How much has Blacksburg been "sheltered" from the housing bubble burst? Specifically, how has the Airport Acres neighborhood been affected?

Asked by Mutelbrowning, Blacksburg, VA Mon Apr 30, 2012

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Anne-Collins…, Agent, Blacksburg, VA
Tue Nov 27, 2012
I have found houses in Airport Acres in Blacksburg have held their value very well through the housing crisis. Not only are the houses in this neighborhood in one of the fastest moving price ranges in Blacksburg, but their proximity to campus makes them highly desireable. If you are considering selling your home, I actually have an interested buyer now. Please contact me if you are interested.
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Laura Berry, Agent, Blacksburg, VA
Mon Apr 30, 2012
The guys are right. While we haven't had the bust that more inflated markets have, we certainly have had much slower sales over the last three years.
Additionally, this affected sales because the appraisers couldn't provide many recent sales comparables for the banks so it has been harder to establish prices to get mortgages.
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Jeremy Hart, Agent, Blacksburg, VA
Mon Apr 30, 2012
Doug's right, Mutelbrowning, Airport Acres has done pretty well. YTD sales in the neighborhood are up 17%, *but* that's only on five sales this year (versus three last year), so not much of a statistical difference. What neighborhoods like Airport Acres benefit from is that as VT and the numerous periphery of businesses that surround the university go, the real estate market goes.

You might be interested in the 1Q 2012 version of The Nest Report (http://www.nrvliving.com/2012/04/26/nest-report-1q-2012/). Through the first quarter of this year, sales for all of Blacksburg have stayed strong, although prices have remained relatively flat (up 2.6% for the quarter). The price range ($100-200k) that Airport Acres is in makes up nearly half of all sales in Blacksburg, which is a good thing for that neighborhood.

We're expecting good sales activity for Blacksburg through this year, but we're not saying we've turned a corner yet. There's still a lot of inventory left to be sold ...
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Doug Veit, , Blacksburg, VA
Mon Apr 30, 2012
Given the transient nature of VT, we have been somewhat sheltered from any intense burst, but not immune. Blacksburg was delayed in feeling the slow down, but it did catch up. This past quarter has been very positive compared to the previous 3 years. Given the price point of Airport Acres, over all its in a better market price point than say 1/2 million dollar houses, meaning most real estate under $250K has been slower to move, but does move and prices have remained more constant. In my opinion there has been zero appreciation since 2007. If a seller over payed in 2006 or is trying to cover commissions or make a profit selling right now.....its probably not going to happen.
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