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  • 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
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Prudential, GSH, TowneBank- Merge

Although we are competitors I wanted to pass on this news..

TowneBank  announced today the merger of GSH Real Estate, a wholly owned subsidiary, with Virginia Beach based Prudential Decker Realty and Prudential McCardle Realty of Williamsburg. The resulting new company, Prudential Towne Realty, will be one of the largest home marketing firms in Hampton Roads. With almost $1 billion in combined closings in 2008, Prudential Towne will rank among the top 5% of all Prudential franchises in the country.

Richard B. Thurmond, William E. Wood’s president, said he had expected more mergers to happen by now. Last year, William E. Wood and Associates Realtors acquired Norfolk-based Cooke & Neff Inc., a property-management group.

“It was expected we would see consolidation in the real estate market because of the slowdown,” Thurmond said.

Companies will have to merge because there’s less business out there and fewer agents than there were a year ago, he said.

“We are combining the strengths of the highly respected Prudential brand with the experience, talents and relationships of over 600 real estate professionals in the greater Hampton Roads area to bring more and better services to home buyers and sellers,” said G. Robert Aston, Jr. Chairman and CEO of TowneBank. “In a 2008 Home Buyers/Sellers Study by J. D. Power and Associates, Prudential Real Estate was ranked highest in Seller Satisfaction. This recognition is indicative of the service quality our community can expect from Prudential Towne.”

TowneBank will own 65% of the new company. The former owners of Prudential Decker and Prudential McCardle will control the balance.

The executive leadership of Prudential Towne will be provided by Barbara Wolcott as Chairman and CEO, Kimber Smith, President and Carol “Randy” Smith as Senior Vice President. Sandee Ferebee, formerly the President of GSH, will become Chairman Emeritus and will also serve on the company’s board of directors.

J. Morgan Davis, President of Towne Financial Services Group, will also join the board along with Jon and Trey Decker.

In addition, Wolcott serves on the Virginia Beach board of TowneBank, Kimber Smith is a member of TowneBank’s Williamsburg board, and Ferebee is a member of the bank’s Hampton Roads Board.

The acquisition will mean the paring of 19 offices to 12, and probably 25 to 30 positions will be eliminated. The company is expected to have more than 600 associates, Aston said.

As one of Virginia’s top community banks, TowneBank operates  banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg and York County. Towne also offers a full range of financial services through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Insurance Agency, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, GSH Real Estate Corporation, Corolla Classic Vacations and Corolla Real Estate. Local decision-making is a hallmark of its hometown banking strategy that is delivered through the leadership of each group’s President and Board of Directors. With total assets of $3.13 billion as of December 31, 2008, TowneBank is one of the largest banks headquartered in Virginia.

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Williamsburg VA Real Estate High Street Update

Williamsburg virginia real estate high street Town Homes

Williamsburg virginia real estate high street Town Homes

WILLIAMSBURG VA From an article in the VA Gazette by Steve Vaughn, Dec, 17 2008

  —High Street has a new real estate agent for the residential properties and a new emphasis as well.

 Dan Aston of Roseland Property Co., the developer of High Street, said market demand has spurred construction of the condos sooner than planned, starting in spring.

 

“The demographics that we’re appealing to tell us that’s what we want, so we’ll be starting them sooner than we originally planned,” he said.

Sixteen townhomes are built and another 16 are planned. William E. Wood had been handling sales of the townhomes.

“The contract was up and we chose to go with Prudential McCardle instead,” Aston said. Roseland itself manages rental of the the King’s Manor apartments, which are already open.

Roseland will also manage the more than 200,000 feet of commercial space in High Street, although Aston said the company uses a nationally known commercial leasing agent based in Michigan to help attract clients.

The first of those commercial clients will open soon. Five Guys Burgers & Fries ( my favorite) is opening Jan. 5. There’s also a firm date for the opening of High Street’s anchor attraction, the Movie Tavern theater. It will open March 20.

High Street’s only other announced commercial tenant, Kilwin’s ice cream parlor, should open prior to the theater, according to Aston.

Other possibilities include coffeehouses, more restaurants and possibly a supermarket

Click here to search all New, Resale, Condos and Town Homes in the High Street community/ PUD in the city of Williamsburg Virginia

John Womeldorf is Mr. Williamsburg, sharing his thoughts, real estate expertise, and “all things Williamsburg” in an effort to spread the word that Williamsburg and Hampton Roads, Virginia is the greatest place on earth to live!

Contact me at John@MrWilliamsburg.com

Research the area at www.WilliamsburgsRealEstate.com

Or ask any questions about homes, neighborhoods, schools, amenities, recreation , shopping or anything else about the area.

