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Price Distribution of Single Family Housing Stock in the City of Harrisonburg |
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![]() OK -- Take 2 -- Based on some feedback, in smaller price increments this time.... Forget about what actually SELLS in any given timeframe, or even what is available FOR SALE at any given point in time. Let's get down to what housing actually EXISTS in the City of Harrisonburg. The graph above shows the number of single family detached homes (Use Code 006 in the City's property database) that exist in the City of Harrisonburg in (120 different price ranges. The homes are sorted into these price categories based on their 2017 assessed values. So -- what surprises you? If more single family homes are to be built in the City, what price range should they fit into? | |
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New Developments Coming Soon? |
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![]() Three parcels of development land (see below) are now under contract. Perhaps we'll be seeing some new developments taking shape in and around Harrisonburg soon? ![]() 2112 SUNNY SLOPE LN, ROCKINGHAM, VA - 16.91 ACRES - $1,039,000 This nearly 18 acre tract of land is just outside the City of Harrisonburg and offers an opportunity to develop for residential and/or commercial use, subject to rezoning. The property is located on Route 42 with about 450 feet of road frontage near WalMart and beside Harrisonburg Construction. There are three parcels, two currently zoned A2 and one zoned R2. Water & Sewer is available. The property includes a 3,000 sf ranch style residence with a basement and was built in 1960. UNDER CONTRACT SINCE 3/2/2017. ![]() 9447 MCGAHEYSVILLE RD, MCGAHEYSVILLE, VA - 21.76 ACRES - $1,250,000 Temporary Price Cut for an Early April Closing! Extraordinary Opportunity! A fully approved Residential Subdivision in McGaheysville and ready to be developed. The site is approved for 84 units (6 single family & 39 duplex lots). It can be constructed in Phases. Full views of Massanutten and the Blue Ridge Mountains. The subdivision includes a roundabout, internal loop road for walking, and riding, a shared access pond/park area. County water & sewer. UNDER CONTRACT SINCE 7/5/2017. ![]() TBD BOYERS ROAD, ROCKINGHAM, VA - 26.27 ACRES - $2,365,000 Prime Development Land. 26 + Acres Zoned R3 on the east side of Harrisonburg on Boyers Road across from Sentara RMH Hospital. Property borders the Massanetta Springs Camp & Conference center property on the east and also has a pond that has water in it most of the year. Could be a great duplex or townhouse development. There is a small barn on the property. UNDER CONTRACT SINCE 9/11/2017. | |
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Limited Building Lots Remain in Heritage Estates, Active Adult Community in Harrisonburg, VA |
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![]() Only nine building lots remain in Heritage Estates, an active adult (55+) community in the western edge of Harrisonburg, Virginia. With low maintenance French Country style architecture, and single family homes with partial basements starting below $400K, this community has been a popular destination for many buyers both from Harrisonburg and retiring to the Shenandoah Valley. Click here to view a higher resolution version of the aerial image above, or email me to set up a time to meet with the developer/builder at Heritage Estates, Jerry Scripture. | |
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This 409 SF house was 3D printed in 24 hours for $10K |
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![]() Will you print your next home? I suppose it might depend on where you live and how large of a house you decide to buy or build. A Russian company constructed (printed) a 409 SF home in December 2016 in a 24 hour timeframe, apparently at a cost of only around $10K. The home was built with a mobile 3D printer which started by printing the walls and then was removed to allow manual workers to come in to finish the home. Read more here or watch a video here. | |
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The Case for a Custom Designed Home |
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![]() Would it surprise you if I told you an architect thinks you should build a custom designed home? Probably not. Sorry, Charles. :) In discussion with Charles (ok, virtual discussion, on Facebook) Charles Hendricks, an architect in Harrisonburg, raised the following perspective.... You will pay more per square foot for a custom home. However, if you design a home with only the square footage you need, right sized room, and limited hallways you reduce the premium. If you add energy-efficiency into the equation you further reduce the difference. If you add in maintenance of systems you further reduce the difference. I argue, as you might expect, the best value is custom design. So, yes, I admit -- I agree with Charles, and here's the basic concept.... House 1 - a 4000 SF home for $550K. Some rooms that you might not end up using much or using well. Some rooms that are too large. Some rooms that are too large. You paid $137.50 / square foot. House 2 - a 3400 SF home for $550K. Every room and space in the home is one that you need and will use well. No rooms are too small. No rooms are too large. You paid $161.76 / square foot. So, yes, with House #2, you are getting less "value" in the conventional sense of the price that you paid per square foot of home that you purchased. But many would quickly understand that House #2 might actually have much more value in that it would (nearly?) perfectly fit your life, lifestyle and needs. An interesting perspective Charles, thanks! | |
