Liz Local Newport News - March Edition

PENINSULA WINTER 2021 Liz’s Crystal Ball & Market Insights Where The Heck Is The Northern Neck? Unwind In The Northern Neck Choosing A Rivah Home

Liz’s Crystal Ball for 2021 Stepping back and taking the long view of the local real estate local sellers enjoyed nearly 100% of their asking prices (and market, it has always been a roller coaster. Since the grand sometimes even over asking!), with very favorable terms. opening of Liz Moore & Associates in 2003, we have ridden it with our arms waving in 2004 and 2005, and white knuckled, Unlike prior year’s sellers’ markets, even our waterfront and gripping our seats during the housing crash of 2008 to 2012. luxury markets benefited from unprecedented levels of sales, Perhaps no year to date has been crazier than 2020. and significantly lower days on market than in years past. Prior to the pandemic, we began the year with an incredibly Buyers have flooded the market, rushing to capitalize on the strong local market. In fact, March was a record month for lowest interest rates ever; many of our clients closed at 2.5% sales on The Peninsula, up 17% over the prior year. That came for a 30-year mortgage in the final quarter of 2020. crashing down in April, as the country reacted to news of the virus. The market rebounded even more strongly than it fell My prediction is that as the market normalizes (which is in the summer (despite being a hard-hit hospitality market), directly tied to relief from the virus, as vaccines become and from July through the end of 2020, we were surprised more widely available and job numbers begin to stabilize), that each month out-paced the corresponding month a year that we will see increased listing inventory as sellers are more earlier – both in listings and in sales. Our Peninsula office comfortable with the idea of moving. Greater availability of closed 572 sales in 2020, a 12% increase over 2019. listings should calm the multiple offer frenzy and begin to impact a slowdown in sales price increases. Accordingly, my So, what will 2021 bring? advice to sellers is to list as early in the new year as possible, to beat the inevitable spring rush and capitalize on the current Demand remains strong, as our Spring season was pushed lack of competition. into the Summer, and our Summer season into the Fall. I anticipate that continues into the new year. NAR Chief The Fed has promised not to increase interest rates Economist Lawrence Yun predicts sales will be up 7% dramatically, but industry insiders are anticipating that nationally in 2021, and I expect to see that, or even slightly rates will gradually climb back into the high three’s over the more, here on The Peninsula. coming 12 months. With the lowest inventory on record for the Peninsula (hovering We would love to talk to you about your specific situation and at around 1.4 months’ supply of inventory as of this writing), whether taking advantage of current market opportunities it’s a great time to be a seller. Because there are more buyers makes sense for you. Many of our clients have simply asked in the market than sellers, many listings are enjoying multiple for a complimentary current market analysis about how much offers, which puts sellers in the driver’s seat from a negotiating their home has appreciated and current market values. We standpoint. Home price appreciation ended the year close can accomplish this virtually without the need to meet in to 6%, as compared to historical appreciation of 3.8%, and person, if you prefer. Liz Moore, We hope you and your loved ones have remained safe and President healthy. We also have a great appreciation and deep gratitude to all of the front-line workers out there. We pray each day for their safety and for those who have sadly lost love ones. Call or email us anytime with questions or concerns about any market conditions whether you are considering buying, selling, or investing. We look forward to hearing from you. *All stats based on broker metrics for REIN area 101-121 residential home sales in 2020.

Home Investment Check Up Time! Just as you review your investment portfolio with a trusted financial advisor, or your coverage with your insurance agent, you should meet with your REALTOR® to regularly review your home’s current value. This is your personal invitation for your annual real estate check up...give me a call and let’s get started! Check out one of our favorite spots! Contents Present this coupon to receive Liz’s Crystal Ball 20% OFF AN Hello From Your EVENING STAY Liz Moore REALTOR® Must mention offer at reservation and book directly Where The Heck Is The through the Kilmarnock Inn to receive discount. Northern Neck? 3rd party prices cannot be modified. Unwind In The (804) 435-0034 Northern Neck 34 E Church Street in Kilmarnock Featured Homes kilmarnockinn.com for Sale Choosing A Rivah Home WINTER 2021 / LIZ LOCAL 3

