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Harbor Heights Progress

vdogg

By vdogg
in Norfolk

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Chesapeake Pirate Hamlet

Chesapeake Pirate

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Seriously, how many of you can afford to drop $400K+ on an apartment? If you could, would you? That is alot of money for "property" that has no land, and joined walls. Sure the view is nice, but try living in a place like the Hauge for a year or two, the view goes unnoticed once you've lived there for a month or two.

I've already heard one story of someone who bought @ GT to flip the condo and got stuck by the contract. Ooops. A wealthy well off person looking to profit by making it difficult for the younger people to buy.

Harbor Heights is a neat building, but I would have no desire to own one.

I need a 3 car garage and an inground pool.

I don't know a single person that has bought any of the high rise units.

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Chesapeake Pirate Hamlet

Chesapeake Pirate

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All of these guys are in a bind. They don't want to negotiate, because if they do agree to sell one cheaper then the buyer could talk, and everyone else will want it cheaper.

One trick is to offer upgrades, which are generally highly inflated in value. The other trick is cash back at closing, but big companies aren't willing to do what some private people would do, giving huge cash back dollars at closing. The idea is it keeps the value on paper up, but the price is lower. But there is some regulation, and loan companies don't approve of it.

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Telmnstr Burg

Telmnstr

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Those are good points. The market over $4-500K is temporarily dead....very little movement. If the developer gets hungry enough, they can offer incentives. No indication any of that is going on, but the negotiations are private so who knows.

It will be interesting to see what impact the opening of The Market has on sales of the higher end units at HH.

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Chesapeake Pirate Hamlet

Chesapeake Pirate

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$400-500K now used to be $200-230K 4 or 5 years ago, so unless something happens with jobs soon I don't see it coming back soon. I do pretty darn well (at least I think so), and I know I wouldn't put that much money down on so little, the value just isn't there. If your filthy rich and have money to burn, or want to gamble that the value will go up, then it might make sense.

Hampton Roads doesn't really have the job base to drive so much housing in the $800K-$2mil range.With housing removed, a bunch of the banging income from housing is going to hurt.

A husband/wife each making $75K could probably handle the $500K payments on the condo and have room to save in case of medical or job loss... or husband making $100K and wife making $50K with a down payment, but I don't think there are that many people, since you have so many neighborhoods as well.

Those that are in that income category generally want a McMansion, not an apartment.

The market is okay I guess. Is it a normal grocery store? Or just foofoo stuff? Are people that dead set on living on top of a grocery store to pay large condo fees and a huge mortgage? I've always used costco, and found that I can get organic milk @ WalMart... the neat thing about the Organic milk is it lasts a month instead of week... no idea why, you would think it would be opposite but it isn't.

There are 3 units in the Rotunda already offered for rent on Craigslist. Will they be able to find renters willing to pay? One unit is listed for $2300/mo (3 bedroom), another is listed at $1600 (3 bedroom). 1st sounds less desirable by location. Sounds like #1 might find the market is $900/month less than they believe?

I dunno, I still think young people will continue to leave Hampton Roads. Too much for too little.

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vdogg Megalopolis

vdogg

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The ground level exterior design of this building is absolutely fantastic. It has a very sleek and urban feel to it. I wish they could have somehow carried that through the rest of the building. It is definitely one thing that they got right though. :)

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Telmnstr Burg

Telmnstr

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Lacking from all of your views is any factor for the value of living in downtown Norfolk.

My wife and I moved from Great Bridge to downtown. Her former 40 minute commute each way is now 5 minutes each way. My former 30 minute commute is now 10 minutes each way. For that reason alone, we have added significant time to our lives every day and week, and we have removed the tremendous stress and uncertainty of commuting on Battlefield Blvd, I-464 and I-64. We can't place a value on that, but it is huge for us.

Additionally, we no longer have to maintain a yard and the exterior of a home, including purchasing all of the tools and supplies one requires and making the time for these seemingly endless chores of mowing and edging and fertilizing and seeding and raking and pruning and trimming and painting and on and on and on. Happy for those who enjoy it, but after doing it for 30 years and getting as good at it as I was ever going to get, I don't care to take time for that anymore.

In Great Bridge, we could walk to nothing. In downtown Norfolk we can walk to just about anything. I think you underestimate what The Marketplace will mean to both downtown residents, downtown workers, and downtown visitors. No, it is not a normal grocery store. It's going to be better...much better. While you are taking a couple hours to drive to Costco and Wal-Mart, Harbor Heights residents and those living nearby will be able to shop in 20 minutes.

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Telmnstr Burg

Telmnstr

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Well, I can only speak for the 22-30 group....But it seems to be a huge salary gap between ages. I brought my first home last year for 195,000 (brand new construction) and its not much house. It was a huge jump from 200grand to 220, but the mortgage jump with that also. I thought I had a decent salary and I know my wife salary offset that some how, but I wish we could afford more house but we just can't right now. There are plenty jobs but the salaries do not pay out well. I'm an IS professional who constantly deals with wages vs experience vs talents. In a field that is really only about 20 years old, its little room for natural rotation of a job...Ultimately what I
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