Just one month ago, The DP reported that 11 of the Builder's properties at the "green" Belvedere development were sold to Eagle Construction of Richmond, and that the two principals, Josh Goldschmidt and Jamie Spence, had become employees.
Each of the properties will be on the auction block in mid-October at various county courthouses.
Paul S. Bliley Jr., the trustee acting on behalf of Union Bank and Fulton Bank in the Church Hill foreclosures, said he has not been involved in such a large-scale foreclosure proceeding since the savings and loan crisis in the early 1990s.
At the end of the article, there was this: Jay Willer, executive vice president of the Blue Ridge Home Builders Association, said "Housing prices seem to be pretty much at the bottom. They’re not going up, but they’re not going down either.”
Sadly, Mr. Willer is wrong. We're not sure on what he's basing his information. (Perhaps a conversation with CAAR CEO Dave Phillips?)
Prices are still falling, locally and nationwide. This area is nowhere near its bottom. There is too much supply, of new and existing houses, and nowhere near enough demand.
According to The DP, Church Hill’s properties now in the foreclosure process include:
- Three homes at the Belvedere development off Rio Road in Albemarle County.
- Seven vacant sites and two houses in the Wickham Pond development in Crozet. The Wickham Pond properties are assessed at a total of $990,000, according to tax records.
- A $479,900 house under contract in the Old Trail development in Crozet.
- In Charlottesville, two of Church Hill’s condominiums are facing foreclosure. One property is a $599,200 luxury residential unit in the ACAC complex on Monticello Avenue.
- The other condo, assessed at $732,000, is in the same building.
- The Fluvanna County foreclosures include two 4-acre vacant sites in the Centre Hill Estates development, as well as two small vacant sites and one house in the Fox Glen development.
- The Greene County foreclosure is a lot in the Water’s Edge at Lake Saponi neighborhood and is assessed at $126,000.