Commercial Property Appreciation in Downtown Harrisonburg


Commercial Property Appreciation in Downtown Harrisonburg
By Scott Rogers • February 29, 2008
I was recently asked about the rate at which commercial properties are appreciating (growing in value) in downtown Harrisonburg. Getting to an answer took quite a bit of data collection and analysis, but here's what I have compiled . . . Methodology Properties meeting the criteria below were considered in this study, which resulted in a data set of 145 properties: B-1 zoning (downtown central business district) Current commercial use categorization Property improvements of $50,000 or greater Point-to-point Sales Analysis A point-to-point sales analysis was completed of all properties for which two historical sales prices and dates were available, where the sale dates were at least two years apart. This resulted in a data set of 8 properties: Appreciation per year ranged from 7% to 26%. Average appreciation per year was 16%. Five-Year Comparison of Assessed Values The 2003 assessed value and 2008 assessed value were compared for each of the 145 properties. Appreciation per year ranged from 1% to 56%. Average appreciation per year was 12%. NOTE: The 12% per year increase in assessed values includes a number of properties purchased and rehabbed by investors (which, in some cases, caused major increases in assessed values). So, added value by investors is part of the 12% (not just perceived market appreciation by the assessor). Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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