Historic Somerset: A Chance to Own a Piece of History

Historic Somerset: A Chance to Own a Piece of History

Historic Somerset: A Rare Opportunity to Own a Piece of History

When Frascati was completed in 1823 in Orange County, Virginia for Phillip Barbour who had just retired as an Associate Justice of the United States Supreme Court, Somerset was already a pretty good neighborhood. Less than two miles away as the crow flies was Montpelier, the home of James and Dolly Madison where the United States Constitution was drafted. Madison had been retired since his second term as president ended in 1817. Five miles south was Somerset Plantation built for Thomas Macon and his wife Sarah, sister to James Madison. Somerset Plantation was the largest home in Orange County at the time and was situated on a commanding hill overlooking the Piedmont and the Blue Ridge Mountains. Just to the south was the home of James Barbour, Phillip’s brother, a lifelong statesman having served as Virginia’s Governor during the War of 1812 and then as Senator and Secretary of War from 1814-1825. Thomas Jefferson designed Barboursville and indeed influenced all four of these remarkable homes all of which employed the craftsmen he used to build Monticello and the University of Virginia.

The Frascati Estate is a chance to own a rare piece of history

Frascati c. 1823

Somerset plantation c. 1803

Somerset Plantation c. 1803

Montpelier c. 1760

Montpelier c. 1760

Barboursville Ruins c. 1822

Barboursville Ruins c. 1822

Today, Montpelier, Frascati and Somerset plantation still exist much as they did in the 19th century. Barboursville was gutted by fire on Christmas day in 1884 yet the ruins remain and are preserved by Barboursville Vineyards, one of Virginia’s premier wineries. This unspoiled part of Orange County is still entirely rural and each of these historic properties still command significant acreage. A drive through Somerset on Route 20, (Constitution Highway) or Route 231, (Blue Ridge Turnpike) will wind through rolling farm land, past antebellum estates and simple farm houses. You’ll catch your breath as each curve presents new vistas of grazing horses and cows and crops like corn, soybeans, alfalfa and sorghum with the Blue Ridge Mountains always present to the west.

 

I had the occasion to enjoy a gathering at Frascati with my wife this winter and as we sat in the magnificent parlor listening to someone playing the piano we imagined what other gatherings had listened to music in this very room. Surely, Phillip’s brother James, their neighbors James and Dolley Madison and the Macons of Somerset Plantation would have been regular guests. Thomas Jefferson and James Monroe were also contemporaries and friends and would probably have been overnight guests after a 20 mile carriage ride. History lives vividly in these important houses which are just four of the the 37 properties listed on the National Register of Historic Places in Orange County https://www.dhr.virginia.gov/historic-registers/068-0304/.

 

Frascati is an historic treasure and the rarest of of opportunities to acquire to such an important home in museum quality condition in one of Virginia’s most beautiful estate areas. Frascati is proudly offered for sale through Wiley Real Estate.

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Frascati Estate for Sale

Frascati Estate for Sale

A rare opportunity to acquire a significant historic estate in a superb location just 30 minutes from Charlottesville and the University of Virginia.

 

The house is described in the Virginia andmarks Registry as well as in the National Register of Historic Places as “one of the outstanding architectural monuments of the Piedmont.”

 

Click below for the full description of this amazing property! To go directly to the listing click the button below.

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What are horse farms like in Charlottesville?

What are horse farms like in Charlottesville?

Is Virginia’s Piedmont horse country? You bet! With five active hunts, Olympic caliber trainers, some of the best equine vets in the country and all the assets any breeder, trainer or hobbyist could ask for, this is natural horse country.

A horse can live entirely off the land in Charlottesville with the lush fescue grasses

It’s no wonder that the Charlottesville countryside is well known throughout the world as one of the finest places to raise horses. The fertile fields and healthy climate have been home to generations of fat ponies and Derby winners. That said, all land is not equal when it comes to keeping horses. It is possible to find land in the Charlottesville area that is absolutely perfect for horses. It would consist of a nice deep soil with few if any rocks. It would be gently rolling and well drained and it would already be in good grass, your horse’s favorite food.

