So, whose market is it anyway?  Is it a buyer’s market?  Or, is it a seller’s market?  I’ve been saying it for 4 years now, it’s neither.  It’s a bank’s market.  This is not to say that banks are coming out rosy in real estate transactions.  Many banks are still losing money on individual transactions., even if their reported earnings include profits.  However, in a market that consists mostly of short sales and foreclosures, banks have the upper and.  On the selling end banks set the price they will accept for the sale and on the buying end banks order the appraisals and decide if the property is a good investment.  With the majority of the transaction in the bank’s hands, it’s a bank’s market. 

If banks have so much power, how much can you negotiate when trying to purchase a home?  I’m going to go ahead and lay this out there, this country has lost the fine art of negotiation.  Most consumers are looking for a “win.”  Very few consumers know how to pinpoint their breaking point when it comes to purchasing and even fewer can determine the seller’s breaking point.  Without these skills, negotiations can go south fast. 

The first step in negotiating real estate is figuring out, as the buyer, how much you want the property.  Your desire to obtain the property will determine your starting point. 

The second step is determining what comparable properties are selling for in the neighborhood and area.  Some real estate agents will price a property well under comparable sales in hopes of obtaining multiple offers.  When in a multiple offer situation, be wary of relying on being the highest offer.  The home will still need to appraise.  Highest is not always best.  On the flip side, if a home is priced much higher than comparables, it may be signalling an unreasonable seller. 

The third step is investigating the other conditions you will be including in your offer.  If you want a home inspection and expect repairs to be made, you may want to consider offering closer to market value.  If the property is sold “as-is” you need to weigh how many apparent repairs are needed in to your offer price.  Many “as-is” properties are priced with needed repairs taken in to account.  It is also important to remember that “as-is” means “as-is.”  The more conditions/ contingencies a seller sees, be it a bank or consumer, the less likely they are to favor your offer. 

After compiling all of this data, make an educated offer.  Real estate is not a game, especially if you really want the property.  If you treat it as a game, you may come out on the losng end more times than not.  It’s much harder to resubmit an offer once a seller rejects an initial offer or is offended by an original offer.  I’m not saying give the seller exactly what they want, but if their listing makes sense, make sure your offer makes sense, too.

Just a few days ago, Redfin unveiled it’s newest, latest, greatest thing in real estate – The Scouting Report.  The Scouting Report ignited a firestorm in the real estate community almost immediately.  What seemed to be designed to help consumers evaluate turned out to have alot of bugs and inaccuracies.  Redfin admitted, a day after launching The Scouting Report, that there were at least 12 bugs with the program.  The quirks in the system weren’t the only problems with the program.  It appears that Redfin was also indexing agents’ names. This means that if a consumer searched for an agent through Google, then Redfin would pop up in their search as one of the top options.  If the agent is not a Redfin agent this can cause some problems.  The brokerage disclosures for each agent were not readily apparent to the sites’ readers.  This directed internet traffic away from the agent’s brokerage and to Redfin.  This practice is frowned upon in the real estate industry because of the way information was presented to the public.  Many agents expressed that they do not mind their sales statistics being available to consumers; they just want that data to be accurate. 

How Would You Rate Your Last Agent?

What I think it boils down to is that statistics don’t tell the whole story.  The Scouting Report reported information on average days on market for an agent’s listings, average number of listings that had price drops, average sales price and sales price range, etc.  While Redfin now acknowledges that there were “bugs” in the days on market data; seeing an accurate number of days doesn’t tell you if an agent is good or not.  There are a variety of reasons why a home sells quickly or languishes on the market.  Many consumers would think that less days on market would be a good thing.  However, less days on market may be due to under pricing, or having a specific buyer in mind when a property is listed.  A lengthy time on market may mean that the seller has set a list price that is higher than what the market will bare.  Or, the property is very unique and requires a unique buyer.  The numbers mean nothing without context.  This is just ine example of why a rating system, such as this one, is not what it may seem on the surface. 

