New Construction
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Founders Way Condos Proving Popular With Buyers |
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Full Disclosure: I represent the developer of Founders Way. Harrisonburg home buyers haven't had too many condo options to choose from in the recent past if they actually wanted to live in the condo....
Now, however, there is a new option in town --- Founders Way Condominiums. The condos at Founders Way feature 2 or 3 bedrooms, and start at only $142,900 (see all pricing). These newly built condos feature upscale kitchens, an open floor plan and spacious master suites -- think hardwood laminate floors, granite countertops, contemporary lighting fixtures, nine foot ceilings, decorative archways and colonnades, etc. Oh, and quite a few of these new condos are selling! The community will eventually consist of 72 condos -- but for now the first building of 12 has been constructed, and the condos are at various stages of completion. Of the twelve condos in the first building at Founders Way....
Let me know if you'd like a tour of Founders Way --- I'd be happy to meet you on site. You can reach me at 540-578-0102 or scott@HarrisonburgHousingToday.com. | |
Founders Way, New Condo Community in Harrisonburg, Wins Parade of Homes Awards |
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If you haven't stopped by Founders Way yet to see these newly finished condominiums, you might want to considering doing so this coming weekend during the SVBA Parade of Homes. Founders Way won several awards including Realtors Choice, Best Interior, Best Exterior and Best Overall. But let's give Founders Way some context.... There are lots of townhouses for sale in Harrisonburg priced around $160k, with 1300-1400 square feet. The condos at Founders Way are similar ($160k, 1300-1400 SF) but they have some significant differences.
For more information, visit FoundersWay.com or call me at 540-578-0102 to schedule a time to look at this very new and very exciting product in our market. | |
Virginia's New Home Warranty Doesn't Apply If You Hire A Builder To Build On Your Own Building Lot |
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In Virginia, each newly constructed home must convey to the purchaser with a warranty from the builder, as outlined in the Virginia statute (55-70.1) entitled Implied warranties on new homes. In brief, the builder must warrant the construction of the house for one year, and the foundation for five years. One important thing to note, however, is that this required warranty on new homes does not apply if you first buy a lot and then hire a builder. Here's the first section of the statute that speaks to this: "In every contract for the sale of a new dwelling, the vendor shall be held to warrant to the vendee that, at the time of the transfer of record title or the vendee's taking possession, whichever occurs first, the dwelling with all its fixtures is, to the best of the actual knowledge of the vendor or his agents, sufficiently (i) free from structural defects, so as to pass without objection in the trade, and (ii) constructed in a workmanlike manner, so as to pass without objection in the trade." The issue, you'll note above, is that if you hire a contractor to build a house on your own lot, you are not in a contract for the sale of a new dwelling. There will not be a conveyance of real estate -- title will not transfer -- you already own the real estate and are hiring someone to improve it. From talking to a local real estate attorney, there are likely still construction quality expectations of builders of new homes when you have contracted with them to build on your own lot --- but those are are not neatly summed up in a statute. They are, instead, a part of the "common law" --- the aggregation of laws as defined by judges making rulings about such matters over the years. Click here to learn more about the Virginia one year new home warranty. | |
Sales Updates at Preston Lake in Harrisonburg, VA |
