Kate Elim, Lake Anna Real Estate Specialist

LAKE ANNA MARKET REPORT - WATER ACCESS LOTS FIRST QTR. 2012

There are three counties bordering Lake Anna in Central Virginia.  They are Louisa, Spotsylvania, and Orange Counties.  Both Louisa and Spotsylvania encompass the majority of the countryside while Orange County covers a much smaller section in the northwest area of the lake.  This market report* lists the water access lots sold in all three counties between January 1, 2012 to March 31, 2012.

Water access lots are lots located off water although they are all located within a waterfront community.  When we talk about water access lots we are actually including four categories:

1. Water Access with an assigned boat slip
   
   
2. Water Access without  an assigned boat slip
   
   
3. Water View with an assigned boat slip
   
   
4. 4.  Water view without an assigned boat slip

Prices generally range from around $25,000 to under $100,000.  Price is naturally based on a number of factors.  They are:

• View of Lake Anna and the type of view

• Size (they generally range from just under an acre up to 20 acres)
   
• With or without assigned boat slip
  
  
• Lot condition (has the driveway been put in, is there a well, septic?)
  
  
• Community amenities (including depth of water at common area/boat slips)

Things that do not determine market value:

• Whether it is on the main lake or on the private side
  
  
• Which county it is located in

*Information obtained from the Metropolitan Regional Information System (MRIS).  All information should be verified for accuracy.

LAKE ANNA MARKET REPORT - WATERFRONT LOTS SOLD FIRST QTR. 2012

There are three counties bordering Lake Anna in Central Virginia.  They are Louisa, Spotsylvania, and Orange Counties.  Both Louisa and Spotsylvania encompass the majority of the countryside while Orange County covers a much smaller section in the northwest area of the lake.  This market report* lists the waterfront LOTS sold in all three counties surounding the lake from January 1, 2012 to March 31, 2012

Waterfront lots generally begin in the $100,000s and range as high as $750,000+.  Waterfront land at Lake Anna is currently used to describe land that either fronts on the lake or has unique access to the lake.  Categories include:

• Waterfront
• Shared Waterfront
• Park Waterfront
• Out Parcel

Waterfront lots pricing depends on a number of factors many of which are included below:

• Amount of water frontage
• Depth of water
• Type of lake views
• Topography of the land
• Shoreline amenities (if any)

If owning a waterfront lot with the thought of someday building at Lake Anna is something that YOU are considering please call or email me.  I will put every effort into helping you find the one that fits your needs and your budget.  If it's available you'll get to know about it.

There are three counties bordering Lake Anna in Central Virginia.  They are Louisa, Spotsylvania, and Orange Counties.  Both Louisa and Spotsylvania encompass the majority of the countryside while Orange County covers a much smaller section in the northwest area of the lake.  This market report* lists the waterfront homes sold in all three counties surounding the lake from January 1, 2012 to March 31, 2012.

Detached waterfront homes generally begin in the $400,000s and range as high as $2,000,000+ while townhomes generally run between $300,000 to below $400,000.  

Waterfront homes pricing depends on a number of factors many of which are included below:

• Amount of water frontage
• Depth of water
• Type of lake views
• Topography of the land
• Shoreline amenities
• Size of home
• Style
• Upgrades both for the exterior and interior
• Curb appeal
• Condition

MARKET REPORT - LAKE ANNA...Waterfront Lots SOLD in Louisa County in 2011

There are three counties bordering Lake Anna.  They are Louisa, Spotsylvania, and Orange Counties.  Both Louisa and Spotsylvania encompass the majority of the countryside around Lake Anna while Orange County covers a much smaller section in the northwest area of the lake.  This market report lists the 24 waterfront lots sold during 2011. 

Waterfront lots are located along the shore.  When we talk about waterfront lots we are actually including three categories:

1. Waterfront - Direct access to the lake
2. Shared Waterfront - Generally at the back of a cove where 4-5 lots share a limited amount of shoreline with joined boat slips rather than individual docks)
3. Park Waterfront - Located next to the common area within the subdivision.  The lot has access through the common area to the lake and does not have separate shoreline for boatshelter, etc.  It probably has a boat slip in the common area.

