23 minute read
FEATURE
Finding Just the Right FARM OR ESTATE
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So claims Maury Atkins, REALTOR® with Roy Wheeler Realty – Zion Crossroads, when referring to farm and estate sales. He should know. Growing up on a farm in Louisa County, he had a front row seat to the real estate transactions that transformed a sleepy little intersection into Zion Crossroads and the Spring Creek gated golf community. “When I was a kid, I never imagined that 60 years later this would be a major thoroughfare and destination, with significant retail, and a nearly 1,000 acre planned community.”
But that’s exactly what happened with the sale of nearby farms and estates. These transactions are substantial and can be more complicated than regular home purchases. Sometimes they require different financing mechanisms, may include restrictions, and often use other sales strategies than the Multiple Listing Service (MLS). Interested buyers can best navigate these complications by using an experienced farms and estates REALTOR®.
BY CARLA HUCKABEE
Farm vs. Estate
Though farms and estates are usually lumped together in conversations and in listings, a farm typically has more acres than an estate, and other structures besides the home. Atkins explains, “This is the reason buying a farm may require a different financing mechanism than a regular home mortgage. Much of the value of the real property is separate from the residence. Whereas, real property labeled as an estate usually implies a residence and acreage, with the value concentrated in the home.”
Farms and estates have an ebb and flow to their supply and demand like their residential cousins but may be on a different timeline and spurred by different triggers. In 1938, when U.S.
Route 250 was extended west to Richmond, there was new interest in the land surrounding the intersection of 250 with U.S. Route 15. Then again in the 1970’s, when Interstate 64 was making its way through the region, demand spiked again. “Later,” Atkins says, “when the market crashed in 2007-2011, regionally, developers were buying larger acreage tracts to break up. We are seeing those being built on now.”
Sharon Donovan, REALTOR® with McLean Faulconer Inc., agrees. The market for farms and estates can be unpredictable and out of sync with the typical residential market. “Sometimes one farm can sell and that will create a ripple effect in the market. Then you’ll see three or four farms or estates move very quickly, like we saw in 2019.”
Patience is a Virtue
Compared to a typical residential market that sometimes resembles a piranha feeding frenzy, John Ince, Associate Broker and specialist in country properties with Wiley Real Estate, says “the time on market for a country property is more often measured in
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EXAMPLE OF BUILDER’S WORK
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12 ACRES WITH LAKE AND PASTURE Custom home overlooking your own lily filled lake. High end finishes and separate apartment. 3 stall barn. $489,000.
MODEL OF WHAT IS BEING BUILT
NEW HOME ON 5.6 ACRES IN WESTERN ALBEMARLE Wonderfully dramatic with broad views! Master suites on both floors. Still time for you to customize. 3 car garage with in-law suite above. $1,600,000
Jim McVay Roy Wheeler Realty Associate of the Year 2017 & 2018 Associate Broker • Charlottesville Realtor since 1978 434-962-3420 • jim@jimmcvay.com Roy Wheeler Realty Co. 1100 Dryden Ln. Charlottesville, VA 22903
$1,790,000 • 359 SOUTH RIVER RD
$1,300,000 • 6841 SPOTSWOOD TRL
This estate offers long South River frontage and a stocked pond. Peaceful working farm is ready for any livestock operation, well-fenced with 6 pasture water troughs, barns for machine and hay storage and workshops w/water and electric. Pristine, turnkey, family-friendly home is perfect for gracious entertaining. True-stucco siding and metal roof hides interior surprise of 2 complete living quarters thoughtfully connected for privacy and easy access: renovated 1940s 2BR/2BA farmhouse w/dining, EIK, fam room and 3BR/2.5BA addition w/MBRs on both levels, light-filled great room w/vaulted ceiling, EIK w/pantry, finished basement. Quality materials. Perfect B&B, event venue.
$1,700,000 • 4433 RICHMOND RD
You want Views! This heirloom, 199-acre farm sits right at the base of the Blue Ridge mountains with long, westerly panoramas. Early1800s homestead features a 1920s addition plus a relocated 1700s log cabin with large stone chimney on one end. Beautiful wood paneling and hand-crafted wood beams grace several rooms. Historic property includes a separate restored log cabin cottage, mature plantings, rolling fields, and a paved concrete driveway. Grounds have fenced pasture and many acres of mature hardwoods, as well as many outstanding building sites. Imagine a studio, guest house, vacation rental, or B&B overlooking one of several lakes on the estate. Easy, 30-minute drive to Charlottesville, Harrisonburg, or points north around Culpeper.
