• Aspen Heights (student housing)
• Stone Spring Courtyard (luxury gated apartment community)

And now, I'm finding more details online about the residential development to take place at Stone Port. 

Here are details of the residential development at Stone Port, from their web site....

• The Cathcart Group from Charlottesville will be developing The Reserve at Stone Port.
• The Reserve will encompass 21.8 acres, and will consist of 396 apartment homes.
• Construction on the first phase (168 units) will begin in 2012-Q4.
• Stone Port is envisioned to eventually feature a 27-acre Village Center with a grocery store, shops, restaurant, hotels, pharmacies, etc.
• The residential community (The Reserve) is planned to feature amenities such as The Reserve Club --- a 7,000 SF clubhouse with a business center, fitness center, cyber cafe, movie theater, billiards room, ping pong room, spa and tanning rooms, etc.  Other amenities will include a pool, hot tub, outdoor fireplace and lounge, sport court, walking trails, kiddie pool and tot lot.
• The apartments will feature one, two or three bedrooms, and will feature granite counter tops, maple cabinets and stainless steel appliances.

All of the above (Aspen Heights, Stone Spring Courtyard, The Reserve at Stone Port) are all indications of a recovering, growing local economy.

A neighborhood of craftsman homes with all the convenience and amenities of a luxury multi-family dwelling complex.

• Aspen Heights is proposing to rezone 23.1 acres to R-5 to allow the construction of 184 residences, with a gross density of 7.9 units per gross acre.  Units would have two to five bedrooms.  The Master Plan shows 30% open space, pedestrian and bicycle accommodations, and community amenities.  This project would be marketed as student housing.
• The proposed Aspen Heights Master Plan shows front-yard greens (which are part of the 30% open space), parking at the rear of the residences, amenities, and bicycle and pedestrian accommodations with direct access to the Port Republic Road multi-purpose trail.
• In response to requests from adjoining landowners for the provision of screening, the Narrative Statement includes perimeter fencing and landscaping.
• Staff Recommendation = Approval (March 27, 2012)
• Planning Commission Recommendation = Approval (April 3, 2012)
  

• a brand new Rockingham Memorial Hospital with lots of room for expansion, including the Funkhouser Women's Center that is now under construction.
• The expansion of Port Republic Road from a two-lane road to a five lane road.
• Construction on the Southeast Connector that will connect Route 42 (south of City) to Route 33 (east of City)

All of this new road infrastructure, plus the new hospital, plus a clustering of residential developments over the past 15-20 years has lead to quite a few new projects labeled on the map above.

• Aspen Heights, a new (not-yet-built) 184-unit student housing complex
• A proposed 220-unit high-end apartment complex built in the shape of a triangle, with a courtyard and pool in the center.  This is currently going through the approval process.
• Stoneport, which includes 105 acres of housing, commercial, retail and professional space.

Given the new hospital, the new road infrastructure, and the large area of existing housing, it is not surprise that we are seeing these new developments along Port Republic Road.  Stoneport is the largest of the new projects, and it will certainly be interesting to see what businesses are established in that location.

• Builders were building spec home after spec home, and buyers were snatching them up as quickly as they were built --- or before the construction process was anywhere close to completion.
   
  
• Buyers were more interested in having a finished home, soon, rather than going through the "tedious" selection and customization process.

Now, after the market has cooled off quite a bit (a.k.a. housing bust?)....

• Builders are much more hesitant to build speculatively -- in fact there are very few spec homes on the market, depending on the location and price range.
   
  
• Buyers are more interested in having the ability to customize their new home to their specific preferences.  They often don't want a spec home as it does not have the floor plan modification and finishes that they would have selected.

Thankfully, these desires actually coincide.  There were lots of spec builds in the height of the market, and lots of buyers to buy them.  There are very few spec builds now, and very few buyers to buy them.

Given the givens, here is some guidance for today's market....

Builders --- if you're going to build speculatively, put a good deal of thought into the floor plan and make sure it is going to be an attractive layout for a wide spectrum of buyers.  Also, consider finishing the house through the drywall stage and then marketing it to find a buyer that can make their own selections for interior finishes.

Buyers --- talk to your lender early to know what will be possible for you.  Buying a lot, obtaining construction financing, and building a custom home is quite a different financial transaction than buying a finished home with a traditional mortgage.

• brand new one-level living at a low price point
• all exterior and grounds maintenance is performed by the condo association
• high speed internet and expansive cable package at a low cost through the condo association
• open floor plan (some with lofts) that provide a very different feel than a two-story townhome

To find out more about Founders Way....

• Visit the Founders Way web site 
• View photos of Founders Way
• View floor plans at Founders Way
• Come visit us on Saturday or Sunday between 1PM and 3PM
• Call me at 540-578-0102 or e-mail me

• Heritage Estates (upscale 50+ community with pool, adjacent golf course)
   
  
• The Glen at Cross Keys (low maintenance paired homes on Cross Keys Road)
   
  
• Founders Way (one-level condominiums with open floor plans, upgraded finishes)
   
  
• Meadowbrook (one and two story homes in community with 29% greenspace)

• Barrington  ($366K - $540K)
  
• Battlefield Estates  ($325K - $575K)
  
• Bridlewood  ($609K - $660K)
  
• Crossroads Farm  ($365K - $800K)
  
• The Glen at Cross Keys  ($230K - $310K)
  
• Highland Park  ($500K - $650K)
  
• Lakewood  ($310K - $420K)
  
• Madison Village  ($280K - $340K)
  
• Magnolia Ridge  ($310K - $465K)
  
• Preston Lake  ($260K - $560K)
  
• Spring Oaks  ($230K)
  
• Taylor Spring  ($159K - $185K)

• Gradual, but uneven growth (1990-2002) -- building permits increased some years, and declined some years, but increased overall, as employment opportunities and the population increased in the central Shenandoah Valley
   
  
• Rapid expansion (2002-2005) -- new construction boomed, in tandem with the housing market, and median home prices
   
  
• Rapid correction (2005-2008) -- new home construction levels dropped quickly, well below historical trends
   
  
• Continued, gradual correction (2008-2010) -- new home construction slowed to the lowest level in 20 years but at a slower pace