Ever wondered what it takes to be an entrepreneur? 

The professional and personal challenges, the high and lows, the failures and the success?

Startup Weekend is a global grassroots movement of active and empowered entrepreneurs who are learning the basics of founding startups and launching successful ventures.

Friday: Participants arrive between 5-7 PM, begin networking, and eat dinner. After an ice-breaking game and a short introduction by the Facilitator, there will typically be 1 short speech on practical topics ranging from Pitching Best Practices to Lean Startup Methodology and more. Then the "Pitchfire" will commence: anyone intending to pitch will have 60 seconds to give their best pitch. No presentations or props needed for Friday. It will just be you and a mic. After pitches are finished, all attendees will vote on their favorites, and using these votes the top ideas will be selected to be worked on over the weekend. Teams will form organically, consolidate, and begin working.

Saturday: Teams will work all day, with the occasional breaks to eat or listen to 1-2 short talks. Coaches will be circulating to provide concrete advice in the field of their expertise for those teams that want it.

Sunday: Teams will work uninterrupted from morning until mid-afternoon. They'll begin wrapping up their product/prototype and/or presentation around 3-4 PM to do tech-checks and practice their demonstration. After all Judges have arrived presentations will begin: each team typically has 5 minutes plus 2-3 minutes Q&A from the jury (this varies occasionally.) The jury will select the top teams, give out prizes (if applicable), and the event ends (and celebration begins!)

• Daily News Record article from Feb 18, 2013
• All data sets from Congressional Quarterly
  
• List of all rankings

• Median home values ($173,000) declined 1% over the past year (from $174,900).
   
  
• Average home values ($192,383) declined 1% over the past year (from $194,932).
  

Amidst higher sales, higher contracts, and slightly lower prices, inventory levels continue to decline....

It is also important to note that interest rates have started to increase (a bit) over the past several months....

As always, learn lots more by downloading the full February 2013 Harrisonburg & Rockingham County Real Estate Market Report.

And, if you have questions about the local housing market, or if I can be of assistance to you with real estate that you own, or that you'd like to own, please be in touch.  You can reach me most easily at 540-578-0102 or scott@HarrisonburgHousingToday.com.

• Home Sales Increased 9% between 2011 and 2012
• Home Values (median sales prices) increased 1% between 2011 and 2012

Download the January 2013 Harrisonburg & Rockingham County Real Estate Market Report to pore over the details, or read on for highlights....

• When do the buyers start buying? March? April?
• What Do Declining Inventory Levels Mean?
• Predictions for the 2013 Harrisonburg and Rockingham County Real Estate Market
  

"In another category with a long list of possible winners, Harrisonburg, Va. came out on top. Harrisonburg is the biking capital of the bike-happy Shenandoah Valley, a mecca for any two-wheeler. Whether you prefer to shred singletrack, assault asphalt, or just commute to the daily grind, Harrisonburg has it all. The city was named a bronze-level ride center by the International Mountain Bicycling Association (IMBA) and recognized as a top bicycle-friendly community by the League of American Bicyclists. That's a lot of bronze, but when you visit Harrisonburg, you see why: everyone is on a bike. Epic trails in George Washington National Forest, Massanutten out the back door, endless miles of country roads to explore, and a city full of sharrows make this a bike community everyone can love."

I started the master plan for Collicello North by orienting smaller homes (1,000-1,800 SF) to take full advantage of the sun. The roof lines were designed so that photo voltaic panels become a natural extension of the structure. The homes will be high-quality construction with close attention to architectural details, energy efficient and EarthCraft-certified. The tree-lined streets are designed as much for the pedestrian as for vehicle traffic. The patios and courtyards provide private outdoor spaces while the porches connect spatially to the large center common area with open space, grass, trees, a pavilion and community garden.

