Virginia’s estates offer history and privacy

by Lisa Antonelli Bacon
Virginia Business
June 2005

Driving through the softly rolling hills of Middleburg or the winding roads of the Blue Ridge, do you ever wonder who lives in the manor house on the hill, or the clapboard farmhouse at the end of a tree-lined drive? Chances are the residents aren’t the owners of Riva Ridge — a Kentucky Derby winner raised in Virginia — much less farmers. These days, as the Northeast becomes more crowded and the West Coast becomes unattainably costly, Central Virginia’s venerable old manors and estates are being bought by people fleeing other areas or developers who turn around and resell them.

The fact that historic properties are a limited commodity makes them that much dearer, because once they’ve passed a certain point in deterioration, you can renovate, but you can’t resurrect. “Once these buildings are gone, they’re gone,” says James Zehmer, a carpentry foreman for Oak Grove Restoration Inc. Compared with other states, Virginia has a solid inventory: The National Register of Historic Places includes more than 2,000 state properties.

While some buyers delight in the challenge of renovating old homes with their heart pine floors and original moldings, developers have other intentions. “We get lots of developers or 1031 exchangers,” says Thomas Nolen of Jim Nolen Real Estate in Appomattox. The 1031 rule allows property owners to resell a property and reinvest the proceeds in ownership of a like-kind property, thereby deferring the capital gains.

Besides speculators, developers and investors, Central Virginia — especially Charl-ottesville and its environs — still attracts buyers seeking simple respite. Real estate agents there salivate every time publications like Forbes and USA Today name it one of America’s best places to live. Agents are finding that a lot of interest in estates as family homes comes from Washington, D.C., and points north, as well as from the West Coast. “We still get people looking to retire, or younger families with kids who are choosing to live here in Central Virginia,” notes Beth Powell of Frank Hardy Inc. Realtors in Charlottesville. Newcomers from California and the Northeast are amazed at the relatively low price tags on rambling estates. “We take for granted the size of these parcels,” she says. “These people think two acres is a lot of land. You’re not living in a million dollar house where you can chat with a neighbor over the fence.”

And while Virginians tend to deify their history it isn’t as important to cash-laden arrivistes. To them, the appeal of Virginia’s historic properties is the lifestyle they represent. Although it isn’t unusual for estates in Central Virginia to come with some horsey accommodations, be it a barn or heated stables, agents say that many prospective buyers don’t necessarily know a bridle from a bride. It’s the bucolic atmosphere that draws them, even if they’re paying a chunk of serious money for stables that might never see a horse.

Gone are the days, though, of finding a lavish, well-maintained mansion for under a million dollars. The limited supply brings top dollar. Plus, many homes on the market have been through at least one renovation, so essential systems like plumbing and heating often are in place, and sellers expect more money. “Most listings are in move-in condition, and won’t have to have major league repairs,” says Powell.

Take Cumberland Farm. Once part of a 1,500-acre grant to Richard Littlepage in 1663, the estate remained in the family for the next century, during which the house became the first duty station in America. Perched on a 70-foot bluff in New Kent County overlooking the Pamunkey River between Richmond and Williamsburg, Cumberland is replete with all the necessaries and some unneccessaries as well, from formal gardens to a boathouse. Asking price: on the low side at $2.9 million.

At $3.49 million, the much newer Hazelhurst (built in 1856) in Orange County has several outbuildings, including equestrian facilities. The brick four-over-four sits on more than 115 acres with panoramic views of the Blue Ridge.

For home buyers who consider 100 acres too cramped, Central Virginia has plenty to offer them. East Belmont in Keswick, for instance, is just three miles from Charlottesville, but it encompasses more than 1,500 acres. The late 18th century manor house overlooks a Charles Gillette garden, pastoral fields, small lakes and, in the distance, the historic Southwest Mountains. Asking price: $19.5 million.

If it seems like a lot of house, land and mortgage to manage, there is the more affordable Bolinvar in Middleburg, a spacious stone manor with four floors of living space on 327 acres with well-established gardens, flagstone terraces, a pool, and extensive equestrian facilities. Asking price: a mere $16.75 million.

Still, there are deals, particularly for those who aren’t in a rush to move or averse to putting in a little sweat equity. “There is lots of interest in historic homes from people who are looking for a second home or a place to retire,” says Sonny Tolley, sales associate for Jim Nolen Real Estate. One forward-thinking buyer recently snapped up Motrosa Plantation, a seven-bedroom, 622-acre estate for less than the $1.6 million asking price. The purchase included a 130-year-old, 3,500-square-foot manor home with outbuildings on more than 600 acres.

In the million and under category, there are properties available for renovation or that could be added onto, say real estate agents, but the house could be in poor shape or not even up to code. Historic properties, regardless of price, do continue to offer privacy, a commodity increasingly hard to come by in today’s busy world. Or as Powell says, “Out here it’s all yours.”