New Construction
Newer Posts | Older Posts |
Many Of The Reasons Why Average Price Per Square Foot Can Vary From House To House |
|
As I pointed out earlier this week, the "average price per square foot" is not necessarily a helpful metric for comparing the value of homes... Jim Herr, a local builder, agreed that square foot pricing can be deceptive, and pointed out quite a few reasons why that could be so...
As Jim points out, there are countless differences in the components and construction quality of each home - rendering pricing by square foot nearly useless. Looking to price a new home -- but not based on the square footage? You can contact Jim Herr as follows... Jim Herr Herr & Co. Building Contractors 540-820-4149 | |
New Condos For Sale at Founders Way in Harrisonburg, Virginia |
|
New condos are now being offered for sale at Founders Way in Harrisonburg, Virginia. These brand new condos, just minutes from downtown Harrisonburg, offer low maintenance living at its best, in close proximity to dining, shopping, the JMU campus and more! Make your selections today for your cabinets, granite countertops, flooring, paint color and more! Condos at Founders Way feature an open floor plan a large primary bedroom suite and a second bedroom or office with walk in closet and attached bathroom, plus a covered porch! Enjoy high-speed internet access and cable service! Find out more about Founders Way by visiting FoundersWay.com.
| |
Welcome to The Townes at Congers Creek! |
|
Welcome to The Townes at Congers Creek! Construction is beginning on brand new, upscale townhouses with garages are located off of Boyers Road, just minutes from Sentara RMH Medical Center, in the Cub Run Elementary school district. These beautiful townhouses will feature a large living room with plenty of natural light, an eat-in kitchen with a large island, Shaker Style cabinetry, stainless steel appliances, and three bedrooms and two full bathrooms. Enjoy nine foot ceilings on the main level, a master suite with walk-in closet, a single car garage and an unfinished bonus room behind the garage, with a roughed in bathroom, that would be perfect for a home office. Here is the layout of the neighborhood... Find out more about these new townhouses by visiting CongersCreek.com. FYI - I am listing and marketing these townhouses, along with Suzanne Trow and Carey Keyes. | |
New Home Communities Boost Listing Inventory, Contract Activity, Closed Sales |
|
Inventory levels have been low and getting lower for the past few years - but several new home communities have launched during that time that have provide more options for buyers in our local market. Here are details of four communities that have started up in the past year... Island Ford Estates - view current listings Duplexes in McGaheysville off Island Ford Road currently priced between $327,900 and $329,900. 2 For Sale, 2 Under Contract, 0 Sold Crescent Ridge - view current listings Townhouses near the intersection of Taylor Spring Lane and Massanetta Springs Road currently priced between $244,900 and $249,900. 3 For Sale, 14 Under Contract, 7 Sold Eastwood - view current listings Townhouses on Boyers Road backing up to Sentara RMH Medical Center currently priced between $189,900 and $196,500. 0 For Sale, 19 Under Contract, 2 Sold South Peak - view current listings Duplexes in McGaheysville currently priced between $251,870 and $293,975. 3 For Sale, 11 Under Contract, 0 Sold | |
Last Chance To Build A New Home at Heritage Estates |
|
If you want to build a home at Heritage Estates -- an active adult community in Harrisonburg, Virginia with homes featuring French Country architecture -- this is basically your last chance to do so! There has been a flurry of buyer activity in the neighborhood and there is now only ONE remaining home site (Lot 18) on which you can build a home. The developer is also building a model home (rendering above) on Lot 30 (details in a PDF here) -- so that is an option as well, though it is framed in and under roof, so you don't have quite as much flexibility as to what you might build. Find our more about Heritage Estates here and email me if you have further interest or questions. | |
What Is Being Developed Where in the Rockingham County Urban Development Area as of October 2019 |
|
Rockingham County publishes this map each month with the status of developments within the Urban Development Area. Download a PDF of the Oct 2019 version here. Much, but maybe not all, of the stated developments are likely on your radar... Likely or Possibly Coming Soon at Stoneport:
Likely or Possibly Coming Soon on Boyers Road:
You'll find a few other odds and ends as well. Download a copy (here) and see what is under development or proposed to be developed. | |
New Duplexes Being Built in McGaheysville, VA |
|