In Charlottesville, the type of land varies from soft lowland grass to slightly more rocky terrain closer to the mountains

This is horse country and a horse can thrive here and live entirely off the land for most of the year. It’s not all horse country though so do your homework. Up close to the mountains the pasture will be rockier and harder on your horse’s feet. That beautiful flat bottomland along the creek looks great when dry but will often be a wet soil that can be unhealthy for hooves. Clearing woodland to make pasture can be done but it takes years to build up the grass to compare with established pasture.

Finding a horse farm in Charlottesville that is already fenced in and has stables is usually the best buy

If you want to breed horses you’ll want to look at the type of grass growing in your fields. The fescue grass found in much of this area needs to managed if broodmares are grazing on it. Finding a place that is already fenced and has existing stabling is usually the best buy and finding a place that allows riding off the property can be a huge benefit in how you can enjoy your horses without trailering.

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What is like to live in Orange County VA?

What is like to live in Orange County VA?

I’d actually be a pretty good person to ask. I’ve lived in Orange County since 1983. I was a transplant from Sonoma County CA and never imagined I’d live here the rest of my life. But, here I am 40 years later having raised a family, grown a career and roots in one of America’s most beautiful terroirs. Horses are what brought me here. (Want a horse.docx) and a love and understanding of the land is what is what made me stay and be successful in country property brokerage in this area.

Horses are what brought me to the Orange, VA area.

Orange county was settled early in America’s history (1734) due to the high quality of the soils
for agriculture, the amenable climate and overall beauty of the this rich land in the piedmont of
the Blue Ridge mountains. In the 1820’s Orange County was home to President James
Madison at Montpelier, Supreme Court Justice Phillip Barbour at Frascati, Virginia Governor
James Barbour at his home designed by Thomas Jefferson (https://www.monticello.org/
research-education/thomas-jefferson-encyclopedia/barboursville/) who along with James Monroe lived just 20 miles distant in Albemarle County. It is likely that each of these statesmen would have enjoyed each other’s company at Frascati, a remarkable home in Somerset which is listed for sale for the first time in 45 years. Frascati (Somerset, Virginia) – Wikipedia.pdf.zip)

Orange VA is rich with civil war history

Orange County also played a pivotal role in the Civil War with the full armies of both the north
and south encamped in Gordonsville and Rapidan then culminating in the terrible battle at
Wilderness. Artifact hunting for civil war relics with metal detectors is a popular past time here.
It is said that any large shade tree extant during the Civil War in the vicinity between Somerset
and Gordonsville was a confederate encampment and and old horseshoes, buckles and bullets
are still found regularly.

Orange VA offers a quiet, simple, small town lifestyle.

Today Orange County is much quieter but still sublime with a character that draws those
looking for a simpler, small town lifestyle. There are two small towns in Orange County, Orange,
the county, seat with a population of around 5000 and Gordonsville with around 1500 residents. There are groceries, pharmacies and fast food if you are just passing through and a cornucopia of antique shops, taverns and fabulous old neighborhoods if you slow down and
have a real look.

 

I live in Somerset just 15 minutes from either Orange or Gordonsville and we do most of our
shopping locally. We can expect to see folks we know at the grocery store and walking down
Main Street. It feels friendly and inclusive. It’s also nice to know that Charlottesville and all it
offers; UVA, two major hospitals, hundreds of amazing restaurants and entertainment venues is
less than 30 minutes away.

 

For us, the opportunity to enjoy a wonderful, affordable life in the country and the small town
experience or Orange and Gordonsville coupled with access to one of the most exciting
university towns in America is the best of both worlds.

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Charlottesville Virginia Real Estate Market Prediction: January 2023

Charlottesville Virginia Real Estate Market Prediction: January 2023

Charlottesville virginia real estate market predictions: much like a sine curve.

It’s easy to look back at market trends and graph exactly how the last 10 years played out. It was a typical first half of a sine curve with a slow but steady start, (post recession), a nice boost in activity as a hot buyers market ate up well priced inventory, (Obama years), and then a wild ride through 2021 as scarce inventory and crazy low interest rates met a surge in demand due to Covid and a hot economy that sent prices through the roof and disappointed buyers gasping for air.

