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NEW YORK (CNNMoney) — The housing market started the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002.

The average home sold in that month lost 0.8% of its value, compared with a month earlier, and prices were down 3.8% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets.

Home prices have fallen a whopping 34.4% from the peak set in July 2006.

“Despite some positive economic signs, home prices continued to drop,” said David Blitzer, spokesman for S&P. “Eight cities — Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa — made new lows.”

Only three of the 20 index cities registered gains in January, led by Phoenix, which climbed 0.9% month-over-month, Washington, up 0.7%, and Miami, which edged 0.6% higher.

Home buying much cheaper than renting

Housing market indicators have sent confusing signals so far this year, with existing home sales and new home sales down month-over-month in February, but up year-over-year.

Potential homebuyers lack confidence in the market, according to Michael Feder, CEO of Radar Logic, an analytics company that produces daily spot prices for real estate. A big problem looming is a massive number of potential foreclosures.

“People see that there are millions of homes underwater, and at elevated risk of foreclosure, and conclude that housing values are unlikely to appreciate in any meaningful way for many years,” he said.

On the other hand, home builders have turned more bullish and are gearing up for more new construction. Mortgage rates are also still very favorable and the economy is getting better with hiring on the rise.

Ken H. Johnson, a real estate professor at Florida International University, thinks all these factors are helping the housing market turn around, but the recovery will take time.

Readers on mortgage settlement: ‘This stinks’

“The housing market is like a large cruise ship that turns slowly, often temporarily losing ground due to currents and change in momentum,” he said. “While the ship is turning, drags on the housing market are also present and must be addressed before a full recovery is accomplished.”

Feder said there is some evidence that the housing market recovery is approaching. One clue is that regular sales, as opposed to bank sales of foreclosed homes, increased dramatically over the past few months.

That indicates that sellers have capitulated to the lower sales prices of foreclosures and have adjusted their expectations of the prices their homes can command in the market.

He called that a good thing, because it means the market bottom is near. Once it does turn, there could be a rapid increase in buying, said Feder, as there is a much pent-up demand for homes.

Despite the market current turmoil, home ownership is still the goal of most Americans, according to a survey released Tuesday by Fannie Mae.

It found that while financial constraints and employment concerns are keeping homebuyers on the sidelines right now, two-thirds of renters say they intend to buy someday.

Bernanke: Fed didn’t cause housing bubble

“Some Americans may not be financially positioned to own a home in the near future,” said Doug Duncan, chief economist for Fannie Mae.

“But they may begin to revisit that aspiration as employment and household balance sheets improve over the coming years,” he said.  

First Published: March 27, 2012: 9:11 AM ET

This Kingsmill Home offers Luxury & Charm!

Rare Kingsmill home to the market! Welcome To 124 George Sandy’s in Sandys Fort. This amazing and rare custom built home in Sandy’s Fort of Kingsmill boasts character, sophistication & detail.The Betty Ann Davis design features 6 total bedrooms with 5.5 baths at over 7000 SQFT. The downstairs begins with a two story vaulted foyer with a breathtaking spiral staircase. The crafted millwork throughout the house is seen in the door casings, arched openings & crown molding. The kitchen features top of the line commercial grade stainless appliances, custom stained concrete countertops and a massive center island with bar. The downstairs has multiple spaces to entertain to include a gathering room, eat-in kitchen, large custom wet bar and a great room. This kingsmill home is a rare turn key property!

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The downstairs also has two bedrooms with a full bath accented by a custom tiled shower, seamless glass door & granite countertops. The upstairs has 4 total bedrooms, a craft or playroom, a long hall with a sitting area and a massive 40 x 17 bonus room. The owners just completed the 3rd floor space, great for an extra bonus room, playroom, or media room with over 1000 sqft.  The home is proudly offered at a new price of $1,299,900.

