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HARDING REPORT / SEPTEMBER 2004 *** News from Jefferson County WV Property Market *** Each month The Harding Report will include the latest news and information from the Jefferson County, West Virginia, property market. This is a free service compiled by Thomas Harding, a licensed real estate agent with Greg Didden Associates in Shepherdstown, West Virginia.
For additional local information or any other property enquiry contact:
Thomas Harding www.tharding.com 304 671 7292 (cell-phone) 304 876 6400 (office)
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Contents: 1. The Hear and Now 2. Jefferson County property sales 3. Impact Fees are Go-Go 4. Planning 5. Lending 6. Upcoming Events "I love the Harding Report!" - Insurance Broker ________________________________________________ THE HARDING REPORT / SEPTEMBER 2004 1. The Here and Now It is that time of year again, the kids are once again back at school. Getting them ready for the busses, packing lunches, running them from one friend to the next after school. But how are the schools doing in the Eastern Panhandle? A new report has come out saying that many of the local schools are failing national standards, including Jefferson High School. The Local School Boards say things are improving, yet they accept things have to get better. Let’s hope with the $40 million now raised to build a second high school, things will get better quickly in Jefferson County for the school children.
2.
Jefferson County
Property Sales July 2004
As predicted in earlier Harding Reports, Jefferson County is moving ahead with increasing the building impact fee, currently only funding local schools, to include funds for Parks and Recreation as well as emergency services (EMS). F. Mark Schiavone, Jefferson County Impact Fee Coordinator told Jefferson County Fire and Rescue that the fees would begin in the next few months. While Jefferson County was concerned about the legality of EMS and Parks and Rec fees, these concerns have now been allayed, said Commissioner Greg Corliss. The Parks and Rec fee have been tentatively set at $505 for each new single family home, $427 for each multi-family unit and $391 per duplex or town house. The new fees will only go into effect after the Jefferson County Commission approves the plan. The soonest that these fees could be as early as this year, though depends on the County Commission. At the start of the year there was only a small number of applications. This was put down to the rush to apply before the new fee system became operative. Since then the number of applications has picked up. So far this year there have been 139 applications. This is in line with the normal number of applications according to the Mark Schiavone, “what we are seeing, is the majority of the applicants are coming from large corporate developers with seven to ten permits at a time. There have been no prosecutions so far for failure to apply for impact fees” he added.
· Jefferson County Planning Commission has approved “Tollhouse Woods”, a 69 home development on 38 acres, next to Morgan Grove Park just outside of Shepherdstown, despite public opposition. The homes will be built on 25 acres of the land with 13 acres remaining forested. The forest land will surround the Town Run which flows through Shepherdstown. Mark Building Company is the developer, the same company that is developing along Route 45 near Shepherdstown. With this approval, the developer’s must still get the development preliminary plat and final plat approved before proceeding with the development.
· Work on Colonial Hills has now begun, just outside of Shepherdstown, by Mark Building Company. They are planning to build over 230 properties, including villas, single family homes, townhouses condos and maybe rental units. It is not clear how large these properties will be or for what price they will sell for. Local realtors are guessing the list price will be over $300,000 for the 3,000 square foot plus villas and $400,000 for single family homes. Mark Builders says they will have more details later in the fall.
· Two recent court decisions have ‘huge implications’ for Jefferson County Planning according to the county’s administrator. The County Board of Appeals ruled recently that the administrator, Paul Raco, has been making decisions that should have been left to the five member board. “If this decision stays, the (zoning) ordinance will need huge revamping” said Mr Raco. He also said that decisions would be slowed down. Judge Steptoe wrote the administrator cannot legally act in matters “requiring the exercise of discretion, the weighing of evidences, the drawing of inferences from evidence, the interpretation of law or the balancing of sometimes competing policy concerns”.
McLean, VA – (NYSE:FRE) released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.82 percent, with an average 0.7 points, for the week ending August 26, 2004, up slightly from last week when it averaged 5.81 percent. Last year at this time, the 30-year FRM averaged 6.28 percent. One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.05 percent this week, with an average 0.6 point, up a bit more from last week when it averaged 4.01 percent. At this time last year, the one-year ARM averaged 3.84 percent. "Mortgage rates were mostly unchanged this week, amid conflicting economic reports as to the strength of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "July home sales fell from their record rate, but remain strong by historical standards. "Our housing outlook remains positive, and forecasts only a gradual rise in mortgage rates in the next few months, indicating another strong year for the housing sector." (www.realtytimes.com)
· Sept 10, 11, 12, 17, 18 & 19, “The Miss Firecracker Contest” Old Opera House, Charles Town. For tickets call (304) 725-4420 or (888) 900-SHOW.
·
Sept 10-12,
Upper Potomac Fall Dulcimer Fest,
Shepherdstown
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