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You Busy January 15th?

If you don't have anything to do, you might want to catch this ...

The Colosseum Wasn't Built In One Day

And this one won't be, either.

A few days ago, I needed a break.  I had been in the office all day working on some things, and my craving for a Diet Pepsi Max (yea, I'm one of the 31 people across the nation that actually like the stuff) kicked in.  One of the many reasons I like my office is that its an easy walk to a local gas station, so I hoofed it down to pick up that invigorating cola and then headed back.

On my way back I passed the site for The Colosseum, so I snapped some photos of the excavation.  It had been a while since I had stopped in and so I thought I'd capture the moment.  Just a lot of dirt right now ...

There's a lot of Blacksburg history in those layers of dirt:

Dozens of piles of dirt looking back towards South Main Street:

Someone's going to have a killer view:

Will The Colosseum Stand The Test of Time?

Blacksburg's newest development project, The Colosseum, has broken ground.  Here's a link to the recap in Multi-Housing News.

I wrote in January that I thought it was too much for the area - too much product right now.  I still do; condos are lagging behind the rest of the market.

Only time will tell how this project does. 

Just like to say that this picture was taken by my wife on a trip she took to Italy over the summer. It's my absolute favorite - I'm so proud.

The Colosseum in Blacksburg

A few weeks ago, I attended the groundbreaking ceremony for the new Colosseum project in Blacksburg.  The event featured speakers, all kinds of food and drinks, Roman gladiators (I mean, honestly - can you name something "The Colosseum" without gladiators?) and golden shovels.  I took video to show you, in fact.

Stupid video - somehow, everything was corrupted and I lost it all. 

So I'll recap the project here, as best I can.  Sorry about that, but I DO have answers to some of the common questions people have been asking about the project.  From the project's marketing department:

What exactly is a condominium hotel - Condominium hotels operate as a hotel but also add the legal and financial structure of a condominium.  Buyers receive a deed for a real property interest that they can in turn sell whenever they choose.

How is this different from buying a regular condominium - In addition to the investment value of a condominium, buyers can take advantage of the benefits of a luxury hotel.  When the condominium unit owners stay at the hotel, they have access to all of the hotel's amenities, including its restaurant, bar, pool, fitness and spa facilities.

What happens when I'm not using my condominium - When the owners are not using their suites, they can be made available to rent through the hotel's voluntary rental program.  The Colosseum is managed by Salamander Hospitality, an award-winning manager of exclusive hotels and resorts, so buyers don't have to worry about maintaining a property away from home.

What makes The Colosseum a luxury sports condominium hotel - Conveniently located near the heart of Blacksburg's business and shopping district and two miles from Lane Stadium and Cassell Coliseum, The Colosseum is perfectly designed for Virginia Tech alumni and fans who want to support Virginia Tech athletics.  Game day enthusiasts can also take advantage of extras such as child care, game shuttles and underground parking.

How many units are there - The two tower, six story, 241 unit condominium hotel offers luxury fully furnished studio suites, or a one or two-bedroom suites.

How does The Colosseum support the local community - The Colosseum has pledged to donate a portion of the sale of each unit, up to $500000, to the construction of the new basketball facility.  The donation will be made in the name of the purchaser, who will also receive Hokie Points toward preferred seating and parking for their contribution.  Likewise, The Colosseum has committed to endow a permanent $100000 scholarship for a student athlete pursuing a degree in property management or hospitatlity and tourism management, and offer internships to building and construction students during the construction phase.

Pictured above, left to right:

Steve Semones, Balzer & Associates
Daryl Andrews, The Colosseum
Mayor Ron Rordam, Town of Blacksburg
Mark Kinzer, Unlimited Construction
Mike Burnop, ISP Network Analyst and Virginia Tech Hall of Famer
Todd Meckley, Entasis Design PLLC
Random Gladiator
                       

Blacksburg Running Dry?

On a bike ride this evening, I noticed destruction and carnage where a Blacksburg landmark once stood.  Where am I going to get my Makers Mark?

