Hampton Roads Housing/Real estate/and Economy

[hoobo]

Mara Salvatrucha, or MS-13 as the gang is commonly known, is a Salvadorian gang not Mexican. The FBI estimates that there are over 20,000 members across the U.S. MS-13 is one of, if not the most violent gangs in America. HR is one of their latest stops having spread down the East Coast from NYC to DC to Richmond and finally to HR. Every metro area has problems with gangs and mob organizations. MS-13 appears to be a combination of both as gangs usually operate on the street through distribution while mob organizations are involved in trafficking (people, drugs, etc.) and RICO-type activites. MS-13, like any other crime organization, kills whoever stands in their way. They just have less patience and are messier.

Anyway, to claim HR is ghetto and dangerous because it has gangs is ridiculous. That would make NoVa ghetto, too, since MS-13 has operations there.

Edited September 22, 2005 by hoobo

[rusthebuss]

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

That is true!

[urbanvb]

Today there was a special news report in the Pilot on the housing boom in our area. The first of three parts appeared today and the others will follow tomorrow and Tuesday.

Some interesting tidbits from the article:

Regionally, the median sales price is at $223k, up 23% from last year.

Our area ranks 19th in the country in prices for single family homes.

Developers in Sandbridge sold 99 units in days ranging in price for $349k to $1.6million.

600 people were on a waiting list for 96 single family homes in northern suffolk.

Some folks are spending up to 50% of their income on housing instead of 30% which is considered affordable.

The going rate for housing in HR has averaged $9k more than the asking price.

Some areas in the nation are experiencing cooling but the HR market should remain fairly robust.

Local economists insist that chances of a significant downturn in the region's housing market are slim.

This article can be found here.

[lammius]

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........

Ugh, yeah I sympathize entirely. In the township next to where I work I saw new 4-5BRs starting at $1,200,000! (what a bargain, right?)

My lease expires next summer and I want to move so I'm beginning to look for co-ops and condos. I'm having difficulty finding STUDIOS for under 250-300k.

RE is ridiculous all over the country. I'm wondering if I ever will be able to own a residence on my own. I have friends who own co-ops and condos and they go in with 1 or 2 friends because it requires all of their incomes.

I met a code inspector from a town in NJ on Friday who talked about living conditions in some of the immigrant neighborhoods in his town. He talked about 2-family houses that have 3 bedrooms in each half, with one family of 4-5 people living in each bedroom. That's as many as 30 people living in a house, all struggling to pay the $1500 rent for each half. He said they have old worn mattresses (probably picked up off the street) stacked in the bedroom floors for people to sleep on. Some apts lacked utilities and even flooring. And STILL these people are paying exhorbitant rents!

This made national news but I don't know how big of a story it became outside the NYC area, but a Long Island slum lord was arrested a couple months ago. She had 60 migrant laborers, all male, living in her house, sleeping in shifts. They each paid $750 a month. It was ridiculous.

People all over the country are being priced out of home ownership. All metros, incl HR, need to get serious about establishing a stock of "affordable" or "workforce" housing. Does anyone know of any HR cities' plans for affordable/workforce housing? Is there state legislative pressure to produce any?

Anyway, long story short (too late), Real Estate sucks. I hate it! haha.

[Telmnstr]

People all over the country are being priced out of home ownership. All metros, incl HR, need to get serious about establishing a stock of "affordable" or "workforce" housing. Does anyone know of any HR cities' plans for affordable/workforce housing? Is there state legislative pressure to produce any?

Anyway, long story short (too late), Real Estate sucks. I hate it! haha.

You must be out in California! The problem with trying to force lower priced housing is that the land becomes so valuable in a hot market. Builders want to cash in as quickly as possible before the market goes south.

Something I notice is newspapers always say there is a lack of availible land. But then I've seen other people mention that builders always purchase land, and many of them own lots of it in the markets where there is a shortage of land.

In Hampton Roads I do believe the property along Centerville Turnpike (near Chesapeake/VaBeach line) is heavily owned by developers from years ago. As are other land parcels.

The thing that will force the prices down is the unavilibility of subprime loans. Right now people can get loans for anything to buy dumps. Many do it because they fear being priced out so they jump in, others want to profit so they jump in. What will happen is the tightening of lending, which will cut off new home purchases, which will push home builders to drop their prices below that of used houses for sale. This has happened in Vegas already, but not widespread.

[urbanvb]

There is an article in today's Pilot about the city of Franklin which is just west of Suffolk. It seems our suburban sprawl is starting to reach that city. The article is titled, Once Sleepy Franklin is waking up with a boom. Franklin is 60 miles west of Virginia Beach (see map below)

The city is pretty rural as it stands and a Remax agent in Suffolk says the city is where Suffolk was 3 years ago in terms of growth. The average home price in Franklin is only $145k compared now to $235k in Suffolk. Franklin has requests for 300 new townhomes from developers but its schools cannot accomodate much more growth and the city does not even have a professional planner. The city says it could scrape together maybe $4 million dollars but that is hardly enough to build a school. Monday night about 80 people packed the city council chambers for a hearing on the proposed new homes. One by one they pleaded for the city to hold off, at least for now, until a growth plan was in place. As a result the city will not approve any plans that request rezonings to increase housing density until the spring when the growth managment plans are completed.