Kingsmill Story

Kingsmill is a place steeped in honored traditions and genuine Southern hospitality. When the first English foot was placed in Virginia, it was here on these grounds that once served as a central part of the area’s plantation life in the 1600’s through 1800’s.
Today, Kingsmill Resort retains those magnificent traits inherent in Kingsmill’s early life with grand accommodations, gracious hospitality and stately service. The Resort’s Plantation Golf Course is routed along what was once the original Kingsmill Plantation, and other resort properties and features are similarly located on plantation grounds.
In 1969 Anheuser-Busch purchased 3,900 acres of James River land with plans to build a large brewery. As part of the land purchase agreement, Anheuser-Busch agreed to develop hundreds of those acres into what is now Kingsmill Resort.
In 2010, Kingsmill Resort was purchased by Xanterra, who is the largest national and state park concessioner in the United States. They are committed to practicing integrity and quality, while leading in environmental stewardship and creating unforgettable memories for their guests. From the Kingsmill site and click the link for information about the resort and area. Call or email John Martin for information about your next Kingsmill Home.

Things to do

Family fun. It’s a term that gets bandied about rather loosely these days. But not here at Kingsmill. It may sound odd, but we take fun very seriously here. Then again, one day is all it takes to realize that statement isn’t odd at all. For thrills, tee it up on our three 18-hole championship golf courses, serve an ace on our 15 clay and hard-surface tennis courts, or make a big splash at our mammoth outdoor pool. Or find a little bliss with more tranquil pursuits found on peaceful Wareham’s Pond or even a relaxing visit to our world-class spa, there’s truly something for every member of your family here. Ask me about your next Kingsmill home?

All Brick Kingsmill Home a block from the Water!

Port Warwick is an award-winning, mixed-use community… located off Jefferson Avenue in Newport News, Virginia. Created and developed by Bobby Freeman, president of Tower Park Corporation, Port Warwick was conceived to be the urban core residential community of the city’s new mid town central business district. At the center of the Port Warwick community lays Styron Square, a three acre green space designed after the great squares of London. It was named after the Newport News native and Pulitzer prize-winning author, William Styron. Surrounding the Square is a vibrant retail and business district featuring over 40 locally owned specialty shops, exclusive restaurants, numerous general businesses and medical buildings. Not to mention, over 1,500 people call Port Warwick home, living in houses, townhouses, live-above homes, apartments and condominiums on or near Styron Square.

In addition to shopping and dining in the community, the Port Warwick Conservancy, the property owners association, and the Port Warwick Foundation, sponsor a series of events and activities in Styron Square from a weekly summer outdoor concert series to an annual arts and sculpture festival.

Port Warwick is located in Newport News, Virginia.

Features Include:
• Hardwood floors throughout
• Grand Manor architectural 50 year shingle
• Fresh paint on exterior
• 5th dormer added
• 4th bedroom added
• bonus room off guest bedroom,
• 2 large guest bedrooms with updated bathrooms
• Bathrooms include restoration hardware and mirrors, tiled floors, granite countertops
• Shenandoah custom shutters
• Central vacuum
• Dual Zoned HVAC
• Two hot water heaters
• B-Dry lifetime waterproofed basement
• Garage door openers with outside keypad
• Lawn watering system with maintenance system
• Extensive landscaping
• One master suite has a private deck overlooking the golf course
• Large basement ( allowing potential for media room, exercise room, recreation room)
• Basement half bath
• Walk out basement with high ceilings
• Updated master bath, glass shower, large Jacuzzi tub, rain forest shower head, brush nickel gooseneck faucets, newly tiled, pottery barn soapstone vanity with double sink, pottery barn mirrors and lights.
• Updated Master bedroom: coffered ceiling, fireplace with Williamsburg custom cabinet, build in TV cabinet over fireplace, remote control fireplace, recessed lighting, custom lights on fireplace, French doors to private deck overlooking golf course
• Updated master setting room, laundry with Williamsburg custom cabinets and tile floors.
• Large vaulted ceiling great room with expansive golf course view, 2 double sliding door sets to large deck attached to master deck both with access to back garden, fireplace with gas logs, second floor hallway overlooking great room,
• Spacious kitchen with large keeping room (golf course view and door to deck) and butler pantry with sink, granite countertops in butler pantry,
island and kitchen, countertop gas range, double oven, double door refrigerator with water and ice in door, garbage disposal, built in microwave.
• Half bath off kitchen.
• Door to large double garage finished walls and high ceiling.
• Cupola on garage roof
• Large Formal library or setting room with built in book shelves, sliding glass pocket doors
• Wonderful dining room with colonial lights
• No major road noise and cul-de-sac,
• Quick access to Centerville road and significantly expanding shopping, dining and entertainment, short walk or bike ride to pool and tennis, golf course lot with elevated and deep offset to golf course but dramatic views, cart path on far side.
• Proudly marketed by Long & Foster Williamsburg and offered at $715,000.

