An early rendering of an estate home to be built at Preston Lake.


 An early rendering of the Charleston Rowhouses to be built at Preston Lake.

In the Beginning

The news of Preston Lake first broke in October 2005.  Here's an excerpt from the Oct 26, 2005 article from the Daily News Record:


Sales by the Numbers

Now, nearly five years later, progress is still being made at Preston Lake, but not at the pace that was originally anticipated.  Certainly, the enormous changes in the financial markets and the housing market over the past five years have played a large role in the change of pace at Preston Lake.  Let's take a look at residential sales at Preston Lake per the MLS...



Per the data in the MLS (reflected above) there have only been seven single family home sales, but I believe the count is actually closer to twelve when including custom contract builds that may not have shown up in the MLS .  It would seem that detached homes can be built at Preston Lake for anywhere between $350k and $900k.



Rowhouse sales have certainly slowed down in 2010, but over the past three years have been selling between $300k and $550k.

What's Available Now?

There are currently 14 active (or under contract) listings in the HRAR MLS, priced between $299k and $814k.  Five of these homes are under contract.

The Big Picture

Many developments of this scale (as close as Charlottesville) have failed over the past few years as housing markets faltered across the country.  It is remarkable, and notable, that Preston Lake (slowly) marches onward. 

Construction on the commercial parcels has not yet begun at Preston Lake, partly due to a sluggish retail market across the country, and partly because the layout of the commercial area at Preston Lake still may be in flux as a result of the yet-to-be-fully-funded South East Connector Road.

The developer of Preston Lake and its lender (Wachovia) are in the midst of legal proceedings, as described in the Mar 2, 2010 article from the Daily News Record:


Moving Forward

So, what's next for Preston Lake?  My best guess is that residential development will continue (slowly) and that commercial development will eventually take place.  The retail development, however, will likely not take place until the economy improves such that retail businesses (independent and franchises) are looking to expand once again.

If you have questions about Preston Lake, feel free to call (540-578-0102) or e-mail (scott@HarrisonburgHousingToday.com) me.  My parents live at Preston Lake -- they built a cottage home when they relocated to the Shenandoah Valley -- thus I'm in the neighborhood quite a bit.

There is a slowly growing area just north of Harrisonburg that you may not have heard of or visited, but there are a variety of factors that may make it a growth area over the next several to many years.



A strategic plan has been created for this North Valley Pike corridor, that suggests turning an existing section of Route 11 into a main street area, with most through traffic diverted to a new road.  For an overview with lots of helpful links, read the post on hburgnews.



A research and technology park has been established amidst this corridor on 365 acres, owned and operated by Rockingham County. 



SRI International has established a 25-acre campus in the above-referenced research and technology park, and opened the Center for Advanced Drug Research, which is a "state-of-the-art research facility for conducting systems biology research in the areas of biodefense and neglected diseases."



An attractive subdivision of single family homes is being developed in this corridor area (I am marketing this subdivision) with prices starting in the low $200,000's. 



A new elementary school was recently built on Smithland Road, not too far from this North Valley Pike corridor.  This has created new traffic flow patterns, bringing greater awareness to the north side of Harrisonburg.

While most development has taken place just southeast of Harrisonburg in the recent past, the area just north of Harrisonburg will be a key area to watch over the next 3 to 20 years.

One way to take a look at what is being built in and around Harrisonburg is by examining the Harrisonburg / Rockingham MLS to analyze listings circa 2009+.  First, or note, a full 14% of listings currently for sale in Harrisonburg and Rockingham County appear to be new construction.  (113 homes out of 793 homes).

Here's a big picture summary of these new homes for sale in our market:

• 51 are single family homes, and 62 are townhomes
• the townhomes are priced between $119,900 and $499,000
• the single family homes are priced between $76,495 and $738,600
• the median square footage of new single family homes is 1,868 SF
• the median square footage of new townhomes is 1,41F SF
• these new dwellings have been on the market an average of 194 days (six+ months)
  

If you're considering buying a new home in Harrisonburg, feel free to call (540-578-0102) or e-mail (scott@HarrisonburgHousingToday.com) to consult with me.  I work with quite a few builders and have become very familiar with the new construction process.

