Executive Committee Old Dominion University Old Dominion University Executive Committee Hampton Roads Real Estate Hampton Roads Real Estate Chair: Chair: Joyce Hartman Joyce Hartman Market Review and Forecast Market Review and Forecast Executive Director: Executive Director: John Lombard John Lombard 2006 Vice Chair: Vice Chair: Tom Dillon Tom Dillon 2006 Programs Chair: Stephanie Sanker Programs Chair: Stephanie Sanker Publications Chair: Brian Dundon Publications Chair: Brian Dundon Membership Chair: Membership Chair: Craig Cope Craig Cope Curriculum Co- Curriculum Co -Chairs: Chairs: John Crunkleton and Brad Sanford John Crunkleton and Brad Sanford Presented by: Sponsorship Chair: Sponsorship Chair: Cliff Moore Cliff Moore E.V. Williams Center By- -Laws Chair: Laws Chair: Andrew Keeney By Andrew Keeney for Real Estate Past Chair: Past Chair: William E. King William E. King and Economic Development At Large: At Large: Jonathan Guion and Aubrey Layne Jonathan Guion and Aubrey Layne Program Committee Program Committee Sponsorship Committee Sponsorship Committee Stephanie Sanker, GVA Advantis Stephanie Sanker, GVA Advantis Joyce Hartman, Sperry Van Ness Joyce Hartman, Sperry Van Ness Cliff Moore, W.M. Jordan Cliff Moore, W.M. Jordan Peggy Koch, GVA Advantis Peggy Koch, GVA Advantis Brad Sanford, Dominion Realty Advisors Brad Sanford, Dominion Realty Advisors Eva Wiggins, NAI Harvey Lindsay Eva Wiggins, NAI Harvey Lindsay Larry Colorito, Axial Advisory Group Larry Colorito, Axial Advisory Group Our Proud Sponsors Our Proud Sponsors Publication Editing Committee Publication Editing Committee ATLANTI C MORTGAGE AND I NVESTMENT COMPANY ATLANTI C MORTGAGE AND I NVESTMENT COMPANY AXI AL ADVI SORY GROUP, LLC AXI AL ADVI SORY GROUP, LLC BANK OF AMERI CA REAL ESTATE BANKI NG GROUP BANK OF AMERI CA REAL ESTATE BANKI NG GROUP Brian Dundon, Brian J. Dundon & Assoc. Brian Dundon, Brian J. Dundon & Assoc. BB&T BB&T BBL DEVELOPMENT. BBL DEVELOPMENT. Sandi Prestridge Sandi Prestridge, City of Norfolk , City of Norfolk CAVALI ER LAND, I NC. CAVALI ER LAND, I NC. CR RI CHARD ELLI S CR RI CHARD ELLI S CHESAPEAKE DEPARTMENT OF ECONOMI C DEVELOPMENT CHESAPEAKE DEPARTMENT OF ECONOMI C DEVELOPMENT Maureen Rooks, Divaris Maureen Rooks, Divaris CLANCY & THEYS CONSTRUCTI ON COMPANY CLANCY & THEYS CONSTRUCTI ON COMPANY CLARK NEXSEN CLARK NEXSEN Joy Learn, SunTrust Joy Learn, SunTrust CMSS ARCHI TECTS CMSS ARCHI TECTS COLLI NS ENTERPRI SES COLLI NS ENTERPRI SES CONTI NENTAL REALTY SERVI CES, I NC. CONTI NENTAL REALTY SERVI CES, I NC. Lane Lane Shea Shea, Harbor Group , Harbor Group COSTAR GROUP COSTAR GROUP CREW CREW Joyce Hartman, Sperry Van Ness DAVENTPORT GROUP / LEFCOE DEVELOPMENT DAVENTPORT GROUP / LEFCOE DEVELOPMENT Joyce Hartman, Sperry Van Ness