Hampton Roads Housing/Real estate/and Economy

[urbanvb 174]

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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!!

The Melville being sold out in Newport News tells me there will be a lot of impulsive development underway in NN soon. The Melville has as I quote from Portwarwick.com are the "most luxurious condominiums ever constructed in the Commonwealth of Virginia". Developers are taking notice. There is definitely a market for more luxury urban living.

That's great news! Now on to more construction I say.

[urbanvb 174]

Sounds interesting. Maybe I will try to make it out there. So all were $500k+. I thought some of the housing was going to be cheaper thus one of the reasons for building in that location.

[metalman 99]

All the houses we went in were 500k and up. I'm sorry, I didn't clarify. There were also a few townhouses that were open. They were very nice as well. In the development are also apartments, duplexes and triplexes (I'd guess you'd call them). If I'm not mistaken, financial help is available for the lower income homes. But, of course for Homarama they are going to show the best of the best.

[vdogg 1166]

There is no "booming condo craze" in Hampton Roads, yet. That description would more accurately describe the DC/Northern Va metro area, but not Norfolk. Its a rental market. I think it may come soon though. Probably within the next 5 years.

I wouldn't necessarily deduce that there is no craze because a few have a price tag of a $100,000. In fact, it looks like Norfolk is finally doing what Virginia Beach should be by addressing the affordable housing issue and providing developers with incentives, such as tax credits, to build homes for middle income and lower-middle income families. Shoot, at $100,000 I could afford one of those, and may indeed look into it. The demand is there but they are trying to find housing for every niche, not just the incredibly rich.

[vdogg 1166]

Condo Craze in HR has been merged with the real estate thread.

[JPN0731 12]

There is no "booming condo craze" in Hampton Roads, yet. That description would more accurately describe the DC/Northern Va metro area, but not Norfolk. Its a rental market. A condo for $100,000 tells me that there is no craze. I think it may come soon though. Probably within the next 5 years.

Uhm the fact that a developer can advertize that he is renovating tenament slums into $100,000K condos does prove that there is somewhat of a craze in our area. No this is not DC, but Park Place is our equivalent to Anacostia. Five years ago, these places were lucky to get $300 a month in rent. It's not an Ocean View either where they are redeveloping entire areas. This is a very run down and bleak section of Norfolk.

I saw my old $600 a month two bedroom apartment going as a condo for a cool $400K recently and it really was nothing to get that excited about. The wage levels here will not support much higher housing prices so the craze will have to end somewhere...

[urbanvb 174]

ODU's State of the Region Report

A torrent of defense spending in Hampton Roads continues to fuel the region’s economic expansion.

Those dollars, however, have yet to generate the sort of private-sector research that emerged from federal spending in other metropolitan areas, including Northern Virginia and Seattle, researchers at Old Dominion University said in the university’s State of the Region report for 2005.

The most visible evidence of defense-related research in Hampton Roads has been the modeling and simulation activity conducted in Suffolk for the U.S. Joint Forces Command. Defense contractors, academic institutions and others involved in this work generated more than 4,000 jobs in the region last year and contributed more than $400 million of economic activity, according to a report compiled earlier this year by the Hampton Roads Planning District Commission ; the Virginia Modeling, Analysis and Simulation Center; and the consulting firm ANGLE Technology.

But will these researchers develop commercial applications for their work? And will their jobs remain in Hampton Roads if defense spending on modeling and simulation falls off , ODU economists asked in the State of the Region report.

“If the answer is 'No’ and private-sector modeling and simulation efforts disappear, then our region will be back at the proverbial technology starting gate,” the authors concluded in a chapter of the report, which was released earlier this month.

Among major regions in Virginia, Hampton Roads ranked a distant second in the number of tech jobs with slightly more than 63,000, and it ranked third behind Northern Virginia and Richmond in the salaries and wages those jobs paid, according to Chmura Economics and Analytics.

The uncertain prospects for sustained growth in research and development in Hampton Roads are part of a bigger problem: the absence of a large, research-intensive university in the region, the ODU faculty members said in the chapter. The combined amount of research activity at area universities and the Eastern Virginia Medical School three years ago, they said, totaled just more than $100 million.

Pilot article

Edited October 24, 2005 by guynvb

[wrldcoupe4 1307]

In Nova, that major university is probably GMU (from bioweapons to economics and all things between). In Richmond, it's undoubtedly VCU (mega research in biotech and medical as well as many other things). Is ODU the most likely candidate for becoming a major research institution for HR?

also, is there any type of consortium among the HR universities? I know that GMU at least is part of a Washington Consortium where it exhanges ideas, research, courses, books etc.. etc.. with other universities like GW, Georgetown, American, etc. A consortium among schools like CNU NSU and ODU could perhaps help accelerate research in the region?