About Fords Colony

Fords Colony is the center of it all. Located just minutes away from Historic Colonial Williamsburg, Virginia lies Ford’s Colony Country Club. In an atmosphere of relaxed elegance, our Club is where you’ll gather again and again for good times with your friends and neighbors, whether you are enjoying the club as a member or guest.
Fords Colony features 54 holes with three distinct championship golf courses, designed by Dan Maples each course brings its own challenges and highlights. Whether you play Blackheath, Blue Heron, or Marsh Hawk, the courses at Ford’s Colony are sure to keep you coming back. This semi-private golf club features some of the best resort golf in Virginia.

Members of Fords Colony Country Club also enjoy a top of the line golf academy with PGA certified teaching professionals, private member-only driving range, great dining and events in our three restaurants. It’s Williamsburg Country Club living at its best.

Fords Colony has a variety of Membership options available. Whether you’re an avid golfer that wants to play as much as possible, or a casual golfer that maybe only has time to play on the weekends, there is something for everyone. Ford’s Colony Country Club is not just for golfers, enjoy great events, dining and social activities. Join Ford’s Colony where community and
fun are always an affair.

They offer 3 great restaurants, a variety of meeting and banquet facilities, a fully stocked Pro Shop, active Men’s and Women’s Golf Associations, an array of special club tournaments and a very active schedule of monthly member Social & Dining events. Pair this with 54 holes of great golf, and are sure to find that Ford’s Colony offers something that no other club in the Williamsburg area can.

The Benefits of Membership:
• Enjoy 54 holes of golf with our featured 3 Championship Golf Courses
• Members Only Course Daily
• Men’s 18 Hole Golf Associations
• Women’s 18 Hole Golf Associations
• Women’s 9 Hole Golf Associations
• Club Sponsored Tournaments
• Member’s Only Grille
• Fabulous Year Round Social Events Calendar
• Members Only driving range and practice green
• Preferred membership rate available to join the state of the art Golf Academy
• 4 Tees Beginner Golf Program
• Includes entire immediate family

Information deemed reliable but not guaranteed. All content from the Ford’s Colony County Club Website and used to promote the Club and the Fords Colony Community.

Stunning Custom Golf Frontage Home in Fords Colony!

This stately and elegant custom Fords Colony home is nestled on the 7th tee box at Fords Colony in Historic Williamsburg Virginia surrounded by extensive landscape design. The home is spacious and bright with hardwoods, heavy moldings, 3 piece crown molding in every room, custom white kitchen, master downstairs, spacious in-law suite downstairs, massive vaulted foyer,  amazing bridge to upstairs bedroom, reinforced flooring in fitness center, steel beams in crawl space, insulation on all interior walls, modern media room, fitness space, loft, huge 3 car garage, golf views.. Rare elegant custom built home built in 2004 with over 6000 sqft of living space. Proudly offered at the new price $1,195,000, a rare find in popular Fords Colony.

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A Fords Colony treasure with hardwoods and custom casings throughout!

Fords Colony is the center of it all. Located just minutes away from Historic Colonial Williamsburg, Virginia lies Ford’s Colony Country Club. In an atmosphere of relaxed elegance, our Club is where you’ll gather again and again for good times with your friends and neighbors, whether you are enjoying the club as a member or guest.

