Current MLS Listings for Mountain Run
Hanover County (Zone 36)
In the early 2000's, partners Tommy Pollard, Ray Tate and Richard Laibstain came together with the intention of creating an exclusive golf course community in Western Hanover County. Mountain Run, the subdivision, and The Federal Club, the golf course, were the result. While the old adage about real estate being equal parts location, location and location, development is equal parts timing, timing and timing. The developers of the Federal Club and Mountain Run did many things right as they navigated the process of developing the community but their timing was unfortunate ultimately resulting in declaration of bankruptcy in 2010.
The club was built using the Rural Preservation zoning code in Hanover County. For many years, the rural subdivision in Hanover used an archaic code that allowed owners to split off lots in such a manner that large tracts of land would yield a series of 10 acre lots. The RP zoning did not increase the number of lots that could be created but changed the minimum size of the lots and created a large 'preservation' lot with the remainder of the land. The 'preservation' lot could never be subdivided again thus preserving the rural nature of the area which accomplished the same goal of the old zoning code. In this scenario, services and utility costs were reduced (due to density) and the preservation lot could be come an amenity for the neighborhood. In Mountain Run, the preservation lot became The Federal Club, and the surrounding development became 99 acre+ home sites surrounding the course.
The course opened in 2006 and lot sales began in earnest just prior. With roughly half of the lots sold by 2008, the course and subdivision both began to feel the effects of the rapidly changing economic environment. As lot sales stalled and members of the club began to resign for a multitude reasons (usually relating to their own economic issues,) the Federal Club losses mounted. With an economic model that for the club that relied on lot sales at a specific price, the complete lack of demand for new housing meant that TFC was capable of staying open only as long as the partnership could fund the deficit. By 2010, Bank of Essex, the construction lender, forced the sale.
Bankruptcy aside, the subdivision itself is quite attractive. The homes are well spaced and while many surround the golf course, there is a great deal of space between the homes and the course. The 625 acre tract upon which the homes and course were built is a gently rolling piece that fronts on the South Anna River with the Pollard's estate home in the center. Several lakes were created on the property that augments the scenic signature of the neighborhood.
The homes in Mountain Run are larger estate-styled homes with large minimums and an architectural review board that enforces the material selections prescribed by the HOA. Mostly brick colonials and transitional homes have been built thus far with a few custom homes with either Craftsman or Spanish influences. The architectural allure of the homes combined with the fact The Federal Club is one of the best designed and conditioned courses in the region, makes the entire property a great addition to the Metro and will be for decades to come.