NRVLiving - Real Estate. Simplified.

It's Golf Season

It's summer, I like golf, here's a repeat of a random post I did last year. The end is the best part, I think.

If you like to track your scores online, determine your USGA handicap and that sort of thing, then I'd encourage you to use a great FREE site called oobgolf.com.  It's an online site where you can find course information, enter your scores from recent rounds, connect with players both locally and around the world, and chart and analyze your own game in a way that's a little easier than the above video, I'd recommend checking it out.  I love their mobile scoring feature, which allows me to enter scores and round information right from my phone.  If you sign up, find me online at Volleyhart.

If you enjoyed this post, why not leave a comment and subscribe via RSS or email here to be sure you don't miss the next post?

The State of the Market - June 2008

The residential properties sold in the month of June here in the New River Valley have been closed out in MLS, and the new numbers are in (thank you, Aaron, for compiling them).  Since we now have two complete quarters in the book, we'll first post the numbers for this month, then dig a little deeper into reports for the entire year. 

When it comes to absorption rates, we're looking at how long it would take to sell the existing residential inventory in a particular area, if nothing else came on the market until supply was exhausted.  Anything over 5 months is typically a buyers' market, and anything less than 5 months is typically a seller's market.

Area	Active	Sold	Absorption Rate	Buyer/Seller Market
Blacksburg	235	62	3.79 Months	Seller
Christiansburg	276	54	5.11 Months	Balanced
Montgomery County	68	7	9.71 Months	Buyer
Floyd County	109	9	12.11 Months	Buyer
Giles County	96	9	10.67 Months	Buyer
Pulaski	102	14	7.29 Months	Buyer
Dublin	120	22	5.45 Months	Balanced - Buyer
Radford	109	13	8.38 Months	Buyer

Why does the absorption rate matter?  It's supply and demand, really.  What's the supply in a particular area of the New River Valley, and what's the corresponding demand for that supply?  Over the last several months, absorption rates have stayed relatively high, indicating a shift toward longer selling times, and a buyer's market.  There are fluctuations within each area - because of particular products available, creation or elimination of jobs, or school schedules, for instance - but on average the markets for 2008 have remained firmly in the buyers' favor.

A reader emailed me after last month's post and asked why I wasn't using more of the MLS data in each months report.  More MLS data would include things like price changes, days on market, etc., and the absorption rate is a quick snapshot of the market average.  Given that we've now got two quarters behind us for the year, I thought I'd do a comparison of the market through the first two quarters of 2008, and compare it to the same time period of 2007, in the eight areas listed above (Dublin has been lumped into Pulaski, for this table).

Area	2007 DOM	2008 DOM	2007 Avg Sales Price	2008 Avg Sales Price
Blacksburg	111	94	$227,768	$240,515
Christiansburg	129	110	$187,649	$184,151
Montgomery County	144	118	$284,350	$254,777
Floyd County	178	129	$185,152	$181,515
Giles County	161	138	$131,986	$114,707
Pulaski	146	119	$154,155	$153,139
Dublin	-----	-----	-----	-----
Radford	140	120	$155,024	$154,932

It's an interesting look at the market, I think ... YTD in 2007 vs. 2008, the Days On Market has gone down in every single area, yet prices have fallen in every market (on average almost 5%) but Blacksburg (which has gone UP 5%).  Safe to say the market here has shifted to the south side of stable during the first quarter of 2008.  Nevertheless, homes are still selling.  I had this conversation with another agent and her client at a closing we had this morning - if the home is priced well, shows well, and is exposed to the market, we WILL get it sold.  

If you enjoyed this post, why not leave a comment and subscribe via RSS or email here to be sure you don't miss the next post?

Blacksburg Open Forum Regarding Proposed Roundabout

 From Blacksburg Alert:

Open Forum Public Hearing - North Main Street (Rte. 460 Business)

Wednesday July 9, 5 - 7 p.m.,
Blacksburg Community Center,
725 Patrick Henry Drive, Blacksburg.
 
Find out about the proposed reconstruction of the intersection of North Main Street and Prices Fork Road to provide a roundabout in place of the existing "T" intersection. The project will begin at 0.008 mile north of the intersection of North Main Street and Kabrich Street and end 0.004 miles south of the intersection of North Main Street and College Avenue.
 
Review the proposed project plans depicting the major design features and the environmental documentation in the form of a Categorical Exclusion at the public hearing, or at VDOT's Salem District office located at 731 Harrison Avenue in the City of Salem, telephone (540) 387-5320; toll free (800) 611-5812, at the Christiansburg Residency office located at 105 Cambria Street in the Town of Christiansburg, telephone (540) 381-7200 or at the Engineering office of the Town of Blacksburg located at 300 South Main Street in the Town of Blacksburg, telephone (540) 961-1130 or TTY/TDD 711. Please call ahead to assure the appropriate personnel are available to answer your questions. Property impacts, relocation assistance policies, and tentative construction schedules are available for your review at the above addresses and will be available at the public hearing.
 
