The Real Estate Weekly | 5.18.2022

Page 1


VOL. 31 NO. 20 n MAY 18 - 24, 2022





Rising Rates & Higher Costs What’s a Buyer to Do? BY CARLA HUCKABEE

MAY 18 - 24, 2022 ISSUE 3120



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$849,000 |

ML S 627 60 7

A storied, 111-acre farm with brick manor home offering complete privacy, natural beauty and grand Blue Ridge views. This rare offering sits on the edge of Crozet with easy access to all its amenities. The 7,700 square foot is well-sited on the back of the property offering complete privacy and expansive mountain views to the West. The home offers 10 ft ceilings, wellproportioned rooms, a large family room/ kitchen, wide plank floors, and heart pine millwork and doors. An excellent candidate for conservation easement.

140 beautiful acres, very private, yet conveniently located to both towns of Gordonsville, and Orange. This parcel consist of 35 acres in pasture, with numerous great building sites, and 105 wooded acres, which surrounds the open land. The parcel has numerous springs that flow into the White Oak Creek, which bisects the property, and there is natural area suitable for constructing a pond. Property is further enhanced by a recently updated driveway, long frontage on Mallory's Ford Road, and a deeded access out to Mountain Tract Road.




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One of Virginia’s preeminent estates, Verulam is nestled on 503 acres in the breathtaking foothills of the Blue Ridge Mountains, conveniently located just 4 miles from the University of Virginia and modern amenities of Charlottesville. The Classical Revival manor, offers an easy elegance with both formal and informal spaces that flow seamlessly to bucolic grounds, formal Charles Gillette designed gardens and handsome pool complex. Additional amenities include a charming guest house and restored dairy barn turned grand event venue. The farm abuts 1,000+ additional acres of protected land including the Ragged Mountain Reservoir Natural Area.

PETER A. WIL E Y | 4 3 4 4 2 2 2 09 0

ML S 627 319

J U STI N H . W I L EY | 434 981 5528

J UST I N H . WI LE Y | 434 981 5 5 28 P E T E R A . WI LE Y | 434 422 20 90




Under Contract TOUCHSTONE

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ML S 627 7 0 7

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540 672 3903

Under Contract RAVENSWOOD

$525,00 |

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Privacy, mountain views and long river frontage set the stage for this impressive residence. A meticulously restored colonial era home was enlarged with a custom 7,000+ SQ FT addition creating a one-of-a-kind offering, perfect as a main residence, family retreat or inn. Additional amenities include a restored bank barn, cabin, and pool. Property has incredible Blue Ridge views and long frontage on the Roach River.

A classic Victorian home in the heart of Somerset with over 7 acres of privacy and pastoral views. this three-bedroom, two-and-a-half-bath home is set on over seven acres and offers mature landscaping and enough room for a few horses. Wood floors, woodwork, and 19th-century craftsmanship are still intact in the house. It's a rare chance to purchase a secluded Victorian private period home in Orange County's Somerset/Gordonsville neighborhood.


J UST I N H . WI LE Y | 434 981 5 5 28

| 4 3 4 4 2 2 2 09 0



$1,950,000 |

ML S 618166

18th century Virginia living at its finest. Historic main residence with 5 bedrooms, 5 baths, 2 half on main floor. Eight additional bedroom suites in the dependencies, rich with character and historical charm—all with fireplaces, modern baths and current mechanical systems. Green Springs Historic District, 20 minutes east of Charlottesville, 40 from Richmond. PETER A. W I L EY | 434 422 2090


If You Are Thinking of Selling Your House in 2022, Call Sharon!

MAY 18 - 24, 2022 ISSUE 3120

EAN FAULCONER INC. MCLFarm, Estate and Residential Brokers


French Normandy style home set on a 2.7 acre corner, wooded lot in Keswick Estate. Elegant and gracious custom designed residence, built by Baird Snyder. Light filled, comfortable rooms thoughtfully planned. Interior archways, arched windows and doors. A 20’ high sweeping entry with curved staircase sets the tone for this exciting home created for entertaining and daily living. Custom door design and carved white statuary marble fireplace mantel. Cast stone work on the exterior and solid mahogany arched leaded beveled glass front doors lead to the limestone foyer. Extensive gardens and terraces. Enjoy Resort style living in Keswick Estate with newly remodeled Keswick Hall and Country Club. $2,950,000


503 Faulconer Drive Charlottesville ∙ VA ∙ 22903 p: 434.295.1131 f: 434293.7377 e:


Unique building lot overlooking a quarry lake. 3 private properties share the lake access, sandy beach, cabana and 20 acres of common land (including a large utility barn). Amazingly beautiful! $350,000


Over 25 years of Real Estate experience. email: cell: 434.981.7200 WWW.MCLEANFAULCONER.COM


Dramatic, open floor plan custom built by Shelter Associates, in Keswick Estate. Thoughtfully designed large comfortable living areas, and a stunning formal dining room.The wide cased openings allow for graceful flow throughout the first floor. Gorgeous marble countertops in the kitchen with fabulous custom cabinets and lighting.The extended exterior living space sets this home apart with a screened porch and terraces. The open turned staircase leads to a full, partially finished terrace level. Set on over 3 acres, this elevated, private parcel backs up to an adjacent horse farm. Many beautiful features including: custom moldings, sunken English gardens, geothermal heating and 2 master suites on the main level. $2,350,000

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CAAR Homes Sales Report First Quarter 2022 Market Report Key Takeaways Economic Conditions • Virginia’s economy continued to improve in early 2022, despite rising inflation and the escalating conflict overseas. Economic conditions are solid in the Charlottesville region, with very low unemployment and strong job growth. • Even as the economy improves, consumer confidence is shaky. In March 2022, the measure of expectations of future economic conditions fell to its lowest level since 2013. • Mortgage rates are on the rise. In the second week of April, the average 30year rate hit 5%, the first time it has been at this level in 11 years.