Interest rates have been a wild ride for the last couple of years.

So, here we are, interest rates for a 30 year fixed are about 7.25 today. The change sheet had lots of expired listings, a few price reductions listed and we’re asking each other, What now?


I think it’s safe to say that the boom has happened and we are sitting at the top of the curve right now. Buyers will have to adjust their thinking in terms of loan affordability. Sellers haven’t really felt a slow down yet especially for well placed properties in the Charlottesville MSA since the inventory is still low. That change should be making itself known in a couple of quarters as sellers start thinking that perfect timing may be passing them by. In geometric terms we should be heading back down from the peak. We hope for and expect a soft landing due to a more responsible lending environment since 2008 and while buyers may be dealing with historically typical interest rates they should have more inventory and better prices to consider soon.

A responsible lending environment means a softer landing than 2008 and historically typical interest rates.

It’s hard to look forward and predict exactly what the next ten years will bring but if the last
forty mean anything that sine curve will keep on rolling up and down like clockwork.

 

Happy New Year!

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Dutchmont: 100 Acre Estate in Keswick Hunt, Orange County VA

Dutchmont: 100 Acre Estate in Keswick Hunt, Orange County VA

Dutchmont: 100 Acre Estate Situated in the Heart of the Keswick Hunt in Orange County, VA

Dutchmont: 100 acre estate in Orange County VA. Outside of the home.

How private is private? A private back yard might be nice, a private wooded lot with some space between houses might be perfect or even a little acreage with where you can be away from the urban shuffle, get back to nature a little.

Dutchmont estate in Orange County is a perfect spot for a horse farm.
Dutchmont estate in Orange County VA: 100 acres and a very cozy home

Having just returned from Oakland CA visiting family, sequestered in a charming 1920’s neighborhood lined with Arts and Crafts bungalows, I became well aware of my priorities. This very lifestyle that envelopes most of the human population in vibrant communities around the world leaves me gasping for oxygen and my home in Virginia’s piedmont where my soul lives.

 

More and more often my clients tell me they would like a spot where they cannot see another’s rooftop.. That can be hard to find, especially in the winter where all the curtains are drawn and you can see through the forest. There is a place though, in Orange County, Virginia tucked between two charming and historic towns near Charlottesville called Dutchmont. It’s down a long driveway on 100 acres with a most unique home overlooking a large pond in a private valley in the Blue ridge foothills. It has a wonderful shop/studio, a five stall stable with a caretaker’s apartment surrounded by marvelous, landscaped grounds. The views go on forever..without a rooftop in sight. What makes this property truly exceptional is that it is completely surrounded by large farms that can never be developed due to conservation easements that do not allow subdivision.

Dutchmont estate in Orange County: 100 acres with endless possibilities.

Dutchmont is a rare example of “perfect privacy” but there are many examples of homes, building lots, small farms or mountain getaways that will answer for those seeking a respite from the busy world of that surrounds most of our lives. Whether the quiet lifestyle is full time or part time, it’s an elixir that can go a long way in grounding those who might need it.

 

Please give me a call if I can help.

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Historic Properties in Charlottesville

Historic Properties in Charlottesville

United States history pretty much begins in Virginia with the founding of Jamestown in 1607.
As the colonization of Virginia moved westward, the Piedmont Valley, bounded by the Blue
Ridge mountains to the west and sloping eastward to the Tidewater became recognized for its
fine soils for agriculture, a “delicious” climate with four distinct seasons and an abundance of
natural resources. Thus, were many fine plantations created in the early 19th century including the homes of three of our first five presidents within an easy carriage ride of Charlottesville.

Historic properties are common in Charlottesville, which is rooted in Virginia History

Thomas Jefferson’s Monticello, James Madison’s Montpelier and James Monroe’s Ashlawn are
all historic landmarks near Charlottesville and open to the public. Virginia’s piedmont is also
home to many private properties that date from the late 18th century through the early 20th
century some of which occasionally come up for sale. Lovers of old homes appreciate the
history that took place within those walls and love the patina of the old floors, the worn
thresholds, horsehair plaster walls and timber peg joinery.

