Elaine VonCannon

Commercial Property Development in Anticipation of Norfolk Virginia's Light Rail Runs Parallel to Public Projects

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

The decision to build a light rail system into Norfolk, Virginia's infrastructure is practical and prudent. While other nearby cities such as Virginia Beach, Williamsburg, and even Richmond struggle to create growth in down times, government leaders and commercial and residential developers have begun looking to Norfolk as example of what is possible in the future. Perhaps light rail will become a reality someday in Richmond and Virginia Beach. No definite commitments have been decided upon in either city, though the discussions on light rail in these cities is currently a hot topic. It is easy to see why an interest in light rail has re-emerged in Virginia Beach and Richmond.

Tourism Based Economies in Virginia Beach and Williamsburg Feel the Economic Slowdown

One simply has to look around in Virginia Beach and Williamsburg Virginia to see that builders are under stress to complete commercial investment projects that were financed before the banks tightened their grip on commercial lending. Some are slowed or halted while more funding is sought. Virginia Beach and Williamsburg are tourist driven economies who have felt the pinch of the recession. The new commercial building projects, once built, are standing vacant or only partially leased. This could be due to the erasure of many small businesses and downsizing and elimination of larger chains.

Could a Commitment to Light Rail be the Answer to Stimulating Local Growth?

While Virginia Beach and Williamsburg struggle for a piece of the commercial property development business, Norfolk Virginia is booming with life in the commercial sector. It is apparent to anyone who visits the downtown district of Norfolk, Ghent, or South Norfolk, that something big is afoot. When visitors walk or drive around, all they see are street closures and detours due to large construction projects.

Yet none of this would have been possible without the backing of the City of Norfolk and The Commonwealth of Virginia. Both entities have spawned large public projects, which, in turn have stimulated the private sector to move quickly in committing to large and small-scale construction projects. Some examples of public commercial development include Tidewater Community College's Student Center, a new Central Library for the City of Norfolk, and Norfolk State University's Student Center. All are being built well in advance of The Tide's opening and all of these structures are located in downtown Norfolk. A new health care center is being constructed by Sentara, in the Ghent section of Norfolk, which borders downtown. This project is in anticipation of a flagship, end of the line light rail station that will be located close to the present complex where Eastern Virginia Medical School and Sentara Hospital are situated. In the same vicinity, on and near Hampton Boulevard, old historic apartments have been purchased (by real estate speculators, or rehabbed by the present owners) and are being sold as condos. Commercial and residential investors are making sound investments because these properties will become more desirable and more valuable once light rail is up and running in 2010 because residents of the condominiums can easily walk to the light rail station in Ghent.

Downtown Norfolk in the Midst of Growth in Commercial and Residential Development

In downtown Norfolk, where the business district and the tourism industry support hotel occupancy, new commercial development projects in the hotel and housing sectors are well underway. These include a brand new Residence Inn by Marriot, a Hampton Inn, and the Westin Hotel and Conference Center -- all slated for construction and completion this year and next. While in other areas of the United States, luxury condominium projects are being halted or cancelled, downtown Norfolk is moving forward. Two examples of this type of growth are The Franklin Condominiums and Belmont at Freemason -- both within walking distance of light rail stations and both moving forward with construction, rather than delaying or eliminating building projects.

Will Virginia Beach and Richmond Commit to Light Rail?

It is no wonder that governmental and commercial development leaders in Virginia Beach are now casting an envious eye towards Norfolk, Virginia. While the City of Norfolk was still in the planning stages of building a light rail system many years ago, Virginia Beach was invited to participate and plan for the future. Yet nobody in the city government or private industry could rally behind the idea of light rail because people were convinced that light rail would be beneficial to the City of Virginia Beach -- the largest city in Virginia. How could this be? Nowadays, Virginia Beach is anxious to climb aboard the light rail project in earnest. Yet even if it is approved, planning for light rail could take some time. The City of Virginia Beach is now a step behind their sister city, Norfolk. Even in Richmond, there is now talk of installing a light rail system for easier access to the most heavily trafficked parts of the city.

