Smith Mountain Lake Prudential Waterfront Properties -

Posts from — July 2010

Proud to be an owner

The Real Value of ‘Home’ Homeownership isn’t for everyone, but for those ready to take on the responsibility the desire to purchase a house goes much deeper than a dollars-and-cents analysis.

Understandably, job security is top-of-mind for many Americans and renting provides relocation flexibility, but most people don’t want to uproot their families and disrupt established friendships by leaving the community they call home. In fact, the typical recent home buyer moved only 19 miles from his or her previous home. According to the 2009 NAR Profile of Home Buyers and Sellers survey, buyers most often cite the desire to own a home as the primary reason for their recent purchase.

Data from the U.S. Census Bureau reports that owners do not move as frequently as renters. In turn, involvement in community quality-of-life issues helps prevent crime, improve childhood education and support neighborhood upkeep.

Interview a Prudential Waterfront Properties Realtor about the common reasons families decide to purchase a home. Talk to them about the emotional components that factor into such an important decision. Ask current homeowners why they decided to buy and what the experience taught them.

July 20, 2010   No Comments

Second Homes Make Sense for Many in the Current Market

If you’re a late “Boomer” or a “Gen X” or “Gen Y’er,” you’re likely looking for a place to position assets given the extreme volatility of U.S. equity markets and paltry returns of money market instruments and other safe havens.

Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth. Better yet, lower home prices across America and record-low mortgage rates have created an historic buying opportunity for real estate including second/vacation homes. It’s a “ground floor” opportunity that comes with doors, windows, a roof and potential for many great moments and memories.

Long-term demand for second homes looks strong, as there are large numbers of people in the prime buying years for second/vacation homes. Late Boomers? There are roughly 40 million of these potential second-home buyers, and another 85 million between the ages of 30 and 49. For all, second homes suitable for play now and retirement later have significant appeal.

U.S. vacation-home sales rose 8% last year to 553,000, according to the National Association of Realtors (NAR). Though well below a 2006 peak of 1.067 million sales, it represents the first gain in three years. Median price for a vacation home increased 12.6 in 2009, perhaps reflecting movement higher-end markets, said NAR Chief Economist Lawrence Yun.

How you use a second home is up to you, but if it’s something you’ve been considering, now is the time to get the information you need to make an informed decision. A qualified real estate professional can help guide you through financial considerations, assist you in finding the right community and even refer you to a resort property specialist for the destination of your dreams. Your real estate professional may be able to get you the information and advice you need to use the equity in your current home to finance the down payment on a second home, for example.

For many, a second home in a vacation or resort area can be an income property when not in use. Once again, a real estate professional will help you consider property management options that can be a crucial financial factor as well as important to peace of mind.

Some of the best locations are not more than two to three hours away from major metropolitan areas by car or plane. For example, Bostonians gravitate to Cape Cod. New Yorkers favor the Hamptons. San Franciscans retreat to Lake Tahoe and Angelenos head for Palm Springs or Big Bear. Many people who live in the West also have second homes there. Yet, the biggest feeder market for second homes in the South are buyers from the Northeast.

What makes a second home location ideal? Natural beauty is great, but don’t forget about cultural and social resources, as well as first-rate golf, tennis and other popular sports facilities.

Second homes are a discretionary purchase, and everyone wants to feel secure in their environment. That’s why gated and guarded residential communities will continue their appeal. And locations such as Smith Mountain Lake, Virginia, Sante Fe, New Mexico, and Coeur d’Alene, Idaho, which are removed from most urban problems, continue to be attractive.

Nevertheless, you will likely get more enjoyment out of a property you can get to quickly and can use frequently. Since you know this area, chances are you’ll make a better real estate investment closer to home. And be sure to look at each property with an eye toward tomorrow, because the vacation homes likely to appreciate the most are the ones that Boomers can play in today and retire in tomorrow.

Once you’ve narrowed your search to two or three communities that fit your price range and lifestyle, make comparisons of price and sales activity. Your real estate professional can help you determine which communities are most sales-worthy at present, and which are more likely to continue to be.

There are many factors involved in selecting the right community for you and your family. Discuss your options with a Prudential Waterfront Properties real estate professional at (800) 858-4653. This will provide the information he or she needs to help you find property listings to tour. Remember, a targeted approach to house hunting is less time consuming, less expensive and more efficient.

July 19, 2010   No Comments

The Willard Companies Announces Vice President Corporate Holdings

The Willard Companies announced Lee Willard has joined the company as Vice President Corporate Holdings.

Prior to joining The Willard Companies, Lee spent the last 9 years in Business Development and Sales in Washington, D.C.  Over the last 5 years, Willard served as Sales Manager at Oracle Corporation (ORCL), and most recently as an Account Executive at Red Hat Inc. (RHT), a leading Open Source Software Company and S&P 500 member.

Willard, a native of Roanoke, graduated from Cave Spring High School and earned a B.S. degree from Virginia Tech in Management Science and Information Technology. He and his wife Megan reside in Roanoke County.

July 7, 2010   No Comments

Prudential Waterfront Properties Sells All 48 Bridgewater Pointe Condos

Just over one month ago, The Willard Companies and Prudential Waterfront Properties announced a partnership with the Atlas Companies and BB&T to market Bridgewater Pointe, the vacant waterfront condominium community at Smith Mountain Lake. Over a three week campaign which began Saturday, June 5 and ran through Saturday, June 26, Prudential Waterfront Properties accepted contract reservations that were entered into a drawing held yesterday, June 27 at The Waterfront Country Club.

Over the duration of the campaign period, Prudential Waterfront Properties received over 721 contract reservations that were entered into a blind drawing. Over 300 people attended the event.  Within 2 ½ hours, all 48 condos were under contract with a scheduled 30 day closing. The three- and four-bedroom condos sold between $199,500 and $535,500. A waiting list was compiled for those buyers who were not selected during the drawing.

 “We took a unique approach to market this particular project. In addition to the drawing format, our marketing and public relations initiatives consisted of a massive multi-media campaign in both traditional and new technology arenas. The results far exceeded our every expectation. It was a fantastic event. The energy and anticipation was truly an adrenaline rush,” according to Christopher Finley, Director of Marketing and Communications for The Willard Companies, owners of the Prudential Waterfront Properties real estate division.

According to Ron Willard, President of The Willard Companies who emceed the event, “It goes to show when you offer a quality product combined with attractive pricing, it will sell. This is not only remarkable for the real estate market, but for the entire Smith Mountain Lake community.”

July 7, 2010   No Comments

Smith Mountain Lake License Plate Deadline Extended to January 1, 2011

The Smith Mountain Lake Chamber will be able to continue to collect applications for the new 2011 Smith Mountain Lake license plate. Our deadline has been extended to January 1, 2011 to qualify before other requirements can be implemented and the state begins production and distribution of the Smith Mountain Lake license plates.  We are striving for a completion by fall 2011.

To receive a DMV/SML Chamber application, CLICK HERE. Complete the DMV/SML Chamber application and return it with a check (no cash, please) made out to “SMLRCC” in the amount of $10.  Bring by or mail your application and check to the Smith Mountain Lake Regional Chamber of Commerce, 16430 Booker T. Washington Highway, Moneta, VA 24121 to be added to the list of 350.

July 6, 2010   No Comments