In compliance with the National Historic Preservation Act, Section 106 and 36 CFR Part 800, information concerning the potential effects of the proposed project on properties listed in or eligible for listing in the National Register of Historic Places is provided in the environmental documentation.
 
Give your written or verbal comment at the hearing or submit them by July 19, 2008, to Mr. Richard L. Caywood, P.E., P.O. Box 3071, Salem, Virginia 24153. You may also e-mail your comments to us at: saleminfo@vdot.virginia.gov. Please reference "Blacksburg North Main Street PH Comment" in the subject heading.
 
VDOT ensures nondiscrimination and equal employment in all programs and activities in accordance with Title VI and Title VII of the Civil Rights Act of 1964. If you need more information or special assistance for persons with disabilities or limited English proficiency, contact VDOT's Salem District Office, Civil Rights Division, at the above address or telephone (540) 387-5320 or TTY/TDD 711.
 
State Project: U000-150-111, PE-101, RW-201, C-501;UPC: 67974; Federal Project: STP-5150 (123)

I wrote about this project in April of last year, and I have to admit that I'm skeptical a roundabout will assist with traffic control at such a busy intersection.  Some good comments about the project here, as well.

So what do you think?  Good idea?  What would you tell VDOT about the project?

If you enjoyed this post, why not leave a comment and subscribe via RSS or email here to be sure you don't miss the next post?

Where Are The Fireworks This Year?

In case you were wondering where the fireworks are this year, here's a recap of what's happening around the New River Valley for the Fourth of July holiday.  If there's something you'd like to add, email me and I'll link it up.

Blacksburg - July 4th Celebration sponsored by Clean & Green Technologies, Hawthorn Suites and Oldies Radio 101.3 Z-FM

• 2pm - July 4th Parade down Main Street, then catch National Treasure 2: Book of Secrets at The Lyric, sponsored by the Mt. Tabor Ruritan Club
• 6pm - Blacksburg Community Band at Municipal Park
• 8:15pm - The LandSharks (a Jimmy Buffett tribute band) at Municipal Park
• 9:30pm - FIREWORKS
• Blacksburg Transit will run shuttles beginning at 5pm from Perry Street to Patrick Henry Drive.

Christiansburg - Christiansburg High School

• 5:30-8:30pm - children's game area by Dave's Moonwalks and More
• 6:30-7:15pm - music by Kerri Taylor
• 7:30-9:30pm - music by Don and the Deltones
• 9:45 - FIREWORKS

Radford - All kinds of activities going on in Radford, including:

• 7am - 5K Registration at Dudley's Landing
• 8am - 5K Race begins at Dudley's Landing
• 10am - Family Bike Rodeo
• 10:30-12pm - "Kids Time" Pony Rides / Airbrush Tattoos / Inflatables
• 12pm - Dog Show
• 12-7pm - Inflatables, Music, Food and Crafts and Mechanical Bull
• 1-2:45pm - Karaoke, with $250 going to the 1st place winner
• 3pm - Sam, Danny and Steve
• 3:30pm - Carilion Lifeguard Helicopter
• 4pm - ELVIS
• 5pm - The Java Brothers
• 6pm - National Anthem - Ms. Amanda Shepheard / Mayor Tom Starnes / Dr. Harshberger Patriotic Readings
• 6:15pm - "Greater Love"
• 7:15 - 8:45pm - Jimmy Fortune
• 9:00pm - Karaoke Finals
• 9:30pm - FIREWORKS
• Visit Radford Parks and Recreation for more information

If you enjoyed this post, why not leave a comment and subscribe via RSS or email here to be sure you don't miss the next post?

8 Intersections + 13 Months = More Than $4 Million

That's the estimated cost to install new turn lanes, traffic lights and pedestrian signals at eight intersections around Blacksburg.

That doesn't count the estimated THIRTY MILLION DOLLARS it'll cost to build a parking garage on Tech's campus. 

Sheesh ...

Congratulations to the Queen

Completely random post, but I thought the news was very cool and wanted to share it.

Virginia Tech hurdler Queen Harrison is headed to the Olympics. 

That's right, rising junior Queen Harrison will be representing the United States in Beijing, after taking second in the 400-meter hurdles at the U.S. Olympic Trials.  She's the second Virginia Tech athlete to represent the US at the Olympics.

Congratulations, Queen!

New River Valley Renters - This Post Could Save You Thousands of Dollars!

Scams abound, and one I just read about really hit home to me - wanted to share it here.

