New Construction
Newer Posts | Older Posts |
![]() |
![]() |
AM Yoder & Company Earns State Accolades For Sustainable Construction |
|
![]() |
![]() |
![]() |
![]() |
30 acres of development land for sale on Boyers Road |
|
![]() Click the image above to see a larger version. There is a 30 acre parcel on Boyers Road currently for sale amidst quite a few popular subdivisions, and across the street from the new Rockingham Memorial Hospital. It will be interesting to see what may be developed in this area, and when it will happen. The black lines shown on the map are my estimation of property lines, and are by no means precise. This property is listed by Jim Sipe, Jr. of Coldwell Banker Commercial Funkhouser Realtors. | |
![]() |
![]() |
![]() |
![]() |
Bing, Bang, Boom. Three quick sales at Founders Way Condos, new building coming Fall 2012 |
|
![]() As referenced a few weeks ago, demand is growing for new homes --- and it has been a busy (past) month at Founders Way Condominiums, with three condos selling -- leaving only two remaining condos in the first building -- both ground level condos. The good news is that another building will be under construction shortly, with a few slight modifications to the floor plans, but with the same overall strong points that have been appealing to buyers:
To find out more about Founders Way....
| |
![]() |
![]() |
![]() |
![]() |
Don't forget these costs when considering a modular home |
|
After my ramblings last week about modular homes, I had a helpful conversation with Jim Herr, a local building contractor, who shared this perspective on modular homes.... ![]() I think modular housing is a great alternative to consider when looking at new housing, but there are several issues to consider when buying a modular home that are often overlooked. The modular housing industry often advertises a packaged home at avery attractive price. There are numerous costs to consider that add to the cost of the package, not to mention the upgrades offered on a modular. Excavation and sitework, well, septic, driveway, seeding and landscaping, foundation/basement costs and set up costs are often the same as they would be for a stick built home. My guess is that the market for the modular housing industry is a client that is looking for lower cost housing when in fact they could be building for the higher end market as well. There are several upgrade options that give an owner many of the same amenities that are available in a custom home. I have lived in a modular home and we have renovated modular homes. We have seen good construction and have witnessed poor construction practices in modulars. As is true in most cases, it is up to the contractor you are working with or your knowledge of construction and your ability to supervise the construction that will give you a good product. If you have clients looking at modulars or have clients who wish to be there own contractor, we would be happy to meet with them. The housing market is clearly changing and Herr & Co wants to continue to work with owners who like to be involved in the process. If you're considering a modular home, you may want to touch base with Jim Herr of Herr and Co. Building Contractors as a potential contractor for the construction of your modular home. | |
![]() |
![]() |
![]() |
![]() |
Are modular homes common in our local market? |
|
Before we get to the presence of modular homes in our local market, let's review some terminology.... According to Wikipedia, a stick-built structure is "one constructed entirely or largely on-site," as opposed to a modular home that is "divided into multiple modules or sections which are manufactured in aremote facility and then delivered to their intended site of use." And here is a breakdown of the types of homes sold via the HRAR MLS last year.... ![]() Click here to read about some opinions of stick built homes versus modular homes. | |
![]() |
![]() |
![]() |
![]() |
Demand grows for new homes |
|
![]() A new foundation (pictured above) is going in at The Glen at Cross Keys as a result of growing local demand for new homes. Photo by Carey Keyes. Along with Carey Keyes and Suzanne Trow, I represent several of the main builders in the Harrisonburg area. In the past 30 days the model home at each of these communities was sold....
