Townhouses
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Last chance to customize a Liberty Square II townhouse! |
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 You have one more chance to customize a Liberty Square II townhouse --- as there is only one townhouse remaining in the development. The model home is shown above, and will be under contract later this week. Send me an email (scott@HarrisonburgHousingToday.com) if you're interested in buying a townhouse at Liberty Square II. Now is the time to act! | |
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HarrisonburgTownhouses.com updated with 2013-Q1 sales data |
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 Wondering about property values in your townhouse community? Or considering purchasing an investment property? Whatever the reason for your interest in townhouses in Harrisonburg, you will likely find the information you need at HarrisonburgTownhouses.com, including (for each townhouse community):
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Only (4) Liberty Square II townhomes remain.... |
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 Constructing is coming to close in some of the most recently built townhome communities in Harrisonburg, such as Liberty Square II. As indicated above, only four townhouses are left for sale, and they are all current under construction. View: Pricing | 3 BR floor plan | 2 BR floor plan Let me know if you are interested in purchasing a townhome at Liberty Square II. | |
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HarrisonburgTownhouses.com updated with 2012 sales data |
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 Wondering about property values in your townhouse community? Or considering purchasing an investment property? Whatever the reason for your interest in townhouses in Harrisonburg, you will likely find the information you need at HarrisonburgTownhouses.com, including (for each townhouse community):
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Townhouse sales pick up pace, prices still declining |
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 After a massive decline in townhouse sales (644 sales in 2005 down to only 168 sales in 2011) the pace of townhouse sales finally increased (+32%) in 2012. Despite more townhouse buyers being in the market in 2012, prices declined further (-6%) down to a median sales price of $134,995. A few notes as you ponder this data:
If you are looking to buy a townhouse, there is a great opportunity right now with room to negotiate on many prices. If you are looking to sell a townhouse, be realistic about pricing, market your property thoroughly, and be willing to consider leasing your property instead if it comes down to that. | |
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Explore 22 Townhouse Communities in Harrisonburg, VA |
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Learn all about Harrisonburg's 22 townhouse communities on HarrisonburgTownhouses.com, now updated with 2012-Q3 sales trend data.  | |
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Harrisonburg townhouse market may finally be stabilizing! |
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 The townhouse market has been hit especially hard in recent years:
But it seems (see the graph above) that the market may finally be starting to stabilize.
You'll find lots more market analysis and commentary in my monthly real estate market report (PDF). Explore Harrisonburg townhouse communities online at HarrisonburgTownhouses.com. | |
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Researching townhouses in Harrisonburg? Visit HarrisonburgTownhouses.com |
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I have just updated the market data and other information on HarrisonburgTownhouses.com --- your all encompassing resource for finding out about townhouses in the Harrisonburg area.  For each townhouse community, you will find....
If you are considering buying or selling a property in any of these townhouse communities, please contact me (Scott Rogers) at 540-578-0102 or scott@HarrisonburgHousingToday.com, as I would be delighted to have the opportunity to work with you in your purchase or sale. | |
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To rent, or to buy a Harrisonburg townhouse |
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 In meeting with a potential buyer of a City townhouse yesterday, we found ourselves comparing the opportunities in buying versus renting. RENT = $900/m. There are regularly options for renting a two-story townhouse in Harrisonburg for $875-$950 in Avalon Woods, Beacon Hill, Stonewall Heights, Liberty Square, etc. BUY = $817/m. With an FHA loan, buying such a townhouse apparently may cost as little as $777 per month assuming a $130K purchase price, 3.25% interest rate, 3.5% down payment.  This shows an $83/month cost savings of buying instead of renting. If we then look at the difference between renting and buying over a five year time period, the advantages start to pile up.  You'll also want to keep closing costs in mind (for buying) but as you can see, there are some compelling reasons to consider buying a townhouse if you are in the market to rent one but know that you'll be in the area for the next five years. The mortgage details were generated using Wells Fargo's online mortgage estimate tool and this is the scenario I was considering. | |
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Leasing instead of selling your townhouse |
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Plenty of townhouse buyers from the past five years would now like to sell their townhouse and move up to a single family home. But it has been difficult to do so recently because of adjustments in townhouse values.  Thus, I have counseled many townhouse owners that if they really want to move up to a single family home, that they ought to seriously consider leasing their townhouse instead of selling it. This doesn't work for everyone (especially if you need to free up some equity in your townhouse) but it can be a great long-term decision. Read about how unwillingly keeping your townhouse might be your best (unintentional) financial move yet to see how the owner of such a townhouse could potentially experience $230,000 of gain over 30 years of owning the townhouse. If you can't sell, you should seriously consider leasing your townhouse, and I'd be happy to help you analyze the opportunity to see what would make the most sense for your situation. | |
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Finding a deal on a townhouse in Harrisonburg |
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There are some deals to be had on townhouses in Harrisonburg, based on:
Some of these are bank owned properties (post-foreclosure) and some are homeowners who are just ready to move on. I have had investors take advantage of some of these great opportunities, and I have had some first time buyers take advantage of them. Send me an e-mail (scott@HarrisonburgHousingToday.com) or call me (540-578-0102) if you are looking for a great deal on a townhouse and I'll fill you in on the details. Also, don't forget that you can find out a lot of information about townhouses communities in/around Harrisonburg by visiting HarrisonburgTownhouses.com. | |
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The Townes at Bluestone (HarrisonburgTownhouses.com) |
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Here is an example of the type of information you'll find on HarrisonburgTownhouses.com.  