 

    Historic properties abound in Charlottesville

    Great care is taken to preserve theold hand blown glass window panes, hinges and hardware that make maintaining such a homea lifestyle choice rather than merely shelter. Despite the inevitable inefficiency and compromises one makes in caring for a classic old home, aficionados are many as evidenced by the scores of publications, clubs and social media groups dedicated to owning, restoring and living in historic properties:

     

    https://www.nps.gov/subjects/nationalregister/index.htm
    https://www.dhr.virginia.gov/historic-register/
    https://savingplaces.org/preservation-magazine#.Y1_3NS2B2L0
    https://www.thisoldhouse.com
    https://www.oldhouseonline.com
    https://yourhistorichouse.com/product/house-restorers-combo-pack/
    https://www.architecturaldigest.com/story/how-to-bring-an-old-home-into-the-modern-world

    Great care is given to preserving historic properties in Charlottesville

    Orange County, Virginia located just north of Charlottesville is drenched in American history
    from its founding in 1734 with important sites from the revolutionary war and as a hub of the confederacy during the Civil War. Many significant homes still exist from that period with at least 175 antebellum homes and buildings listed in Ann Miller’s fine book, Antebellum Orange.

     

    Among the finest examples of Jeffersonian inspired architecture would be Frascati, c. 1823,
    built for Phillip Barbour, Associate Justice of the Supreme Court by John Perry known for his
    work Thomas Jefferson on the University of Virginia. Frascati is in good company in Orange
    County with several prominent estates owned at that time by Virginia’s statesmen including
    Governor Barbour and President James Madison each within a pleasant hour’s ride.

     

    Another way to enjoy the rich character of an old home is the increasingly popular practice of
    repurposing old materials, often logs, floors and doors from a disassembled home are used in
    the construction of an otherwise newer home. A great example is Dutchmont, also in Orange
    County that was built using materials from an old mill in the Shenandoah Valley. One feels like
    they are walking into an 1850’s log home with wide plank flooring, hand hewn beams and
    timber peg joinery while enjoying a fabulous chef’s kitchen, luxurious baths and geothermal
    HVAC.

     

    Dutchmont is currently offered for sale on 100 acres in Orange County https://forsale.
    charlottesvillecountry.com/idx/featured
    Whether and old clapboard farmhouse on a gravel road, a fanciful Victorian in town or a
    National Landmark like Frascati, if the idea of an older home tugs at your heart.

    Charlottesville Real Estate

    Call John Ince for information on new listings, price reductions and properties coming soon in the Charlottesville, VA area.

    Sign up here to receive a customized Charlottesville Real Estate Market Report.

    Market update for the Charlottesville real estate market including:  Albemarle County, VA, Orange County, VA, Madison County, VA, Greene County, VA, Nelson County, VA, Fluvanna County, VA, Louisa County, VA real estate.

    Historic Somerset: A Chance to Own a Piece of History

    Historic Somerset: A Chance to Own a Piece of History

    Historic Somerset: A Rare Opportunity to Own a Piece of HistoryWhen Frascati was completed in 1823 in Orange County, Virginia for Phillip Barbour who had just retired as an Associate Justice of the United States Supreme Court, Somerset was already a pretty good...

    read more
    Frascati Estate for Sale

    Frascati Estate for Sale

    A rare opportunity to acquire a significant historic estate in a superb location just 30 minutes from Charlottesville and the University of Virginia.   The house is described in the Virginia andmarks Registry as well as in the National Register of Historic Places...

    read more
    Magificent New Farm Listing Near Barboursville

    Magificent New Farm Listing Near Barboursville

    For anyone who has been waiting patiently for the perfect property to come on the market, it’s been worth the wait! Stilwin with 183 acres, nestled in a private valley less than 20 minutes from Charlottesville is available for...

    read more
    Elegant short term rental in Somerset!

    Elegant short term rental in Somerset!