Housing Market Conditions • There were 888 homes sold in the CAAR region during the first quarter. The number of sales was 17% lower than a year ago, reflecting 177 fewer sales. This is the third quarter in a row of year-over- year sales declines in the region. • Home prices continued to rise quickly in the CAAR area. In the first quarter, the median sales price was $389,900, which was up 13% over a year ago, a gain of nearly $45,000. • Inventory continued to fall in the CAAR region but at a slower pace. There were 472 active listings across the CAAR footprint at the end of the first quarter, which is just 3% fewer listings than this time last year. Supply expanded in some local markets around the region.

Key Trends Dashboard, CAAR Economy • 2.5% | Is the Feb-2022 unemployment rate in the CAAR footprint, which is down from Jan-2022 • 5% | Is the 30-year fixed-rate mortgage rate during the second week of April 2022, which is up 1.96 percentage points from a year ago


Housing Market • -177 |Fewer home sales in the CAAR footprint in Q1-2022 compared to last year • 13% | Percent change in median sales price in the CAAR region in Q1-2022 compared to a year ago • -$13.2 | Million dollars less in total sold volume in the CAAR footprint in Q1-2022 compared to last year • -3% | Percent change in active listings at the end of Q1-2022 in the CAAR market compared to a year ago • 1.1| Months of supply in the CAAR footprint in Q1-2022, which is down from a year ago

Economic Overview Despite ongoing uncertainties, the economy in Virginia continues to improve. In February 2022, total employment in Virginia surpassed four million jobs, the first time that milestone has been reached since March 2020. About 111,900 jobs have been added over the past 12 months. The total number of jobs in the state is now just 2% below where it was prior to the pandemic. The job recovery in Virginia continues across most sectors, with the fastest growth in some of the sectors that were hardest hit by the pandemic. The Professional/Technical Services, Transportation/Warehousing, Administrative Services, and Federal Government sectors have all been back to pre-pandemic levels for several months. However, in February, for the first time, the number of jobs in both the Retail Trade and Construction sectors surpassed pre-pandemic levels. A key indicator of the improving economy is the unemployment rate. In February, the unemployment rate in Virginia was 2.9% (not seasonally adjusted), which is down from 3.4% in January and is at the lowest level since March 2020. In the Charlottesville region, the February unemployment rate was 2.5%, down from 3% in January. New Construction In 2021, there was a total of 1,327 permits issued for the construction of new housing units in the Charlottesville metro area. This is the highest number of housing permits issued in the region since 2006, at the height of the housing boom. New residential construction continued to be brisk in the first part of 2022. In January and February, there were 286 new construction permits, which is up significantly from prior years. In 2021, about two-thirds of all new construction permitted was single-family housing. In the first two months of 2022, more than 70% of new housing permits were for the construction of single-family homes. Consumer Confidence Consumers’ outlook for the economy dipped this spring in response to high inflation and ongoing conflict overseas. In March 2022, the measure of how confident consumers feel about the future economy fell to 77.7, down from 87.2 in February, and the lowest level since 2013. Between February and March 2022, consumers’ confidence in the present economic situation ticked up from 153.1 to 161. (A consumer confidence index above 100 indicates people are feeling more optimistic about economic conditions.) Mortgage Rates Over the past few weeks, mortgage rates have risen faster than they have in nearly 30 years. In the second week of

April, the average rate on a 30-year fixedrate mortgage hit 5% for the first time in 11 years. Rates are rising in response to actions taken by the Federal Reserve, including a boost in short-term interest rates and a pullback in the purchase of bonds and mortgage-backed securities. The Fed has telegraphed several more short-term rate increases during 2022, which indicates that mortgage rates will likely rise further during the year. Even as rates continue to climb, they are still at historically low levels.

Housing Market Overview The number of home sales in the CAAR housing market was lower than a year ago, which reflects a cooling from the frenzied market of 2021. However, homes prices in the region continued to rise briskly, and homes were selling more quickly, which means that buyers are still active in the market. A lack of inventory has been the primary constraint on the market, and there would have been more sales if there was more inventory. Market conditions could be changing, as inventory may have bottomed out in the Charlottesville region and higher mortgage rates could dampen demand. Sales There were 888 sales across the CAAR footprint in the first quarter of 2022. Home sales have been down year-overyear for three consecutive quarters, reflecting a slowdown from the frenzied 2021 market. In the first quarter, the number of sales was 17% lower than a year ago, a decline of 177 sales. Home sales were 6% higher than pre-pandemic levels, with the first quarter sales total 6% higher than sales during the first quarter of 2020. Statewide, the number of home sales in the first quarter was down 8% compared to a year ago and was 9% higher than first quarter 2020 sales totals. Sales Prices The number of home sales transactions has slowed in the CAAR market, but prices continued to rise broadly across the region. The median sales price in the region was $389,900 in the first quarter, which is up 13% compared to a year ago, a gain of nearly $45,000. Home prices have risen quickly over the past two years in the Charlottesville area. The median sales price is now $87,900 higher than it was during the first quarter of 2020. The median sales price rose in the first quarter in all local markets in the CAAR region. The strongest price growth was in Fluvanna County, where the median price increased by 24% year-over-year. Median home prices were up by 22% in Louisa County and 17% in Nelson County. Statewide, the first quarter median sales price was $375,000, up 12% compared to a year ago. Sold Volume The decline in home sales led to a drop in total sold dollar volume in the CAAR region. Regionwide, there was a total of approximately $431.4 million of sold volume during the first quarter. Sold volume was down 3% compared to a year ago, which is a decline of about $13.2 million.