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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: The southwest corner of the intersection at Massanetta Springs Road and U.S. 33 could become home to a development like no other in Rockingham County. The Hine Group LLC, a Virginia limited liability company, along with an affiliate entity known as Preston Lake LLC of Port Jefferson, N.Y., has contracted to purchase 145 acres of the Preston Farm properties, according to a statement prepared by The Hine Group LLC and Preston Lake LLC. Together, the entities plan to develop a mixed-use center, the statement says, which provides both residential and commercial functions on the site at Massanetta Springs Road and U.S. 33. Included in the proposed development would be 466 town homes and single family units as well as a commercial area that would have a "Main Street" appearance, the statement says. 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: Preston Lake Homes and its developer, the Hine Group, filed claims against Wachovia in Rockingham County Circuit Court on Dec. 11 for breaking its loan contracts, according to the lawsuit. Preston Lake is seeking $32.4 million in damages for lost profit. Wachovia filed a counterclaim in U.S. District Court in Harrisonburg on Dec. 29. The Charlotte, N.C.-based bank is suing Preston Lake for $15.6 million in outstanding debt. 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. | |
The Future of North Valley Pike (Route 11 North) |
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There is a slowly growing area just north of Harrisonburg that you may not have heard of or visited, but there are a variety of factors that may make it a growth area over the next several to many years. A strategic plan has been created for this North Valley Pike corridor, that suggests turning an existing section of Route 11 into a main street area, with most through traffic diverted to a new road. For an overview with lots of helpful links, read the post on hburgnews. A research and technology park has been established amidst this corridor on 365 acres, owned and operated by Rockingham County. SRI International has established a 25-acre campus in the above-referenced research and technology park, and opened the Center for Advanced Drug Research, which is a "state-of-the-art research facility for conducting systems biology research in the areas of biodefense and neglected diseases." An attractive subdivision of single family homes is being developed in this corridor area (I am marketing this subdivision) with prices starting in the low $200,000's. A new elementary school was recently built on Smithland Road, not too far from this North Valley Pike corridor. This has created new traffic flow patterns, bringing greater awareness to the north side of Harrisonburg. While most development has taken place just southeast of Harrisonburg in the recent past, the area just north of Harrisonburg will be a key area to watch over the next 3 to 20 years. | |
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] | |
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. | |
Want To Buy? Have To Sell? Perhaps We Can Help! |
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It seems that there are quite a few people in our current market who want to buy a house --- but they're at a standstill, because they have to sell their current home before they can buy. It can be a challenge to buy and sell simultaneously, as I pointed out this past September. But maybe there's another way . . . I market several neighborhoods of new homes for Scripture Communities, and just recently the builder (Jerry Scripture) has devised a move up program that has worked for him in the past, and is working again now in our current market. The concept is this: In certain circumstances, Scripture Communities will help you sell your current home, or will even commit to buying your home, if you are buying a new home in a Scripture Community. Does it sound to good to be true? It can be of tremendous help to someone who wants to buy, but most sell in order to do so. As a real, live, example --- we're in the process of building a home now (at Heritage Estates) for someone who is using the Scripture Community Move Up program. If they can't sell their current home themselves by the time their new home is complete, Scripture Communities will buy it from them at an already agreed upon price so that they can close on their new home. There are a few common sense guidelines that we're using when considering these move up scenarios:
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What Is HardiePlank Siding, And Is It Being Used In Harrisonburg? |
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The exterior of your home could be built with so many different materials, for example: stucco, stone, wood, brick, aluminum, concrete, steel and fiber cement. That last one, fiber cement, is a vague and mysterious siding choice also referred to as HardiePlank siding, which has been around since the 1980's. So, what exactly is HardiePlank siding?? First, HardiePlank siding is a fiber cement, made out of sand, water, cellulose wood fibers and cement. Its source materials and design provide it with a number of unique qualities that often interest homeowners....