    Gaby and I are thrilled to present Maple Crest as a delightful short term rental less than 15 minutes from five wineries, great antiquing in Orange and Gordonsville and just 30 minutes from Charlottesville and UVA. We would love to host you for a weekend or a week....

    read more
    How to Buy Country Property

    How to Buy Country Property

    You’ve been living the urban life for thirty years and dreaming of retiring to the country someday. Every weekend you drive down country roads and imagine that it’s you on that tractor, riding that horse, tilling that garden. Now it’s time to make it happen and you jot down your priorities. They have mostly to do with peace and quiet, character and charm, reaping what you sow.

     

    Here are a couple of things I’ve noticed that are sometimes overlooked:

    Buying country property means living the dream of having a garden of your own.

    Soil: It’s easy to be impressed with bright green grass jumping up from freshly raked soil or golden grasses swaying in the summer breeze. It could be that green grass is just winter rye enjoying a heavy dose of fertilizer and that golden grass may well be broom sage indicating acidic soil.

     

    If you are planning on using the land in some specific way, planting grapes perhaps, raising livestock, growing Christmas trees, the soil underneath it all is a critical component. Grapes need well drained soils and elevation, livestock need good pasture and water, Christmas trees can thrive on marginal soils found in the mountains.

     

    There are excellent resources available to help you understand the soils best suited to your requirements. There are detailed soil maps available through your local extension service office and Virginia Tech has volumes of information on agricultural suitability.

     

    It’s pretty safe to assume that if you are in an area where horse and cattle farms are common that the soils are suitable but it makes sense to do a little research and confirm what lies under all that grass. Here are a couple of links that can help.
    https://www.soiltest.vt.edu/
    https://www.ext.vt.edu/

      Location is a major determining factor in how to buy country property

      Location:
      It’s easy to be wooed by a low price per acre. You can find farmland for $3,000 an acre but you may not be getting the bargain you think you are. Marginal areas are slower to appreciate and if you over-improve your property with a nice house and stable you may have a harder time recouping that
      investment.

       

      There are lots of reasons to appreciate rural Virginia but make sure you weigh the
      importance of having access to amenities like those found in Charlottesville and any of the charming
      small towns within her sphere of influence. It may make more sense to settle for less acreage in a great
      area with good resale potential than a larger property out in the boonies
      https://en.wikipedia.org/wiki/Boondocks

      Horses Running Free on a Charlottesville horse farm

      Want a horse?

      All land is not equal when it comes to keeping horses. It is possible to find land in the Charlottesville area that is absolutely perfect for horses. It would consist of a nice deep soil with few if any rocks. It would be gently rolling and well drained and it would already be in good grass, your horse’s favorite food.

       

      This is horse country and a horse can thrive here and live entirely off the land for most of the year. It’s not all horse country though so do your homework. Up close to the mountains the pasture will be rockier and harder on your horse’s feet. That beautiful flat bottomland along the creek looks great when dry but will often be a wet soil that can also be unhealthy for hooves.

       

      Clearing woodland to make pasture can be done but it takes years to build up the grass to compare with established pasture. If you want to breed horses you’ll want to look at the type of grass growing in your fields. The fescue grass found in much of this area needs to managed if broodmares are grazing on it. Finding a place that is already fenced and has existing stabling is usually the best buy and finding a place that allows riding off the property can be a huge benefit in how you can enjoy your horses without trailering.
      https://pubs.ext.vt.edu/418/418-050/418-050.html

      Charlottesville Real Estate

      Call John Ince for information on new listings, price reductions and properties coming soon in the Charlottesville, VA area.

      Sign up here to receive a customized Charlottesville Real Estate Market Report.

      Market update for the Charlottesville real estate market including:  Albemarle County, VA, Orange County, VA, Madison County, VA, Greene County, VA, Nelson County, VA, Fluvanna County, VA, Louisa County, VA real estate.

      Historic Somerset: A Chance to Own a Piece of History

      Historic Somerset: A Chance to Own a Piece of History

      Historic Somerset: A Rare Opportunity to Own a Piece of HistoryWhen Frascati was completed in 1823 in Orange County, Virginia for Phillip Barbour who had just retired as an Associate Justice of the United States Supreme Court, Somerset was already a pretty good...

      read more
      Frascati Estate for Sale

      Frascati Estate for Sale

      A rare opportunity to acquire a significant historic estate in a superb location just 30 minutes from Charlottesville and the University of Virginia.   The house is described in the Virginia andmarks Registry as well as in the National Register of Historic Places...

      read more
      Magificent New Farm Listing Near Barboursville

      Magificent New Farm Listing Near Barboursville

      For anyone who has been waiting patiently for the perfect property to come on the market, it’s been worth the wait! Stilwin with 183 acres, nestled in a private valley less than 20 minutes from Charlottesville is available for...

      read more
      Elegant short term rental in Somerset!