Light Rail in Other Cities in the United States and Europe

In Northern cities in the United States and even in large European cities, light rail is clearly a clean, fast, reliable source of transportation for commuters, residents and visitors. Light rail has created growth in the commercial and residential development sectors wherever it is implemented. Why? Because people want and need alternative sources of transportation, and they will pay extra money to live nearby stations, so they do not even have to use their cars. Light rail saves time and money, and allows for more time to relax while making a commute. While recreating, there is no worry about drinking and driving when attending special events, dining, or visiting a bar. Taking light rail allows for more time to speak to people and get to know those who make the regular commute -- an advantage that many are missing by driving in private vehicles.

The time has come for light rail all across Virginia, not just in Norfolk. It seems that as the City of Norfolk makes this bold move forward, it will serve as a model for other nearby cities to implement a public transportation that is reliable and created for everyone.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Visit my web sites to view other listings at www.voncannonrealestate.com www.elainesrealestateinvirginia and www.estatesinvirginia.com You will also find articles and more information on homes, the Virginia real estate market and my team.

Commercial and Residential Property Development in Norfolk VA Related to Light Rail

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Commercial and Residential Property Investment in Norfolk, VA

While some areas of the United States that were once popular places for residential and commercial property speculation, such as California and Florida, are in the depths of an economic downturn, Norfolk is being rehabilitated and upgraded. Much of the construction that took place post World War II is no longer appropriate or desirable in a fast paced contemporary world where the demand for luxury housing and features is high and the inventory for such properties is low. Key areas of Norfolk's downtown district (as well as other areas such as South Norfolk and Hampton Boulevard near Ghent) are surging with commercial, residential, and mixed-use property developments.

Public and Private Building Projects Near The Tide Stations in Norfolk

Many of the current commercial and residential property projects in Norfolk's downtown district are being built in earnest anticipation of the new Light Rail line which will be open to the public in 2010. Several hotels, including the Residence Inn by Marriot and the Hampton Inn as well as the Westin Hotel and Conference Center will be constructed in downtown Norfolk this year and next. The Franklin Condominiums and Belmont at Freemason are examples of luxury housing projects currently under construction. Public projects, such as the Tidewater Community College Student Center, a new Central Library for the City of Norfolk, and Norfolk State University's Student Center, are also being built well in advance of The Tide's opening. These public and private projects will impact the downtown area and stimulate additional projects in the same vicinity.

The Tide's Route

The Tide will begin with a station at Eastern Virginia Medical Center, pass through key points in downtown Norfolk such as Harbor Park and Norfolk State University, and continue on through South Norfolk, paralleling Interstate 264 and terminating at the Newtown Road station, just on the border of Virginia Beach. Since phase 1 of Norfolk's light rail is going right through downtown, many of the larger buildings are already underway.

Residential and Commercial Property Investment and Management

Yet it is still not too late to 'get on the train' so to speak. There are ample buildings and properties within walking distance of the new light rail train stations that would make excellent commercial or residential property investments. As the larger projects unfold, even smaller establishments and investments will flourish right alongside of these. For those poised for investment, remember to hire a qualified residential or commercial property management company.

Living in the City Limits of Norfolk Instead of the Suburbs

With many people downsizing their homes and looking for ways to save money and time on transportation, inner city living is becoming more popular than ever before. Because the highway system in Hampton Roads is often clogged at key corridors such as the Hampton Roads Bridge Tunnel and the intersection of Interstate 64 and 264 at Virginia Beach, many professionals are continually frustrated by their daily commute. For this reason it is not surprising that many are leaving suburban enclaves in Virginia Beach, Chesapeake and places on the Peninsula to live in Norfolk instead of making the dreaded commute.

Focusing on commercial and residential property investments in areas where there will actually be light rail stations with ample parking is a good strategy that is most likely to payoff handsomely in the near future. To view the simulation video of The Tide and find locations near light rail stations, visit http://www.ridethetide.com/video/simulationvideo.shtml. Contact a qualified commercial or residential property management company, by calling 757-288-4685 or visit http://www.voncannonrealestate.com.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Visit my web sites to view other listings at www.voncannonrealestate.com www.elainesrealestateinvirginia and www.estatesinvirginia.com You will also find articles and more information on homes, the Virginia real estate market and my team.

