For the month of February, a 20-City Composite Index showed a year-over-year increase in home prices of 9.3% from February, 2012 to February, 2013.  This represents the highest year-over-year increase since May 2006.

You may have heard that The Fed has been buying Mortgage Backed Securities in order to drive the bond prices up and interest rates down.  This has been helping the housing market as rates stay low.  There is talk the Fed may stop this Mortgage Bond purchase program.  As you can imagine, this will cause a spike in rates.  The activity in the housing market is growing fast and you better be a part of it before house prices climb and pull rates up with them.

Nick Russo
Vice President, Towne Mortgage
600 22nd Street, Suite 302
Virginia Beach, Virginia 23451
Direct: (757) 241-0858
Fax: 1-866-416-5635
www.townemortgage.us/NickRusso
TowneBank - A Tradition of Hometown Banking
NMLS-119202

For Weekly Market Update from Nick Russo each Wednesday, visit our Facebook page.

The resurrection of Ashville Park has done more than breath new life into a community. Ashville Park is the home of the 2013 St. Jude Dream Home built by Stephen Alexander Homes and Neighborhoods. This year was the most successful campaign in the 13 year history of the event in Hampton Roads. 12,000 tickets were sold and $1,229,355 was raised to support the lifesaving research at St. Jude Children’s Research Hospital in Memphis Tennessee. This years’ winning ticket was purchased by the Gavino family of Suffolk.

Stephen Alexander Homes has been helping other families build their “dream home” for many years. Their multigenerational family business has earned a reputation of building richly appointed classically inspired homes with innovative modern amenities and features.

The Wilshire Village Estate section of Ashville Park boasts their Signature Collection. The Signature series features nine home plans starting in the mid 500′s. These classically designed homes include gourmet kitchens with granite counters; Merillat maple cabinets with dove tail joined drawers and soft close action; professional stainless steel appliances, including refrigerator; hardwood flooring downstairs; custom trim throughout; 10′ ceilings; tiled bathroom floors; and dual zone Lennox HVAC systems with programmable thermostats. Stephen Alexander Homes in Ashville Park embraces historic exterior architecture and features fiber cement siding, radiant barrier roof sheathing, simulated divided light windows on front elevations and front yards with in-ground sprinkler systems, upgraded landscaping, white picket fences and a paved front walk.

The Energy Star practices prevalent in these homes make them 23.5% more efficient. Stephen Alexander Homes’ reputation for excellence has made them one of the most respected builders in Hampton Roads and they back their homes with a 2-10 builder’s warranty and a 5 year “peace of mind” builder warranty.

For more information about owning a Stephen Alexander Home in Ashville Park, contact Sherry Maser at 757-567-3959.

By Lana Cary

He sat on the branch with a piece of string in his beak. Glancing quickly from side-to- side, he scanned the ground, looking for more material with which to build his nest: A bit of dry grass? A clump of horse hair? Perhaps a stray piece of newspaper faded and shredded from a recent spring storm. He was on a mission and he knew time was of the essence. For, soon, there were eggs to be nestled in this small, bird abode, a home he and his mate had to choose and construct with nature’s deadline in mind.

As I, too, glanced from side-to side, I saw the human equivalent of nest building in Albemarle River Estates by Graf Construction. This new community of 200 homes is quickly becoming the focus of home buyers looking to construct a new “nest”. Their search for the perfect location has brought them to this park-like setting, located within the comfortable, trendy Greenbrier corridor of Chesapeake.

The building activity is fervent, with framers, roofers, electricians, plumbers and their personnel acting in unison to create the vision of future home owners. It is an integral dance of organization and cooperation between the builder, subcontractors, superintendents, city inspectors and sales agents. Complete with special guest appearances by the buyers, the stars of the show. Kind of like a dusty version of the Electric Slide, without the disco ball.

To witness this energy in motion has always brought forth a sense of wonderment and admiration in my eyes. To take the ideas of a buyer, ranging from house plans to color selections, adding custom options and upgrades, and to watch these creative components morph into a home is truly amazing. Just like that bird, string in tow, our buyers all have a goal in mind for the timing of their new “nest”.

