Tag: Blacksburg condos

Why Are Condos So Hard To Finance?

The good news is that they’re not as difficult as they were several years ago. As Carl Spackler would say … A customer wrote in this morning about an investment property they’re looking to buy in Blacksburg. As many parents of students at Virginia Tech and Radford do, they want to buy a place for their kids to live in while they’re here at school, and the relative stability of the New River Valley market has meant that – for the most part – these have been solid investments. It wasn’t always the case, however. A quick back story … …

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Valuing a Property With No Recent Sales Statistics

An agent in our office recently asked me how I would value a Blacksburg condo that’s in a complex called Clay Court.  Clay Court is in a nice, downtown location of Blacksburg, but it’s tough to value when we haven’t seen any public sales since 2007.  I’ve written about Blacksburg condos in the last year, but this complex is a little different.  It’s not a building with a lot of students (hardly any, in fact), the starting price points are above the median sales price of the market in Blacksburg, and there are relatively few (~ 30) units in the …

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The Colosseum Construction

The Roanoke Times – which might be for sale if you’d like to buy it – published a short "Whatever Happened To …" piece this morning on The Colosseum, a six-story $60 million, 172-unit sports condominium hotel project scheduled for Blacksburg. Well, they’re back … managed by Salamander Hospitality, the Epcon construction franchise has been expanded to 241 suites in TWO six-story towers, and is reported to now cost $80 million at full build-out.  One of the developers, Daryl Andrews, says they’ve had 20 people place reservations, on units ranging between $170000-800000.  The smallest floor plan is 312 square foot …

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