Hampton Roads Housing/Real estate/and Economy

[PeninsulaKiddo]

"I believe the new port will be heavily automated, so large numbers of new employees won't really be needed. India is the new Silicon Valley."

I'm sorry but that assumption is incorrect. The port expansions (Maersk in Portsmouth and other terminal improvements) are expected to create as many as 50,000 new jobs for the region (after 10 year buildout) which is a significant number of jobs, irregardless of the pay-scale.

I don't see the military as business-warily (is that a word?) as some... The military, particularly its civilian workers, get paid a good amount---well above the regional average. I think, as do many business publications, that HR is a very attractive area to big-businesses. I think it's a matter of time, and given the scarcely post-recession economy it would be unlikely to see a MAJOR relocation for some time... but it will happen.

As far as the housing bubble. It's already burst in many locales across the nation, but HR is going strong, so idk. We'll see what happens, but until it actually does burst, I guess it's up in the air.

[rusthebuss]

Ah. I was going to ask if you worked for Trader Publishing or Trader Online (I believe the 2nd is half owned by Cox, while the first is Landmark). But then I looked at your profile and it says your a Verizon fiber tech. If you don't mind me asking, are you mainly transport or working the FIOS deployment out of the Great Neck CO?

(Telcom nerd, have a small company but we use Cox Fibernet. I dream of occupying a floor in the Bute Street AT&T CO, even though it will never happen).

That is the worst part of the Granby towers, it's going to obstruct the view of the one. I guess it's a good thing AT&T got rid of the microwave horns on top of the building.

Anywho, wish that bandwidth in HR was lower cost on the business tip. I've talked Cox down a good bit but it's still thousands a month for anything approaching real connectivity. Telcove could put some pressure, then all the wireless providers but I have no faith in wireless and prefer to have less between me and the 'net.

<{POST_SNAPBACK}>

I'm support in Hampton for the network for 5 states and others if needed.

[wrldcoupe4]

I think it's a matter of time, and given the scarcely post-recession economy it would be unlikely to see a MAJOR relocation for some time... but it will happen.

<{POST_SNAPBACK}>

There have been major relocations of headquarters to other cities though...I'd name one that city that has had 3 major ones in the past 2-3 years, but russ might pounce on me like a lion on prey lol j/k

About the port though.... it also creates a lot of auxilliary jobs which will be very beneficial as well.

Edited September 14, 2005 by wrldcoupe4

[rusthebuss]

There have been major relocations of headquarters to other cities though...I'd name one that city that has had  3 major ones in the past 2-3 years, but russ might pounce on me like a lion on prey lol j/k

About the port though.... it also creates a lot of auxilliary jobs  which will be very beneficial as well.

<{POST_SNAPBACK}>

just call me a panther! LOL

[wrldcoupe4]

haha I'll remember that next time!

[rusthebuss]

haha I'll remember that next time!

<{POST_SNAPBACK}>

It's all in good fun

[Telmnstr]

"I believe the new port will be heavily automated, so large numbers of new employees won't really be needed. India is the new Silicon Valley."

I'm sorry but that assumption is incorrect.  The port expansions (Maersk in Portsmouth and other terminal improvements) are expected to create as many as 50,000 new jobs for the region (after 10 year buildout) which is a significant number of jobs, irregardless of the pay-scale.

I don't see the military as business-warily (is that a word?) as some...  The military, particularly its civilian workers, get paid a good amount---well above the regional average.  I think, as do many business publications, that HR is a very attractive area to big-businesses.  I think it's a matter of time, and given the scarcely post-recession economy it would be unlikely to see a MAJOR relocation for some time... but it will happen.

As far as the housing bubble.  It's already burst in many locales across the nation, but HR is going strong, so idk.  We'll see what happens, but until it actually does burst, I guess it's up in the air.

<{POST_SNAPBACK}>

Hmmm not that I don't believe you, but I remembered reading about the Maersk terminal and remembered the job count. It is predicted to add 210 jobs:

http://www.virginiabusiness.com/magazine/y...r05/expan.shtml

There are auxilary jobs announced, and we could land lots of companies that handle shipping (Not unlike CGM/CMA or whatever they are called, and others).

