From today’s Daily Progress (archived: 2009):
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.
Interested in Learning More?
I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
Dig Deeper
Always Read Covenants and Restrictions
You never know what you're going to find when you dig into Covenants and Restrictions. "1. No shop, store, trailer, temporary living structure, factory, hospital, asylum, institution, tourist home or business house of any kind, and no apartment house shall be erected or maintained on…
Revisiting the “0 to 5 Buyer is Gone” Post – 15 years later
Revisiting the “0-5 Buyer Is Gone” Theory We’re in a different market now. Some of the people who bought between 2021 and 2024 are trying to sell — and the ones who bought new construction, now competing against new construction, are having a hard time.…
A Charlottesville e-bike Success Story
I have an e-bike. I love my e-bike. I ride it to meetings all over the City of Charlottesville instead of driving my car. e-bikes are great. A friend got an e-bike. He loves his e-bike. He has a different perspective, and I asked him…
Flipping the Switch, Part 3: ADUs, Zoning, and the Practical Guide
Flipping the Switch, Part 3: ADUs, Zoning, and the Practical Guide Part 1 covered the data. Part 2 covered the design. This week: the regulatory landscape, the ADU reality check, and the practical checklist. The ADU Conversation Has Changed When I wrote about this in…