Days on Market Even though the number of home sales has declined, transactions are moving very quickly in the CAAR market. Homes that sold in the first quarter in the CAAR region were on the market about a month on average, or 30 days, which is 15 days faster than a year ago. The pandemic accelerated the region’s housing market. In the first quarter of 2020, for example, it took an average of 78 days for homes to sell in the CAAR region. Statewide, homes sold in an average of 24 days in the first quarter, down from 31 days a year ago. Inventory Inventory is at historically low levels in the CAAR region. Supply continued to fall in the first quarter, but the yearover-year inventory declines have moderated, suggesting that inventory might be bottoming out in the region. Across the CAAR footprint, there were 472 active listings in the region at the end of the first quarter. Inventory is down by just 16 listings, or 3%, compared to the end of the first quarter of 2021. Compared to a year ago, the number of active listings actually increased significantly in Fluvanna County, Greene County, and Louisa County. Despite those gains, the number of homes on the market in the CAAR region is just about a third of what it was in the first quarter of 2020, before the onset of the pandemic. Statewide, there was a total of 13,610 active listings at the end of the first quarter, which is about 2,000 fewer active listings than a year ago, a 13% drop. There were just 1.1 months of supply at the end of the first quarter in the CAAR footprint. The metric is down from 1.2 months a year ago but rose from 1 month at the end of the fourth quarter of 2021. The months of supply metric is calculated by taking the average monthly sales over the preceding 12-month period and dividing it by the inventory of active listings.

About VR The Virginia REALTORS® (VR) association is the largest professional trade association in Virginia, representing nearly 34,000 REALTORS® engaged in the residential and commercial real estate business. The Virginia REALTORS® association serves as the advocate for homeownership and private property rights and represents the interests of real estate professionals and property owners in the Commonwealth of Virginia.

About CAAR The Charlottesville Area Association of REALTORS® (CAAR) represents more than 1,400 real estate professionals in Charlottesville and Albemarle and the surrounding areas of Fluvanna, Greene, Louisa, and Nelson counties. If you have a question about today’s market, contact a REALTOR® today using for residential properties and for commercial properties. NOTE: The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.



MAY 18 - 24, 2022 ISSUE 3120


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MAY 18 - 24, 2022 ISSUE 3120


Rising Rates & Higher Costs


What’s a Buyer to Do?


ising mortgage rates, higher prices, and low inventory are taking their toll on wouldbe buyers in this real estate market. Some of these buyers are determinedly forging ahead, some are making drastic compromises, and others are dropping out of the market altogether. Let’s be clear. We have not seen these kinds of increases in rates, inflation and housing prices in decades. Combine that with extraordinarily low levels of inventories of homes for sale, and it’s no wonder frustrated buyers are calling it quits. And for some, that really is the best choice.


For most, it’s time to take a breath, sit down with their partners, reevaluate everything, and come up with a plan based on current market realities. It’s hard, though not impossible, to find a shred of optimism to hang on to these days. But armed with a well-conceived plan, a buyer can still succeed in this unstable market.

Core Problems At its core, higher home prices and low inventory are attributable (at least in part) to the surge in demand caused by a wave of millennials in their prime home-buying years. However, the low inventory also encourages an increase in demand for new construction, which, combined with labor and materials shortages, pushes prices to unprecedented highs.

Given the cost of replacement, current homeowners are reluctant to sell. Even if an owner wants to sell, it’s difficult to justify letting go of an affordable asset and entering an uncertain market. Additionally, Bill Hamrick, Branch Manager with C&F Mortgage, says, “A record number of homeowners refinanced last year. Those people are going to stay, especially if they took money out of the refinance to get a new kitchen. They’re sitting at two or 2.5 percent interest and are not interested in flirting with a mortgage rate at six percent.” Those factors leave us with a housing inventory in Central Virginia of just over one month, according to the CAAR (Charlottesville Area Association of REALTORS®) Home Sales Report for the first quarter of 2022.

And if that isn’t bad enough, after sitting at or near rock-bottom for almost two years, mortgage rates suddenly took off, leaving would-be buyers wondering what hit them.

Rising Rates Just two months ago, super-low mortgage interest rates were a driving force in home-buying activity. Many buyers saw those rates and told themselves, “Now is the time to buy.” They may have been right. However, as the CAAR Report describes, “Over the past few weeks, mortgage rates have risen faster than they have in nearly 30 years. In the second week of April, the average rate on a 30-year fixedrate mortgage hit 5 percent for the first time in 11 years.” That was April. Since then, the Federal Reserve raised the short-term interest


OLD TRAIL, CROZET Old Trail Living! This 4-bedroom townhome has been lovingly maintained with gleaming hardwoods, granite counters and fantastic finished space over the 2-car detached garage. Cozy patio with fencedin backyard plus covered front porch overlooking a lush common space. Enjoy all the amenities Old Trail Village has to offer. MLS # 629131 $524,500

Absolutely private and pristine deep water lake of 50+/- acres, with (2) miles of shoreline, in Nelson County, surrounded by nearly 800 acres of commercial pine forest, designed for staggered harvests into perpetuity. An incredibly rare recreational paradise. A new lake home, with quality appointments at waters edge, a boat house with (2) lifts and a large steel storage building to house toys and equipment. Internet and generator are in place. Nearly 7 miles of interior roads and trails with mountain views. Includes access to nearby James River! MLS # 623894 $4,950,000



In Southern Albemarle County, this gorgeous elevated building parcel with mountain and valley views. Located next to a local Albemarle County Vineyard and just minutes from Ashlawn and Monticello. This lot is portion of a 21.68 acre parcel which is being offered in 4 separate parcels. Soil and survey work completed for all parcels. MLS # 626797 $279,500

Magnificent mountain views from this gorgeous 4.21 acre parcel. Located close to Faber, VA and within 1.5 miles of 29 and only 30 minutes to Charlottesville and UVA. Parcel is all open and is 1 of 4 contiguous parcels offered. MLS # 629036 $124,500

South River Meadows ~ Spectacular one-of-a-kind estate parcel located in Greene County. Create your own family compound. Parcel is dividable and features a mature hardwood forest with driveway in place. Meander through the hardwoods and then approach the elevated private building sites which overlook rolling pasture plus a gorgeous multi-layered view of the Blue Ridge Mountains. Frontage along the South River. Multiple dwellings allowed. MLS # 622032 $595,000