Ford’s Colony features 54 holes with three distinct championship golf courses, designed by Dan Maples each course brings its own challenges and highlights. Whether you play Blackheath, Blue Heron, or Marsh Hawk, the courses at Ford’s Colony are sure to keep you coming back. This semi-private golf club features some of the best resort golf in Virginia.

Members of Ford’s Colony Country Club also enjoy a top of the line golf academy with PGA certified teaching professionals, private member-only driving range, great dining and events in our three restaurants. It’s Williamsburg Country Club living at its best.

Fords Colony has a variety of Membership options available. Whether you’re an avid golfer that wants to play as much as possible, or a casual golfer that maybe only has time to play on the weekends, there is something for everyone. Ford’s Colony Country Club is not just for golfers, enjoy great events, dining and social activities. Join Ford’s Colony where community and
fun are always an affair.

They offer 3 great restaurants, a variety of meeting and banquet facilities, a fully stocked Pro Shop, active Men’s and Women’s Golf Associations, an array of special club tournaments and a very active schedule of monthly member Social & Dining events. Pair this with 54 holes of great golf, and are sure to find that Ford’s Colony offers something that no other club in the Williamsburg area can.

The Benefits of Membership:

• Enjoy 54 holes of golf with our featured 3 Championship Golf Courses
• Members Only Course Daily
• Men’s 18 Hole Golf Associations
• Women’s 18 Hole Golf Associations
• Women’s 9 Hole Golf Associations
• Club Sponsored Tournaments
• Member’s Only Grille
• Fabulous Year Round Social Events Calendar
• Members Only driving range and practice green
• Preferred membership rate available to join the state of the art Golf Academy
• 4 Tees Beginner Golf Program
• Includes entire immediate family

Information deemed reliable but not guaranteed. All content from the Ford’s Colony County Club Website and used to promote the Club and the Fords Colony Community.

Welcome to this stately and elegant Governors Land all brick custom home nestled on top a hill at the end of River Ridge.. This amazing home boasts custom cabinets, built-ins, massive master suite with cozy sitting area, elevator, 10 foot ceilings on the first floor, 9 foot on the second, master bedroom downstairs & up, media room, sauna, study, hardwoods, vaulted foyer, conditioned crawl space, Security systems, Central Vac, Trane HVAC systems, sizable three car garage on a wonderful 3rd hole location on Two Rivers Golf Course. Enjoy the luxury of Governor’s Land and all it has to offer: James River, Marina, Championship Golf, Modern Clubhouse, Tennis, Pool, Fitness Center, Greenspace, and Sustainabilty.. This Governors Land Home is offered at $995,000. PENDING.

For more information about Governors Land or Two Rivers Country Club, please email or call John direct.



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The Two Rivers Country Club offers tennis, championship golf, pool, fitness center & much more. The clubhouse has been updated and is a great spot to take friends and Family.

From the The Two Rivers Yacht Club & Marina site.“Nestled in a protected private harbor, the Marina provides safe haven for boats up to 50-feet in length. Or, if you prefer to keep your craft on land, a well maintained ramp offers easy water access whenever the seafaring urge strikes. The Marina has…. “

 78 slips from – 25 feet to 50 feet
 Water, electric & dock boxes for all slips
 Power – 30 and 50 amp
 Fuel – gasoline & diesel
 Pump out
 Terrace area with awnings and tables
 Harbor House with office, store, bathrooms, showers, laundry & ice
 Boat launching ramp
 Beach with BBQ and tables

Yacht Club Memberships are available for Governors Land residents and non residents.

Membership Information

Virginia community memberships

Governor’s  Land property owners are required to become equity members in Two Rivers  Country Club. A variety of equity and non-equity memberships, including golf,  marina, social and dining memberships, are available to non-property owners. Members  receive a full range of benefits and access to our well-maintained facilities  based on their type of membership.

Click the link above to get in contact with Rob Collins at Governors Land Membership Department.