Welcome to Island Ford Estates in McGaheysville, VA! The same builder who brought you The Glen at Cross Keys is now building a very similar floor plan just a few minutes further East in McGaheysville... The site is being prepared for these duplexes -- and wow -- what amazing mountain views! Island Ford Estates duplexes offer an open floor plan on the main level which includes a kitchen, dining area, living room, master bedroom, office or sitting room and laundry room. Enjoy spectacular mountain views and a cul-de-sac location in these thoughtfully designed homes. These homes feature 9 foot ceilings in many areas, light-filled living areas, luxury vinyl plan flooring, upscale cabinetry, granite countertops and many options and upgrades. Visit IslandFordEstates.com to find floor plans, a site plan, standard features, a vicinity map and more! | |
Buying vs Building A Home Over $400K |
|
Most buyers looking to spend over $400K (or certainly those looking over $500K) will also be considering building a new home. Typically, the tension between buying vs building is one of: 1. Goals 2. Money 3. Timing If you build, you can get the house you want, but you'll pay more for it and it will take a lot of time and attention. 1. Goals = Win 2. Money = Lose 3. Timing = Lose If you buy an existing home, you won't get exactly what you want, but you will pay less for the house and the process will not be a drain on your time. 1. Goals = Lose 2. Money = Win 3. Timing = Win Don't let my oversimplification of this issue fool you -- this is something that buyers can get stuck debating for months, or even years, often while looking at resale homes to try to convince themselves to buy instead building. If you are stuck in this quagmire, I'd be happy to meet with you to talk through some of the pros and cons and try to help you come to a decision you'll be pleased with in the short and long term. | |
Get Excited! Preston Lake Is Getting A Pool! |
|
Preston Lake, located just east of Harrisonburg offers single family homes, townhomes, duplexes, a community center -- and soon, a pool! The fate of the planned pool was uncertain, as a recent version of the proffers for the neighborhood only required the developer to build a pool if two-thirds of owners voted to indicate that they wanted the pool to be built. Here's the official word that was sent out earlier this week to Preston Lake homeowners...
So, it seems that a pool will be built at Preston Lake! Can't wait for a new home to be built at Preston Lake? Here are two homes available for sale in the neighborhood that are move-in ready... 3071 Vera Vista Path - learn more 3120 Preston Lake Boulevard - learn more | |
Understanding Price Per Square Foot When Talking With A Builder |
|
If you're thinking about hiring a builder to build you a new home, you may eventually be thinking about or talking about Price Per Square Foot. Let's try to create some context. Stick with me here... $111 = The average Price Per Square Foot for all properties sold in Harrisonburg and Rockingham County in 2018. But that includes condos, townhouses and duplexes - maybe those are throwing off our understanding of PPSF. $121 = The average Price Per Square Foot for all detached homes sold in Harrisonburg and Rockingham County in 2018. OK -- it didn't change much -- but perhaps the middle aged homes and really old homes are throwing us off as well. $149 = The average Price Per Square Foot for all detached homes less than 10 years old that were sold in Harrisonburg and Rockingham County in 2018. So -- new-ish homes sold in the MLS have been selling at an average of $149 per square foot. Though I should point out that the price per square foot does run all the way up to $218 in this same set of sales. A 2400 SF home at $149/sf (including the land) would cost $357,600. That's using the PPSF from the MLS for detached homes built in the past ten years. But your builder is likely quoting you a price per square foot for just the house -- and not the land. So if a builder says they can build for $125/SF... As a final (important) disclaimer here -- I'm not a builder. Talk with your builder about how they price the homes that they build for their clients. Carefully weight the pros and cons (financially and otherwise) of building vs. buying. In the end, you'll probably be able to get a house that is a better fit for you if you build -- but it might be at a slight premium over the price you might pay for a re-sale home. | |
Updated Urban Development Area Shows Current, Proposed Developments |
|
Take a close look at the updated Urban Development Area map for updates on current and proposed developments in Rockingham County's "Urban Development Area" just southeast of the City of Harrisonburg. Completed Projects:
Construction Underway:
Construction Pending:
Under Review:
Download a PDF of the map here. | |
67 Four Bedroom Townhouses on Lucy Drive Instead of 107 Apartments, Retail, and Office Space? |
|