It's the state-run ABC store that once stood at the corner of Country Club Drive and South Main Street.  I'm sure the demolition is all part of Kroger's planned 30000 square foot addition to their current store.  But never fear, upon further investigation I found the new location, open just in time - SHOCKER - for football season!

It's in the same shopping center, and obviously the students have already found it.  Your investigative reporter signing off ...

By the way, have you noticed all the bikes on the roads these days?  I think it's a great thing - I'm seeing dozens of people commuting, riding to and from class, or just getting some miles in.  I think it's great, and I hope people will continue to ride despite what the current rate of gas might be.  By the way, you might want to check out gasfreecommute.com - measures how many calories you're burning on each ride, as well as how many gallons of gas you've saved, and pounds of carbon gas you've prevented from being let off into the air.

And one more thing ... if you're looking for a new bike, or need to get your new set of wheels tuned up, don't go anywhere without first talking to the folks at East Coasters.  GREAT staff, awesome selection of bikes and accessories ... you will not regret it.

Radford Finally Gets It Right

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Well, they're on their way, at least.

At last night's Town Council meeting, Radford got two pieces of business right ... they passed - unanimously, I might add - a rezoning for Tyler Place, a five-story mixed use development with a five-story garage.  They also voted - again unanimously - to begin inspecting rental housing in two areas of the city.

Can't We All Just Get Along

Why is unanimous important?  Because it's nice to see a Town Council actually agree on something that's  good for the citizens they serve.   Tyler Place has the opportunity to provide locals, as well as the university population, a space that's unique to our region - let's hope they don't change their minds midstream like Blacksburg and end up with several lawsuits on their hands.

Additionally, there's a need throughout the Valley - including here in Blacksburg - for landlords to take care of the properties that they own.  This pilot program is a way for the City of Radford to monitor and enforce zoning that might have otherwise been overlooked.  There are some real dumps in the rental inventory right now ... this is a good call on Council's part. 

Dear Rental Inspector

If you wouldn't mind, please give me fair warning before visiting the 300 block of Clement Street.  My tenants have been leaving a ton of garbage outside the door, I'd sure hate to get cited for their filth. 

The Language of Building, Part Deux

Last month I mentioned that I had received an email entitled "The Language of Building" from Progress Street Builders.  Today, I got Part Two.  Here it is:

• Punch list: There are literally thousands of details that go into the construction and finishing of every new home. Although we monitor every phase of the building process to ensure each new home reflects our promise of excellence, there are always a few final details that need extra attention before our buyers take ownership of their new home.
  
  To take care of these final details before close of escrow and move-in, we schedule a final home inspection with our clients, from which a "punch list" of incomplete or unsatisfactory items may develop. Our goal is to address every item on the punch list as soon as possible.
  
  Many people are familiar with punch lists that are developed just before or after they move into a new house. However, punch lists are often used throughout the building process to track items that need additional attention. In this way, an absolute minimum of finish items remain when a house is completed and ready for final inspection with the owner.
• Certificate of Occupancy (or CO): Before any homeowner can move in to a new home, we must obtain a Certificate of Occupancy, or CO. This is a required approval by the local building authority certifying that the house meets all code requirements and is ready to occupy. We provide the CO to each homeowner during the process of closing escrow. It's a good idea to keep the Certificate of Occupancy in a safe and secure place, such as a safe deposit box.
• Implied warranty: Under state law, an implied warranty makes the builder responsible for the condition and building code compliance of each new house the builder completes. Put another way, an implied warranty provides assurance that the home has been built to basic safety and health standards.
• Expressed (or explicit) warranty: In addition to the implied warranty, high-quality builders across the country also offer an expressed (or explicit) warranty. This warranty, which differs builder to builder, outlines the terms, procedures, and responsibilities for maintaining the home after the sale. The warranty also offers a procedure to be followed if the homeowner experiences problems with the structure, finishes, or mechanical systems of the house within a specified time frame, which may be anywhere from one to perhaps 20 years.
• "Closing" is the slang term for 'close of escrow': the process for transferring the deed and title to the house and property from us to our homebuyers. Before closing, we make sure we have completed the house to everyone's satisfaction. The closing marks the end of the home building and buying process.