Where The Heck Is The Northern Neck? By Susan McFadden Located within an easy commute from major urban centers, Another facility, the Tappahannock-Essex County Airport, the Northern Neck is about two hours south of Washington, is less than 15 minutes from the Downing Bridge. Driving D.C., one and one-half hours east of Richmond, and an hour becomes a more recreational pastime once drivers turn off north of Williamsburg. the interstate onto rural, scenic routes heading to their final Northern Neck destination. The Northern Neck has often been referred to as “Virginia’s undiscovered gem.” It’s the northernmost of three peninsulas From Northern Virginia, take US-17 South and crossover (traditionally called “necks” in Virginia) on the Chesapeake the Downing Bridge from Essex County to Richmond Bay’s western shore. The other two are the Middle Peninsula County in the Northern Neck. Or travel the VA-3 East route and the Virginia Peninsula. that stretches the full length of the Neck. The region is comprised of four distinctive coastal counties - From Richmond, take I-64 East to the West Point 220 exit. Westmoreland, Richmond, Northumberland, and Lancaster Travel VA-33 East and crossover the Norris Bridge that spans - and is flanked by the Potomac and Rappahannock rivers. the Rappahannock River connecting Middlesex County to The rivers converge at the lower tip of the Northern Neck to Lancaster County in the Northern Neck. An alternate route meet the Chesapeake Bay. from Richmond is US-360 East and then crossing at the Downing Bridge. Two bridges span the Rappahannock River and provide access from the Middle Peninsula to the Northern Neck. Williamsburg is the closest urban center to the Northern Neck. The Norris Bridge connects Middlesex County to Lancaster Take I-64W to the West Point 227 exit. Continue on VA-33 County, and the Downing Bridge connects Essex County to East and crossover the Norris Bridge to Lancaster County. Richmond County. Want to know more? We can help. Go to LizMoore.com/ Travel by water, air, or car. Marinas dot the 1,100 miles of NorthernNeck or stop by our office at 276 N. Main Street shoreline, and many welcome transient boaters. Hummel in Kilmarnock. All our agents are Northern Neck locals Airport is a public-use facility located in Topping, just a short and would be happy to show you this incredible place we distance from the Norris Bridge. call home. 4 WINTER 2021 / LIZ LOCAL

Map used courtesy of The Local Scoop, Kilmarnock, Virginia •FREDERICKSBURG • •Colonial Beach King George  James Monroe’s Birthplace •   Oak Grove George Washington Birthplace National Monument • • g NNature Preserve Westmoreland Stratford Hall Ingleside State Park Birthplace of Robert E. Lee Port Royal Voorhees Montross O R• gLeedstown Hague Winery WESTMORELAND T H gRappahannock County Museum ERiver Valley NationalWestmoreland  R gWildlife Refuge • N •ESSEX General’s Kinsale Smith Island •  N •   •Tappahannock Ridge Museum Tangier Island Vault Field Callao Potomac River Bay Menokin Warsaw RICHMOND Heathsville Smith Point Lighthouse Rice’s Hotel/ Richmond County Museum Bush Mill Stream Hughlett’s Tavern Smith Point Natural Area M  •Essex County Museum C h e s a p e akePreserve Reedville Fishermen’s Museum ECK NINSULA I D D L E P E • • •g•• •6•Mattaponi RiverTotuskey Park NORTHUMBERLAND Reedville LANCASTER Fleeton Dameron Marsh Lancaster Hickory Hollow Natural Area Preserve VA Historical Nature Trail Hughlett Point Natural Area Preserve Belle Isle Society State Park Lancaster Town Centre Park Kilmarnock MIDDLESEX Historic Christ Kilmarnock Museum Church & Museum Dog & Oyster Vineyard Old Tobacco Warehouse and Irvington White Stone Visitor Center Urbanna Windmill Point Westland Beach Pamunkey River •Saluda Rappahannock River  •Deltaville RICHMOND gNew Kent • Middlesex  Gwynn’s Island Museum County Museum West Point GLOUCESTER York Beaverdam MATHEWS River Park  •Gloucester Walter Reed Gloucester County •Mathews Bethel Beach Birthplace Natural Area Preserve  Tompkins Museum  Cottage Wolf Trap Lighthouse  Rosewell Williams Wharf New Point Comfort Natural Area Preserve •WILLIAMSBURG Gloucester Point New Point Comfort Lighthouse 6Beach •Gloucester Virginia Institute of Marine Science Point James River WINTER 2021 / LIZ LOCAL 5