The owner of two parcels on Lucy Drive applied for a rezoning in mid-2018 to allow for a mixed use development that was to include (4) three to four level buildings with retail and offices on the first level and apartments on the upper levels. The (107) proposed apartments were intended to be (57) four-bedroom apartments, (37) three-bedroom apartments, (10) two-bedroom apartments and (3) one-bedroom apartments. That proposal was denied by City Council after 90 people showed up in opposition to the project. Now, the owners/developers are back with a new proposal -- 67 four bedroom townhouses. Here's the full packet of information that will be considered by the Harrisonburg Planning Commission this evening, Wednesday, March 13 at 7:00 PM. This property is zoned R-3, which allows for townhouses to be built -- but the zoning ordinance requires that each townhouse lot have frontage on a public street, and the owner is applying for a variance to allow 32 of the planned 67 townhouses to not have frontage on a public street. Basically, if all townhouses need to have frontage on a public street, they could only build half as many townhouses. If the City allows them to have a private street for access to the townhouses they can build many more (67?) townhouses on the same amount of acreage. In the information packet linked above you'll note that City staff points out that there have been quite a few townhouse developments approved in the past 20 years with private streets -- but almost all of those variances that were granted were for subdivisions that were conforming to the Comprehensive Plan's Land Use Guide and planned densities - while this land is intended (per the Comprehensive Plan) for "limited commercial use". Bottom line - City staff is recommending that the request for the variance (and thus the preliminary subdivision plat) be denied. If the Planning Commission makes a decision as to a recommendation to City Council at the meeting this evening, this proposal will then go before City Council on April 9 -- without a public hearing, since it is a request for a variance, not a rezoning. Read the Daily News Record article (from yesterday) about this topic here. | |
49 More Detached Homes Coming To The Crossings |
|
The Crossings, a neighborhood of detached homes straddling the City/County line, will be expanding - from 35 homes to 84 homes - after a slight rezoning of the land by Rockingham County. The first phase of the neighborhood included 35 building lots, most of which have been built upon and the homes sold. The new phase will include 49 home sites, with 40 of them in the County and nine in the City. Here's the site plan for the new phase... Here is a somewhat recent aerial view of the area -- from about two years ago -- when many but not all of the homes had been built... Dick Blackwell with Blackwell Engineering works with the developer and indicated at the Board of Supervisors meeting that the houses will cost about $200,000. That does seem possible given recent sales at The Crossings, many of which have been close to $200K... Looking a bit further at the metrics, we find that the median sales price of homes at The Crossings in 2018 was $226K... After lots of news of new rentals, condos and townhouses, it's nice to hear that some modestly sized/priced detached homes will be built in the near future as well! | |
Rezoning Requested For 86 Condos on Boyers Road |
|
Randy Cosner (Cosner Investments, LLC) is requesting the rezoning of 5.9 acres of a 10 acre parcel on Boyers Road to allow for 86 condominiums to be built. The property is currently zoned A2, and the proposed zoning is Planned Multi-Family. This would allow for 86 condos with 1, 2 or 3 bedrooms, for a total of 186 bedrooms in four separate buildings surrounding common areas. The full rezoning request can be found here. Here's what the proposed site plan would look like... Per the rezoning application, the development would be called Locust Grove Village and would "provide a unique living opportunity for those inclined toward the beneficial aspects of community and socialization in a rural setting." Here is a rendering of what the buildings might look like... A few details from the developer's narrative include... "Specifically, Locust Grove Village will house no more than 86 individual condominiums containing a mixture of 1-, 2-, and 3-bedroom units. Units will be clustered into four buildings of 20-22 units apiece, with a majority of these units having a ‘townhouse' style and appearance. Building ‘corners' will be comprised of six condominium units served by a common entry and stairwell. Each pair of buildings will encircle a central green, with each townhouse-style condo having direct access through their own private courtyard. Half of the corner units will have balconies/courtyards that face the common green (interior), while the other half will face the exterior." "The central greens will be improved with tasteful landscaping (mixture of trees and shrubbery), paved walkways, a central gazebo, charcoal grills, and benches, intended to promote resident interaction and sense of community. If desired by residents, allowances will be made for community gardens, to be maintained by the residents themselves, and thereby promoting a sense of pride and ownership within the community. Pedestrian connectivity between the greens will be provided through walkways and a mid-block crosswalk through the parking area." "In sum, Locust Grove Village is intended to serve a growing desirability for attractive, communal living opportunities within a rural setting. Through emphasis of common areas and promotion of interaction between residents, Locust Grove Village will position itself as the premier condominium-based community within Rockingham County." The Rockingham County Planning Commission reviewed this rezoning request at their January 2019 meeting. Their main concerns, per the minutes, seemed to be:
The rezoning request was unanimously tabled at the Planning Commission meeting. We'll have to wait and see if the request will be reviewed and discussed again, but at this point these condos "might be" built -- because the rezoning has not yet been approved. | |
32 Townhouses To Be Built on Boyers Road |
|
Randy Cosner is planning to build 32 townhouses on 2.741 acres on Boyers Road as shown above. Below is the intended site layout, which includes common areas with a fenced tot lot playground and a picnic area with benches and a fire pit. The townhouses are to be built similar to the rendering below. Of note -- it is not clear whether these townhouses will be sold to individual buyers, sold to investors to then be rented, or retained by the builder to be rented. The townhouses pictured below are located on Leslie Court, located off of Vine Street, near its intersection with North Main Street. All 24 townhouses built on Leslie Court were purchased by investors (a total of perhaps four entities) and all 24 townhouses are now rented. If you have driven by this location (Boyers Road) anytime recently you will have seen that all of the trees have cleared to prepare for construction. | |
156 Apartments To Be Built on Reservoir Street |
|
Well, it looks like another 156 apartments will be built on Reservoir Street, just outside of the City limits in Rockingham County. The Board of Supervisors recently approved a rezoning of this 6.302 acres to essentially be a second phase of the Robinson Park apartments immediately adjacent to this new project. Per the Daily News Record the 156 apartment complex will be comprised of:
Apparently, the complex will also include a clubhouse and outdoor pool. Further review of the minutes from the January 23, 2019 meeting of the Board of Supervisors offers these insights...
So, there you have it. More apartments coming soon on Resevoir Street... which may or may not make Harrisonburg a place young alums can call home for decades... | |
Will Single Family Home Sales Ever Return to 2016 Peak? |
|
I actually asked the same question last year. Thus far, the answer is still -- NO -- detached homes might not (??) ever (??) return to their 2016 peak. Actually, I don't completely hold to that conclusion, but read on for a moment. After three years straight (2013, 2014, 2015) of seeing a *very *consistent number of detached homes in the City and County (813-819) there was a 20% increase in 2016 to 978 home sales! But then, in 2017 -- sales of detached homes fell 10% to 884 sales. This could have partially been an inventory issue -- with fewer and fewer homes available for buyers to purchase -- but I have recently concluded that home sales can remain stable even with declining inventory levels. So -- getting back to it -- will we return to that 2016 peak of 978 detached home sales? Or will we beat it and hit 1,000 detached home sales at some point soon? We did see a few years of those sales levels in 2004 (1024 sales) and 2005 (1025) but that was amidst the real estate BOOM. I'm going to say that YES we can expect to get back up to those 2016 levels -- and even beyond that -- but it might take another year or two AND we probably need some new detached homes to be built. If that is even possible. As always, let me know what you think! Are you more optimistic (or pessimistic) than I am about detached home sales? | |
What Would It Take For New Construction (For Sale) Housing To Be Built, At Scale, In or Around Harrisonburg |
|
As you may have heard -- the market is hot -- sales are stead, inventory levels are declining and homes are selling more and more quickly. Perhaps, just perhaps, we need some new homes to be built to add to the supply side of the equation? So -- after all that -- what would it take for us to see more new construction (for sale) housing in and around Harrisonburg? 1. More highly motivated sellers of development land. 2. Fewer student housing, rental housing and mixed use developers. You see, there are parcels of land for sale in and around Harrisonburg right now -- or parcels of land that could be purchased where a builder could build homes and buyers could buy those homes and everyone would live happily ever after. But -- most sellers of development land aren't overly motivated to sell quickly AND they are convinced that their land should be valued as if it is being sold to a student housing, rental housing or mixed use developer. And, 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. I think it is important that our local housing stock increase over the next five years with more options for buyers (especially first -- or second -- time buyers) to make Harrisonburg their home. But right now, we seem to be at a bit of a stalemate -- sellers of development land don't want to sell their land at prices that would allow a builder/developer to build homes for sale -- and builders/developers don't want to pay (can't pay) overly high prices/acre and still deliver a product to the market at a price that a buyer would be able to afford. | |