After many complaints and several Multiple Listing Services pulling their agent information from Redfin all together, The Scouting Report 1.0 has been taken offthe Redfin site.  The Northern Virginia MLS  (MRIS) was one of the mls’s that took this action.  It seems that The Scouting Report is a good idea in theory, but there are just too many variables in real estate transactions to make it work effectively and accurately.  MLS data relies on mls members (agents) to inport accurate data.  Let’s face it, mistakes are made.  If any rating system pulls human-imported data, then there is a great chance that errors will be reported as accuracies.  Redfin’s reference to their report being a 1.0 tells me that they may try to relaunch at a later date.  It will be interesting to see if that system will also be an “opt-out” instead of a “opt-in.” 

So, what’s the best way to evaulate a agent before you hire them?  It’s simple.  Ask questions.  If sales stats are important to you, have the agents you interview bring their sales stats with them.  Every agent knows how many deals they have successfully completed.  It shouldn’t be hard for them to answer questions about them.  You can also check the Department of Professional and Occupational Regulation for any state regulation violations.  You will need the agent’s full name to look up this data.  See if the agent has a Facebook profile, Facebook business page, and/ or Twitter account.  You can learn alot about a person by how they interact online.  The important thing to remember is that any agent rating system will be flawed.  Be prepared to seek out those flaws and do your own research.

I know you’ve heard about the great bed bug infestation that has hit the United States.  Well, it looks like it has finally made its way to Fredericksburg.  There has been an uptick in bed bug reports to landlords and doctors across the area.  The important thing to remember is that bed bugs are not a social class epidemic.  The can be found in any house, clean or not.  Keep in mind that many bed bug infestations happen in hotels and college campuses, not low-income houses.  Bed bugs feed off of human blood, not dirt.  So, as long as you have blood in your body, there is a chance you can have a bed bug infestation.  No one is immune from these little critters.  Makes you feel all warm and cozy, huh?

So who is responsible for the costs of exterminating bed bugs in a rental property in Virginia?  The quick answer is:  The Tenant.  That’s right.  Unless the tenant can prove that the landlord knew, or should have known there was an infestation before the tenant occupied the property, then the tenant is responsible for treatment and remediation.  The Virginia Residential Landlord Tenant Act also requires the tenant keep the premises free and clear from any bug infestation.  Section 55-248.16 states:

The tenant shall … keep that part of the dwelling unit and the part of the premises that he occupies free from insects and pests.

So, landlords will argue that it is the tenant’s responsibility to treat and remediate bed bugs at the tenant’s expense.

If you think your bed bug infestation is the fault of your landlord, you need to document everything and contact a local attorney.  There is no guarantee that the cost of bed bugs will end up getting paid for by the landlord.  Moving out in the middle of the night is also not an option.  The landlord has a right to sue a tenant who has abandoned the property for lost rents, cleaning fees, and pest remediation.  You may not live there any more, but you’ll still get a bill for the bed bugs.  So far, Virginia has not had a bed bug case go to court.  It is hard for lawmakers to address an issue if they haven’t acknowledged there’s a problem.  It’s kind of like a out of sight, out of mind mentality. 

What does bed bug treatment look like and how much does it cost?  Simply washing linens, clothing, and carpets isn’t going to rid you of bed bugs.  These little guys are super great at hiding.  The extermination of bed bugs includes using monitoring devices, removing clutter where bed bugs can hide, applying heat treatment, vacuuming, sealing cracks and crevices to remove hiding places, and using non-chemical and chemical pesticides.  Because the treatment process is so intense, the cost is much higher than the treatment of other insects and pests.  Getting multiple quotes from reputable pest control companies is highly recommended.

I get a ton of emails from all over the United States regarding short sales.  In most of the emails I am referred to as a “short sale expert.”  I always cringe at this term.  “Short sale expert.”  BLECH.  What is that anyway?  I also find it fascinating that any real estate agent would want to be referred to as a short sale expert.  The term “expert” should just be abolished from the real estate industry, in general.  With today’s market, it is very hard to be an expert.  The market changes daily.  The rules, if they are being followed, are changing as fast as the banks change ownership.  Calling yourself an “expert” is just asking for a lawsuit or a licensing complaint. 

When ever anyone claims to be a “short sale expert” there are a few questions you need to ask.

1.  What qualifies them as an expert?  – It’s easy to put “expert” after your name.  But, what makes you an expert?  Is it the number of successful closings?  Number of listings taken?  Did you earn the word “expert” by taking a class, getting certified, or obtaining a designation? 