These terms only scratch the surface of the builder's vocabulary. You can add to your housing language skills at 'Contractor's License' website, for a free online glossary...

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Review New Housing Plans For Blacksburg

If you're interested, you can check out the proposed plans tonight for the 29-acre, affordable housing project planned for Blacksburg. 

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An Insider's Look At Blacksburg's Mount Tabor Meadows

On Tuesday, I was fortunate enough to have the chance to see up close and personal a new home community being built in Blacksburg.  The community is called "Mount Tabor Meadows", and it's a project being built out by Green Valley Builders.  I've mentioned it briefly before.

So what?  There's a lot of construction going on around Montgomery County, what's so special about this one?

Mount Tabor Meadows is building these homes to be Earthcraft-certified, and they're working hard to assure that each home exceeds the Earthcraft standards.  It's one of the first times in recent memory that we've seen a builder locally truly practice the green model with new construction on a large-scale basis, and I'm glad to see it come.

A link to the project's "Green Checklist".

How is an EarthCraft house certified?  It starts with the builder joining the EarthCraft House program, attending training, and registering as an ENERGY STAR partner.  But it doesn't stop there ... when a home is being built to EarthCraft standards, the builder must participate in a design review with EarthCraft House staff and do a walkthrough with that same staff, as well as pass a final inspection by an EarthCraft House inspector.  Other requirements include:

It's no joke, and these guys seem to be taking it very seriously.  I'm glad to see their project beginning to take shape - if you'd like more information on the project, or a personal tour of the site and available homes, contact me and we'll set it up!

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It's All Starting To Come Together?

The tenant mix is beginning to be formalized publicly ...

With all the publicity that's come from a project like this (we Blacksburg-ians can sure get worked up, huh?), what's your take on First & Main?  Is this something you're going to utilize, or because of the way the Big Box issue has been handled will you just stay away?  Leave a comment, let us know what you think!

The Language of Building

I received this in an email from Progress Street Builders this afternoon, and I thought it might be good material for the blog.  The text is entitled "The Language of Building", and focuses on definitions of things that you might hear in construction of your new home.  As someone who just finished building a home with Progress Street Builders, I can tell you that they do a good job of communicating throughout the process, and I thank them for putting this out.

• Cycle time is the number of days between the first day on the job site and a home's completion. We work with our materials suppliers and subcontractors to determine a reliable cycle time so that our clients can move into their new home on time, as promised. Controlling cycle time also enables us to provide accurate estimates and helps us stay within budget.

• Rough-in: The "rough" stage of construction is the behind-the-wall structural and mechanical work, the parts you don't see when the building is complete. That includes work such as framing the walls, pulling the wiring through the studs, and installing pipes and heating ducts. During this point of the construction process, we can "rough-in" a system or product that provides an upgraded or extra service, such as wiring for a high-speed Internet or digital cable network. Installing a system's "backbone" during the rough-in stage of construction costs significantly less than installing it once the house is finished.

• Staging: To help reduce costs, we stage or organize and schedule the delivery of materials as we need them, rather than receiving a huge load all at once. Staging may also refer to the way we place loads of materials on the job site to make them more accessible to various workers. Both practices help us reduce waste and theft, save time, and keep better track of costs -- all of which keeps budget and cycle time on track.

• Lien Waivers: these are issued to us by each of our materials suppliers and subcontractors for the work they perform on a house. Lien Waivers (also called lien releases) prove that we have paid the agreed or negotiated costs of labor and materials in full. Lien releases also protect our clients from any liability if suppliers or subcontractors claim that additional payment is due. This type of claim can prevent the closing of the homeowners' loan, so we have a formal process to collect and verify lien releases before the close of escrow on a property.