Search Homes for Sale

Click here to Search all homes, town homes, condos and building lots for sale in Williamsburg, James City, New Kent, York, Gloucester, Charles City Virginia

Click here to search all homes, town homes, condos and building lots for sale in Va Beach, Norfolk, Chesapeake, Isle of Wight, Portsmouth,Franklin, Sussex, Southhampton, Emporia, Greenville, Mathews, Suffolk, Surry, Smithfield, Newport News, Hampton , Poquoson, Gloucester or York County VA

Williamsburg Virginia Real Estate Value Range Marketing Selling/ Listing your home.

Read this article about Value Range Marketing in USA Today

What is Value Range Marketing ?

I have to say when I first heard about it the idea of Value Range Marketing in Williamsburg VA it didn’t make sense to me or my clients . A buyer I was working with said why would I offer anything above the lowest price in the range ? I agreed and we made an offer. That in a nutshell is what it’s about. My client would not have even looked at the house because it was priced above their comfort range. The whole idea is to get someone into your listed home. Hopefully they fall in love and then make an offer. If you can get to that point you have started the ball rolling. If they like the house enough you can usually negotiate an equitable offer between buyer and seller. If you don’t then what have you lost ?

A broker in San Diego Ca had a two-bedroom condo that sat on the market for 93 days in 1995 with one showing. Frustrated, the broker , who had heard rumblings about a concept called value-range marketing at an industry convention, got his seller to entertain offers from $120,000 to $150,000. Within 48 hours, the property sold for $137,000.

A decade after the concept of value-range marketing, known as VRM, hit the U.S. real estate market, supporters contend that the marketing strategy draws higher sales prices and happier sellers—as well as helps buyers get into homes they wouldn’t ordinarily think are in their price range. In value-range marketing, the seller sets a price range (i.e., $335,000 to $375,000) instead of just a high price ($375,000). This helps to attract more buyers—since a home set in a range will be within their price range, whereas a home listed only with the high price may not meet their price criteria—as well as generate more offers. The strategy does not obligate sellers to accept any offer. It does allow sellers to entertain and counter offers within the range with an acceptable price and terms, just as they would with a listing that carried a single price.

Prudential Drives the Market

Prudential Real Estate was the first major franchise to adopt value-range marketing, which originated in Australia. It implemented the Prudential Value Range Marketing (PVRM) in 1996 and offers marketing support for its sales associates who use it.

Prudential practitioners in the U.S.  are not the only ones jumping on the VRM bandwagon. The practice is gaining favor with real estate professionals across the country and Canada.

Not Everyone Is Sold on VRM

Ron Rutherford, a professor of finance and real estate at the University of Texas in San Antonio, who co-authored a study on range pricing published in The Journal of Real Estate Finance and Economics, remains skeptical of the strategy.

Rutherford’s study, which used a sample of 5,852 residential houses (176 of which used value-range pricing) in Dallas and Tarrant counties in Texas sold from January 1999 to December 2000, found that range-priced homes took about 4 percent longer to sell and sold for about the same price as fixed-price homes.

It has caused some confusion and maybe that’s due to full explanation by the broker prior to offers. After making a solid offers that weren’t accepted, some buyers have become confused and upset .Some buyers feel that if they’re making an offer within that range, it should be accepted.Some buyers feel like it is a bait and switch, where they are lured in with what looks like a decent price but then told they can’t have that price. So it affects everyone involved in the sale and can leave a lot of negative feelings.

How to Use Range Marketing

There are no set ranges within the industry to price a home. But a seller  should exercise caution in setting a range—selecting too narrow a range can undervalue a home and too high a range can price the home out of the market.

For optimal range pricing, it has been suggested that the end of the scale is close to the seller’s dream price and use a 10 percent to 12 percent spread below the top price to allow for changing market conditions.

The top price of the listing is in the price field and information that the seller will “entertain” or “consider” offers within a set range should appear in the MLS remarks section, the listing contract, and on related advertising and for-sale signs. The home will also appear in an MLS search when searching in the lower part of the price range.

Our Williamsburg MLS (WAAR ) has implemented value-range listing display and search capabilities. In September 2004, REALTOR.com adjusted its site to be able to display high and low price ranges for MLSs that adopt the listing practice.

If you are thinking of selling your home in the Williamsburg VA, james City County, York County, New Kent, Gloucester area and would like to discuss Value Range Marketing or any of the numerous marketing plans used by Mr Williamsburg.com and Liz Moore and Associates call John Womeldorf 757 254 8136 or email John@MrWilliamsburg.com