Welcome! This blog tracks the real estate market in the Central Shenandoah Valley, featuring market data and analysis, an exploration of common buying and selling questions, and candid commentary on all things real estate.
If you are interested in discussing any of the topics on this blog, or the details of your specific real estate situation, call or e-mail me!
In another interesting twist to our oversupplied student housing market, a 228-Unit Student Housing Property just off Port Republic Road may be auctioned off this week.
Here is an overview of the opportunity via Auction.com....
Auction.com presents the opportunity to acquire a non-performing loan secured by University Fields Apartments, a 288-unit / 1152-bed multifamily complex located in Harrisonburg, Virginia that caters to the student demand from James Madison University (enrollment of 19,000). Built in two phases, Phase I in 1989 and Phase II in 1997, and later renovated in 2004, the property consists of 22 three-story buildings situated on 23.55 acres. Amenities include an outdoor swimming pool, a fitness center, tennis court, a cyber cafe with WIFI, and a clubhouse. The units feature fully-equipped kitchens, a full size washer and dryer, walk-in closets, mini-blinds, high-speed internet access, vaulted ceilings, and both balconies and patios with storage. Centrally located in the historic and scenic Shenandoah Valley in west-central Virginia, Harrisonburg is served by Interstate 81 and is located approximately 110 miles north of Roanoke, 125 miles west of Richmond and 125 miles southwest of Washington, D.C.A few other interesting tidbits:
Over at HarrisonburgForeclosures.com, I post notices of upcoming Trustee Sales (foreclosure auctions). The graph below shows how many trustee sale notices we've seen over the past 7 months.
As you can see, there has been a general increase over the past seven months, though it certainly could be a seasonal cycle since I don't have 12 months of data yet.
Do remember that these numbers do not indicate how many properties are actually foreclosed on, but rather the number of properties for which a trustee sale is scheduled --- regardless of whether it ends up taking place.
I'm working to get my hands on data about how many sales actually go through. Stay tuned!
In some real estate markets, home owners are turning to a raffle to try to sell their home. (Thanks to Josh for the tip!)
For example, Angela Schaab in Grand Rapids, Michigan is attempting to sell her boardwalk condo by selling 2,500 $100 raffle tickets. As of today (9/27/2008) she has sold 235 tickets.
Or, read the story of several owners attempting raffles in the Wall Street Journal's Raffles: Real Estate's Latest Game of Chance.
So --- what do you think? If there were a house on the market in Harrisonburg, and you could buy a raffle ticket for $100 --- would you buy one?
Stone Spring Manor is a newly developed subdivision in the City of Harrisonburg featuring 19 building lots. Prior to July 2008, seven of these building lots had sold, several of them having homes built on them.
The lot sales included sales prices between $58,000 and $79,800.
The home sales included sales prices between $262,000 and $292,000.
Yesterday (7/16/08), the remaining 12 building lots were to be sold at auction. The auction generated a quite a bit of interest, with close to 30 or 35 people present. Much of the draw was likely a curiosity of the price at which these lots would sell.
So, how did it go down?
The plat above and the chart below show the order in which the six lots sold at auction, and their prices.
Lot Sale #1 Lot 14 $46,000
Lot Sale #2 Lot 15 $38,000
Lot Sale #3 Lot 16 $39,000
Lot Sale #4 Lot 3 $34,000
Lot Sale #5 Lot 11 $33,000
Lot Sale #6 Lot 9 $38,000
The remaining lots are for sale with asking prices between $46,500 and $64,400.
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