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Urban Exchange Update: Harrisonburg Lives Downtown! |
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![]() The big question that (nearly) everyone asked or wondered was whether there could really be several hundred people who wanted to live in downtown Harrisonburg. The results are in --- YES, there are a LOT of people who would like to live in downtown Harrisonburg! A few quick updates, and then enjoy the photos below showing the final product:
If you have questions about Urban Exchange, feel free to call or e-mail Mary Messerley at 877-548-3831 or mary@LiveUE.com. Of note -- only one of four retail spaces at Urban Exchange has been leased, but several spaces are still available. If you are interested in details, please contact Mike Hendricksen at 540-908-7528 or mike@cbcfunkhouser.com. ![]() Hardie Plank, corrugated metal, glass, bridges, lavish landscaping, seating areas, and more! ![]() This glass encased corner includes the mail room, a reading room, the gym, and The Apex. ![]() The west-facing side of Urban Exchange, visible from Main Street near Court Square. ![]() Four floors of apartments joined by a landscaped courtyard over top of double volume retail space. ![]() Western views along Water Street, looking out towards Rosetta Stone. | |
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What Type Of Housing Is Being Built In Harrisonburg And Rockingham County |
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![]() One way to take a look at what is being built in and around Harrisonburg is by examining the Harrisonburg / Rockingham MLS to analyze listings circa 2009+. First, or note, a full 14% of listings currently for sale in Harrisonburg and Rockingham County appear to be new construction. (113 homes out of 793 homes). Here's a big picture summary of these new homes for sale in our market:
Also . . . enjoy the first edition of Harrisonburg Real Estate Radio: Home Inspections via Harrisonburg Real Estate Radio [08:38] | |
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Scripture Communities Earns National Recogition in "American Builders Quarterly" Magazine |
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Have you heard of American Builders Quarterly? The publication provides a comprehensive look at the nation's entire construction industry by profiling leading companies that consistently perform in all aspects of the building trade. Take a look at the covers of the last 15 issues (below) and you'll notice one company right here in Harrisonburg, Virginia that was recently highlighted by American Builders Quarterly: Scripture Communities. ![]() This is rather big news, as this publication covers huge developments and developers all over the country --- but they took note (on the cover of the magazine, no less) of this local company that has been building communities in Harrisonburg and Rockingham County for several decades. ![]() The article focused on Scripture Communities' emphasis on building lasting communities focused on market demands. For years now, Jerry Scripture has been building unique, innovative communities to meet the specific needs and desires of home buyers in many different demographics. Communities currently being developed by Scripture Communities include:
ALSO --- STOP THE PRESS! Don't forget about the Scripture Community Move Up Program, where Scripture Communities will potentially buy your house if you love one of their new communities and want to move up into a new home. | |
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The Most Frequently Used Driveway Materials in Harrisonburg and Rockingham County |
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![]() If you're building a home, what should you use as a driveway material? There are a lot of options!
Let's take a look at the most common types of driveways in Harrisonburg and Rockingham County. The data source for this analysis is the Harrisonburg/Rockingham Association of Realtors MLS, so it's an inexact analysis, but can still provide some helpful insights. ![]() The chart above shows that the most common driveway material for single family homes in Harrisonburg and Rockingham County is gravel! Beyond gravel drives, which are likely found mostly in the County, the most frequently occurring driveway is an asphalt driveway. Let's take a closer look at driveways of single family homes in the City of Harrisonburg, to exclude the more "rustic" driveways found on homes further out in the County . . . ![]() In the City of Harrisonburg, a full 1 in 5 driveways is still gravel, though asphalt driveways now lead the pack, with a full 10% greater market share than concrete driveways. ![]() The graph above analyzes "expensive" homes --- those sold above $350k in the last year in Harrisonburg and Rockingham County. Here we find an even more overwhelming share of asphalt driveways, though we also see an increase in the percentage of exposed aggregate driveways. ![]() Perhaps most interesting is that when examining homes sold since Jan 1 2000, we find that most have had concrete driveways. Is this perhaps the sign of a growing trend in our area, or the nation as a whole? Notes: In the last year, 570 single family homes sold in Harrisonburg and Rockingham County (per the HRAR MLS), and the analysis above is based on the 534 sales where driveway data was present and usable. | |
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How Much Undeveloped Land Is Left In Harrisonburg? |
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![]() Using data provided by the City of Harrisonburg, the information below is what I am finding on vacant land in the City of Harrisonburg. Bear in mind that there is a bit more vacant land than referenced below, but I chose to exclude land owned by educational institutions, local government, religious organizations, state government. Vacant Land In Harrisonburg:
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Erickson Avenue / Stone Spring Road Connector; Southeast Connector |
