This article was originally published in CAAR Real Estate Weekly on 10/14/2020.

Don’t tell the folks out at Lake Monticello, but there’s a pandemic going on.  You’re not supposed to be having a banner year in sales.  According to Vicky Wilson, Principal Broker and Owner of Monticello Country Realtors, that’s exactly what’s happening.  In 2020, sales are on track to beat previous years with 233 homes and another 22 lots sold prior to the end of September.

So, what is it about Lake Monticello that is attracting so much interest?

When you talk to people who live there, three prevailing themes keep coming up: lifestyle, affordability, and community.

By the Numbers

Lake Monticello is a private waterfront community in Palmyra, Fluvanna County.  Originally conceived of as a summer vacation home community in the late 1950’s, it eventually took shape a decade later.  Rumor has it that Hurricane Camille filled up the Lake, which was under-construction,  overnight on August 19, 1969.  In reality, it already had 35-40 feet of water in it, and Camille just topped it off. 

After the community was established it evolved into a bedroom community of Charlottesville, only 13 miles away.  The Lake’s 350 acres includes 22.5 miles of shoreline and the surrounding community takes full advantage of the natural assets that exist.  Community amenities include five beaches, one golf course, a marina, club house, pool, tennis courts, and a sports field complex.

According to Lauren Marshall, Executive Assistant with Lake Monticello Owner’s Association (LMOA), there are a total of 4604 lots with 4286 houses completed, 511 of which are waterfront homes.  A condominium complex adjacent to the marina includes 10 condos, and there are 26 new homes currently under construction.

More than 12,000 residents call Lake Monticello home.  As Fluvanna County’s largest population center, Fluvanna allocates resources for the community appropriately.  That ranges from offering programming in the community, like kayak lessons on the Lake, to bringing the right government entities to collaborate.  Their goal is for Lake Monticello to continue to be an asset and attract new residents to Fluvanna County.

Lifestyle

All those 12,000 residents can’t be wrong.  But what exactly do they see in Lake Monticello that continues to bring new residents into this already thriving community?

Diane Miller, Associate Broker with Long and Foster Realty – Lake Monticello, has lived at the Lake for 20 years and has been helping people find their ideal lives there as a REALTOR® for more than 15 years.  She can’t overemphasize the impact that moving to a community like Lake Monticello has on the quality of people’s lives. 

“Even if the original residents were looking for vacation homes, it didn’t take long for Lake Monticello to evolve into a year-round community.  There are a significant number of retirees here, but even that has changed in my 20 years here.  More and more families and people of all ages recognize the wonderful lifestyle they can have here, all year long.”

Len Toledo is one of those people.  “I’ve lived here for about 20 years and enjoy it.  I play doubles tennis and pickleball at the courts here.  I occasionally play at our golf course, so I do take advantage of the many amenities.  I also enjoy paddle boarding in our beautiful lake.”

And lest you think he is a typical retiree that sees pickleball and golf as the ultimate challenge, Toledo is an avid cyclist and athlete rigorously training for the Ironman Triathlon Relay that will be held next August in Maine. “It is safer to ride my bike inside the gate, because of the 25-mph speed limit.  And I swim in the outdoor pool during the summer, which is very convenient for my workouts.” 

The new pool was completed in time for the 2019 summer season and hosts its own competitive swim team with neighborhood kids.  Generally open from Memorial Day through Labor Day, it is a welcome addition to the slate of amenities available to residents.  The golf course has also seen recent improvements.  The new Fairway Clubhouse features a pro golf shop and full-service restaurant, The Pub.

Steve Hurwitz, General Manager of LMOA, oversees operations for the Owner’s Association.  “Our goal is to provide exceptional value so people can afford to live here and enjoy a resort-style life.  Homeowners have access to this wonderful environment with recreational activities for kids up through seniors, of all interests and abilities.  We have structured our membership fee to maximize value.  Some of the fees, like the golf course and pool, are outside of the basic membership, using a pay-to-play model.  That strategy allows us to offer so much and keeps things affordable.”

The usual slate of country club activities – golf, tennis, and swimming – is only part of the whole package.  The Lake, beaches, and natural areas play an outsized role in what attracts residents to Lake Monticello.  And the community values being good stewards.  “We take good care of our green space,” says Hurwitz.  “Not only because it’s the right thing to do, but because our members appreciate living among these wonderful natural settings.  The Lake Monticello Golf Course is in the process of becoming a Certified Audubon Cooperative Sanctuary.  Community members are also working with the Natural Wildlife Federation to see that our natural reserves throughout the community meet their standards for sustainability and provide habitat for local wildlife.”