MAY 18 - 24, 2022 ISSUE 3120



SCOTTSVILLE CHARMER Delightful, walkable community of Scottsville. Charming vintage 4 BR cape with apartment, 2 story detached masonry studio and separate city lot. New appliances. 3 full baths. In excellent condition and move in ready. Brand new standing seam roof on both buildings, with natural gas fireplace, beautiful kitchen and porch garden, fenced yard, multi-level decks and terraced gardens overlooking the town. Private parking. Excellent Investment. MLS # 628406 $479,500

Steve White (434) 242-8355 29 Years of Specializing in Buyer & Seller Representation for Residential, Farms & Estates

1100 Dryden Lane Charlottesville


Exceptional details describe this custom-built, builder home. From the mahogany floors, the 60X96 kitchen island, exquisite moldings, spa-like primary suite to the private, park-like 10 acres. The floor plan is an entertainer’s dream, or the perfect family home with attached apartment. Sit on the beautiful gazebo overlooking your fenced, level yard including a 475’ zip line! Hardware River frontage for the water enthusiasts. Unfinished, walk-out terrace level, detached 3-bay shop plus equipment run-in shed and gated entry. Geothermal heating and cooling and a 75-year roof are just the start of a long list of impressive details featured in this home. MLS # 622132 $1,595,000

rate by another half-point and many expect more increases during 2022 to limit inflation. “I’ve been doing this for 35 years and have never seen a market like this,” says Hamrick. “The crazy prices and spiraling interest rates make it difficult. We have gone from below three to almost six percent and the rates just went up again today. “This doubling in rates is having an incredible impact on buyers. The same house today costs a buyer $200 more per month than it did just a few weeks ago. “And it’s not just the base rate that is causing problems. If your credit score is below 700, you’ll likely pay even more for a mortgage, probably another onehalf percent. At the same time, loan-tovalue ratios are dropping to 75 percent. That’s an indication that entities buying mortgage-backed securities think today’s home prices may be inflated.”

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Julia Morris-Roberts, Mortgage Loan Officer with Fulton Bank, agrees. “It’s heartbreaking to see pre-qualified buyers waiting for the right house to come available and now, all of a sudden, they no longer qualify in the range they were looking.”

Know Your Pain Points Financing a home adds one more layer of complication to an already difficult process. CAAR President-Elect S. Lisa Herndon advises buyers to get two experts on their team from the first moment they start thinking about buying a home—a REALTOR® and a lender they can trust. “And then use them. Sit down and strategize. Play out all the possible scenarios. Know everything upfront, especially what your pain points are. “What strategies will you be able to use to be competitive in this sellers’ market? Do you have the budget to go $20,000 over the asking price? And then if the

“I always try and give my clients a bit of a cushion in case rates move up while they are looking.


Graduation Weekend of May 20th Please go to May 19th Madison County Business Expo (free) 1pm-6pm May 21st Tour de Madison June 2 – June 4 Graves Mountain Music Festival May 20th Jimmy O at Prince Michel & Tap 29 Brewery JB Brown at Blue Quartz & Shotwell Brewing


May 21st Denim and Lace at Prince Michel & Tap 29 Brewery Madison Farmer’s Market and Joint Venture at Blue Quartz & Shotwell Run Brewing Pop – up at the Vineyard – Don Hulcher – at Revalation Vineyards Featured Artist at Revalation April 30-June 27 is G.M. Grant Music at Early Mountain TBD Music at Bald Top Brewing TBD

But in this environment, you really need to be in constant communication to keep up with these rapid rate increases.” Buyers are Beyond Frustrated After making four or five offers and losing out to cash buyers or better offers, buyers must now deal with higher rates and potentially more stringent financing conditions. And all the while, home prices keep rising. Jay Domenic, Mortgage Loan Officer with Towne Mortgage advises, “The most important step for buyers is to circle back to their lender. If they have been pre-approved or pre-qualified a month or so ago, the mortgage rates have probably shifted out from under them. Buyers need to know what they qualify for at today’s—and tomorrow’s—interest rates. “I always try and give my clients a bit of a cushion in case rates move up while they are looking. But in this environment, you really need to be in constant communication to keep up with these rapid rate increases.”

house doesn’t appraise at your offer, can you make up the difference in cash? How does the lender feel about foregoing an inspection or having the inspection for information only? These are all questions you need to know the answers to before you start making offers. “With mortgage rates so aggressively on the upswing, it’s critical to think about what interest rates will be in two weeks or two months. The worst thing is to be pre-qualified at a certain mortgage rate and then have a subsequent uptick in the interest rates nullify the deal.” Another reality that can make a difference is geography. If escalating mortgage rates price buyers out of their target market, they may be forced to look further afield. Buyers need to evaluate exactly where they are willing to buy and under what conditions. Broker Ray Caddell, with Ray


This unique, custom built home is tucked away on 10 private acres in Hidden Valleys. Veranda style porch, two-story foyer w/turned stair case. Two master bedrooms with attached master baths, Kitchen with large island, two sinks, all appliances, and breakfast nook. Formal living room and dining room with double-sided fireplace. Sunroom with lots of natural light. Screened porch off kitchen and a laundry / mud room with a large closet. MLS# 618411 Asking price - $649,000 Debbie Cash Cell (434) 960-5501

3450 Berkmar Drive, Suite A 111 Charlottesville, VA 22901

EAN FAULCONER INC. MCLFarm, Estate and Residential Brokers Farm, Estate and Residential Brokers 503 Faulconer Drive ∙ Charlottesville ∙ VA ∙ 22903


Immaculate, end unit townhome in the heart of Old Trail. Mountain views from the front and back decks. Large, beautifully upgraded kitchen. Bright, open spaces. Two master suites. 2 car garage. Convenient to schools. Old Trail amenities; Coffee Shop, restaurants, gym, walking trails. Terrific lifestyle! $425,000