| |
![]() |
![]() |
![]() |
![]() |
National Association of Home Builders Remains Optimistic About Housing Recovery |
|
![]() "In its latest construction forecast, the NAHB on Wednesday stuck to its guns that "underlying fundamentals" such as low mortgage rates, decent economic growth, and pent-up demand for housing will drive double-digit percentage increases in home starts this year and next, and reverse catastrophic declines in new and existing home sales." Read the entire story at Builder Online. | |
![]() |
![]() |
![]() |
![]() |
New gated luxury community for JMU students on Port Republic Road? |
|
![]() Aspen Heights LLC, is attempting to rezone a 23-acre parcel of land on Port Republic Road (shown above) for a gated, luxury community for students. The city has some doubts, per the Daily News Record article, which seem to include the current glut of student housing in Harrisonburg, as well as the surrounding largely owner occupied neighborhoods. ![]() Some of the student housing developments that Aspen Heights, LLC has built (yes, the photo above is a student housing development) seem quite nice. View photos of their communities, their current locations, and what they believe sets them apart as a student housing community. This Tuesday there will be a Planning Commission meeting to discuss this potential rezoning. In other related student housing news, you'll notice some new student housing popping up on Stone Spring Road near the RMH Wellness Center. | |
![]() |
![]() |
![]() |
![]() |
If you're looking to buy, build, or improve a home, stop by the JMU Convocation Center this weekend! |
|
![]() Home & Garden Show booth for The Gaines Group As home values softened (declined) over the past six years, an increasing number of homeowners who would have considered selling their home and buying a new one found themselves improving their existing home instead. If you aren't going to be selling your home in the near future, you might do well to consider making some improvements to it that will make it a more comfortable / exciting / convenient place to live. And if you are considering some improvements to your home (inside or out) over the next year (or if you might buy or build a home) you DEFINITELY want to stop by this weekend's Home & Garden Show. This gives you the opportunity (in a condensed time period) to meet firsthand the contractors, suppliers and professionals that you may decide to hire in the coming year. Beyond why you might decide to come, here are the pertinent details once you have made the decision to attend.... Show Hours Friday 4 PM - 8 PM Saturday 10 AM - 8 PM Sunday 12 PM - 5 PM Admission = $5/person (children under 12 are free) Home Show Web Site: HomeShow2012.com | |
![]() |
![]() |
![]() |
![]() |
Luxury Gated Apartment Community in Harrisonburg? |
|
![]() As per the Daily News Record this morning, Harrisonburg may soon (2014) have its first gated community featuring luxury apartments. Most of these apartments (~70%) would be one bedroom apartments and would be geared towards "transient professionals" per the developer, Dain Hammond. The 200+ unit development on six acres at the corner of Port Republic Road and Stone Spring Road would feature a triangular, 4-story building with a large courtyard and pool in the center of the building. "Hammond envisions the development appealing to renters seeking upscale short-term housing. That would include RMH doctors who may perform surgeries at the hospital a few times a week and need a nearby "crash pad," or a visiting professor at James Madison University for a year, he explained. "It's more for the ‘transient' professional," Hammond said. "That's our target demographic." Read the full Daily News Record article here. | |
![]() |
![]() |
![]() |
![]() |
New Homes Just East of Harrisonburg, Virginia |
|
Many of the new homes built in Rockingham County over the past ten (to twenty) years have been built just east of Harrisonburg, in an area bounded by Boyers Road, Route 33, Cross Keys Road and Port Republic Road. Take a look... ![]() These neighborhoods (shown above) offer quite a variety of housing options. Click on a link below to browse currently available homes for sale:
| |
![]() |
![]() |
![]() |
![]() |
Exciting times at Heritage Estates |
|
![]() Scripture Communities is breaking ground on yet another new home at Heritage Estates, after having finished a single family home earlier this summer. We're delighted to have Don and Eva joining the community at Heritage Estates, and Brant has been fantastic to work with in his representation of his clients. Heritage Estates is an active adult community located in Harrisonburg, Virginia. Heritage Estates boasts superb French Country architecture with flowing interior floor plans that are wonderful for entertaining. You'll also enjoy spectacular views of the Blue Ridge Mountains, the golf course immediately beside Heritage Estates, the community swimming pool, and a maintenance-free lifestyle. | |
![]() |
![]() |
![]() |
![]() |
Historical Building Permit Trends in Harrisonburg and Rockingham County |
|
![]() A 20 year history of single family home building permits in Harrisonburg and Rockingham County (shown above) reveals that much of the new home construction is market driven. The past twenty years can be summarized in four main stages:
Data Source: Weldon Cooper Center | |
![]() |
![]() |
![]() |
![]() |