2.  How many short sales have they closed? – You can’t be considered successful as a short sale agent unless you are closing short sales.  What type of short sales are you closing?  What!?!  There are different types of short sales!?!  Yes, there are.  Each bank has their own guidelines, each investor has their own guidelines.  Loan types handle default differently.  Handling a VHDA short sale is much different than handling an interest only, investment property short sale. 

3.  How many short sale listings have they taken?  – If an agent has listed 100 short sales, but only closed 20, there’s a problem.  They aren’t a short sale “expert”.  They are an “expert” at listing short sales.  There’s a difference.  Listing/ Closing ratio is important with this type of transaction. 

4.  Who negotiated the short sale?  – I’ve noticed a trend that many “experts” aren’t actually negotiating their short sale listings.  They are hiring a 3rd party to negotiate for them.  I often question how they can claim being an expert.  The hardest part of a short sale transaction is negotiating with the bank.  There is no magic algorithm for getting a short sale approved.  If there was, a computer program could negotiate for you.  That would make real estate alot easier! 

In my opinion, any one claiming to be a “short sale expert” is just trying to sell you something.  You might want to purchase a bag of colorful beans while you’re at it.  Short sales are a complicated real estate transaction that shouldn’t be taken lightly.  Being an “expert” doesn’t get you results.  Working this type of transaction continuously can increase your likihood of success.  Experience increases your liklihood of success.

There are few tools of the trade that all REALTORS(R) should have in their possession in order to do their jobs effectively.  Many consumers take it for granted that their REALTOR(R) has all of these tools.  However, in today’s tough market place, many agents are skimping on services that should be part of their REALTOR(R) tool bag.  Lockbox access is a MUST in today’s market.  Local lockbox access is $191 per year.  This is a cost of doing business and absolutely necessary, so why are so many agents choosing not to pay for a lockbox key?

Lockbox access became an issue in the Fredericksburg area when the Northern Virginia Association of REALTORS(R) opted to cancel their contract with Supra Lockboxes and begin a relationship with Sentrilock Lockboxes in 2009.  Prince William County Association of REALTORS(R) and Greater Piedmont Association of REALTORS(R) quickly followed suit.  However, the Fredericksburg Area Association of REALTORS(R) (FAAR)chose to honor their contract with Supra and began a year long process and debate on which lockbox system their REALTOR(R) members should use.  After many meetings and membership feedback, FAAR chose to sign a new contract with Supra, thus continuing a two lockbox system in region.   Most of the REALTOR(R) associations north of Richmond and into Maryland all use the Metropolitan Regional Information Systems (MRIS) as their multiple listing service.  This means that over 15000 agents in Virginia have access to the same listings.  In essence, 18000 agents could show your listings.  However, all 15000 agents aren’t paying for both Supra and Sentrilock access.  This severely limits the houses a buyer can preview. 

If a buyer is looking in an area on the border of the lockbox systems, such as north Stafford and southern Prince William, their agent should have both a Supra key and a Sentrilock key.  As a listing agent, if I’m listing a house in Fredericksburg, I should be placing a Supra lockbox on the property.  If I’m listing a house in Prince William I should be placing a Sentrilock lockbox on the property.  It is the REALTOR’s(R) responsibility to make sure their listing is accessible to as many agents as possible and their buyers have access to as many listings as possible.  What does it cost for an agent to have access to both lockbox systems per year?  A grand total of $400.  Yes, $400.  That’s it.  That’s all.  With the average commission bringing in 10 times the cost of having access to both systems, don’t you think it’s worth the cost? 

Using an agent without lockbox access is like going to a surgeon who doesn’t own a scalpel.  It can be detrimental to your goal.  When interviewing agents, be sure to ask which lockbox system is approved by the local REALTOR(R) association and if that’s the lockbox they use.  If you are concerned with having as many opportunities as possible, ask if your agent has access to multiple lockbox systems.  If they don’t have access to both systems, you may want to interview another agent.

Earlier this week the Today Show aired a segment on tricks that REALTORS(R) may use in order to increase interest in a property during a down market.  After watching this segment several times, I feel the need to post a rebuttal.  First, let me disclose that I will never declare that all REALTORS(R) are honest when advertising a property.  As in any industry, there are always a few that bend and break the rules, or just create their own set of rule.  However, for the most part, REALTORS(R) respect that most consumers will be able to see through puffery and blatant inaccuracies.  