The housing bubble hasn't hit, when it does the entire economy will most likely slow as consumer spending comes to a halt, and the personal savings rate goes above 0 again.

[rusthebuss]

Hmmm not that I don't believe you, but I remembered reading about the Maersk terminal and remembered the job count. It is predicted to add 210 jobs:

http://www.virginiabusiness.com/magazine/y...r05/expan.shtml

There are auxilary jobs announced, and we could land lots of companies that handle shipping (Not unlike CGM/CMA or whatever they are called, and others).

The housing bubble hasn't hit, when it does the entire economy will most likely slow as consumer spending comes to a halt, and the personal savings rate goes above 0 again.

<{POST_SNAPBACK}>

I think he is talking about the terminal that is going to be finished in 2018 on craney island not the one they are working on right now.

[Former Resident of HR]

I'm sorry but that assumption is incorrect.  The port expansions (Maersk in Portsmouth and other terminal improvements) are expected to create as many as 50,000 new jobs for the region (after 10 year buildout) which is a significant number of jobs, irregardless of the pay-scale.

I don't see the military as business-warily (is that a word?) as some...  The military, particularly its civilian workers, get paid a good amount---well above the regional average.  I think, as do many business publications, that HR is a very attractive area to big-businesses.  I think it's a matter of time, and given the scarcely post-recession economy it would be unlikely to see a MAJOR relocation for some time... but it will happen.

As far as the housing bubble.  It's already burst in many locales across the nation, but HR is going strong, so idk.  We'll see what happens, but until it actually does burst, I guess it's up in the air.

<{POST_SNAPBACK}>

50K jobs? Where is that figure from??? Oceana closing will lose 5K jobs but we'll gain 10 times that with a terminal expansion? I am really lost.

Housing market: overpriced. Rents are not high enough to cover mortgages that people are taking out and they won't get much higher much faster. Hampton roads housing is growing faster than the population. I have read how rental properties are doing well in this area but remove Oceana and that will change very quickly.

[vdogg]

50K jobs?  Where is that figure from???  Oceana closing will lose 5K jobs but we'll gain 10 times that with a terminal expansion?

<{POST_SNAPBACK}>

I think I remember hearing that somewhere but I think it's over the span of 20 or so years and they are counting the spinoff jobs, i.e. jobs from other businesses that would either spring up or be created in support of that terminal.

[hoobo]

I posted this on the Granby thread:

Although DC, LA, San Diego, and Boston have soaring home prices, this is driven by historically low mortage rates (which may be related to the Chinese saturating our bond market) and high-risk loans like interest-only ARMs. The door has been opened to a lot of workers in their 20's to buy. But their buying at their means, so if mortage rates go up, then many will forclose. Home prices in hot markets will correct by maybe 10-20%. Home prices in cold markets likely will not. HR probably will have a small correction if any since home prices are still reasonable relative to average household income. In HR the home price to household income ratio is around 3. In places like Indy it's below 3. In hot markets like DC and LA, it's above 6. Even a hot market like Phoenix is only around 3 and they have flippers there. HR isn't at risk for flipping because it isn't high growth or highly desirable. They tend to go destination markets like Vegas and Miami or high growth areas like DC and Phoenix. Rising HR prices are only playing catch up to current wages. Anyway, there are safeguards against flipping like developers requiring owners to keep the property at least a year and including a no-leasing clause.

So HR prices are reasonable. It isn't Vegas or San Diego. In fact, SD housing has finally hit stagnation (minimal price growth). LA is still hot. Rus is right in saying HR home prices are playing catch up. Richmond, Raleigh, and Charlotte have been higher than HR for a few years now. HR finally caught up. I don't really see a drop in prices but I also don't see the soaring prices continuing. They've reached where they should be and will probably move in line with Richmond, Raleigh, and Charlotte markets. At least until NC starts feeling the expected population boom and Oceana closes.

I'm confused how HR is ghetto. It's no different than DC/NoVa or Orange County except it has fewer McMansions and almost no gated communities (man, do I hate those things).

[Greekboy80]

I'm confused how HR is ghetto.  It's no different than DC/NoVa or Orange County except it has fewer McMansions and almost no gated communities (man, do I hate those things).

