The Tidewater Builders Association announced Friday that it will again relocate its annual showcase of homes this year from a condominium community in northern Suffolk to a subdivision in Chesapeake.
Homearama 2009 now will be held at Culpepper Landing, a development of Robinson Development Group.
It is the second time in three months the show's location has been switched. Originally slated for a high-end community in Virginia Beach, the association announced in December a shift to the northern Suffolk development Hampton Roads Crossing, where builders would be required to construct more affordable homes with tighter floor plans and prices around $400,000.
But, by last week, just six builders had signed up to build at the Suffolk condo development, said Terry Gearhart, vice president of sales and marketing for Terry Peterson Residential Companies of Virginia Beach, the community's developer.
"We needed eight to make it a show," he said.
Culpepper Landing offers the show's builders more freedom in designing their homes, Gearhart said. Hampton Roads Crossing presented a challenge for custom builders not familiar with building in a condominium community.
"The time frame we had for them to get a new design, get it ready for the show, was a little too much of a rush to put together something," he said.
The builders association will keep the relocated Homearama around the $400,000 price level, a departure from last year's show, in which homes started at $1.2 million.
The homes in this year's show will be smaller than in years past, ranging from 1,600 to about 3,000 square feet. The 488-acre Culpepper Landing abuts the Dismal Swamp Canal and the Great Dismal Swamp.
Pete A. Kotarides, the association's president and a partner with Kotarides Builders in Virginia Beach, said the shift to Culpepper resulted in about twice as many builders signing up. Currently, 12 homes are scheduled for the show, planned for Oct. 3-18.
"I think we've made the best decision for where the show should be," Kotarides said. "I'm most comfortable that this is going to move forward."
Sam Cohen, last year's Homearama chairman and head of custom home builder Joey Corp., was one of the builders who had decided not to participate if the show would be held at Hampton Roads Crossing.
"It didn't fit in the scheme of things I wanted to do," said Cohen, who now will build at Homearama. "I was already in Culpepper Landing, so it was pretty much a no-brainer. That price range is what's selling right now."
Josh Brown, (757) 446-2318, josh.brown@pilotonline.com
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TBA has hit rock bottom
What the issue here with TBA is this. They pay the salaries at TBA with the money that is made from Homearama. They are trying to do what is going to bring all of the money that they need to pay what employees they have not laid off and make sure that the CEO Channing and one of the VP's Sandra go home with a nice little bonus after Homearama and they can continue to drive those nice BMW's around town. Don't let these people fool you. They sit back make crazy amounts of money while the staff works their tails off to make them look good. The builders are a great group of people but the powers that be at TBA need to be questioned about where the money goes around there. Not the great organization the public thinks it is. As a matter of fact I would not even bother going to HOmearama see what that does to them.
funny
It's funny reading what a lot of people wrote here. You can really see why we are in the situation that we are in by the comments. I especially like the one that said higher interest rates are what 1st time home buyers really need. The ONLY benefit they will see is higher tax write offs of interest paid. It has nothing to do with the value of the house. I also like the comments about how far housing prices need to go down - like back to 2001 prices as I've seen in other articles. Where the heck do you people get your numbers from? Real estate normally appreciates. We are seeing a correction here due to the lack of financing, but it shouldn't go down by high 2 digit % numbers. No master chief, unless they have family money, should ever be able to buy in higher end neighborhoods. Sorry - that's not how it works. Everyone take a look around your houses, your cars, and anything else you have bought. ALL of the features came from the higher end products in their category. I guess you could call it trickle down features. Everything from TVs to garbage disposals, to indoor plumbing that came from higher end houses. None of us "normal" people would have them if those with mo
NO JONES - And $500K homes
NO JONES - And $500K homes will have to be lowered to $350K when the Navy guys need to relocate. Don't forget, $2+ trillion more in home values need to be lost. And in the long run, there aren't many great jobs in Hampton Roads.
Gee I Just Can't Make Up My Mind!
Do I want the all brick $500,000 bank repo in Greenbriers' Emerald Greens valued at $850,000 or the $500,000 bank repo in English Oaks valued at $749,000? Hmmm? Oh and they are both nearly 4000 sf. Thanks to the The Great Recession, the New England to Virginia migration has run it's course and soon, Navy Master-Chiefs will again be able to afford to live in Broad Bay Point Greens. We are a military town again!
New
There is a new saying about Real Estate that Builders just do not get. It is not "Location,Location,Location" anymore. It is now,"Price, Loan, Interest Rate ". They just don't get it ! And they won't at their prices.
Talk about stealing...
Ok, the base price is about $400k for a 1600 sq/ft house. That is SMALL by $400k level home standards. You are a fool to pay that much. That comes to about $250 per sq/ft which is pathetic. I could easily build a home on 5 acres in the mountains for about $80 to $100 a sq/ft. You are getting robbed if you pay that much but then again you are getting robbed if you shop at Haynes too. Fools and their money that they don't have. Now tell me again why we are in this recession? Hint: It ain't Bush....
If you live in Tidewater
you home pretty much abuts a swamp. I don't understand the need to build 400K+ houses -- isn't the market pretty much flooded with them? Too bad starter homes are a thing of the past.
I disagree with many of you.
