Friday, January 14, 2011

"The End of the Great Recession" ?

From Fredericksburg.com:

"The end of the Great Recession must be close at hand.

After about a five-year absence, a developer came before the Culpeper Planning Commission last night with plans in hand."
This is unusual:
"Some units would have detached 'accessory' units (apartments over garages), which owners of the main houses could rent."
More:
"If the proposed rezoning is approved, the new subdivision will have homes that vary in width from 24 feet to 60 feet and sell from $250,000 to about $450,000."
This area is out Route 211 to Luray - it's farm-friendly and while the road is adequate, it's rather sad to see it developed in this way. I hope it turns out to be a self-sustaining neighborhood and not just a commuter neighborhood. I'm not even sure why this will work -- there are other developments on hold much closer to Northern Virginia.

True story: six years ago, in 2005, I ran into a man who worked for a car rental place. He told me how excited he was to be so prosperous -- in just few more years, his house near this neighborhood would be worth a million dollars. They're selling for less than a third of that now, of course.

4 comments:

housebuyer said...

Harriet-

That is amazing that new large developments are being made out there. With prices still sown so dramatically from peak its hard to believe it will be profitable, but who knows...

Texas Native said...

While commissioners seemed okay with the plan in general, street size quickly became an issue, especially when Epstein said that some would be too narrow for the Virginia Department of Transportation to take into its system.

Psssst....Hey buddy...wanna buy a house on a street so narrow that VODT won'let you deed the street? Yeah, those pesky VDOT regs say you have to have 9 foot lanes for Emergency vehicles, but c'mon man! Nine WHOLE feet? That's for RICH people!

LOL...It's sometimes funny what you remember from the build up (the good old days). Oh the memories of 22" wide asphalt sidewalks.

Ahhh....Enough time has passed for the cycle to begin anew...

pat said...

harriet

yeah in 05, i was meeting bartenders holding condos to flip. I knew it would end badly.

BTW, half the apartments built in Beijing the last 3 years have never been occupied, they are held off the market as unocupied, new, flip investments.

Whenever the chinese housing bubble blows, it will roar across the world

pat said...

TN

If this division doesn't make sense with decent streets, it's very marginal