      Elegant short term rental in Somerset!

      Gaby and I are thrilled to present Maple Crest as a delightful short term rental less than 15 minutes from five wineries, great antiquing in Orange and Gordonsville and just 30 minutes from Charlottesville and UVA. We would love to host you for a weekend or a week....

      read more
      Rising Interest Rates: What Does This Mean For You?

      Rising Interest Rates: What Does This Mean For You?

      Little more than a year ago my clients were getting a 30 year fixed rate mortgage at 3%, a 15 year fixed at 2.5%. Sellers were getting stacks of offers and the most challenging job for a listing Realtor was determining which offer was truly the best for their client, Buyer’s agents were pulling out all the stops to get their client’s offer to the top; full price + with escalation clauses, inspections waived, appraisals waived, free leaseback for sellers for months after settlement… Sound to good to be true?

      Rising interest rates have given pause to many seeking new homes in 2022

      I guess the Fed agreed because as soon as inflation started becoming the word of the day, the Fed started bumping rates up hoping to slow the worrisome inflation by closing the damper on the real estate rally. Real estate has historically been a benchmark for wealth accumulation and consumer confidence among home owners fueling spending on all levels, creating high demand for both necessities and luxuries. When supply can’t keep up prices rise as we have witnessed in the grocery stores, gas pumps and car dealerships over the last two years.

        Rising interest rates have had a major impact on consumer confidence in 2022

        Is it working? Housing starts, the resale market and loan applications are down to pre-2008 levels nationally which is when the last fan got hit. The stock market has dropped and exuberant home buyers are now crunching serious numbers as they compute monthly payments over the breakfast table. Inventory is still low but we are seeing price drops as sellers understand that realism is setting in and buyers are being much more careful.

        Some say the Fed has acted too quickly and has not allowed the first rate hikes to have effect. Some say they should have acted earlier. There are many factors influencing our economy. Some are controllable and others are not.

        Interest rates from the Fed are one of the few controls that can be manipulated and we are witnessing the impact on the real estate market in just six months. Inevitably, rates will level and probably even lower for a soft landing at which time the refi business will be the in full swing again.

        The overall real estate market needed a re-set. 22% annual appreciation was not sustainable. Changes don’t occur overnight but you can expect buyers to have more choices and more negotiating room soon. There are opportunities in every market. What kind of opportunity are you looking for?

        Current interest rates can be found here.

        Charlottesville Real Estate

        Call John Ince for information on new listings, price reductions and properties coming soon in the Charlottesville, VA area.

        Sign up here to receive a customized Charlottesville Real Estate Market Report.

        Market update for the Charlottesville real estate market including:  Albemarle County, VA, Orange County, VA, Madison County, VA, Greene County, VA, Nelson County, VA, Fluvanna County, VA, Louisa County, VA real estate.

        Historic Somerset: A Chance to Own a Piece of History

        Historic Somerset: A Chance to Own a Piece of History

        Historic Somerset: A Rare Opportunity to Own a Piece of HistoryWhen Frascati was completed in 1823 in Orange County, Virginia for Phillip Barbour who had just retired as an Associate Justice of the United States Supreme Court, Somerset was already a pretty good...

        read more
        Frascati Estate for Sale

        Frascati Estate for Sale

        A rare opportunity to acquire a significant historic estate in a superb location just 30 minutes from Charlottesville and the University of Virginia.   The house is described in the Virginia andmarks Registry as well as in the National Register of Historic Places...

        read more
        Magificent New Farm Listing Near Barboursville

        Magificent New Farm Listing Near Barboursville

        For anyone who has been waiting patiently for the perfect property to come on the market, it’s been worth the wait! Stilwin with 183 acres, nestled in a private valley less than 20 minutes from Charlottesville is available for...

        read more
        Elegant short term rental in Somerset!