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The Tension Between Buying and Building |
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![]() Most buyers looking to spend over $400K (or certainly those looking over $500K) will also be considering building a new home. Typically, the tension between buying vs building is one of: 1. Goals 2. Money 3. Timing If you build, you can get the house you want, but you'll pay more for it and it will take a lot of time and attention. 1. Goals = Win 2. Money = Lose 3. Timing = Lose If you buy an existing home, you won't get exactly what you want, but you will pay less for the house and the process will not be a drain on your time. 1. Goals = Lose 2. Money = Win 3. Timing = Win Don't let my oversimplification of this issue fool you -- this is something that buyers can get stuck debating for months, or even years, often while looking at resale homes to try to convince themselves to buy instead building. If you are stuck in this quagmire, I'd be happy to meet with you to talk through some of the pros and cons and try to help you come to a decision you'll be pleased with in the short and long term. | |
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Considerations in a Modular Home Purchase |
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![]() image source 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 a remote facility and then delivered to their intended site of use." My experience in chatting with buyers over the past 14 years has been that there are mixed opinions on modular homes. For example, some would suggest that . . .
Overall, my experience indicates that modular homes sell at slightly lower prices as compared to stick built homes -- and some of that is solely as a result of some buyers being hesitant to purchase a modular home. | |
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New home sales are increasing, but is it happening fast enough? |
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![]() After six years of rather stagnant new home sales (41-54 per year) between 2010 and 2015, we are finally starting to see more new home sales in 2016. The graph above shows the number of new single family homes are sold through the MLS for each of the past 10 years. As you can see, we may get close to returning to 2009 sales levels depending on how many closings take place this December. Beyond being excited that these sales are increasing, I am also wondering if they are increasing "fast enough" relative to the inventory shortages we are experiencing. The pace of home sales is increasing, the inventory of homes available for sale is decreasing. One of the only ways for our market to meet this increasing demand for homes is for more home builders to start building spec homes again. I am hopeful we will see more (reasonably priced) spec homes being built in Harrisonburg and Rockingham County during 2017. You can find out more about the Harrisonburg and Rockingham County real estate market by visiting.... ![]() | |
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Local New Home Sales Hit 7 Year High in 2016 |
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![]() After six years in a row of 54 sales or less of new single family homes in the Harrisonburg/Rockingham MLS, we have seen 73 such sales in the first ten months of 2016. This is an indication that local builders are starting to have a bit more confidence in speculatively building homes in Harrisonburg and Rockingham County. Of note -- these numbers do not include the new homes that are built by home builders for individuals who own a lot or piece of land, and thus that never show up in the MLS as a home for sale. With increasing sales, and declining inventory, this seems like an ideal time for local builders to begin more speculative building to help meet local buyer demand. Find out more about the Harrisonburg and Rockingham County real estate market by visiting.... ![]() | |
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New Home Sales Increasing in Harrisonburg, Rockingham County |
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![]() New home builders experienced a steady decline in new home sales between 2006 and 2010 -- dropping 78% from a peak of 186 to 41 sales in a year. Even if we use a starting point of 2001 (before the housing boom) we still see a 70% drop between 2001 and 2010. The number of new home sales per year has not crept up much since that time -- staying between 38 and 54 new home sales per year. This year, however, seems to be QUITE different. We have now seen 65 new home sales in the first nine months of the year, exceeding the full year of sale seen for each of the past six years -- a welcome sign for new home builders! Find out more about the Harrisonburg and Rockingham County real estate market by visiting.... ![]() | |
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Are you considering a modular home? |
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![]() 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 a remote facility and then delivered to their intended site of use." My experience in chatting with buyers over the past 13 years has been that there are mixed opinions on modular homes. For example, some would suggest that . . .