HardiePlank comes in all sorts of colors and styles, and you'll start to see it on some newly built homes in this area, for example on the Paired Homes at The Glen at Cross Keys, on this EarthCraft home on Cottage Circle, on most of the homes at Preston Lake, and on Urban Exchange. | |
Updated Urban Exchange Photos -- We Are Nearing Completion! |
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Click here to view updated construction photos, showcasing the nearly-complete Urban Exchange! Both buildings (East and West) are now open, as of this pats Thursday. Gym equipment will be delivered in the next few days, and the final construction details will be finalized. To see the exciting developments at Urban Exchange for yourself, feel free to swing by our Leasing Center --- we're open nearly every day of the week from 12p - 5p. Or, call Mary to schedule at 877-548-3831. | |
East Wing of Urban Exchange Nearing Completion |
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We're now less than four weeks away from the first residents moving into the brand new upscale condos in the East Wing of Urban Exchange located in downtown Harrisonburg. Click on the image below to view updated construction photos. | |
New Construction Price Per Square Foot Trends in Harrisonburg and Rockingham County |
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For some time I have been tracking price per square foot trends for all single family homes in Harrisonburg and Rockingham County. These appear in my monthly market report, and show a median price per square foot of $80/sf back in 2002, a high of $131/sf in 2006 and a current value of $123/sf. In talking to a potential developer last week, he inquired about price per square foot trends for new construction. This isn't an easy thing to calculate, for several reasons:
Below you will see the results, with a starting value of $99/sf in 2002, a high of $150/sf in 2006, and a current value of $140/sf. I also graphed the number of applicable home sales in each year since 2002 to put the market into perspective. Click here, or on the image above, for a clearer PDF version of this graph. Closing thoughts:
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Heritage Estates, 55+ Community in Harrisonburg, Virginia, launches new web site |
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We are pleased to announce that Heritage Estates, a 55+ community in Harrisonburg, Virginia has launched a re-vamped web site . . . Don't be bashful, tell me what you think of this new web site, in the comments below, by e-mail (scott@cbfunkhouser.com) or by phone (540-578-0102). Some exciting additions to the web site include:
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. | |
Urban Exchange bridge installation scheduled for Tuesday at 8AM |
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Yellow, Red Bridge to be installed on Tuesday! All day tomorrow (Monday) we'll be setting up a HUGE crane next to the Urban Exchange construction site. Then, on Tuesday between 8:00 a.m. and 10:00 a.m. we'll be using the crane to (carefully, slowly) lift the red bridge and the yellow bridge over top of the East Wing, and down between the wings to span the courtyard area. Feel free to drive by to see the action, or watch it live from across the street! Call me (540-578-0102) or e-mail me (scott@cbfunkhouser.com) with any questions. Become a fan of Urban Exchange on Facebook! Are you on Facebook? If so, become a fan of Urban Exchange --- click here to visit the Urban Exchange page on Facebook. | |
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. | |
The Glen at Cross Keys - Introducing "Paired Homes" |
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As we pulled up in front of the home pictured above earlier this week, my dad asked "that's a single family home?" -- as it turns out, he was surprised at how large the single family home was. In fact, this beautiful home is a "paired home" --- two homes that share a wall and have opposite side entry. Paired homes offer the following benefits:
View Paired Homes or sale in these exciting communities: | |
Urban Exchange construction update |
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Construction is flying along at Urban Exchange (196 condos for sale and for lease in downtown Harrisonburg). Here are a few updates on the progress:
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New Urban Exchange Photos, Office Hours |
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Click on the photo above to view updated Urban Exchange construction photos, showing the dramatic progress that is taking place just one block from Court Square. Also, if you'd like to take a tour of Urban Exchange, please either stop by during our office hours, or also feel free to call or e-mail to make an appointment to meet on site: Condo Sales Scott Rogers 540-578-0102 scott@LiveUE.com Apartment Leasing 540-421-9341 info@LiveUE.com Are you interested in living in downtown Harrisonburg? To view the prices/rates while exploring the floor plans, click here.
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Building energy-efficient homes at Preston Lake |
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Yesterday, I accompanied my clients on a framing meeting at the home (pictured above) that is being built for them at Preston Lake. One of the impressive aspects of Preston Lake construction is that every residence (single family homes as well as rowhouses) will be EarthCraft and EnergyStar certified. Here's one small example of the difference you'll find in an EarthCraft home... The average duct leakage on new construction homes is 28% --- that is to say that 28% of the heated or cooled air being pumped into the ductwork never makes it into the living areas of the house. In contrast, an EarthCraft home MUST have 6% or less duct leakage --- which, as you can imagine, provides for a great deal of energy savings for a homeowner. Thus far, I have been very impressed with the construction process, materials and quality at Preston Lake. As the house moves further along, I'll post some additional photos showing some additional innovations found at Preston Lake. Here are some other communities and houses incorporating green building practices, materials or philosophies:
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What is an EarthCraft House? |
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Before I attended an EarthCraft training this week, I had heard of EarthCraft homes, and had been in EarthCraft homes, but I couldn't have given a very good definition of what they are, and what makes such a home different from a traditionally built home. Here's what I now know about homes that are certified as "EarthCraft Houses"...
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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Commonwealth of Virginia
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