Why is this house blue? |
|
![]() The home pictured above, being built at The Glen at Cross Keys, has an exterior shell of SIS board (structural insulated sheathing). This relatively new product from DOW offers structural support, insulation and water resistance. In contrast, most other homes have an exterior shell of OSB (oriented strand board) and house wrap, as pictured below. ![]() If you are building a home, you should consider having your builder use an SIS board exterior to provide greater comfort in your home through a well insulated exterior. You'll also find structural insulated sheathing at Heritage Estates, The Cottages at Stone Spring and Founders Way! | |
![]() |
![]() |
![]() |
![]() |
Will all of the land for housing developments be taken over by farming?? |
|
Not too many years ago concerns were frequently raised about all of the farmland that was being used up for housing developments. In fact, back in 2008 I wrote an article entitled "Will Rockingham County Be Paved Over?" Now, apparently, the tables have been turned..... ![]() (from the Saturday, March 26, 2011 edition of the Daily News Record) It seems that we have a bit of a role reversal here -- a house is being torn down so that land can be used for farming. What will we do now?? Should the home builders rally to save the housing development land from the growing threat of farming?? | |
![]() |
![]() |
![]() |
![]() |
Updates on Preston Lake Subdivision |
|
![]() If the development of Preston Lake had taken place just five years earlier, it might have been a much greater, faster, happier success story. Given its timing, however, Preston Lake was developed and constructed at a very slow rate, which recently reached a significant milestone when Wells Fargo foreclosed on the remaining developed lots at Preston Lake. Why did it happen? It could have been the decline in the housing market....or the decline in the national economy....or that the developer's bank (Wachovia) went out of business....or many other reasons. Regardless of the cause, the development and construction of Preston Lake was much slower than anticipated, and is now in a state of limbo. Here's a re-cap of where things are at Preston Lake, with a few bits of new information: Homeowners Association: The Preston Lake Homeowners Association is still controlled by the developer, which is now effectively Wells Fargo. For now, however, the on-the-ground association management is being handled by a Harrisonburg-based association management company, and thus far it does seem as if any services to residents will be interrupted, nor will dues increase. Ownership of the Land: The undeveloped residential lots all transferred to Wells Fargo (or REDUS VA HOUSING, LLC as it appears at the courthouse). Read more. Ownership of the 4 rowhouses: Most people attending the foreclosure auction were surprised to hear the announcement that morning that separate from the auction of all of the undeveloped lots, the bank would be auctioning off four rowhouses at various states of completion. Since potential bidders were not prepared to consider purchasing a rowhouse, all four of these properties were bought back by Wells Fargo. Further details follow....
![]()
| |
![]() |
![]() |
![]() |
![]() |
Do most homes have bedrooms on the first floor? |
|
Apparently this varies by region --- in a conversation earlier this week someone was sharing with me that in each part of the country where they had lived, it was a bit different. In one part of the country, nearly every home had a bedroom on the first floor. In another part of the country, only a very small number of homes had a bedroom on the first floor. What is your guess for Harrisonburg and Rockingham County? 64% of currently available single family homes offer a bedroom on the first floor! This was a bit surprising to me, as I assumed it might be less than half of all homes. I will often have buyer clients that are requesting this feature in a home and it seems to limit their options --- but apparently not too significantly. Breaking it down by price range, there also isn't much variation:
49% of currently available multi-level single family homes offer a bedroom on the first floor! Looking just a little bit further, let's examine whether there is a difference in "sellability" of homes with vs. without a bedroom on the first floor. When examining multi-level homes sold in the last year:
Are you considering buying a home, or building a home? Do you have questions about what you should be looking for or avoiding in a house? I'm happy to share my opinion, or the facts as shown by home sales data. Call me at 540-578-0102 or e-mail me (scott@HarrisonburgHousingToday.com) and we can discuss your situation. | |
![]() |
![]() |
![]() |
![]() |
Preston Lake Foreclosure Finalized: Land Transfers To Wells Fargo, Homeowners Association |
|
