You came back?! Wow, I lost that bet - but glad you're here!
My attempt at putting a logical format to the New River Valley Real Estate market. You can download the whole report here, if you’d like. Is it helpful? Would you like to see more data? Less?
New RIver Valley VA Home Sales Report, 3Q 2009
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Great report Jeremy, thanks. You mentioned the employment situation in Radford. How about Blacksburg? Does tech have a hiring and wage freeze currently? (I heard UVA does). Is phase 2 development of CRC proceeding as planned?
Investor R (sounds so dramatic!) –
Blacksburg employment seems to be doing well. Yes, VT has had a hiring freeze, but what that really seems to mean is hiring essential personnel (read “research and income-generating positions), and freezing wages across the board. Personally, I don’t think the full impact will be felt at the university level until 2010, and overall I don’t think it’ll be as bad as VT is projecting – at least that’s been their pattern in the past. We’ll see.
The Corporate Research Center is more of an unknown, for me. I don’t get over there much, I know they were starting construction on Phase 2 this year, but I haven’t followed that one, honestly. Let me look into that a bit more …
Okay, good to know. Thanks.
I wouldn’t cast aside the doom and gloom that the Universities in the area are speaking to. In fact I would say that it might be worse than you are hearing. I don’t think the articles in the RT and on the news really speak to how bad 2011 is going to hit the schools unless we see a miracle improvement to the economy. The schools are being held up by stimulus money right now. That means that we are being held up by temporary funding support. 2011 comes and that stimulus money disappears. The millions that the stimulus is providing is going to have to be made up in more cuts, and/or raised tuition and fees. Plus the VA government is projecting over a 2 billion dollars shortfall come 2012, which most likely means additional cuts to the schools. Unless something is done, it’s going to get really ugly, before we can even begin to talk about a recovery.
That’s a good point, Bill, and I didn’t intend to be flippant about it. My expertise isn’t in economics or public policy; the point of these reports is I hope to provide a real world, on the street kind of perspective. Will try to work on that going forward!
BTW, please don’t take my comment as a hit to the information you compiled. I think your report is awesome, and really does a good job of summarizing the home market. Please keep it up!
No, of course not! It’s a good reminder for me to be consistent and thorough. Glad you like the report – I actually enjoyed taking the time to put it together, I think it makes for a better-informed consumer and REALTOR!
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