MAY 18 - 24, 2022 ISSUE 3120




82 Old Oaks Lane | Fishersville | Model Home

Single Family Homes & Townhouse Villas

Charming 1.5 story cottage with 3 bedrooms and a full basement. Recent updates include a renovated kitchen and mini splits for heating and cooling. Hardwood floors. Back backyard has lots of potential for expansion. $323,900

available build to suit • one level no step walk ins

19 Myers Corner Dr, Suite 101 Staunton, VA 540-943-0085




Over 25 years of Real Estate experience. email: cell: 434.981.7200

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LLC • 434-249-2222 or Toll-Free: 866-201-4897 29 Stoneridge Drive, #207, Waynesboro • 434-249-2222 or Toll-Free: 866-201-4897 • 434-249-2222 or Toll-Free: 866-201-4897 NMLSID\372644 MLO\8039VA • Virginia State Corporation Commission ( • 434-249-2222MC-2457 or Toll-Free: 866-201-4897 29 Stoneridge Drive, #207, Waynesboro 29 Stoneridge #207, Waynesboro 29 Stoneridge Drive, #207,Drive, Waynesboro NMLSID\372644 MLO\8039VA • Virginia StateMLO\8039VA Corporation Commission MC-2457 ( NMLSID\372644 • Virginia State Corporation Commission MC-2457 ( NMLSID\372644 MLO\8039VA • Virginia State Corporation Commission MC-2457 (

MAY 18 - 24, 2022 ISSUE 3120


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Caddell & Co. Real Estate, says, “In the last two years, I have sold more houses over the mountain than I have in the previous 30-plus years. Buyers are being priced out of the Charlottesville area. “Under $400,000 is tough. Under $300,000 is next to impossible. I worked with a young single professional firefighter with no debt. At her salary and savings level, she qualified for a little over $200,000 purchase price. We could not find her a suitable house in the area she was working at these mortgage rates. A firefighter should be able to live in the county they are protecting. “Those who could easily buy a house before can still buy one. Those who struggled before, have an even harder climb now that interest rates have jumped up.”

Possible Solutions But all is not lost. Even the CAAR quarterly report suggests that price increases might begin to decelerate. Hamrick agrees. “Late in this quarter or mid-summer, I think you’ll start seeing a slowdown in prices. The escalation clauses that shoot home prices way over ask, may start becoming a thing of the past.” In the meantime, there are tools and strategies that can help buyers in this

“Buyers shouldn’t be scared off by adjustable rates. Decades ago, there were some unfavorable ARMs on the market, and borrowers did get burned. Those days are gone. ARMs are not a bad word anymore. We really are creating a product that will best serve the client.” Morris-Roberts advises buyers to be open-minded and explore all options. ARMs can make a home more affordable and give buyers the security of knowing their rate won’t change for whatever period they choose.

Silver Lining Higher mortgage rates may help to end our frenzied housing market. And in the long run that may help buyers, especially those who take a breath and analyze their situation with a balance between the long view and short-term strategizing. Hamrick explains, “I had a client with two preschoolers who was struggling with a decision of whether to buy in this volatile interest and high price market. I asked her how long she was planning to stay here. It turns out she is fully committed to having her kids graduate from high school here. I advised that she buy. Now. Costs are only going to go up over the next couple of years. That is very

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MARKETING SERVICES Beth Wood • 434.996.4019

Faith Gibson



Tracy Federico All advertising published in the REAL ESTATE WEEKLY is believed to be truthful and accurate. No advertising will be published in the Real Estate Weekly if it is known to be inaccurate or untruthful, but this publication does not warrant, nor is it liable for, the accuracy or truthfulness of the advertising placed within this publication. Neither the Real Estate Weekly, Inc., nor its corporate parent, the C-VILLE Weekly, assume any responsibility and shall have no liability whatsoever for errors, including without limitation, typographical errors or omissions in the REAL ESTATE WEEKLY. The Real Estate Weekly, Inc. reserves the right to edit or refuse any advertising it deems inappropriate or misleading. No advertising will be published in the Real Estate Weekly if it is known to be inaccurate or untruthful. Every effort has been made to assure accuracy, but this publication does not warrant, nor is it liable for the advertising placed within this publication. This publication will not accept advertising that refers to or attempts to establish fees or rates of commissions charged for services rendered. All real estate advertised herein is subject to the Federal Fair Housing Act, which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, sex, handicap, familial status, or national origin, or intention to make any such preference, limitation, or discrimination.” Virginia Fair Housing Law also makes it illegal to discriminate because of elderliness (age 55 and over). We will not knowingly accept any advertising for real estate which is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis.

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308 E. East Main Street • Charlottesville, VA 22902 • e-mail: Send your news and/or press releases to

market. One of them is to shift from long-term to short-term thinking. Morris-Roberts says, “Think shortterm. Everything is a cycle. We expect rates to go up and then come down again. Of course, the million-dollar question is when and by how much? “But no one wants to get into a 30-year fixed mortgage at five and a half or six percent. Especially when they probably won’t be in the house for that long. Statistically, 80 percent of loans are for fewer than eight years. Borrowers either refinance or sell. Knowing that, why would you lock into a rate close to six percent? Buyers need to think strategically and short term. “As a bank, Fulton keeps and services our mortgage portfolio. That allows us to offer more competitive adjustable-rate mortgages (ARMs). We have a seven-year ARM in the low four percent. The mortgage is amortized over 30 years, but the rate is locked in for seven years. If you’re still in the house near the seven-year mark, you can discuss with the lender what the best options are. In the meantime, you’ve likely saved hundreds of dollars per month and didn’t jeopardize your pre-qualification.”

different from the couple who is just biding time until they could land a job in Oklahoma. They should rent.” Even though the odds seem stacked against buyers who require financing, it’s not impossible to get into the right house. If buyers are counting on mortgage rates coming back to hit three percent like they were a year ago, they are only kidding themselves. Morris-Roberts says, “That train has left the station. But there are ways to keep mortgage rates low by thinking and acting strategically. And by working with a lending partner that gives you more options.” “Buying a house in this market is so psychologically draining,” says Herndon. “Prices are high now and they keep going up. It seems as if mortgage rates are getting higher by the day. It’s tempting to drop out of the market altogether. And no doubt, for some people that is the right move. “But don’t give up before having an honest appraisal with your team. You can win in this market with the right strategies and tools.” Carla Huckabee writes about high-performing real estate.