• 82 platted single family home lots
• 109 platted rowhouse lots
• 43.5 acres that have not yet been platted, but are planned to include:
• 28 single family home lots
• 202 rowhouse lots

Thus, if we ignore the fact that roads, water and sewer need to be installed on those 43.5 acres (outlined above in red), this was essentially the purchase of:

• 110 single family home lots
• 311 rowhouse lots

And here is a bit of context on the purchase price:

• $20,500,000 = the amount of the loans that were foreclosed on in 2011
• $4,530,000 = the appraised value at the time of the foreclosure
• $3,500,000 = Wells Fargo's opening bid at the foreclosure sale
• $2,000,000 = last week's sales price to Preston Lake's new developer

So, how much was paid for each lot?  Well, let's assume that a single family home lots is worth twice as much as a rowhouse lot --- and that a finished lot (with infrastructure) is worth twice as much as a planned lot.  If that were all the case, this new developer essentially paid:

• $9,950 per platted single family home lot (82 in total)
• $4,975 per platted rowhouse lot (109 in total)
• $4,975 per planned single family home lot (28 in total)
• $2,488 per planned rownhouse lot (202 in total)

If you refer back to the amount of debt that was foreclosed on ($20M) and compare that to the new purchase price ($2M) we can assume that the previous developer's lot basis was 10 times higher ($100K for single family home lots, etc).

It is with great pleasure that I am writing this letter on behalf of MLK Preston Lake, LLC, the new owner of the Preston Lake Residential property.  Being already invested in and committed to the success and vitality of the area through ownership of a portion of the adjacent commercial property, we look forward to reinvigorating the Preston Lake Residential development with this acquisition.  We are confident that the existing homeowners in the neighborhood, Rockingham County officials, and the entire surrounding community will be very pleased with the quality and expertise that we will bring to Preston Lake.

We are looking forward to meeting all of the current homeowners in the community, and working with you to unveil our plans for the balance of the project.  We have teamed up with an award winning home builder and architect from Virginia on this project, and we all look forward to presenting our vision of the future of Preston Lake at a homeowners meeting on January 8th.

Kenneth H. Michael, founder and Chairman of the Board of NAI Michael, created a Development Consulting Division to assist landowners and developers through the then increasingly complicated permit approval process. Over the years, as the approval process has become even more complex, time consuming, and technically demanding, NAI Michael's Development Consulting Division continues to stay abreast of the changes and requirements associated with the development process.

As the development consultant, NAI Michael has developed over 10,000 acres of land for various owners in the Washington DC Metropolitan Area. They developed or redevelop land in all zoning categories. NAI Michael has played the role of consultant in commercial and industrial projects in excess of eight million square feet of gross building area. In addition, their residential development activities have provided thousands of quality homes for families throughout our community. Their clients range from the small investment owner, to the most sophisticated, large corporate user. The finest testimony to their expertise is the high number of experienced builders and developers that rely heavily on the knowledge, experience, and advice of NAI Michael experts.

• Updates on Preston Lake Subdivision (Mar 2011)
   
  
• 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)

And, if you're excited about the reinvigoration of Preston Lake, you might want to buy my parents' house in Preston Lake....

• Gift Shopping? What does every House For Sale want this year?
  
• Harrisonburg Mobile Real Estate Search
• Harrisonburg to see 50% growth in next 30 years!?
• The Three-Legged Stool of Selling A Home
• Receive "Property Alerts" based on your Saved Searches

Actually, prices are up for the eighth consecutive month, as measured on a year-over-year basis.  An improvement for eight straight months is quite different than eight straight years.  (source)

Average days on market is actually lowest for homes priced under $200K, not for those priced between $200K and $300K.  (source - page 26)

Per my calculations, it's actually a 3.6% increase, not a 12% increase.  The Median Sales Price for Single Family Homes in SouthWest Rockingham County in 2011 was $205,000.  The Median Sales Price for Single Family Homes in SouthWest Rockingham County in 2012 (YTD) is $212,500.

• The median sales price of all properties in the City of Harrisonburg during 2011 was $164,413 (per the HRAR MLS).
  
• That figure declined to $159,500 based on sales thus far in 2012 (per the HRAR MLS).
  

• Single Family Homes - down 2%
• Townhouses - down 2.5%
• Condominiums - down 8%

This 1% decline in assessed values may or may not be accompanied by a change in Harrisonburg's property tax rate.  That rate increased from $0.59 (per $100) to $0.63 (per $100) effective July 1, 2012.  City Council will discuss the property tax rate when the City develops the 2013/2014 budget.

Click here to read today's full Daily News Record article on City assessments.

Dec. 2 from 1-5 p.m.

• The Mims House
  560 South Mason Street
• The Switzer Estate
  311 Paul Street
• Miller Home
  281 E. Grattan Street

• Urban Exchange
  East Market Street
• 91 Franklin Street Apartment

• Eugene Stoltzfus Architects and the Stratford Companies in the Houck Building
  61 South Main Street
• You Made It! in the Wine Brothers Building
  163 South Main Street