• As shown above, the lake has been drained and is being repaired, as there seemed to have been a leak that was preventing it from staying full.
   
  
• Not shown above, a new brick wall is being built along the edge of Preston Lake at Massanetta Springs Road, which will be accompanied by a revamped entrance.
   
  
• A new model home has been built that showcases what the new builder is offering.
   
  
• A variety of new models of homes are being advertised.... 
• The Cottage Collection (1847-2334 SF) starting in the mid $300K's
• The Vista Collection (2965-3226 SF) starting in the high $400K's
• The Estate Collection (3238-4056 SF) starting in the low $500K's
• The Charleston Townhome Collection (1763-1897 SF) starting in the high $200K's
  

Take a drive through Preston Lake sometime soon to see the changes that are under way, and if you have questions, feel free to email (scott@HarrisonburgHousingToday.com) or call me (540-578-0102).

Some Preston Lake reading material from the archives....

• Details of Sale of Preston Lake Subdivision (Dec 2012)
       
  
• Preston Lake Acquired By Neighboring Property Owner (Development Company from Maryland) (Dec 2012)
   
  
• Preston Lake Foreclosure Finalized: Land Transfers To Wells Fargo, Homeowners Association (Feb 2011)
   
  
• Preston Lake Foreclosure Auction Results In $3.5M Sale To Wells Fargo (Feb 2011)
   
  
• Preston Lake Headed To Foreclosure? (Jan 2011)
   
  
• Sales Updates at Preston Lake in Harrisonburg, VA (Jul 2010) 
  

• a photo tour
• the size and age of the neighborhood
• an overview of the floor plans available
• property owner association dues
• trend data showing the pace of sales and changes in market value (just updated for 2013-Q3)
  
• a neighborhood map
• properties currently for sale
• recent sales in the neighborhood
• restrictive covenants and a plat

The townhouse communities featured on HarrisonburgTownhouses.com include:

• Avalon Woods
• Beacon Hill Townes
• Blakely Park
• Country Club Court
• Emerald Drive Estates
• Harmony Heights
• Liberty Square I
• Liberty Square II
• Meadow Pointe
• Northfield Estates
• Parkcrest
• Preston Lake
• Reherd Acres
• Southside Heights
• Stonewall Heights
• Taylor Grove Townes
• Taylor Spring
• The Gables
• The Townes at Bluestone
• The Townes at Wellington Park
• Twin Gables
• Vista Terrace

• Spooky tunes by DJ Neals Barkley
• Face Painting by Larkin Arts
• MedExpress "Build-Your-Own First-Aid Kit" Station
• Balloon Animals
• Storytime with The Gus Bus
• You Made It! Clay Play Station
• Caricature Drawings
• Witches Brew by Hess Orthopaedics
• Paint on Canvas
• Cupcake Decorating by The Cupcake Company
• Themed Dances by the Shenandoah Contemporary Dance Theater ("Thriller" + "Crypt Pickers")
• Carnival Games by Explore More Discovery Museum

Find out more on the HDR Blog.

• February 2005:  N Main Properties purchase for $1.3M
   
  
• June 2007:  N Main Properties to Criticon for $3.8M
   
  
• January 2008:  Criticon to DBT-Data for $3.6M
   
  
• March 2010:  DBT-Data to Harris Corp for $41.6M
   
  
• Harris Corp invests another $22M in the facility  ($42M + $22M = $64M !?!!)
   
  
• Feb 2012: Harris shuts down data center
   
  
• Sept 2013:  Harris Corp to DBT-Data for $35M

A recent press release offers further insights on the facility....

• DBT-Data (the new owner of the Harrisonburg data center) now owns five data centers in Virginia.
   
• The Harrisonburg data center is the only data center in Maryland or Virginia with a Tier III certification from the Uptime Institute.  This ranking relates to the "security and risks of a data center's performance" --- there are four tiers (I, II, III, IV) with IV being the highest.
   
  
• The Harrisonburg data center (aka the "Cyber Integration Center") features 100% perimeter fencing, card readers and biometric access at all control points, 24/7 on site IT and security staff, high-efficiency evaporative chillers, air-side economizers for free cooling, and UPS.

It will be interesting to see if DBT-Data can now make good use of this data center, and bring in government and private sector clients for their data storage needs.