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Almost a year ago I mentioned that a new road connecting Erickson Avenue to Stone Spring Road was moving forward. Construction is now moving forward, with lots of progress starting on the Erickson Avenue end of the connector. Below is a map showing where that will be situated (click on the map for a larger version) and this is a web site with more details. City Portion of Erickson Avenue / Stone Spring Road Connector: ![]() The road shown above lies in the City, but the Connector will continue into the County, all the way to Route 33 East near Boyers Road. The map below shows an overlay of the approved map from VDOT over top of both an aerial and road view from Google Maps. Click on either for a larger view. Rockingham County Southeast Connector (1 of 2 portions) ![]() ![]() As far as I can tell, the County portion will cut through the new campus of Rockingham Memorial Hospital, and then cross through Boyers Road before connecting with Route 33. From what I have heard, Boyers Road will become a cul-de-sac before reaching Route 33. | |
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Urban Exchange Highlighted In Local News For Downtown Revitalization, Green Roof |
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Check out these two stories about Urban Exchange that both hit the news today . . . ![]() Downtown living: Urban Exchange sets a new course for Downtown Harrisonburg (The New Dominion) Harrisonburg leaders have a vision for how to make their downtown thrive. Barry Kelley is helping bring that vision into a reality. "I know downtown pretty well. And I thought this was the perfect area for the kind of project that we were thinking about doing," said Kelley, who with fellow property developer Andrew Forward has turned a Downtown Harrisonburg parcel that was most recently a used-car lot into a four-story, mixed-use architectural wonder called the Urban Exchange. Read more here ![]() Urban Jungle: Urban Exchange Home To City's First ‘Green' Roof (Daily News Record) On East Market Street, amid the bustle of the city's downtown, a natural oasis has sprouted in perhaps the most unlikely of places. Dozens of ginkgo and crape myrtle trees and a selection of native plants line a pathway, while benches offer a place for folks to enjoy the scenery. It is not the city's latest pocket park. Instead, this organic retreat is located two floors up on the roof of the retail space and parking garage at Urban Exchange. Read more... | |
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Architectural Foresight: An Urban Exchange Flashback |
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The architectural design of Urban Exchange is exciting, provocative and has received a lot of very positive feedback. Two key features (among many others) that seem to be universally appealing are the expansive landscaped courtyard and the large windows and doors allowing for loads of natural light. It is the unique "opposed L" design that allows for the natural light and the fantastic courtyard area --- and you might wonder how the developers stumbled upon such a great concept.... Several years ago, at the very start of the design process for Urban Exchange, the architects visited Harrisonburg to examine the site, and as a result, Philippe created the sketch below. ![]() The architect and the developers then spent months creating a multitude of building styles and designs from which to choose --- but throughout the process, they kept returning to the very concept sketched out above. This design allowed for more significant massing on the main streets (Mason, Market) --- the brick areas on the now complete building, and it allows for lots and lots of natural light through the multiple exposed faces of the building. And of course --- the primary colors of the bridges are now shining brightly in the sunlight, despite their position having been adjusted slightly from this original sketch. As I have spoken with other architects, I have learned that it's not entirely uncommon for this to have happened --- for the very early inspiration to be the eventual reality. I suppose the accuracy of this early sketch to the final building is so fascinating because of the large size of this project and the long (multi-year) development process that is just now coming to a close. | |
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Size Distribution of Rockingham County Land Parcels |
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Rockingham County, Virginia (not including the City of Harrisonburg) is comprised of (approximately) 46,600 parcels of real estate. Some of these lots or tracts are very small, in towns such as Grottoes, Dayton or Elkton. Others are quite expansive and are in the far flung corners of the County. Below is a visual representation of the distribution of lot sizes of those 46,600 properties --- you might need to click on this link to view the full size document for easier reading. Here's the summary:
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If You're Buying A Big Or Expensive Home, Will It Be In The City of Harrisonburg, or Rockingham County? |