[lammius]

You must be out in California!

New Jersey.

The Mt. Laurel Sup Ct decisions mandated that municipalities are responsible for providing their "fair share" of their region's affordable housing burden. Municipalities in NJ are either developing or purchasing credits for aff housing. Most new residential developments with 8 or more units require 20% affordable units (meaning people earning 80% of the area's median income can afford them). I'm not enough of a housing/RE expert to know whether this is working or how. I was just wondering if cities and towns in VA require affordable units in new developments, credits, transfer of development rights, or anything else.

[Former Resident of HR]

You must be out in California! The problem with trying to force lower priced housing is that the land becomes so valuable in a hot market. Builders want to cash in as quickly as possible before the market goes south.

Something I notice is newspapers always say there is a lack of availible land. But then I've seen other people mention that builders always purchase land, and many of them own lots of it in the markets where there is a shortage of land.

In Hampton Roads I do believe the property along Centerville Turnpike (near Chesapeake/VaBeach line) is heavily owned by developers from years ago. As are other land parcels.

The thing that will force the prices down is the unavilibility of subprime loans. Right now people can get loans for anything to buy dumps. Many do it because they fear being priced out so they jump in, others want to profit so they jump in. What will happen is the tightening of lending, which will cut off new home purchases, which will push home builders to drop their prices below that of used houses for sale. This has happened in Vegas already, but not widespread.

Yeah the newspaper was basically like a fan on the fire instead of reporting the actual facts. They talk about how scarce land is here and how people have to make the move all the way to NC just to get a house on 1/4 ACRE LOT! Boo hoo! Anyone who would rather have a huge yard and drive 100 miles RT to work rather than a smaller yard and pateince to wait until they can actually afford a bigger house deserves whatever commute they get. There are spaces here and there are lots of areas within the cities that are being redeveloped.

House prices have gone up here but the rent prices have not risen anywhere near as high from year to year. In that article they talk about some family struggling because the husband works at TGI Fridays and the wife drives him back and forth to work. And they are paying $1000 a month in rent! There are a lot of town houses in Green Run/Salem for $750-850 a month. The Pembroke Sqaure apartments are like $650. Yeah it's not paradise but if you are that stretched, you need to really think out where you can and can't afford to live. I'm not trying to blame the couple but they said something about the fact that the guy has had no license for years bc he was caught driving without insurance and never paid the bill? I sometimes wonder how they get these people for these local-yokel "how it affects me" stories.

Edited October 3, 2005 by JPN0731

[urbanvb]

I think this thread could more aptly be served being rebranded as Housing in Hampton Roads or something of that nature since it seems to have gone that way. Anyway, Homerama will be held this year in Norfolk in the Broad Creek area from October 3-23. More info can be found here.

Edited October 4, 2005 by guynvb

[rusthebuss]

I think this thread could more aptly be served being rebranded as Housing in Hampton Roads or something of that nature since it seems to have gone that way. Anyway, Homerama will be held this year in Norfolk in the Broad Creek area from October 3-23. More info can be found here.

I hate that project. It looks like a suburban crap. This is one project that I'm disappointed with the city on this one.

[wrldcoupe4]

I was just wondering if cities and towns in VA require affordable units in new developments, credits, transfer of development rights, or anything else.

I'm pretty sure Fairfax County does....

[vdogg]

I think this thread could more aptly be served being rebranded as Housing in Hampton Roads or something of that nature since it seems to have gone that way. here.

That's a good idea, but we already have a housing and real estate thread. I could always merge the 2 together if you wish?

[urbanvb]

That's a good idea, but we already have a housing and real estate thread. I could always merge the 2 together if you wish?

Either way is fine with me really. I wasn't sure if it mattered as I had posted some real estate issues/articles here already but not sure if they would fit better in the other thread.

[urbanvb]

The Pilot has an online chat you might want to check out on housing in Hampton Roads. Folks are already posting some interesting and engaging questions.

link

Edited October 5, 2005 by guynvb

[rusthebuss]

The Pilot has an online chat you might want to check out on housing in Hampton Roads. Folks are already posting some interesting and engaging questions.

link

Bad link, says there is a error.

[urbanvb]

It is fixed now, thanks Russ.

[rusthebuss]

It is fixed now, thanks Russ.

No problem

[vdogg]

The housing slowdown thread has been merged with the real estate thread.

[hoobo]

First, a research university attracts grad students, post docs, and researchers/profs. Attracting people to an area is step one. Yes, some will leave, but you increase the number that stay.

Second, it's not just gov't sponsored research but industry sponsored. Therefore, in some labs you get actual paid employees. This can translate into an R&D facility.