Mortgage Predictions for 2012

It’s the time of year that we look ahead and attempt to give our best guesses about the market, the industry, and the effects they may have. So, here are my thoughts about the mortgage world:

Interest Rates Should Be Stable
With a faltering economy nationally and worldwide, including pessimistic estimates for employment, there is little chance that the Fed will risk increasing rates which would jeopardize any recovery. Couple that with a Presidential Election in November and conventional wisdom, and we’ll see rates hovering in the same neighborhood for most of 2012.

Mortgage Costs Will Increase
Quietly tucked away in those bills passed in Congress to extend the payroll tax cuts before the holidays was an increase of 10 basis points in the guarantee fees on loans sold to Fannie Mae and Freddie Mac. That will translate into .10% higher interest rates (which would be $4000 extra on a $200,000 loan over 30 years). Interestingly enough, the additional revenue is not going to Fannie or Freddie to help with defaulted loans, but rather going to the US Treasury to make up for the payroll tax cut….go figure.

The Mortgage Interest Deduction Will Be Challenged
Look for people of a certain income level to lose their write off as a measure to increase revenue. Taking away from the wealthy as a way to raise governmental revenue is politically strategic. It is unlikely everyone will lose the deduction (political suicide), but that top 1%…watch out.

Loan Products Will Expand
Common sense lending will start creeping back. Large down payments will liberalize credit and income standards. This will likely begin with local banks who are comfortable with appraised values. I’m not calling for a return to the madness, but some loans that are low risk are not being done today. Anticipate some lenders expanding their guidelines.

Don’t be shocked by a lowering of FHA loan limits and/or an increase in the FHA Up Front Mortgage Insurance Premium either. Overall, mortgages should give people more reasons to buy homes in 2012 as the economic recovery is strongly tied to housing. Given that most people vote their own personal economy rather than policy beliefs, I expect support by those who are looking to be re-elected.  Mortgage rates are low..

5 Real Estate Trends to Look For in 2012
by The KCM Crew on January 3, 2012

Predicting trends during the most volatile housing market in American real estate history is no easy task.

We strongly believe these are the five real estate items we should keep an eye on in 2012:

1. Buyers Will Return
In 2011, a lack of consumer confidence in the overall economy dramatically impacted the housing market. Buyers were afraid to make a purchasing decision on any big ticket item. By the end of 2011, consumer confidence began to return and sales increased. Economic conditions will continue to improve throughout 2012 and consumer sentiment will solidify. Once that happens, home buyers will realize that now is the time to buy.

2. Foreclosures Will Increase
The ‘shadow inventory’ of foreclosures which has been growing since the robo-signing challenges of late 2010 will finally be introduced to the market. Distressed properties sell at discounted prices. They will impact the housing values of the non-distressed homes in the area.

3. Prices Will Soften
As more and more foreclosures come to market, there will be greater downward pressure on the values of houses in the region. Foreclosures impact values of non-distressed properties in two ways:

They will eat up some of the buyer demand in the market.
They will impact the appraisal on ALL transactions in the area.
An increase in foreclosures will have a negative impact on values. This will cause more homes to be underwater.

4. Short Sales Will Increase
As mentioned above, we strongly believe that home prices will soften through at least the first half of 2012. Falling prices will force more homeowners into a position of negative equity. Negative equity is one of the triggers that cause people to strategically default on their mortgage obligations. If this happens, there could be an increase in the number of foreclosures. However, we predict that banks will take preventative measures which will help many of these homes avoid foreclosure by easing the requirements in the short sale process for both homeowners and real estate professionals.

5. Great Agents Will Be VERY Successful
Real Estate professionals who have invested the money, time and energy to truly understand what is happening and why it is happening will separate themselves from their competition and do very well this year.

Those who take that next step of learning how to simply and effectively communicate the market to their clients will be seen as industry leaders. These experts will dominate their markets.

