News
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In boom times, people buy homes to make money, in less exciting times, people buy homes because they need a place to live |
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 I'm listening now --- there are some great perspectives being shared on NPR. Click here for the story page, where I believe there will be an audio file later in the day, or tomorrow. | |
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Ramblewood Park in Harrisonburg gets a makeover to include softball fields, soccer fields, dog park, disc golf, skateboard park and biking trails! |
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 Have you driven by Ramblewood Park lately? It's gone! The City is in the early stages of re-vamping Ramblewood Park, which currently involves recapping the closed landfill cells within the property. Some pertinent details about the makeover of Ramblewood Park include:
The master plan for Ramblewood Park includes:
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Rockingham County to build 65 acre park East of Harrisonburg? |
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 Click on the image above for a larger version. Rockingham County may trade the remainder of Albert Long Park on Reservoir Street (downsized by the SouthEast Connector) for a much larger parcel on Route 33 East (shown above). If this deal goes through (which depends on a rezoning being approved) this would be a much larger park for Rockingham County! Click here to read the full details in the April 29, 2013 DNR article. | |
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White Wave expands Mount Crawford facility, bringing more jobs to our area |
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 White Waves Foods is expanding its Mount Crawford facility, with a recently announced $70M investment. This project will double White Wave's warehouse space, create three new product lines, and add 36 jobs. Products from the brands shown above (Silk, International Delight, Horizon Organic and Land O Lakes) are all manufactured in the Mount Crawford facility. Click here to learn more from the April 19, 2013 DNR article. | |
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April Home Sales Looking Strong |
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 The first few months of the year showed exciting signs for our local housing market:
But then there was March, which left some wondering what was going on:
Don't worry too much, yet, because April month-to-date sales are looking good:
Stay tuned, but our local housing market seems to be continuing to perform well during 2013! | |
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Sign Up NOW for the Valley 4th Run! |
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 Sign up NOW for the Valley 4th Run in downtown Harrisonburg. Last year over 400 people participated in the 1st Annual race and raised money for local charities. This year you too can participate, having a fun time with your family, friends and fellow community members, while supporting one of these great organizations:
Learn more about the race, the course, sign up to be a volunteer, or watch the promo video below....
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Downtown Harrisonburg featured in national publication, Main Street Now |
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 Downtown Harrisonburg has seen some major growth over the past eight years and there are exciting projects on the horizon. Perhaps that's why Downtown Harrisonburg was recently featured in the national publication pictured above, Main Street Now. In fact, the magazine actually features a lengthy case study highlighting the successes in downtown Harrisonburg, with quotes from Eddie Bumbaugh, Barry Kelley, Andrew Forward and John Sallah....  Click here to download the Jan/Feb 2013 issue of Main Street Now to read the full story about how Downtown Harrisonburg has been transformed in recent years. | |
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36% fewer homes for sale under $200K, 18% more sales! |
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 There are fewer and fewer homes for sale under $200K (shown above) but there are more and more buyers (see below).  These crossing trends (fewer sellers, more buyers) helps to balance the under-$200K segment of our local market, and since many of those sellers will move up to $200K-$300K sales, it can slowly, positively impact the remainder of our market as well. | |
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Is Redcoat Solutions the first spin-off company from SRI International's Shenandoah Valley research facility? |
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 Back when SRI International opened a research facility in Harrisonburg (Rockingham County) in 2009 the hope was that this research facility would be a catalyst for new companies being launched in Harrisonburg and Rockingham County based on the research, discovery and innovations at SRI Shenandoah Valley. After all, that is what happened in the Silicon Valley at SRI International's primary research facility. We may now be seeing the first spin-off company resulting from SRI International's presence in Harrisonburg. The full details are in an SRI press release, but in summary, researchers at SRI Shenandoah Valley developed a proprietary bed bug detection technology that is being licensed to a new Harrisonburg-based company called Redcoat Solutions, Inc. "Scientists at SRI developed a rapid, sensitive test that recognizes molecules specific to bed bugs. Redcoat intends to market the device under the brand name RAPID PURSUIT™. Based on preliminary testing, RAPID PURSUIT presents a number of advantages: unlike other detection devices, the test requires no sophisticated equipment and registers a response in minutes, and RAPID PURSUIT is designed to detect only bed bugs, avoiding confusion that could be caused by the presence of other pests."It certainly is exciting to see this first spin off company that will be based right here in Harrisonburg.... "Redcoat Solutions, Inc.'s Chief Executive Officer, John Hall, has drawn upon his knowledge of the bed bug detection and treatment industry in guiding the company toward the upcoming launch of RAPID PURSUIT. "We have assembled an excellent management team, and we have worked closely with SRI to develop a great product that will revolutionize bed bug detection in several industries," said Hall. "We look forward to taking RAPID PURSUIT to market very soon, and we already are at work on new products that we will introduce over the next several months. Redcoat has a great business opportunity, and one of the best things is that it will be based right here in the Shenandoah Valley.""Read more via SRI International's press release. | |
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Harrisonburg Home Sales Up 19% YTD, Median Prices Up 6% |
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I just published my monthly housing market report for Harrisonburg and Rockingham County (download here) and good news abounds in many/most segments of our local housing market.  (Beautiful Cover Property: 1920 Marigold Circle, Harrisonburg, VA)  As shown above, there are many positive trends in the local housing market....