11 MAY 18 - 24, 2022 ISSUE 3120

$1,500,000 • 6046 SOUTH RIVER RD • 6 BR • 5.5 BA • 75 ACRES • 6762 SQ. FT.

CELL: 434-531-7867 OFC: 434-978-7355 EMAIL: 390 Hillsdale Dr • Charlottesville Va




Peaceful Country Retreat, 75-acre estate offering long South River frontage at the end of a peaceful lane. Fully equipped working farm is ready forany livestock operation, well-fenced with 5 pasture water troughs. Pristine, turnkey, family-friendly home is perfect for gracious entertaining. True-stucco siding andmetal roof hides interior surprise of 2 complete living quarters thoughtfully connected for privacy and easy access: renovated 1940s 3BR/2BA farmhouse w/dining, EIK,fam room; and 2004 3BR/3. 5BA addition w/MBRs on both levels, light-filled great room w/vaulted ceiling, EIK w/pantry, finished basement. Quality materials. PerfectB&B, event venue. Outside surrounded by flower gardens and blooming shrubs along stamped concrete walkways, pergola covered patio and fenced pet play ground.

MAY 18 - 24, 2022 ISSUE 3120


EAN FAULCONER INC. MCLFarm, Estate and Residential Brokers STUART HOUSE


An oasis of tranquility and fine country living within 20 miles of Charlottesville and CHO Airport. 177 private acres with circa 1901 classic Virginia farm house, 3 ponds, completely remodeled and updated. MLS#626933 $3,795,000 Jim Faulconer, 434.981.0076


Impressive 763-acre country estate approximately 25 miles south of Charlottesville. The property showcases a stately southern residence, built circa 1904, extensive equestrian facilities, recreation opportunities, creeks and a pond. MLS#623792 $6,295,000 Steve McLean, 434.981.1863


120-acre Albemarle County estate featuring a 5 BR manor home with views of the Blue Ridge Mountains and Rivanna Reservoir frontage. Excellent location and within close proximity to the city limits and the Charlottesville-Albemarle airport! MLS#625402 $5,450,000 Steve McLean, 434.981.1863

Virginia Historic Landmark available for first time. The 1791 house features a double portico, elaborate carvings, gracious entrance hall, nine fireplaces, eleven-foot ceilings, beautiful city & mountain views. The 1844 wing includes eat-in kitchen, wet bar, dining room, screened porch, large bedroom suite. Detached cottage for pool house, office, or studio. Private 0.73 acre lot has modern-day amenities, notably fiber internet, while carefully preserving the past. MLS#630080 $1,645,000 Court Nexsen 646.660.0700 or Steve McLean 434.981.1863


53-acre country estate with incredible customdesigned home, wonderful outdoor spaces, multifunctional 1,800 sf barn, 2-acre lake, Blue Ridge views, and a private, serene setting—all within 15 miles of Charlottesville. MLS#617485 $3,965,000 Steve McLean, 434.981.1863


This magazine worthy farmhouse is sited on over 156 protected acres overlooking a pond & the rolling hills of Southern Albemarle. 4 BR, 4 full & 2 half BA. Less than 10 miles south of Charlottesville. Tranquil setting near Pippin Hill & other vineyards! MLS#629743 $6,385,000 Steve McLean, 434.981.1863


A spacious and meticulously maintained 4 bedroom, 5.5 bath Manor home on 57 acres of tranquility, and panoramic views of the Southwest Mountains and to the west are winter views of the Blue Ridge Mountains 6 miles from Charlottesville. MLS#626941 $2,850,000 Jim Faulconer, 434.981.0076


2-story custom home, 4 BR, 5.5 BA, 7 FP, spacious rooms, and numerous windows providing an abundance of light and airy feeling. Idyllic wooded setting overlooking pond with enormous privacy on 76 acres. Under conservation easement with the VOF. MLS#628772 $2,950,000 Steve McLean, 434.981.1863



Stunning, mountain views available on this attractive 14± acre property, originally named Locust Grove Farm dating back to the 1880s, possessing lovely streams & woods, along with both hardwoods & pines. This charming parcel is tucked in a bucolic area, yet only 1.5 miles from Route 151 Brew Trail, along with easy access to Wintergreen, Charlottesville, & UVA. Unique opportunity to choose from several, desirable building sites. Firefly internet coming soon. MLS#629702 Robert Mellen, 434.996.7386 or Charlotte Dammann, 434.981.1250


Striking residence on 5+ acres in the heart of Keswick. Architecturally-designed with numerous high-end custom features. Gracious one level living with 3,471 fin. sq. ft. Minutes from the world class Keswick Hall, Charlottesville, UVA, and Pantops. MLS#626196 $1,195,000 Charlotte Dammann, 434.981.1250

503 Faulconer Drive| Charlottesville | VA 22903 | office: 434.295.1131 | email:




Over 560 acres of wooded land on Thoroughfare Mountain in Madison County. Three contiguous parcels, completely private, with endless possibilities. Hunt, ride ATVs, camp, build a weekend retreat or a permanent residence in total serenity. MLS#621697 $2,685,000 Steve McLean, 434.981.1863


Mostly wooded preservation tract of 81.395 acres next to Frays Mill Subdivision in highly desirable northern Albemarle. This beautiful gently rolling land has a great, private homesite with Blue Ridge Mt. views, and creek on property. MLS#608509 $995,000 Jim Faulconer, 434.981.0076


87+ acre pine forest property is a good investment tract, or use as a hunting and recreational tract, or with multiple division rights, a place to build a home or more than one home. Potential mountain views, and private settings. MLS#629213 $499,000 Jim Faulconer, 434.981.0076


