Land

The legal battle over a three-acre plot of land on Reserve Avenue has ended, with B&B Holdings accepting its condemnation. The City of Roanoke had exerted eminent domain to take the land for a Carrilion Clinic biomedical park, but has since dropped those plans.

The case has been closely watched by advocates of property-owners' rights, who are pushing for stricter limits on the use of eminent domain to seize land. Ultimately, the owners in this case, Jay and Stephanie Burkholder, gave up the fight because it made good financial sense to do so. The legal battle cost them about $600,000.

The annual convention for Virginia Realtors, The REal Show will be held October 1-3 at the Virginia Beach Convention Center. Featured speakers will include legendary Washington Redskins quarterback JoeTheismann and Richard Bitner, managing editor of Housing Wire.        

The 90th annual convention of the Virginia Association of REALTORS (VAR), offered in cooperation with the Hampton Roads REALTORS Association (HRRA), is expected to draw several hundred attendees from around the state, with Realtors, brokers and specialists coming for education sessions and a large real estate trade expo.

State officials are negotiating for lower proposed tolls with Elizabeth River Crossings, a private group that wants to expand the Midtown Tunnel. Officials put the cost of adding a second tube to the Midtown Tunnel, refurbishing the Downtown Tunnel and extending  the Martin Luther King Freeway at an estimated cost of $1.9 billion. Transportation officials say the proposed construction would fix two of the region's worst traffic bottlenecks.

The planned estimated base toll for both the Midtown and Downtown tunnels is $2.17 for cars and $6.52 for trucks. State officials are trying to get the tolls lowered -- perhaps to as low as $1.50.

The Fairfax County School Board passed a $2.2 billion spending plan, $35 million less than the current budget. The plan includes nearly $200 million in budget reductions and cost avoidances, including the elimination of 204.3 positions, nearly half of which are from central offices. Spending per pupil decreased by approximately $300 from last year.

Homeowners benefit from a strong school system, and young families looking to buy often seek out homes in "good" school districts.

Signs pointing to economic improvement in Danville include an uptick in building permits and retail sales tracking slightly higher than average for Virginia. That's good news for a city burdened by high unemployment -- 14.6% in March.

As the overall economy improves, homeowners can expect house prices to stabilize as more people look to buy homes.

Read more in the Danville News....

Realtors^® are in business to make money, not give it away. So, why do they pay dues year-after-year?

Get the real answers online in VAR’s 2010-11 Member Guidebook. This year’s Guide is one-stop resource for answers on the real return on Realtor^® dues. Visit www.VARealtor.com/MemberBenefits to access the Guide as an e-book today.

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Being a Realtor^®….

Arlington County will spend about $90 million to improve roads and parks in Crystal City over the next five years, according to budget documents.

Officials are planning improvements such as pedestrian walkways, bike lanes, and a streetcar at Potomac Yard. The funds will come from local, state, and federal sources, and from private contributions.

Homeowners benefit from improved infrastructure, as greater usability and aesthetic appeal raise property values.

Read more in the Richmond Times-Dispatch....

The Appomattox County School Board passed a budget calling for about 7% less spending than last year's budget. Programs cut include adult education, middle school sports, and pre-school classes for 4-year-olds. Twenty positions were cut.

The risk of a Virginia home losing value over the next two years is dropping as the economy improves, according to the latest PMI Market Risk Index report. The report doesn't discuss how much a home's value could change -- only the likelihood that in two years it will be worth more or less than it is today. The Market Risk Index is historically about 80% accurate.

Researchers calculated the risk using factors such as unemployment rates, housing affordability, and past price appreciation.