 Even if March was a bit slower with home sales (+1.5%) the pace of contracts skyrocketed to 114 contracts during March 2013. This marks an astonishing 31% increase over last March, and is the highest pace of monthly contracts since April 2010 which was nearly the last opportunity for a buyer to take advantage of the home buyer tax credit.  As shown above, despite this being the spring selling season, inventory levels have dropped again --- with only 599 homes currently listed for sale. This marks a 15% decline in inventory level over the past 12 months. Here are a few other tidbits to entice you to download the full report....
Also, here are a few other articles of note from the past month....
As always, if you're interested in talking to me about buying a home in Harrisonburg or Rockingham County.....or if you are interested in selling your current home.....just drop me a line by email (scott@HarrisonburgHousingToday.com) or call me at 540-578-0102. | |
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Make plans to attend the SVBA Home & Garden Show this Saturday or Sunday |
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 Make plans to attend the Shenandoah Valley Builders Association Home & Garden show this Saturday or Sunday at the Rockingham County Fairgrounds.
In addition to a wide variety of home and garden companies that can talk to you about building, renovating or improving your home, this year you will also find....
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THE ICE HOUSE, an innovative mixed-use redevelopment project in Downtown Harrisonburg is officially underway |
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    Local developers, Barry Kelley and Andrew Forward, are at it again -- transforming a downtown structure into an inspiring new space. Some of Barry and Andrew's past projects include City Exchange, Urban Exchange and The Walton Hotel. VISION - Some of the ideas that have been discussed for The Ice House include:
 LOCATION - The Ice House will be a transformation of the former Cassco ice plant located at 217 S. Liberty Street. As you can see, it's not a very exciting sight right now....  ZONING - The City of Harrisonburg has approved a rezoning request for 217 S. Liberty Street and the adjacent building, 115 W. Bruce Street. HISTORICAL TAX CREDITS; GRANT - One of the only reasons that this project is able to move forward is because of the historical tax credits available for the project. INDUSTRIAL REVITALIZATION FUND GRANT - Harrisonburg received a $500,000 grant from the Virginia Department of Housing and Community Development's Industrial Revitalization Fund. This grant is effectively a low-cost loan that will be available for the development of The Ice House. COMMERCIAL TENANTS - Conversations are ongoing, but James Madison University has confirmed that they will occupy some of the space in The Ice House. One of the JMU offices that will relocate to The Ice House is communications, marketing and public affairs. Additional current plans for the commercial space include a restaurant, a mint operation and a yoga studio. SCOPE, TIMING - The transformation of this 80,000 square foot building is estimated to cost $10 million and the aim is to have it substantially complete by the end of 2014. STATUS - A detailed master plan is currently being developed to include 217 S. Liberty Street, 115 W. Bruce Street, as well as a 104-space parking lot on a parcel diagonally across West Bruce Street.  | |
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Rosetta Stone eliminates 48 positions in Harrisonburg, opens TX and CA tech centers, buys Livemocha for $8.5M |
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 Rosetta Stone, which was founded in Harrisonburg, VA and is now a publicly traded company, has been making some rapid moves over the past few weeks to transform themselves as a company.... March 12 - Rosetta Stone eliminates 48 jobs in Harrisonburg, VA Rosetta Stone Press Release, WHSV, Washington Business Journal, Washington Post March 12 - Rosetta Stone opens tech center in Austin, TX and San Francisco, CA Rosetta Stone Press Release, Austin Business Journal April 2 - Rosetta Stone Acquires Livemocha for $8.5M Rosetta Stone Press Release, Geekwire, Washington Business Journal The GOOD NEWS for Harrisonburg is that Rosetta Stone has been a significant part of our diverse local economy for many years, and likely will be for many years to come. The BAD / CHALLENGING NEWS for Harrisonburg is that as Rosetta Stone evolves as a company, it seems that they may have to find more and more of their talent in markets outside Harrisonburg, and even outside the DC metro area where their corporate headquarters are located. | |
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Major shift seen in local real estate market over past two years |
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 Comparing today to where we were two years ago in Harrisonburg and Rockingham County....
