The Biggest Builder Foreclosure (so far) In Charlottesville

From today’s Daily Progress:

A respected Charlottesville regional homebuilder is facing foreclosure on more than 20 properties worth a total of at least $3.5 million.

Church Hill Homes has defaulted on payments for 13 residential properties in Albemarle, five in Fluvanna County, two in Charlottesville and one in Greene County.

During the hot housing market of the past few years, Church Hill’s strategy was to snap up vacant land throughout the region. At the time, Goldschmidt said, sales were so brisk that the company thought it was at risk of running out of home sites.

When the real estate bubble burst, however, Church Hill found itself saddled with many properties that had declined in value and were simply not selling.

Notably, the Belvedere project should be able to make its way through this due to Church Hill’s deal with Eagle Construction.

This is a sad development. Church Hill did things right. Let’s hope that whoever benefits from Church Hill’s leftovers continues to do things the right way.

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