One of the perennial questions with development – build first and then develop needed infrastructure, or build the infrastructure in anticipation of future, even impending, development?Old Trail was sent for approval this evening from the Albemarle County Planning Commission (pdf). At least 2000 more units in this development alone over the next several years …
Date Archives August 2005
Outstanding news
The U.S. Department of Agriculture’s Rural Development office has awarded a roughly $19 million loan to International Broadband Electric Communications Inc., an outfit specializing in delivering broadband Internet over existing power lines.Customers of Central Virginia Electric Cooperative in 11 Virginia counties are expected to benefit, including those in Albemarle, Buckingham, Nelson, Fluvanna, Louisa and Orange.Fantastic. As broadband finds its way into the more remote and rural area of the region, real estate values in those areas will (I expect) increase – certainly not exponentially, but there will be more eligible buyers for these properties. This seems to be an excellent example of governmental agencies and private entities working together.From the DP.
What a shame …
The Supreme Court on Monday refused — as it was expected to do — to reconsider its controversial ruling expanding the power of local governments to seize private property for economic development. The action came as the Justices issued several routine orders while the Court remains in its summer recess. (The case was Kelo v. City of New London, 04-108; the Court divided 5-4 in that decision.).From the ScotusBlog. Oh well – it is up to the States and local legislators/legislatures and most importantly, the public to voice their and its opinion that this was a terrible, freedom-robbing ruling.
Realtor Stats
Of the top 10 listing agents eight are either new construction or condo conversion agents. It is phenomenal how many agents have had only one listing all year. Almost $900 million dollars of real estate has sold this year …… About 15% of all the agents do the bulk of the work.176 have had at least 5 closed transaction when representing the Buyer.
Morning thought
Do people not walk or bike places because the infrastructure is not there or do they not build the infrastructure because folks don’t want to walk or bike places? What impact will gas prices have on development in the short- and long-term?
Condos in Charlottesville
Good article in the DP this morning about the vast number of condos in the area (if you want more information on these, please email me, rather than the Sellers’ agents!)Read the whole article, but take note of what Ted Koebel, director of the Virginia Tech Center for Housing Research says – it is something I say to all of my clients – “If it makes sense as a residence, that’s fine,†Koebel said. “But if you’re relying on speculative value, be careful.” This is the best advice I can give to my buyers. Perhaps when the public’s mindset moves back to seeing real estate as homes rather than stocks, the market will adequately correct itself.
Bloodhound
I’ve never seen a bloodhound searching for a bad guy before. Apparently the Wachovia near my office was robbed a little while ago. Detectives, bloodhounds, excitement!