Overall, my experience indicates that modular homes sell at slightly lower prices as compared to stick built homes -- and some of that is solely as a result of some buyers being hesitant to purchase a modular home. | |
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Construction is booming, and limited building lots remain at Heritage Estates |
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![]() view a larger image Two homes sold this Spring in Heritage Estates -- two homes are under construction (and under contract) and two more deals are being finalized now. All that to say, there are only a limited number of building lots remaining at Heritage Estates, an active adult community on the West side of Harrisonburg. Find out more about Heritage Estates by visiting HeritageEstates.us. | |
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Construction continuing at a steady pace at The Glen at Cross Keys |
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![]() view a larger image As shown above, construction is moving along steadily at The Glen at Cross Keys -- with 58 out of 78 homes now under roof. Most of the recent builds have been the Sycamore and Paired Sycamore model that feature an open first floor plan with a two story great room. Click on the image below to view a photo set from a recent Sycamore home at The Glen at Cross Keys. ![]() Click here to view available homes at The Glen at Cross Keys. | |
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County Board of Supervisors to discuss current and future development in Urban Development Area, southeast of Harrisonburg |
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![]() click here for a larger image There will be a workshop today at 11:30 AM to discuss the County's Urban Development Area, located southeast of the City. The size of this development area was tripled in September 2015. Current developments in the works or under review in this area include:
After the workshop (11:30 AM) the Board of Supervisors will hold their regular meeting at 3:00 PM today. From today's Daily News Record article....
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24 Townhouses (maybe, eventually?) coming to Vine Street |
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![]() Townhouses may be built on Vine Street (across from Longview Oaks and Beacon Hill) at some point in the future. This land was rezoned from agricultural to residential in 2010, and is owned by Virginia State Free Will Baptist Church. Cosner Construction (Broadway, VA) is considering building 24 - 28 townhouses on this site. Read more in the May 12, 2016 Daily News Record article, Planners OK Utilities For Development. | |
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More New Homes Selling, at Higher Prices |
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![]() As shown above, more new homes (54) sold in 2015 than in any year during the past five years. In fact, the 54 new home sales shown in the MLS in 2015 marked a 42% improvement over 2014. Furthermore, the median sales price has increased to $140/SF -- the highest level seen anytime in the previous six years! Of note -- the home sales shown above are only the new homes sold via the MLS. Plenty of other new homes have been built in recent years and sold directly by the builder (without ever being in the MLS) or were built via a contract build between land owner and home builder. Read more in my Harrisonburg Year End Real Estate Market Report.... ![]() | |
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Last call for a new townhouse at The Townes at Bluestone in 2015 |
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![]() If you were hoping to buy a new townhouse at The Townes at Bluestone in 2015, you only have one more opportunity to do so. These townhouses are selling fast, and there is only one remaining townhouse available that could be completed this year. There are plenty more in future sections of the community, but the next building will not be complete until Spring 2016 (+/-). Feel free to walk through the model home, online, in 3D here. | |
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What is a modular home? |
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![]() photo source 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 a remote facility and then delivered to their intended site of use." My experience in chatting with buyers over the past 12 years has been that there are mixed opinions on modular homes. For example, some would suggest that . . .
Overall, my experience indicates that modular homes sell at slightly lower prices as compared to stick built homes -- and some of that is solely as a result of some buyers being hesitant to purchase a modular home. Google indicates that several companies offer newly built modular homes in Harrisonburg. | |
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Walk Through This Home, 2550 Ramblewood Road |
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![]() Take a few minutes to walk through this spectacular home, a custom, site-specific design by Architect John Daly that is special to him because the land was parceled off of his childhood farm and neighbors several family members. ![]() The property is surrounded by mature trees, long views. Enjoy a fiber cement, stone and brick exterior, an open floor plan with solid Brazilian Cherry floors and a first floor master suite. The two story living room with a fireplace features views out to the deck and a wooded grove. The kitchen features a high end Dacor gas cooktop, double wall ovens, exotic granite countertops and a brick backsplash. Don't miss the second level multifunctional space that leads to a rooftop terrace, the private fire pit sitting area and extensive landscaping. Click here to walk through this home, on your computer, phone or tablet. Or, visit this home's property website. Or, view high resolution photos of this home by clicking the collage below.... ![]() | |
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Sales of new construction homes speeding up in 2015! |
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![]() General market recovery (in both pace and price of sales) may finally be resulting in a return of new construction single family home sales. As shown above, we may see a big jump in the number of new construction home sales in 2015 -- perhaps beating out the past five years! | |
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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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