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New home construction slowly reviving in Lynchburg

While it isn't as strong as it was before the recession, new home construction in Lynchburg is starting to rebuild, aided in part by the recently expired homebuyer's tax credit. Nationally, new construction dropped off when the tax credit ended in May, but Lynchburg builders say they have not seen a significant decline.

Buidling permits tell the story: 63 building permits for new residential construction were issued for the Lynchburg area in April, down from 66 in April 2009. In May: 79 permits for new residential construction were issued, compared to only 62 in May 2009.

Read more in The Lynchburg News & Advance....

Posted on Tuesday, June 22, 2010 - 8:46pm

Isle of Wight Subdivision Progressing Slowly

The housing slump isn't the only force against Lawnes Point in Isle of Wight, according to the Daily Press.

The development that was supposed to be an upscale, waterfront community but development hasn't taken off, and that is scaring away new potential buyers.

The appeal of getting a great deal on a beautiful piece of waterfront property is not enough to overcome some potential buyers' worries over the fact that very few of the properties have been developed.

"Lawnes Point on the James was supposed to be the upscale, waterfront community of choice.

NFL football giant Dan Marino hit the air waves in 2006, touting the amenities of developer VA Timberline LLC's 155 wooded lots backing up to the James River on Lawnes Creek.

The publicity blitz worked — buyers from across southeastern Virginia and more distant points, including Texas, Florida, Maryland, New York and Pennsylvania, have spent millions buying lots in the remote subdivision over the past four years.

All but 19 lots have sold, with several buyers in mid-2006 — the months leading up to a price-slashing frenzy on land — forking over more than triple the property's assessed value, according to county tax records. Eleven lots in Lawnes Point have sold in 2009, with all but one selling more than 20 percent below its assessed value, and seven properties are currently in foreclosure, said Isle of Wight Commissioner of Revenue Gerald Gwaltney.

Despite the hoopla surrounding Lawnes Point, the neighborhood remains largely undeveloped today. There are just two homes in the development today — a number that is equaled by the number of lawsuits filed against VA Timberline in Isle of Wight Circuit Court — and another two that are under construction.

While Lawnes Point is a victim of slumping real estate market, at least one prospective buyer questions whether early missteps by the developer are affecting the development's growth today."

Read the full story.

Posted on Monday, December 7, 2009 - 11:59pm

Martinsville Builder Sees 50 Percent Increase in Business

An area builder of modular homes and commercial buildings has seen a 50 percent increase in production since March, according to the Martinsville Bulletin.

Nationwide Custom Homes has recalled workers that were laid off in 2008 to help meet the increased demands. Nationwide attributes the increased production to the homebuyer tax-credit program and to their continued commitment to customer service.

This is great news for area homeowners because as the housing market continues to rebound, Nationwide will be able to hire back more employees. Also, this is a great sign for the housing market.

"Nationwide Custom Homes’ production is up 50 percent since March, company officials said.

If that trend continues, the company’s goal is to recall workers and/or fill about 75 positions next year at the company’s Martinsville division, according to Nationwide President Andy Miller and Vice President-Operations Tommy Rakes.

The company already has recalled more than 20 of the 100 workers who were laid off in 2008 and filled six positions since June of this year, Rakes said. The Martinsville division has 206 employees, he added.

Miller said a bill that extends and expands a homebuyer tax credit program would help the housing industry. President Barack Obama signed the bill Friday. According to The Associated Press, the tax credits center on extending the popular $8,000 maximum credit for first-time homebuyers that was included in the stimulus package.

The credit, which was to expire at the end of this month, will be available through next June as long as the buyer signs a binding contract by the end of April.

The program is being expanded to include a $6,500 maximum credit for homeowners who buy a new home after living in their current residence for at least five years, The Associated Press reported.

Rakes said he attributes Nationwide’s 50 percent increase in production since March to factors including the company’s Mainstreet product line, which was introduced in 2008.

Also, he cited the company’s expansion of distribution channels by signing on 32 new builders since March; its efficiency gains; hard work of employees; and emphasis on customer satisfaction."

Read the full story.

Posted on Tuesday, November 10, 2009 - 7:30pm

Chesapeake's Homearama is a Great Success

Homearama 2009 was a great success in the Culpepper Landing area of Chesapeake, according to The Virginian Pilot.

This year's homes were priced at half the price as last year's, and by the end of the weekend six of the homes were spoken for.

This excitement about new homes is great news for homeowners in the area, because it is another sign that the local housing market is rebounding.

"April Nobles climbed the wooden staircase Saturday afternoon and wandered into one of the home's five bedrooms.

'It's almost like you could live in the master suite,' said Nobles, peering into a cavernous bathroom. 'That closet is big enough to be a small bedroom.'