DOMI NI ON REALTY ADVI SORS, I NC. DOMI NI ON REALTY ADVI SORS, I NC. DRUKER & FALK, LLC. DRUKER & FALK, LLC. Bradley Sanford, Dominion Realty Advisors Bradley Sanford, Dominion Realty Advisors GREAT ATLANTI C MANAGEMENT COMPANY GREAT ATLANTI C MANAGEMENT COMPANY GVA / ADVANTI S GVA / ADVANTI S Beth Hancock, City of Chesapeake HAMPTON DEPARTMENT OF ECONOMI C DEVELOPMENT HAMPTON DEPARTMENT OF ECONOMI C DEVELOPMENT Beth Hancock, City of Chesapeake HARBOR GROUP I NTERNATI ONAL HARBOR GROUP I NTERNATI ONAL HAYES, SEAY, MATTERN & MATTERN, I NC. HAYES, SEAY, MATTERN & MATTERN, I NC. John Lombard, ODU John Lombard, ODU KAUFMAN & CANOLES, A PROFESSI ONAL CORPORATI ON KAUFMAN & CANOLES, A PROFESSI ONAL CORPORATI ON LANDMARK DESI GN GROUP LANDMARK DESI GN GROUP LAUREATE CAPI TAL MORTGAGE BANKERS LAUREATE CAPI TAL MORTGAGE BANKERS 1
Our Proud Sponsors Our Proud Sponsors Special thank you to LI BERTY PROPERTY TRUST LI BERTY PROPERTY TRUST MI DEASTERN BUI LDERS MI DEASTERN BUI LDERS THE MORGAN REAL ESTATE GROUP, I NC. THE MORGAN REAL ESTATE GROUP, I NC. NAI HARVEY LI NDSAY NAI HARVEY LI NDSAY NANCY CHANDLER ASSOCI ATES, REALTORS NANCY CHANDLER ASSOCI ATES, REALTORS NEWPORT NEWS PLANNI NG AND ECONOMI C DEVELOPMENT NEWPORT NEWS PLANNI NG AND ECONOMI C DEVELOPMENT Inside Business NORFOLK DEPARTMENT OF ECONOMI C DEVELOPMENT NORFOLK DEPARTMENT OF ECONOMI C DEVELOPMENT PERRI NE & WHEELER REAL ESTATE I NVESTMENTS PERRI NE & WHEELER REAL ESTATE I NVESTMENTS PORTSMOUTH DEPARTMENT OF ECONOMI C DEVELOPMENT PORTSMOUTH DEPARTMENT OF ECONOMI C DEVELOPMENT RESOURCE BANK RESOURCE BANK ROSE & WOMBLE REALTY COMPANY ROSE & WOMBLE REALTY COMPANY THE RUNNYMEDE CORPORATI ON THE RUNNYMEDE CORPORATI ON for their sponsorship SAM SEGAR AND ASSOCI ATES, I NC. SAM SEGAR AND ASSOCI ATES, I NC. SI GNATURE MANAGEMENT CORP./ WAI TZER PROPERTI ES SI GNATURE MANAGEMENT CORP./ WAI TZER PROPERTI ES S.L. NUSBAUM REALTY COMPANY S.L. NUSBAUM REALTY COMPANY SOUTHERN TRUST MORTGAGE SOUTHERN TRUST MORTGAGE over the past four SPERRY VAN NESS COMMERCI AL REAL ESTATE ADVI SORS SPERRY VAN NESS COMMERCI AL REAL ESTATE ADVI SORS SUFFOLK DEPARTMENT OF EC0NOMI C DEVELOPMENT SUFFOLK DEPARTMENT OF EC0NOMI C DEVELOPMENT SUNTRUST REAL ESTATE FI NANCE GROUP SUNTRUST REAL ESTATE FI NANCE GROUP THALHI MER/ CUSHMAN WAKEFI ELD THALHI MER/ CUSHMAN WAKEFI ELD TOWNE BANK TOWNE BANK years. TRI CI TY DEVELOPERS, LLC. TRI CI TY DEVELOPERS, LLC. VANASSE HANGEN BRUSTLI N, I NC. VANASSE HANGEN BRUSTLI N, I NC. VI RGI NI A BEACH DEPARTMENT OF ECONOMI C DEVELOPMENT VI RGI NI A BEACH DEPARTMENT OF ECONOMI C DEVELOPMENT WALL, EI NHORN & CHERNI TZER, P.C. WALL, EI NHORN & CHERNI TZER, P.C. WI LLI AMS MULEN WI LLI AMS MULEN W.M. JORDAN W.M. JORDAN WEXFORD SCI ENCE & TECHNOLOGY, LLC. WEXFORD SCI ENCE & TECHNOLOGY, LLC. Old