The first “trick” mentioned during the segment dealt with advising a buyer on how much to offer on a property.  This was presented in the most confusing way and took me a few minutes to understand what they were trying to say.  The claim was that REALTORS are only telling the buyer the most recent list price of the home they want to make an offer on instead of the entire history of pricing on the property.  In this market a home can have multiple price drops if it is not listed at an appropriate price in the beginning.  The best way to combat this “trick” is to always use your own buyer’s agent.  If you are using the listing agent of the property to write the offer then you, as the buyer, aren’t going to get the entire history of the property unless you specifically ask.  That’s just a consequence of not using your own agent.  The listing agent’s job is to get the highest and best contract they can; not convince the buyer to make a lower offer.  A buyer’s agent should be presenting the entire listing history of a property to their buyer client.  That’s their fiduciary duty.  If the buyer’s agent does not, it could be deemed an ethics and/ or a licensing law violation.  This is definitely not a trick, this is just business.  So buyers, use your own buyer’s agent. 

The second “trick” is along the same lines as the first “trick.”  Some agents will try to skew the number of days a home has been listed.  There are several ways to do this in any Multiple Listing Service.  This was actually a much more popular tactic during the booming housing market.  In the Fredericksburg area, if a home was on the market longer than 12 days without a contract it was perceived that there must be something wrong with it.  Listing Agents would withdraw the listing from the database and re-enter it so it would look fresh to the general public.  However, the local Multiple Listing Service, MRIS, reports two "days on market" numbers.  One is DOM- days on market since the listing was entered into the system last.  DOMP – days on market from the beginning of a consecutive listing period.  So, if an agent tries to manipulate the data it may show 15 DOM, but 357 DOMP.  The DOMP will not reset unless the home has been ot of the system for more than 30 days.  How can buyers be sure they know exactly how long a property has been on the market?  Use your own buyer’s agent or ask the listing agent.  No REALTOR(R) is allowed to lie if asked a direct question. 

Reporting square footage was the third “trick.”  I’ll start out by letting you know that most REALTORS(R) have absolutely no clue how to accurately measure a home’s square footage.  We are not trained to measure square footage.  MRIS pulls square footage for listings from tax records.  If the tax records are wrong, then the listing will contain inaccurate information.  If the tax records don’t report square footage, the listing usually doesn’t.  Most MLS systems don’t allow for inches to be reported, just feet.  This leaves the listing agent to decide if they will round up or down.  There is no industry standard for this issue.  MRIS shows above grade, below grade, and total taxable square footage in its reports.  You just have to know how to read the report to get the answer to the square footage question.  Ask your buyer’s agent to show you how to read the square footage on the report.

Many agents are using wide-angle lenses when photographing properties.  It does allow you to get a better photo of a smaller space.  I can’t say that this is a trick, even though it was included as trick #4 by the Today Show.  No picture can give you a true idea of what a room looks like.  It is just impossible.  Understand that when looking at virtual tours or online photos of homes.  You will be able to accurately assess a home until you tour it.  Wide-angle lense or not, pictures can’t paint a complete representation. 

REALTORS(R) are NOT allowed to extensively photoshop property photos.  This statement, and reality, is in dark contrast to what Barbara Corcoran reported in this segment.  It is a violation of Article 13 of the Code of Ethics to present less than a true picture of a property in all advertising.  This includes photos.  I am NOT allowed to photoshop out the house next door, power lines, cracks in the facade or foundation, or anything else that would present less than a true picture.  Not to mention, most agents aren’t advance enough with photography tools to successfully manipulate their property’s photographs.  Trick #5 is just NOT allowed!

The last "trick" was the use of misleading words in advertising.  An intelligent consumer should be able to read through puffery.  Conveniently located does not always mean noisy.  My house is conveniently located to downtown Fredericksburg.  That just means the property is within walking distance or a very short drive to the downtown area.  Cozy usually means small.  Listing Agents do describe homes in the best light possible, but they aren’t allowed to lie.   

All in all, the “tricks” the Today Show brought up aren’t new to the real estate market.  They aren’t even “tricks.”  Real estate is not an industry of standards.  It is an industry that is very area-specific.  Each state, region, county, MLS system, and local real estate association has their own standard of practices.  In any economy, it is important to hire your own agent who is knowledgeable about the local market.

