Hampton Roads Housing/Real estate/and Economy

[urbanfan]

Well the real headache awaiting the municipalities is if and when the prices plateau or even drop slightly, many will have lowered their tax rates.  After the nightmare of the current tax rate, folks will be up in arms to stop another hike and the cities will be left in the lurch.

Rent prices probably aren't going to go up here too much as there are many projects that are in the works.  Many "condos" get leased out from the start. 

Even in red-hot markets like DC the rental prices are far better than the mortgage prices are.  The biggest problem with any market slow-down or even plateau is the fact that many of the new jobs that have been created in the past few years have to do with housing (from building to real estate).

<{POST_SNAPBACK}>

Real estate prices don't drop. For the most part, they only rise. There will be no going back from here. But even if they were to drop, they will never drop any where near the levels there were before. The city dropped the tax rate and is still raking in alot more then normal. The prices would have to drop significantly for it to affect the cities.

[urbanfan]

Exactly why I'm still renting.  It's cheaper than a mortgage at the moment.

It is rather scary when they announce that job growth is way below expectations, and half the growth that there is in the housing sector that everyone is waiting to burst any second now.  The economy always seems to have that about to fall apart at a moments notice thing going.

I did think it was curious about the city's lowering the tax rates though.  I mean, I understand the citizen uproar with those huge tax assessments, but like you said, they'll be stuck if things turn the other way.  You'd think they'd be better off keeping the extra revenue, paying off some debt, or repairing some schools, roads, something like that.

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Job growth will never be where they expect it. There assumptions are grossly exagerated. It is no fluke that Virginia, along with seven other states that I have heard of had to lay off unemployment workers and downsize unemployment offices. The only areas really struggling with jobs are manufacturing towns and some northern cities. Also, there numbers never include the small office startups. They look at big corporations to get there numbers. Small private businesses are never recorded, and considering that a majority of new jobs and businesses are in the small business sectors, the employment expectations will never reach there goals. If they included the small business sectors, than you would see that job expectations are through the roof.

[mercuex]

Condos in NN ...

Port Warwick Condos

1. Port Warwick Melville building (recently competed)

2. Port Warwick Turner building (under construction)

Mariner's Watch

Mariner's Watch is carefully designed to create a "tight" and "cohesive" neighborhood feeling by bringing residences closer together and creating a well-defined and beautiful pedestrian-environment between the fronts of the houses and the street to encourage pedestrian use, neighbor interaction and a strong sense of community. Mariner's Watch employs the latest in 'neo-traditional' residential design themes to create a community which will promote strolls to the beach and boat basin. The waterfront theme is extended into the heart of the development by a landscape design theme which emphasizes plants and trees which are indigenous to the edge waters of the Chesapeake Bay. The boat basin component is the result of the unique qualities of the site and proximity to an historic channel allowing access to the navigation channels of the Hampton Roads, James River, Chesapeake Bay and the Atlantic Ocean. For those modern-day mariners, Mariner's Watch will provide a residential neighborhood for the seafarer. At Mariner's Watch you can choose from large single-family homes which are located adjacent to the boat basin with excellent views of the beach, boat basin and bay, luxurious two bedroom condominiums with water views set around a pedestrian square, and attached homes within a short walk of the water.

Condominiums - Fully equipped fitness center, spa, conference room and all the amenities one would expect in a luxury condominium community. Lofted ceilings and broad panoramic windows in each residence allow for spectacular views of the beautifully landscaped gardens, beach, boat basin and the river.

Oyster Point City Center

The Point

City Center's Master Plan now anticipates 600 residential units. 480 units are well on their way. The Park Place Apartments will offer 365 units, The Point at City Center will offer 48 loft and traditional style condominiums, and an 18-story condominium tower adjacent to the Marriott Hotel will offer 72 units. The sales center is now open and interest list is currently forming. Contact Rose & Womble agents, Barbara Knauth or Jessica Nagel at 757-595-2367.

The Meridian

City Center's residential district is headed for new heights. A joint venture between Newport News Town Center, LLC / HL Development Services Group and Armada Hoffler is advancing plans for an 18 story high-rise that will offer 72 luxury condominiums, built adjacent to the Marriott Hotel and Conference Center. An interest list on this project is now forming. For information on these upscale dwellings and condominiums at the Point at City Center, please visit the Rose & Womble Sales Center (757) 595-2367.

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There's actually some more that I can't find information on ... A development in Denbigh known as the Villages at Stony Run and a future development for Endview to be the nucleus of a wider "Lee Hall Village". Stay tuned!!

[urbanvb]

These are really amazing projects. Both the peninsula and the southside are just booming with quality new urbanist type developments! And who knows when this will end? As land dries up developers will begin to eye property for demolition and redevelopment (as they already have to a degree).

[mercuex]

These are really amazing projects. Both the peninsula and the southside are just booming with quality new urbanist type developments! And who knows when this will end? As land dries up developers will begin to eye property for demolition and redevelopment (as they already have to a degree).