 Nestled in the woods of the Bluestone Hills neighborhood, The Townes at Bluestone is convenient to everything. Within just a one-mile radius, you will find more than 40 restaurants, major department stores, a 14 screen movie theater and a state-of-the art fitness center. The Townes at Bluestone offers an array of amenities including single and double-car garages, nine-foot ceilings, crown molding, and extensive windows. This community is still under construction and is being developed by OakCrest Builders out of Winchester, VA.    Streets in The Townes at Bluestone include: Deyerle Avenue, Blue Stone Hills Drive, Lapis Lane, Sapphire Drive and Tanzanite Drive. Properties Currently For Sale...
Below you will find details of sales in this neighborhood during the past 24 months.
Governing Documents: Supplemental Declaration Of Covenants, The Townes At BluestoneThe Townes At Bluestone, Plat Plat Of Lot Lines, BlueStone Hills | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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HarrisonburgTownhouses.com, your comprehensive source for information on townhouse communities in and around Harrisonburg, Virginia |
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 Exciting news... today I launched HarrisonburgTownhouses.com, your comprehensive source for information on townhouse communities in and around Harrisonburg, Virginia, including, for each community….
Here are a few of the other web sites that I have created that might be of interest to you….
If you are considering buying or selling a property in Harrisonburg or Rockingham County, please contact me (Scott Rogers) at 540-578-0102 or scott@HarrisonburgHousingToday.com, as I would be delighted to have the opportunity to work with you in your purchase or sale. | |
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Attached vs. detached homes over the past 11 years |
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 Detached home = single family home Attached home = duplex, townhouse, condominium So, which property type has shown a stronger performance over the past 11 years in Harrisonburg and Rockingham County?
But despite all of this, I believe the detached home market will be a stronger performer over the next five years, because:
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With opportunities like these, we should start to see more townhouse sales soon! |
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 What a wild ride it has been for the townhouses market in Harrisonburg and Rockingham County. How about a brief history before looking at today's great opportunities.... Early 2000's: moderate sales (200/y) and low prices ($100K) In 2000 and 2001 there were around 200 townhouse sales per year, and the median sales price for townhouses was right around $100K. At the time, interest rates were around 7.5%, so a monthly payment on a 96.5% (FHA) loan would have been right around $745/month. Mid 2000's: escalating sales (650/y) and escalating prices ($170K) As real estate markets across the country heated up between 2003 and 2006, there were more townhouse buyers than ever in Harrisonburg and Rockingham County. The pace of sales peaked in 2005 with an amazing 644 townhouse sales, and prices peaked in 2008 with a median sales price of $167K. At the time, interest rates were around 6%, so a monthly payment on a 96.5% (FHA) loan would have been $1,085/month. Early 2010's: slow sales (150/y) and softer prices ($140K) Since the high of 644 townhouse sales in 2005, the pace has drastically dropped, down to only about 160 sales in 2011. This reduced demand for townhouses has brought prices down, and median prices are now at $143K. Interest rates are currently just under 4%, so a monthly payment on a 96.5% (FHA) loan would be right around $760/month. So, now on to some specific examples of the great opportunities in today's market:
As you can see, there are some great opportunities in the current townhouse market --- both for first time buyers, and for investors. Please let me know if you'd like some assistance in finding a property! I'd be excited to help you find a great opportunity. | |
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Printable map of townhouse communities in and around Harrisonburg, Virginia |
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Sometimes it can be helpful to see how all of the Harrisonburg townhouse communities are arranged relative to each other and relative to other points of interest such as JMU and EMU. Here's a map I created to show all (or most) of the townhouses in and around Harrisonburg. Click on the map for a large version (3MB) that prints well on 11" x 17" paper.  | |
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Do you own (and live in) a townhouse in the City of Harrisonburg? |
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Do you like playing Monopoly? If you bought a townhouse between 2000 and 2005 in the City of Harrisonburg (perhaps in Liberty Square, Beacon Hill, Avalon Woods or Harmony Heights) I would encourage you to check with a lender to see if you can buy a second townhouse. I have many clients who bought two-level townhomes between 2000 and 2005 and bought them for anywhere between $100K and $125K. As a result, their mortgage payments are somewhere in the neighborhood of $700/month including principal, interest, taxes, insurance, and homeowners association dues. ($115K purchase price, 100% financing at 4.5% over 30 years) That townhouse can very likely be rented in the current market for $850/month to $900/month. There continue to be isolated opportunities to buy re-sale townhouses in these same neighborhoods for around $125K to $140K. The new mortgage payment could thus be around $800/month including principal, interest, taxes, insurance, and homeowners association dues. ($135K purchase price, 96.5% financing at 4.75% over 30 years) Monthly cash flow now: Mortgage payment (etc) = -$700 Total cost = $700/month Monthly cash flow after acquiring a second townhouse: Mortgage payment (etc) on 1st townhouse = -$700 Rental income from 1st townhouse = +$850 Mortgage payment (etc) on 2nd townhouse = -$800 Total cost = $650/month You'll actually lower your monthly costs by $50 by acquiring a second townhouse. Furthermore your tenant will be paying off your first mortgage for you, and you will own approximately $270K of real estate instead of only $135K. So, what do you say? Are you ready to invest? | |
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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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