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Trailer for Driftwood Cottage Northern Neck Waterfront

Coming soon to an internet site near you, “Driftwood Cottage”. A Northern Neck waterfront cottage within minutes of the Potomac River and Chesapeake Bay.

Large eat in kitchen, Florida Room, pier, and new maintenance free deck overlooking pristine setting on Headley’s Cove.
Within 2 hours of Northern, VA this Northern Neck waterfront property is the ideal escape from the hectic life. Enjoy the Northern Neck Lifestyle and easy living.
Fish, crab, boat, and dine in all those Northern Neck favorites.
Call Ken Smith, Northern Neck Realtor, for more information.
(804) 366-2325

Northern Neck Luxury Waterfront Lower Prices

Northern Neck News April 2012

 

 

Northern Neck Real Estate – It’s A Lifestyle


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Northern Neck Waterfront Prices Have Lowered

 

Selling Real Estate Has Become Fun Again

It seems so long ago that I’m not really sure when it
happened but I guess it was sometime around 2006 – 2007 that things really
started to change. At least for me they did.

Prior to that Northern
Neck real estate prices had
started going up but they had not gotten absurd
.
I was leading my clients to what I thought were good
values. Those properties that hadn’t caught up with the market yet. The only
trouble was I couldn’t find them as fast as the market was rising. It looked
like people were waking up and the thought would enter their head that they
would sell their property. They would put a price on it that the comps couldn’t
justify and yet they would get a contract. It got so appraisers were asking for
a copy of the sales contract.

The appraisal would come back and a
property in Lottsburg would have comps from Irvington. Don’t get me wrong,
Lottsburg and the surrounding area have great property. The only thing is a book
of matches would cost $10 if it had Irvington on it. The comps just didn’t
match! Was it the appraiser’s fault? They were just doing what the lenders were
telling them, “Bring it in”. Greed was rampant. That’s when I started to lose
interest in selling real estate. I just couldn’t in good conscience try to sell
one of my clients on something so overpriced.

Then what happened? Gas prices started
flirting with $4 a gallon. The bubble had to bust with overpriced property, 100%
and even 125% financing but in my opinion when gas hit $4 a gallon that was the
pin that busted it.

I kind of sat back and watched more than
sell. If someone saw something they liked then I’d help ‘em or if something came
up that I thought was a good deal I’d send out some messages. A couple of years
ago the market started to change. Last year it changed a lot as prices started to
get in line.

As gas flirts at $4 a gallon we have gotten use to high gas prices.
But this time it is different. Prices
for Northern Neck waterfront have really adjusted. There are some really great
deals out there. There is still a lot of inventory and it is still a buyer’s
market. Serious sellers realize they need to price their property at pre boom
prices.

This is especially true in the luxury
waterfront market. There is no way that many of these can be built for what they
can be bought for. Here are a few examples of
luxury
waterfront
that can be purchased for under 1.5 million. I personally think
these are better than some priced over 2 million.

Many of us, myself included, can’t
afford that million dollar home. Well believe me there are plenty of waterfront
properties out there today, even some for under 200k. Search for

Northern Neck Real Estate

I say this in every newsletter,
“All Things Are Negotiable”. I’ve always found
that reasonable people come to reasonable solutions. Go ahead search the MLS. I
think this might be the time you have been waiting for. If it is then give me a
call.

Ken

 

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Waterfront Specialist
Ken Smith   Sales Associate/ Realtor    Re/Max Waterfront Realty
ken@ksmithre.com | cell 804.366.2325 | fax 866.371.4538

 



 

Northern Neck Realtor Prepares 2 Waterfront Lots

I’m trying to get two Northern Neck waterfront lots ready to put on the market.

These lots on on Vaughn’s Creek in Westmoreland County. Right now I am having it selectively thinned so the view can be opened some before they are shown.

These Northern Neck waterfront lots have building restrictions as do the other lots surrounding them.

This is prime Northern Neck real estate in Westmoreland County.

Northern Neck Real Estate

Northern Neck Real Estate

I can’t believe it. I mean I have heard you are nothing but a number. But come on, have I become just an image?

And the worst thing is that the image looks like something you use to see in an old movie. You remember those movies where the guy was with a shrink looking at ink spots.

Tell me what it is that you see. I should be careful saying that. I’ve got some sick friends out there.

Contact info

Still confused then ask for phone what it is. If your phone figures it out and you like what your phone sees then

Luxury Northern Neck waterfront homes

Luxary Northern Neck Real Estate

Luxurious Living

I really expect to see sales pick up again this year for real estate in the Northern Neck.

It is still a Buyer’s Market and in all price ranges there are deals to be made. If you are looking for a waterfront cottage then you’ll be able to find one at a remarkable lower price than you would have several years ago.

This is true for all waterfront homes but there is nothing that can compare to the drop in luxury Northern Neck waterfront homes.

