This is a story of quickly rising, and quickly falling real estate values.  In Harrisonburg.  Despite a relatively stable overall housing market.



Some parents of JMU students buy an investment property for their son or daughter to use a a residence while at JMU, and many of these parents have historically bought condos and townhomes at Hunters Ridge.

Let's take a look at sales trends for each over the past several years:



As you can see here, prices of Hunters Ridge condos and townhomes had steadily (sometimes rapidly) increased for many years before arriving  in 2009.  Last year, Hunters Ridge sales slowed down to a snails pace --- with only one condo sale in the entire year, and only 3 townhome sales. 

Good news --- townhomes and condos are starting to go under contract again.  Bad news --- it's because the prices have dropped very low!

At the moment there are 5 condos on the market at the $60,000 price point, which is well below any recent sales price.  There are also townhomes on the market for only $70,000. 

Some conclusions:

• If you're looking for a rental property, you might want to consider Hunters Ridge.
• It will take some time (years) for Hunters Ridge prices to increase anywhere near where they had been in recent past.
• Some owners that bought at Hunters Ridge in the last several years will likely have difficulty selling without taking a big loss.
  

Less maintenance than a townhome, all of the amenities of Liberty Square (and more), one-level living, private entrances . . . . enjoy all of this and more in these 1,300 to 1,800 square foot new condos in Harrisonburg starting at $139,900, built by Scripture Communities.


Click here for more construction photos.

Despite snowy weather, construction is moving along quickly at Founders Way.  Below is a rendering of the finished product.



The first building of (12) condos will be complete in May 2010 or June 2010, thus making first time buyers for an $8,000 tax credit.  PLUS....the builder is offering a free granite upgrade for reservations prior to March 31, 2010.  PLUS....the builder is offering $3,000 of closing cost assistance.

Find out more at FoundersWay.com, call (540-578-0102) or e-mail me, or stop by the Liberty Square model on Fridays, Saturdays, Sundays or Mondays between 1:30 p.m. and 4:30 p.m.

Click here for Founders Way updates via Facebook

Click on the photo above to view updated Urban Exchange construction photos, showing the dramatic progress that is taking place just one block from Court Square. 

Also, if you'd like to take a tour of Urban Exchange, please either stop by during our office hours, or also feel free to call or e-mail to make an appointment to meet on site:

Condo Sales
Scott Rogers
540-578-0102
scott@LiveUE.com

Apartment Leasing
540-421-9341
info@LiveUE.com

Are you interested in living in downtown Harrisonburg?

The framing is continuing at a rapid pace at Urban Exchange in downtown Harrisonburg, future home of 196 condos, and 12,000 s.f. of retail space.  View more construction photos on the Urban Exchange web site.

Have you driven by Market Street, Mason Street or Water Street lately?  Here's what you have been missing --- lots of demolition on the Urban Exchange site . . .



Urban Exchange will be comprised of retail space, and four floors of condos and apartments.



To see more photos, visit: http://www.ueharrisonburg.com/photos.