“How long will it take to build my home?” they ask. Our response: typically 5 to 7 months, allowing for a variety of circumstances that may affect delivery. Weather, Acts of God, availability of materials, craftsmen and labor, inspections… these are just a few of the scenarios that may impact the completion of a home. With ideal conditions, some homes can be completed in 4 to 5 months, but we would much rather err on the side of caution, hoping everyone will be pleasantly surprised!

The biggest culprit of delay is weather, namely rain. Rain affects the home building process probably more than any other factor. The digging of footings, pouring of concrete, cement, framing, roofing, and masonry… all victims to those grey clouds filled with a heavy load of not-so-partly-cloudy. Once the home is “under roof” the remaining infrastructure of the home can usually be completed without issue. However, in the latter stages of completion, that pesky precipitation can also interrupt exterior painting and final landscaping, especially in winter months.

As a new homes agent for almost 20 years, I constantly advise our buyers to always have Plan B in your back pocket. Maybe, even Plan C and D! Where will you go, what will you do, should there be a delay in closing your new home? Do you have friends or family who will allow you to camp at their home for a week or two? Can you bring the dog, the cat and the hamster? Will the buyer of your home allow you to rent back for a few days, post closing? Will your landlord extend your lease on a month-to-month basis? Will Motel 6 leave the light on for you? These are all questions one needs to contemplate well in advance.

Please know that nobody wants to see you close on your new home more than the builder and the real estate agents. We truly hate delays! For this is the crowning moment when all our hard work brings forth the beauty of your new home, the creation of another family’s nest in the community we proudly represent: Albemarle River Estates.

And you can rest assured after you’re handed the keys to your awesome, freshly-built residence, it will be well worth the wait! Remember: A little planning ahead will go a long way to alleviate “possible” stress. You may never even need Plan B, C or D! But you will be glad you had them, just in case!

Oh…and no worries when you do arrive at your new home to celebrate! Like Tom Bodett always says: “We’ll leave the light on for ya!”

Call Brian Brackins 757-639-3430 or Lana Cary 757-729-5724 to learn more about Albemarle River Estates!

Are you looking for value priced new construction in a sought after community? Would you love exciting amenities like an Olympic sized pool, gorgeous clubhouse, tennis courts, volleyball, a large playground and stocked ponds with unbelievably low association fees? Wouldn’t it be fun to take an afternoon walk or ride your bike in a pedestrian friendly neighborhood? Do you want Great Bridge Schools? Then you’ll want to come home to Cheshire Glen!

Cheshire Glen is nestled on a quiet cul-de-sac of homes within the established Cheshire Forest community. These quality homes by Classic Design Builders include custom features like bullnose corners, designer quiet-close cabinets with dovetail jointed corners, lever door handles, wood laminate flooring downstairs, fully tiled master bathrooms with soaking tubs and separate showers, stone accents on the fireplace and the exterior. This community is priced from the mid 300s.

There is limited opportunity to a make Cheshire Glen your home. Call Sherry Maser today at 757-567-3959.

Ashville Park, which originally launched in 2007 as the premier new master- planned community in South Hampton Roads, is in the midst of a grand renaissance. Plans are brewing for a Grand Opening on June 1, which will unveil ten beautiful new model homes. In the founding neighborhood of Wilshire Village, where homesites average 20,000 square feet, Kirbor Homes and 4th Generation Builders are creating Manor Homes – two-story homes ranging from 2,900 to 3,300 square feet. Construction is underway on sumptuous estate homes by Kopassis Construction, L.R. Hill Custom Builders, The Hine Group and Stephen Alexander Homes. These semi-custom and custom two-story homes will be 3,200 square feet and larger. Pace Homes’ models, featuring single- and two-story homes from 2,400 to 2,950 square feet, are already open and available for viewing daily.

The first phase of Ranier Village is now open and features 90 homesites, all of which are being developed by Bishard Development Corporation. The homes start from 1,800 square feet for one-story designs and 2,100 square feet for two-story plans and may be customized. Prices start in the high $300,000s. Home sites in Ranier Village average 7,200 square feet.

Details for the festive Grand Opening event will be announced shortly.