Waterfront Condos: The Time is Now to Consider Purchasing a Waterfront Home in VA

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Is it time to begin the search for a waterfront home? Perhaps you enjoy the ambience of living on the water, with scenic sunrises and sunsets, boats passing idly by, the smell of salt water and the sound of birds and waves lightly lapping outside your window. For some, a waterfront house may be financially out of the question, due to concerns about flood insurance or extensive maintenance. If this is the case for you, it might just be time to consider a waterfront condo or townhouse instead. There are several reasons why a person investing in a waterfront home in VA would do well to invest in a waterfront condo or town home, instead of a house.

Benefits of Purchasing Waterfront Condos Rather Than Waterfront Homes in VA

This article will outline some of the benefits of purchasing a waterfront condo instead of a home. However, if it is truly a waterfront home in VA that you seek, by all means, purchase one! I hope that you receive years of pleasure from your investment in waterfront properties. It takes a special kind of person to enjoy the waterfront lifestyle. You may just be one of them.

Waterfront Properties in VA

When you are searching waterfront listings to find that special place, remember, there are lots of places in the Tidewater area where you can find a property like this. If you want to live near or on the Chesapeake Bay, then the Northern Neck Counties of Mathews or Northumberland or the Gloucester area may be the places to search. If you want to live on the James River or one of its inlets or tributaries, try Isle of Wight County or the Smithfield area, James City County, Williamsburg, Hampton or Newport News. If you prefer to live on the York River or one of its inlets or tributaries, York County and Gloucester are the areas you need to query for waterfront listings.

Waterfront Condos: More Cost Efficient Than a Waterfront House

Many waterfront condo and town home associations have boat docks, piers, and even private beaches, pools and hot tubs for residents' use. This allows for full access to the waterfront without the extra expense of having to maintain a dock and a pier as well as a house, property, and extra amenities. The insurance is a little cheaper for a condo or town home then it would be for an entire home, making it more economical then owning a home.

There will be HOA or condo fees for your waterfront property, but the bill will not as high as the flood insurance on a waterfront home. For a condo or town home the homeowners share the expense of insurance. For a single family residence the property owner has to pay the bill on his or her own.

Spend Time at Your Waterfront Condo Enjoying the Water - Not Performing Upkeep!

Having a home and a piece of property means you must invest time and money in maintenance, and upkeep after storms or just normal wear and tear on a home that comes from living on the water. If you invest in a waterfront condo you can spend more time enjoying the water: boating, fishing, crabbing or sunbathing, instead of worrying about replacing the siding on a home, or cleaning up the property after a storm.

Many waterfront properties are located in remote areas. If you like to travel, it is likely you may worry about your waterfront home while you are away. In a condo or town home your neighbors may be more inclined to keep an eye on the place. Or, the condo association may provide security. In a waterfront home, it is likely there will be no neighbors close by or that you will have fewer people to depend upon. Unless you are truly wealthy, the waterfront house will not have a security guard (although you may opt to install an alarm system). With a waterfront home you may be inclined to worry about theft when you travel, or the possibility of acts of nature infringing on your property while you are away. With a waterfront condo, all it will take is a call to one of the neighbors to keep abreast of any situation that may arise.

When searching the listings for a waterfront home, keep in mind the benefits of investing in a town home or condo instead. In the end, it is all a matter of individual or family preference. The size of the home could be a deciding factor. Whatever your choice, I hope you find the perfect waterfront home for you and your loved ones, and once you invest in that property that you derive years of enjoyment from living the waterfront lifestyle.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Visit my web sites to view other listings at www.voncannonrealestate.com www.elainesrealestateinvirginia and www.estatesinvirginia.com You will also find articles and more information on homes, the Virginia real estate market and my team.