Bring the family, bring the animals! This lovely two-dwelling farm has acres of clean pasture mixed with woods and lots of streams. Features a 4BR/3BA home built in 1993 and a 3BR/2BA home built in 1979. Large pole barn with electric and water can be easily adapted to any farm/livestock need. Property has other farm buildings plus a 2-acre lake. Several building sites with soils work done have year-round views of the Southwest mountains, Monticello and Browns Mountain. Just minutes to Pantops and downtown. This property is only limited by your imagination, has division potential, and is good for conservation easement. Great buy in the Keswick area of Albemarle County.
DAVID EDDINS CELL: 434-531-7867 ERA BILL MAY REALTY CO. OFC: 434-978-7355
Listing & Selling Horse Farms | Lifestyle Properties
months than days.” Because the frequency of transactions for farms and estates and the numbers available are significantly fewer than in the residential market, buyers need to be prepared to be patient and maybe even wait for the right property to become available. Then they may need to be even more patient as they wait for that property to reach the right price.
Donovan asserts that “there is lots of energy out there in the market when the high-end properties reach a price point at which they are attractive to more than one buyer.” Ince agrees. “We have seen several sales of farm and estate properties that have been on the market for years go under contract. Realistic pricing by sellers has played a big part in those sales.” So, buyers may have an opportunity to negotiate if the original asking price is out of line, and if they are willing to be patient. maintain some level of privacy. They have no desire to have their property active on the market longer than it needs to be,” says Donovan. They also understand that buyers are more sophisticated and come to the table knowing exactly how long a property has been on the market.
To avoid having a high “days on market” statistic hurt them at the negotiation table, owners may let their REALTOR® know they are interested in selling, but not listing the property on the MLS. The agent will make the people in the know aware of the owners’ interest and it will sell quietly, without being listed.
What’s a buyer to do if many of these properties aren’t even listed on the MLS?
Donovan explains that buyers need to use the same strategy that the owners use and contact a REALTOR® spe-
CharlottesvilleEquestrianProperties.com VirginiaHistoricEstates.com | CharlottesvilleCountryEstates.com Bridget Archer 434-981-4149 Gayle Harvey Real Estate, Inc.
5845 WESTHALL DRIVE - Crozet -
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Barbara Bozsik REALTOR® 917.864.3928 barbara@barbarabozsik.com Mountain Views and Crozet living. This deceptively Large 2500 sq. Ft. Cottage style home is ideally located in near the shops in Crozet and only 15 minutes to downtown Charlottesville. This 4 bd, 2 1/2 bath home offers comfortable living with ample closet space. The first floor Master and bath flow into a fantastic light filled great room with fireplace. The Dining Room seats 10 and is open and inviting. The fine architectural details are everywhere in this quality Southern Development home. Enjoy sunsets over the Blue Ridge mountains and fireworks from the lighted stone patio by a cozy outdoor fireplace. This home is close to Breweries, Wineries, Library, Orchards, Shopping, Trails. Easy commute and fun in Crozet starts here. MLS# 599334 $425,000
However, Ince also cautions buyers that in 2019 sales of properties over one million dollars in the CAAR footprint, increased by 25 percent over 2018. Those sales may reduce the inventory available in the over one-million-dollar price range, potentially giving sellers a numbers advantage early in 2020.
Overall, the farms and estates market continues to be balanced as buyers have economic indicators in their favor to make such a significant investment. Historically low interest rates, high employment, and low inflation all make it a little easier for buyers to make that offer and sign on the dotted line. Conditions may not be this favorable again!