Will We See Modest Sized New Homes Built Anytime Soon? |
|
Between 2000 and 2012, three centrally located townhouse developments were built in Harrisonburg:
Some of these townhomes were purchased by investors. Some were purchased by folks who have since sold and left the area. Some were purchased by folks who have since sold and bought a new, larger home, in or near Harrisonburg But I believe a lot of the original (or second) owners of these 614 townhouses are now looking around Harrisonburg wondering where they will, where they can go next. I believe our market desperately needs mid sized detached homes to be built, as these many townhouse owners are now older, often have started a family, and are looking for more space -- but can't jump up to buying a $350K to $400K home. What might these mid sized detached homes look like? Perhaps....
Note: This was written a year go -- and republished today -- and sadly, I don't think much has changed or improved over the past year. | |
Is Overbuilding Occurring In Harrisonburg That Will Affect Buyers Of Investment Properties |
|
I am working with several real estate investors who are considering the purchase of townhouses in the $140K - $170K price range that they would intend to rent to young professionals / recent college graduates / young families, etc. A reasonable question for a thoughtful investor considering this type of purchase is whether our market is being overbuilt such that they may have difficulty renting their investment property in the future (higher vacancy) or that they may not be able to maintain their rental rate in the future. I do not believe that type of overbuilding is currently happening in our market -- though it could certainly happen in the future. But let's explore it together... Most of what one would see being built in Harrisonburg right now is either student housing or high end rentals -- and I don't believe either of these draws in the potential tenants described above -- and thus this construction would not negatively impact the investors purchasing the type of property described above. Student Housing - We continue to see more and more of this being built in our market. Young professionals are certainly not going to rent in a student housing complex -- and historically, when student housing supply has exceeded demand, the oldest and least desirable complexes have seen the biggest swings in vacancy rates (up) and rental rates (down) -- which again is not going to draw in the potential tenants we are discussing above. High End Rentals - The most obvious spot where these are being built is at The Reserve at Stone Port, though others are also planned at Preston Lake. These are apartments (instead of townhouses as discussed above) and the rental rates are much higher (for the amount of leased space) than our target tenant population would be finding in a townhouse. Again, I don't think these draw potential tenants away from the type of property that my investor clients are considering. Now -- even if the majority of what is currently being built is not likely to have a negative impact on the buyers of investment properties -- that's not to say that some other near-term construction would not have an impact. If a developer/builder started building (100) townhouses with 1400 SF, 2 or 3 bedrooms, 2 full bathrooms and intended to rent them for $950 - $1100 per month, that could impact the investment market I am describing. If a developer/building started building (100) townhouses with 1400 SF, 2 or 3 bedrooms, 2 full bathrooms and intended to sell them for $150K - $170K, that could impact the investment market I am describing. Neither of these types of developments are currently underway, though they are certainly both theoretically possible. So - given all of the above, it would seem to be a reasonable time to buy an investment property in that $140K - $160K price range, as I do not believe current inventory levels or new construction trends (for sale or for rent) are negatively impacting the buyers of these types of investment properties. | |
Newer Posts | Older Posts |
Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
Home Search
Housing Market Report
Harrisonburg Townhouses
Walk Through This Home
Investment Properties
Harrisonburg Foreclosures
Property Transfers
New Listings