York County Virginia: A Great Place for Military Personnel and Families to Live

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame

Military personnel stationed at the Coast Guard Base in Yorktown, Camp Perry in Williamsburg, Yorktown Naval Weapons Station, Fort Eustis in Newport News, Downtown Newport News Naval Barracks or Langley Air Force Base, will want to consider purchasing a home in nearby York County VA.

York County: An Excellent Place for Active Duty Military and Families

Why is York County a great choice for military personnel and families? Because York County is situated close enough to the above mentioned military posts so that the commute to work is not a major headache. For some commutes, transiting Interstate 64 is not even necessary, as alternate routes can be selected. Housing prices in York County are comparable to James City County, Williamsburg and Newport News. There are plenty of choices for entertainment, shopping, and dining nearby, so there is no reason to travel too far for any of these activities. York County is halfway between Richmond and Norfolk, so both International Airports can be accessed. The Newport News Airport is convenient to all of York County - another plus when traveling near or far.

York County Public Schools

Families will be pleased to send their children to York County Public Schools -- rated one of the best school systems in Virginia. When York County residents were surveyed about the reason why they chose to live in the county, nearly 35% commented on the high quality of the school system there.

Historic York County VA

Yorktown Battlefields is a National Park Service site. It is the place where the English surrendered during the Revolutionary War and also the site of some pivotal Civil War battles. The historic Early American city of Yorktown is within county boundaries and all are well preserved. Because York County is home to a national park and a major historic site, Lee Hall, there are numerous opportunities for educational and cultural enrichment.

York County is Close to Williamsburg VA

York County is less than a half hour drive to historic Williamsburg, where there are ample choices for entertainment and learning. Colonial Williamsburg is easily accessible from the Colonial Parkway, which intersects York County near the Yorktown Battlefields. Busch Gardens, Water Country USA and other amusements are within a short drive from York County and provide hours of enjoyment for many individuals and families. Many York County residents take a scenic drive on the Colonial Parkway on the weekends, where they find places to picnic, fish, or sunbathe near the rivers and inlets.

York County VA: Close to the Chesapeake Bay

York County Virginia is bordered by the York River to the Northeast and Southeast, where many residents and visitors swim, boat, fish, crab, or sunbathe. There is a public beach right next to the bridge to Gloucester, which crosses the York River to the Northern Neck. The tidal York River feeds into the Chesapeake Bay, so there is plenty of space for the public to enjoy and a wide variety of recreational choices. Because it is located so close to the Chesapeake Bay and one of its major tributaries, York County residents are fond of water related activities such as waterskiing, boating, and fishing. Bikers, walkers and joggers also enjoy the Colonial Parkway, Yorktown National Battlefields and Jamestown Island as a regular place for outdoor physical activities.

In addition to a high quality school system, ample choices for recreation, and proximity to major cities such as Norfolk and Richmond, military residents of York County have commented that the rural nature of the county is appealing to them. York County living is characterized by some of the desirable qualities of country living such as peace and tranquility, friendly neighbors, and low traffic volumes. Yet York County still offers the benefits of living near urban areas where entertainment, culture, dining, shopping and transportation are easily accessible.

Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.

Visit my web sites to view other listings at www.voncannonrealestate.com www.elainesrealestateinvirginia and www.estatesinvirginia.com You will also find articles and more information on homes, the Virginia real estate market and my team.

Location, Resale and Staycation: Three New Buzzwords for Real Estate

By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER

For those who are buying a home right now, there are several important details on locating the best property that are being ignored and must be considered. Many homebuyers are looking for a primary residence. First time homebuyers are searching for a home to live in this year in order to take advantage of the $8,000 tax credit.

As I take homebuyers out in search of a residence, I have noted a pattern of behavior that is becoming more and more common. Homebuyers are looking for the deal of the century. They are basing their buying decisions solely on price. Yet as they focus on the best price that can possibly be negotiated, (which does matter) they lose sight of other parameters that need to be applied to the purchase of a home.