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![]() Every five years (or so) the Harrisonburg Redevelopment and Housing Authority conducts a detailed analysis of City housing. In 2005, S. Patz & Associates, Inc conducted the analysis, available here: Citywide Housing Analysis for Harrisonburg, Virginia. One interesting "housing issue" that is identified as affecting the City of Harrisonburg was identified in the 2000 analysis, and re-confirmed in the 2005 analysis: "The loss of new construction of higher price new homes to sites in Rockingham County, while the City continues to attract only more modest single family detached and attached homes." I had never considered that this might be occuring --- that most higher price new homes were being built in Rockingham County instead of in the City of Harrisonburg --- but it makes sense, because undeveloped land is generally quite scarce in the City of Harrisonburg. To confirm (or reject) this conclusion, let's take a look at the homes that have sold each year since 2000, that were built within 3 years of when they were sold (thus, new-ish homes).... First, here's the break down of where all of these homes sold.... You'll note that the majority of the new-ish homes that were sold (and thus purchased) where in Harrisonburg, as opposed to in Rockingham County with a Harrisonburg address. Now, let's look at "large" new-ish homes, those with 2500+ square feet.... Here we do indeed find the phenomenon that the report described --- almost all of the large (and thus expensive) homes were built just outside Harrisonburg, and not within the City limits. Of note --- the City of Harrisonburg identifies this phenomenon as an "issue" because.... "An objective for the City is to help support development of higher priced/higher rent housing to provide a better mix of housing types and income levels in the City." For even more reading, read the full housing analysis! | |
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The real reasons why so much student housing is being built for JMU students... |
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This past week the Daily News Record published an article about the new housing complexes being built to house JMU students. I believe the uninformed reader of the article would assume that there is a relatively good balance between students and housing --- but according to my calculations there is a significant oversupply of student housing for JMU students! Here are the numbers...
Tell Your Friends! Last week I was told of a (usually) well informed local business leader who was convinced that JMU will be growing to 30,000 and then 40,000 students within the next 5 - 10 years. This type of casual conversation will lead to an even wider sentiment that we need more student housing in Harrisonburg --- and this individual is often in conversation with student housing developers. I'm stepping down from my soap box now, but I hope that student housing developers, and those that advise them, will carefully study our market before continuing on a rampage of building college student housing! | |
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All Condos at Urban Exchange To Be Leased, Not Sold |
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![]() Construction is moving along steadily at Urban Exchange in downtown Harrisonburg. This exciting new mixed-use community will include 194 condos, two levels of structured parking, and approximately 12,000 square feet of retail space. Over the past 16 months, we have been excited to see that people crossing nearly every demographic have interest in living at Urban Exchange. Those having committed to living at Urban Exchange span an age range of 20 to 80, and include retirees, young professionals, university faculty and staff, undergraduate and graduate students, families with children, employees of growing local companies such as Rosetta Stone, SRI, SI, RMH, and more. Urban Exchange is comprised of two wings with approximately 100 condos in each, and when we broke ground in February 2008, we did so with the vision of selling the condos in the West Wing, and leasing them in the East Wing. This past week, however, we made the decision to lease all 194 condos instead of selling half of them --- primarily because of the significant changes in the condominium financing market that have taken place over the past 12 to 18 months. The West Wing of Urban Exchange is comprised of 98 condos, and Fannie Mae and Freddie Mac guidelines dictate that 51% (soon to be 70%) of such condos must be owner-occupied in order for any purchaser to use a conventional mortgage for purchasing at Urban Exchange. Furthermore, Fannie Mae and Freddie Mac will not allow loans to close on any condos until 51% of the condos are reserved. Given these guidelines, we knew that it would be difficult to orchestrate the sale of 70 condos nearly simultaneously, but we were determined to attempt to do so. Unfortunately, a few timing and logistical factors conspired against us:
Given the vast, early demand from tenants to live in Urban Exchange, and the delayed, hesitant demand from buyers --- last week we decided to move forward with leasing all of the condos at Urban Exchange. We have discussed this change at length with all of the buyers who had reservations at Urban Exchange, but we know that there were quite a few other prospective buyers who had not yet committed to purchase. If you are one such person, and are still excited about the possibility of buying a condo in downtown Harrisonburg, we'd like to stay in touch with you. The developers of Urban Exchange own several other properties in downtown Harrisonburg where they will be developing condos after Urban Exchange is complete. The next two projects that they will be developing will be considerably smaller than Urban Exchange (15-25 units) and thus will be much more feasible for condo sales. In approximately six months we will be starting to hold focus groups with any such interested downtown condo buyers, as we begin the design and planning stages of these next projects. If you would like to know when these focus groups begin, please click here. Thank you for your continued support of and excitement for Urban Exchange --- while the decision to lease all of the condos marks a slight change in direction, it will still be bringing dynamic change to our downtown district. In just over a month, the first residents will be moving into Urban Exchange, and as the next few months unfold, we will be building up to over 300 new residents of downtown Harrisonburg in an exciting and diverse community at Urban Exchange If you have any questions about this change in direction at Urban Exchange, please contact me (Scott Rogers, 540-578-0102, scott@LiveUE.com), and if you have interest in further details on leasing a condo at Urban Exchange please contact Mary Messerly (540-421-9341, mary@LiveUE.com). | |
