An early rendering of an estate home to be built at Preston Lake.


 An early rendering of the Charleston Rowhouses to be built at Preston Lake.

In the Beginning

The news of Preston Lake first broke in October 2005.  Here's an excerpt from the Oct 26, 2005 article from the Daily News Record:


Sales by the Numbers

Now, nearly five years later, progress is still being made at Preston Lake, but not at the pace that was originally anticipated.  Certainly, the enormous changes in the financial markets and the housing market over the past five years have played a large role in the change of pace at Preston Lake.  Let's take a look at residential sales at Preston Lake per the MLS...



Per the data in the MLS (reflected above) there have only been seven single family home sales, but I believe the count is actually closer to twelve when including custom contract builds that may not have shown up in the MLS .  It would seem that detached homes can be built at Preston Lake for anywhere between $350k and $900k.



Rowhouse sales have certainly slowed down in 2010, but over the past three years have been selling between $300k and $550k.

What's Available Now?

There are currently 14 active (or under contract) listings in the HRAR MLS, priced between $299k and $814k.  Five of these homes are under contract.

The Big Picture

Many developments of this scale (as close as Charlottesville) have failed over the past few years as housing markets faltered across the country.  It is remarkable, and notable, that Preston Lake (slowly) marches onward. 

Construction on the commercial parcels has not yet begun at Preston Lake, partly due to a sluggish retail market across the country, and partly because the layout of the commercial area at Preston Lake still may be in flux as a result of the yet-to-be-fully-funded South East Connector Road.

The developer of Preston Lake and its lender (Wachovia) are in the midst of legal proceedings, as described in the Mar 2, 2010 article from the Daily News Record:


Moving Forward

So, what's next for Preston Lake?  My best guess is that residential development will continue (slowly) and that commercial development will eventually take place.  The retail development, however, will likely not take place until the economy improves such that retail businesses (independent and franchises) are looking to expand once again.

If you have questions about Preston Lake, feel free to call (540-578-0102) or e-mail (scott@HarrisonburgHousingToday.com) me.  My parents live at Preston Lake -- they built a cottage home when they relocated to the Shenandoah Valley -- thus I'm in the neighborhood quite a bit.

Receive Updates by Email

Subscribe

Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com