Hampton Roads Housing/Real estate/and Economy

[varider]

http://hamptonroads.com/2009/06/alcoa-will...ant-add-25-jobs

Alcoa will invest up to $25 million to expand and modernize its Alcoa Howmet plant in Hampton, Gov. Timothy M. Kaine announced today.

That will add about 25 jobs to the plant, which now employs 1,050 workers, by September 2011, said Jean Moorman, a spokesman for Alcoa Power and Propulsion, an Alcoa division based outside Cleveland.

The plant makes casting molds for blades that are used in industrial gas turbines, Moorman said.

[Telmnstr]

Pilot leaves my replies to comments on their threads in moderation often for the entire day, then only allows them after the day has passed.

Silenced, by the man.

I am number one, two is not a winner and three nobody remembers.

[Telmnstr]

So with all the loan fraud and bank fraud with the housing bubble, some loan types now require that two appraisers are used. This is to help eliminate fraud.

Because of this, it's causing issues because the old tricks of having your appraiser hit your number doesn't work. This is great, because it will help the market adjust to where it should be and eliminate fraud.

But it's hurting sales to suckers. So the National Association of Realtors are freaking out, working to get these new checks and balances removed so that fraud can continue.

Gotta love it!

So how are the new $1700 apartments working out?

[Telmnstr]

From a post on city-data forum:

Forbes ranks Virginia Beach one of the worst cities for families:

http://www.forbes.com/2009/06/29/cities-fa...y_slide_12.html

(For me the slide jumped ahead so I had to go back to it).

This is what retarded home prices (driven by fraud and speculation) do!

[Telmnstr]

Because of all the fraud in housing, new rules were put into place where two real estate appraisers were required for transactions. The problem with this (to people trying to sell overpriced stuff) is it cuts out the fraud. And that's bad for business. So the National Association of Realtors is working to have these protections undone.

Check out this great article:

http://www.atimes.com/atimes/Global_Economy/KG02Dj01.html

Then here is a good one published in Rolling Stone, about Goldman Sachs:

http://www.scribd.com/doc/16763183/TaibbiGoldmanSachs

[varider]

Heard on wavy Northrup Grumman is starting construction on some new facility adding 500 jobs!

[MissySchmidt]

Heard on wavy Northrup Grumman is starting construction on some new facility adding 500 jobs!

July 22nd at 6pm

AREVA Newport News Groundbreaking. Governor Kaine will break ground on the new AREVA Newport News LLC facility. Governor Kaine announced the project in October 2008. The joint venture between AREVA and Northrop Grumman is a $363.4 million investment that will create 540 new production and engineering jobs to manufacture equipment and pressure vessels for the nuclear industry and to provide nuclear engineering services.

[varider]

http://hamptonroads.com/2009/07/home-sales...e-strongly-june

Hampton Roads existing home sales up 28.6%

[Telmnstr]

http://hamptonroads.com/2009/07/home-sales...e-strongly-june

Hampton Roads existing home sales up 28.6%

Others have taken my role on the comment box. Good point in regards to the homes being primary residence or being purchased for investment. One of our friends made the comment the other day, "Im thinking about buying more rental homes since stocks aren't doing much."

Also, who knows if the $8000 credit stuff is getting people to jump in. I noticed in other parts of Virginia realtors/homesellers were marketing the $8000 bonus as them giving you $8000 off. So silly. Stupid country, it deserves to fail :-(

It would be interesting if the construction groups / new home builders started to build again and undercut the used sellers.

[Telmnstr]

Ohh man, will it ever end?

From this CNN Money article, "What I bought with my $8000 tax credit."

FROM NEWPORT NEWS!!!

http://money.cnn.com/galleries/2009/real_e...mebuyers/6.html

Location: Newport News, Va.

Property: 3 bed, 2.5 bath townhouse

Price: $257,000

"I got a great deal on the mortgage. The interest rate is just 3.5% for the first year and costs about $1,500 a month, with taxes and insurance. The rate goes to 4.5% the second year and caps after that at 5.5%, about $1,900 monthly, which we should be able to swing as our earnings go up."

Dude, they couldn't come up with enough money to pay the closing costs, they had to use the gubbmint chedder. Then they are banking on the fact that their earnings will go up $400/month (plus whatever inflation) in a year?! $260,000 !?!? These are the people you will be competing with.