Also . . . enjoy the first edition of Harrisonburg Real Estate Radio:

Home Inspections via Harrisonburg Real Estate Radio  [08:38]

 

If you're building a home, what should you use as a driveway material?  There are a lot of options!

• Pavers, Brick or Stone
• Concrete, Stamped Concrete, or Exposed Aggregate
  
• Asphalt
• Gravel
• Dirt

Each has their own advantages and disadvantages, related to cost, appearance, durability, etc. 

Let's take a look at the most common types of driveways in Harrisonburg and Rockingham County.  The data source for this analysis is the Harrisonburg/Rockingham Association of Realtors MLS, so it's an inexact analysis, but can still provide some helpful insights. 



The chart above shows that the most common driveway material for single family homes in Harrisonburg and Rockingham County is gravel!  Beyond gravel drives, which are likely found mostly in the County, the most frequently occurring driveway is an asphalt driveway.  Let's take a closer look at driveways of single family homes in the City of Harrisonburg, to exclude the more "rustic" driveways found on homes further out in the County . . .



In the City of Harrisonburg, a full 1 in 5 driveways is still gravel, though asphalt driveways now lead the pack, with a full 10% greater market share than concrete driveways.



The graph above analyzes "expensive" homes --- those sold above $350k in the last year in Harrisonburg and Rockingham County.  Here we find an even more overwhelming share of asphalt driveways, though we also see an increase in the percentage of exposed aggregate driveways.



Perhaps most interesting is that when examining homes sold since Jan 1 2000, we find that most have had concrete driveways.  Is this perhaps the sign of a growing trend in our area, or the nation as a whole?


Notes:  In the last year, 570 single family homes sold in Harrisonburg and Rockingham County (per the HRAR MLS), and the analysis above is based on the 534 sales where driveway data was present and usable.

It seems that there are quite a few people in our current market who want to buy a house --- but they're at a standstill, because they have to sell their current home before they can buy.  It can be a challenge to buy and sell simultaneously, as I pointed out this past September.

But maybe there's another way . . .

I market several neighborhoods of new homes for Scripture Communities, and just recently the builder (Jerry Scripture) has devised a move up program that has worked for him in the past, and is working again now in our current market.

The concept is this: In certain circumstances, Scripture Communities will help you sell your current home, or will even commit to buying your home, if you are buying a new home in a Scripture Community.  Does it sound to good to be true?  It can be of tremendous help to someone who wants to buy, but most sell in order to do so. 

As a real, live, example --- we're in the process of building a home now (at Heritage Estates) for someone who is using the Scripture Community Move Up program.  If they can't sell their current home themselves by the time their new home is complete, Scripture Communities will buy it from them at an already agreed upon price so that they can close on their new home.

There are a few common sense guidelines that we're using when considering these move up scenarios:

• The buyer must be moving up, with a decent margin between the house prices.  It can make sense for Scripture Communities to buy a $200k house to allow someone to close on their purchase of a Scripture Communities $300k house.  Likewise, it can make sense for Scripture Communities to buy a $275k house to allow someone to close on their purchase of a Scripture Communities $400k house.
• The buyer (and builder) must be reasonable in deciding on a purchase price for the buyer's current home.  Scripture Communities will buy (or consider buying) a house a price that is agreeable to all parties --- but sometimes an agreement can't be reached.  
• This won't work for every situation, but it can work for many seller-buyers.  Scripture Communities can't buy every or any home for someone who hopes to buy at one of these new communities, but we'll certainly try to make it work for you to help with your housing transition.

As a reminder, here are the new communities where a move up scenario might work:

• Heritage Estates (55+ community with pool, French Country architecture)
• The Glen at Cross Keys (paired homes from the mid $200k's)
• The Cottages at Stone Spring (energy efficient homes in the $200k's)

The exterior of your home could be built with so many different materials, for example: stucco, stone, wood, brick, aluminum, concrete, steel and fiber cement.  That last one, fiber cement, is a vague and mysterious siding choice also referred to as HardiePlank siding, which has been around since the 1980's.