Communication is Critical
Buyers need to be aware that the MLS isn’t the only game in town for high-end properties. “Many multimillion-dollar properties have been transacted without ever coming on the MLS. Sellers in this segment of the market often want to limit their exposure and
The River
625+ acres with over 1 mile of frontage on the Rapidan River near Locust Grove. Here, a manor from the best of Southern designs was built in 2007 features nearly 7,000 sq. ft. with great attention to space and materials. $2,750,000 Joe Samuels (434) 981-3322
Virginia
New Price - Dairy Road
Near UVA - exceptional size and renovated for the discerning buyer. This lovely all-brick home was built in the 1950’s but the subject of extensive renovation beginning in the mid 2000’s and beyond. There are two master suites. $650,000 Joe Samuels (434) 981-3322
The Tea House
Blue Ridge views with 41 acres. Here is the convenience of being just outside of Orange and 30 mins from Charlottesville and UVA. Designed in the Prairie Style including Japanese garden elements and courtyards for indoor & outdoor living. Recently used for hay production but would be excellent pasture for livestock. $650,000 Joe Samuels (434) 981-3322
Laurel Run
41+ acres of fertile pasture within walking distance of “Montpelier” in the Madison-Barbour Rural Historic District of Orange County. Broad views of the Blue Ridge with private building sites among some of the area’s most historic estates. There are springs, streams & town water available as well. This is horse and wine country and the Laurel Run is suitable for both enterprises and more. $445,000 Joe Samuels (434) 981-3322 15
Crow Mountain retreat
Cowherd Mountain Farm
SAMUELS Jos. T. 232 acres in a private valley of the Madison-Barbour Rural Historic District near Somerset. Cowherd Mtn Farm enjoys fertile soil and abundant water. Approximately 1/2 the farm is established pasture with the balance in mature forest. This is the Keswick Hunt and suitable for horses or other livestock. $1,290,000 Joe Samuels (434) 981-3322 This home was built to capture broad views to the Blue Ridge over the Valley below. Off a lightly traveled country lane, there is absolute privacy among neighboring farming estates, many of which are permanently protected. The Great Room with stone fireplace has an 18’ ceiling. There is a first floor master suite plus 4 bedrooms and 3 ½ baths on three levels. $585,000 Joe Samuels (434) 981-3322
Over 100 Years Of Virginia Real Estate Service Charlottesville u (434) 295-8540 u www.jtsamuels.com
FEBRUAR Y 12 - FEBRUARY 18, 2020 ISSUE 2906 cializing in farms and estates. “These agents know what is available and what can be had. The word goes out among all the agents to see what they have in their pocket or what they know about. They will revisit withdrawn and expired listings and what potential farms and estates might be coming on the market soon.” Person to person conversations will often lead to just the right information a buyer wants to hear.
When word comes back about an owner willing to sell but not list, Donovan advises buyers to have their agent accompany them to view the unlisted property. That way, a buyer can be assured that the real estate is shown appropriately and includes nuances related to farms and estates.
FEATURE Easements: Friend or Foe
One of those nuances that is mostly associated with large tracts of land is the variety of easements or restrictions that might be on the property of interest. Rex Linville, with the Piedmont Environmental Council (PEC), explains that “a conservation easement is a permanent agreement between a landowner and an easement holder, which allows the landowner to retain ownership of the land but restricts what can be done on the land in order to protect resources on the site.” Think Trump Family golf course and Albemarle House; West Virginia Governor Jim Justice and his Presidential Estates; the Foxfield racecourse. These are a few of the high-profile conflicts stemming from, or resulting in, easements on properties in Albemarle County.
Buyers must be fully aware how an easement limits what they can do with the property in the future. An experi
3470 OLD LYNCHBURG RD
enced farms and estates REALTOR® can help get the deed, land survey, and legal agreement outlining the terms of the easement from the property owner or the state.
Almost as important as the restrictions on the property being sold, are what easements exist or don’t exist on adjacent and nearby land. Nobody wants to buy a multimillion-dol
lar property only to find that a strip mall or compressor station or other unwanted development will be built around the bend, or in the middle of their million-dollar view.
Buyers can usually rely on local zoning ordinances to describe how property can be used and subdivided. Ince notes that zoning and regulations are different in each county. “It’s important for buyers to look at zoning maps and regulations to see how the property might be affected by its surroundings. One way to be confident that your surroundings will not change is to find that rare property that is surrounded by others under conservation easement. These easements limit subdivision of properties and building rights in perpetuity in order to maintain the rural nature of the area.”
Keeping Central Virginia Rural
No matter how rapidly development proceeds, Central Virginia will always evoke images of mountain views, horse farms, magnificent estates, and rolling acres. Linville says, “Conservation easements are a major factor in protecting rural Virginia.” In Albemarle County, more than 106,000 acres of land are permanently protected with easements, second highest in Virginia. “Easements provide stability to the real estate mar
MLS#597752
Historic property built in 1800 was at one time a civil war general store. Set in privacy & tranquility, this elegant estate is a rare offering w/exquisite details throughout. This classic home was expertly renovated in 1996 & now offers a distinguished residence set in the heart of 52 acres. The interior boasts unparalleled features from the expansive porches, architectural antique beams & vaulted ceilings, 5 stone fireplaces, handsome moldings & 4 floors of finished space. Exterior appointments include an enormous bluestone courtyard, private hot tub & sauna tucked away overlooking a stream. Dependencies include a charming guest house built as a music studio, an indoor tennis facility/gym which could also be used by a car enthusiast.
