Harrisonblog

Last time we updated you with showing statistics for our brokerage, Kline May Realty, we had great news in that showings were up for 7 straight months! Well, in March, showings were down, and April finished up with showings trailing just behind April of last year (2009). The good news is that folks are still out buying, there just aren’t as many out compared to last year at this same time — even with the first time home buyer tax credit incentive (which just expired April 30th).

Hopefully with all of the new listings popping up on the market, more buyers will come as well. Stay tuned!

Downtown Harrisonburg is a unique and thriving place, so to keep up with their neighbors in offering a nightlife solution, Earth & Tea Cafe is now serving beer and wine. It is a growing trend in Downtown, and one that the owners of Earth & Tea Cafe — Felix Wang and Aaram Millones — are excited about.

Wondering about prices? They wanted to offer a nice variety of options, but also keep the prices affordable, many starting at $4 a glass. Also new to the cafe are light items and a tapas menu, plus expanded hours on Friday and Saturday nights to midnight.

“We see how popular downtown is becoming and we wanted to create a nightlife option that was easy and relaxed” says owner Aaram Millones.  The restaurant will, however, spice up the evenings with occasional acoustic music performances and a guest DJ playing international and Latin music on weekend evenings.

This popular cafe has been in business for two years, and we’re big fans! Relaxing atmosphere, delicious food, a wide variety of teas, and now beer and wine. What will they think of next?

Are you in need of a new appliance? Heat pump? Gas furnace? Well, now is the time to buy! Virginians are now (as of April 28th) being offered rebates for the following items, as long as they are Energy Star certified. (Note: there may be some exceptions. Do your research before you purchase!)

• Heat Pump - $300
• Gas Furnace - $250
• Tankless Gas Water Heater - $225
• Clothes Washer - $75
• Refrigerator - $60
• Storage Gas Water Heater - $35

Virginia has been allocated $7.45 million worth of the $300 million given to many states through the American Recovery and Reinvestment Act and the Department of Energy.

How do you apply for a rebate? According to the Department of Energy:

1. Beginning April 28 when the program launches, the link to reserve an appliance rebate online at this web page will be provided.
   • If applicable, follow link to your utility to complete the application process.  Please note - your utility may not use a reservation process.  From this point on, please follow the instructions provided by your utility to claim a rebate.
   • Most Virginians will complete the DMME rebate application.
2. Purchase an ENERGY STAR qualified appliance from a Virginia retailer or vendor.
3. Ensure proper installation of your new appliance and the recycling or proper disposal of your old appliance.
4. Claim your rebate within 60 days of your reservation.  To claim your rebate, return to the appliance rebate link which will be posted to this website on April 28.
5. Mail completed forms and all required documentation to DMME for processing. The mailing address will be listed on the forms which will be generated in step 4.
6. Track the progress of your claim at the appliance rebate link and watch the mail for your rebate check!

Need more information? Visit the Virginia Energy Efficient Appliance Rebate Program website.

**Photo Credit: somegeekintn

Harrisonburg’s newest park — A Dream Come True — has been under construction on Neff Avenue for quite some time now, but the ribbon cutting ceremony will be held on Arbor Day (April 30, 2010)!

This playground is unique in that all children can play together safely, including children with disabilities. Not only will this park feature extraordinary playground equipment, but it will also be home to specially chosen landscaping for a sensory garden (which will especially benefit children who are sight-impaired). Fine Earth, LLC is donating these plants to A Dream Come True.

Although the park is almost ready to open, there are still many items needed to complete the project. To learn more about what is needed, visit this page by Fine Earth, LLC dedicated to A Dream Come True.

Looking for more parks in and around Harrisonburg? Visit the Parks section in our Relocation Guide!

Preston Heights is an upscale neighborhood located in the heart of Harrisonburg, near Old Town, James Madison University, and just a short distance from Downtown. This area is full of grand and graceful homes built from the 1960’s through the 2000’s. The dominant style featured in Preston Heights is colonial, and most are situated on generous lots. This is a quieter neighborhood than Old Town, in that it is not bustling with college students and activity, and the mature trees and landscaping provide an extra measure of privacy and elegance.

Homes in Preston Heights range in price from the mid $300,000’s to mid $600,000’s, depending on the location within the neighborhood, and the size of the home and property.

