• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Foreclosure looms for Realtec/ Fords Colony Developer has defaulted on loans in Williamsburg, VA

fords colony williamsburg va Posted :August 8, 2009- 6 am

Have you been on the fence about buying a lot in Ford’s Colony in Williamsburg, VA ? Well now may be the time to get off the fence. Citizens & Farmers Bank, one of the lenders to Realtec/ The developer of Ford’s Colony will be selling 36 lots at a foreclosure sale next week. The combined assessed value of these lots is over $6 million.

Realtec has defaulted on a loan which has triggered a Trustee’s sale of quite a few properties it owns within Ford’s Colony. The sale is scheduled to occur on August 20th, 2009 at the James City County Courthouse.

This follows another legal proceeding against Realtec and Rocky Mount, NC Ford’s Colony development which I wrote about here back in May of 2009.

The list if properties, thirty six in total includes the following properties:

116 Knob Hill, 104 Knob Hill and 100 Knob Hill 224 Ashford Manor, 220 Ashford Manor and 204 Ashford Manor 201, 220, 216 and 204 Brick Hampton 140, 136, 128, 124, 120, 112, 108 and 104 Freshwater Bay 116, 108, 115 and 104 Entry Hill 100 and 116 Eagles Cliffe 104 and 100 Edenbridge 124 James Bray Drive 204 Coxmoor 124 and 168 Nottinghamshire 219 Oakmere Park 209 Kilton Forest 205 Royal County Down 205 and 208 Tralee and 101 John Pott Drive.

Most likely if no reasonable individual bids are received the lender will foreclose on the entire lot portfolio. The lots would then be marketed individually after the sale to net the highest return for the lender.

The Terms of Sale are: Cash and settlement must occur within 30 days of sale. A bidders deposit of ten (10%) percent of the successful bid may be required.

This information was from a public sale notice posted in a local Williamsburg VA newspaper on August 7, 2009

Update August 20th, 2009
Although the sale brought many interested parties no lots were sold at the foreclosure auction on Thursday. Five people bid on properties but all were outbid by the lender.

The lender ( Citizens and Farmers bank)  offered a special on financing of 3.99 percent interest,with interest-only payments for the first 36 months.

Stay tuned for further details. You can sign up for email updates here to insure you have the latest news.

 

Click here to search homes for sale in Ford’s Colony Williamsburg VA

Click here to search land/lots for sale in Ford’s Colony, Williamsburg, VA

This post was authored by local resident and REALTOR, John Womeldorf.  John is known around town as Mr. Williamsburg, for both his extensive knowledge of the historic triangle, and his expertise in the local real estate market.  His websites, www.WilliamsburgsRealEstate.com and  www.mrwilliamsburg.com   were created as a comprehensive resource about living in Williamsburg, with the hopes of selling a house now and again.  You can reach him at 757.236.8136 or John@MrWilliamsburg.com

Wiliamsburg VA Real Estate “Fords Colony News”

From an article in the VA Gazette 

JAMES CITY – In a stunning affront, homeowners in Ford’s Colony are looking outside the gates to find a new management company. That threatens developer Realtec’s hold over the sprawling planned community.

The potential shakeup is the latest wedge in a series of disputes that date back to an attempt to build 220 workforce homes across News Road. Realtec hoped to roll the project into the Ford’s Colony master plan, which homeowners vehemently opposed. Things went downhill when management pushed a big continuing care facility as well.

The homeowner association president downplayed any animosity. Deborah Gatzek-Kratter said, “This isn’t anything adverse about RCS,” referring to Realtec Community Services. “It’s just a normal process. It doesn’t reflect anything about anybody. There’s no problem [with Realtec]. This is about getting the best value, the best service, for the money.”

It is nonetheless the first time the Homeowner Association has challenged an arrangement forged 23 years ago by opening the management contract to outside bidders. Last week six bids came in, including one from Realtec.

What’s at stake is a contract worth $4.5 million that covers more than 25 employees in 24-hour security, 30 in maintenance, five in management and two in recreation, plus summer temp help. Community Services maintains 45 miles of private roads and 250 acres of common area.

Realtec the company oversaw the compound until 2000, when it ceded control to the Homeowner Association after a series of phases.

Insiders said this week that with Realtec’s “veto power” over association decisions set to expire in 2010, now’s the time to recast the contract or retain a new company altogether.

Realtec general manager Drew Mulhare said, “We believe that keeping the interests of the developer and the HOA aligned is in the best interest of both entities and, of course, the folks who own property here.” He said Community Services drew a 90% approval rating in a recent survey.

Skeptics feel Realtec is still in charge.

Ousting Community Services is more complicated than hiring a new company. It owns the project maintenance facility, which houses management offices, storage, a mechanic’s shop and a fuel depot. The HOA pays into a shared-use agreement, but the cost is half of what homeowners can expect to pay in mortgage or lease costs for separate facilities, Mulhare said.

Indeed, Community Services would be under no obligation to let the homeowner association use the facility.

“Maintenance companies, large landscape companies and construction companies have spoken to us in the past regarding co-op agreements, mergers or leases,” Mulhare said. They are attracted to being close to the 3,000 lots, 2,400 homes and 600 to-be-built units at Ford’s Colony.

Then there are the 60 or so Community Services employees. Realtec could be subcontracted by the new company, Mulhare noted, which moves the negotiations mostly to a matter of the $436,000 upper management portion of the contract.

“It would separate me and my development connection from the management agent,” Mulhare said. “However, there is no evidence that my dual relationships have been a determent to the [Home­owner Association].”

Village at Ford’s Colony, the controversial continuing care facility on News Road, will come online in a matter of years, Mulhare said, providing more business for whoever runs the compound.

Gatzek-Kratter carefully noted that the decision was not based on the controversy over the continuing care facility. More than 900 Ford’s Colony residents initially opposed the plan, and the HOA later tried to block it through legal means. Eventually both residents and the HOA supported the retirement home, or at least agreed to not fight it anymore.