William Zimmer, REALTOR ® • 804-690-1536
Candice Van der Linde Buy and Sell Cville Team REMAX Realty Specialists Call: 434-981-8730 Connect: BuyandSellCville.com Come visit: RE/MAX Realty Specialists Candice van der Linde, Realtor @Candice_Realtor NOMINATE ME
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FEBRUAR Y 12 - FEBRUARY 18, 2020 ISSUE 2906 Buy and Sell Cville Team Nominees: Candice & Bert Passionate about Helping People SELL & BUY Residential Real Estate in the Charlottesville Area. We can’t wait to connect with you & Share Some of our Best Adventures!
Buy and Sell Cville Team Nominees: Candice & Bert 943 Glenwood Station Ln #203 Charlottesville, VA 22901
Passionate about Helping People SELL & BUY Residential Real Estate in the Charlottesville Area. We can’t wait to connect with you & Share Some of our Best Adventures! Candice van der Linde, Realtor @Candice_Realtor Buy and Sell Cville Team Nominees: Candice & Bert Passionate about Helping People SELL & BUY Residential Real Estate in the Charlottesville Area. We can’t wait to connect with you & Share Some of our Best Adventures! Candice van der Linde, Realtor @Candice_Realtor For Distinguished Charlottesville Homes and Condominiums: www.LenMailloux.com
3140 TURNER MTN WOOD RD Turner Mtn Wood II, Albemarle County • 4 BR, 5F/2H Baths, 4948 F/4669 UF, 4.05 Acs Private Ivy-area home offers grand 2-story LR w/walls of windows & FP; formal DR; Library w/FP; Home Office; deluxe Master Suite w/sitting area & luxury Bath. Spacious Kitchen w/Breakfast Rm, island & plentiful cabinetry/counter space. Adjoining Laundry Rm has huge walk-in Pantry, 1/2 Bath & access to over-sized 2-car Garage & covered porch to driveway. Two BRs w/walk-in closets & full Baths on 2nd Flr. Enjoy 2 Blue Stone patios w/Koi fishpond provide space for peaceful solitude or entertaining. Basement w/fin Bath & Hallway plus large unfin rooms for future living options MLS# 599815 $1,299,000
635 WORTHINGTON DRIVE #100 Ednam Condos, Albemarle County • 2 BR, 2.5 Baths, 2638 fsf, One-level living Prime condo location, near UVa, country club environments, medical facilities, historical sites, shopping/dining, and so much more! Spacious condo floor plan offers formal Living & Dining Rms, remodeled eat-in Kitchen w/island & Sitting/Breakfast Rm, huge adjoining walk-in Pantry & Laundry. Master Suite will delight w/multiple walk-in Closets. Both Bathrooms have been beautifully remodeled. Study/Library offers walls of built-in bookshelves & closet. Every room has wide sliding glass doors & most open to a private balconies. Two indoor garage spaces.
MLS# 597300 $895,000
Len Mailloux, CRS Associate Broker Cell: 434-981-1972 O: 434-984-7404 lenmailloux@earthlink.net • www.LenMailloux.com CAAR REAL ESTATE WEEKLY WWW.CAAR.COM
Chiswell ~ 180 acres ~ Greenwood ~ $2,975,000 A stunning estate property located at the base of the Blue Ridge Mountains near Crozet
ket and protect those resources now, and for future generations.”
In Louisa County, near Atkins’ old homestead, 14,000-acre Green Springs is just two miles north of Zion Crossroads and has an historic easement, keeping that land dedicated to farming, much as it was in the 19th century. Atkins claims, “This adds immense value to the Zion Crossroads area, as that bucolic landscape will remain open in perpetuity. Everyone benefits. And buyers can really set themselves up for enduring value if they pay attention to the location of existing easements.”
Who’s Buying?
While sellers are typically reacting to economics, buyers are often the dreamers.
Atkins finds that farmers who work the land themselves, recognize that “the majority of their asset is actually in the land. At some point they decide to cash out and sell the property.” Fortunately, there is almost always a buyer ready to step in and fulfill their own dream.
Those dreams and aspirations come in all shades imaginable. Atkins recently worked with a couple looking to purchase or establish a small horse farm in the $1.5 - $2 million range. Others want a 200-acre tract to host events; others to open a winery or brewery. Donovan sees fewer foreign buyers than before. She works with many people moving to and from urban areas— including Northern Virginia, D.C., and the Northeast. For working farms and very large estates, Donovan says “it takes a committed buyer prepared to deal with the increased costs to manage and maintain a property. Everything is more professionalized now.”
Most buyers are still coming from out of town. Ince sees “couples anticipating retirement. They often start looking for just the right property a couple of years ahead. They will use their country home part time until they can finally live here permanently. One of the best parts of our job is hearing about their lifelong dreams and then helping that dream come true.”
