Kathryn Maguire (The Real Estate Group)

If Your Tax Assessment has Decreased, Check Your Mortgage Escrow Amounts

For many homeowners, the assessed value of their home has decreased over the past several years. In Chesapeake, Virginia, the new assessments will take effect on July 1. That means that the annual taxes that your mortgage company is paying on your behalf out of your escrow account will most likely decrease.

However, your lender may not have adjusted the amount that they are withholding for your escrow account for your property taxes. As a rule of thumb, each month, your mortgage company should be adding 1/12th of your annual tax bill (plus a small additional amount to allow for fluctuations in annual assessments) to your escrow account as part of your monthly mortgage payment.

At least once per year, your lender will send you a statement which details the funds collected for your escrow account and the amounts disbursed for payment of taxes and insurance. You will want to review these statements carefully to ensure that the correct amount is being withheld. If you have any questions, you should call your mortgage company so that you can fully understand how your escrow account is being handled.

Pines of Warrick, Chesapeake Virginia

Pines of Warrick in the Great Bridge area of Chesapeake, Virginia is a lovely, tree-studded neighborhood with curving roads and friendly neighbors. Pines of Warrick is located off of Cedar Road and has long been a favorite location for people who want to stay within the Great Bridge school system. Homes within the Pines of Warrick subdivision vary between the quintessential "Great Bridge Special" (ranch home with 3 bedrooms and 2 bathrooms) and more grand two story homes. Some of the homes within the neighborhood have in-ground swimming pools.

Exteriors in Pines of Warrick are typically either brick or vinyl siding, and many have spacious front porches. Pines of Warrick does not have a Property Owner Association and no dues are required for home ownership within the subdivision. On pleasant days, you can see people enjoying the outdoors by taking walks, jogging or riding their bikes around the neighborhood.

Pines of Warrick has had a few foreclosures over the past two years. However, the homes in Pines of Warrick have maintained their value rather well, despite the economic difficulties in the housing market.

Over the past three months (Period October 17, 2010 to January 17, 2011), there has been only one sale within Pines of Warrick. The sale was a foreclosure sale. Below you will find the sale statistics.

Address Square Feet # BR #BA Sales Price Date Closed

701 Montebello Circle 1591 3 2.5 $199,900* Pending

* Indicates list price for sale that has not yet closed.

For additional information on homes in Pines of Warrick and other Chesapeake Treasures, call Kathryn Maguire (Rose and Womble Realty) at 757-560-0881 or Kathryn@MyAgentKathryn.com.

Las Gaviotas in Chesapeake, Virginia

When many buyers contact me regarding their upcoming relocation to Chesapeake, Virginia, they often ask me about the neighborhood of Las Gaviotas. Las Gaviotas is a large subdivision located off of Cedar Road. Las Gaviotas is centrally located and is currently zoned for Grassfield High School, Great Bridge Middle School and Cedar Road Elementary School. Many people with school-aged children choose to purchase in Las Gaviotas for the school system alone.

However, there is are many wonderful reasons to call Las Gaviotas home. The homes in Las Gaviotas have locations that vary from golf course lots to waterfront views. Homes also range from two story homes, to ranch homes, to attached townhomes. There is something for everyone in Las Gaviotas. The community boasts a golf and swim club which can be joined for a nominal annual fee. In addition, the strict guidelines of the property owners' association help to ensure that Las Gaviotas maintains its aesthetic beauty and conformity of property upkeep.

In the past three months (October 17, 2010 to January 17, 2011) , the following sales have occurred in the Chesapeake, Virginia neighborhood of La Gaviotas:

Townhouses Las Gaviotas, Chesapeake Virginia

Address Date Sold Square Feet Bedrooms Bathrooms Sales Price

413 Brisa Drive 12/23/2010 1051 2 2 $131,000*

1201 San Roman Ct Pending 1280 3 2.5 $192,500**

324 Brisa Drive 11/22/2010 1700 2 2.5 $175,000*

527 Brisa Drive 1/4/11 1411 3 2 $156,450*

Single Family Homes in Las Gaviotas, Chesapeake, Virginia

Address Date Sold Square Feet Bedrooms Bathrooms Sales Price

407 Rio Drive 12/3/2010 2877 4 3 $365,000

507 Aguila Ct 10/27/2010 2679 4 2.5 $358,500

521 Belem Drive 12/16/2010 2936 4 3 $338,000

1004 San Juan Dr 12/31/2010 2270 4 2.5 $292,000

403 Rio Drive Pending 2454 4 3 $289,000**

*Indicates Foreclosure

** Indicates List Price for Pending Sale

Plantation Greens Apartments Finally to be Reviewed by Chesapeake City Council

The Chesapeake City Council will reviewing the proposed development of the Plantation Greens apartment complex that is proposed to be developed in the land between the Cahoon Plantation Golf Club and Shillelagh Road. The apartment complex would bring 325 luxury apartments to the area. Concerns over the project focus on the already congested Dominion Boulevard to the issues with drainage that many local residents have suffered as a result of previous development efforts. Supporters claim that it would stimulate growth and economic development.

It is assumed that the Planning Commission will recommend that the proposed development be denied. However, nothing is certain until the City Council has an opportunity to review the facts and hear the opinions of the local residents.

People who would like to have their voices heard on the matter should attend the City Council meeting to review the Plantation Greens Apartments Development on November 23, 2010 at 6:30pm.

There is a planned meeting for those opposed to the Plantation Greens Apartment project at the Grassfield Ruritan Club on Thursday, November 18 at 7:30. The Ruritan Club is located at 920 Shillelagh Road in Chesapeake, Virginia.

This is democracy in action....make your voice heard!

South Chesapeake Virginia Real Estate Market Report

The following data summarizes the home sales for the six months from May 2010 to October 2010. I have included the absorption rates for each price range so that you will have a better indication of what type of market we are experiencing in the individual ranges. The color coding for the absorption rates is similar to a traffic signal for sellers. Green indicates a seller's market while yellow is a stable market. Red indicates an extreme buyer's market which is what we are experiencing in the upper price range for South Chesapeake Virginia Real Estate.

A few points to note:

• Days on Market (DOM) can be understated. Therefore, the absorption rates may indicate a stronger buyer's market than reported in the data. This is due to the fact that many homes are withdrawn and then relisted, which resets their Days on Market to zero in the REIN MLS.
• The list to sales price ratio illustrates the percentage of the original list price that the properties sold for (on average). If this number is close to 100%, that indicates that the seller's did not have to discount their price much from the original list price in order to attract a buyer.