[varider]

Get this:

4 local companies made the top 500 fastest growing in the nation.ITA International is the 19th, SDV Solutions is the 27th, Bosh Global Services is the 122nd, and DOMA Technologies is the 472th., and 23 made top 5000. None of them are in Norfolk lol.

Hampton Roads had four companies in the top 500, including ITA, along with No. 27, SDV Solutions in Toano; No. 122, Bosh Global Services in Newport News; and No. 472, DOMA Technologies in Virginia Beach.

While they couldn

Edited September 5, 2009 by varider

[Telmnstr]

On the citizen side, Virginia Beach is way higher than Norfolk. Virginia Beach median incomes are way higher and what not.

Of course, gov't contractors only half count as employers. Yea I'll take a job if I'm hungry but working for a private company that produces a product that is sold is way more rewarding. I mean, it's socialist. Gov't is too inefficient and this and that so contractors are useful, meanwhile they take huge cuts of the money for all their overhead, etc.

Perhaps someday we can ALL work for the gov't!

(Yes I've worked for contractors. I was looking for an old email where I got fired and I called the people of the company (to my boss's boss) a bunch of cokeheads and stuff. Then I found out later they really were. In retrospect, you have the gov't civil service people here. My "boss" there was this black lady who couldn't perform the job she was highly paid to do, at all. It was pretty obvious that there was the BML, or Black Management Layer, due to affirmative action and what not. The other lady, her and her husband had added onto their house so that it would be CLOSER to the public road that was known to be widened, then when Chesapeake didn't give them the money offer they wanted for their fat house in Warrington Hall they started to cry discrimination. My friend and myself were by far the most highly skilled there at a young age, probably the lowest paid. The whole environment was crap.

I remember working on something with a coworker, in one of the office buildings. When the coworker left, the office workers thought we both left (I was still hanging in a cube). Solid hard floors that echoed. The minute the footsteps stopped down the stairs, all I heard were games. Like everyone in the office, with the sound cranked up, playing crap like Space Cadet Pinball and what not.

I dunno, I'm sure there are gov't people that work their tails off, but there is a lot of waste with it. I've worked for contractors that had too many seats for the needed job, because I guess they assume the people they get will be not up to par so it will take twice as many or something. So my job was to be bored. Then fill out a time sheet with something. I didn't like it, so I left.

I know the population is growing, but how far is gov't spending growing in relation? How far is gov't growing? Eventually it just gets too top heavy and tumbles.

I want to see innovative companies. I don't want to see companies with $400 million dollar gov't contracts. My "cokehead" employer scored a $1 billion + govt contract after I left. There has been a shakeup and people are gone so perhaps things have changed there. But a country where the prosperous companies all get their money from the gov't, and the prosperous or only people able to retire get their money from the gov't, isn't going to last very long.

Oh wait, look. Our country IS failing. They are faking an economic recession by pumping money into banks (run by people that should be in jail) which in turn are pumping the stock market.

[varider]

Hampton Roads economy faring better than most of the U.S.

http://hamptonroads.com/2009/09/hampton-ro...-better-most-us

[varider]

Region better than U.S for insurance, pay.

http://hamptonroads.com/2009/09/census-reg...s-insurance-pay

In the survey, the Census Bureau also reported that the median household income in Hampton Roads rose in 2008 even as the national figure declined. The region's median household income climbed 4.2 percent to $57,122 last year from $54,824 in 2007. Nationwide, the median household income fell 3.6 percent to $50,303 last year from $52,163 in 2007.

[varider]

Hampton Roads unemployment rate drops to 6.6% in the month of August.

A full three percent lower than the national average.

[Telmnstr]

Hampton Roads economy faring better than most of the U.S.

http://hamptonroads.com/2009/09/hampton-ro...-better-most-us

It's that Socialism that everyone is whining about.

[varider]

http://hamptonroads.com/2009/12/apartment-market-hampton-roads-improves-vacancy-falls

The apartment rental market improved in Hampton Roads during the past six months as rents rose and vacancies fell slightly, according to a report released this week.

[Telmnstr]

http://hamptonroads.com/2009/12/apartment-market-hampton-roads-improves-vacancy-falls

We'll see!

I know my building is emptying out more.

I also know a number of people fooled by the $8K housing credit thing.

Plus I supposed people that aren't the best at what they do get laid off and perhaps move here.

Also, are any ships in?

