Locally, I do not see a “bubble” per se, but I would really like the National Association of Realtors to either give more credible support or just stop giving it.Question: “Should we be concerned that home prices are rising faster than family income?”Answer: “No. There are three components to housing affordability: home prices, income, and financing costs – the latter are historically low.”I am not an economist, nor do I play one on TV, but this argument seems … precarious. What happens in three (or two) years when those who have unwisely chosen 3 year interest only loans see those 4.5% mortgages jump to 6.5%, or 8.5%? Will they have planned judiciously for that event … or not?
Browsing Category Affordability
Exactly what our region needs – more high end homes.
From today’s DP – Greene County supervisors on Tuesday opened the door for a new high-end neighborhood in Ruckersville…. The 40 new one- and two-story houses likely will cost between $430,000 and $450,000 – a price range that would cover most county service costs, developer Barry Dofflemyer said. In addition, the company will give the county $2,000 in proffers for each house built…. As for the proffers, Dofflemyer doubled the amount per home from $1,000 to $2,000.This was interesting and pertinent regarding the impending Albemarle County BoS elections.Greene likely will be the home for most of Dofflemyer’s future projects, he said, because Albemarle County has become a difficult place for a small developer to work.Where do you think these new homeowners will work?
Fuel prices’ impact on “where to buy” decisions
if you live an additional 10 miles away from work, that means that (most likely), two cars are driving an additional 20 miles a day – an extra 40 miles per day…. —Assuming gas remains around $3/gallon, and that a vehicle gets 20 mpg, a family would be paying at least an additional $6 per day in fuel costs. Using these assumptions (not bad for an English major!), that additional 10 miles further equals an additional $180/month and an extra $2160/year…. If you have kids, factor in the soccer practices, tae-kwon-do, dance lessons, etc. and living closer makes more sense than ever – now if one can just find one of Dennis Rooker’s $225k townhouses …
Candidate interviews at Charlottesville Tomorrow
In their words – This will be as close to a fireside chat as you can get with the candidates before election day! If you get to vote in a competitive race, these interviews may have just the information you need to help you make an informed vote.If you are planning to vote in the November 8 election (and you should be), find the time to listen to these interviews and inform yourself…. Listen to the responses regarding Old Trail and whether the “affordable housing” aspects of this development are valid…. I fail to see defined how does the Albemarle County BoS (or any government for that matter) plans to ensure that 15% of the homes at Old Trail will be “affordable.”
Belvedere and Wickham Pond
The County has finally approved the latest Neighborhood Model planned development – Belvedere, about which I have previously written. The County’s constant delaying tactics have, due to market forces in my opinion, most likely driven up the prices of these properties, once they get built. WINA and the DP report.What will the impact be of adding up to 775 units to East Rio Road?… In a possible moment of clarity, Supervisor Ken Boyd asked, ““Just how far ahead of infrastructure do we want to get with these developments?—
Northern VA taking CAAR’s lead on affordable housing
It’s a start – Such a program would be geared toward county employees — including teachers, firefighters, police officers and nurses who make too much to qualify for Montgomery’s affordable-housing program but not enough to buy a house or condominium at market rate, Silverman said.CAAR started a similar program last year…. Providing housing for those who provide the integral community services should be a top priority for all municipalities…. That said, government should not be looked to to provide the solution for the affordable housing crisis, but should look to help facilitate public-private partnerships. We all benefit when police, firefighters, nurses and teachers can afford to live down the street rather than 45 minutes or an hour away.
Quote of the Day
Referencing Old Trail in Crozet -“No plan is perfect, but it’s probably the best plan I’ve seen,†Supervisor Dennis S. Rooker said. When a citizen addressed the familiar concern that the Crozet area and the 250 Bypass will sprawl and become the next Route 29N or Pantops, Rooker responded, “Houses don’t create people. They’ll come whether or not the houses are here.â€â€” courtesy of this week’s C-Ville.If they don’t build the houses, where would they live?