4,000 to 6,000 square foot waterfront homes with expansive views, fabulous kitchens, rooms with detail and built-ins are being sold for just over a million. While that is above my price and most of my clients I know that there is no way these homes can be built for what their market value is today.

The luxury Northern Neck waterfront market is an exceptional value for those discriminating buyers that demand the best.

If you are one of those buyers, I would love to have the opportunity to represent you as your Buyer’s Agent.

Northern Neck Realtor Goes Back to Market

Northern Neck Real Estate
Ft. Pierce Farmer’s Market

Not Even in the Northern Neck

I said in my last post that I was going back to Fort Pierce because after showing how beautiful the farmer’s market was that I wanted to show how tacky the crafts section was. Forget it! This is much too good.

Renee and I got back down there around 9 yesterday morning. We did a quick walk through and went back to the vendor that makes those great omelets.

We got our breakfast and were walking along the seawall looking for a place to sit, watch the manatees, pelicans, and people. Well for all of those that don’t know Renee let me tell you that she can strike up a conversation with a lamp post.

As we were eating someone was walking around looking for registered voters in St. Lucie County to sign a petition in hopes of getting someone on the ballot. What better time for Renee to look at a total stranger sitting close by and say, “I’m not from here so they won’t want me to sign.”

BINGO!! Now there are 2 nuts at the farmer’s market and this 327 pound total stranger dressed in red shorts with large white polka dots and tank top that says “Occupy Ft. Pierce” has found her new best friend, my wife, Renee.

I wanted desperately to take a picture of this scene but was caught in one of those, “I can’t believe this moment”, so I sat at a distance and listened as Looney and Loonier began to chat.

Loonier starts to tell Renee that she lives down here but she isn’t going to sign it either and then the conservation really moves into politics and social issues as Renee’s new best friend states that is also not going to vote for Gingrich.

After hearing this my ears picked up. Although I would rather see Gingrich receive the nomination over Romney my pick would be Santorum because I love his conservative message. However being conservative or moderate were not Loonier’s idea of the proper candidate. She announces that she would not vote for Gingrich because he wanted to take away food stamps and make people get jobs.

Now most people would have found this to be the perfect time to walk away but not Renee. At this Renee turns the subject to the jobs market and compassionately listens like she is some HR Director being paid for a job placement. I listen as Renee asks her about the type of work she does. She starts to describe her work and is doing so with a lot of motion and as the flying cellulite begins to settle she informs Renee that the closest place for that particular occupation is in Georgia.

Knowing that Renee is much to kind to say, “Then why don’t you get your fat ass on a bus and go to Georgia,” I scream “Look manatees!”

As a jiggling pair of red and white shorts runs to the seawall, I reach for Renee’s arm and back us into the crowd, before the conversation turns to foreign affairs.

The Northern Neck is looking better all the time.

Northern Neck Realtor Goes to Fort Pierce Farmer’s Market

Delicious

Northern Neck Realtor Heads to Market

Yesterday Renee and I went south to Fort Pierce, Fl. Every Saturday a farmer’s market is held in the historic downtown section. It is absolutely beautiful.

Northern Neck Realtor @ Ft. Pierce Farmer's Market

Farmer's Market along the Indian River

As we walked in a park inside the inlet at Fort Pierce we were taken back with all the vendors and their displays.

There was everything! Fresh vegetables, smoked fish, pastries, gourmet coffees, orchids, and a band.

As you can see in the photo above there was a guy making omelets. Do you think a hot dog is good at a ball game? Well let me tell you an omelet, a sweet roll, and a good cup of coffee sitting by the water is to die for.

Northern Neck Realtor checks out the vegetables

They even had heirloom tomatoes

As beautiful as everything was there was something like a flea market we passed while walking towards the farmer’s market. Talk about tacky! I didn’t take any pictures of it but next Saturday morning I’m going to tell Renee that I want to do a blog entry about it. It’s a good excuse to go back and I’d like to share with you some of the junk that is sold.

We didn’t do it yesterday but next time I also want to walk along the inlet and see all the boats. Thousands of them! I’ll post that too.

It was beautiful and I enjoyed it. It was much different then our farmers’ markets in the Northern Neck. Truthfully it was much nicer and had much more to offer. It was also crowded. You couldn’t just stroll along because of the crowd.

The Northern Neck is unique though. We have everything that other places have. They might not be as grandiose but how many places can you go and know most of the people there.