• Tape and Texture: To create a finished wall, our drywall contractor applies tape and texture to hide nail or screw heads and conceal the joints between panels of drywall or gypsum wallboard. The contractor uses a mud-like compound to fill and cover the nail heads and secure a fibrous tape that bridges the joints between adjacent drywall panels. The mud is allowed to dry and is then sanded smooth before applying paint, wallpaper, or other finishes. A quality tape and texture job ensures that cracks or nail heads won't show through finished surfaces.

They say they're putting more terms out in a later newsletter - I'll be sure to post them here next time.

It'll Cost You To Walk Away

Thanks to Jane for this article from the Washington Post about buyers walking away from new homes

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New River Valley Home Expo

Don't forget, the 2008 Home Expo will be held this weekend at the Christiansburg Rec Center on North Franklin Street.  Admission is $4, and will offer more than 140 booths, a silent auction and more!  I know Auz-Bloc will be there, you can meet Bill and check out this amazing product while you're there!

Download home_expo.pdf

Here's a video I did earlier this winter about the thermal mass of the house at 153 Gracie Lane:

First & Main A "Sales Pitch"? Or A Real Possibility?

A real possibility, it looks like, particularly after another hearing swings in Fairmount Properties' favor.

From Tonia Moxley and The Roanoke Times:

After more than four hours of legal wrangling and passionate testimony, on a 4-0 vote the Blacksburg Board of Zoning Appeals upheld the town's approval of site plans for a large chunk of the 40-acre First & Main retail project. Building permits for parts of the project have also been approved, and construction has begun on the site. Some stores could open by the fall, Fairmount Properties attorney Jim Cowan has said.

I still contend that the Town and Developer would be better-served to actually sit down together and work things out, instead of costing the TAXPAYERS more money by fighting this out in court.  It doesn't look like all this legal wrangling is doing any good - Fairmount Properties keeps winning every one.  What are we proving by losing every battle?  Buildings are starting to come out of the ground, let's get going (this picture taking on Monday, already much more progress has been done since then.  And my apologies to the red Ford Explorer that had to change lanes as I stopped in the middle of Main Street to get this shot).   Sit down with Fairmount, work out the differences, come to a compromise and move forward.  Because of the tenant mix and notoriety, this affects not only the citizens of Blacksburg but of all of the New River Valley, so do what's right for your community.

Can someone tell me why we should be doing otherwise?  Click on the "Comments" link at the bottom of this post and tell us your thoughts.

Blacksburg Names A New Planning Director (updated 2/21/08)

Yesterday I shared that Blacksburg had named a new Planning Director.  One of the comments I received on the post was so good that I wanted to share it in its entirety, in a new post.

Bill wrote:

I was thinking about this very topic the other day and realized that I wish the town council really had taken another approach to this whole thing. One is acknowledged their mistake when approving the changes to the master plan which allowed the Wal-Mart in the first place (btw I am in support of the Wal-mart). Now instead of passing a new Ordinance which even by their own admission is flawed, and then suing the development company and then in essence themselves, why didn't they sit down with the development company spend the 100k they've spent in lawyer fees to come up with a solution that will work for the town and the development company. Find ways to shelter the surrounding community and the nearby school. Look at changing the roads to effect traffic patterns to minimize traffic in the neighborhoods, or even changing the master plan again to put the Wal-Mart on the opposite side of the development. Or even better work with the development company to bring in another store like Ukrops or something that wouldn't have such a negative feeling towards it...You can't tell me Blacksburg wouldn't go just as nuts as Roanoke did over a Ukrops. I just think the town council needs new thinking in it to bring smart growth to town by working with developers instead of NO-growth or after how I have seen the town act what I like to call dumb growth. Like you mentioned all this does is scare developers away that have good ideas, and can keep the small town feeling that the b'burg citizens want to keep.

I think he's right.  Why didn't they just spend the money working WITH Fairmount Properties rather than AGAINST?  This all doesn't rest solely on the shoulders of Blacksburg, of course - the same could be said of Fairmount Properties, as well.  Nevertheless, here we are, and I could argue that Blacksburg's citizens are no better off for it, at least at this point. 