The first Fair Housing laws passed in 1866 with  the Civil Rights Act; which prohibits all racial discrimination in the sale and rental of property.  It took another 102 years (1968) for the government to add color, religion, and national origin to the list of protected classes.  Always on the cutting edge of controversial legislation, Virginia did not pass their own Fair Housing law until 1972.  The national law was amended again in 1974 to include sex and again in 1988 to include disability and familial status.  Many states have passed more inclusive Fair Housing laws, but no state can be less protective than the federal government.  Sexual Orientation has become the latest hot topic in the fair housing arena.  Virginia has tabled proposed fair housing legislation regarding sexual oriention for at least the last 4 years.   

As of January 1, 2011, REALTORS(R) and any person(s) employing a REALTOR(R)’s services must not discriminate against sexual orientation.  Although it is not a criminal action to discriminate against sexual orientation in housing in Virginia, if you hire a REALTOR(R) it becomes an ethics violation for the agent.  What exactly does this mean for consumers?  Nationwide, REALTORS(R) are not allowed to answer questions regarding the assumed, perceived, or founded sexual orientation of anyone involved in a real estate transaction.  If a client or customer asks any questions regarding this issue they must be informed of the REALTOR(R)’s obligation to not discriminate.  If the REALTOR(R) answers any questions they are now at risk of being found in violation of the REALTOR(R) Code of Ethics.  Possible penalties for violating the Code of Ethics include fines up to $5000, mandatory education courses to help prevent future violations, and loss of REALTOR(R) status. 

Why did the National Association of REALTORS(R) think it necessary to add a new protected class outside many state laws?  The answer is quite simple.  The Obama administration has made it clear that they want HUD’s housing programs available to all regardless of sexual orientation or gender identity.  A REALTOR(R) needs to have the ability to offer their clients the best possible housing choices.  The ability to discriminate based on sexual orientation prevents REALTORS(R) from being able to perform their task to the best of their ability.  NAR(R) also sited that many states and local municipalities already legally protect sexual orientation with Fair Housing laws.   

Fair Housing violations are taken very seriously by local, state, and national REALTOR(R) associations.  In states that have laws against discrimination based on sexual orientation, violations are not only subject to ethical scrutiny, but carry heavy legal consequences.  Again, Virginia does not legally recognize sexual orientation as protected class, however, Virginia REALTORS(R) must protect sexual orientation in real estate transactions. 

(Alexandria City, Arlington County, Fairfax County, and Falls Church City legally protect sexual orientation).

Well,a week after a tornado ripped through the real estate social media world, Daniel Rothamel has responded.  I’m gonna give some link love and let you read it by clicking In Which I Explain My Decision to Retire the Stripes. 

I mentioned in my first post regarding this situation that Daniel doesn’t need the stripes.  His brand moved past zebra stripes several years ago.  His brand is now that of a caring, giving, and knowledgeable real estate agent.  He doesn’t need the gimmick to get noticed.  He is noticed on his merits.

I applaud Daniel for how he has handled himself during this very trying time.  He has continued to earn the respect and admiration of his colleagues.  My hope is that The Lones Group will drop this suit and move on.  I will keep you posted as we enter the next chapter.  This is definitely a fantastic case study in brand management and moving past a brand and into people’s hearts. 

The Lones Group Sues The Real Estate Zebra

I’ve spent the past few days mulling over a situation that has come to light through social media.  On Friday, February 25, Inman News reported that The Lones Group is suing Virginia REALTOR(R) and real estate blogger, Daniel Rothamel, and the Strong Team REALTORS(R)for Daniel’s use of zebra stripes in his branding.  Yes, you read correctly, his use of zebra stripes.  The Lones Group argues that his use of the stripes infringes on their trademark dress and will confuse consumers.  (You can read the complaint here).  Now, it’s important to know that The Lones Group is located in Washington state.  Yes, Washington state.  Remember, Daniel lives and does business in Virginia, clear on the other side of the continental U.S.  It is also important to note that The Lones Group sells marketing services to real estate agents and REALTORS(R).   Daniel is a REALTOR(R) who is only licensed in Virginia and only sells real estate in Virginia.  The irony is thick with this one; The Lones Group is suing someone who could be a potential client.  How did Daniel start using the zebra stripes and became known as The Real Estate Zebra?  Well, Daniel not only sells real estate, but he is a basketball referee in his free time.  His wife, Kari, coined The Real Estate Zebrafor him a few years ago; and a brand was established.  When researching The Lones Group, I found that they only used the zebra in a portion of their branding until very recently.  In just the past few weeks they decided to use the zebra as a company wide mascot, so to speak.  They even had a “press release” about it on their Active Rain page. 

