Author: Gretchen Tipps

With spring in the air, the exterior of a Smith Mountain Lake property becomes even more important when putting your house on the market because buyers now will spend more time outside looking at your property and envisioning what their summer barbeques and family playtime will look like.

The addition of any amount of usable real estate to a property increases value. Customized decks and personalized outdoor living areas are a hot trend in home improvement upgrades, and a great-looking deck may entice more people to come see your home.

Building or updating an existing deck isn’t simply a great investment; it also provides opportunities to personalize your backyard and customize the look to your taste. And with many families staying home this summer to save money, why not think about creating the perfect location for entertaining?

Deck experts agree that multi-level decks are the most popular now. These are a series of decks connected by stairways or walkways, which are aesthetically pleasing and can be used for different purposes. One level can be used to catch the sun, one level can be positioned for shade and another can be set close to the house for entertaining and barbequing.

Wood decks have always been the most popular, but caring for them is tough. They will rot over time, are subject to insect infestation and require a great deal of maintenance to keep the wood from fading. Accordingly, people are embracing composite materials for their decks, which cost significantly more but will last longer with less maintenance.

For those homes that already have a deck, it’s important to make sure that it’s still in good shape and adds to the attractiveness of a property. You can change your deck’s appearance with interesting balusters to match other decorative accents on your house or in your yard and really add unique touches to make the deck a personal haven. Meanwhile, railings offer a good opportunity to pull in color and ornamental detail that complements the house.

By designing your deck with accents, lights and unique accessories, you can transform your backyard into an outdoor retreat one will never want to leave. Whether you’re catching up with friends over a grilled dinner in the evening or are curled up with a book in a lounge chair on a sunny afternoon, a deck is the perfect place to be.

Prudential Waterfront Properties welcomes Jan McGraw, REALTOR® to their professional sales team.

A native of this area, McGraw has over 13 years experience in the real estate industry. Prior to joining Prudential Waterfront Properties, McGraw was with Realty World Properties since 2005 and was a REALTOR in Lynchburg with John Stewart Walker, Inc. 1999-2005.  During her real estate career, McGraw has earned several designations including ABR, GRI and CRS.

According Cathie Daniel, Principal Broker, Prudential Waterfront Properties, “We are very excited to welcome Jan to our team. She not only brings with her a great deal of experience as a REALTOR, but Jan has an in depth knowledge of the Bedford area of Smith Mountain Lake. Jan’s background and education shows her commitment to providing a high level of professional services to better serve and protect her clients.”

McGraw is a member of the Roanoke Valley Association of Realtors, Virginia Association of Realtors and National Association Realtors. As a member of the Multiple Listing Service, Jan is able to assist buyers and sellers with all listed properties in a variety of price ranges and locations.

Prudential Waterfront Properties is pleased to once again headline the ‘After 5 Jive at Smith Mountain Lake’ 2011 summer concert series. The first outdoor event will kick-off on Thursday, June 2, 2011 with “The Holiday Band” performing at Westlake Towne Center, next to Kroger. Gates open at 5 p.m. with live music getting underway at 5:30 p.m. through 8:30 p.m. All proceeds will benefit the United Way of Franklin County.

Dates, bands and times for the 2011 ‘After 5 Jive at Smith Mountain Lake’ concerts series are as follows:

• Thursday, June 2
  “The Holiday Band”
  5 – 8:30 p.m.
• Thursday, July 7
  “The Embers”
  5 – 8:30 p.m.
• Thursday, August 4
  “Key West Band”
  5 – 8:30 p.m.
• Thursday, September 1
  “Part Time Party Time Band”
  5 – 8:30 p.m.

‘After 5 Jive at Smith Mountain Lake’ is sponsored by Prudential Waterfront Properties, Carilion Clinic, Appalachian Power, Western Virginia Water Authority, Smith Mountain Building Supply, Kroger, Ferguson Kitchen & Bath, Laker Media, WDBJ-7, Budweiser, and Coca-Cola.

