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:


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:


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.

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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....

• It resists flame spread, making it safer in the event of a fire.
• It is a very durable material that resists damage from impact.
• It not susceptible to rotting, or termites.
• The color is baked on, so you won't have to paint for 15 years!
  

Many home buyers in the Shenandoah Valley have not heard of HardiePlank siding, but as soon as they come to understand how it outperforms wood and vinyl products, they become very interested!

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.

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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:

• Urban Exchange
  
• The Glen at Cross Keys
• The Cottages at Stone Spring
• 1091 James Place (Sunset Heights)
• 1830 Manor Drive (Stone Spring Manor)
  

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My aforementioned clients have decided to proceed with building at Preston Lake, and they closed on their lot purchase this week.  We're aiming for completion by next May, and I and they are excited to see the building process get underway.

It's been a busy few weeks, making selections at Ferguson's and designing the kitchen with Shenandoah Millwork.  More details will be forthcoming as we move through the process. 

If you have questions about buying or building at Preston Lake, feel free to call me (540-578-0102) or e-mail me (scott@cbfunkhouser.com).

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Are you considering buying at Preston Lake?  Some of my clients are exploring the possibility of building a single family home at Preston Lake, and it's been an interesting process . . .



Access to the developer
We have been pleasantly surprised to have the opportunity to work directly with the developer, Richard Hine.  Rich is very invested in the Preston Lake project, is very knowledgeable about the building process, and has been immensely helpful as my clients have explored the possibility of building at Preston Lake.

A flexible design process
While Preston Lake offers a variety of standard floor plans (for rowhouses and single family homes), they are also willing to make almost any modifications you might desire.  We have now been through several different renditions of the floor plans for the "Cape Cod" style home, each time bringing the design a bit closer to what my clients' desires.

Organized communication
The building team at Preston Lake uses an online project management system to organize the design/build process, and to streamline communication.  Even only in these early stages of the process, the use of this tool has been extremely helpful.

Final Pricing, Building Process, Final Product
Still yet to discover --- will the pricing work for my clients, will the building process be as pleasant as the design process, and will the finished home be exactly what my clients envisioned.

Overall, the building process at Preston Lake (or the complemplation thereof) has been a relatively enjoyable and efficient process.  If you are considering buying at Preston Lake, and if you have any questions, please call (540-578-0102) or e-mail (scott@cbfunkhouser.com) me.  Otherwise, stay tuned, and I'll keep you informed on the continuation of this process.

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