I own a villa in Tinsley Charter and I want to sell. There are atleast 4 other villa's in this subdivision currently on the market and they

Asked by Tinsley Homeowner, 23875 Wed Dec 9, 2009

don't appear to be selling.
I paid $186,000 for my home in 2006. Is the situation with the Builder as well as the fear of the raise in the HOA fees having an affect on the marketing in this subdivision. This subdivision is very close to Ft. Lee. I was hoping this would bring an over flow of buyers to this area.

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Jeff Blaha, Agent, Chesterfield, VA
Wed Dec 9, 2009
Before you decide to sell your house, there are three basic questions you need answers to:

Who's the target buyer?
Which homes are the competition?
Using the factors affecting Supply & Demand determined by the first two questions, is now the time to sell?

Tinsley Charter is going through some changes right now with the Prospect Homes' Chapter 11 filing in particular and the market slow-down in general. If you absolutely need to sell right now, you need to know you may not get back what you paid for it. I'm dubious that Ft. Lee will bring many buyers to a 55+ community...besides, the big influx of personnel isn't going to happen until later in 2010 and into 2011.

Tinsley Charter is still a great place to live with the new pool and other amenities. The buyer of the last home I sold there (mid-2008), absolutely loves the community.

If you want straight answers and helpful information, I'm here to help.

Jeff Blaha
(804) 731-3490
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Stan Reed, Agent, Chantilly, VA
Wed Dec 9, 2009
To restate Your question - Is the situatioin with the builder (that filed chapter 11) and a fear of the HOA fees rising keeping buyers away from your subdivision?
My answer: It is possible that both these items may have an impact on buyers. It is more likely that the asking price is keeping buyers from making offers. The price you paid in 2006 at the height of the market should not play a part on todays asking price which most probably should be considerably lower than what you paid.

Talk with a Realtor in your area that has sold properties in your subdivision and have them write up a market analysis for your property.

Hope this helps.

Best regards,
Stan Reed, Realtor
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Chris Capps, Agent, Richmond, VA
Wed Dec 9, 2009
Tinsley Homeowner,

Thank you for your question. I grew up in Prince George about a mile away and I am very familiar with this area an issue you are faced with. This is a very delicate situation. Let me first start by saying no one will be able to provide you the 100% guaranteed answer you are looking for.

Allow me to address some of the issues.

What is the worst case that could happen with Prospect Homes owning most of the lots in that community, what happens to the HOA?
- the banks sells to another developer that decides he wants to change everything and increase the fees (currently ~$180 per month).
- How can they do that?
o The developer gets a seat on the board
o If you own a one lot you have one vote
o The developer would own X lots and would get X votes
 They would be in a position to “call the shots” so to speak

- The more important questions is why?
o If they were to do this people would be unhappy and new buyers would certainly steer clear
o Thus, this is not a huge incentive, however you asked for worst case

Does the value of the properties go down if no one buys and builds on the vacant lots?
- The market has already decided that homes are too high,
o You mentioned that some are not selling and have been on the market for a while
- This could have the opposite effect since fewer homes equals less traffic and people (but I doubt it)
- The market will have final say.
- My guess, if a developer like Ryan Homes were to make a play they could take over and bring their name and reputation, thus turning things around.

Is Prospect Homes going to hold on to Tinsley Charter LLC or will it be sold off to someone else and who that might be.
- That is a question for the bank, lawyers, and Bankruptcy court
- I would guess sold to pay off the bank / outstanding debt
o But who is in a position to buy???
o I suspect they will continue reorganize
- If my memory serves me there is about one acres that is on the back side of route 106 that was zoned for a full care faculty, I would have to research that some more – if owned my the developer / bank, I would guess that would be the first to go to a company that could build that out.

All in all, it should not impact the homeowners association however no one would put this into writing. No wants to be in a situation that the fees go up and no one wants to buy however that can not be guaranteed.

If you want my recommendation, just call me.

I hope this answers some of the questions you are thinking about.

If you are considering selling your property I would like the opportunity to interview the job and guide you through the selling process. I can promise you that I will represent your best interest and work to educate you with facts, even at the cost of you walking away from a deal.

Please let me know if and when you would like to meet.

Chris Capps, Realtor
Residential Real Estate Specialist

cell 804.896.6945
office 804.740.1644 ext. 103
fax 804.545.7224
email chriscapps@oakstoneproperties.com
web http://www.chriscapps.com

“It's Time to Expect More From Your Realtor®”
Web Reference:  http://www.chriscapps.com
0 votes
Veronica Tay…, Agent, Richmond, VA
Wed Dec 9, 2009
Tinsley Homeowner,

The major factors in selling a home has been, location, price and condition. In this type of market, you must also consider competition. Not only are you competing with other homeowners, but also with bank foreclosure who have "larger pockets". Inventory is expansive where buyers at this time of year are not. Lots of choices for fewer buyers. There has been and will continue to be a influx into the Ft. Lee area, but the buyers are considering how long they will be in the area, school systems and what would be the best bargin for them. You should decide how badly you want to sell or are you able to ride out the market until end of winter?

Veronica Taylor
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