![]() An early rendering of the intended Preston Lake community center A variety of documents were filed at the Rockingham County Circuit Court on Wednesday, February 23, 2011 finalizing the Trustee Sale of Preston Lake subdivision. In Summary: A trustee sale took place on February 3, 2011 on the steps of the Rockingham County Circuit Court, whereby Wells Fargo (as the only, and thus highest, bidder) contracted to buy back Preston Lake from its developer. Now, the deeds have been recorded transferring the bulk of the subdivision to Wells Fargo and the common areas to the Homeowners Association. The Value of 124+ Acres: The consideration paid by Wells Fargo for the 124+ acres was $3,500,000, but the trustee's deed also indicates that the appraised value is/was $4,530,000. Somewhat astonishingly, the two loans (notes) that were being foreclosed on appear to have been for a sum total of $20,500,000. The New Owner of Preston Lake: The grantee on the deed is listed as "REDUS VA HOUSING, LLC" -- an LLC registered in Deleware. The grantee's address, however, is Wells Fargo Bank out of Jacksonville, Florida. Value of the Common Areas: Per the deed transferring the common areas to the Homeowners Association, the common areas have an assessed value of $323,700. ![]() What Conveyed To The Homeowners Association: The map above is based on an early engineering plan for Preston Lake. I have deciphered (to the best of my ability) the deed, and recorded plats for Preston Lake to mark on the map (letters in circles) the areas that conveyed the the Homeowners Association. Click on the map for a high resolution PDF, and scroll to the bottom of this post for the source files for the deed and plats. Management of the Homeowners Association: The Homeowners Association's mailing address is referenced in the deed as the same Jacksonville, Florida address for Wells Fargo. Homeowners at Preston Lake have been informed that Wells Fargo will be hiring an association management company in the very near future to handle the business of the association. What's Next: Now that the remaining land comprising Preston Lake is owned by Wells Fargo, my assumption is that:
| |
![]() |
![]() |
![]() |
![]() |
New home sales may be improving in and around Harrisonburg |
|
![]() New home sales may be improving in and around Harrisonburg -- based totally on anecdotal evidence. Several of the builders I work with have seen significantly increased activity since the first of the year, and this is after several years of declining new home sales, as shown below. ![]() It somewhat stands to reason -- as I pointed out yesterday, housing supply has been dwindling over the past six months. There was a 23% drop in listing inventory between July 2010 and January 2011, as compared to only a 5% drop during the same time period a year earlier. Fewer homes for sale leads to fewer selections for home buyers, leads some buyers to start exploring new construction homes once again. The trend over the past few years away from new homes was a matter of re-sale homes being more affordable than new homes. It was nearly impossible to build a new home at the same price that some re-sale homes were selling for in the market. Now, however, builders who have compelling products to offer, with competitive pricing, stand a chance to see a solid improvement in sales during 2011. | |
![]() |
![]() |
![]() |
![]() |
To hire a custom builder, or to buy a re-sale home --- it's a tough question these days! |
|
The abundance and low prices of re-sale homes can cause great frustration for custom home builders these days. Over the past few months I have had lengthy conversations with several clients who want to build a new home.....but then they get sidetracked by re-sale homes. They start out, you see, quite focused on buying a lot, selecting and designing floor plans, hiring a builder, and building their dream home ---- but WAIT! Just before they tip the first domino, they take a look online at a few re-sale homes and they start to second guess themselves. They're about to build a $400,000 home, and they think they see comparable re-sale homes (that are only a few years old) for only $350,000. Or they're about to build a $475,000 house, and there seem to be quite a few comparable $430,000 homes that are only a few years old. My universal answer to this angst is to suggest that we spend some time viewing the re-sale homes. I suggest to them that looking at the re-sale homes will DEFINITELY give them their answer. They'll either confirm their decision to hire a custom builder --- or they'll fall in love with a re-sale home and move forward in that direction. You'd think, with the price gaps we're discussing, that these clients would often end up buying a re-sale home --- but that's not usually what happens. While there are some compelling re-sale houses for sale, they almost always determine that they'd rather pay more to have a house exactly how they want it. Sometimes this is the floor plan, sometimes the neighborhood, or the lot size or topography, or the exterior materials of the home, or the interior finishes, or the level of maintenance needed into the future, or the views.......or a combination of many of these. Sometimes this process will result in one of my clients deciding to buy a re-sale (instead of hiring a custom builder), but it almost always is a process that helps to confirm their decision to move forward with a custom build. If you're in this situation --- ready to build, but full of self-doubt when examining the re-sale market --- please be in touch. I'd be happy to help you explore the re-sale market to either confirm or derail your current plans. | |
![]() |
![]() |
Newer Posts | Older Posts |
Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
Home Search
Housing Market Report
Harrisonburg Townhouses
Walk Through This Home
Investment Properties
Harrisonburg Foreclosures
Property Transfers
New Listings