new homes

While it isn't as strong as it was before the recession, new home construction in Lynchburg is starting to rebuild, aided in part by the recently expired homebuyer's tax credit. Nationally, new construction dropped off when the tax credit ended in May, but Lynchburg builders say they have not seen a significant decline.

Buidling permits tell the story: 63 building permits for new residential construction were issued for the Lynchburg area in April, down from 66 in April 2009. In May: 79 permits for new residential construction were issued, compared to only 62 in May 2009.

Read more in The Lynchburg News & Advance....

The housing slump isn't the only force against Lawnes Point in Isle of Wight, according to the Daily Press.

The development that was supposed to be an upscale, waterfront community but development hasn't taken off, and that is scaring away new potential buyers.

The appeal of getting a great deal on a beautiful piece of waterfront property is not enough to overcome some potential buyers' worries over the fact that very few of the properties have been developed.

"Lawnes Point on the James was supposed to be the upscale, waterfront community of choice.

NFL football giant Dan Marino hit the air waves in 2006, touting the amenities of developer VA Timberline LLC's 155 wooded lots backing up to the James River on Lawnes Creek.

The publicity blitz worked — buyers from across southeastern Virginia and more distant points, including Texas, Florida, Maryland, New York and Pennsylvania, have spent millions buying lots in the remote subdivision over the past four years.

All but 19 lots have sold, with several buyers in mid-2006 — the months leading up to a price-slashing frenzy on land — forking over more than triple the property's assessed value, according to county tax records. Eleven lots in Lawnes Point have sold in 2009, with all but one selling more than 20 percent below its assessed value, and seven properties are currently in foreclosure, said Isle of Wight Commissioner of Revenue Gerald Gwaltney.

Despite the hoopla surrounding Lawnes Point, the neighborhood remains largely undeveloped today. There are just two homes in the development today — a number that is equaled by the number of lawsuits filed against VA Timberline in Isle of Wight Circuit Court — and another two that are under construction.

While Lawnes Point is a victim of slumping real estate market, at least one prospective buyer questions whether early missteps by the developer are affecting the development's growth today."

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An area builder of modular homes and commercial buildings has seen a 50 percent increase in production since March, according to the Martinsville Bulletin.

Nationwide Custom Homes has recalled workers that were laid off in 2008 to help meet the increased demands. Nationwide attributes the increased production to the homebuyer tax-credit program and to their continued commitment to customer service.

This is great news for area homeowners because as the housing market continues to rebound, Nationwide will be able to hire back more employees. Also, this is a great sign for the housing market.

"Nationwide Custom Homes’ production is up 50 percent since March, company officials said.

If that trend continues, the company’s goal is to recall workers and/or fill about 75 positions next year at the company’s Martinsville division, according to Nationwide President Andy Miller and Vice President-Operations Tommy Rakes.

The company already has recalled more than 20 of the 100 workers who were laid off in 2008 and filled six positions since June of this year, Rakes said. The Martinsville division has 206 employees, he added.

Miller said a bill that extends and expands a homebuyer tax credit program would help the housing industry. President Barack Obama signed the bill Friday. According to The Associated Press, the tax credits center on extending the popular $8,000 maximum credit for first-time homebuyers that was included in the stimulus package.

The credit, which was to expire at the end of this month, will be available through next June as long as the buyer signs a binding contract by the end of April.

The program is being expanded to include a $6,500 maximum credit for homeowners who buy a new home after living in their current residence for at least five years, The Associated Press reported.

Rakes said he attributes Nationwide’s 50 percent increase in production since March to factors including the company’s Mainstreet product line, which was introduced in 2008.

Also, he cited the company’s expansion of distribution channels by signing on 32 new builders since March; its efficiency gains; hard work of employees; and emphasis on customer satisfaction."

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Homearama 2009 was a great success in the Culpepper Landing area of Chesapeake, according to The Virginian Pilot.

This year's homes were priced at half the price as last year's, and by the end of the weekend six of the homes were spoken for.

This excitement about new homes is great news for homeowners in the area, because it is another sign that the local housing market is rebounding.

"April Nobles climbed the wooden staircase Saturday afternoon and wandered into one of the home's five bedrooms.

'It's almost like you could live in the master suite,' said Nobles, peering into a cavernous bathroom. 'That closet is big enough to be a small bedroom.'

At 3,600 square feet, the home in the Culpepper Landing development in Deep Creek is the largest among the 12 built for this year's Homearama. The Tidewater Builders Association's annual showcase started at noon Saturday.

This year's show is a departure from recent years in both the size of the homes and their prices. Amid one of the steepest housing declines in decades, show organizers late last year decided to downshift and focus on the middle range of prices.

Last year's show featured homes starting at $1.2 million. This year, prices are from $349,900 to $540,600.

The strategy seems to have paid off so far, with six of the show's homes already spoken for."

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The Roanoke Parade of Homes had twice the amount of homes as last year, according to WSLS.

Homeowners looking to update their homes in effort to improve home value and make their home more enjoyable can get some great ideas by touring the Parade of Homes.

"The Roanoke Parade of Homes has finished up for now, but it will continue next weekend.

Brent Fortenberry, a co-chair of the Parade of Homes, took us on a tour of a home on Roycroft Drive in Roanoke County.  He says real estate has picked up a bit during the recession.

During this year’s event, there are twice as many homes on parade for a total of 45.

The parade lowered its price of entry so more builders could take part.

Fortenberry is also pleased with the government’s tax incentive for first-time home buyers.

'That seems to be helping. We’re hopeful Congress will decide to extend that beyond the end of November. It runs out then. We think it’s a great thing. It allows people who just don’t quite have the down payment to get something going to actually be able to get into a home," said Brent Fortenberry, President of Bench Mark Builders.

The Parade of Homes will continue October 10-12 from 12 noon to 5 p.m."

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