Call it pie in the sky, wishful thinking, whatever you want, but the fact is that the market in the Blacksburg/Christiansburg/Radford markets is moving again and people have been going along with it, make sure to get out of there on time with Shiply so you don´t get stuck in a bad marketing area, but if you don´t want to move, then hire these content marketing services to improve your business before it gets worse.
This video was done a couple of years ago, but I stumbled across it recently doing a search and it still applies. Appraisals can be a tricky beast, and it’s important to know what factors play into them. Leslie explains …
Quite a different look from detached homes, which showed relatively stable pricing throughout the year, and a significant volume decrease, since the expiration of the homebuyer credit on June 30th.
The condo and townhome product has long been a driving force in the New River Valley real estate market. With a constant supply of “kiddie condos” and townhomes being purchased by Radford University and Virginia Tech parents for their college-aged kid, alumni looking to relive their glory in their alma mater’s backyard, or investors looking to capitalize on a constant turnover of ready renters, townhouses and condos have been a large part of the sold inventory every year. Over the last 18 months however, financing for condos has become difficult to come by, and economic uncertainty has kept many from purchasing second homes and investment properties. You can see that reflected in the graphs above, with values moving up or down as much as 30% month over month, and the number of sales dropping – sharply – after the credit expiration of June 30th.
The numbers don’t lie. Townhomes and condos are difficult to sell in the New River Valley right now, and they’re a good deal for buyers with money to put down (25% or more). It’s as simple – or complicated – as that.
Reprinted from the Wall Street Journal – see the full article here. Part Two forthcoming, with my thoughts. What do you think?
Location location location is supposed to be the mantra of the real estate world, but price price price ought to be the bible. Historically the summer months are the most active for real estate here in the New River Valley, as the graphs below show (data compiled is from Blacksburg, Christiansburg, Radford and Montgomery County):
An agent in our office recently asked me how I would value a Blacksburg condo that’s in a complex called Clay Court. Clay Court is in a nice, downtown location of Blacksburg, but it’s tough to value when we haven’t seen any public sales since 2007. I’ve written about Blacksburg condos in the last year, but this complex is a little different. It’s not a building with a lot of students (hardly any, in fact), the starting price points are above the median sales price of the market in Blacksburg, and there are relatively few (~ 30) units in the entire place. It’s not surprising that we’ve seen very few sales since it was built, but it’s still tough to assign a value.
Recently, I was talking with someone regarding the oversupply of condominiums in the Blacksburg market, and I was asked what I thought it’d take for condos to begin selling again. I tried to be as honest as possible in my answer, saying that two things needed to happen in order for the condo market in Blacksburg to begin picking up again:
By now you’ve probably heard about the first time buyer credit, also known as the American Recovery & Reinvestment Act of 2009. First-time buyer credit has a nicer ring to it, doesn’t it?
Over the last few years I’ve had the opportunity to discuss real estate in a number of different forums, including newspaper, television, blogs and community groups. If you’re in the media and would like to discuss a topic, feel free to contact me anytime.