Wednesday, December 9, 2009

Biscuit Run Development Will Never Be Built

From The Department of Coming to Grips With the "New Normal": Charlottesville Tomorrow and The DP have the story. 

The gigantic land parcel, 1,200 acres, in Southern Albemarle, proposed with up to 3,100 homes, will instead most likely be donated as land for a state park.  Details forthcoming.

The Breeden Family made $46.2 Million selling the parcel in 2005 to Hunter Craig.  This was at the peak of the bubble--the smartest real estate transaction ever completed in this area, and one which allowed other land and home sellers to maintain champagne dreams for years.

Also at risk for never being completed, however, is the Southwood Development, 350 homesites for Habitat for Humanity, which relied upon Biscuit Run's infrastructure improvements and funding.

Biscuit Run generated $325,000 annually in property taxes for the County, which is already suffering, and will be for years to come, from a budget deficit created in large part by declining property values.

Related Reading:
The Coal Tower Project to Remain a Dream, Too
Belvedere Stalled in Buildout (see comments),  Has Bad $ News 
Albemarle County Returning to Life Before the Bubble

5 comments:

Anonymous said...

And get your reservation now for this 2BR, 2848 sq. ft. luxury condo!?!! Only $995,000 . . . what a deal.

http://mycaar.com/%28hagogzyzw2pdnkbpyaysp4fs%29/propertyDetails.aspx?mls=462486

Anonymous said...

"Best headline of the year? – If You Don’t Buy a House Now, You’re Stupid or Broke"

or, apparently, "a Trappist monk, or something."

www.realcentralva.com

?

name said...

Or you might be "stupider" and "broker":

http://www.zerohedge.com/article/shadowstats-john-williams-prepare-hyperinflationary-great-depression

Ray Caddell's C21 office has a sign out front: "Great time to buy!" Didn't notice if the "Section 8 Ok!" rental sign still there.

craigger said...

Hyperinflation would be great for people who are underwater on their house with a fixed mortgage. They only have to pay back the loan in nominal, not real dollars. This is why i think Cville home prices may not get killed next year. People will be able wait it out until inflation really kicks in.

Anonymous said...

I'd rather hold all available cash and rent if it gets as bad as zero hedge thinks.

Cville prices are still coming down. Reason? Lack of buyers. Big feeding frenzy this past summer took care of most fence sitters. If interest rates go up, prices have to go down as the first commenter on the "Stupid or broke" article pointed out to the article writer, who sounds like an Ahole.

Hyperinflation is good IF you can stay in the house. Prices are down enough already that, anecdotally, know four people who bought 2006-9 are all are underwater. Two need to move, one for job opportunities and one b/c house is too small for the "new arrival." Will lose thousands by selling now. Neither have the cash for agent or closing.