Disclosure: my firm, Nest Realty Group, is marketing Bundoran Farm in conjunction with three other firms in the Charlottesville area. I would be posting about them regardless of any affiliation I might have; I was talking about them in 2007, long before I was with Nest. I was then and am now genuinely interested inÂ and intrigued by the project (it’s hard to call it a "development").
The New York Times says today in Growing With the Crops, Nearby Property Values:
And in more rural areas, developers are buying big tracts of ranchland and selling small lots to buyers. David Hamilton, a principal in Qroe Farm Preservation Development, is pursuing this approach at the sprawling Bundoran Farm subdivision outside Charlottesville, Va. â€œWe go through a mapping process to see functional agricultural units, if they are good for apples or cattle or whatever, then see where they go together.
Qroe (pronounced â€œcrowâ€) leases some of the land to cattle ranchers and orchard managers. A buyer of a home site hires a builder from a developer-approved list. Qroe is marketing lots of under four acres for less than $400,000, Mr. Hamilton said. â€œYou’re buying two acres but access to 2,000 acres,â€ he said.
Grady Lewis, a Virginia native who closed on his 2.67-acre lot in 2007 and moved into his 1,800-square-foot house at Bundoran with his wife, Diane, this spring, responded to Qroe’s idea of preserving â€œrural quality.â€
When all the house lots have been sold, the rental income from the farmers, which currently goes to the developer, will go to the homeowners’ association. â€œBeyond it being great to see 300 head of Angus scattered across the acres,â€ Mr. Lewis said, â€œit’s a cash-flow issue.â€
Farm-focused developers must juggle financing a few houses at a time with cultivating crops on a yearly cycle, so many rent farmland to professionals.
And those lots for sale under $400,000?