So, what exactly is HardiePlank siding??  First, HardiePlank siding is a fiber cement, made out of sand, water, cellulose wood fibers and cement.  Its source materials and design provide it with a number of unique qualities that often interest homeowners....

• It resists flame spread, making it safer in the event of a fire.
• It is a very durable material that resists damage from impact.
• It not susceptible to rotting, or termites.
• The color is baked on, so you won't have to paint for 15 years!
  

Many home buyers in the Shenandoah Valley have not heard of HardiePlank siding, but as soon as they come to understand how it outperforms wood and vinyl products, they become very interested!

HardiePlank comes in all sorts of colors and styles, and you'll start to see it on some newly built homes in this area, for example on the Paired Homes at The Glen at Cross Keys, on this EarthCraft home on Cottage Circle, on most of the homes at Preston Lake, and on Urban Exchange.

Click here to view updated construction photos, showcasing the nearly-complete Urban Exchange!  Both buildings (East and West) are now open, as of this pats Thursday.

Gym equipment will be delivered in the next few days, and the final construction details will be finalized.

To see the exciting developments at Urban Exchange for yourself, feel free to swing by our Leasing Center --- we're open nearly every day of the week from 12p - 5p.  Or, call Mary to schedule at 877-548-3831.

We're now less than four weeks away from the first residents moving into the brand new upscale condos in the East Wing of Urban Exchange located in downtown Harrisonburg.  Click on the image below to view updated construction photos.

For some time I have been tracking price per square foot trends for all single family homes in Harrisonburg and Rockingham County.  These appear in my monthly market report, and show a median price per square foot of $80/sf back in 2002, a high of $131/sf in 2006 and a current value of $123/sf.

In talking to a potential developer last week, he inquired about price per square foot trends for new construction.  This isn't an easy thing to calculate, for several reasons:

• We don't have a consistently used "New Construction" field in our MLS. 
• Single family homes built on larger parcels would inflate the median price per square foot
• Finished and unfinished basement square footage can muddy the waters.

We devised a plan to account for two of these three challenges.  First, I would search in any given year for homes reported as being built that year or the year prior (for 2003 homes, I'd look for 2003 closings where the home was reported as being built in 2002 or 2003).  I'd also limit the search to homes built on lots of one acre or less to remove the value of the land as a significant factor.

Below you will see the results, with a starting value of $99/sf in 2002, a high of $150/sf in 2006, and a current value of $140/sf.



I also graphed the number of applicable home sales in each year since 2002 to put the market into perspective.  Click here, or on the image above, for a clearer PDF version of this graph.

Closing thoughts:

• This represents all single family homes, regardless of size or location.
• If you're pricing a new construction home to sell, you'll need a more specific analysis to address your level of construction quality, the location of the building lot, etc.
• If you are evaluating a builder's proposal, please bear in mind that these figures are based on homes sold as total packages, thus including water/sewer/well/septic, driveways, sidewalks, etc.

We are pleased to announce that Heritage Estates, a 55+ community in Harrisonburg, Virginia has launched a re-vamped web site . . .



Don't be bashful, tell me what you think of this new web site, in the comments below, by e-mail (scott@cbfunkhouser.com) or by phone (540-578-0102).

Some exciting additions to the web site include:

• A thorough look at the community at Heritage Estates, both inside and outside the beautiful French Country homes.  View Heritage Estates Photo Gallery
• Candid video interviews with residents at Heritage Estates, who tell us a bit about why they live at Heritage Estates and what they like about the community.  View Heritage Estates Video Gallery
• Full details on each floor plan style (Augusta/Avenel, Pinehurst, Paired Home) including floor plans, standard features and options/allowances.  View: All Heritage Estates Designs, Augusta/Avenel, Pinehurst, Paired

For those of you unfamiliar with Heritage Estates, here's an overview...

Heritage Estates is an active adult community located in Harrisonburg, Virginia. Heritage Estates boasts superb French Country architecture with flowing interior floor plans that are wonderful for entertaining.You'll also enjoy spectacular views of the Blue Ridge Mountains, the golf course immediately beside Heritage Estates, the community swimming pool, and a maintenance-free lifestyle.