When I go to an auto show, I do so to see what's available in my price class...to kick the tires, see the sight lines, how much room's inside, etc. I've gone to Homearama, and come away wondering why I wasted my time. A million bucks to live in a cornfield, with your neighbors forty feet away from you? I don't think so. I'll go back, when they decide to use their ingenuity to showcase homes that are more down to earth, price-wise, and that display the energy efficiency and solid building techniques that we need in our hurricane-prone area, such as concrete blocks, insulating concrete forms, steel frames, hurricane proof windows and roofs....those kinds of things.
Something tells me that I won't be going back anytime soon, because the builders are still living in fantasy-land, with dreams of people falling all over each other to ooh and aah at their marble, teak, granite and stainless steel embellished 6,000 square foot mausoleums. I wish more people would realize that it's ok to save, and to not be a slave to your home.
My opinion is that TBA
My opinion is that TBA should go into historic and affordable neighborhoods and renovate a few houses to show what can be done to make improvements to them.
TBA could purchase houses on a street where several are for sale (and have been for sale for over a year). Sell tickets and you'll make big bucks and will help highlight and jump-start interest in older neighborhoods just waiting for a chance for recognition and revitalization.
We're in an extreme economic slump. Isn't that enough for a paradigm shift to take place in the building industry?
I agree
I don't know anyone that goes to Homearama to shop for a house. It's all about seeing what's trendy, getting ideas for home improvements, and seeing who the top builders are in the area. Showcases are there to enable innovation and fresh ideas that end up getting used in the mainstream if people like them.
I don't know how cutting budget will work out. They'll get more builders but maybe a lot less visitors.
A 400K home from them is
A 400K home from them is what probably should be on the market for around $250K soon enough. With any luck, interest rates will jump. High interest rates are the best thing for first time home buyers! The higher interest rates drive down the purchase prices. This means a faster time to pay off the principal, the possibility of lower interest rates and refinancing in the future, and a larger tax write-off. It's LOL when Realtors(R) say that it's a great time to be a first time home buyer because interest rates are low. Low interest rates do *NOTHING* for first time home buyer except get them to take out a larger loan on property that will decrease in value once interest rates return to normal.
missing the point
I see that many are missing the point on what Homerama is all about. The majority of people that attend Homerama cannot afford to buy the houses there. Very few can. But, what they see is what they might be able to do in their current or next house. Even if it's only one thing they saw. Or, it allows them to dream f one day......That's the beauty of it. That they are going down to $400K only means that there aren't many buyers in the 7 figure housing market.
Culpepper Landing
Anyone who is skeptical about Homearama should go visit Culpepper Landing. It is a truly unique community. And don't let the Dismal Swamp discourage you. It's actually one of the last great forests left on the east coast. It doesn't get "swampy" until you get to the south end of the refuge, which is in North Carolina. Homes are beautiful too.
showcase
Do we really need house's over 3000 sq ft? Do we need "great rooms" with cathedral ceilings?
Are the builders building large "Mcmansions" just for the profit margins? And yes, I know homebuiling is a legitimate business and a not charity.What has happened to the house that has just 3 bedrooms, kitchen, dining room, living room,and even perhaps,a rec room? Basement is optional. Who needs a garage for three cars? Sure, if you have a job with a high salary to pay for a house with all of the extras- go ahead and get it. Are the majority of the Tidewater residents millionaires?
I don't think so- just build a house that people can afford. And folks don't forget to include those home maintenance costs- heating and cooling, replacing roofs, painting, residing, etc., in the price of the home.
And don't forget to include the maintenance costs of your families like food and clothing.
The average person needs a break!
Showcase
The idea of Homearama is to be a "showcase of homes". People want to see what is new and exciting, and get ideas. It's like a car magazine, no one wants a car magazine with a minivan on the front, they go for the one with the Ferrari.
why not postpone it
until the economy turns around. Why build pretty new houses for people to walk through if very few are buying.If there concerned about what people can afford they also need to charge about 1/2 the admission price.The last I looked there are still homerama homes built in '07 that are still for sale !!
$400 K is a joke
TBA should take this opportunity to show what can be done in the under $200K price range--normal housing for normal people. A $400K house requires income of at least $120K per year. I'm ready to buy, but will continue renting until prices hit $175K for decent VB brick ranches in Kempsville not cracker boxes in Aragona Village and not shoddy condos/townhouses. In March through June, a majority of ARMS will reset AND Christmas credit card debt will catch up with people. Prices will continue to drop especially when USAA floods the market with 475 homes!
Does anyone really pay attention?
I still have a hard time believing that this type of show is going to continue in this economy. Folks, do you not read the papers, listen to the news? It's not going to get any better for sometime. People are losing their homes, how many homes is Hampton Roads are for sale right now?
We have not really been hit that hard with job loss but it is coming. Circuit City was just the start now USAA, who's next?
And these builders, how many new homes are really being built? You know these guys are having a rough time paying for what they already have standing empty, glad I am not paying for those building loans, guess they have deep pockets.
I think it is time for "change" and reducing them from 1.2 million to 400,000 in this economy is not the answer, post pone, wait a year, and selling what you have. Why waste the tax dollars from the city's to pave some roads to a neighhood that average people can't afford.
Cost
Fit and Finish may be wonderful but I can't afford 400,000. So why shouls I be excited. Attend something and with you can have bit can't isa wast of time. Not all people are young and doctors/Lawyers.
the houses are still overpriced, no matter where they move it
From what I can recall, the homes showcased in Homearama are always overpriced and they have been that way for at least the past 15 years. TBA is going to have to drastically change the location in order to appeal to a broader range of buyers, especially in this market.