According to Christopher Finley, event coordinator, “We are very excited to bring this event back to the greater Smith Mountain Lake region. Our goal is to continue providing entertainment options for local residents, draw visitors to the area, and provide an attraction for vacationers while at the same time generating proceeds that will benefit the United Way of Franklin County whose 18 partner agencies serve a comprehensive range of human needs.”

Admissions for Adults is $5, children 10 and under are admitted free. Valid ID required for 21 and older. There will be a children’s play area with an inflatable slide and other activities.

Participating food and drink vendors include Homestead Creamery, Hot Shots, Brooks Mill Winery, Budweiser and Coca-Cola. Lawn chairs welcome. No coolers, outside food or drinks, rollerblades, skateboards or pets are allowed on the premises. Events are subject to cancellation and possible rescheduling due to inclement weather. For additional information, contact (540) 721-5288.

Although inventory levels have been elevated in recent months, if new home construction continues to decline over the next year or two, a housing shortage is possible. New home construction has steadily decreased over the past several months. The National Association of Home Builders reported the number of housing starts in the month of February were exceptionally low, with only a 479,000 annual unit production pace.

For the past two years housing starts have remained in the 500,000 to 600,000 unit pace range. Historically, normal activity would be in the range of 1.5 million to 1.6 million. The U.S. population grows by approximately 3 million people each year.

 

Since 2003 the pace of housing starts has been somewhat volatile with 2005 representing the peak at a 2.07 million unit pace. Since that time the pace has declined significantly. Talk to a Prudential Waterfront Properties Realtor® about what they’re seeing in the local market in terms of available housing supply.

For pricing and availability of properties at Smith Mountain Lake or the surrounding area, please call your Waterfront Properties REALTOR®. For more information, visit the Waterfront Properties web site at: www.smithmtnlake.com. The company’s email address is realest8@smithmtnlake.com.

With April 15 rapidly approaching many are scrambling to complete their taxes. For those who have recently bought or sold a home, there are a number of tax deductions that that may be available to them.

Real estate broker’s commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and may be used to reduce one’s taxable capital gain by the amount of the selling costs. That could result in a big savings depending on the final sale price.

Interest that is paid on a mortgage is also tax-deductible, within limits. A married couple filing jointly can deduct all their interest payments on a maximum of $1 million in mortgage debt secured by a first or second home.

Buyers may also be able to deduct some of the interest they paid on a home equity loan or similar line of credit.

One deduction that many buyers often overlook is points. Points or origination fees on a home loan that were paid during the purchase of a home are generally tax-deductible in full for the year in which they were paid.

Refinanced mortgage points are also deductible but only over the life of the loan – not all at once. Homeowners who refinance can immediately write off the balance of the old points and begin to amortize the new.

If your lender required private mortgage insurance, the PMI premiums are tax-deductible for mortgages taken out from 2007 through 2011.

Making improvements to property prior to the sale or once one moves in might qualify for an interest deduction on your home-improvement loan. Qualifying capital improvements are those that increase your home’s value, prolong its life, or adapt it to new uses, such as adding a porch or installing energy-efficient windows.

Many times during a sale, the seller will send the local tax collector’s office a check for real estate taxes prior to the closing. In many circumstances, however, the buyer will pay a pro-rated portion of the taxes for the year at closing. This tax deduction also gets overlooked.

For those working from their new home: If a room is used exclusively for business purposes, they may be able to deduct home costs related to that portion, such as a percentage of your insurance and repair costs, and depreciation.

In some instances, if you have moved because of a new job, moving costs may be deducted. These can include travel or transportation costs, expenses for lodging, and fees for storing your household goods.

Every year the tax laws change and certain tax deductions become available while others phase out. If you have recently bought or sold a home, it’s probably a good idea to seek out a professional tax consultant to do your taxes as missing deductions that you can legally claim can add up to quite a bit of money.

Prudential Waterfront Properties announced Bill Shires, REALTOR®, has earned the professional designation, “Fine Homes Specialist,” conferred by Prudential Real Estate and Relocation Services’, a Prudential Financial, Inc. [NYSE:PRU] company.