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I do not believe we will see any further (overall) price declines in Harrisonburg and Rockingham County |
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 As shown in the graph above, the median sales price for homes in Harrisonburg and Rockingham County has been stable (between $173K and $177K) for 23 months now. Each of these data points shows the median sales price for a 12 month period, so they are solid, long-term trends. Also shown above, our local market has seen a relatively steady increase in the pace of home sales for 20 months now. Each of these data points shows the total number of home sales during the most recent 12 month period, so again, these are solid long-term indicators. Bottom line? While individual homes, neighborhoods or price ranges might still see some price adjustments, I do not believe we will see any further (overall) price declines in Harrisonburg and Rockingham County. Read more in my most recent monthly housing market report. | |
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Local Home Sales Increase 43% in February 2013 |
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My most recent Harrisonburg & Rockingham County Real Estate Market Report has just been published (download it as a PDF here), and there is plenty of good news to be excited about....  As shown above, home sales increased dramatically in February 2013 to 66 sales for the month. This marks a 43% increase over February 2012, and is the highest month of February home sales in several years.  As shown above, there are plenty of positive indicators in this month's market report....
This surge in home sales is not over yet --- with a 16% increase in February contracts (shown above) we are likely to continue to see increase in home sales in the coming months. ALSO -- buyers are in the market NOW -- if you want to sell your house this spring or summer, we need to start talking soon.
There is lots more inside -- click here to download this 28 page market report as a PDF to learn everything you need to know about the overall Harrisonburg and Rockingham County real estate market. Even if you read every word of my market report, you may still have some questions about how your current home (or a home you'd like to purchase) fits into the overall market. Call (540-578-0102) or email me (scott@HarrisonburgHousingToday.com) if you'd like to chat about your real estate situation, needs, goals, hopes or dreams. One last thing....here are a few articles I have written over the past month that might be of interest:
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Downtown Harrisonburg Has Seen Significant Growth Over the Past Eight Years |
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 Downtown Harrisonburg has seen significant growth over the past eight years, and much of it has been a result of the enormous energy and contributions of Harrisonburg Downtown Renaissance. Read their Annual Report or visit their web site to learn more -- or make a donation to support further growth in downtown Harrisonburg. | |
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Funkhouser Real Estate Group Blog another great source of local real estate commentary |
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 You may be interested in subscribing to our brokerage's blog, which is another great source of local real estate commentary. Visit the blog here: http://funkhousergroup.com/blog/ Subscribe via RSS here: http://funkhousergroup.com/blog/feed/ | |
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93 Sellers Ratified Contracts in February 2013 |
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 An impressive 93 properties in Harrisonburg and Rockingham County went under contract during February 2013. That marks a 16% improvement over February 2012 when 80 properties went under contract. As shown above, many (72%) of these properties were priced under $200K, and most (89%) were priced under $300K. | |
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LOTS of ratified contracts in February 2013 |
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 There will probably be a few more contracts ratified before the end of the day today, but wow --- February 2013 was a crazy month for ratified contracts. Well more than last February --- and nearly comparable to some of the summer months this past year. Apparently we're not waiting on the Spring market this year --- things are off to a fast start! | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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