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New developments in Harrisonburg, Rockingham County |
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![]() A gentleman from New Jersey stopped by our office today asking about the area, and trying to get a sense of where the main growth areas of the city and county are located. I explained to him, as I have explained to many people lately, that most of the growth in the County is focused just south and east of Harrisonburg in an area bound by Route 33, Port Republic Road, Boyers Road and Cross Keys Road. It's a diamond shape area (seen above), and within that are you will find many of the subdivisions that have been developed over the last 10-15 years. Click on any subdivision in the map above to jump to active listings in that neighborhood. | |
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How will Urban Exchange impact Harrisonburg? |
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Listen in as Barry Kelley, one of the developers of Urban Exchange, talks about the impact that Urban Exchange will have on Harrisonburg. | |
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Urban Exchange Construction Update |
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![]() Despite some rainy days in December (see above), construction is flying along at Urban Exchange --- framing for the fourth floor is being finished on the East Tower (apartments for rent), and the first floor is being framed on the West Tower (condos for sale). Click here to see the latest construction photos of this exciting project in Downtown Harrisonburg, the future home of 196 condos, and 12,000 s.f. of retail space. | |
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Buying at Preston Lake? |
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Are you considering buying at Preston Lake? Some of my clients are exploring the possibility of building a single family home at Preston Lake, and it's been an interesting process . . . ![]() Access to the developer We have been pleasantly surprised to have the opportunity to work directly with the developer, Richard Hine. Rich is very invested in the Preston Lake project, is very knowledgeable about the building process, and has been immensely helpful as my clients have explored the possibility of building at Preston Lake. A flexible design process While Preston Lake offers a variety of standard floor plans (for rowhouses and single family homes), they are also willing to make almost any modifications you might desire. We have now been through several different renditions of the floor plans for the "Cape Cod" style home, each time bringing the design a bit closer to what my clients' desires. Organized communication The building team at Preston Lake uses an online project management system to organize the design/build process, and to streamline communication. Even only in these early stages of the process, the use of this tool has been extremely helpful. Final Pricing, Building Process, Final Product Still yet to discover --- will the pricing work for my clients, will the building process be as pleasant as the design process, and will the finished home be exactly what my clients envisioned. Overall, the building process at Preston Lake (or the complemplation thereof) has been a relatively enjoyable and efficient process. If you are considering buying at Preston Lake, and if you have any questions, please call (540-578-0102) or e-mail (scott@cbfunkhouser.com) me. Otherwise, stay tuned, and I'll keep you informed on the continuation of this process. | |
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What is Smart Growth? |
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From Wikipedia: "Smart growth is an urban planning and transportation theory that concentrates growth in the center of a city to avoid urban sprawl; and advocates compact, transit-oriented, walkable, bicycle-friendly land use, including neighborhood schools, complete streets, mixed-use development with a range of housing choices. Smart growth values long-range, regional considerations of sustainability over a short-term focus. Its goals are to achieve a unique sense of community and place; expand the range of transportation, employment, and housing choices; equitably distribute the costs and benefits of development; preserve and enhance natural and cultural resources; and promote public health." To summarize, Smart Growth is building in the right place:
Additional Smart Growth resources:
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23 Guiding Values for the Revitalization of Downtown Harrisonburg |
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Below are 23 concepts for current (or future) property owners in downtown Harrisonburg to consider as they restore or revitalize downtown properties. ![]() These values are from the vision book entitled "urban values & vision for downtown harrisonburg" produced by Eugene Stoltzfus Architects for the City of Harrisonburg Downtown Renaissance.
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New Urban Exchange renderings available! |
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"Time To Get Control Of Area Development" |
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Today's Dailly News Record (09-19-2008) has a very interesting editorial from Jonathan Kiser, a Harrisonburg resident that begins as follows... "LIVING IN HARRISONBURG and Rockingham County during the past decade I, like many others, have observed an unhealthy trend. Rapid growth has occurred without any apparent consideration for area history, heritage or natural beauty." I don't necessarily agree with everything Jonathan says, for example,"Hide all big box developments with a green buffer that will also help to off-set their carbon footprint;" This seems unlikely given the visibility that big box developments covet. But Jonathan provides lots of:
Definitely worth a read...click here! | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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