<{POST_SNAPBACK}>

I m wondering why were ghetto too...

[vdogg]

I'm confused how HR is ghetto.  It's no different than DC/NoVa or Orange County except it has fewer McMansions and almost no gated communities (man, do I hate those things).

<{POST_SNAPBACK}>

D.C. is like a second home to me cause I go there so much but I must say there are areas of that city that make my skin crawl. To call HR ghetto I don't know what you'd call D.C. We have our issues down here but compared to your average major city it's really not that bad.

[wrldcoupe4]

some parts of D.C. probably rival baghdad in making skin crawl... only thing missing is tracers shooting into the nights sky....

However, for the most part, NOVA is verrrry prosperous. I'll drive by a new development and the price of the homes/condos given the size of the homes/condos makes me wanna vomit. "Starting in the low 900's" for some 5 bedroom house?!........ come onnn........

[Telmnstr]

There is a website that is fairly popular among the youth called "Urbandictionary.com." It pretty much has user supplied definitions for words, and was setup to track slang words.

A friend wrote an interface that allows access to definitions from that site in a chat room (IRC) we all use.

I was playing around the other day, and found some funny ones:

> !dict Newport News

<bot> Newport News: 1 of the 7 urban cities of Virginia's Hampton Roads...Also known as Bad News for its high

+crime rate Located North of Norfolk

> !dict Virginia Beach

<bot> Virginia Beach: the Los Angeles of the east coast had a horrible gang problem in parts of the city

+back in the 80s and 90s but got better. East side of the city (the beach) has clubs, huge concert venues, bars,

+dozens of hotels, LOTS of prostitutes.. the place to be on weekends. West side of the city borders Norfolk and

+is controlled by black/mexican gangs and typically not where you want to be.

I don't know if you know this, but 50 Cent mentioned Newport News in a song. It wasn't pretty, very derogatory. And Jay-Z's song "HOVA" I've been told is about selling bad quality drugs to the people in our region, once again because they aren't smart.

Sure, Rudy more than makes up for it. I used to joke and call the region "Homicide Roads." But now that I have a RSS feed from one of the local news channels on a website I can't help but notice that it's nothing but hard crime.

There is a large poor populaiton in HR, and it's just going to grow as more poor people are generated. Generally you can ignore this issue by sticking to the upper class hoods, but eventually it will spill over. Waterside is causing alot of it to spill into downtown Norfolk.

All areas have their problems, I know. But yea, HR is ghetto above and beyond. People that visit from out of town point this out.

[hoobo]

Nice to know you use urbandictionary to educate yourself. According to that site, the OC is filmed in Newport Beach (it's actually filmed in Malibu and Manhattan Beach) and Glendale (which is full of Armenians) is the capital of Armenia. And when did VB get Mexican gangs? Oh, where are the large concert venues on the east side of town? This site is a joke and you're using to prove your point, c'mon.

Why don't you visit legit sites like FBI crime stats or the Census. You'll learn that VB is one the safest cities of its size; Norfolk and NN aren't that crime-ridden compared to DC, Tampa, Atlanta, Richmond, Detroit, Vegas, LA, etc.; and VB has a poverty rate of 6.5% while Portsmouth is at 16.2%.

BTW, local news stations throughout the country love crime. That's why exist.

Edited September 16, 2005 by hoobo

[Greekboy80]

I don't know if you know this, but 50 Cent mentioned Newport News in a song. It wasn't pretty, very derogatory. And Jay-Z's song "HOVA" I've been told is about selling bad quality drugs to the people in our region, once again because they aren't smart.

Sure, Rudy more than makes up for it. I used to joke and call the region "Homicide Roads." But now that I have a RSS feed from one of the local news channels on a website I can't help but notice that it's nothing but hard crime.

There is a large poor populaiton in HR, and it's just going to grow as more poor people are generated. Generally you can ignore this issue by sticking to the upper class hoods, but eventually it will spill over. Waterside is causing alot of it to spill into downtown Norfolk.

All areas have their problems, I know. But yea, HR is ghetto above and beyond. People that visit from out of town point this out.

<{POST_SNAPBACK}>

Just in case you wanted to know. What you are saying sounds like any other "big city" in america.