Shires received the designation by meeting the professional standards set by Prudential Real Estate for sales professionals who successfully list, market and transact sales of Fine Homes. The Brand’s definition of a Fine Home is a residence valued within the top 10 percent of its respective marketplace. This exclusive designation was established in 1997 to define professional quality standards within the Prudential Real Estate Network and to recognize the level of specialized knowledge, experience and skills required by affluent clientele.

A lifelong Franklin County resident, Shires attended Ferrum College and East Tennessee State University, graduating with a B.S. Degree in Health Education. Bill retired after 27 years in the Environmental Health field with the Commonwealth of Virginia and joined Prudential Waterfront Properties in 1995.

The 8th Annual SML Business Expo will be held on Friday, April 29th, in Downtown Moneta.  The exposition will be set up on the southwest side of Rt. 122 and Rt. 608 – across from Mayberry Hills.  Hours are Noon to 5 p.m.  We expect 120 businesses to be represented in three large tents as well as outside exhibits.  Contact Jim Shauberger at the Smith Mountain Lake Regional Chamber of Commerce (540-721-1203) for more information.

Goodwill^® Partners with Prudential Waterfront Properties and Franklin Community Bank for Franklin County’s Third Annual E-Cycling Day

Goodwill, Prudential Waterfront Properties, and Franklin Community Bank, in cooperation with Franklin County, will host the 3rd Annual Franklin County E-Cycling Day on Saturday, April 16^th from 8:30 a.m. – Noon at three locations.

This year’s locations include:

• Rocky Mount Goodwill store, 1045 North Main Street
• Prudential Waterfront Properties, 13247 Booker T. Washington (corner of Intersection Rt. 122 and Rt. 616)
• Franklin Community Bank, 400 Old Franklin Turnpike, Rocky Mount

The event will once again focus on the recycling of computer equipment, small appliances, and electronics, but is even bigger and better this year.   This year it has been expanded to include paper shredding at the Franklin Community Bank location in Rocky Mount, and the donation of your gently used clothing and household items at all locations.  Over 10 tons of e-waste has been diverted from area Franklin County landfills in the last two years of the event.

The Franklin County E-Cycling Day is an extension of a Goodwill partnership with Dell Computers and an effort to increase awareness of recycling and green initiatives throughout the Franklin County area.  Since October 2008, through the Dell RECONNECT^TM partnership, computers and computer related hardware have been responsibly recycled by Dell with proceeds benefiting Goodwill job training and placement programs.

Acceptable items for the E-Cycling Event include, but are not limited to:

• Computer Equipment:  (any brand, any condition) monitors, keyboards, CPUs, printers, scanners, fax machines, printer cartridges, computer cords, and any related computer equipment.  It is recommended that donors remove all data from hard drives and other storage media before donating to Goodwill.
• Small Appliances: toasters, microwaves, blenders, coffee makers, mixers, vacuums, food processors.
• Electronics: Clocks, radios, cell phones, PDAs.
• Paper: Shredding is available at the bank location only.
• Gently Used Clothing and Household Items: Clothing for the entire family and other items such as dishes, artwork, collectibles, etc.

In 2010, Goodwill kept over 13 million pounds of material out of local landfills throughout the 31 county, 14 city territory served in Virginia.  Through successful salvage efforts, the organization works diligently to see that the community’s castoffs do not come back to harm the environment. The revenues generated through salvage and recycling operations support Goodwill programs, which train individuals and help place them in competitive, community employment.

Goodwill Industries^® of the Valleys, a United Way partner organization headquartered in Roanoke, serves 31 counties and 14 cities in the New River, Roanoke, and Shenandoah Valleys.  Its mission is to help people and families in our community achieve a better life through work and independence.  In 2010 Goodwill served over 60,000 people and placed 1,784 into competitive community employment. www.goodwillvalleys.com .

For over twenty years, Prudential Waterfront Properties markets real estate throughout Smith Mountain Lake and the surrounding areas. As members of the Multiple Listing Service, Prudential Waterfront Properties REALTORS® are able to assist buyers and sellers with all listed properties in a variety of price ranges and locations throughout the lake and surrounding areas. Prudential Waterfront Properties REALTORS® are consistent leaders in sales as well as customer and client service. www.smithmtnlake.com.

