Recent Sales Report

I've asked Greg Slater of Real Estate III to comment on recent sales activity and to share his thoughts on Belvedere. Greg has been an agent in this area representing builders in several communities for over a decade now. He was a builder representative at Belvedere up until March 31, 2009. He no longer represents either builder at Belvedere. He does represent Union Bank for the one listing leftover from Church Hill Homes.

Currently, there are 5 property owners living on site at Belvedere. There are 10 homes under contract , pending completion. 8 sales have occurred this year. They are as follows:

The sale of the former Church Hill Homes model.

1 detached presale by Eagle Construction.

2 townhome sales by Hauser.

4 detached homes sales by Hauser. (2 of which are the new "city listing" offering)

For some perspective on this, I pulled 2009 sales information on comparable neighborhoods:

Dunlora 5

Still Meadow 1

Forest Lakes 14

Redfields 4

Fontana 3

So on this list, Belvedere is second only to Forest Lakes (1400 homes) which offers a much broader product mix and price range. There are currently 42 homes on the market in Forest Lakes starting at $199,900.

In general, sales are slow but that is to be expected based on the current economic conditions. I've met many, many people who feel Belvedere is a good fit for them if their personal financial situation was different. In my opinion, its only a matter of time.

Both builders are working hard to adjust their offerings to fit the current market conditions and offer value in this market. For buyers, I fully appreciate how hard it is to identify value in these uncertain conditions. However, I find myself looking to the few places where new homes sales are occurring to understand value.

Having worked and sold homes in many new developments over the years, I have been close to how community design and development has evolved. I have been fortunate to work with many buyers and to learn how demand is changing. There is definitely a trend towards buyers wanting more quality of square foot vs quantity. They crave a more energy efficient home with more thoughtful, functional design. There is also a trend towards community. A connection. I have had many conversations with prospective buyers who understand and want this. There is also a trend of buyers who want to live closer to the urban ring. People want shorter commutes.

Belvedere offers all of the above and ultimately, that is what will make it successful. Each time someone purchases a home and someone moves in, the vision of Belvedere is solidified a little more. There is a whole lot more to Belvedere and what it represents as a community, but it is these fundamentals I can't ignore.

Greg Slater can be reached at gregslater@realestateiii.com or www.realestateiii.com/gregslater .

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Greg Slater
Associate Broker
Real Estate III
813 E Jefferson St
Charlottesville, VA 22902
434-981-6655 Primary
434-977-3033 Office
"licensed to sell real estate in va"