Ashville Park has all the ingredients for the best in family living. The community, which is designed for a total of 499 homes, features a park-like setting with 15 existing lakes and proposed plans for a clubhouse, pool, fitness center and playground. When complete, there will be more than 7.5 miles of meandering tree- lined walkways and 3.5 miles of multi-purpose trails. Thirty acres are dedicated to the preservation of trees native to the Tidewater area. The renaissance of Ashville Park was spurred by its recent purchase by HomeFed Corporation, a respected developer of large-scale, master-planned communities. In fact, one of their communities, San Elijo Hills, near San Diego, has been honored as the “Best Master-Planned Community of the Year” by the National Association of Home Builders. Watch for more exciting news for Ashville Park and, in the meantime, visit the Ashville Park website. Or stop by the Ashville Park Discovery Center and see the magic that’s taking place. It’s open daily at 2000 Emelita Dr., Virginia Beach.

Agent Contact Info:

4th Generation Home Builders - Jobel Daugherty 757-650-6977

Kirbor Homes, LLC – Michele Fredericks 757-286-1697

LR Hill Custom Home Builders – Vickie Sessler 757-642-0815

Pace Homes  - Andy Mullen 757-636-0473

Stephen Alexander Homes & Neighborhoods –  Sherry Maser 757-567-3959

1. Affordable. Affordable, single family, new homes in Virginia Beach have always been hard to find. Located in the heart of Virginia Beach, Whitaker’s Place has new homes starting at $263,900.

2. Privacy. Whitaker’s Place has a traditional streetscape and every new home has the privacy of a fenced in back yard.

3. Quality. This community is a unique concept that McQ Builders wanted to make a reality. McQ Builders have 30 years of experience building residential homes in Hampton Roads and has earned the reputation of being one of the best.

4. Lifestyle. This location is less than 2 miles from Virginia Beach Towne Center. Towne Center is growing new buildings and bringing in the finest retail this area has to offer. Great restaurants and entertainment venues abound this beautiful revitalized area.

5. Commutes are minimized!  Whitaker’s Place is less than 2 miles to I-264 and I-64. These new homes are close to military bases and a fifteen minute drive to the Virginia Beach oceanfront. Sentara Leigh Hospital is less than 5 minutes away! This makes us the most convenient location to live.

We have homes that can be delivered as soon as April! Come visit our model home. We are open daily from 12-5.

CLICK HERE TO CONTACT MELINDA CRANE!

Andy Mullen and Susan Boone, representing Pace Homes at Ashville Park, think this new community is the opportunity in Virginia Beach home buyers have been waiting for.

Why do you ask?

1. Just the right neighborhood

This neighborhood offers so much that is not to be found elsewhere in this area: Miles of walking trails, acres of open space dedicated for you to not feel cramped and still with a sense of community.

2. Impressive style

• There are beautiful ponds with fountains, gazebos to stop and visit neighbors but streets planned with traffic flow to give minimal intrusion into each area.
• Our neighborhood is minutes away from shopping, dining and entertainment, but you have the impression of being away from the hustle and bustle ( and air traffic noise is at  a minimum!)
• Schools are among the most sought after. Have you heard about the new Kellam High School compound?

CLICK HERE FOR KELLAM HS COMPOUND GRAPHIC!

3. An affordable investment!

• Pace Homes has proven over many years to be a quality builder with home styles designed for current trends.
• Currently offering four home designs, each is available for touring.
• Either choose a lot with close to a half acre (!) and build the plan you love or select one of the homes already being constructed or completely finished and    move in ready.
• Homes are open daily at noon or by appointment.  You will not be disappointed!

So what are you waiting for? Come see what fine and fun living is all about.

CLICK HERE FOR MORE INFO ON ASHVILLE PARK

Hi! I want to tell you about a great condominium community for people 55 and over. It’s located in Chesapeake, Va. just off I-664 at Bowers Hill, between Suffolk and Portsmouth.  It’s a small community, only 62 total units. Each building has 2 units, with craftsman style architecture, and single car garage. The builder is  McQ Builders, a local builder in Va. Beach, VA.