Franklin Community Bank, N.A. opened its doors for business in September 2002. Part of its mission is to support through active participation the communities we serve along with providing the highest level of service to help our clients achieve financial prosperity. We invite you to visit with us at one of our 3 locations in Franklin County and you will see why “your bank is here.”  http://fcbva.com/

Prudential Real Estate and Relocation Services’, a Prudential Financial, Inc. [NYSE:PRU] company, announced its 2010 Sales Professional award winners at its annual convention in San Diego, California.

Ten Prudential Waterfront Properties REALTORS® were recognized for exemplifying great sales measures in closed residential GCI or closed residential units for 2010. A breakdown of the awards winners are as follows:

Chairman’s Circle Platinum

Vicki Millehan

 

Chairman’s Circle Gold

Jane Sullivan Horne

Debbie Shelton

 

President’s Circle

Eric and Tom “Team” Fansler

 

Honor Society Award

Bill Shires

Carolyn Pruett

Dana Montgomery

Genie Rust

Amelia Gerner

In addition, Prudential Waterfront Properties received the prestigious Round Table Award for residential GCI in 2010 for the U.S. South Region. The Round Table Award honors the top three offices from each U.S. region, the top office in Canada and the top office in Mexico by office-size category based on residential GCI results for the previous year. The company finished 3rd Place in residential GCI amongst affiliates in the U.S. South with 21 to 40 REALTORS®.

“We are pleased to be recognized as a leader in the Prudential Real Estate Network,” said Cathie Daniel, Principal Broker for Prudential Waterfront Properties. “For a company to thrive in today’s market, providing top-notch customer service must be a priority and it attributes to our success. Our sales professionals’ commitment to meeting the needs of our clients is second to none. I’m proud of their accomplishments.”

Prudential Waterfront Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company and Equal Housing Opportunity.

 

Story by Andie Gibson, Photo by Huong Fralin | smithmountainlake.com

When it comes to development at Smith Mountain Lake – commercial and residential – no one’s influence has been more significant than that of Ron Willard.

A native of the Scruggs area of Franklin County, Willard started a small construction company in 1973, just seven years after the lake reached full pond. He has spent the past 38 years building the business into The Willard Companies, a multi-faceted enterprise that includes three country clubs, a real estate company and the area’s largest commercial development, Westlake Towne Center.

Willard employs more than 200 people in the region, including two of his three children. Ron Willard II, who joined the company in 1992, is vice president and runs many of the day-to-day operations. Lee Willard came on board in 2010 as vice president of Corporate Holdings. Ron Willard’s family also includes his wife of 10 years, Kris Willard, who owns and operates Interiors by Kris, daughter Kim Waters and four grandchildren.

Willard, 65, has been a strong community advocate through his work with the W.E. Skelton 4-H Center, SML Regional Chamber of Commerce, Ferrum College and numerous other organizations. He was instrumental in bringing a branch of the Franklin County Library to Westlake and said he hopes to do the same for a proposed multi-million dollar arts complex.

It’s difficult to imagine what the area would look like today without Willard’s contributions. So, as the magazine celebrates its 10th anniversary in 2011, we thought it was time to get his take on the past, present and future of Smith Mountain Lake.

Q: Did you envision the lake as a tremendous development opportunity from the very start of your career?

A: In one of my first jobs working for a contractor in Danville, I would visit other lakes – Lake Norman (N.C.), Lake Wiley (S.C.), Lake Lanier (Ga.) – and I would see what was going on there. Snoop shopping has been a big part of my career. I would see what was going on in those areas and knew it was something we could bring to our community. Of course, there was a lot that we weren’t ready for. We had to wait until the clock ticked. But I knew if I got the amount of money together that it would take that the lake would be a great draw for retirees. For Smith Mountain Lake to have success, the community had to have a place to get together and socialize. I knew if we gave them the activities they desired, they would be willing to pay for it. So, yes, I could see that.

