Comments on: Real estate Sunday in the Daily Progress – a deeper look at the housing numbers http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/ Tracking Charlottesville's Real Estate Market since 2005 Mon, 13 Feb 2012 12:10:41 +0000 hourly 1 http://wordpress.org/?v= By: Jim Duncan http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/#comment-8237 Jim Duncan Mon, 11 Jun 2007 16:11:00 +0000 http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/#comment-8237 thank you everybody for the great comments. Trvlmn - absolutely. "normal" is a relative term. JR - whew. Don't tell governments that they have to tighten up. Those "tax cuts" off the property tax rate likely will go back up to compensate for their incompetence and gluttony. Cvillemommy - Thank you for both being a small business owner and for doing what you can. C - I agree with you, but as it stands right now, <a href="http://www.census.gov/Press-Release/www/releases/archives/american_community_survey_acs/010107.html" rel="nofollow">Americans don't</a>: <blockquote> American homes are getting bigger — at least when measured by the number of bedrooms they have — according to a new analysis of data from the U.S. Census Bureau’s American Community Survey. In 2005, one in five occupied homes (20 percent) had four or more bedrooms, compared to 17.7 percent in 2000. In 2005, Utah was the leader among states in this category, with four out of 10 homes (39.2 percent) having four or more bedrooms. Maryland ranked second at 28 percent. Colorado (26.2), Delaware (25.8), Minnesota (26.2), North Dakota (26.1) and Virginia (26.5) also have a large percentage of bigger homes. </blockquote> I have yet to have a couple with a kid or two say that they could deal with a two bedroom rather than a three. It may be time for peoples' expectations to change. Keep in mind also that those condos often come with condo fees of $100-$150 a month, which certainly <a href="http://www.urbandigs.com/2007/02/this_is_pretty.html" rel="nofollow">affects affordability</a>. thank you everybody for the great comments.

Trvlmn – absolutely. “normal” is a relative term.

JR – whew. Don’t tell governments that they have to tighten up. Those “tax cuts” off the property tax rate likely will go back up to compensate for their incompetence and gluttony.

Cvillemommy –

Thank you for both being a small business owner and for doing what you can.

C –

I agree with you, but as it stands right now, Americans don’t:

American homes are getting bigger — at least when measured by the number of bedrooms they have — according to a new analysis of data from the U.S. Census Bureau’s American Community Survey. In 2005, one in five occupied homes (20 percent) had four or more bedrooms, compared to 17.7 percent in 2000.

In 2005, Utah was the leader among states in this category, with four out of 10 homes (39.2 percent) having four or more bedrooms. Maryland ranked second at 28 percent. Colorado (26.2), Delaware (25.8), Minnesota (26.2), North Dakota (26.1) and Virginia (26.5) also have a large percentage of bigger homes.

I have yet to have a couple with a kid or two say that they could deal with a two bedroom rather than a three. It may be time for peoples’ expectations to change.

Keep in mind also that those condos often come with condo fees of $100-$150 a month, which certainly affects affordability.

]]> By: C http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/#comment-8236 C Mon, 11 Jun 2007 15:41:50 +0000 http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/#comment-8236 I think the 3 bedroom threshhold is a little high for average household needs. In my opinion, asking children to share a bedroom is not too much to ask.I just did a search for 2 bedroom residential units under 200K and came up with 176 on the market. One thing Sunday's article failed to point out is that the school teacher it featured, CHOSE to purchase a house for 280K in Cismont (not a cheap area). Had he opted for something less expensive (perhaps a condo), he could have afforded furniture for his new abode. The concept that everyone should be "entitled" to a single family house has gotten a little out of control in this country. I think the 3 bedroom threshhold is a little high for average household needs. In my opinion, asking children to share a bedroom is not too much to ask.I just did a search for 2 bedroom residential units under 200K and came up with 176 on the market.