At 3,600 square feet, the home in the Culpepper Landing development in Deep Creek is the largest among the 12 built for this year's Homearama. The Tidewater Builders Association's annual showcase started at noon Saturday.

This year's show is a departure from recent years in both the size of the homes and their prices. Amid one of the steepest housing declines in decades, show organizers late last year decided to downshift and focus on the middle range of prices.

Last year's show featured homes starting at $1.2 million. This year, prices are from $349,900 to $540,600.

The strategy seems to have paid off so far, with six of the show's homes already spoken for."

Read the original story.

Posted on Wednesday, October 7, 2009 - 10:01pm

More Homes Available in This Year’s Roanoke Parade of Homes

The Roanoke Parade of Homes had twice the amount of homes as last year, according to WSLS.

Homeowners looking to update their homes in effort to improve home value and make their home more enjoyable can get some great ideas by touring the Parade of Homes.

"The Roanoke Parade of Homes has finished up for now, but it will continue next weekend.

Brent Fortenberry, a co-chair of the Parade of Homes, took us on a tour of a home on Roycroft Drive in Roanoke County.  He says real estate has picked up a bit during the recession.

During this year’s event, there are twice as many homes on parade for a total of 45.

The parade lowered its price of entry so more builders could take part.

Fortenberry is also pleased with the government’s tax incentive for first-time home buyers.

'That seems to be helping. We’re hopeful Congress will decide to extend that beyond the end of November. It runs out then. We think it’s a great thing. It allows people who just don’t quite have the down payment to get something going to actually be able to get into a home," said Brent Fortenberry, President of Bench Mark Builders.

The Parade of Homes will continue October 10-12 from 12 noon to 5 p.m."

Read the original article.

Posted on Wednesday, October 7, 2009 - 9:43pm

Parade of Homes Kicks Off This Weekend in Metro Richmond

This weekend marks the laungh of this year's Parade of Homes in Richmond and the Tri-Cities area, according to the Richmond Times-Dispatch.

The homes on display range in value from $170,000 to $1.5 million, and also use a variety of energy efficient materials.

Many homeowners enjoying looking at the Parade of Homes to keep them informed on designs and materials being used in new homes. For any homeowner in the Richmond and Tri-cities area looking to renovate or update their home, this would be a great place to get ideas.

"The annual Parade of Homes kicks off this weekend, showcasing new homes by builders in the Richmond and Tri-Cities area.

In all, 71 homes by 36 builders will be open for viewing the next three weekends from noon to 5 p.m.

This year's event is pared down from last year, when 130 homes by 60 builders were on display, as the housing slump continues to hammer the industry.

'We're fortunate to have this many entries,' said Victoria Moody with the Home Building Association of Richmond, the parade's organizer.

The annual Parade of Homes has been held since 1951. This year's 71 houses mark the fewest number since 1984, when 68 homes were open for touring.

'This is your best opportunity to see every type of new home imaginable, showcasing the latest in designs, construction techniques and materials, at prices ranging from $170,000 to $1.5 million,' according to promotional material.

This year's tour includes one of the country's first houses for entry-level buyers certified for energy savings by the National Association of Home Builders through the National Green Building Program.

The house, built by First Richmond Associates, is on the market for $209,500. It is certified at the bronze level, the lowest of four levels."

Read the full story.

Posted on Thursday, October 1, 2009 - 4:08pm

Another Sign that Northern VA's Housing Market is Recoverying

After seeing housing prices pick up and inventory levels fall, KB Home is going to resume building and selling homes in the DC area after curtailing operations in 2007, according to The Washington Post.

This is yet another sign that the area's housing market has turned a corner towards recovery. Plus, this will help to boost the local job market as they will be employing sales and construction workers. Great news all around.

"KB Home said Wednesday that it intends to resume building and selling houses in the Washington region this year after curtailing operations in late 2007, yet another sign to real estate analysts of recovery in the area's housing market.

The Los Angeles-based company has built numerous communities throughout Northern Virginia and suburban Maryland, including Huntington Mews in Alexandria, Martin's Chase in Ashburn, Cherry Tree near Upper Marlboro and Middletown South in Waldorf. But the severe housing slump across the country prompted the company during the early days of the recession to suspend construction in Chicago, Albuquerque and the mid-Atlantic region.

Now, after seeing housing prices pick up and inventory levels fall, company officials said they plan to jump back into the market here. They said they will call back sales and construction workers and offer more affordably priced single-family units to meet the demands of an increasingly cost-conscious consumer."

Read the full story.

Posted on Thursday, September 24, 2009 - 10:29am

Hampton OKs Parade of Homes for Buckroe

Concerns over a recent approval for a developer to build a Parade of Homes near Buckroe Beach Park has some Hampton City residents concerned, according to the Daily Press.