Yellow, Red Bridge to be installed on Tuesday!

All day tomorrow (Monday) we'll be setting up a HUGE crane next to the Urban Exchange construction site.  Then, on Tuesday between 8:00 a.m. and 10:00 a.m. we'll be using the crane to (carefully, slowly) lift the red bridge and the yellow bridge over top of the East Wing, and down between the wings to span the courtyard area.

Feel free to drive by to see the action, or watch it live from across the street!  Call me (540-578-0102) or e-mail me (scott@cbfunkhouser.com) with any questions.

Become a fan of Urban Exchange on Facebook!

Are you on Facebook?  If so, become a fan of Urban Exchange --- click here to visit the Urban Exchange page on Facebook.

A gentleman from New Jersey stopped by our office today asking about the area, and trying to get a sense of where the main growth areas of the city and county are located.  I explained to him, as I have explained to many people lately, that most of the growth in the County is focused just south and east of Harrisonburg in an area bound by Route 33, Port Republic Road, Boyers Road and Cross Keys Road.  It's a diamond shape area (seen above), and within that are you will find many of the subdivisions that have been developed over the last 10-15 years. 

Click on any subdivision in the map above to jump to active listings in that neighborhood.

As we pulled up in front of the home pictured above earlier this week, my dad asked "that's a single family home?" -- as it turns out, he was surprised at how large the single family home was.

In fact, this beautiful home is a "paired home" --- two homes that share a wall and have opposite side entry.  Paired homes offer the following benefits:

• Paired homes have the appearance of single family homes.
• Paired homes have greater privacy than duplexes with entrances on the same side.
• Paired homes offer the affordability of duplexes because of smaller lot sizes.

Paired homes like the one pictured above are currently selling just under $300,000, and boast 2,300-2,600 square feet, three or four bedrooms, two-car garages, and many luxurious interior features.

View Paired Homes or sale in these exciting communities:

• The Glen at Cross Keys
• Heritage Estates
  

Construction is flying along at Urban Exchange (196 condos for sale and for lease in downtown Harrisonburg).  Here are a few updates on the progress:

• The courtyard is really shaping up!  The photo above starts to show how large of an area this will be, with raised decking, landscaping, and seating areas.  More courtyard photos here.
  
• The bridges will be installed soon!  As you can see in the photo above, the end segments of the yellow bridge (2nd floor) have been installed.  In roughly 4 weeks, all of the bridges will be installed via a crane!  More bridge photos here.
  
• The apartments in the East Wing (for lease) are moving along quickly, with rough mechanicals and insulation nearing completion and drywall in progress!
• The East Wing is now scheduled to be complete on July 1, 2009.  Completion of the West Wing is scheduled for August 20, 2009.

See the progress at Urban Exchange via these construction photos from earlier this afternoon.

Click on the photo above to view updated Urban Exchange construction photos, showing the dramatic progress that is taking place just one block from Court Square. 

Also, if you'd like to take a tour of Urban Exchange, please either stop by during our office hours, or also feel free to call or e-mail to make an appointment to meet on site:

Condo Sales
Scott Rogers
540-578-0102
scott@LiveUE.com

Apartment Leasing
540-421-9341
info@LiveUE.com

Are you interested in living in downtown Harrisonburg?

Yesterday, I accompanied my clients on a framing meeting at the home (pictured above) that is being built for them at Preston Lake.  One of the impressive aspects of Preston Lake construction is that every residence (single family homes as well as rowhouses) will be EarthCraft and EnergyStar certified.

Here's one small example of the difference you'll find in an EarthCraft home...

The average duct leakage on new construction homes is 28% --- that is to say that 28% of the heated or cooled air being pumped into the ductwork never makes it into the living areas of the house.  In contrast, an EarthCraft home MUST have 6% or less duct leakage --- which, as you can imagine, provides for a great deal of energy savings for a homeowner.

Thus far, I have been very impressed with the construction process, materials and quality at Preston Lake.  As the house moves further along, I'll post some additional photos showing some additional innovations found at Preston Lake.

