Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Monday, February 18, 2019
I recently lamented that most new housing that is being built is student housing or rentals -- as opposed to homes that can be purchased by homeowners. And the "why" is because of the highest and best use for development land...
"So long as there are student housing, rental housing or mixed use developers willing to buy land at a high price/acre AND/OR as long as owners of development land are willing to hold out for that high price/acre -- then land is not likely to be sold to developers or builders at a price/acre that would allow them to build homes for buyers to buy."
Katherine took it one step further (thanks Katherine!) to draw home the "so what" of my observation...
"Students are a lucrative and seemingly inexhaustible market, but it's short-sighted not to give some thought to how we can keep more young alumni in the community after graduation. Attractive, affordable starter homes are a piece of this puzzle, as are businesses and services geared toward professionals rather than college students. (And good jobs are, too, of course.) Excessive catering to the student population will make Harrisonburg a town people "remember fondly," not one they call home for decades."
I agree wholeheartedly with this sentiment -- I want Harrisonburg to be a town that young alums can call home for decades. As Katherine points out, this is not just about housing - but housing is certainly a big part of it.
It is not immediately clear what this could / should mean for the City of Harrisonburg -- but I do think we could look back 10 years from now and lament the fact that there weren't enough new developments built to allow for young alums to settle into jobs, buy their first home, and start establishing this as their home for decades.