Each unit has a master and a guest bedroom, 2 full baths. You will be pleasantly surprised at the large living space and dining area.  The kitchen has a choice of appliance colors; which includes electric range, built-in microwave, 25 cf refrigerator, dishwasher, & garbage disposal. Imagine a kitchen with all the cabinet space you need, with charm to boot!

If you need extra space there is a loft unit available suitable for guests, entertaining, hobbies and more.

There are many options available to make these condos your unique personal oasis.  Maintenance free exteriors, clubhouse, pond, entry gate, private trash and recycling, snow and ice removal, landscaping and street and light maintenance are covered by the condo dues.

Monarch Walk is a quiet and serene place to call home.   Visit the sales model Wednesday through Saturday, 11:00 A.M. to 4:00 P.M. You’ll be glad you did!

Click here to visit Monarch Walk’s website!

Call me, Eva Hendrick, for more information 757-243-6749!

Located in Chesapeake, Virginia, Jordan Hall is Chesapeake’s newest New Home Community.  This new home community is located on Johnstown Road in Chesapeake, Virginia central to great schools, shopping and main thoroughfares.

This beautiful new neighborhood offers a unique setting and intimate streetscape and is just the right size to be able to meet your neighbors.  A lovely landscaped front entrance welcomes you to our community located in the heart of Great Bridge area of Chesapeake VA.

McQ Builders has been building in Hampton Roads for over 30 years so you can be sure that each home is carefully crafted to meet the demands of today’s buyers.  McQ Builders is known for their awesome variety of floor plans and everyone that visits our models simply love the gourmet kitchens.  Jordan Hall is a great value with homes starting in the mid $330s. Folks buying in our neighborhood are ready to relax on the patio or take a walk on the sidewalk lined streets.  There are natural walking trails where you can stroll along and take in the beautiful surroundings.

Jordan Hall is a great place to live no matter what stage of life you are in; your first home, bigger home for raising your family or a peaceful area to retire, we have floor plans to match your needs. Jordan Hall is only minutes to a variety of shopping, fabulous schools, extensive medical facilities with easy access to interstate and other major roads of the City.

Don’t miss you opportunity to be part of a community not just own a neighborhood; call Jordan Hall home.  McQ Builders is presently constructing homes that can be ready for your family in the spring.

Let’s build this neighborhood together. Call Kathy Allen for details at 757-434-7509.

2012 – Embracing Change

Last year, William E. Wood and Associates continued to be the industry leader in the Greater Hampton Roads real estate market, including Northeastern North Carolina. Our sales volume in 2012 exceeded 1.2 billion dollars – over 200 million higher than our nearest competitor. Pretty impressive statistics in any market!

As the economy continued to slowly strengthen, more individuals in our family of companies had an outstanding production year. And while others in our industry were struggling to cope with industry changes, you all rolled up your sleeves, learned new skills, and adjusted to new legal requirements – all the while continuing to provide the best possible advice and service to our clients.

Last year was a year of change across a wide variety of areas. The industry is being impacted by changes at both the federal and state level … changes that have affected the way we do business. And while change is not easy, we must remember that if we’re not moving forward, we are backing up. If we don’t change, we will be left behind.

Last year wasn’t all about real estate. Our 26th Annual Charity Golf Tournament was a resounding success and our annual Farm House Fun Run continued to earn high praise from veteran runners in the area. We also supported the community through many office events and over $45,000 in contributions were made through the William E. Wood Foundation. We celebrated our 40th anniversary last April – giving us a chance to honor those from the past who gave us the foundation that we build upon today. I thank each of you for your commitment and hard work in 2012. William E. Wood and Associates and its family of companies, Towne Mortgage

and Heritage Title, continue to be recognized nationally for providing the best in real estate services to our clients. Of course, when you have the best people – agents, managers, loan officers, loan closers and staff – such accolades just come naturally!

As we move into 2013, I am excited about the opportunities that are presenting themselves in our industry … opportunities to learn, grow, and serve. We have come a long way since the company’s inception in 1972 and we have even further we can go. The opportunities for success are limitless … especially for YOU – the Best in the Business!

-Dick Thurmond