One thing Sunday’s article failed to point out is that the school teacher it featured, CHOSE to purchase a house for 280K in Cismont (not a cheap area). Had he opted for something less expensive (perhaps a condo), he could have afforded furniture for his new abode. The concept that everyone should be “entitled” to a single family house has gotten a little out of control in this country.

]]> By: cvillemommy http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/#comment-8235 cvillemommy Mon, 11 Jun 2007 14:56:41 +0000 http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/#comment-8235 Jim, As small business owners, we just tried to boost salaries in an effort to help our employees with the same problems we ourselves are facing- affordability. However, even giving sizeable pay increases of more than quadruple minimum wage this year is doing little to alleviate the problem. This article mentioned that the market is just waiting for salaries to catch up, but how do they really figure that is possible? I know people who make six figures who are struggling to afford a 3 bedroom home in this area. It makes the issue of housing for even lower incomes nearly impossible. Jim,
As small business owners, we just tried to boost salaries in an effort to help our employees with the same problems we ourselves are facing- affordability. However, even giving sizeable pay increases of more than quadruple minimum wage this year is doing little to alleviate the problem. This article mentioned that the market is just waiting for salaries to catch up, but how do they really figure that is possible? I know people who make six figures who are struggling to afford a 3 bedroom home in this area. It makes the issue of housing for even lower incomes nearly impossible.

]]> By: JR Jackson http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/#comment-8234 JR Jackson Mon, 11 Jun 2007 14:38:22 +0000 http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/#comment-8234 While I admire the Progress's effort on this series of articles, it does support the "Regress" nickname you hear from time to time. This series seems like its about 12 months too late. How about some articles looking forward regarding the impact the decline in the housing market will have on municipal budgets? Local governments have been gorging themselves on the massive increases in residential assessments for the last few years, but what happens in 2008, 2009 and 2010 if the rate of home price appreciation is in line with (or, worse, trails) inflation? Has anyone in local government even considered the possibility that double-digit hikes in assessments every year is not the norm? My guess is they either haven't, are pretending to ignore it because they don't want to think about the difficult decisions they might eventually face or they're believing the spin from David Lereah's successor at the NAR. While I admire the Progress’s effort on this series of articles, it does support the “Regress” nickname you hear from time to time. This series seems like its about 12 months too late.
How about some articles looking forward regarding the impact the decline in the housing market will have on municipal budgets? Local governments have been gorging themselves on the massive increases in residential assessments for the last few years, but what happens in 2008, 2009 and 2010 if the rate of home price appreciation is in line with (or, worse, trails) inflation? Has anyone in local government even considered the possibility that double-digit hikes in assessments every year is not the norm?
My guess is they either haven’t, are pretending to ignore it because they don’t want to think about the difficult decisions they might eventually face or they’re believing the spin from David Lereah’s successor at the NAR.

]]> By: TrvlnMn http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/#comment-8229 TrvlnMn Sun, 10 Jun 2007 19:21:23 +0000 http://www.realcentralva.com/2007/06/10/real-estate-sunday-in-the-daily-progress-a-deeper-look-at-the-housing-numbers/#comment-8229 I'm going to nitpick this quote: <blockquote>“We have gone from the really rapid appreciation to what I consider is a more normal market,” said Lori Chapman, a real estate agent with Real Estate III and president of the Charlottesville Area Association of Realtors.</blockquote> "Normal" is a very subjective word. This market would be normal if it were a suburb of Los Angeles (or maybe Chicago). If you say it often enough- that doesn't make it true. But hey maybe the suckers will believe it and come out and spend some money. I’m going to nitpick this quote:

“We have gone from the really rapid appreciation to what I consider is a more normal market,” said Lori Chapman, a real estate agent with Real Estate III and president of the Charlottesville Area Association of Realtors.

“Normal” is a very subjective word. This market would be normal if it were a suburb of Los Angeles (or maybe Chicago). If you say it often enough- that doesn’t make it true. But hey maybe the suckers will believe it and come out and spend some money.

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