Is Bil right?  Would his suggestion have been a better alternative to the lawsuit Blacksburg is currently embroiled in?  Or was the Town Council correct in attempting to enforce retroactively an Ordinance passed because of First & Main?

An Update From Richmond ...

Today's the first full day of the VAR Legislative & Education Conference, and already it's been a whirlwind.  While the bulk of the attendees are "lunching" in a ballroom somewhere, I'm recovering with an Arby's turkey sandwich (have you seen the new Arby's redesign?  Actual rotisserie meats and stuff, very nice) and my ever present Diet Pepsi, trying to remember everything we did this morning. 

The bulk of the morning has been spent visiting our Delegates & Senators, and discussing with them some of the bills coming through the General Assembly and how they affect the New River Valley.  Items of importance, sure, but none seems to be as hotly contested as SB768 and the budget shortfall.

SB768 passed the Senate on the 12th of February, and is now in the House for review.  Essentially, the Bill caps the amount a municipality can charge a developer in fees.  The current system allows for "proffers" - fees charged to a developer when a house is built, or a lot rezoned for development.  In some cases, developers are being charged upwards of $45,000 per lot, which ultimately gets passed on the property buyer and increases the cost to the consumer.  SB768 limits the amount of the proffer the municipality can charge to $12500 in the 51st state - Northern VA - and $7500 throughout the rest of the state.  Those are STILL large numbers, but quite a bit less than what's currently being charged, and possibly bringing more properties in line with buyers' budgets.

As with any bill, there are arguments for and against.  Being in Richmond this week, I'm fortunate to be surrounded by people a WHOLE lot smarter than me, and so I forced Jim Duncan to sit down and talk for a few minutes.  Jim talked candidly about his take on the bill, specifically how while he agreed with the need for capping the rates on proffers, he wanted to see local municipalities set the limit and NOT state legislature.  Personally, I think a cap - state-mandated or not - is a good thing.  It'll be interesting to see what happens with this one.  The word right now is it's being tabled for 2008, and will be revisited for 2009.  The drama continues.

More from Richmond tomorrow, this should be fun.
 

Thoughts & Musings ....

I've come across a few things that I just haven't gotten around to talking about, 'cause in between searching for the new Hokie Express and actually trying to sell a property or two this week, I've just run out of time.  So, here are a few things I thought might be of interest:

• It takes a Village.
• NVAR shuts down a Facebook group comprised of it's own members.  Go here.  Or here.  NAR making friends and influencing people.
• The front door of Blacksburg.
• The NRVLiving Real Estate Show live and in prime time tomorrow, 10am.  We'll have Beth Mann from Cabinetry By Design in studio, and Mark Weddle will stop by to make a Big HUGE announcement!  810am or 810wpin.com, call in at 866-961-1430 if you have a question you'd like to ask!

Cabinetry By Design, LLC

Been thinking about redoing the kitchen, but don't know where to start?  Have an outdated design that needs a little refreshing? 

You might want to check out Cabinetry By Design.  Beth Mann has done some really cool work through her little boutique shop, and the results speak for themselves.  Look at some of these before and after photos:

Before (duh):

And After:

Yes ... that's the same kitchen.  Amazing work.

You can meet Beth And learn some of her secrets by attending the YMCA class she's teaching, "A Recipe for Success: The Ingredients Needed For A Successful Kitchen Renovation."  The class will be held twice, you can catch it either Saturday February 23 or Saturday March 8 from 9am - 12pm.  Just contact the YMCA to register for the class, or register online. 

Will Blacksburg Choose To Box Another Day?

Montgomery County Judge Bobby Turk has ruled this morning on the Blacksburg v. Fairmount Properties battle, and the ruling is ...

... in favor of the developer. 

Interesting that if this goes to the state Supreme Court, it'll influence how governments handle new developments.  Personally, I think this has gone on long enough.  Town Council has wasted a LOT of money to try and amend something that they feel they mistakingly passed, and taxpayers are paying for the mistake.  Your thoughts? 

