the lender, which takes title to the home and must find a buyer.

The Mortgage Bankers Association said costs to lenders include lost principal and interest payments, tax and insurance on the property, maintenance and real estate commissions when a home is sold.

Homeowners: The congressional report put the average cost to homeowners at $7,200 for lost equity, moving expenses, legal fees and the like. They will likely take a hit to their credit score, which can affect jobs because some employers check credit scores before hiring or promoting workers. Lose a home and you also lose the tax advantages of owning a home. Many families say they lost their entire savings during the financial crisis in a failed effort to keep their homes.

Local government: Communities can lose anywhere from a few hundred dollars to more than $30,000 on foreclosed homes, according to a study by the Urban Institute. That includes lost property taxes, unpaid utilities and costs for upkeep or demolition of a property. Vacant properties also can mean lower property values, cutbacks in government services and a rise in crime and blight.

Neighbors: Particularly for close neighbors, studies show a single foreclosure can lower home value anywhere from 0.6% to 1.8%. The Center for Responsible Lending put the average neighbor dollar loss at $5,800 to $8,700.

By GWENDOLYN BOUNDS

It's the ultimate in low-maintenance landscaping: a tree that blooms all year long, needs no water or pruning and never dies.

Sales of man-made "bottle trees" are flourishing among homeowners wanting something more interesting in the garden than a birdbath or gnome. Styles vary, but most trees are crafted from steel with branches capped by colorful empty bottles.

View Slideshow

Jerry Swanson

Owners of bottle trees are spreading the word. Some are giving them as Christmas gifts, while others order them for housewarming gifts. Shown here is a tree from bottletreecreations.com.

The trees have long been a fixture of rural Southern yards and in Caribbean island communities, where property owners commonly decorate real—but dead—trees with bottles.

The manufactured versions, which can be short or tall, are popping up everywhere from New York to Alaska. Many are hand-crafted by people who are into welding and are sold on websites such as thebottletreeman.com and bottletreecreations.com. Gardener's Supply Co. says bottle trees made in India are one of its top sellers in garden decor, a category that has been growing 15% annually, the company says.

"Bottle trees are the modern pink flamingo," says Felder Rushing, a garden author in Jackson, Miss., who is writing a book about the trees. "People are bored of the plantings we have. And you can only have so many naked goddess statues out there."

Bottle trees have their shortcomings. They can blow over if they aren't anchored well. And bottles must be positioned carefully on branches so they don't collect rain. And the trees aren't necessarily pest-resistant: "You'll get caterpillars going inside the bottles to make cocoons," says Jerry Swanson of Princeton, Wis., whose bottle trees are now standing in 34 states.

Some landscape architects wish the bottle tree trend would stay where its roots are.

"They have their place in Southern culture, but usually they risk looking totally tacky and like someone's leftover party binge," says Susan Cohan, a residential landscape designer in Chatham, N.J. "It's a country gardeners' thing. Not something I'd ever want or recommend for my clients."

Others liken the manufactured versions to fake Christmas trees. "There's something soulless about buying them over the Internet," says Margie Grace, principal of Grace Design Associates Inc. in Santa Barbara, Calif., who adds, "there is room for folk art, but this is faux art." For non-Southerners to erect a bottle tree can seem inauthentic, she says.

Does your KITCHEN measure up. When showing homes, we have noticed that buyers are looking for kitchens that reflect the look of the rest of the home. Traditional kitchens may be on the way out! Read this article and let us know your thoughts.

http://online.wsj.com/article/SB10001424052702304569504576405923349321868.html

Virginia selected by USA Today as the number one place to conduct BUSINESS!!

http://usat.ly/la1eez

Please bring more:O)

Interesting article about happiness in your neighborhood and reasons people leave!

http://www.bhgrealestate.com/Views/MediaCenter/News.aspx?id=2949

Let us know your thoughts on this!

We conducted an interesting study of homes sold in Albemarle Charlottesville since January 1, 2011.

There have been 728 home to sell in our immediate area since the beginning of 2011. Many of homes were in the price range of $150,000 to $400,000, 361. Of these 361 homes 216 were detached homes, 118 attached and 27 were condominiums.

Please find in this link the highest and lowest priced condominiums to sell -  http://caarmls.com/CAARReports/ListitLib/show_report.aspx?ID=7128269883

The highest and lowest priced detached home -
 
http://caarmls.com/CAARReports/ListitLib/show_report.aspx?ID=7128269879

and the highest and lowest priced attached home -
 http://caarmls.com/CAARReports/ListitLib/show_report.aspx?ID=7128269885

Year to date our sales of contingent. pending and sold homes are running in line with 2010 and ahead of 2009, and 2008. This actually means we are having a fantastic year in sales as last year we had a large boost from the First Time Homebuyers Tax Credit.

If you have any questions regarding our market please feel free to contact us at your convenience.

There are several individuals who have purchased or there are those attempting to purchase a condominium who are finding it extremely difficult or impossible to succeed in these transactions. Getting financing for this type of home purchase is proving to be a quagmire!  http://washingtonexaminer.com/news/business/2011/06/condominiums-struggle-pass-fhas-tough-financing-tests

We find this unsettling as Realtors. Often condominiums provide housing where individuals do little exterior maintenance as the association takes care of this aspect of homeownership. Other purchasers find condominiums the only housing they can afford as often these homes are lesser priced.

In any case, we find this area of the housing market is clogged consequently slowing the ability of the real estate market to increase sales. Not sure of a solution, but it is our hope that some remedy is found soon as this will help all of us, homeowners, when it comes time to sell and purchase a home!

Thoughts?

Our guess finding the bottom of the real estate market is like stabbing into the dark!

If you find it you will likely be very very lucky. The key is trying to purchase during the low cycle and selling during the high cycle.

Can you imagine not selling because you are not sure if we are at the highest point in an upswing?

A key indicator to us is when the

cash buyers purchase.

http://tinyurl.com/4y4us2s.

Let us know your thoughts.

http://goo.gl/FDJmx

Go to this link, then tell us what your favorite kitchen counters are!!! Bobby is a sucker for Granite!