Nearly 7,300 residents signed a petition opposing the development of luxury homes. Hopefully City Council and the residents can work together to find a solution that will appease both sides of this issue.

"Despite outcry by residents and the City Council reversing course on a rezoning plan, Hampton agrees that a developer has legally "vested rights" to build a Parade of Homes near Buckroe Beach Park.

City Attorney Cynthia Hudson and Zoning Administrator Steven Shapiro issued a 17-page document of legal findings dated Sept. 10 to support the claim that developer Tommy Thompson has vested rights in the Buckroe property. This means the city could issue permits for him to build.

Thompson's attorney, Conway Sheild III, wrote to Shapiro last month asking if Hampton agreed with his assessment that Thompson has vested rights to build. As of Tuesday, the city had neither received permit applications, nor approved or issued any permits related to the Parade of Homes, said city spokeswoman Rebecca Bolte.

Hampton can expect a challenge by a committee of petitioners who gathered more than 7,300 signatures of support and have hired attorney Andrew Sacks. The group is opposed to the proposed development of luxury homes.

'This document is more of a piece of advocacy to support the developer's position than it is an objective rendition of what the city's true belief of the law is,' Sacks said.

Zoning ordinances aren't final until 30 days has passed, during which citizens can collect signatures for a petition for referendum, Sacks said. It almost seems the city made an effort to 'create' vested rights for the developer, which is an abuse of the doctrine, Sacks said."

Read the full story.

Posted on Wednesday, September 23, 2009 - 7:19am

Loudoun County Seeks More Review Of Limestone Overlay

The Leesburg Today recently reported on a hot topic in Loudoun County. Currently the county is discussing development restrictions that would address concerns about sinkholes and groundwater pollution associated in the area of limestone soils northed of Leesburg to the Potomac River.

The new proposal would prohibit land-disturbing activities around outcroppings and require property owners to conduct geological studies before building additions or swimming pools and more detailed evaluation for subdivisions. New gas stations would be prohibited as pollution threats and irrigation using groundwater would no longer be permitted.

These regulations have potential to depress property values and harm an already-suffering housing market. Hopefully after more research and study county officials can present a solution to homeowners that will protect their health, the community and property values.

 

"During Tuesday night's public hearing, county supervisors and most of the 30 speakers agreed that more study was needed before enacting new development restrictions that would affect some 14,000 acres and 1,200 property owners.

The proposed Limestone Overlay District is aimed at addressing concerns about sinkholes and groundwater pollution associated with development in the area of limestone soils that are prevalent in a swath of land north of Leesburg to the Potomac River. The proposal would prohibit land-disturbing activities around outcroppings and require property owners to conduct geological studies before building additions or swimming pools and more detailed evaluation for subdivisions. New gas stations would be prohibited as pollution threats and irrigation using groundwater would no longer be permitted.

The public hearing highlighted two sides of the long-running debate over the development limitations. While many speakers argued that the regulations were overly restrictive, complaints from residents of the Raspberry Falls subdivision about their contaminated groundwater supplies and calls for the extension of public water service highlighted the dangers supervisors say they are trying to address.

Another common complaint was that the creation of the overlay district, and particularly a proposal to require disclosure to potential homebuyers about special circumstances of living in a limestone area, would further erode property values and make it harder to sell property in an already difficult market."

Read the full story.

Posted on Monday, September 21, 2009 - 10:54pm

Builders Knock Proposal for Retention Pond Fences

Suffolk city leaders want to begin requiring fences around new artifical ponds near homes, schools and playgrounds, according to a recent article in the Virginian Pilot.

Developed objected to the idea which would increase expenses. And, a committee of planning commissioners sided with the developers, however the issue could return next month.

Articial ponds are created to collect and filter storm water run-off in new developments, they are not designed for swimming. One local builder said he has not encountered a rule in other cities. While everyone wants to ensure new developments are designed for safety, requiring added features will raise the end cost for homeowners.

"City staff want to begin requiring fences around new artificial ponds near homes, schools and playgrounds.

Developers object. They call the precaution an unnecessary expense that would damage the aesthetic value of the retention ponds.

A three-person committee of planning commissioners sided with the developers Tuesday, but the issue could return next month before the full commission.

Tuck Bowie, president of The Terry Peterson Cos., said the ponds are amenities in new communities.

'You don't want this big ugly fence around it,' he said.

Planning Director Scott Mills proposed requiring fences around ponds built within 100 feet of a home, school, child care center or playground. The basins aren't for swimming; they're designed to collect and filter storm water run-off in new developments.

The city currently gives the planning director the discretion to require a fence.

Bowie, who is on the board of directors for the Tidewater Builders Association, said he has not encountered such a requirement in the other cities in which he has done business."

Read full story.

Posted on Thursday, September 17, 2009 - 4:52pm