The Future of Hampton Roads? (rent to own, lenders, contractors)

[telemonster]

Originally Posted by Skapov

From what I understand, people's biggest beef is the lack of high-paying jobs despite the high cost-of-living? Yeah, I think that's perhaps the only flaw of Hampton Roads.

Yup. Housing in Virginia Beach went up over 100% in 3 to 4 years, while the incomes (according to the pilot) on average (adjusted for inflation) went down since 2001.

Shady loans enabled people to buy homes that they likely cannot afford, or will struggle to afford. People are grossly overpaying for some dilapidated shacks, thinking they are getting in on the American dream.

The promise that real estate always goes up is a fallacy.

With such a large portion of money going into real estate, retirement savings will suffer and consumer spending (without using credit) will suffer.

[damian]

Originally Posted by Skapov

I grew up in Virginia Beach (a Navy brat), and I find it interesting to sometimes read through the forums and see what's going on in that area. Having lived in Arkansas, Texas, Illinois, and now in Virginia again but the D.C. Suburbs (Fairfax County), I've never found a place I loved so much as my childhood home of Virginia Beach. Most of America is very segregated, and you have to pick between diversity vs. great schools, but I remember as a black child in Virginia Beach (I attended Great Neck and Cox High) how nice it was to have all types of friends from all different races. We used to spend our whole summers at the pool and life was laidback and happy, unlike "stiff" workaholic Northern Virginia. The schools in Virginia Beach are outstanding, I received an education that has carried me through my whole life (I'm 32 y/o), and sometimes I wish I could move back and raise my own children there.

From what I understand, people's biggest beef is the lack of high-paying jobs despite the high cost-of-living? Yeah, I think that's perhaps the only flaw of Hampton Roads.

I grew up here too, moved away and came back 5 years ago, and have no regrets. Know having a young child here, there definitely is much more to do with all the attractions from OBX through VA beach to Williamsburg area. When I was in my late teens/early twenties I bemoaned how boring the area is. Now, being married with a child, it definitely changes your perspective about HR

[GoPhils]

Originally Posted by telemonster

This causes the demand for housing, both to buy and to rent, to decline. Combine that with the huge amounts of construction, and you get a glut. Conventionally this would drive prices down. This ads to why I think we will see 40%+ declines in home values.

So if that happens, wouldn't you like the area more?

[hurley89]

I mean I'd raise a family here, which wouldnt happen for a very very long time lol. But as a guy in his early 20s, it's not so cool. Add the fact that i was born and raised here. I need new scenery, new faces, and new places (that rhymed!). I think EVENTUALLY i'd end up coming back some point way way down the road.

I don't HATE it here, but like randomdude said the negatives outweigh the positives. I've just grown out of the area. It's time for me to move away!

[damian]

Originally Posted by hurley89

I mean I'd raise a family here, which wouldnt happen for a very very long time lol. But as a guy in his early 20s, it's not so cool. Add the fact that i was born and raised here. I need new scenery, new faces, and new places (that rhymed!). I think EVENTUALLY i'd end up coming back some point way way down the road.

I don't HATE it here, but like randomdude said the negatives outweigh the positives. I've just grown out of the area. It's time for me to move away!

In general, I think everyone needs to move away, experience new places and people and cultures. Ultimately, as you get older, you want to decide as to what is important to you, and for me it was being near family, friends and the water. Thus, HR became my home again.

[telemonster]

Originally Posted by GoPhils

So if that happens, wouldn't you like the area more?

It would make the area more affordable, but the same issues we will suffer here will be suffered by every other metro area across the USA for the most part. So while housing gets cheaper here, it will also be cheaper elsewhere.

While cheap housing will give incentive for some to stay, there are other parts of the equation. You can build fake downtowns and engineer communities on paper, but that isn't going to make a region good.

[ToughLuv]

Originally Posted by Randomdude

The weather, the relatively low crime for a metro area this size, the proximity to historical locations, the generally laid back aura.

Dont get me wrong, there are some positives of the area, but to me, none of that is remotely enough to counter balance the negatives.

Basically my exact same feeling, people think I hate the area..I think its good for families and the 50+ crowd..but thats about it..

[telemonster]

Originally Posted by ToughLuv

Basically my exact same feeling, people think I hate the area..I think its good for families and the 50+ crowd..but thats about it..

Actually, the taxes in VA aren't great for retirees (as I understand it).

[ToughLuv]

HR will completely lose its identity in the next 30 years..Everyone wil lbe from somewhere else, this area doesnt offer enough oppourtunity for college graduates from the area to come back..Hopefully teh 7 cities will come together some way, until then people will still not know where HR is on the map, its good to be able to say your from somewhere and people can respond back "Oh, ok yea, that area/city is ____".Cant do that here. Its sad because there are big known cities around the country with around the same population as Newport News, Chesapeake and Norfolk..theres almost half a million people in VA Beach, but its still not respected amongst other citites its same size. The area is going to have to unite, or these 7 suburbs will fail.

[Cheryl Meril Jenkins]

I was just wondering what motivated you to ask this question? Are you implementing a business plan? This is a good question for someone checking out future business potential in a geographic area.