Glenmore is a private, gated, residential community located in Keswick, just minutes east of Charlottesville. Glenmore’s planned community offers residents the ultimate in privacy with more than 500 acres dedicated to common greenway landscaping. In addition, Glenmore homes offers its residents a host of lifestyle amenities which include private year-round Country Club activities and clubhouse dining, golf, tennis, swimming, community walking paths, and professional on-site Equestrian Center. Glenmore real estate options include single family estate homes, low maintenance cottage homes, and home sites.
Over the past few months, Glenmore has been in the news for a scandal with their Homeowner’s Association – something that seems to be clearing up in the last few days.
However, Glenmore real estate sales continue to be having a tough time in 2009. This year will be the 6th straight year of declining sales in the neighborhood. In 2004, there were a total of 87 sales in Glenmore (56 re-sale and 31 new homes). By 2008, Glenmore neighborhood sales dropped to just 36 (32 re-sale and 4 new), a 58% drop from 2004. While part of the reason for the overall sales decline can be attributed to the decrease in the number of new homes available, re-sale home sales have either decreased or stayed even during those years.
During the boom years of 2004 and 2005, sales prices and cost per square foot jumped fairly significantly throughout Glenmore. At it’s peak in 2006, Glenmore homes sold for an average of $206/sf. This represents a 20% increase in price per square foot from just 2 short years earlier. However, since 2006 prices have started to back off, as with most neighborhoods throughout Charlottesville and Albemarle. In 2007, price/square foot fell 6% and then another 4.6% in 2008. To date in 2009, the average price per square foot is exactly where it was in 2004 ($174/sf).
In the short term (over the next 6 months), expect Glenmore prices to continue to back off from their current numbers. This expectation is based on the HOA scandal (mentioned above) and the fact that Glenmore has higher end homes. The higher end home market has been (and probably will continue to be) hit harder than lower price points. The current economic conditions and the fact the higher interest rate associated with most jumbo loans has slowed the upper end market.
However, looking longer term, expect pricing to stabilize and sales to pick up in Glenmore. There are some great values in Glenmore now and, in many cases, the replacement value of the homes for sale is much higher than the current listing price. In addition, since prices have come down, there is a new wave of buyers who can now afford Glenmore homes – this group will most likely drive sales in the $400s – $700s over the next 12-18 months.