Purchasing a home in the right location for a person's chosen lifestyle, and eventual resale value, should be paramount in the homebuyer's mind. Yet price continues to be the main focus in buying property.

Short Sales and Foreclosures: Property Pricing Realities

It is true that pricing has been reduced on homes, especially in some of the larger markets, such as California, Florida, and urban markets -- where values have fallen dramatically. According to an article published by Les Christie on Money.com, "nearly 20% of the nation's home sales in 2008 were of bank-repossessed properties. Another 11% were short sales, in which homeowners owed more in mortgage debt than their homes were worth."

Between foreclosures and short sales there are good home buying deals to be had, but home buyers must remember that on these types of purchases banks will generally not go below 20-25% of appraised values.

In the case of purchasing foreclosed properties, homebuyers should be cautious about the condition of the home. If a homebuyer is purchasing a foreclosed property, it is wise to enter into the deal with capital for improvements, because these homes have been neglected due to lack of money. Some foreclosed properties have been intentionally damaged by angry homeowners who have had to abandon their homes under stressful financial circumstances.

With regard to short sales on homes, banks may take up to six months to approve a short sale. Some lenders are folding in the middle of the process, which adds more time to complete a short sale, because negotiations must begin again with the new lender.

Short sales and foreclosures do factor into property pricing. When a home in a neighborhood is sold for less than it is worth, pricing drops in that neighborhood.

So, with pricing in many markets at a three to five year low, why do home buyers continue to focus only on a great deal? Why have the cardinal rules of real estate purchases been pushed to the side? Location, resale values and lifestyle, which I refer here to as staycation, are just as important as price.

I will give an example of some of the major markets where I sell real estate, James City County, Williamsburg and Norfolk, and give a brief overview of how the rules of real estate purchase apply in these markets.

Williamsburg and James City County

For the avid golfer or person entering retirement, or even the family looking to raise children in a good school district, Williamsburg and James City County offer a wonderful lifestyle. There are numerous golf courses, dining, entertainment and continuing education opportunities. In addition Williamsburg and James City County offer one of the top school districts in Southeastern Virginia. In my experience over the long-term selling real estate in this market, resale values remain strong in well-established neighborhoods. In an age where the staycation, or staying at home during scheduled vacations, is becoming more common, Williamsburg has plenty of choices for quality entertainment. These include Busch Gardens and Water Country USA, Jamestown Settlement, the Colonial Williamsburg Foundation, and numerous outdoor festivals and events that are free and open to the public. All of these factors should inform the purchase of a home in the Williamsburg and James City County real estate market.

Economic, Commercial and Residential Development in Norfolk, VA

In Norfolk, Virginia, where I have closed several residential property deals recently, the opening of a light rail system with stations in Ghent, downtown, and South Norfolk, has created tremendous real estate opportunities in both the residential and commercial sectors. In neighborhoods where light rail train stations will be located, resale values on properties purchased are sure to rise eventually. There are several reasons for this upswing in value. Urban professionals and families are embracing this state-of-the-art transportation system, and public and private organizations and investors are preparing for the influx of new traffic by updating existing properties and committing to building new projects. Taking light rail will cut down on time spent in traffic jams, and leave more time for recreation and spending time with loved ones - a desirable lifestyle for many. With access to Chesapeake Bay Beaches, the Elizabeth and Lafayette Rivers, boating, swimming and recreating on or near the water are widely enjoyed in Norfolk, a world-class port city. Waterside is a main staging area for national and international festivals, and new light rail stations will be located nearby. Norfolk is an excellent place for a staycation. All of these factors should inform the purchase of a new home in this location.

In summary, location, resale, and lifestyle need to come to the forefront once again when individuals are deciding on where to purchase a home. Price will always be an important factor in the purchase of a home, but it should not be the only deciding point.

More information on counties in Virginia and estate homes go to www.estatesinvirginia.com for viewings. Elaine VonCannon and her team will be glad to assist you in all your real estate needs. Other web sites to view about Elaine VonCannon, Virginia and her listings go to www.voncannonrealestate.com or www.elainesrealestate.com Thank You for your time and interest.