A Sea Of Red

A million sf shopping center including restaurants and a cinema was approved today by the city of Lynchburg . I talked with a local realtor yesterday about a house and she said the market is still very hot there and the house sold in a week. The days of very cheap homes in the Burg may be ending. I attribute some of this to the growth of LU and LC.

http://www.newsadvance.com/servlet/Sate ... 1068&path=

Just thought I'd mention that the mass exodus of the trailer park has begun. I live adjacent to it, and it's weird to go outside and find houses suddenly gone.

I live in a new development of about 7 houses and only mine and another one have sold. 2 others have been done for a few months and are still vacant. I hope the days of cheap homes are not ending as I seriously doubt my salary will be adjusted accordingly.

I think that as Lynchburg improves and begins to realize its true potential, real estate will go up significantly. It's almost a prerequisite the way I see it. If you can buy now, do it.

Anything on or near Greenview Drive may be a good investment.

I have to admit that even though the cost of living in Lynchburg is probably 50% higher than Houston, the real estate prices were much more reasonable than I expected. That didn't seem to have gone up much over the past 15 years or so despite the real estate boom nationwide over the same period of time.

Real estate is moving upwards to $8,000-$10,000 increase per year. A house in our neighborhood that sold for 99K in 2000 just sold for 150K a couple of months ago. Although the market is still reasonable, it is growing.

At least houses can still be bought for $150k. That's not the case many places anymore.

Should I even chime in on this discussion?

if you would like to

This is just the type of stuff that I do for a living. While I'm not 100% sure on the Lynchburg market right now, I could figure most of it out in sometime around 30 minutes. However, I must go to Theology.

Thank God it's the last day of classes.

SuperJon wrote: Thank God it's the last day of classes.

yeah, its really been holding you back

SuperJon wrote:This is just the type of stuff that I do for a living. While I'm not 100% sure on the Lynchburg market right now, I could figure most of it out in sometime around 30 minutes. However, I must go to Theology.

Thank God it's the last day of classes.

Thank him yourself, youre going to Theology

Lynchburg is not that far off of Houston in Terms of price. Houston is pretty much the best place to live in the United States in terms of real estate. Unless you want to live out of touch with humanity, like in Montana or Alaska.

Anyway, For what you could pay 150K for in Houston, you could get a nice double wide on a half an acre up in Winchester. It costs at least 275k to get a decent house in a nice subdivsion up hear. Even a nice townhouse is over 200k.

Salaries are basically the same.

Cast in point:

http://www.dallascroft.com/MyHomeDtl.as ... eID=441522

What a rip. 189k for this dump.

918 sqft! Why on earth dont you move to houston if it's the same salary?

LUconn wrote:I live in a new development of about 7 houses and only mine and another one have sold. 2 others have been done for a few months and are still vacant. I hope the days of cheap homes are not ending as I seriously doubt my salary will be adjusted accordingly.

Curious, first i think you said you live in what is considered Rustburg? And also have the prices come down or gone up for those homes that have been vacant for quite awhile.

Well one was sold and then put up for sale right away. I'm not sure what the deal with that is, it seems to be a little more expensive, while the others have stayed at the same price. And it technically is Rustburg, but shhh, don't tell anybody. But it really is so close to the city line that it should still follow the Lynchburg real estate trends.

Salaries in general are the same. Other reasons.

According to my view and numbers I have, values in the good sections of Lynchburg--ie the 24503--have gone up about 30% or more in the last three years. We bought a home in 2003 for $236,000 and it just appraised for $310,000. We bought another in 2005 for $118,000 and it just appraised at $150,000. We were ready to buy another but we waited a week to decide and it's gone--after just a week on the market. All are in the Boonsboro area. The local paper had an article about an expected HUGE jump in assessments this Spring due to higher sales prices.

After Seattle, that must seem like fairly tame price escalation.

But I think in Seattle, salaries are up along with the housing prices-- Yes? I'd like to see that happen in Lynchburg, but don't hold your breath.

mrmacphisto wrote:Just thought I'd mention that the mass exodus of the trailer park has begun. I live adjacent to it, and it's weird to go outside and find houses suddenly gone.

Just thought I'd add that the mass exodus appears to be more of a gradual trickle at the moment. The trailer nearest my apartment building disappeared a few weeks ago, along with one that was adjacent to McConville Rd, but no one's left since then, and I think a different one may be sitting in the spot on McConville. Odd.

Good ole McConville. Deer love that road.