[urbanvb 174]

In Nova, that major university is probably GMU (from bioweapons to economics and all things between). In Richmond, it's undoubtedly VCU (mega research in biotech and medical as well as many other things). Is ODU the most likely candidate for becoming a major research institution for HR?

also, is there any type of consortium among the HR universities? I know that GMU at least is part of a Washington Consortium where it exhanges ideas, research, courses, books etc.. etc.. with other universities like GW, Georgetown, American, etc. A consortium among schools like CNU NSU and ODU could perhaps help accelerate research in the region?

I have wondered the same thing about the consortium. Anyone know about this? HR cannot cannot afford to sit idly while everything goes up to Nova.

[rusthebuss 1]

ODU is a big contributor to NASA. They have a huge robotics program that works with the space program. NSU is getting into biotechnology with the new rise center. They were just awarded a minority grant for starting a research program.

[vdogg 1166]

BRAC issue cools off housing market

[lil-bear 54]

Whatever the height, it's just good to know that a good looking building is replacing a parking lot!!

It's just to bad I can't afford to live in this development either!

[soloextreme 0]

even if you could, you would have a hard time getting in there now. must are already sold.

[lil-bear 54]

Yeah, I don't make enough to live on the west side of Downtown and make too much to live on the east side!

[Greekboy80 0]

Yeah, I don't make enough to live on the west side of Downtown and make too much to live on the east side!

I wish there was a middle, but i cant seem to find one.

So, i rent.

[rusthebuss 1]

I wish there was a middle, but i cant seem to find one.

So, i rent.

Northside is a alternative. That should be a middle ground for you

[Greekboy80 0]

Northside is a alternative. That should be a middle ground for you

Yeah, i have thought about that but i really love living in Ghent. Its a 5 minute/$5.00 cab ride DT and you really get that city feel down there. I'm just gonna wait till i can afford a condo or somthing DT.

[lil-bear 54]

I'll just wait until the housing bouble bursts! Then values will deflate.

[urbanvb 174]

I doubt we have a housing bubble here in HR. Most experts that have looked at our particular real estate situations agree. And actually the demand to live in our area is very strong which is a good thing.

[lil-bear 54]

I doubt we have a housing bubble here in HR. Most experts that have looked at our particular real estate situations agree. And actually the demand to live in our area is very strong which is a good thing.

I agree, but i'm still priced out of the market. I'll keep my house in Norview for now!

[Greekboy80 0]

I doubt we have a housing bubble here in HR. Most experts that have looked at our particular real estate situations agree. And actually the demand to live in our area is very strong which is a good thing.

I disagree. When houses are only worth 150,000-200,000, and being sold for 350,000-400,000, that means there is a bubble. Wait till intrest rates go back up, people are gonna start dropping out and foreclosing thier houses because they cant afford them anymore. Which lowers prices back to where they should be. This same thing happend in the 70's(from what I have been told).

Now, In certain areas there is "less of a" or no bubble. Such as DT norfolk/TC where there is always someone wanting to live in urban settings. Other than that, it has to come down sometime.

Like they say, "What goes up, must come down".

[urbanvb 174]

What we have going on here in HR as prices started to rise started in 2000-2001, is market driven. We live in a cul-de-sac sort of speak and there is only so much land left to build on. That is mostly the reason Suffolk is booming and why prices are being driven up so high.

[hoobo 1]

I know vdogg is about to move this housing topic to another thread, but I'll put it here anyway.

Housing prices in HR are reaching prices found in Raleigh, Charlotte, and Richmond. Prior to this growth, home prices in HR were depressed compared to regional peers. Although average income is lower in HR than the 3 other metro areas, it was not low enough to warrant such low housing prices compared to those areas. HR only played catch-up.

As mortgage rates rise, some who bought using exotic loans will default. That will happen across the country but more so in regions where average home prices are a higher multiplier than average income. This is not yet the case in HR. The multiplier is around a 3.5-4 which is perfectly fine. Compare that to L.A. and New York where you're looking at a 7-8 multiplier. Places with little demand like Omaha have a 2 multiplier.

As for the bubble bursting, it is a myth. A bubble bursting will only occur if the economy tanks (for example, if Oceana packs up and leaves). At most there will be a small correction, the bubble deflating slightly so to speak. Home prices are not returning to 2000 levels or even 2003 levels.

Edited October 28, 2005 by hoobo

[rusthebuss 1]

Actually Richmond houses are cheaper over all than HRs.

[urbanvb 174]

Coastal locations tend to be more expensive as well.

Edited October 28, 2005 by guynvb