There’s alot about this lawsuit that bothers me.  I had never heard about The Lones Group until this lawsuit came about.  Yet, they claim,“The Lones Group started the Real Estate marketing revolution… and we are darn proud of it!”.  Really?  What “revolution” are they speaking of?  And, how did I miss hearing who started it?  I think I’m pretty well versed in the big players and first-comers to social media and internet advertising and marketing, but it took this lawsuit to bring this company to my attention.  I would think that if your company was such an integral part in how we, as a profession, handle getting our names out to the masses, more of us would have heard about you before this.  But hey, I live in little Fredericksburg, Virginia, what do I know?  A second thing that bothers me is that the only people that seem to think there would be some confusion between The Lones Group and The Real Estate Zebra, is the Lones Group.  They offer two different services.  The Lones Group is a marketing and education company.  Daniel is not in the business of helping others market themselves.  He markets himself and his brokerage.  He sells real estate.  Should The Lones Group sue every REALTOR(R) that markets themselves since that’s the business they are trying to curb the market for?  The third thing that bothers me is, why now?  Why sue Daniel now?  He’s been using the zebra for years.  Daniel has also been nationally recognized for years.  He has ranked high in Google for years.  He’s been an active member of NAR at the national level for years.  Why is he just now on The Lones Group’s radar?  How can they just now realize when you google “zebra and real estate”, you get Daniel?  It’s true, when many REALTORS(R) think about zebras and real estate, they think of Daniel.  Whose fault is that?  If The Lones Group wants to have the market share of zebras, why don’t they just work to get it?  Do they really think that suing Daniel will make this go away?  Can suing Daniel make Google forget?     

Real estate is a tough business, and, it is rare to find genuinely nice people in this profession.  Daniel and his family are genuinely nice people.  They give far more to the real estate community than we can ever give back.  Through all of this mess, Daniel has kept a cool head and stayed focused on what really matters, his family.  It’s unfortunate that The Lones Group doesn’t see room in the world for both of them.  It’s also unfortunate that they have single-handedly ruined their own brand in a weekend.  No matter what happens at the end of this, Daniel will still be The Real Estate Zebra, whether The Lones Group likes it or not.  The Lones Group can’t make the real estate community forget about Daniel.  The Lones Group won’t be known for their use of zebra stripes, they’ll be known as the company that sued one of the nicest guys in real estate.  This will go down as one of the worst (The Lones Group) and best (Daniel Rothamel) branding case studies in real estate, and marketing, history.   

It’s time to give back to a family who has given so much to so many of us.  If you can spare a few dollars, loose change, anything to help pay their defense bills, it would be awesome!  This small real estate firm doesn’t deserve to be bullied by a company just grasping at straws… or stripes.  #savethezebra http://ZebraDefenseFund.com

It’s the beginning of 2011, but let’s look back at the 10 most expensive homes sold in 2010 in the Fredericksburg area.  The Fredericksburg area includes Fredericksburg City, Stafford County, Spotsylvania County, Caroline County, Orange County, and King George County.  All information and photos are courtesy of the Metropolitan Regional Information Systems, Inc, the local MLS service. 

10th Most Expensive Home – $920,000

400 Hanover Street Fredericksburg, VA 22401

Fredericksburg City’s only representative in this year’s Top 10 list.  This Victorian style home was built in 1900 and is just blocks from the downtown area and shopping.  It features 7 fireplaces, 4 bedrooms, 5 full bathrooms, off-street parking, and a fenced back yard.  The listing agents were Robin Marine and Janel O’Malley with Coldwell Banker Carriage House Realty.  The home was sold on August 30, 2010 by Anne Johnson with Coldwell Banker Elite. 

