Norfolk Development 2

[vdogg]

Commander Corporate Center and SSA threads merged with Norfolk Development.

[okinawatyphoon]

The VA Pilot summary of new developments, althought not all. It has a different rendering for the 201 twenty one development. Edited February 3, 2006 by okinawatyphoon

[vdogg]

The VA Pilot summary of new developments, althought not all. It has a different rendering for the 201 twenty one development.

Freaking outstanding Okinawa! These are much better renderings. Now I can update the projects listing with something more spectacular.

[Glassoul]

Well he has my vote. I'm not a democrat but he is doing alot for this city and has my vote!

Well party politics rarely comes into play in city/county level administrations, so its not much of an issue. This is especially true since Fraim is more a business-oriented mayor rather than a bleeding heart subsidy lib. Also, I believe the only one other candidate running against him is also a Democrat, so you don't have much choice either way.

Edited February 3, 2006 by Glassoul

[rusthebuss]

Well party politics rarely comes into play in city/county level administrations, so its not much of an issue. This is especially true since Fraim is more a business-oriented mayor rather than a bleeding heart subsidy lib. Also, I believe the only one other candidate running against him is also a Democrat, so you don't have much choice either way.

This is true but I was just expressing that I do like what he is and has done for this city.

[vdogg]

Anyone remember this article? It's been almost a year to the day since it came out, I wonder what the status on this project is?

Norfolks Wainwright building changing hands

"This is the partnership’s first commercial deal, and it plans renovations to the nine-story building and will add three condominiums on the roof.

The purchase also includes a parking lot, 219 W. Freemason St., which the owners plan to use to construct an office building or mixed-use development, Hranowskyj said.

^^^It sure would be wonderful to get another mixed use tower announced over there this year.

[lil-bear]

I remember that article. I think it is smart for the new owners to sit and watch the residential market in downtown. Whether it becomes a condominium or stays office space, I would just like to see it restored!

[urbanlife]

Anyone remember this article? It's been almost a year to the day since it came out, I wonder what the status on this project is?

Norfolks Wainwright building changing hands

"This is the partnership’s first commercial deal, and it plans renovations to the nine-story building and will add three condominiums on the roof.

The purchase also includes a parking lot, 219 W. Freemason St., which the owners plan to use to construct an office building or mixed-use development, Hranowskyj said.

^^^It sure would be wonderful to get another mixed use tower announced over there this year.

I like this idea of a new building on that lot. It is a lot that desperately needs a building on it. Plus it would make the Wainwright feel like it really fits into that area. I have always loved the urban context of the Wainwright.

[willy]

I don't know if these are new to you all or not but here ya go. I'm not sure if Bay Point has been finished or even started, but I do know that a bid just came out for the construction of the Pretty Lake Condos.

At second glance there are two different projects called Pretty Lake. One (shown below PR Village) consists of 72 condos and Pretty Lake Condos designed be CMSS (not shown) consists of 39 condos. Both bids are due in roughly at the same time.

Bay Point Redevelopment

Pretty Lake Village Condominiums.

Edited February 8, 2006 by willy

[okinawatyphoon]

Wow those are nice looking!

[vdogg]

I don't know if these are new to you all or not but here ya go. I'm not sure if Bay Point has been finished or even started, but I do know that a bid just came out for the construction of the Pretty Lake Condos.

At second glance there are two different projects called Pretty Lake. One (shown below PR Village) consists of 72 condos and Pretty Lake Condos designed be CMSS (not shown) consists of 39 condos. Both bids are due in roughly at the same time.

Bay Point Redevelopment

Pretty Lake Village Condominiums.

Thanks for these Willy. These are the first renderings I've seen for the Pretty lake development.

[Chesapeake Pirate]

This letter in today's Pilot is highly critical of the recently announced projects in Norfolk...written from the perspective of someone who is obviously concerned about rising property taxes.

Bubble to Rubble?

[vdogg]

This letter in today's Pilot is highly critical of the recently announced projects in Norfolk...written from the perspective of someone who is obviously concerned about rising property taxes.

Bubble to Rubble?

The way that editorial is worded it sounds suspicioulsly like someone who posts here every now and then, though I refuse to name names. I understand the concerns, though I think they are a bit overblown at this point. One day we will reach a point when we have to ask ourselves, "how many is too many?"

[hoobo]

A conspiracy? Well, if the writer believes that it's a conspiracy that is driving up condo prices, then I suggest writing to his assembly rep to sponsor an anti-flipping law. If flipping is what is driving prices then a law against the practice should ease this writer's complaints. But if it is real demand that is driving prices then limiting the supply of new condos will only make the problem worse. Considering that HR is not Vegas or Miami and that all home prices are rising not just condos, I am led to believe that market forces are drving prices not flipping or new higher-priced construction.

[erdogs]

Sour grapes, the writer is upset he bought his condo too soon.

[Chesapeake Pirate]

The way that editorial is worded it sounds suspicioulsly like someone who posts here every now and then, though I refuse to name names. I understand the concerns, though I think they are a bit overblown at this point. One day we will reach a point when we have to ask ourselves, "how many is too many?"