Prices generally range from below $100,000 to several hundred thousand dollars for appoximately one acre of land.  Price is naturally based on a number of factors.  They include:

• View of Lake Anna - Not all waterfront lots have house sites with views of the water
• Amount of shoreline
• Depth of water
• Location - Amount of boat traffic, unobstructed view,
• Lot condition - degree of slope to water
• A boat shelter or dock
• Community amenities

Things that do not determine market value:

• Whether it is on the main lake or on the private side
• County location

Waterfront lots have had to compete with resale homes which have undergone a fair amount of depreciation.  As a result, many buyers are foregoing the purchase of a lot, deciding on a house plan, and going through the actual process of new home construction.  There has also been a decrease in the number of builders constructing spec homes on waterfront lots during the recent downturn in the real estate market.

Information obtained from the Metropolitan Regional Information System (MRIS) and is deemed to be reliable. 

Lake Anna is made up of two parts, the main lake which has pubic access by way of several marinas and Lake Anna State Park and the private side.  The private side is made up of three lagoons connected by channels but separated from the main lake by three dikes.  Boat traffic cannot pass from one side of the lake to the other.  Both sides have their benefits and most people are very happy with the side where their property is located.  Both sides are popular.  The main lake is larger, with over 9,400 surface acres of water while the private side has approximately 3,600.

Private Side 10 Sales - Main Lake 24 Sales

As you can see, more homes were sold on the main lake.  That is due in large part to the fact that there are more homes on the main lake.  The private side covers less land as well as having less water.  When looking for a home or land many buyers begin their search with thoughts of living on one side or the other, often because they have visited or know someone that has property here and they usually recommend that particular side to the buyer.  However, most buyers become open to the exploring possibilities on both sides.  The important thing is to find the particular house or land that is right for you.

Owning property at Lake Anna is a treat for most of us and as one that has spent considerable time on both sides I'd have to say we are all fortunate whereever we live here.

Land sales generally lag well behind home sales and this period has been no different.  As long as resale homes are considered, and rightly so, a good buy purchasers will tend to choose that over selecting land and than going through the building process.

However, there are always those that have a specific type of home that they desire and realize the best way to achieve it is to build.  There are also those that decide to buy land, pay it off, and then proceed to build.

We have experienced a very large reduction in the prices of water access land...land that is not waterfront but is located within a waterfront community.  Fortunately waterfront lots have retained their value much better.  Of course that is largely because there is so much less of it.

The listings that show numbers in the Waterfrontage column are those with actual waterfront.  As can be seen, those that are waterfront command a higher price.  However, pricing waterfront land requires other consideration as well as the amount of shoreline.  It is also dependent on the view as well as the depth of the water. 

It is also important to note that Days on the Market (DOMM) is not always the actual number of days that the land has been for sale.  Often, with houses as well as land, when sellers change agents the listing is enter into the system again and the number of days on the market might start over at zero.  If the time between listings is 90 days or greater that will always be true.

*Information provided by Metropolitan Regional Information Systems, Inc. (MRIS)

The summer of 2011 saw a pickup in sales compared to the spring which started out a bit slow.  Fall sales continued to be good during September with a typical slowdown as we began getting closer to the holidays.

What has been interesting to see is the increase in the number of seller subsidies provided to buyers as an incentive to purchase their homes.  This was not something we saw when we had a seller's market but is certainly apparent as we continue to have a buyer's market.  However, buyers need to be mindful that subsidies are one of the items that are negotiable depending on the condition of the property and/or the sale price.

 In August we had five water access homes sold and eight waterfront homes.

 October saw a higher number of water access homes selling with 10 sold compared to five waterfront.

This was an indication of buyers looking for less expensive homes.

 October continued along the same vein with four water access homes selling and only two waterfront houses.

I was actually surprised to see that only six homes sold in October.  As two of them were sales that I was involved in I had no idea that there would not be many more.

It will be interesting to see how sales in November compare to October.  It would be great if they are higher.  Even though this is the last day of the month, any settlements today may not get posted for another day or two and I will be doing a market report for November soon.