• Dec 2013: Downtown Hotel Figures Submitted (Daily News Record)
  
• May 2013: Conference Center Details Line Up (Daily News Record)
  
• Jan 2013 - City Council asked the developer to conduct a feasibility study
• Nov 2012 - No new proposals were received.
  
• Sept 2012 - City Council discussed proposal, decided to seek competing proposals.
  

• Preston Lake Master Plan (rev. Dec 13, 2013)
   
  
• Master Plan Amendment Request - Narrative (rev. Dec 13, 2013)
   
• Proposed Revised Proffers (rev. Dec 13, 2013)

Some notable items, some of which are changes, some are not....

There will be a divider between the apartments and the remainder of the community.

"Development sections previously denoted as Phases IV and V have been modified to include new proposed unit variations:  multi-family residential units (to be separated from the remainder of the residential development by a wall or fence with no direct vehicular or pedestrian access, as described in the proffered conditions and as shown conceptually on the Master Plan) and quad units (blocks of four single-family attached units)."

The quantity of each type of dwelling could change from this proposed plan.

"The proposed residential development total is set at 819 units.  Individual unit type totals are shown on the Master Plan, though these totals may shift so long as the overall total number of units is not exceeded."

The order and timing of the development each type of housing is unknown.

"Development of Preston Lake is not proposed to be limited by any particular phasing, to better allow market driven development practices and better ensure the financial success of the project as a whole."

There has been some discussion of how Preston Lake would get to the point of having a community center and pool.

"A lakeside Community Center shall be constructed to substantially conform to the design and appearance as depicted in the artist's rendering attached as Exhibit C and as shown on the Master Plan, but may vary slightly in size and shape to conform to the lakefront shape and final pool location.  The Community Center size shall be determined by MLK based upon office space needs, fitness center needs, meeting room space, kitchen and catering requirements, deck sizing, and other community amenities.  Construction of the Community Center shall commence by December 31, 2014 and shall be completed in a timely manner.  The pool shall be constructed if, at the time of the poll described below, Preston Lake residential "community support" exists for continued maintenance and upkeep of the pool facilities, which would be the responsibility of the HOA after any required construction is complete.  "Community Support" shall be measured by the Developer, via a poll taken of owners of occupied residences within 90 days after the development reaches 120 occupied single family detached and/or single family attached (townhouses and villas) units.  If "Community Support" for pool maintenance/upkeep measures at least two thirds (2/3) of the owners of such occupied residences at the time of the poll being in favor of the construction and future maintenance/upkeep of a pool in the location designated on the Proposed Master Plan, then the pool shall be constructed by the Developer within 365 days of completed polling efforts.  Should "Community Support" for the pool construction/maintenance/upkeep not reach a two-thirds (2/3) super majority of the owners of such occupied residences at the time of the poll, construction of the pool shall not be required of the Developer."

• Expand the development from 125 acres to 140 acres.
• Expand the number of residences from 474 units to 819 units.
  

[4] Townhouses and More Townhouses

[5] Expanded Single Family Home Section

• Proposed Revised Master Plan
  
• Master Plan Amendment Request
• Community Center Architectural Rendering
• Proposed Revised Proffers

If these changes to the Preston Lake master plan impact you, definitely plan to attend the Public Hearing tomorrow (Dec 18, 2013) at 6:30 PM to let your voice be heard.

HarrisonburgAssessments.com

1. The 38% November-to-November decline in the pace of home sales was at least partly due to a sales oddity last November -- (22) $33K condos were sold via one transaction but were reported as 22 transactions.  This makes November 2013 closings appear to be lower, in comparison, than they really are.
    
   
2. Year-to-date sales pace is still well ahead (+14%) of last year.
    
   
3. The significant (+23%) November-to-November increase in median sales price is because last November's median price was dragged down by (22) $33K home sales.
    
   
4. Year-to-date figures still show an overall 2% improvement in home values based on properties selling last year and this year.
    
5. It is taking less time (-15%) for homes to sell this year as compared to last year.

Contracts declined rather unexpected in October, which could have been a slowing down of our overall housing market after a fantastic first 10 months of the year --- but with a bit more data to now work with, I believe contract numbers were low in October due to buyer uncertainty during the temporary federal government shutdown.  As shown above, November contracts bounced back, showing a 57% improvement over last November.

Inventory levels continue to decline in Harrisonburg and Rockingham County, with only 584 properties currently on the market --- a 22% decline from two years ago, and a far cry from the 1,000+ properties on the market a year or so before that.  These declines in inventory are helping to balance the market between buyers and sellers.

• The Campbell House, 205 Campbell Street
• The Denton House, 278 Newman Avenue
• The Matter House, 254 Franklin Street

• The Flats @ City Exchange in the City Produce Exchange, 56 West Gay Street
• Sancar Flats in the Metro-Sancar Building, 28 West Rock Street

• Court Square Theater and Moseley Architects in the Rockingham Motor Company on Court Square
• Matchbox Reality in the Hartman Dealership at 202 N. Liberty St.

Click here to buy tickets.