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Where Have All the Houses Gone? Looking at Virginia’s Housing Shortage.
By Sam Mayo, General Manager, Williamsburg Realty
Word around Virginia is of a continued housing shortage. It is a shortfall situation that has confronted buyers and sellers since 2000 and has been getting worse according to a 2018 study by the Up for Growth Coalition, research reviewed by the state’s real estate association, Virginia REALTORS®.
Many areas of the Commonwealth are lacking in new construction as well as existing inventory. Between 2000 and 2015, the report found housing production in the state short of demand by 131,000 housing units. But that does not seem to be the case for Colonial Heritage, an age-restricted community in Williamsburg being built by Lennar, one the nation’s largest and most successful developers.
Homes are being built. Sellers are selling, and buyers are buying.
“We had about 140 new and resale homes on the market during the course of the year,” says Wes Dollins, Director of Operations at Colonial Heritage. “We are very much like the rest of the Williamsburg (real estate) market even though we are an Active Adult community.”
The Williamsburg real estate market has been and continues to be stable.
“There’s been no surge or downturn in the market. We have seven to 10 starts a month (here at Colonial Heritage).”
The most recent phase of the overall development is Marston Ridge, which was started in the middle of last year. There are about 150 home sites with Cottage, Manor and Plantation designs in mind. The master plan for Colonial Heritage is to have about 1,800 homes. To date, about 1,200 homes have been built or under construction.
Colonial Heritage also offers a 25,000 sq. ft. clubhouse with two dining rooms, grand ballroom, billiards room, meeting rooms, and woodworking room. There is also a 7,500 sq. ft. athletic center and fitness studio, resort-style outdoor swimming pool, tennis, indoor swimming pool, spa and 18-hole championship golf course with a pro shop, driving range and putting green.
“We’re steady going at it,” concludes Dollins.
For more information about Colonial Heritage, contact Williamsburg Realty at 757-903-0450.