For those buyers ready to start out on their own dream, enter your ideal buying parameters in the CAAR MLS. And then, to make sure to get the best information on what’s available, seek out an experienced farm and estates REALTOR® to get the real scoop on the high acreage real estate market. You know, the one only the insiders hear about.
Carla Huckabee writes about real estate, health and aging issues and is a member of the Piedmont Environmental Council.
Steve White (434) 242-8355 info@stevewhiterealtor.com 1100 Dryden Lane • Charlottesville 26 Years of Specializing in Buyer & Seller Representation for Residential, Farms & Estates Steve White (434) 242-8355 info@stevewhiterealtor.com stevewhiterealtor.com 201 CARDINAL LANE, NELLYSFORD Strategically situated to soak in breathtaking, long-range views of the Blue Ridge Mountains, this custom home stands alone as a true work of art right down to the awe-inspiring 3,000 bottle walk-in wine cellar, indoor lap pool with sauna, eucalyptus flooring & wide, mahogany trim throughout. Locally hand-crafted mahogany doors, trim & cabinetry, stained glass accent windows & bath sinks made of copper with the exception of owner’s bath, sinks are Onyx. The kitchen is almost too gorgeous to think about cooking! Features such as coffered ceiling, bar sink handmade in Italy, appliances by Viking, Wolf & Bosch plus a Butler’s pantry that would make any entertainer swoon. Owner’s Suite offers exceptional views, balcony, 2 fireplaces & luxurious bath. Second floor media/game room with wet bar, 3 bedrooms & 3 baths. Terrace level includes wine cellar, huge entertainment space with bar & complete apartment with kitchen, living/dining, bedroom & bath. MLS# 597532 $3,390,000 Spectacular 83 acre parcel with 3,500 +/- linear feet of frontage along Lake Anna. Parcel has ample road frontage on 2 state roads. There is a 3 bedroom 1 bath house and smaller guest building included in the sale but all improvements are being sold AS-IS. Property has nice elevated sites to build your dream home or perfect parcel for development. MLS# 599757 $2,999,000 20144 DANIEL ROAD
YOUR PLACE. OUR PURPOSE.
Ashleigh c.1875, is a historical property in Green Springs,VA. This lovely small farm consists of 14½ slightly rolling, mostly open acres and is fenced for horses with a spring fed pond. The well maintained manor house of roughly 4,500 sf has been tastefully enlarged over the years and includes 5 bedrooms and 3½ baths. Great location between Charlottesville and Richmond off I-64. $945,000 | montaguemiller.com/592332 Peter Primiani | 434.981.5924 Asheigh Farm | Green Springs
Walnut Hills | Albemarle
Gorgeous brick custom home in Walnut Hills. Features: over 5200 fin.sq.ft, 4 bedrooms of striking dimensions, 4½ baths, light-filled interior, 4 fireplaces, and finished basement. All very well maintained.
$775,000 | montaguemiller.com/598796 Carter Montague | 434.962.3419 231 Huntley Ave | Charlottesville
760 Golf View Dr | Crozet
City living in desirable Huntley neighborhood only steps from UVA and downtown. Impeccably maintained, like new open floor plan w/loads of natural light & designer high-end finishes throughout. HOA maintains lawn.
$524,000 | montaguemiller.com/599714 Doug Burke | 434.996.6791
Incredible value in Old Trail. Light filled, energy efficient Peak Construction home w/mountain views. Charm and quality finishes throughout- shiplap, extensive trimwork, quartz, marble and granite! Master suite & finished basement.
$650,000 | montaguemiller.com/597845 Laurel Smith | 808.280.6431
Extraordinary home! Green living with light-filled open space, heated endless indoor pool and a Japanese soaking tub! Enjoy privacy on 21 acres in an eco-friendly community, 30 mins. to Charlottesville. ADA accessible. 39 John Blvd | Ruckersville 5310 Havenwood Ln | Schuyler
$550,000 | montaguemiller.com/597395 Yates Nobles | 434.996.0888 1013 Linden Ave | Charlottesville
884 Ridge St | Charlottesville
Beautiful move-in ready, light filled home in the city! Mountain views from the kitchen & roof top deck. Freshly painted with gleaming hardwood floors on main level, 3 bedrooms & outdoor space. Close to UVA & I-64. $275,000 | montaguemiller.com/599644 New Leaf Team | 434.227.4449 $270,000 | montaguemiller.com/599458 Kyle Olson | 540.649.4131 Ridge Street - Two Story home with 4 bedroom, 2 full baths and fantastic front porch. Convenient city location, very close to downtown, UVA Hospital, and the 5th St. Station shopping center.
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