Third, if a breakthrough is made, the locality is first choice for expansion. No sense to move everything somewhere else when all the work done, equipment, and personnel are here.

Fourth, often times professors or researchers in engineering and bio/chem turn their work into an actual company. The university acts as an incubator.

Pulling in the research money draws in the minds and helps to keep them there. The military does research but it's to help the military not the public or private industry. University research on the otherhand is designed to help the public and private industry. Therefore, is more oppurtunity for business expansion with university research than military research. HR has plenty of brain power. Surveys list it as having one of the highest ratios of engineers per capita. Unfortunately, once they leave the military or defense contractor, then there's no where to really go. A university-driven private research community is the answer. This is why schools like ODU, UCI, and UVa build research parks.

[urbanvb]

Someone at work actually showed me last Sunday's paper regarding housing values in the city and it had a great pull out with charts and such. Now you can find the info on the Pilot's website. For instance, per the site, only two areas in VB showed a decline in market value since 2001. Also, you can see from the site the Hampton Roads area is listed as #19 in the nation for the hottest housing market.

link

[metalman]

Well, I'm in it neck deep! My fiance and I just signed the contract on a house in Va. Beach this past monday!!! We should close on it mid-November. I am very excited to get in there and call it our own. But, I'm also disheartened by the fact that 1 1/2 years ago the house was worth probably 50K dollars less. But anyhow for todays market we found a great house on a good deal in a really good neighborhood and we still might have a few bucks left over at the end of the day We're getting married next summer.

BTW, we had told our real estate agent the both our birthdays are this week and what a good present this was to us. So, she gave us two tickets to the Homarama. We are going to go today (when I go to sleep and wake back up 'cause it's damn near 3:30AM) at about noon and try to get some style/organizational/color scheme/decoration ideas.

I'll post my opinions afterwards if anyone cares.

Later,

metalman

Edited October 15, 2005 by metalman

[urbanvb]

Well, I'm in it neck deep! My fiance and I just signed the contract on a house in Va. Beach this past monday!!! We should close on it mid-November. I am very excited to get in there and call it our own. But, I'm also disheartened by the fact that 1 1/2 years ago the house was worth probably 50K dollars less. But anyhow for todays market we found a great house on a good deal in a really good neighborhood and we still might have a few bucks left over at the end of the day We're getting married next summer.

BTW, we had told our real estate agent the both our birthdays are this week and what a good present this was to us. So, she gave us two tickets to the Homarama. We are going to go today (when I go to sleep and wake back up 'cause it's damn near 3:30AM) at about noon and try to get some style/organizational/color scheme/decoration ideas.

I'll post my opinions afterwards if anyone cares.

Later,

metalman

Congrats on the new house guy! Although it is a big investment home ownership is generally a positive move. It does seem housing prices keep going up and I know what you mean. I look at the real estate section in the newspaper every Saturday and it is amazing to see what properties are going for. Hope you and yours are happy in your new home.

I too was thinking about going to the Homearama but not sure at this time. If I do I will try to get some pics as well. My sister, before building her new home, got lots of ideas from Homearamas and she actually incorporated some of them while building her home. Let us know what you think of this year's venue.

[metalman]

So I went to Homarama at Broad Creek today with my fiance. We liked it a lot. To me the neighborhood was laid out like a transitions between suburan neighborhoods and urban living. Mean that there was grass, yes. But, mostly used just as a nice boarder between houses. There's not much to let your kids play in. But the greenery that did 'boarder' the houses were well landscaped, some had water features, one even had a putting green on the side yard!

Most of the houses, I'd say, were colonial 2 stories, some planation style, and a couple I'd call modern. They were all in the $500,000 + range. The footage in all but one house we went into were near 3000 sq. ft. or above. We saw what seemed to be 'in' as far as color, fabrics, materials-Light sagey greens, creams, some slate blue/gray. Small 1/2 baths has bold colors like blood red/black, green. Wallpaper seems to be back. Mini-blinds out, woven rattan or bamboo blinds in. Stone floors in kitchens and dining, exotic wood floors like bamboo in the halls/ gathering rooms. Valved ceilings above master beds with chandlers. FREAKING HUGE master bathrooms with a jetted tub/jacuzzi and stand up showers w/ sperated toilet, most had two sinks and the walk in closet joined to the master bath.

All in all the floorplans were very wide open, tons of natural light. Some had neat features like cameras at front door so you can see who is there from a monitor inside. One house had a thumb print ID access to front door instead of a key

Great time! We got good ideas for out new house that we haven't even moved into yet.

Here is a link to the Pilont Online page. It has a couple vids and pics of all the houses.

http://home.hamptonroads.com/calendar/deta...m?eventID=48501

Anyone else go?

Metalman

Edited October 16, 2005 by metalman

[juancapitalcitydc]

Developers look off the beaten path to meet local condo craze

By BATTINTO BATTS, The Virginian-Pilot

[juancapitalcitydc]

[

1. Port Warwick Melville building (recently competed)

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!!