I can understand the concern because I have heard it expreessed by some older, long term residents of the Freemason area who were some of the pioneers 15-20 years ago for downtown living. I think it is a legitmate problem for someone who may be retired now and bought a condo 20 years ago for $100K that now might be worth $500-$750K, with prices having gone up about 50% in the past two years or so. If these folks are not wealthy, their property taxes are starting to cause a little pain, or perhaps a lot. Hopefully they can refinance or do a reverse mortgage and live out the remainder of their lives where they are now.

But, the main point is that, overall, this is a market situation and, other than individual scenarios like I suggest above, the demand seems to be there although the supply of condos is now catching up to demand.

If there are too many, prices will stablize. As downtown living becomes more desirable with additional retail, light rail, etc., values should continue to surge, although not at the rate of the past two years.

[rusthebuss]

There will always be someone that is critical about everything. I've learned this through out my years of being on earth. No matter how good it is there is always that one person that will find something to b!tch about. This dude has a bone to pick cause his taxes have gone up. Now lets start seeing the wages matching the new cost of living!

[Former Resident of HR]

Sour grapes, the writer is upset he bought his condo too soon.

I am thinking that it's not really sour grapes as much as it is that he probably has a legit complaint. The assments on houses has exploded and many people on fixed incomes who lost money in stocks are now being hit again. I feel sorry for retirees who work 30+ years, settle down and then get hit with a huge tax bill on a place that they may have planned to live in for many years. The cities seem to be raking in more cash every year and it is the poor/middle class that seems to be hurting the most.

[erdogs]

I am thinking that it's not really sour grapes as much as it is that he probably has a legit complaint. The assments on houses has exploded and many people on fixed incomes who lost money in stocks are now being hit again. I feel sorry for retirees who work 30+ years, settle down and then get hit with a huge tax bill on a place that they may have planned to live in for many years. The cities seem to be raking in more cash every year and it is the poor/middle class that seems to be hurting the most.

Mayor fraim has talked about cutting taxes this year. So if that's all it is, hopefully that will help.

[willy]

The House of Delegates passed a bill Monday that will help make a 4-acre parcel in the rapidly transforming Atlantic City suitable for development.

[Padman]

Sour grapes, the writer is upset he bought his condo too soon.

He ought to sell it now, then.

We get a lot of editorials where poeple have some good points, but don't always see the big picture. When we do build too much housing, and we will eventually, units will have to sell or rent for lower prices. There you have it..affordable housing. Development interests can't afford to leave these buildings empty. Then, there's always the filtering down effect of the older housing stock. It will all work out. It just won't be a perfect, smooth system. I'm not one of those who thinks that "filtering" is a bad, heartless system.

Edited February 14, 2006 by Padman

[urbanlife]

And Norfolk is way behind on downtown living compared to many cities. But it looks like they are doing a good job gaining.

[rewyanc]

Does anyone else see that there are just too many units coming online not only in norfolk but in the whole of hampton raods. I mean where are all these people coming from. And how can they all afford 400,000 condos. I do know that many builders are walking away from contracts already, and investors that have written contracts on unbuilt condos are starting to sell those contracts. People are getting worried and banks are really tightening up on developers. I just think that with the number of units coming on line and the price thay are trying to get for them there is bound to be some problems in the future.

[Padman]

Does anyone else see that there are just too many units coming online not only in norfolk but in the whole of hampton raods. I mean where are all these people coming from. And how can they all afford 400,000 condos. I do know that many builders are walking away from contracts already, and investors that have written contracts on unbuilt condos are starting to sell those contracts. People are getting worried and banks are really tightening up on developers. I just think that with the number of units coming on line and the price thay are trying to get for them there is bound to be some problems in the future.

I do. But as the number of unbought units increases, their prices will have to decrease. Not a silver lining for builders, but definitely for many of us. We're definitely in a different market. When physicians and other non-development types come up with very big proposals, that's a sign that things are not what they were. More people seem to be putting their money in stocks too, at least for the moment. Let's see if the major indexes can hold up there. The investment alternatives are good things to watch.

[Chesapeake Pirate]

Does anyone else see that there are just too many units coming online not only in norfolk but in the whole of hampton raods. I mean where are all these people coming from. And how can they all afford 400,000 condos. I do know that many builders are walking away from contracts already, and investors that have written contracts on unbuilt condos are starting to sell those contracts. People are getting worried and banks are really tightening up on developers. I just think that with the number of units coming on line and the price thay are trying to get for them there is bound to be some problems in the future.

I have lived in Hampton Roads for 30 years and a lot of Hampton Roads didn't even exist 30 yeaqrs ago, and I mean A LOT.

I bought my first house in Virginia Beach for $50,000 in 1978 and sold it in 1981 for $65,000. I was amazed! The same thing happened on my next house in Chesapeake, except the numbers got bigger. I would encourage anyone to buy as soon as they can. Prices only trend up, not down. Interest rates are still very low right now. I can appreciate your viewpoint but I think the market has a way of taking care of that. I think any problems will only be temporary. I have relatives in New York and California and friends in Northern VA who remain stunned at how much more we get for our money here than they do. I wish I had invested more money in real estate and less in the darn stock market!