History Of James River

The Native Americans who populated the area east of the fall line in the late 16th and early 17th centuries called the James River the Powhatan River, named for the chief of the Powhatan Confederacy which extended over most of the Tidewater region of Virginia. The English colonists named it “James” after King James I of England, as they also constructed the first permanent English settlement in the Americas in 1607 at Jamestown along the banks of the James River about 35 miles (56 km) upstream from the Chesapeake Bay.

The navigable portion of the river was the major highway of the Colony of Virginia during its first 15 years, facilitating supply ships delivering supplies and more people from England. However, for the first five years, despite many hopes of gold and riches, these ships sent little of monetary value back to the sponsors. In 1612, businessman John Rolfe successfully cultivated a non-native strain of tobacco which proved popular in England. Soon, the river became the primary means of exporting the large hogsheads of this cash crop from an ever-growing number of plantations with wharfs along its banks. This development made the proprietary efforts of the Virginia Company of London successful financially, spurring even more development, investments and immigration. Below the falls at Richmond, many James River plantations had their own wharfs, and additional ports and/or early railheads were located at Warwick, Bermuda Hundred, City Point, Claremont, Scotland, and Smithfield, and, during the 17th century, the capital of the Colony at Jamestown.

Navigation of the James River played an important role in early Virginia commerce and the settlement of the interior, although growth of the colony was primarily in the Tidewater region during the first 75 years. The upper reaches of the river above the head of navigation at the fall line were explored by fur trading parties sent by Abraham Wood during the late 17th century.

Although ocean-going ships could not navigate past present-day Richmond, portage of products and navigation with smaller craft to transport crops other than tobacco was feasible. Produce from the Piedmont and Great Valley regions traveled down the river to seaports at Richmond and Manchester through such port towns as Lynchburg, Scottsville, Columbia and Buchanan.

Osborne Pike Boat Landing

Description

Osborne Pike Boat Landing offers boating access to the excellent wildlife viewing opportunities that exist on the James River. The site access is limited to launching and taking out of watercraft and is not open to shore viewing. Quiet boaters may encounter gulls, bald eagle, osprey, and waterfowl on the river as well as the songbirds utilizing the riparian habitat that lines the waterway.

Directions Osborne Landing

From I-95 South in Richmond, take Exit #75/190 for I-64 East. Follow I-64 East to Exit #195/Laburnum Avenue. Turn right at the end of this exit ramp. Continue 5.3 miles and turn right on SR 5/ New Market Road. Proceed 2.1 miles and turn left onto Osborne Turnpike. Go 6 miles and turn right at the sign for Osborne Pike Boat Landing. Site viewable only by boat

James River!

MAYMONT PARK
Maymontis a 100-acre American estate, an extraordinary gift given to us by James and Sallie Dooley who lived here from 1893 to 1925. Whether strolling in the gardens, touring the mansion or watching river otters play, there is something for everyone to enjoy. Learn more about the Dooleys’ legacy. Maymont Foundation, 1700 Hampton Street, Richmond, Virginia 23220. All content about Maymont direct from their site. Visit Maymont today and enjoy all that it has to offer!

HISTORIC BUILDINGS
Maymont’s original 100 acres are intact and retain the architectural and landscape features in place at the time of Mrs. Dooley’s death. More than 25 original buildings and garden structures are preserved.

The Normandy-style Carriage House (built of James River granite), the three-storied Stone Barn and the Water Tower were designed by Noland and Baskervill and constructed in the early 20th century. These principal buildings (in addition to the three-storied Garage, a granite compost house, chicken coop and gatehouse) all were connected by the old service road that begins at Maymont’s Hampton Street entrance. Arrayed along a high ridge, this village-like assemblage of picturesque outbuildings would have been visible to guests entering along the magnolia-lined drive. These buildings have been adaptively renovated as public spaces and for institutional use.

Other original structures can be found throughout the estate. They include the Dooleys’ Doric temple-style mausoleum, gates, bridges and gazebos of differing styles including Italian Neoclassical, Victorian and rustic or Adirondack.  From the Maymont Website link above..

Maymont!