What kind of house will $1,000,000 buy here?

Where is the helicopter pad? The putting green? The enclosed tennis courts? A million doesn't buy what it once did, but buyers of luxury homes reportedly get more value in Chesterfield than elsewhere in the metro-Richmond area. With a $1,000,000 price tag buyers can expect "a good parcel of land in a good community that is, if not new, a new section of an old community or an older area," Agent Sue Tepper with Joyner Fine Properties says. The home should have at least 5,000 square feet and a brick exterior with a two or three-car-garage and a walk-up attic, she added.

Local real estate agents says the higher-priced homes in Chesterfield subdivisions have a minimum of four to five bedrooms with one or two master suites, jetted spa bath and a large amount of storage. A lux-home's gourmet kitchen should have granite or other highend counters. Some of these homes are in planned communities with amenities. Home theatres are often popular with buyers of these homes. Jonathan Davis, Chesterfield's Director of Real Estate Assessment, noted that waterfront property would always be valued because it is limited and that high dollar homes tend to be clustered.

Page Dowdy/Chesterfield Observer This large brick "transitional" home in recently sold for just over a million dollars. estate agents say 288 is also a major factor why luxury houses here are higher priced. his is the first time this 1989 custom-built brick house (insert) in Landing has been put on the market. asking price is $1,350,000.

Many properties in this price range are custom-built homes, but million-dollar homes are now being built in Chesterfield without a specific buyer in mind.

The Chesterfield real estate assessor's office lists nearly 70 residential properties with a value of $1 million or more. Two properties have assessed values of over $3 million each - one in Chesdin Landing and one on the James River.

While the county is going more upscale, "Chesterfield has not accelerated as much as Richmond or Henrico," said Tepper.

Jamie Younger, agent with Virginia Properties, a Long and Foster Company, attributed the appreciation of property values on both sides of the river to the new Route 288, but noted that land is often still cheaper in Chesterfield than Richmond or Henrico. Also, taxes on a $1 million home in Richmond are $14,000 where a Chesterfield homeowner would pay $10,700. A million dollars doesn't buy what it once did. "The Richmond (real estate) market has gone up tremendously in price, a 22 percent rise in 2005, [but] the projections for 2006 are a 7 percent rise," observed Younger. In November a home on Mabry Mill Drive assessed at $757,100 sold for $1,034,648, a 25 percent increase. Another on Mulberry Row Road assessed for $697,300 sold for $935,000, a 24.5 percent increase, both very close to the 22 percent rise in real estate prices in the metro. Tax assessments are based on sales data from the previous calendar year. The majority of these sales in the higher end market are due to relocations, indicated Younger. She speculated that Reeds Landing might have the best buys in the area in that price category. Buyers from New York or California don't "bat an eye" at the prices here, she said.

Charles Batchelor/Chesterfield Observer This waterfront home in Edgewater was on the market at $990,000, but the county's assessment last year was $559,000.

"I don't think we have seen anything yet. The 288 corridor with Robious and Midlothian is hot," Broker/owner Craig Via of Craig Via Realty & Relocation stated.

Tepper, however, estimates there were 60 homes with an asking price of $1,000,000 or more on the market in the metro area last summer and there are about 90 now, a one-third increase. More inventory indicates "a softening of the market [and] we are not seeing the multiple offers [on the same property]," she said. As of mid-January MLS had eight listings for homes over $1 million in area 64, Agent Libby Schmidt with Long and Foster's Tuckahoe

 

 

office reported. Four were in Reeds Landing,

 

 

with one on a lake listed at $2,995,000. Salisbury, Rosemont, Founder's Bridge and Queen's Grant all have homes in the million plus range. Two in Tarrington are over $900,000. There is one listing for $1,599,999 on Genito Road with 25 acres and a house that was built in 1884.

In comparison, area 20 in the West End has 6 listings going up to $4,500,000; Henrico has six with one listed for $4,950,000; and Goochland has 11 listings with two above $2 million.

Though the client base for $1 million homes is smaller than for less expensive homes, Via said in the nine days following the listing of a $1.2 million home in Reed's Landing the house was shown seven times. Another had been listed for 13 days with three showings and sold. Via said the market for re-sales in this bracket is stronger than for the spec homes.

These are the 16 high-dollar homes in Chesterfield County now listed with MLS, according to Mike Khoury of ReMax Allegiance.

$1,100,000 12020 Middlecoff Dr. Rivers Bend / Chester Rooms: 10/ Built: 1987 Three-bedroom riverfront contemporary house with boat ramp and dock on deep-water channel. View of river and 37 by 17 ft pool from dining room, living room, master bedroom, second floor loft, and third floor study. "Too many amenities to list." $2,500,000 12100 Ganesh Eastern Chesterfield Rooms: 10 / Built: 1991 Located on a promontory with views up and down the James River. Private wooded lot is minutes from Interstate 295 and Interstate 95.