Remarkably large parcel located convenient to Charlottesville and UVA. Exceptional Blue Ridge views, charming farmhouse (in need of restoration). Under VOF easement but with divisions into already predetermined parcels. MLS#585228 $4,400,000 Steve McLean, 434.981.1863


5-acre lot with mature hardwoods. Great opportunity to build with no HOA. Private building site amongst beautiful woods. Located between Free Union and Earlysville but so convenient to Charlottesville and the University of Virginia. MLS#621177 $140,000 Charlotte Dammann, 434.981.1250


Wonderfully large 1.5+ acre building lot in Ednam Forest. Build your dream home on this elevated, wooded lot located in a single family community, minutes from UVA and within walking distance to Boar’s Head Resort. MLS#598537 $289,500 Steve McLean, 434.981.1863


Two wonderful estate parcels comprised of 185.01± acres in coveted Ragged Mountain Farm. Excellent elevated building site, complete privacy, and beautiful views. Murray/Henley/Western school district. MLS#621083 $1,895,000 Steve McLean, 434.981.1863


10 acres of mature woods. Property has long road frontage and consists of two parcels being combined and sold as one. No homeowners association! Design and build your dream residence on this very wellpriced parcel. MLS#621178 $189,000 Charlotte Dammann, 434.981.1250


Private, 6+ acre wooded lot, that’s conveniently close to Charlottesville, but still in Albemarle County. The property contains large, mature trees and a small stream that winds through the middle. Three potential division rights. MLS#626128 $259,000 Jeremy Fields, 434.270.1220


4.15-acre lot offers privacy, great location, small subdivision, state maintained road, high speed internet available, just 3.5 miles to Rivanna Station, NGIC and 6 miles to Hollymead Center and the CHO Airport. (Owner/Agent) MLS#608508 $189,000 Jim Faulconer, 434.981.0076

503 Faulconer Drive| Charlottesville | VA 22903 | office: 434.295.1131 | email:




4.32 acres, half open, with gently rolling, cleared homesite on a high plateau with lovely pastoral and mountain views. Situated in Ivy Valley, just off I-64 west of Charlottesville, less than 10 miles to the University of Virginia. MLS#622663 $495,000 Jim Faulconer, 434.981.0076


29 acres fronting Blenheim Rd. a small agricultural & residential subdivision with CCR’s, but NO HOA. 2 buildable lots, with an historic red barn, silo, & an 8-stall stable. Driveway in place, underground power, well & water, & several building spots with mtn. views. MLS#624834 $495,000 Jim Faulconer, 434.981.0076

MAY 18 - 24, 2022 ISSUE 3120

EAN FAULCONER INC. MCLFarm, Estate and Residential Brokers

MAY 18 - 24, 2022 ISSUE 3120









Enjoy your private oasis!! This beautiful home in desirable Enjoy the sunrise over the mountains from your Beautiful brick Carrsbrook home! Lovingly Preddy Creek combines a wonderful neighborhood feel beautiful new home! The floorplan of this lovely cared for with many original finishes to enjoy while enjoying more space & trees, plus no HOA. Upon townhouse is perfectly flexible for any lifestyle. now with tons of potential to update, make approaching you’ll will see mature landscaping leading to a The main level of the home has a wide open it your own, and build equity. The main floor covered front porch. As you walk through the door you are greeted with hardwoodfloors flowing from the foyer to the livfloorplan with hardwood floors. A large kitchen includes formal living and dining rooms plus ing room with a fireplace & on to the dining room. Continue made for a home chef with oversized island with eat-in kitchen with granite countertops. Also to the bright family room opening to the kitchen making a pertons of cabinet and counter space. The spacious enjoy the family room with fireplace. There fectentertainment space. The kitchen with granite countertops dining area fits a large table for entertaining. All is areal laundry room on the way to the big & plenty of storage space is perfect for the home chef. Walk of this opens to the living room creating a comout onto your back deck with space to grill &socialize while two car garage which can actually fit two cars overlooking your swimming pool or enjoy soaking in the hot fortable space with tons of natural light! Walk plus has room for storage! Step out onto the tub. Head upstairs to find four large bedrooms including your out onto the back deck to grill & lounge while screen porch overlooking your beautiful flat master suite with attachedbath & walk-in closet. In the baseenjoying your mountain view. Go upstairs to the backyard backing up to woods. It gives you ment you’ll find a rec/multi-purpose room with full bath. The bedroom level to find a wonderful master bedthe perfect private oasis. Upstairs you’ll find well thought out design allows access to the basement’s full room suite with a big walk-in closet & attached bath fromthe two-car garage to keep those wet bathing suits four large bedrooms including the master suite out of the house. As you enter the tree lined backyard, you’ll bath. The additional two bedrooms, full bath, with walk-in closet and attached bath. The Sunday 1-3 pm find your relaxing pool in a private setting with aperfect com& laundry complete the upstairs. Don’t miss the basement has a finished rec room and a large bination of sun & shade. Just minutes to DIA, NGIC, UVA Repull down to access the attic storage space! 2808 Magnolia Dr 2142 Avinity Loop unfinished area for storage or expansion. Don’t 1544 Sawgrass Ct search Park, & all Greene County has to offer! MLS# 630265 $355,000 Peace & for tranquility less than 15 minutes from Beautifully upgraded 4 BR townhouse miss w/mountain Complete 1st floor living, lgMLS# MBR &629629 BA w/laundry. the rough-in a basement bathroom $490,000

Price Drop!

Under Contract

Hardwoods on main floor. Gourmet kitchen & loft open to LR. Outside patio. $410,000



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Contract in 6

Under ready for this Get crazy market! Now is the time to put a plan together to buy or sell in 2022. 2357 Middle River Rd Come enjoy the peace and tranquility of your own lake front retreat! Single floor living home includes both MB & laundry on the main floor. $240,000


4161 Presidents Rd

63 Soapstone Ln

Country living 15 minutes of Downtown & within Albemarle County. This single floor home has beautifully updated kitchen & bathrooms. $260,000

Here’s your chance to live in a 1906 farmhouse with all the style and character while enjoying the conveniences of a modern home. $130,000

Where do Candice & Bert




Call Me Today!

