Homeowner headlines
Hampton Roads travel troubles expected to worsen
Rush hours in Hampton Roads currently see 12% of the region's primary routes severely clogged, according to the Hampton Roads Transportation Planning Organization. Officials say 29% will be jammed by 2030 -- and that's assuming that major projects now on the drawing board are completed.
"The numbers don't surprise me at all," said Commonwealth Transportation Board member Aubrey Layne of Virginia Beach. "In Hampton Roads, we have $19 billion in needs... and just $2.3 billion to spend" in the next 30 years.
Read more in The Virginian-Pilot....
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Goochland County struggles to develop as planned
Goochland County officials, keen on increasing development, have their eyes on th Tuckahoe Creek Service District.The 7,800-acre water and sewer district was funded with $63 million borrowed eight years ago from the Virginia Resources Authority. It was to be repaid through taxes boosted by anticipated commercial growth.
That growth has not materialized, leaving officials and landowners squabbling over how to move forward. Some are pushing for purely commercial development, while others say mixed-use development will work better.
Any kind of development will likely benefit homeowners in the area. The influx of capital and a broader tax base could stimulate the local economy, improving services and lifting the value of nearby homes.
Planning begins for future Herndon-Monroe Metro station
Town officials in Herndon are preparing residents and business owners for the new Herndon-Monroe Metro station, which is slated to open in 2016. Plans are afoot to make the area surrounding the coming station more appealing to passengers. Officials would like to see the area transformed into an attractive, walkable urban community.
Homeowners should take advantage of opportunities to be heard during this planning process. If well executed, careful development could make the area surrounding the Metro station pleasant and inviting. Prices of nearby homes could be positively affected.
Read more in The Washington Post....
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Hampton Roads home buyers taking their time
Prospective home buyers in Hampton Roads are lingering over decisions, taking time to do their research, and not worrying too much if low offers are rejected. They may feel that the current market is on their side -- the number of homes on the local market has climbed to previously unseen levels. In June, 15,494 homes were listed for sale in Hampton Roads, the highest number in at least 15 years. Local experts say that number translates to about nine months' of inventory.
Read more in The Virginian-Pilot....
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Lynchburg homeowners to benefit from VUL grant
Lynchburg's Seminary Hill is beginning to see the benefit of a $600,000 grant the Virginia University of Lynchburg received last year. The grant came from the U.S. Department of Housing and Urban Development (HUD) and is to be used to revitalize the community surrounding the university.
Nine homes were selected for rehabilitation with no cost to the owners. Work began in June, when workers demolished a house on Campbell Avenue and replaced it with a modular home.
Projects like this benefit the entire neighborhood. The improved homes make the area more attractive, and can spark an increase in the values of surrounding homes.
Officials looking at wind farms for Virginia
Virginia officials are working to lay the groundwork for the state to become a national hub for wind technology. If they are successful, it could mean an estimated $80 billion to the Commonwealth and more than 5,000 long-term jobs.
"We have the potential for not only wind turbines off the coast of Virginia, but for Hampton Roads to become the silicon valley of wind development for the entire east coast," said Bob Matthias, assistant to the Virginia Beach city manager.
Learn more at WAVY-TV 10....
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60 new jobs coming to Mecklenburg County
Régitex USA LLC will open a manufacturing operation in Mecklenburg County, creating 60 jobs. The company will aquire and upgrade a plant owned by Brodnax Mills in Brodnax. It expects operations -- and hiring -- to begin by year's end.
The housing market in Meckelburg County will likely see some improvement due to the increase in local employment. Homeowners who are working are more likely to make their mortgage payments, and would-be homeowners with jobs are more likely to find the financing they need to purchase a house.
Read more in The Richmond Times-Dispatch....
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CNBC says Virginia's the second best state for business
CNBC released its ranking of best states for business, placing Virginia second. The Commonwealth topped the list 2009 and 2007, the first year of the network's ranking.
Virginia's still first on Forbes magazine's list of best states for business -- and has been for the past four years.
Virginia's favorable business environment is paying dividends in this economy, to the benefit of its residents, as evidenced by Virginia's low unemployment rate relative to the rest of the nation. The real estate market is expected to rebound as the economy improves.
Read more in The Washington Post....
Gov. McDonnell says almost 72K jobs created in six months
Governor Bob McDonnell says that Virginia has seen a net increase of nearly 72,000 jobs since February. Experts say that an improved job market will help lead a general economic recovery and bolster the housing market. It's also positive news for the commercial real estate market.
The net gain in jobs could have a strong impact on homeowners, who are more likely to keep up with their mortgages if they are employed. Sellers looking to market their homes will also benefit from an increase in jobs, as buyers with jobs will be able to qualify for financing.
Read more from The Associated Press....
Arlington County poised to redevelop Crystal City
Plans are underway to transform office-dominated Crystal City into a pedestrian-friendly urban community complete with parks and open spaces. About 13,000 workers will leave Crystal City next year when the Army institutes its Base Realignment and Closure program, freeing up 3.2 million square feet of office space.
The Fairfax County Board of Supervisors will vote on the plan in September, after a series of public hearings.
Read more in The Washington Examiner....
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