It's In Print, It Must Be True

From Sunday's The Roanoke Times and Sarah Cox ... emphases are mine.
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"What are the real estate issues, nationally and locally, that REALTORS and their associates will face in the new year?  Credit and foreclosures, the mortgage industry, the green industry, REALTORS in a buyer's market, attrition among REALTORS, and national versus local real estate markets are some of them.

While we will examine in further depth each of these issues throughout the year, several professionals have given their comments as 2008 gets underway.

Steve Bodtke, managing broker of Long & Foster Blacksburg, pointed out that despite national pockets, the New River Valley market remains strong.  Jeremy Hart, NRVLiving Real Estate Team (Coldwell Banker Townside) agreed, pointing out that in the last three years, the New River Valley residential market has seen an average six percent appreciation, while the average days on the market (DOM) has dropped by 30 percent.

'Honestly, I was expecting a positive appreciation and higher DOM, but I wasn't expecting those numbers,' said Hart.  He pointed out that while there has been an 18 percent drop in new home sales nationally, the real estate market slow downs have been in California, Nevada, Arizona and Texas.  Locally, the lower DOM can partially be attributed to a slowdown in new home building, because a house could be under construction for six months all the while being 'on the market'.

Bodtke said the strong NRV market follows the most basic economic model of supply and demand.

'Blacksburg and Montgomery County are very appealing to a wide variety of buyers, from outdoor enthusiasts to retiring VT alumni (often one and the same).  Due to the high cost of land and the even higher costs to develop land in the area, coupled with the increasing materials costs, prices of new homes are up.  However, the demand for quality construction in a desirable area is always strong,' he said.

The buyers in this market are looking a bit harder and longer because of the slightly increased inventory.  So, said Bodtke, the more motivated sellers are 'correcting' their prices and not digging in their heels, assuming an appreciation rate that is simply too high.  Hart said he believed that the onus for price positioning lies with the REALTOR.

'We have to set clear expectations with our clients.  You can't argue with the numbers.   During the last half of 2007, homes that were priced right, taking market value and priced a percent or two below, came off the market within a month or two,' he said.

Buyers are looking, and finding, good values.  This does not necessarily mean that they are looking for the cheapest price, said Bodtke, but for quality, sustainability and low-operating cost, often linked to energy efficiency.  Both REALTORS said that going green will have an increased impact in 2008.

Bodtke said the proper approach to this type of construction is to examine the overall cost of home ownership, from type of materials used to the efficiency of the systems in the house.  Hart said that the green industry in the NRV is a trend that will continue to grow.

'It has not had the huge surge in poplularity that we've seen in other places nationally, but it has been growing consistently,' he said.  The Green Living and Energy Expo, sponsored by the Association of Energy Conservation Professionals, held its eighth annual convention Nov. 2-3, 2007 at the Roanoke Civic Center.  The attendance and exhibits have increased in previous years, with more than 2,000 people attending the last event that featured 75 exhibits.  Workshops included a biofuels seminar, the house of pressure, and presentations on residential solar, hybrid cars, global warming, on-demand water heaters and green roofs.

'We will continue to see more and more companies that are either growing that as a part of their business or focusing their entire business on influencing the green market,' said Hart.

Both REALTORS said they also see an attrition in their industry that began this past year.  Hart attributes this to the change in the market.

'When things get tough, people start to leave,' he said.

Bodtke pointed out that it's common in the real estate industry for people to 'jump in when the market is hot.  This was the same case with the 'fly by night' lenders and appraisers that no one had ever heard of.  Many of them are gone, never to be seen or heard of again.  This industry has a way of correcting itself, and that's a good thing.'

Hart also said that of the four million people currently in the industry in the United States, nearly 60 percent are at or nearing retirement age.

'If it's harder to sell real estate, some people don't want to do it.  As things get harder and the workforce gets older, we'll see more and more people get out of the industry.  There aren't as many people waiting int he wings as there where when I got into it five years ago,' he said.
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