I don't trust the numbers, but not surprised if they are real either. There is still plenty of vacancies.

[varider]

http://hamptonroads.com/2010/01/perdue-pledges-support-green-business-park

ELIZABETH CITY, N.C.

Gov. Beverly Perdue promised state help Tuesday for an earth-friendly, 100-acre business park proposed for Camden County near the Chesapeake border.

Perdue met with Camden County commissioners for about an hour Tuesday afternoon at the new Arts in the Albemarle building in Elizabeth City. She was scheduled to speak later at the Elizabeth City Area Chamber of Commerce annual dinner.

“It makes great sense,” Perdue told the five commissioners and county manager Randell Woodruff. “Green is gold.”

Among the possibilities were state grants and incentives to attract an anchor industry and Perdue and Secretary of Commerce Keith Crisco would contact industries that might have interest.

“I’m not only pledging my support, but I will help you find your anchor tenant,” she said.

Rep. Bill Owens, D-Pasquotank, was also at the meeting.

About 2½ miles south of the state line, the Camden eco-park consists of 100 acres, including a 34-acre pond. Located about 30 minutes from the Norfolk ports, it would be the largest economic development project ever in Camden County and has potential to attract Hampton Roads industries.

Green Eco Institute Inc., founded specifically for the Camden industrial site, plans to lease 10 acres and build at least three buildings as incubators for new businesses in fields such as alternative energy and recycling.

Camden County got a $2 million grant last year from the Golden Leaf Foundation to run sewer lines to the park area. Because of that infrastructure, another private 134-acre eco-park is proposed for construction about a mile south of Chesapeake that could create 500 jobs

[mikeas]

A lot of people say Hampton Roads has no corporate presence. Well we were very close to having 4 Fortune 500 companies last year.

source:http://www.mutualfundsmag.us/magazines/fortune/fortune500/2009/states/VA.html

Smithfield Foods #183

Norfolk Southern #256

Dollar Tree #499

Amerigroup #509

Dollar Tree should be a solid Fortune 500 next year, they are reporting record sales. Not sure about Amerigroup.

[varider]

A lot of people say Hampton Roads has no corporate presence. Well we were very close to having 4 Fortune 500 companies last year.

source:http://www.mutualfundsmag.us/magazines/fortune/fortune500/2009/states/VA.html

Smithfield Foods #183

Norfolk Southern #256

Dollar Tree #499

Amerigroup #509

Dollar Tree should be a solid Fortune 500 next year, they are reporting record sales. Not sure about Amerigroup.

I'm not satisfied! hahaha.

[mikeas]

There is still a lot of room to grow obviously... But many people say Hampton Roads has no corporate jobs and no companies to sponsor professional sports teams. It isn't true...

There are also many other large companies with headquarters in the metro.

Stihl North American Headquarters - VA Beach

Blackhawk Tactical Products - Norfolk

APM North American Headquarters - Portsmouth

Dominion Enterprises - Norfolk

Landmark - Norfolk

Just to name a few.

[MissySchmidt]

There is still a lot of room to grow obviously... But many people say Hampton Roads has no corporate jobs and no companies to sponsor professional sports teams. It isn't true...

There are also many other large companies with headquarters in the metro.

Stihl North American Headquarters - VA Beach

Blackhawk Tactical Products - Norfolk

APM North American Headquarters - Portsmouth

Dominion Enterprises - Norfolk

Landmark - Norfolk

Just to name a few.

You left out the Fortune 1000:

AMERIGROUP Corporation (Virginia Beach)

Dollar Tree (Chesapeake)

Norfolk Southern (Norfolk)

Smithfield Foods (Smithfield)

and

Northrup Grumman (HQ is moving to NOVA from west coast, but single largest private employer in Hampton Roads)

[mikeas]

You left out the Fortune 1000:

AMERIGROUP Corporation (Virginia Beach)

Dollar Tree (Chesapeake)

Norfolk Southern (Norfolk)

Smithfield Foods (Smithfield)

and

Northrup Grumman (HQ is moving to NOVA from west coast, but single largest private employer in Hampton Roads)

Read up a couple posts higher...

Dollar Tree #499 and Amerigroup #509 could be solid Fortune 500's soon.

[Telmnstr]

They are corporations all right, but none of them are really hip. Doesn't feel like the future, feels like the past.

And NS doesn't have a huge presence here.