        Elegant short term rental in Somerset!

        Gaby and I are thrilled to present Maple Crest as a delightful short term rental less than 15 minutes from five wineries, great antiquing in Orange and Gordonsville and just 30 minutes from Charlottesville and UVA. We would love to host you for a weekend or a week....

        read more
        Financing Country Property: The Best Strategy

        Financing Country Property: The Best Strategy

        Financing country property: the best strategy is to be prepared

        Financing country property can certainly be a maze to navigate. A buyer looking at a lovely home on 75 acres near Charlottesville may be thinking that the timing is perfect. Prices have finally leveled off and inventory is coming back. Rates have bumped up lately but are still at record lows historically.

        Just ask you parents if they are still around. Financing country property is not the same as financing a residential property. Are you a non-conformist? Quite possibly you are and if you are hoping to pick up a sizable chunk of land, your loan probably will be as well.

        Financing country property isn't the same today as it was for your parents

        Country property, farms, estates and raw land do not fit the standard criteria on the application for a home loan. Whenever the ratio of land value to improvements value exceeds 30% it becomes a non-conforming loan and will not fit neatly into the packaging of loans for resale to the secondary market.

        Unfortunately, few lenders will explain the non-conformity issue at the pre-qualification stage so buyers who believe they are ready, willing and able don’t realize that the property they seek may not be.

          Farm credit is the best choice for financing country property

          The nation’s largest lender for rural properties is Farm Credit. Farm Credit has been around for about 90 years and was originated to assist farmers with reliable financing in good times and bad. Today, they still are in business to assist farmers but also make loans to rural land owners, country home owners and agribusinesses.

          Traditional lenders also participate in country property financing but usually need to be creative. They may originate two loans, one for the residence and another for the surrounding land which may carry a higher interest rate.

          Personal bankers who can keep a loan in house may choose to finance country properties for clients whose assets are known and respected and seller financing is more prevalent in country property brokerage than in the traditional residential market.

          Be prepared. Financing country property will require professional assistance.

          The best strategy for financing country property is to be prepared. Make sure you explain to your lender that you are interested in purchasing a property with some acreage and make sure they understand the nuances. We will be happy to refer you to some excellent lenders who know how to work with country property. It is indeed a perfect time to consider a purchase of country property and we’d love to help.

          Charlottesville Real Estate

          Call John Ince for information on new listings, price reductions and properties coming soon in the Charlottesville, VA area.

          Sign up here to receive a customized Charlottesville Real Estate Market Report.

          Market update for the Charlottesville real estate market including:  Albemarle County, VA, Orange County, VA, Madison County, VA, Greene County, VA, Nelson County, VA, Fluvanna County, VA, Louisa County, VA real estate.

          Historic Somerset: A Chance to Own a Piece of History

          Historic Somerset: A Chance to Own a Piece of History

          Historic Somerset: A Rare Opportunity to Own a Piece of HistoryWhen Frascati was completed in 1823 in Orange County, Virginia for Phillip Barbour who had just retired as an Associate Justice of the United States Supreme Court, Somerset was already a pretty good...

          read more
          Frascati Estate for Sale

          Frascati Estate for Sale

          A rare opportunity to acquire a significant historic estate in a superb location just 30 minutes from Charlottesville and the University of Virginia.   The house is described in the Virginia andmarks Registry as well as in the National Register of Historic Places...

          read more
          Magificent New Farm Listing Near Barboursville

          Magificent New Farm Listing Near Barboursville

          For anyone who has been waiting patiently for the perfect property to come on the market, it’s been worth the wait! Stilwin with 183 acres, nestled in a private valley less than 20 minutes from Charlottesville is available for...

          read more
          Elegant short term rental in Somerset!

          Elegant short term rental in Somerset!

          Gaby and I are thrilled to present Maple Crest as a delightful short term rental less than 15 minutes from five wineries, great antiquing in Orange and Gordonsville and just 30 minutes from Charlottesville and UVA. We would love to host you for a weekend or a week....

          read more