Wanna vist a "ghetto" city, try Baltimore. That place is a sh*t hole! i love to visit, but im glad i dont live there.

And, personally, I liked to be mentioned as the "East coasts L.A". I think its pretty cool. I'll take it!

[vdogg]

Well I was gonna respond but it appears you guys have this covered. Needless to say I, like most others here, do not consider urbandictionary a valid proof of thesis. I believe the gang problems cited are more than a bit overstated (though I will admit that Norfolk has had its share of homicides this year) I believe that proportionally you will find our crime rate (or ghettoness to keep with the urbandictionary motiff ) is no worse than any other major city.

[PeninsulaKiddo]

There are prostitutes at the Oceanfront? Lots of prostitutes? I must've missed them somewhere behind the family advertising mantra... oh wait.. that's called slutty teenage girls that aren't even that cute.

East Coast LA... Virginia Beach is constantly ranked among America's SAFEST large cities in magazines all over the board... so idk where "East Coast LA" comes from...

[urbanfan]

There are prostitutes at the Oceanfront?  Lots of prostitutes?  I must've missed them somewhere behind the family advertising mantra... oh wait.. that's called slutty teenage girls that aren't even that cute. 

East Coast LA... Virginia Beach is constantly ranked among America's SAFEST large cities in magazines all over the board... so idk where "East Coast LA" comes from... 

<{POST_SNAPBACK}>

Ocean View has a serious problem with prostetutes, not the ocean front. The city has begun cleanup of the area but still has problems. I know plenty of people I use to work with who friday nights they would get there pay checks and cruise ocean view for a good time.

[odumonarch]

Ocean View has a serious problem with prostetutes, not the ocean front.  The city has begun cleanup of the area but still has problems.  I know plenty of people I use to work with who friday nights they would get there pay checks and cruise ocean view for a good time.

<{POST_SNAPBACK}>

Yes, Ocean View used to have all kinds of problems, back in the 1980s. There was rundown housing and lots of prostitutes and drug dealers out there. The City of Norfolk is trying to clean that up with new homes, especially townhouses, condos and expensive single-family homes. But compare this area to LA? Oh please.

[Locos]

The city is cleaning up OV but where have the people gone, next door could it be!

[rusthebuss]

The city is cleaning up OV but where have the people gone, next door could it be! 

<{POST_SNAPBACK}>

P-town. Norfolk and Portsmouth bounce them back and forth and I think Vabeach is picking some of them up. Not to sound negative but Vabeach is starting to get some age on them and housing is starting to run down and they are going to pick up in crime in the next decade or so.

[vdogg]

Nice to know you use urbandictionary to educate yourself.  According to that site, the OC is filmed in Newport Beach (it's actually filmed in Malibu and Manhattan Beach) and Glendale (which is full of Armenians) is the capital of Armenia.  And when did VB get Mexican gangs?  Oh, where are the large concert venues on the east side of town?  This site is a joke and you're using to prove your point, c'mon.

Why don't you visit legit sites like FBI crime stats or the Census.  You'll learn that VB is one the safest cities of its size; Norfolk and NN aren't that crime-ridden compared to DC, Tampa, Atlanta, Richmond, Detroit, Vegas, LA, etc.; and VB has a poverty rate of 6.5% while Portsmouth is at 16.2%.

BTW, local news stations throughout the country love crime.  That's why exist.

<{POST_SNAPBACK}>

This post was from Telmnstr in response to Hoobo but sent by pm by mistake. I am moving it here:

Actually the local paper, The Virginian Pilot ran an article about the gang problem and how it's mostly hidden. There are (this was actually news to me) quite large problems with gangs in our region, including the machette weilding MS13 gang or whatever.

I say HR will never amount to more than the Military and tourism.

Build all the technology parks you want with 50 strand fiber terminated into every premesis, but we won't become another Northern Virginia.

[br0guy]

P-town. Norfolk and Portsmouth bounce them back and forth and I think Vabeach is picking some of them up. Not to sound negative but Vabeach is starting to get some age on them and housing is starting to run down and they are going to pick up in crime in the next decade or so.

Try Suffolk... its cheaper to live out there than VA Beach or Norfolk. Notice the homicide spike in Suffolk?