• Reports of Rapid Growth.... 
  An article in the Daily News Record on June 19, 2009 stated that enrollment was 17,964 in 2008 and would increase to 21,542 by 2013.  That would have been an increase of 3,578 students. 
   
  
• Student Housing Developers Respond....
  Per my calculations, student housing developers (and JMU) added beds for 3,792 additional students between 2008 and 2013, including a new JMU residence hall, and new housing at Charleston Townes, Sunchase, North 38, Campus View, 865 East, Copper Beach, Urban Exchange and Aspen Heights.
   
  
• Actual Growth Was Much Slower....
  The Total On-Campus Headcount (shown above) actually only increased from 17,964 to 19,409 between 2008 and 2013.  This is an actual increase of only 1,445 students.
  

• declining property values in some privately own student housing complexes
  
• the rebranding of some off campus housing complexes to try to gain traction in an oversupplied market
  
• the apparent auction of a major off campus student housing complex

And yet, at the same time....

• new housing complexes being planned (though not yet implemented) even further from campus
• one newer complex was sold at a tremendously high value with high occupancy rates
• the first student housing complex was planned and built in the County

Why did it all happen?

So, we apparently have a tremendous oversupply of student housing in Harrisonburg -- many wonder why it happened.  Read my theories here.

Looking forward....

Given this new data (at the top of this post) about increases in JMU enrollment (Total On-Campus Headcount) what can we say or know about the future?

• Further projected increases in student enrollment should slowly eat into the oversupply of student housing.
  
  
• Our local market DOES NOT need any further off campus student housing!?!

This is a lot of information -- if you have questions, feel free to email me at scott@HarrisonburgHousingToday.com.

11:00am-2:30pm:  Day-of Registration

11:00am-3:00pm:  Eat lunch, decorate your hula hoop, play games, watch demonstrations and practice the routine

3:00pm:  Large Group Practice

• Six Paired Homes have sold.
• The 7th and 8th Paired Home are under construction....and under contract.
• Only two paired homes remain!
• A new model home (detached) is under construction!
  

CNN has the answers, but here's the gist:

Fannie and Freddie will continue to operate. They aren't funded by the government; they make their money via fees.

However, FHA, VA, and USDA loan applications won't be processed.

The good news is that government shutdowns don't tend to last very long. There have been 17 of them since 1976 — the longest lasted 21 days; the median was just 3 days.

"Our study looks at six important factors for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. Virginia is the only state to rank in the top five in four areas—only missing on costs and growth prospects."

Auction.com presents the opportunity to acquire a non-performing loan secured by University Fields Apartments, a 288-unit / 1152-bed multifamily complex located in Harrisonburg, Virginia that caters to the student demand from James Madison University (enrollment of 19,000). Built in two phases, Phase I in 1989 and Phase II in 1997, and later renovated in 2004, the property consists of 22 three-story buildings situated on 23.55 acres. Amenities include an outdoor swimming pool, a fitness center, tennis court, a cyber cafe with WIFI, and a clubhouse. The units feature fully-equipped kitchens, a full size washer and dryer, walk-in closets, mini-blinds, high-speed internet access, vaulted ceilings, and both balconies and patios with storage. Centrally located in the historic and scenic Shenandoah Valley in west-central Virginia, Harrisonburg is served by Interstate 81 and is located approximately 110 miles north of Roanoke, 125 miles west of Richmond and 125 miles southwest of Washington, D.C.

• This complex includes 288 units in 22 buildings on 23.55 acres.
  
• The non-performing loan has a balance of $23,743,918.
• The complex is only 55.68% occupied.
• The Net Operating Income was $1,693,390 as of 12/31/2012.
  
• Bidding starts today at $8,000,000 and ends on Wednesday.

The Plan Our Park Committee recently hired a team of professionals to invite the public and city officials to provide input on the proposed park concept, produce park conceptual drawings, develop park operational recommendations, and conduct a feasibility study. The study area includes not only possible park footprint options, but the impact and interrelationship with surrounding projects and properties.  [ read more ]

• Homes Sales are UP (+22%)
• Home Prices are UP (+2%)
• Days On Market is DOWN (-16%)
• Contracts are UP (+17%)
• Inventory Levels are DOWN (-3%)
  

There is a LOT more the full report, so click here to download the full September 2013 Harrisonburg and Rockingham County Real Estate Market Report.