 

Northern Neck Fishing – NOT

It isn’t often I leave the Northern Neck but this year Renee and I decided to spend a few winter months in Florida. I’ve needed a break for some time.
At first when we got down here I was wide open just like at home. I couldn’t wait to surf fish. I think I enjoy that more than any other type of fishing probably because I enjoy the beach but I have never been the type that could just sit.
I bought my long surf rods with me. 3 15 footers and one 13. I would take them all on the beach and fish all 4 at the same time.
Since we’ve been here though I’ve changed and much to Renee’s pleasure I’ve stopped carry the cell phone around, stopped emailing and texting, and I’ve slowed down on the surf fishing. Not that I don’t go most days but I only take 2 poles. I now carry a chair and my IPad but instead of using the IPad for work I’ve been using the IBooks.
I still catch more fish than we could ever eat but for the first time in my life I think I have learned to relax. I kind of enjoy it.
I know spring is coming and I’ll have to jump back in there and started selling more Northern Neck Real Estate, I might have to even work harder so I can afford to do this again.

Mortgage Rates Sink Lower With Unsteady Markets

Northern Neck Real Estate – Will lower rates sell more homes? It is buyer’s market here in the Northern Neck!

Another active week occurred with mortgage rates sinking lower as uneasiness continues to create unsteady markets. Concerns over economic stress around the globe has markets reacting unpredictably each day of the week and have resulted in sliding mortgage rates.

Freerateupdate.com’s daily survey of wholesale and direct lenders show that by the end of the week, all mortgage rates dropped below 4%, except jumbo mortgage rates. Current 30 year fixed mortgage rates are at 3.875% and 15 year fixed mortgage rates are at 3.250%, both down .250%. 5/1 adjustable mortgage rates dropped .125% and are at 2.625%. With the necessary documentation ready for submission and good credit, borrowers can obtain these low mortgage rates with 0.7 to 1% origination point. As mortgage rates have been falling, the Mortgage Banker’s Association has reported that applications have been increasing especially for refinances.

FHA mortgage rates saw the same plunge below 4%. Current FHA 30 year fixed mortgage rates are at 3.750%, a decrease of .250% from the previous week. FHA 15 year fixed mortgage rates remained the same and are at 3.500%. FHA 5/1 adjustable mortgage rates dropped .500% and are at 2.750%. Borrowers will find that there is quite a bit of money to be saved with these low FHA mortgage rates which are not credit score driven. FHA also accepts a down payment as low as 3.5% with a minimum credit score of 580. This can be combined with approved gifts and other housing grants which makes the total transaction even more affordable. Closing costs (APR) for FHA mortgage loans do tend to be higher due to various FHA fees and the upfront mortgage insurance premium. Regardless, right now, opportunity is banging at the door of borrowers who are either purchasing a home or refinancing.

Jumbo mortgage rates have been somewhat steady, but are still at the best pricing for this year. Current jumbo 30 year fixed mortgage rates are at 4.625%, jumbo 15 year fixed mortgage rates are at 4.375% and jumbo 5/1 adjustable mortgage rates are at 3.250%. Because jumbo mortgage loans are not government insured, they are considered to be risky. Therefore, borrowers should have excellent credit to obtain these low jumbo mortgage rates with 0.7 to 1% origination fee. Jumbo mortgage loans are still necessary for higher priced properties above the conforming loan limit, which is $417,000 to $729,750 depending on location.

Markets have been volatile as investors have been sensitive to what is happening here in the U.S. and also around the world. MBS prices, swinging up and down this week, eventually drove mortgage rates down. Mortgage rates move in the opposite direction of MBS prices. The European debt crisis continues to sway investing decisions, as well as, the weak economic conditions of the U.S. Jobless claims decreased and retail sales increased for the month of July, but the Trade Deficit for June was larger than expected. In the wake of plunging mortgage rates, refinancing applications have increased as borrowers are seeking to save some serious money or time on their mortgages.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1% point origination fee.

Low Interest Rates – Buy Northern Neck Real Estate

MCLEAN, Va., — Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates changing little over the previous week following mixed economic and housing data. The 30-year fixed average 4.52 percent and the 15-year fixed averaged 3.66 percent.

30-year fixed-rate mortgage (FRM) averaged 4.52 percent with an average 0.7 point for the week ending July 21, 2011, up from last week when it averaged 4.51 percent. Last year at this time, the 30-year FRM averaged 4.56 percent.

15-year FRM this week averaged 3.66 percent with an average 0.7 point, up from last week when it averaged 3.65 percent. A year ago at this time, the 15-year FRM averaged 4.03 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.27 percent this week, with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago, the 5-year ARM averaged 3.79 percent.

1-year Treasury-indexed ARM averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.70 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, “Mortgage rates were virtually unchanged this week amid mixed economic data reports. Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up. In addition, consumer sentiment sank to the lowest reading since March 2009, based on figures from the University of Michigan.”

“The recent housing data also varied. For example, single-family housing starts jumped 9.4 percent in June to the strongest pace since November 2010 and homebuilder confidence rebounded in July. Yet, existing home sales fell 0.8 percent in June and represented the fewest since November 2010.”