Ready To Unwind, Slow Down, And Kick Back? Find It In The Northern Neck By Susan McFadden Many visitors first discovered the Northern Neck when they premiersailing.com moored their boat at one of the many marinas that inhabit the 1,100 miles of coastline or cruised into the marina at the Tides One of many notable perks for Tides Inn guests is the Premier Inn in Irvington, the region’s premier resort, which opened its Sailing School that operates from the resort during the sum- doors in 1947. The 47-room resort was the brainchild of local mer months. residents E.A. Stephens and his wife, Ann. They purchased a 25-acre farm with extraordinary water views and, through a Premier Sailing’s owner Arabella Denvir and her husband Phil leap of faith, built an inn that welcomed families and couples founded the school in 1998 after a long and accomplished sail- with room rates starting at $14 per night. ing history that included years of cruising and racing in Ireland and England’s waters. They also founded the Malta Sailing Today, the Tides Inn is still the regional premier resort draw- School and Malta Young Sailors Club before bringing their ing guests from across the world, the USA, and the Mid-At- business model to the lower Northern Neck. Phil passed away lantic. According to their website, the Tides Inn “…continues in 2011, but Arabella and her seasonal staff of experienced sail- to introduce new guest experiences, inviting visitors to create ors continue to introduce children, couples, and families to the their own All-American traditions along the Chesapeake Bay. joy of sailing through personalized instruction. Classes are not Under the management of Enchantment Group, refreshed limited to Tides Inn guests but are open to the public. Premier public and meeting spaces were unveiled in 2019.” Sailing also offers its Junior Sailing Program to non-members through the Rappahannock River Yacht Club. Although the nightly rates are considerably higher than in 1947, the accommodations and resort amenities rival those located in more well-known destinations. tidesinn.com 6 WINTER 2021 / LIZ LOCAL

Captain John Smith was the first European explorer in the recreation such as sailing, kayaking, and cycling. Watermen early 17th-century to map the Northern Neck region and supply fresh oysters, crabs, and seasonal fish from the rivers provide a written account of his journeys. He described the and Bay to local restaurants. Roadside markets provide fresh region as “Heaven and earth never agreed better to frame a vegetables grown by area farmers and crafts created by local place for man’s habitation.” artisans. The Northern Neck of Virginia remained mostly undis- The Liz Moore & Associates Northern Neck office is covered until the 20th century when bridges were built located just blocks from the Kilmarnock Town Centre connecting the Middle Peninsula to the 80-mile tongue of Park at 276 North Main Street. Stop by our office or go to land bounded by the Potomac and Rappahannock rivers. LizMoore.com/NorthernNeck to learn how we can help The rivers converge at the Neck’s lower tip to meet the you find your river home. All our agents are Northern Chesapeake Bay, the largest estuary in the United States, Neck locals and would be happy to show you this incred- where the freshwater from the rivers mixes with the saltwa- ible place called the Northern Neck. ter of the Atlantic Ocean. All information contained in this article was accurate at Today, quaint small towns welcome weekend warriors and the time of publication. But please call ahead or check web- forever homeowners who often crave a more simple lifestyle sites to confirm open status. Schedules continue to be fluid where neighbors might also be a favorite florist or restau- during the health crisis. ranteur. Wide-open spaces and tributaries invite outdoor For visitors looking for a more bed and breakfast lodging and kilmarnockva.com dining experience, the Kilmarnock Inn is the port of call. Located on a side street in the charming, walkable Town of Located within a short walking distance of the inn is the Kilmarnock, the inn reflects Virginia’s rich presidential histo- Kilmarnock Town Centre Park at 150 North Main Street. ry. Each of the Kilmarnock Inn’s eight guest cottages is named Encompassing nine acres, the thoughtfully-laid out park for a Virginia-born president, such as the Wilson House appeals to locals and visitors alike with a Pavilion, a central named for the 28th president Woodrow Wilson. A classic plaza, an outdoor amphitheater dubbed the Half Shell Stage Southern-style comfort foods menu is served in the Jefferson to honor the role oysters have played in the region’s economic Gathering Room, or guests can enjoy al fresco dining on the history, a town green where playfield and picnic areas are back deck during warm-weather months. The dining facilities located, and visitors can spread a blanket and picnic, the child- are open to the public. Kilmarnock Inn guests enjoy a compli- centric Waterworks where jets of water cool off young visitors, mentary full breakfast during each morning of their stay. a playground called River Play and Scottie’s Yard, a dog park with a view. An abundance of native plants and trees create an kilmarnockinn.com inviting and lush green space around those features. WINTER 2021 / LIZ LOCAL 7