Dominion University Old Dominion University Hampton Roads Real Estate Hampton Roads Real Estate Residential Market Review Residential Market Review Market Review and Forecast Market Review and Forecast 2006 2006 J. Van Rose, Jr. MIRM President Rose & Womble Enterprises Residential Review – – J.V. Rose, Jr. J.V. Rose, Jr. Residential Review Principal Owner of Rose & Womble Realty 2004 Rose & Womble Sold 7,000 Homes Equaling $ 1 Billion in Volume Lifetime Teacher & Motivator Presented by: E.V. Williams Center Travels the country sharing his knowledge for Real Estate and unique perspective. and Economic Development 14 Year History of Resale and Hampton Roads Housing Stats – – 2005 2005 Hampton Roads Housing Stats New Construction Closings • 7,778 Building Permits 2 5 0 0 0 • 5,092 Closed New Home Sales 2 0 0 0 0 1 5 0 0 0 1 0 0 0 0 5 4 4 8 5 0 9 2 7 2 6 5 7 7 7 8 5 0 0 0 0 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 R e s a le N C 2 0 0 4 2 0 0 5 2 0 0 4 2 0 0 5 Permits Closings 2
Growth of Home Sizes and Growth of Home Sizes and Hampton Roads Housing Stats – Hampton Roads Housing Stats – 2005 2005 Price Per Square Foot Price Per Square Foot • • Average Price of SF New Home Average Price of SF New Home 2 0 02 $17 0 K $7 9 SF 2 1 5 0 SF • • $405,943 $405,943 • An I ncrease of $91,138 and • An I ncrease of $91,138 and 2 0 03 $ 2 58 K $1 04 SF 28.9% in one year 28.9% in one year 2 4 8 0 SF • • Average Price of SF Existing Home Average Price of SF Existing Home 2 0 04 $ 31 3K $ 1 18 SF • $252,844 • $252,844 2 6 4 7 SF 2 0 05 $4 0 6K $ 145 SF • An I ncrease of $45,317 and • An I ncrease of $45,317 and 2 8 0 0 SF 21.8% in one year 21.8% in one year Southside Single - Family Detached Homes Market Share 1994 vs. 2005 Market Share 1994 vs. 2005 Resale vs. New Construction Average Closing Prices for 2005 $500,000 $444,168 $473,205 $450,000 $390,187 36% $400,000 $332,161 NC – 1 7 % 18% $350,000 NC – 3 6 % $280,078 $300,000 $259,341 $250,000 82% $141,044 64% $164,090 $200,000 Resale $130,846 Resale RESALE - 6 4 % RESALE – 8 3 % $150,000 $100,000 $50,000 $0 VB Ches Suff 1 99 4 2 00 5 2005 Resale NC Diff Southside Single - Family Detached Homes Peninsula Single - Family Detached Homes Resale vs. New Construction Average Closing Prices for 2005 Resale vs. New Construction Average Closing Prices for 2005 $450,000 $400,000 $390,523 $416,734 $340,897 $400,000 $324,992 $350,000 $344,739 $298,914 $350,000 $300,660 $300,000 $292,667 $300,000 $250,000 $194,880 $250,000 $203,738 $171,584 $200,000 $159,485 $146,017 $200,000 $127,330 $141,175 $141,001 $150,000 $124,067 $150,000 $65,531 $100,000 $100,000 $50,000 $50,000 $0 $0 Ports Norf I/W Hamp NN YC Resale NC Diff Resale NC Diff 3
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