My New Blog

Real estate sales figures from the City of Williamsburg show a decline in values over the past year.  I researched sales over the past year for detached single family dwellings built prior to 1981.  Here are the results:

	Prior 7 to 12 Months	Prior 4 to 6 Months	Prior 3 Months
Total Number of Sales	6	4	3
Absorption Rate Per Month	1	1.33	1
Total Number of Listings			25
Months of Housing Supply			25
Median Sales Price	$337,500	$229,125	$215,000
Median Sales Day on Market	139	109	137
Median List Price			$554,500
Median Listing Days on Market			180
Median Sales Price as % of List Price	92.6%	89.9%	93.5%

Although the information listed above looks real bad with the drop of median sales price in the first half of 2009 at $337,500, and the last quarter of 2009 at $215,000, it is not as bad as it seems.  It appears that the homes under $250,000 are still selling well, and the higher end homes are not moving.  This is shown in the active listings with a median price of $554,500, and a days on market of 180.  In order to increase sales in the upper end homes, some will need to be priced more reasonably. 

Based on appraisals of properties at the high of the market, and again in the current market, it appears there has been a depreciation of value of the higher end homes (built prior to 1981), in the City of Williamsburg, between 10 and 15%.

There are several houses currently on the market, within the City limits, that I can't believe haven't sold yet, at the current pricing.  If you are interested in moving into the City, now might be the time.

I recently completed an appraisal in Skimino Landing Estates in upper York County, Virginia.  The table below shows trends for the subdivision over the past year.

Skimino Landing Estates

	Prior 7 to 12 Months	Prior 4 to 6 months	Prior 3 Months
Total Number of Comparable Sales	2	1	2
Absorption Rate	.33	.33	.67
Total Number of Comparable Listings			6
Months of Housing Supply			9
Median Comparable Sales Price	$559,000	$539,000	$481,500
Median Comparable Sales Days on Market	209	85	370
Median Comparable List Price			$632,500
Median Comparable Listing Days on Market			49
Median Sales Price as % of List Price	94%	100%	93%

Absorption rates have increased from 0.33 for the first three quarters of the year, to 0.67 for the last quarter of 2009.  It appears the increased sales are attributed to the lowering of prices in the subdivision (median sales price trended down).  When priced correctly, it appears there is a market for the homes.  Based on an absorption rate of 0.67, and six current listings, this calculates to a 9 months supply of inventory.

The 2009 3rd Quarter Timeshare Report for Powhatan Plantation and Greensprings Plantation is now available.  We have improved upon the layout, and added additional information.  Not only do we have all resales, above $500, for Powhatan Plantation and Greensprings Plantation, we now include the initial purchase from the developer, and the most recent resale price as a percentage of the initial purchase price.  

There were thirteen resale transfers above $500 in Powhatan Plantation during the third quarter of 2009, and 4 resales from Greensprings Plantation.  Also included in the report is the 4th Quarter report from 2008.  Reports are $24.99.

Don't buy or sell a timeshare without knowing what range others are selling.

Don't forget to take the time to vote on Tuesday November 3, 2009.

Find your polling place information. Here is a link to the Virginia State Board of Elections http://www.sbe.virginia.gov/cms/Index.html.

Through the end of September, you can download the 4th Quarter Powhatan Plantation and Greensprings Plantation Report for free! 

Just follow this link http://www.hertzlerappraisals.com/PowhatanPlantationReport , or click on the Powhatan Plantation Report along the left hand side of my web page.

Take a look, and give me your thoughts.

Squidoo.com is a website where you can create your own lense (website page) for free.  You may even earn a royalty for you or your charity.  If you have an expertise in a subject, you can write about it, and tell the world.  Write about woodworking, or your favorite recipes.  Also, you can search, and read about things you are interested in. 

Check out my lense at www.squidoo.com/TimeshareAppraisals. 

Congratulations to Hertzler Brothers, Inc. for 50 years in the construction business.  My father (David L. Hertzler) and his brother (John Asa Hertzler) started building houses in 1959.  My father and sister (Amy Hertzler) are still operating the business in the Williamsburg area.  They have built homes in Seasons Trace (developed by Hertzler Brothers), Kristiansand, Kingswood, Kingspoint, Neighbors Drive, Jamestown Road, The Vineyards, Fords Colony, and many other subdivisions in James City County.

Check out the link below for photos of current new construction, remodeling jobs, and additions.  www.HertzlerBrothers.com

Find out what your timeshare is worth.  Check the values of other sales from the 4th quarter of 2008. For this week only (8/12 through 8/19) download, for free, a copy of the quarterly report for Kingsgate/Patriots Place in Williamsburg.  After viewing, please send an email with your feedback.  Is there anything you think should be added to the report?  Was it helpful information?

Go to the home page and click on "Free Quarterly Report" in the left hand column, or just follow this link www.hertzlerappraisals.com/freequarterlyreport

Thank you, and good luck buying or selling your timeshare.

Whether you are selling your home yourself, or using a Realtor (which I recommend), you should have an accurate measurement by a Licensed or Certified Appraiser. 

Williamsburg is currently in a tight market where every square foot counts in pricing a home.  Many times the living area listed at the Assessor's office does not include a finished bonus room, or the plans changed when the house was being built.  Either pull out an old appraisal, which should have a building sketch, or have an appraiser come out and measure your home.  Our fee for measuring is typically between $65.00 and $85.00.  If your square footage increases by just 100 square feet, your value could increase from $2,000 to $8,500.