<{POST_SNAPBACK}>

I know! Frankly I'd love to see Hampton Roads in 10 yrs ... like with a crystal ball or something. Only thing that I can see ruining it all is this transportation mess!! Hopefully by then we'll have some kind of viable transit system. Light rail is being planned for both NN and Norfolk so let's hope the fed money comes through!!

[rusthebuss]

I know! Frankly I'd love to see Hampton Roads in 10 yrs ... like with a crystal ball or something. Only thing that I can see ruining it all is this transportation mess!! Hopefully by then we'll have some kind of viable transit system. Light rail is being planned for both NN and Norfolk so let's hope the fed money comes through!!

<{POST_SNAPBACK}>

The only problem is that the two cities in a sense would be competing for the federal funds because of the two different plans. I know Norfolk and NNews would work together but there is one little problem and that is the river or bay.

[mercuex]

The only problem is that the two cities in a sense would be competing for the federal funds because of the two different plans. I know Norfolk and NNews would work together but there is one little problem and that is the river or bay.

<{POST_SNAPBACK}>

Yeah the whole third crossing angst is really making things complicated. On the other hand, if that were pulled through, it might make competing for Federal funding more feasible as on entity. Something needs to be done and, as any commuter in Hampton Roads well knows (whether you're stuck behind the eternal construction off the Mercury Blvd Exit or snoozing 4 miles behind the HRBT), transportation is potentially the thing that will cut us short.

Still, I think we have a terrific opportunity to build a world class transit infrastructure. At the end of the day, transportation could either be our boon or bust.

[mikefaceless]

Does anyone have any pictures of neighborhoods in the hampton roads area? They can be good neighborhoods or the other side of the tracks. I am curious and possibley moving out there and i would like to see what kind of housing i can find. Thanks!

[rusthebuss]

What are you looking for? Condos? Single family, city, suburbs

[hoobo]

Would it be impolite to ask for your price range? And whether or not you have a family?

Edited July 8, 2005 by hoobo

[okinawatyphoon]

In the Norfolk pictures thread I believe there are pictures of neighborhoods just outside of downtown such as Ghent, etc.

[vdogg]

So umm.... Anyone have any actual pictures to put in here

[johnhowell]

When I saw this thread I thought I was seeing double.

[vdogg]

When I saw this thread I thought I was seeing double.

<{POST_SNAPBACK}>

If i don't see pics in here by the time i get up tommorrow it's getting merged with the Norfolk pictures thread. I would love to help you with your search for a home in HR but site admin has some pretty strict rules with regards to searching for real estate on this site. May i suggest that those of you who have pertinent information to his question pm him with the appropriate details.

[mikefaceless]

actually to be more specific i would like to see pics of areas that still need to be "fixed" particularly in the norfolk area. i feel that requires a separate thread. i'm looking for the run down, the old, the grimey. i do plan on moving back to hampton roads one day but hopefully i wont be living in such a place. I would like to see the pictures to gain a full perspective of BOTH sides of hampton roads. I hope this makes sense. Thank you!

[rusthebuss]

On VaBeach Blvd. in Norfolk

On Corprew Ave. next to Norfolk State University

Not a good pic but its public housing on Brambleton Ave.

[rusthebuss]

Some Vabeach houses on Silina Dr. off of Rosemont.

Pick of one of my fish

[mikefaceless]

Some Vabeach houses on Silina Dr. off of Rosemont.

Pick of one of my fish

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haha nice fish! and its good to see a more REALISTIC type view of where ill probably be living since i am pretty broke at the moment and my move might be sudden and with low amounts of funds. That norfolk neighborhood looks pretty old. What neighborhood is that?

[rusthebuss]

Mike i wil get you some better pics for you.

[mikefaceless]

Mike i wil get you some better pics for you.

<{POST_SNAPBACK}>

i look forward to that =) thanks!

[rusthebuss]

i look forward to that =) thanks!

<{POST_SNAPBACK}>

no problem.

[mikefaceless]

no problem.

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i used to live in a neighborhood in norfolk called stoney point.. is that neighborhood still around?

[rusthebuss]

i used to live in a neighborhood in norfolk called stoney point.. is that neighborhood still around?

<{POST_SNAPBACK}>

What major street was it off of and I might be able to find out for you.

[Seven Cities]

i used to live in a neighborhood in norfolk called stoney point.. is that neighborhood still around?

<{POST_SNAPBACK}>

What major street was it off of and I might be able to find out for you.

<{POST_SNAPBACK}>

Stony Point is still around. I don't know if there is any new development going on in that area. Russ - Stoney Point is in Norfolk off of Newtown Road between I-264 and Va. Beach Blvd.

[rusthebuss]

Stony Point is still around.  I don't know if there is any new development going on in that area.  Russ - Stoney Point is in Norfolk off of Newtown Road between I-264 and Va. Beach Blvd.

<{POST_SNAPBACK}>

Yeah its by the trailer park right? They went to BTW too and I knew some guys from that area. By the Wendys and behind the Shoney's right. Got Townhomes too.