Since 2011, the Virginia Real Estate Blog has been the premiere source of real estate news from across the state. We have enjoyed writing this blog and interacting with our readers. Our successes have been because of you.
After careful consideration, we have decided to make this our last post. The daily demands of overseeing a rapidly growing company need to be our priority at this time. We thank all of you who have been following us from the beginning and look forward to talking about these stories in the future.
Stay tuned because where as the blog will no longer be posting daily we are working on some very exciting projects to provide news and insight into the Virginia real estate market. Thank you again.
The C|P|G Team
After years of stagnation, the condo market in the Richmond region is picking up momentum with a number of new projects. The area saw condo sales and developments skyrocket during the real estate boom before coming to a halt during the Great Recession. Even as townhome and single family home sales showed signs of recovery, condos sales didn’t seem to recover from the drop. That trend finally seems to be changing as a slate of new condo projects pop up in the region. Condo sales in Richmond have almost doubled since 2010 and are up by 34% in 2013 compared to 2012. This year is on pace for even better numbers. Five high-profile condo developments provide further evidence that the market is coming back.
As we spoke about last week, there has been a lot of uncertainty in the Washington, D.C. submarkets recently. Despite a strengthening economy and lower unemployment, the once booming market is slowing down to a crawl. Congress’ continued push to shrink the federal deficit has resulted in cuts to every federal agency – especially the Department of Defense which has had a huge influence on the real estate market in Northern Virginia. As these cutbacks continue, not only has the commercial real estate market slowed but now there are strong indications that the residential market is stalling. (more…)
The Charlottesville City Market may finally get a permanent home as part of a larger mixed-use development outlined in four proposals. The City Council yesterday heard presentations on those proposals from four developers who would live to transform the existing market location, a surface parking lot in the downtown area. All of the proposals expand the current number of market stalls and add parking spaces to the area. The proposals also include a variety of commercial and residential space, from luxury condos to workforce housing. The mixed-use trend is once again in full focus as each of the proposals envisions multiple uses for the new City Market.
Over the past several years, City of Richmond officials have placed a great deal more emphasis on leveraging the James River. Last year, a comprehensive plan was approved by city council to develop public access points, open spaces for sports, and other amenities which will tie the CBD to the waterfront more closely. With all of the emphasis on the waterfront and the interest that Rockett’s Landing has garnered, developers in the city have been scrambling to develop projects along the James that will build off that interest of the water. (more…)