434.305.0361 FINALIST

Open House

Downtown! Enjoy this wonderful house on over an views! Open floorplan, perfect for entertaining MLS# 629263 $575,000 acre with beautiful mature trees. $469,900 with private patio. $365,000

Buyers BUYERS & Sellers!








UVA Charlottesville




All Counties

TROY, VA MLS# 626810

n io t la ! u t es t ra a g u n d Co ra G




Candice van der Linde, Realtor



3350 Rowcross St | Crozet

1112 Avon St | Charlottesville

Old Trail Village-Single Story Villa offering a maintenance free lifestyle. This immaculate, energy efficient 2-bedroom home enters into a grand foyer and showcases an open great room with cathedral ceiling allowing natural light.

$574,900 | Kyle Olson | 540.649-4131

Looking to enjoy the conveniences of city living while maintaining the comforts of suburban life? Built in 2007, this house has it all: 3 beds/ 2 baths, detached garage with workspace and charming outdoor area.

$499,000 | Coming Soon Laurel Smith | 808.280-6431

1051 Glenwood Station Ln #104 | Charlottesville Beautiful 3 BR, 2 1/2 bath CONDO convenient to everything Charlottesville! Spacious Kitchen w/granite countertops with island looking out over the Dining & Great Room in Open Concept style. Elevator to all floors & parking.

$395,000 | Mike Gaffney | 434.760.2160

3988 Mola Ln | Earlysville

2370 Saddle Hollow Rd | Crozet

4694 Watts Passage | Charlottesville Great location, 2 miles from Rt. 29, this adorable 3 BR/1 BA rambler offers a private setting and is only 10 mins to CHO airport, NGIC, and all of the conveniences of town. The home offers a great one level floor plan with plenty of natural light.

Custom built cedar home on over 15 acres with Spectacular mountain and valley views with in an easy drive to all of central Virginia. 5 spacious BRs, 3½ BAs. Bright expansive open kitchen. Master suite with private balcony.

In the country and close to town. Earlysville mini-farm on 6 acres with barn for horses and a pond. The house has 3 BRs, 2 BAs with an apartment in the basement (one bedroom, full bath and kitchen) hardwood floors.

$274,900 | Cindy Reed | 540.395.2167

$799,000 | Doug Burke | 434.996.6791

$550,000 | Doug Burke | 434.996.6791

682 Mount Pisgah Church Rd | Orange

1515 Desert Rd | Madison

1267 Oneals Rd | Madison

This Private Home is sitting on almost 4 Acres. Spacious One Level Living boast 3 BR 2 full Baths. The Kitchen has eat in kitchen area and Separate Dining, Granite Counter tops. 35 mins to NGIC and 20 mins to Culpeper.

$425,000 | Melissa Garrison | 540.661.2353

Well-maintained 4 bedroom, 4 bathroom home with over 3,000 fin.sf where peace and serenity abound! Tucked in the foothills of Madison county, drive up the tree lined driveway and enter your own country oasis.

$549,900 | Cindy Reed | 540.395.2167

MAY 18 - 24, 2022 ISSUE 3120

Your Place. Our Purpose.

You’ll love this 3 BR, 2 1/2 BA custom home with 3 acres mostly open. Built by the current owner to be serviceable for a lifetime, the home was designed with the primary bedroom/bath and laundry on the main level.

$485,000 | Patti Lilliard | 540.718.3300

Good Luck on Your Journey!


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MAY 18 - 24, 2022 ISSUE 3120




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Ednam Forest- One of original homes built in

MAY 18 - 24, 2022 ISSUE 3120

Sally Du Bose Real Estate

Ednam Forest. Slate, Copper, Chippendale Railing, Quartz, Granite, Eldorado Stone, and Bevolo New Orleans Gas Lanterns. Southern facing addition designed by Peter Sheeran. Overlooking expansive backyard backing up to the Boars Head resort trails. $2,500,000

Win SO



Cust stud marb wrap kitch full b

Elegant brick home, park-like setting all with-in walking distance to UVA and grounds. $1,200,000

Sally Du Bose Principal broker (Educ. ’81), Univ. of Denver (M.S. ’82) 434.981.0289 |

Free Union- 13 plus acres, Blue Ridge Mountain Views, manicured grounds, mature trees, pool . 5 minutes to Barracks Road. $3,500,000

505 Faulconer Drive . Charlottesville, VA . 434.293.2828


Edgewood Lane - Prime Charlottesville location.





This unique acreage offers the most beautiful views and total privacy in western Albemarle. A new paved drive leads through mature trees opening to level pasture. Perked for a 5 bedroom home. $685,000. Other parcels also available.

Brookside is a custom home with abundant dramatic features like 18’ ceilings, stone and brick fireplaces and antique wood floors. Deluxe kitchen opens to covered porch. First floor owners’ suite has its own covered porch, too. $1,250,000.

To be built on 3 acres in the prestigious Ragged Mountain neighborhood. Enjoy a peek of the Blue Ridge and extensive frontage on Ivy Creek. Homesite is open and just right for a walkout basement. Mature trees flank the creek. 12 minutes to UVA. $1,995,000.

Beautifully remodeled eat-in kitchen opens to spacious screened porch. Stylish wood floors throughout. Full basement is perfect storage and workshop space. Wonderful strolling and biking neighborhood is only a mile from shops and restaurants. $550,000.

Jim McVay

Howard Hanna Roy Wheeler Realty Associate of the Year 2017, 2018, 2019 & 2020 Associate Broker • Charlottesville Realtor since 1978 434-962-3420 • Howard Hanna Roy Wheeler Realty 1100 Dryden Ln. Charlottesville, VA 22903