Our market is shifting, not bursting, not hissing, but shifting slightly. Many properties seem to be staying on the market for a couple, if not several, days instead of hours. For a good doomsday analysis, read this RealEstateJournal article. How to prepare for a downturn (hint: buy a house primarily as a place to live in and not as a stock!)
Browsing Category Regional
False advertising
Throughout the day on WINA, I hear commercials stating the splendors of Old Trail Village, with townhouse prices starting at $175,000 and single family homes from $300,000 up to one million. Ha. They might have been $175 before they hit the market, but certainly not now.
Outstanding news
The U.S. Department of Agriculture’s Rural Development office has awarded a roughly $19 million loan to International Broadband Electric Communications Inc., an outfit specializing in delivering broadband Internet over existing power lines.Customers of Central Virginia Electric Cooperative in 11 Virginia counties are expected to benefit, including those in Albemarle, Buckingham, Nelson, Fluvanna, Louisa and Orange.Fantastic. As broadband finds its way into the more remote and rural area of the region, real estate values in those areas will (I expect) increase – certainly not exponentially, but there will be more eligible buyers for these properties. This seems to be an excellent example of governmental agencies and private entities working together.From the DP.
Cooling.
When America’s housing boom finally ends, don’t expect a loud pop.”It’s not going to be a big dramatic event,” says William Apgar, senior scholar at Harvard University’s Joint Center for Housing Studies.From today’s WSJ.I wish I could do a poll like the snapshot I took from their site (see below) to gauge the Charlottesville area’s public perception. In this situation, I believe that perception is going to be as, if not more important than reality.
Expanding our horizons
If nothing else, hopefully this proposed road will broaden the typically myopic Charlottesville/Albemarle discussion of transportation. From today’s DP – Recently retired Del. Mitchell Van Yahres and two other prominent Charlottesville residents are promoting an environmentally friendly parkway to parallel U.S. 29 to the west.Ruckersville Parkway, a “very conceptual†idea according to proponent Gary Okerlund, would repurpose parts of Route 606, Earlysville Road and Hydraulic Road to become a 35- to 40-mph, two-lane alternative to hectic U.S. 29 in Albemarle and Greene counties….Step one (or even step 1a or 1b) really ought to be speaking to those who actually represent Greene. This could be a free road, and if it proposed by outsiders/neighboring legislators, the reaction will be negative.But one elected body has been left out of the process: the Greene County Board of Supervisors.
Grassroots and Charlottesville
Blogs seem to be the latest and most efficient means by which to effect change from a grassroots level. The number of people I have met recently who are either blog or read and are influenced by blogs increases almost on a daily basis. The next few months and years should be very interesting, particularly with regards to local, regional and statewide political races. Nice plug just now on WINA for cvillepodcasting, one of my favorite resources for catching up on local political meetings and the like.
Transportation/Infrastructure news
Transportation needs remains one of my most important issues, because (selfishly) I am directly affected every day and this is ultimately a quality of life issue for my clients, thereby once again directly affecting me and my business…. If he will be a man of honor and abide by his promises, he will be a rarity in the political profession.In the meantime, Kaine said he would consider spending surplus money and pursue public-private partnerships for new roads.Good man. He could also consider refunding said surplus money to the people.Discussion on the above issue.TJPDC’s Summer NewsletterThe Transportation Funding Options Working Group, comprising local business and civic leaders, was convened in November to prioritize outstanding transportation projects deemed necessary to keep traffic moving in the urban area and recommend ways to pay for them….A draft of the report lists nine projects as priorities for funding, including Hillsdale Drive Extended, the Meadowcreek Parkway, public transit improvements, the Southern Parkway and the Eastern Connector. Altogether these nine projects are about $100 million short of the requisite revenues for realizing them.Also on this list are improvements at the 29N/Hydraulic/250 area and a study for the Fontaine/Sunset area of the City/County.