Love Where You Live! 1599 Chapel Neck Road | North | $5,400,000 794 Gaskins Beach Road | Bay Pointe | $1,600,000 609 Hutchings Lane | Lively | $1,290,000 3382 Mob Neck Road | Heathsville | $750,000 660 Chesapeake Drive | Carter Creek Estates | $699,000 429 Fleet Road | White Sand Harbour | $549,000 1167 Johns Neck Road | Weems | $479,500 0 East Fairway Drive | Indian Creek Estates | $375,000 8 WINTER 2021 / LIZ LOCAL

277 River Oak Drive | Weems | $250,000 Lot 5 Bayberry Lane | Reedville | $175,000 0 Wiggins Way | Heathsville | $169,000 0176 Potomac Overlook | Lottsburg | $169,000 Update Now. Pay Later. Sell for More! We all know that making the right enhancements to your home before listing will result in a quicker sale, as well as keep more money in your pocket. Not sure where to start? It’s as simple as setting an appointment for us to do a market-ready assessment for you - no cost or obligation. We will recommend improvements to get your home looking great, and provide a full estimate of costs and timeline. The best part? List with us, and you don’t pay until closing* lizmoore.com/sellformore *SOME RESTRICTIONS APPLY.

Dreaming about a We are excited to announce that we’ve just opened a branch office in the Northern Neck. Just a little over an hour from Williamsburg, and yet worlds away. lizmoore.com/rivah ADVERTISEMENT 10 WINTER 2021 / LIZ LOCAL

Choosing a Rivah Home Don’t Be Up A Creek Without The Right REALTOR® By Susan McFadden Two Feet Three to Five Feet Six Feet and Deeper Kayak or canoe depth water Shallow draft water will This water depth will generally accommodate accommodate motorized range is ideal for large recreational boats up to sailboats and motorized flat bottomed or self-propelled watercraft. 25 feet in length. recreational boats. It’s more important than ever to work with a REALTOR® Matching a property to the river lifestyle you want to lead is who knows the Bay, the rivers, and the tributaries. If buying crucial to your long term satisfaction with your new river home. an existing river home or purchasing a waterfront lot for building is on your 2021 must-do list, read this short article A REALTOR® from the Liz Moore & Associates team will first before starting your search. show you the best possible options for the lifestyle you want to lead. With over 1,100 miles of shoreline, the Northern Neck of Virginia is a huge draw for people who want to live on the Our REALTORS® are also knowledgeable about local water full-time or second home buyers within a two-hour building codes and the Chesapeake Bay Preservation commute of the Neck who are considering a weekend and Act regulations. They can recommend a bevy of choice vacation getaway. contractors in the region and suggest local contacts to help you navigate the building process. They also know the local Consider first the kind of lifestyle you want to lead before lenders who understand the challenges of building or buying purchasing a waterfront property. Are you looking forward an existing home in this rural, waterfront region. to mooring your powerboat or sailboat to a dock in your backyard? Or, are you more interested in kayaking the shallow Interest rates continue to be historically low. 2021 will be an waters of the creeks that flow throughout the Northern Neck? ideal time to find and purchase the river home you’ve always Or, are you just seeking a waterfront home with fantastic wanted. And, Liz Moore & Associates REALTORS® will water views, sand beach, and an inviting screened porch that’s help you every step of the way, from your initial search all perfect for kicking back or entertaining? the way through closing. Call us today or stop by our office. WINTER 2021 / LIZ LOCAL 11

lizmoore.com 11801 Canon Boulevard, Suite 100, Newport News, VA 23606 © COPYRIGHT LIZ MOORE AND ASSOCIATES. IF YOUR HOME IS CURRENTLY LISTED WITH ANOTHER REALTOR® PLEASE DISREGARD THIS POSTAL, AS IT IS NOT INTENDED TO SOLICIT ANOTHER AGENT’S LISTING. REASONS TO INVEST Diversify Your in Rental Property Portfolio Investment properties come with many benefits. Increased Wealth Eligible Tax Professional Management Deductions Earn Services Rental Rental Income Income Pays The Mortgage Contact our property management division for professional management services for your investment rental. Virginia Payne, Director of Property Management 757-707-5388