A couple of items:From the WP:”I think we’re finally coming to a place where growth is sustaining growth,” Fitch said, explaining that housing developers seem increasingly willing to pitch in to compensate for the stress on infrastructure caused by new residents. Centex’s contribution would amount to nearly $74,000 per unit, more than double what Fauquier County usually receives from a developer.But development specialists say the unusually large promise of cash highlights a disturbing trend in Virginia’s booming housing market. Developers eager to plant new homes in exurban locales are building roads, establishing parks and offering money — all in an effort to appease increasingly resistant communities. The result, the specialists say, is more expensive homes.Regarding the Annadale development in Orange:Recently, Silver dropped the density to 290 units and raised the proffers to $25,000 per home to make the project more favorable to the supervisors. It worked.Albemarle’s proffers have traditionally been far less.
Browsing Category Affordability
Builder’s Blitz in Charlottesville
I have been negligent in not writing about this event, starting today in Charlottesville. I make a general rule not to post press releases and such (and have written about Builders’ Blitzes a few times), but this is an exception, due to Habitat for Humanity’s outstanding mission and the real need for both affordable housing and homeowners who take investment and responsibility in their homes.Home Builders Blitz 2006 will take place this summer, June 3rd – 10th. The formula is simple. Builder/Architect teams have been matched with house sites and qualified Habitat partner families in our program completing their “sweat equity” hours. In that week the builders will complete six simple, attractive and sustainable homes and the families will move in soon after to take up an affordable mortgage as homeowners. The homes are located in the Fifeville neighborhood of Charlottesville, an area consisting of 70% rental units.Building six houses in seven days – priceless.
Housing as a “right”
All I have to say this morning is – read what Rick wrote. Thankfully we live in a free country and this person is free to think and say what she pleases; I am free to think and say that her mindset is appalling and I am ashamed that our taxes pay her rent.
New Habitat Store in Charlottesville
One of the better assets to our community is the Habitat Store – a place for builders, remodelers and do-it-your-selfers alike. This week they celebrate their move from the staid 4,500 square foot quarters to their brand-spankin’ new 20,000 square foot home on Harris Street – across from Gaston and Wyatt and Intrastate Pest Control. A client of mine who is works there wrote to say this – It serves the community in multiple ways; a place to shop for great home improvement materials at a discount, a place to donate leftover or replaced items that are in good shape and might otherwise be discarded, and all monies raised directly benefits the Charlottesville area by building Habitat homes for those in our community who are unable to compete in our market. Stay tuned for updates on Charlottesville’s Builders’ Blitz, June 3rd throughout the 10th.
Links of interest 05-05-06
It’s a busy week; these are a few of thing items worth paying attention to.Thus, even with both the price increases and the recent the upward creep in interest rates, homes are still more affordable than they were before 1992.After much debate, Albemarle BoS decides that encouraging 1,000 high-paying jobs to move here is a good thing.The green home trend continuesAlbemarle County BoS progressively adopts podcasting its meetings!
Things I have not had time to read
Being away at this Leadership Academy is extremely challenging – business grinds slowly and I fear I am neglecting my clients. However, I am learning an awful lot; we have been spending time with Ann Atkinson this morning. Wow.Workforce housing *is* affordable housingCommunities are coming to understand that not only does affordable housing make communities healthy demographically, but also practically, as demonstrated by this recent New York Times article:RWSA unveils recommended water supply option – Finally!Biscuit Run work sessionsRising gas prices: Good or bad? Maybe this will be the time that we seriously consider and plan for the future.Top ten obstacles to selling a home – as always, Ardell writes a story that speaks to me and my clients.
More on dealing with the changing market
The Realestatejournal has two informative articles here and here that emphasize a couple of things about the changing real estate market that seem to have been forgotten during the recent boom. 1) Real estate is an illiquid investment and 2) Plan (and be prepared for) for the worst – a vacant house that you can’t sell in a timely manner…. If the property is already a cash drain, imagine how grim things could get without any rental income coming in.Real estate has proven to a be, in most cases, an excellent long-term investment…. One of the most important is that many speculators have started to dump homes that were purchased as investments. In addition, high prices and rising interest rates have reduced affordability for middle-class families.The third – hurricanes – does not directly impact the Central Virginia market. The Charlottesville-area market has seen a reduction in price gains, more inventory on the market and longer marketing times…. I do not know the specific percentage of investment properties in our market, but anecdotally, my educated guess-timate is that about 25% of homes in CharlAlbemarle are investment properties. Many realize that the true investment return comes long-term and via rental income.