“At Monticello Country Realtors our motto has always been ‘Vacation year-round at Lake Monticello’.  In 2020, it seems even more relevant because of the pandemic.  This year, being able to ‘Vacation at home year-round’ has made all the difference,” says Wilson, also a 23-year resident of Lake Monticello. 

And that’s what continues to draw people to Lake Monticello.

Affordability is Part of the Attraction

Across nearly the entire spectrum of buyers, affordability plays some role.  And Wilson knows it’s hard to beat Lake Monticello for value and affordability.  “We are seeing first time homebuyers because of the low interest rates.  Not only that, there’s a whole other group of people coming to the realization that they can afford a second home or vacation home at Lake Monticello in this financing environment.  Compared to other places, Lake Monticello home prices and tax rates are low, bringing many buyers here either for value or investments, or both.”

Miller agrees.  “Starting prices are lower here than in Charlottesville, but you still have easy access to all the cultural, medical, and educational benefits that Charlottesville offers.  We’re only 13 miles away.  Richmond is a bit further, but even that can be a reasonable commute, given the value we offer.  You can find a home here from in the mid-$200’s to more than $1 million, in a setting unmatched by other areas.  People moving here from Northern Virginia or other regions of the Northeast, can’t believe what they’ve found.”

“Our biggest barrier right now is our low inventory,” says Miller.  “While there are some lots available for new builds, we’d love to have more existing homes to sell to meet the demand from potential buyers.  Especially while interest rates remain so low.  The problem is so few people want to leave once they move here!”

Homes at Lake Monticello are mostly owner-occupied as full-time residents, but Wilson knows many of the current residents started by buying a second home near the Lake.  “Quite a few buyers become acquainted with Lake Monticello by visiting friends or family and fell in love with the area.  They end up buying a second home here to use on weekends.  Eventually it gets harder to leave and some decide to retire early or work remotely using our high-speed internet so they can stay.”  With today’s potential work-from-home environment growing, places like Lake Monticello are likely to see even more in demand.

Hurwitz confirms that investors can buy a home and rent it out for a year or more.  “Short-term rentals like Airbnb are not permitted, but people recognize our affordability and are interested in the investment value at Lake Monticello.  These owners are able to take advantage of the long-term rental market.”

If interested buyers can’t find what they want within the Lake Monticello gated community, there are new options just across the road.  A new Ryan Homes development, Village Oaks is under construction and selling fast.  With more than 100 homesites, there are a few townhomes, but the vast majority are ranch style homes with garages in the $200’s and no yard work.  It is one of the area’s fastest growing communities.  In addition to their own clubhouse on-site, buyers at Village Oaks and other area residents, can take advantage of many of the amenities at Lake Monticello by purchasing a Social Associate membership.

Part of a Community

The top calling cards for Lake Monticello are resort-style living and affordability.  But they are not the only draws.

There’s a certain intangible value of being able to access a ready-made, engaged, and vibrant community.  Many people moving to a new area take years to feel like they are part of a real community.  Miller advises not to underestimate this impact.  “It’s one of those things that you can’t really put a direct value on.  But it’s important and you can have it here in Lake Monticello.  Even though everyone may come here for a different reason, at different stages in their lives, the structure here is welcoming and inclusive, but not overbearing.  You can be as involved as you want to be.”

Hurwitz adds, “Although 2020 has been a little different because of the pandemic, our Community Center is a major hub for all sorts of activities and groups.  There are a huge number of social clubs and associations that function here for a wide variety of purposes.  Some are purely social.  Others are organized around specific interest groups and hobbies.  If you can think of it, there’s probably a group here involved in that activity.”

If moving to a new area that is affordable, feels like you’re on vacation full-time, and provides you with the option of a ready-made community is appealing, Lake Monticello has to be on your short list.  There aren’t many other communities in Virginia offering that combination; and even fewer that are close to significant population, educational, and cultural centers with everything Charlottesville has to offer.

Toledo could be the spokesman for Lake Monticello.  “We moved here because it is much more affordable than Charlottesville—the rest is all a bonus!” 

Different residents may say the same thing in different ways.  But most will agree with the sentiment that some mixture of lifestyle, affordability, and community were the big draws that convinced them to take a look at Lake Monticello.  And when they did, they decided they wanted to be among the lucky ones, echoing Wilson’s motto to “Vacation year-round at Lake Monticello.”

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