This Stafford County home was sold on February 17, 2010 for $927,000.  It is located on 2.57 acres on the Potomac River and features 4 bedrooms, 3 full bathrooms, 1 half bath, 2 master suites, a gourmet kitchen and a dock with a jet ski lift.  It was listed and sold by Edward Tennstedt with Long and Foster Realtors.   

11305 Honor Bridge Farm Ct Spotsylvania, VA 22551

 This home sold on June 8, 2010 and is located on 7.1 acres in Fawn Lake subdivision, a premier gated community in the Fredericksburg area.  It features 8000 sqft, 7 bedrooms, 6 full bathrooms, 1 half bath, a main level master suite, home gym, gourmet kitchen, and a geo-thermal HVAC system.  The home was listed and sold by Rick Berry with Fawn Lake Real Estate. 

7th Most Expensive Home – $992,500 

15015 Beaver Dam Drive Spotsylvania, VA 22551

This home is located on Lake Anna and boasts 350 ft of waterfront, a luxury master suite with a waterfront porch, a covered dock with 4 lifts, a private ramp, and conveyed with all furniture except antiques.  It was listed by Betty Dunn with Realty World Lakeside Pros and was sold on September 2, 2010 by Tom Neal of Lake Anna Realty. 

6th Most Expensive Home – $1,014,000 

25 Osprey Lane Fredericksburg, VA 22405

This 4 bedroom, 5 full bathroom waterfront home is located on the Potomac Creek in South Stafford County on 12 acres.  Features include a 1,060 sqft master suite, a private dock and beach, and overlooks historic Crows Nest.  It was listed by Valerie Moss with Coldwell Banker Elite and sold on April 28, 2010 by Carol McCarthy with Exit 1st Choice. 

5th Most Expensive Home – $1,150,000

11104 Fawn Lake Pkwy Spotsylvania, VA 22551

This is the 2nd Fawn Lake subdivision property on this year’s Top 10 list.  Sold on November 30, 2010, this waterfront home includes 7 bedrooms, 6 full bathrooms, 1 half bathroom, gourmet kitchen, full theatre, in-law suite, 163 feet of lake frontage, and a dock.  It was listed by Jeanie Andrew-Brennan of Keller Williams Superior Realty and sold by Ken Melton with Fawn Lake Realty.

4th Most Expensive Home - $1,150,000

3115 Lynn Allen Road King George, VA 22485

This King George County home is located on 14.35 acres on the mouth of the Potomac River with 907 feet of waterfront.  The main house has 3 bedrooms, 2 full bathrooms.  There is also a guest house on the property, and a clubhouse/ boathouse.  The home was listed by Wendy Babec with Allison James Estates and Homes and sold on June 21, 2010 by Paul Iracane with Coldwell Banker Elite.

3rd Most Expensive Home – $1,175,000

14818 Comfort Lane Mineral, VA 23117

 This 11.88 acre Lake Anna home, sold on April 28, 2010, has 800 ft of waterfront, 6 bedrooms, 4 full bathrooms, 1 half bath, 2 master suites, an elevator, 3 fireplaces, a screened dock, and a boathouse with 2 slips.  The home was listed by Lori Petrovitch of Re/ Max Edge and sold by Gary Griffith of Dockside Realty.   

2nd Most Expensive Home – $1,310,000 

3874 Edwards Drive King George, VA 22485

The second most expensive home sold in 2010 is located in King George County on 12.73 acres and overlooks the Potomac River.  It features 5 bedrooms, 4 full bathrooms, 2 half baths, a 10 person cinema, wine cellar, pool and hot tub, and outdoor kitchen.  It was listed by Robert Carney of TTR Sothebys International Realty and sold by Irene Morales Ward of Re/Max Distinctive Real Estate on December 28, 2010.

Most Expensive Home Sold in 2010 – $2,500,000

9160 Fair View Farm Road #A Somerset, VA 22972

The most expensive home sold in 2010 is a historic masterpiece located in Orange County.  It barley made the list having closed on December 21, 2010.  Built in 1856, this home is located on 58.99 acres, has 7 bedrooms, 5 full bathrooms, 2 half baths, an elevator, 12 fireplaces, and a professional horse facility, along with other dependencies.  The home was listed by James Bonner and Steve White of Roy Wheeler Realty Co and was sold by Justin Wiley of Frank Hardy Inc.