Here are some other communities and houses incorporating green building practices, materials or philosophies:

• Urban Exchange
  
• The Glen at Cross Keys
• The Cottages at Stone Spring
• 1091 James Place (Sunset Heights)
• 1830 Manor Drive (Stone Spring Manor)
  

Before I attended an EarthCraft training this week, I had heard of EarthCraft homes, and had been in EarthCraft homes, but I couldn't have given a very good definition of what they are, and what makes such a home different from a traditionally built home.

Here's what I now know about homes that are certified as "EarthCraft Houses"...

1. Higher Quality - an incredible focus is put on building homes as "tight" and as energy efficient as possible.  This is not to say that all non-EarthCraft homes ar of lower quality, but that in general, EarthCraft homes are of higher quality than traditionally built homes.
2. Lower Cost - because these homes are more energy efficient, the homeowner will almost always pay less for electricity and water in an EarthCraft home.
3. Healthier - an EarthCraft home uses fewer building supplies with VOC's and other chemicals and allows fewer outside air contaminants in because the homes are built to be much "tighter" than a traditional home.
   
4. More Comfortable - with such a significant focus on insulation, air flow, and controlled ventilation, an EarthCraft home is often much more comfortable to live in, with fewer drafts and with more consistent temperature and humidity.

Another perspective that was helpful for me as I came to understand EarthCraft homes was to better understand the 300+ criteria for which an EarthCraft builder can receive points.  The criteria fall into the following categories:

• Site Planning
• Energy Efficiency Building Envelope and Systems
• Resource Efficient Design
• Resource Efficient Building Materials
• Waste Management
• Indood Air Quality
• Water Conservation
• Homebuyer Education
• Builder Operations

As you can see, the EarthCraft program encourages well-built, energy-efficent homes --- which is a benefit to the homeowners and the environment!

I spent the day today at an EarthCraft certification course learning about how to build higher quality homes, that are healthier, more comfortable, and have lower utility costs for homeowners.

Click below to watch a brief interview with Aaron Yoder, the president of the Green Building Committee of the Shenandoah Valley Builders Association.



I learned a lot today, which I'll continue to share over the coming weeks in this space --- but if you are considering building or buying a green home, please be in touch --- I'd love to fill you in on what you should be looking for in a builder and a home.

As Harrisonburg has grown, we have begun to see an increasing number of housing trends from across the country find their way to Harrisonburg, for example, Harrisonburg's first downtown condo project. 

The beautiful home pictured above is another example of a first --- a 55+ community in Harrisonburg!

Here are some high points of Heritage Estates, a stunning new community on Garbers Church Road, on the western edge of Harrisonburg:

• Award-winning French Country designs
• Maintenance-Free lifestyle
• Private community pool
• Next-door access to Heritage Oaks Golf Course

Learn more by visiting www.HeritageEstates.US, or by calling me at 540-578-0102.

Heritage Estates is being developed and built by Scripture Communities, and marketed and sold by Coldwell Banker Funkhouser Realtors.

Have you heard of an EarthCraft home? 

EarthCraft Virginia provides a new construction certification process that serves as a blueprint for healthy, comfortable homes that reduces utility bills and protects the environment.

More specifically, EarthCraft promotes diligent airsealing and energy efficiency. Airsealing of the building envelope and its mechanical systems, while still allowing for fresh air intake, provides a tighter building envelope at little additional cost. There is less communication of air and sound between units and better indoor air quality through the use of managed fresh-air intakes. Thus, projects are more energy efficient, less costly to occupy, and more durable overall.

EarthCraft homes also make use of EnergyStar appliances.

Here are several new subdivisions where you will find EarthCraft homes in and around Harrisonburg...

• Covenant Heights
• Preston Lake

Here are several homes currently being built to EarthCraft standards...

• 1270 Cottage Circle (Stone Spring Road)
  
• 160 Craigmore Drive (The Glen at Cross Keys)
  
• 1091 James Place (Sunset Heights)
  
• 1830 Manor Drive (Stone Spring Manor)