Charlottesville's Forest
Lakes Real Estate Market is Hot !

Information from our local Charlottesville Area Association of
Realtors MLS indicates that out of about approximately 1,400 homes in
Forest Lakes indicates there are just 25 for sale,
only 3 of which are deemed distressed properties, and
just a scant few for rent.
In the past thirty days there have been seven homes go under contract.
Could it be that there is only three months of inventory? If you are
looking for a great place to live that's beautiful, clean, safe and
convenient to everything, please give Forest Lakes a look.
Forest Lakes is a Charlottesville bedroom community situated in
northern Albemarle county. It is convenient to everything including
downtown Charlottesville, UVA, the Medical Center, and NGIC. Residents
enjoy many amenities including two swim and tennis clubs, a large
fitness center, 12 miles of paved jogging trails, neighborhood
elementary and middle schools. And if investment dynamics and market
trends are your forte, then you know that all real estate markets are
local. Well if our local Charlottesville Forest Lakes neighborhood
market is indicative of market trends then this market is looking
rosey. Between the period of 1/1/2009 and 6/30/2009 there were 11 sales
of single family homes. This year 2010 during the same period there
have been 34 sales of single family detached.
A Week in Review
Even with a whirlwind of news this
week – from General McChrystal’s
departure to the longest tennis match in the history of Wimbledon – real
estate remained a major focus. Sales of new single-family homes
were down 32.7 percent
to a record low. Sales of previously owned homes, although
up 19.2 year over year, fell
2.2 percent. Rounding it out, mortgage applications dropped to
their lowest level since 1997.
All of these drastic numbers and record
lows have some arguing about the dependence of the
housing market on government support. That argument
may heat up, as the Senate voted down
the bill which would have extended the closing deadline for the home
buyer credit to September 30 from June 30. It probably
didn’t help
that an audit found prisoners
fraudulently receiving the tax credit.
In good news, pricing of homes rose
for a second straight month. In California, prices rose 23 percent in
May. Speaking of California, state legislators are considering a bill
that would redefine the obligations of many defaulting homeowners. Do
you think other states will consider similar bills? What
about on a
national level?
Take a page out of Mortgage Bankers Association
President Jim Pair’s
book and counsel borrowers to not charge large purchases or change jobs
as their applying for mortgages — if at all possible, they should wait
until after closing. This will prove especially
important as Fannie Mae’s introduced new requirements to
recheck a borrower’s finances shortly before closing. In other advice
for your consumers, Fannie Mae’s “unusual hardships” policy
provides relief for homeowners with problem drywall. Pass it along!
Fannie Mae also announced this
week that in an effort to deter the trend toward strategic defaulting,
it will temporarily deny new loans
to borrowers who deliberately default and walk away from their homes.
Who would have thought a measure like this would have been necessary?
Forest Lakes continues to show stabilized
value.

Forest Lakes a Charlottesville bedroom community in northern
Albemarle county is convenient to everything including downtown
Charlottesville, UVA, the Medical Center, and NGIC. Residents enjoy
many amenities including two swim and tennis clubs, a large fitness
center, 12 miles of paved jogging trails, neighborhood elementary and
middle schools. Out
of about approximately 1,400 homes in the neighborhood our MLS
indicates there are just 27 for sale,
only 4 of which are deemed distressed properties, and
just a scant few for rent. If
looking for a great place to live that's beautiful, clean, safe and
convenient to everything, please give this neighborhood a look.
Forest Lakes Single Family Homes Sales
Triple Since
Last Year !!
And if investment dynamics and market trends are your forte, then
you know that all real estate markets are local. Well if our local
Charlottesville Forest Lakes neighborhood market is indicative of
market trends then this market is looking good. Between the period of
1/1/2009 and 6/20/2009 there were 11 sales of single family homes. This
year 2010 during the same period there have been 34 sales of single
family detached. Also looking at the combination of attached and
detached homes over the same period the sales have doubled from 23 to
52.