We have a lot of renters here in the New River Valley, particularly centered around Blacksburg (Virginia Tech) and Radford (Radford University), but in many other areas of the Valley as well.  The summer is a hot season for renters, as people move in and out around the various school systems and universities.  That hot rental market is also a great place for scam artists to move and "work", as evidenced by this story by Maggie Dokic in Miami FL.

I plan on sending this post to some local law enforcement to see if they have any updates they can provide on how renters can protect themselves, but Maggie makes a couple of good points.

• Check property records online to verify the person signing the lease is truly the owner, or is authorized to sign leases on behalf of the owner.  Each County has its own record system, here are a few:
  
  - Montgomery County (including Blacksburg & Christiansburg records)
  - City of Radford
  - Giles County
  
  
• Be sure to know exactly where the checks will be mailed, so there's a physical address to track.
• If they don't verify your credit, be very WARY!  If they want first and last months rent in cash, RUN!

I'd add that working with a property manager is a must for making sure a property is above board, and I'm happy to hook you up with some of the best - just email me for a list.  Most landlords in the New River Valley are above board and honest, but that's not to say there aren't unscrupulous folks out there as well.  Hopefully some of these tips will help renters in the New River Valley protect themselves a little more, and not experience what this poor family in Miami is up against.

Updated July 1 11:00am - received an email from State Farm agent Eric Johnsen this morning as a follow-up to this post, wanted to share it in its entirety.  He wrote:  "with two large universities we do have a number of student renters.  That's one of the nice things about being a landlord here, we have a large pool to advertise rental properties to.  However, many students are either forced or conned into buying renters insurance.  I am an insurance agent, obviously, and I have something to say about this.  Some property managers require renters insurance, and if that's the case it's hard for the renter to overcome.  Some insurance agents sell it, and this is where we can run into a problem with unscrupulous business practices.

If the student lives with their parents when they are NOT attending school, and the parents are homeowners, it is very unlikely that the stdent needs additional coverage.  Their personal property is covered under their parents' policy, subject to the policy deductible.  The liability coverage would extend from the parents' policy as well.  If the student had to evacuate and live elsewhere (such as when Katrina hit New Orleans and students were scattered), the policy wouldn't extend for THAT additional living expense. 

Insurance agents who are selling this policy to those students who already have coverage is a bit questionable.  If that person is no longer a student, out of their own living the big life now, THEN it's time ofr renters insurance.  Otherwise, as long as they fit under mom and dad's umbrella as a permanent resident of the household than they should be covered under their parents' homeowners policy."

If you enjoyed this post, why not leave a comment and subscribe via RSS or email here to be sure you don't miss the next post?

Is Roanoke Regional Airport Saying Goodbye To Its Last Flight?

I read yesterday on Jim Duncan's blog that he had been contacted by the Business Travel Coalition, who's email stated that Charlottesville could be an endangered airport due to, among other things, rising fuel costs.

The email sent out said that Charlottesville was one of 100 regional airports that are being threatened.  "Well", I thought (and yes, I typically think with quotation marks) "Roanoke is a regional airport, could they be on that list?"

Turns out that they are, along with Alexandria, Charlottesville and Newport News.

I can't imagine that Roanoke Regional would shut down; I think it's much more likely that we're talking about reduced flight loads (which, if you've been to Roanoke Regional on a weekday afternoon it's hard to imagine even fewer flights!), but the Business Travel Coalition got my attention. 

It's all in how you spin it, I guess.

If you enjoyed this post, why not leave a comment and subscribe via RSS or email here to be sure you don't miss the next post?

Put On Your Walking Shoes

Inman News today highlighted the Walk Score site, which is a really cool tool with a simple yet increasingly important purpose ...

How walkable is your community?  Any ideas?

The idea of Walk Score is to determine the distance between an address and other walkable locations - like coffee shops, restaurants and grocery stores - and calculates a score for each location.  A score of < 25 and you'll probably have to drive, but as gas prices continue to climb I think this is a pretty cool tool for all of us.  I know I was surprised at some of the results:

• I looked up my old house, (15 rating)
• and then I looked up my new house, (42 rating)
• and then I looked up a downtown Blacksburg building. (80 rating)

Pretty neat, and awfully useful.  Think home buyers wouldn't use this to compare neighborhoods?  While it seems simple and trite, I think it has potential to be another supporting factor to urban core renewal.

Thanks to Waqas Ahmed.

If you enjoyed this post, why not leave a comment and subscribe via RSS or email here to be sure you don't miss the next post?

Remember - It's All About Control

Kudos to The Roanoke Times Blog for jumping all over this ...

I understand they have to go through the due process, but I'm VERY interested to see how the rule on this Special Use Permit given what else they've shot down.

If you enjoyed this post, why not leave a comment and subscribe via RSS or email here to be sure you don't miss the next post?