Q: In what ways do you think you’ve changed?

A: At 28 years old when I started, I was all about doing what I wanted in my career and taking care of my family. Then it got to the point where I was successful enough that I was concerned with taking care of my employees and the community. Today, I work because I want to take care of them and keep the community thriving and getting better every year. … It’s not just about my family. Today, it’s a much broader thought process. It’s about putting my arms around the whole community.

Q: What’s been the most rewarding part of your career?

A: The satisfaction I get from making others happy and comfortable. I can’t believe the number of people I’ve sold real estate to over the years who have come back four or five years later and say, “Ron we’ve got to move on. There’s no healthcare, no assisted living center, things we’re going to need in our later years.” Now, they have that. I get letters and cards from people who say how much they appreciate my efforts, and that’s nice. I have the best job in the world, and I have the hardest job, too. I get all the glory, but I also catch all the hell.

Q: How has it been working with your children?

A: When [oldest son] Ron came in, it was like I had a second pair of eyes. Now it’s like that again with [youngest son] Lee. It’s allowed me to step back and play more, have more fun. … I’m really not concerned about handing over the reigns to Ron and Lee because their ethics and attention to detail are beyond compare. And I think their ability to deal with people is better than mine because they wear their generosity on their sleeves. Their knowledge of technology is also what is helping drive the company forward.

Q: Will you ever retire?

A: In my case, my name is attached to these communities. It’s important to the people who live here. Believe it or not, I never want to stop doing the things I do for my employees and the community. I would never think of retiring because of that. I do look forward to being semi-retired and having more free time. And I will always be available to serve as a sounding board for the boys.

Q: What do you think is the biggest misconception people have about you?

A: I’ve always said that when I hear someone say something bad about me, it’s for one of two reasons. Envy, or because I didn’t do something for them that they wanted me to do – maybe because it was unethical. Certainly someone who’s in a position like me is never going to win a popularity contest. … My enemies don’t have to like me, but I want them to respect me for what I’ve done for the community and for my employees. And if they respect me, they’ll learn to like me. I think if some of those people would get to know me, they’d change their impression.

Q: You pulled back on some planned development right before the economy started to slide in 2008. What factors indicated to you that we were headed for recession?

A: I’m convinced that the recession we’re living in today is because of 9/11 and the inability of our government not to be able to control its pocketbook. … What really happened, though, were the elections in 2006. That was a real turning point in Congress – when Democrats took over and stalemated George W. [Bush]. They handicapped him the last two years of his term. It is political war that drove us to this recession. There’s been no work done politically to keep or make jobs. … What I don’t think people will forget about this recession is the importance of having a job and giving it your best shot because you want to be the last one standing, not the first to fall.

Q: What are your predictions for the lake in the next 10 years?

A: Over the next 10 years, the development and construction will go green because it’s an important way of preserving energy and providing a better way for families to live comfortably. I think commercial development will be very slow to recover because we’ve overdone it. Key locations are the ones that will survive. … The residential market will come back starting this summer, but where it was [pre-recession] will not happen in the next decade. Maybe 80 percent is the best it can come back to.

Q: What are your plans for the future?

A: If people who live here will shop at home and keep spending their dollars here, Smith Mountain Lake will keep rolling on. We can continue to improve services if people continue to patronize the things we already have. Hopefully, I’m going to spend my next 10 years impressing that upon people.

Business Highlights

Golf Courses and Country Club Communities
The Waterfront Country Club (1976)
The Water’s Edge Country Club (1985)
The Westlake Golf & Country Club (1996)

Other Residential Communities
The Boardwalk (1995)
The Farm (2007)

Real Estate Sales and Marketing
Prudential Waterfront Properties (1987)

Commercial
Willard Construction of Roanoke Valley, Inc. (1973)
Smith Mountain Building Supply – Southlake (2000)
Smith Mountain Building Supply – Westlake (2001)
Westlake Towne Center (2001)
Westlake Cinema (2005)
Westlake Salon & Spa (2009)