U r b a n T r e k k e r

So. Florida Condo Conversions Still Hot

Via BizJournal.

As buyers often line up and camp out overnight for some of the hottest properties, it looks like the condo line is replacing the conga line - especially in Broward.

The 99 units at Sorrento Lakes in Sunrise, formerly Sunrise Point Village, were priced from the $160,000s and sold out in six hours during its VIP/broker day. Developer Legacy Conversions subsequently cancelled a planned grand opening.

Read more, click here.

Vienna MetroWest Project Development

It's been quite an interesting development for Vienna MetroWest Project. This Metro Project  around Vienna station was supposed to move forward without any opposition. A few months ago,  however, Congressman Davis, who live within the boundary of the future project threatened to tuck in a legislation in Congress to put this project on hold. Today's Washington Post has a follow-up story. Here's an excerpt:

Fairfax County leaders say they will ensure that a massive development of towers and townhouses planned next to the Vienna Metro station does not choke the area's verdant neighborhoods with cars.

County supervisors, who will vote on the project in the fall, say they could force Pulte Homes to scale back its vision of 2,250 homes, offices and stores if the developer cannot convince them it would coax enough people from their cars and toward trains, buses, car pools or sidewalks.

Eminent Domain

This is a troubling news that we all need to know about it as a result of Thursday's ruling by Supreme Court on land rights. The ruling gives the power to local governments to take citizens property to private investors in return for their promise to bring jobs or commerce.

The justices concluded that using eminent domain for economic development could be construed as a “public purpose” and therefore would not violate the U.S. Constitution.

I think the Supreme Court has way too much power. This ruling gives too much power to the local government and no protection of land rights for private citizens like us.

 

Urban Waterfronts

Land scarcity and real estate demands prompted developers to build condominiums along the waterfront, according to Real Estate Journal. Developers in Washington DC is busy planning to build condominiums along the neglected area of Anacostia River. While on the other side of the bridge, National Harbor is the proposed new development in Prince Georges County in patches of land along Potomac River.

Year-round waterfront living has long been popular in sunny cities such as Miami and Los Angeles. It now is spreading to some of the nation's oldest and coldest towns, the latest sign that real-estate fever and the scarcity of land is prompting developers to take on riskier residential projects. In Boston, new condominiums are popping up along Boston Harbor. In Washington, D.C., developers are starting to lay plans to build housing along the long-neglected Anacostia River. Pittsburgh's Herr's Island, which had been a 42-acre dumping ground full of slaughterhouses and scrap yards, has been transformed by new townhouses. Brooklyn's derelict waterfront was recently re-zoned for residential construction.

Alleys are Making a Come Back

Meaoow...remember the movie cartoon  "Aristocats" from Disney that was popular a few years ago? Cats in the alley are making a come back. You can find neighborhoods with alleys in places like Seaside, FL; Kentlands, MD; Daybreak, UT; and Laguna West, CA.  Alley revival follows the new urbanism trend. I've seen at least two neighborhood with alleys in Burke, VA, where you can still find townhomes under $400k.

About new urbanism.

The alley revival from Scottsdale to Buckeye and Surprise to Gilbert is part of a design movement called New Urbanism. It aims for traditional neighborhoods, with nearby shops and parks, a variety of homes with front porches, and garages built along alleys.

The idea is to create a place where residents can walk or bike to the market and visit with neighbors on the porch or in parks near their homes.

Workers Say NO to BRAC Move

This is interesting. Defense workers told legislators that they don't want to move to work in the suburb. Via WaPo.

At a town meeting attended by about 300 people at George Mason University's law school in Arlington, every person who queued up to speak opposed the provision within the Defense Department's national streamlining plan, with several saying it would hamper the military's mission and raise costs by triggering a "brain drain" of employees now working in leased office space in Arlington County and Alexandria near the department's Pentagon headquarters.

I have no comment.

News Roundup: Housing Boom

We keep hearing about the possibility of housing bubble. Will it happen? What happens when the housing market... crash, for lack of a better word. Here are some news roundup from across the globe.

What happens when the housing market bubble: It will affect not only U.S. economy but also global economy. Two-fifths of American jobs in 2001 were created in housing related industries, such as construction, lending and brokering. No wonder, Greenspan starting to worry about the heat housing market. (THE ECONOMIST)

Good news, bad news on housing boom: Harvard Joint Center for Housing Studies, just issued a 2005 report on the market condition for 2005 in its "The State of the Nation's Housing in 2005." The good news, they argued that housing market will not falter in 2005.... the bad news is, million of families are being priced out of the housing market. (THE NEW REPUBLIC)

On the Market: Penderbrook Square

This is a follow-up write up a few months ago about Penderbrook going condo conversion. I visited the development a couple of days ago. There are 424 condo units at Penderbrook Square. These buildings were built sometime in the 80's. Because it is a condo conversion, developer can only release the units in phases and it varies from month to month depending on the expiration of tenants' lease . Tenants usually get the first right of refusal, and they're about to end the offering period for existing tenants. About 25 percent of their tenants took advantage of the offer. The rest will be offered to the general public.

Its location close to Fair Oaks Mall, easy access to I-66, Fairfax County Parkway and a short commute to Tysons. It's next door to Penderbrook golf club in Fairfax off Rt. 50. You will love it even more if you love golfing, because Penderbrook golf club is in the same neigborhood. In fact, that's one of the perks you get - close to the golf club.

There are one and two bedrooms with living space ranges from 564 square feet (smallest unit) to 1070 square feet (largest). Unlike other condo conversions, they have a price range set in place before going public. Units that will be released, say end of the year might have a different price range in anticipation of the market trends. At the time of writing, the price ranges  for a one bedroom starts from upper-$200's for the one bedroom. The two bedroom units start at low-$300's. Again, the number of units available now is not too many. Only a handful units a month.

Features include (from developer's brochure) modern kitchen with breakfast bar, large balcony or patio, walk-in closets, fireplace, and washer and dryer in unit.

Amenities include fitness center, pool, tennis court and volleyball, etc.etc. to many to list here.

Alexandria Offers Free Wi-fi

Good news - Alexandria is the first local government here in DC to offer free wi-fi.

The one-year pilot program provides outdoor wireless service in an eight-block zone stretching from Washington Street to the Potomac River along King Street -- the Old Town main drag that attracts tourists and residents with its shops and restaurants.

Take your laptop and go out there - enjoy the weather.

New Development Approved for Prince William

Breaking news from Washington Post.

The 40-acres site that originally was intended for the use of public park in Gainsville, after behind the scene twist and turn, later it was approved 6-2 by Board of County Supervisors for mixed-use development slated for upscale shops and restaurants.

....Peterson's Wentworth Green, a mixed-used community of 475 homes with a swimming pool, tennis courts and a business area slated for upscale shops and restaurants.