Quick Stats:

• Average List Price*: $474,933
• Average Selling Price*: $439,167
• Average Home Size**: 4 bedrooms, 3.5 bathrooms, 3233 square feet
• 2010 School Districts: Spotswood Elementary School, Thomas Harrison Middle School, Harrisonburg High School

Links of Interest:

• Homes currently for sale in Preston Heights
• James Madison University
• Downtown Harrisonburg

Map of Preston Heights:

* This data is for homes sold from 4/24/09 - 4/23/10. Pulled from the HRAR MLS.
** This data is for any homes ever listed in this subdivision. Pulled from the HRAR MLS.

Last November, we reported on median sales prices by town in Harrisonburg and Rockingham County. That is helpful for buyers who are deciding where to live in the local community, and sellers who might want a quick snap shot of the value of their home in the particular town in which they currently reside.

There are a multitude of ways to slice and dice data. One might find data by town helpful, and someone else might find an overall look at the market helpful. Well, we’ve decided to show you the 12-month rolling averages for Average Sales Price and Median Sales Price since 2008, and have thrown in a chart reflecting the total new listings during that same time as well.

As you can plainly see, prices have decreased gradually over time. In fact, average sales price has dropped 6.77% since January 2008, and median sales price has dropped 6.07%. This is not surprising, given the Great Recession that we have experienced. Although homeowners may find this data a bit unnerving, take heart in knowing that the market is warming up again (along with this gorgeous spring weather!).

Here is a chart showing the total new residential listings from 2008 - (March) 2010:

Inventory is up! This is good news for home buyers, as they have lots to choose from, but it makes for a competitive market for sellers — another reason to use a competitive real estate team like ours (shameless plug). The local market inventory has increased by 9.62% since January 2008.

Keep an eye on our Market Trends posts to find out how our local real estate market is faring!

*Data pulled from HRAR MLS. Includes data from Harrisonburg and Rockingham County (including Massanutten Resort).

If you think you know how to have a good time, think again! A local Harrisonburg dentist made news in Florida at the Sun ‘n Fun Fly-In by participating in a hot air balloon flying contest. This dentist, Bob Detrich, flew his ultra-light balloon while belted to a seat (rather than the traditional basket), and with a propane tank strapped to his back. His brightly colored balloon features three molars, and Detrich is thinking about naming his balloon “Solar Molar.” Really, why not?

Read more about Detrich and his balloon antics…

Last week we wrote about the National Flood Insurance Program expiring at the end of March.

Good news! Congress took action yesterday to reauthorize the program. The program reauthorization was made retroactive to March 28, 2010 so all transactions keyed during the program suspension period will be completed as requested.

During the suspension, renewal offers on flood insurance were not allowed to be mailed out to policyholders, but now that the program is back in place, renewals will be mailed out with their original renewal dates (even though the notification times will be shorter).

If you have questions about this program, contact your insurance professional.

Today’s edition of the Daily News Record included a notice that a large portion of the Harrisonburg Crossing Shopping Center is in foreclosure proceedings.  With more than 500,000 square feet, the popular retail site is home to Barnes & Noble, Staples, Wal-Mart, and many other stores and restaurants.  (In June Best Buy will take over the space previously occupied by Circuit City.)

It appears from city tax records that the parcels housing Wal-Mart and Home Depot are not part of the foreclosure.  The tax records indicate that the rest of the shopping center is owned (for the moment) by THF Harrisonburg Crossing LLC.

The auction is scheduled at 3:00 pm on May 4th at the front entrance of the Rockingham County Courthouse.  The successful bidder must make a deposit of a mere $1,000,000 at the sale — and close on the property within 15 days.

The sale probably won’t affect shoppers or commercial tenants, but the foreclosure is the most prominent local casualty of the commercial real estate downturn that has battered property owners and lenders nationwide for the past two years.

We’ve already completed the first quarter of 2010! Spring is fully underway with the local real estate market picking up a plethora of new listings every day, but lets take a look at how our market has fared over the duration of March and the first quarter.

This is not one of the more encouraging reports we have posted.  The number of sales in March lagged behind both the previous month (the opposite of what normally happens from month to month at the beginning of the year) and the previous March.  The silver lining is that average and median price improved over the previous month.

Overall, I am very encouraged to see that the number of sales in the first quarter held nearly even with the previous year.  Last year after the first quarter, sales were down around 25% compared to the previous year, and 2009 as a whole ended up down 13% compared to 2008.  If 2010 can stay close to 2009 in terms of sales volume, that will be a clear sign of recovery.

However, the downward movement of average and median sales price concerns me — and average price per square foot is down more than 12% compared to the first quarter of last year!  This is a trend we will be watching closely.

Sales by price range holds the trend of having the most homes sell in the $100,000 - $200,000 price range. The days on market numbers are high for most price ranges, but in this market, that is what to expect. Perhaps the rest of 2010 will improve.