As of August 4, 2010, there are 24 homes for sale in Forest Lakes.

Nearby areas include:

Charlottesville real estate

Earlysville homes for sale

Real estate pricing can be traced back to basic supply and demand.  In 2004, the supply of Charlottesville homes was low and demand was high…so prices skyrocketed.  We’re in a situation now where the tables are reversed: inventory levels for Charlottesville and Albemarle homes are extremely high and demand is, well, so-so.

The first wave of NGIC and DIA employees are starting to make their way into Charlottesville – some have already purchased, some are under contract, and many more are just beginning their real estate search.  I’ve heard from more than one client associated with NGIC that they want to move to Central Virginia in 2010 before the big wave of relocation takes place in 2011.

There is no doubt that those 1000+ jobs will have a direct impact on our local housing market…but how much will it positively affect the prices?  That is yet to be determined.  But you can expect there will be a positive effect – and the most influenced areas will most likely be areas and neighborhoods geographically closer to NGIC.

Here’s a quick snapshot of the last 24 months of home sales and inventory in Forest Lakes.  (By the way, the data in this chart is absolutely essential to determining current values and predicting – or maybe I should say ‘attempting to predict’ – future real estate trends.)  You’ll see that sales have gone down slightly, inventory is up (actually fairly normal for this time of the year), and most other standard stats are off slightly during the last 12 months as compared to the previous 12.  The most glaring stats to me are the inventory levels – they are up significantly…

So, to date: Forest Lakes hasn’t seen a big jump in sales as some predict.  But the NGIC story is still young…we’ll keep our eyes on it moving forward.

4. Still Meadow
Still Meadow is located just north of the City of Charlottesville on 154 acres overlooking the Rivanna River. The neighborhood is comprised of 135 homes, varying in size, from 2,000 to over 5,000 square feet. Per the neighborhood covenants, all homes are comprised of at least 30% brick or “substantial masonry”, all homes have at least two-car garages. Downtown Charlottesville is less than ten minutes away and shopping, dining and recreational activities are available within a five-minute drive. Still Meadow homes are all members of the community swim and tennis club.

3. Fieldbrook/Raintree
Fieldbrook and Raintree are two adjacent neighborhoods situated just off near the intersection of Route 29 and Rio Road. Fieldbrook and Raintree homes typically range in size from 1600-3000 square feet, offer a variety of architectural styles, and were mainly built throughout the 1980s. These neighborhoods are popular choices if you are looking for an established Albemarle County neighborhood that is convenient to both Route 29 and Downtown Charlottesville.

2. Hollymead
Hollymead features a nice mix of homes and housing types ranging from condominiums to townhomes to single family homes. This community – situated in between Forest Lakes North and South – is close to schools, parks, and major shopping. Hollymead condominiums and town homes in Hollymead are newer and offer distinctive amenities, including pools. The single family homes were built in the 60s, 70s, and 80s and feature a variety of architectural styles. Easy access to major employers like NGIC, Crutchfield, GE, and the UVA Research Park.

1. Forest Lakes
As one of the largest neighborhoods in Charlottesville and Albemarle County with approximately 1,400 homes, Forest Lakes is divided into two main sections – Forest Lakes North and Forest Lakes South. Community amenities include: six beautiful lakes, wooded lots, miles of walking/biking paths, two large swimming pools, two basketball courts, 10 tennis courts (8 lighted), two soccer fields, and a fitness center. Some Forest Lakes homes also have beautiful mountain or water views. Forest Lakes real estate options include single family homes and townhomes. Residents in some areas of the neighborhood can walk to shopping and dining, but all residents are a quick drive to Hollymead Town Center. Forest Lakes is a popular option if you are looking for NGIC real estate choices.

Want to learn more about Charlottesville real estate and these Albemarle County neighborhoods? Contact a Nest Realtor today.

Forest Lakes homes for sale

Hollymead homes for sale

As one of the largest neighborhoods in the Charlottesville region - with approximately 1,400 homes – Forest Lakes is divided into two main sections – Forest Lakes North and Forest Lakes South. Community amenities include 6 beautiful lakes, woods, miles of walking and biking trails, 2 large swimming pools,multiple basketball courts, 10 tennis courts (8 lighted), two soccer fields, and a fitness center. Some Forest Lakes homes also have beautiful mountain or water views. Forest Lakes real estate options include single family homes and townhomes. Residents in some areas of the neighborhood can walk to shopping and dining, but all residents are a quick drive to Hollymead Town Center. Forest Lakes is a popular option if you are looking for NGIC real estate choices.

About 29 North

Northern Albemarle offers a wide range of housing choices and easy access to the most extensive retail and dining options in the entire county along Route 29 North. From the Fashion Square Mall to Hollymead Town Center and everything in between, Northern Albemarle residents are just minutes from just about any store you can imagine. There’s also an extensive variety of housing options: large and small subdivisions, rural communities, established neighborhoods with classic architecture, and many new home communities. But, Northern Albemarle isn’t just close to shopping – there are plenty of other amenities nearby. For nature lovers, Chris Greene Lake – with trails, picnic areas, a dog park, and a beach area – is an extremely popular destination. The Shenandoah National Park is just a few miles to the northwest and several vineyards on the Virginia Wine Trail are just a short drive. With its close proximity to the airport and with the influx of jobs affiliated with the UVA Research Park and NGIC, you can expect the growth in Northern Albemarle to continue.

Forest Lakes Market Update (Detached Homes)

Forest Lakes home sales have seen a steady drop over the last several years.  In 2004, there were over 90 sales of detached homes.  Each year since the, there has been a slight drop…and through 3 quarters in 2009, there have been 23 detached home sales.  Part of the reason for a drop in sales can be tied to the fact that there are no more new homes being built in Forest Lakes. 

In some cases throughout the region, large drops in sales can be tied directly to housing prices in particular neighborhoods getting out of line with other neighborhoods and the entire region.  For instance, if prices in a particular neighborhood increased 25% in a period in which the rest of the market only increased 10%, eventually buyers don’t see value in that area and they begin choosing other neighborhoods…and a large reduction in sales results. 

However, this doesn’t seem to be the case in Forest Lakes.   Price per square foot in Forest Lakes has actually held steady with Albemarle County p/sf. 

Moving forward, we expect sales in Forest Lakes to pick up…probably starting this coming Spring…because of the new jobs with NGIC and NGIC contractors.  The majority of these jobs are within 10 miles of Forest Lakes…and the appeal of Forest Lakes amenities will surely attract buyers to the neighborhood.  Therefore, we predict 2009 will be a ‘bottom’ in terms of sales numbers for Forest Lakes.  Expect things to pick up in Forest Lakes in 2010.