Improving economy (Norfolk, Manassas, Woodbridge: for sale, 2009, foreclosure)

[GreenGene]

There are two stories in today's Washington Post (the Prince William section) that I find encouraging.

Signs of Recovery in County Economy - Home Sales Up ; Retailers See Profits

"I think this is the beginning of the turnaround," said Martin E. Nohe (R-Coles), a county supervisor and owner of Appliance Connection in Woodbridge. "No one's business is where they want it to be, but increasingly, small-business owners are optimistic about the future, and they haven't been for a while."

Nohe said sales at his store were up from the same period a year ago, and he attributed the increase in appliance purchases to the county's red-hot housing market. Home sales soared 76 percent in the first quarter of the year compared with the same period last year, tops in the state, the Virginia Association of Realtors said.

VRE Hopes to Expand Service From Manassas

VRE, which wrapped up its year-long feasibility study on the project last week, wants to create a branch of service that would expand 11 miles out from the Manassas station on Norfolk Southern's B line.

The expansion has the potential to take up to 5,000 cars off the road and alleviate some of the bottlenecks in an area where residents, according to the U.S. Census Bureau, have the longest commute in the country.

The project, which could cost as much as $244 million, would add a track to the B line within the existing right-of-way and up to three stations near Sudley Innovation Center, Nissan Pavilion and Interstate 66 and Route 15. VRE spokesman Mark Roeber said developers are offering proffers to create stations and parking lots at two of the proposed train stops.

[VRE332]

The VRE story is old, but I can tell you that the Lowe's parking lot was FULL on Sunday afternoon. That I have not seen in quite a while.

[normie]

Two weeks ago I had to go to Merrifield Garden Center. I had to circle twice to find a parking space--and when I went inside people were buying A LOT! Not just a token rose bush but baskets full of expensive plants. To me, that's an encouraging sign.

Also, a house on my street just sold. The For Sale sign had been up about 3 weeks. Now there's only one for sale sign in the neighborhood (a small area of 4 streets)

[saganista]

There is a form of slack in the economy existing as fairly easily recoverable demand that has been foregone by people who have not lost their jobs and aren't going to, who are nowhere near being behind on what are for them quite affordable mortgages, and who haven't taken significant losses (at least not real losses) in the decline of equity markets. While this group has been encouraged from the get-go not to succumb to group mentality, there has nevertheless been among them a sort of sympathy hunkering down and retrenching in reaction to tough times being experienced by others. It's been a sort of perverse "We'll do our part" cutback by the one group of people we might have counted on to support aggregate demand when many at the margin no longer could. The only upside of this is that these folks are apt to tire of self-imposed frugality rather quickly (why are we working to accumulate all these assets if we can't then use any of them?), and they may take almost any set of hopeful signs on the horizon as an indicator that the coast is clear and that it's okay for them to resume the spending patterns that they could have afforded all along. Their return -- which may be beginning -- to the malls and the on-line catalogs will help the economy retrace a downward path that in a more sane world we never would have gone down at all...

[Caladium]

Originally Posted by saganista

The only upside of this is that these folks are apt to tire of self-imposed frugality rather quickly (why are we working to accumulate all these assets if we can't then use any of them?), and they may take almost any set of hopeful signs on the horizon as an indicator that the coast is clear and that it's okay for them to resume the spending patterns that they could have afforded all along.

LOL, yes I totally agree--even if I'm broke, I'm getting cheered up seeing other people spending again. I went to the mall yesterday, and it made me smile to see people walking around with shopping bags, even in Nordstrom and Lord & Taylor. I'm not sure we'll get sucked in, though. I've rather enjoyed being much more frugal the past year. Except when it comes to eating out, as soon as the money starts rolling in again we're going somewhere nice.

[oneasterisk]

Saving? Ha! I've been spending cash left and right fixing up a foreclosure I bought.

[fdeitz]

I'm seeing actually small price increases on house sales in my old neighborhood in City of Manassas. A very good sign indeed. Actually, in Gainesville have seen restaurants packed for some time in the last few months, also stores like Target, Lowes, all very crowded. Gainesville Merrifield also was very busy last Friday evening - similar to Normie's experience (don't know which one she was referring to). We go there on Friday nights both for shopping and to take doggy to their neat dog park - "Friday night happy hour for dogs"! Dog park open every day though, but mostly end up there Friday evenings.

[fdeitz]

The VRE project has been talked about for awhile, would be nice to see it come to fruition. Still is a bit of a way off, in early planning stages. Still, have to start planning now to make it reality in coming years.

[Blanca29]

[quote=normie;8764270]Two weeks ago I had to go to Merrifield Garden Center. I had to circle twice to find a parking space--and when I went inside people were buying A LOT! Not just a token rose bush but baskets full of expensive plants. To me, that's an encouraging sign.

I LOVE that place

[HEATHER72]

I think hubby mentioned that they had someone directing people where to park at the Merrifield in Fairfax. Come to the one in Gainesville... plenty of parking. Not to mention the place is huge and continuing to grow.

However I think they need to do a reality check on the pricing of their annuals. I nearly wet my pants at the cash register when buying 4 inch annuals today. I wanted 36 impatiens... there was no price to be seen anywhere. Now I know why... they were $5 each!!!! So the total was $188... I said hmm there is no way I can justify spending that much on plants that are going to die in 5 months. I pushed them back to the place I got them from.

Forgot to mention that I'm seeing house prices going up in my neighborhood plus houses selling VERY quickly. 2 on my street just went under contract - one in 20 days, another in 11. The next door neighbor to me got 2 offers and one being OVER asking price.