$975,000 13418 Chesdin Landing Dr. Chesterfield Rooms: 14 / Built: Under Construction 2005 Parade of Homes entry. "Old World Tuscany." Two separate two-car garages.

$1,125,000 11936 Winterpock Rd. Chesterfield Rooms: 15 / Built: 2003 A media room and pool table room. Horse farm potental. Five bedrooms with an office and four full baths.

$1,185,000 104 Spring Run Rd Chesterfield Rooms: 12 / Built: 1989  Situated on 47 acres. Brick and stone. "Tranquil  streams around the grounds." Beautiful landscaping. First floor master bedroom has a huge bathroom with whirlpool tub and teakwood. Dining room with fireplace.

$3,600,000 16521 River Rd. Chesterfield Rooms: 17 / Built: Under Construction 249 acres site consisting of 3 parcels with wooded and open pasture located near the historic Eppington Plantation. State-of-the-art kitchen with built-in Viking rangetop, gas oven and microwave. Media room, game room, art studio with loft. Automatic backup generator, central vacuum system. Library boasts finished cherry cabinets.

$4,600,000 15618 Chesdin Landing Ter. Chesdin Landing Rooms: 20 / Built: 2003 On Lake Chesdin. Double staircases in the 2-story foyer. Kitchen has seating for 12. The entertainment room has an open rafter ceiling with a raised hardwood dance floor/band area, gorgeous bar, and sunken conversation area. The theatre room features stadium style seating

 

 

with 17 fully reclining suede chairs and a 9-ft wide screen projection TV with surround sound. There is a supplemental guest/staff apartment.

$1,599,999 16216 Genito Rd. Chesterfield Rooms: 13 / Built: 1884 A 25-acre equestrian estate. Historic Amber Grove Inn. Five master suites, 5.5 baths, and formal living & dining rooms (currently a successful bed and breakfast), a 9-stall barn with tack room and magnificent multi-use loft with "stunning woodwork." Century-old trees and beautiful botanical gardens. Property is on the corner "with great subdivision possibilities!"

$975,900 4419 Welby Midlothian Rooms: 14 / Built: Under Construction Three-sides brick, 3 levels, finished basement, 6 bedrooms, 6 full baths, guest room with bath. Finished basement with rec room, bar, fireplace, media room, bedroom with full bath.

$1,010,000 3801 Solebury Ter. Reeds Landing / Midlothian Rooms: 13 / Year Built: 1993 Award-winning gardens. "Fine details!"

$1,149,995 14400 Lander Rd. Rosemont / Midlothian Rooms: 11 / Built: 2002 Built by David Hodges. Bright and open floor plan. Professionally decorated. Kitchen has granite countertops, cherry cabinets, Thermador cooktop, Sub Zero frig, Bosch. Heavy moldings, wood floors, media room/game room. Backs to woods.

$1,195,000 3013 Royal Crest Dr. Midlothian Rooms: 16 / Built: 2004 All-brick on 2+ acres with great views. Three-car garage and a fourth bay for equipment. Wine cellar, rec room with large bar, theatre room with wet bar. Second dishwasher in basement.

$1,196,000 16126 Founders Bridge Ter. Founders Bridge / Midlothian Rooms: 14 / Built: 2005 All-brick colonial situated on Independence Golf course at end of cul de sac.

$1,196,500 4110 Reeds Landing Cir. Reeds Landing / Midlothian Rooms: 12 / Built: 1995 Mostly brick transitional with almost 7500 sq. ft. Gourmet kitchen with granite island and counters, two-story family room with stone fireplace and wall of maple cabinetry. Sauna. Tavern with billiard room, wine cellar, exercise room (complete with equipment). Movie theater. Interior elevator.

$1,300,000 2719 Stonegate Ct. Salisbury / Midlothian Rooms: 10 / Year Built: To be built Golf course lot. Fabulous views, glamorous, newest section of subdivision. $1,350,000 3831 Reeds Landing Cir. Reeds Landing / Midlothian Rooms: 17 Built: 1989 Custom-built colonial 5 1/2 baths, 4 fireplaces, 10 ft. ceilings on first floor, Grand garden room overlooking wooded lot. Brick with heavily gauged cedar roof.

$2,995,000 11801 Aberdeen Landing Ter. Reeds Landing / Midlothian Rooms: 13 / Built: 1991 Bottomley Reproduction on two parcels. "Outstanding millwork throughout." Beautiful terraces, boxwood, tall ceiling, generously scaled rooms.