By Scott Voelker
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Photo by Kelly Evans |
| A home for sale in the new Woodridge subdivision |
They sport new, often pastel-colored
homes and fancy names like “Woodridge,” and they’re popping up all over
the place. They are subdivisions, and they are taking over Lexington’s
real estate market.
Lexington has historically been dominated by single-family, curbside homes
clustered together in small neighborhoods. However, within the last few
years, new developers have flocked to Lexington with their subdivision
concepts, according to Robin Eddy, a real estate agent with Mead
Associates.
Although subdivisions and neighborhoods seem similar at first glance,
the development concepts behind the two are totally different.
Neighborhoods are groups of single-family homes located on separate lots along existing streets.
Subdivisions are created on a single plot of land, which is then
subdivided into smaller lots.
Developers then build homes on each of the lots, often before a buyer
has been secured for the house. Subdivisions are also usually isolated
from the surrounding communities to form tiny, separate entities.
Steven Martin, a Lexington realtor and resident of the recently
constructed Woodridge subdivision, has noticed the increase in
subdivision construction. Martin said that subdivisions allow for more
efficient use of the land than constructing single, curbside homes.
“The county keeps approving [these subdivision proposals] because they
know it’s a better use of land,” Martin said.
Bill Blatter, the director of Lexington City Planning and Development,
said the county has approved some 300 lots in the greater Lexington area
since 2000. This high number is a direct result of the subdivision
trend. Blatter said the unavailability of land in the city as a main
reason for the new popularity of subdivisions, and the clustering of
subdivisions near the city limits.
In suburban areas throughout the country, subdivision developments have
been popular and successful. According to Eddy, an influx of
non-Lexington developers, who have seen this concept work well in other
markets, is part of the reason subdivisions are popping up here.
The minimum zoning regulation, which was created 10 years ago, has also
influenced the recent popularity of subdivisions. According to this
mandate, there must be at least two acres of land per development. This
regulation came as the result of a drain field size increase, and it has
put a strain on the ability of developers to cultivate traditional
curbside lots.
“It’s an issue of the availability of land,” Eddy said. “There are not
that many small parcels [that still meet the two-acre requirement].”
In addition, Martin said the availability of high-speed Internet and
sewer-line connectivity as reasons for buying in subdivisions. The
Ponds, a new subdivision outside the city limits, is going to offer
homes with sewer connections that would not be available if the land had
been developed in traditional neighborhoods.
Even more surprising than the rise in subdivision development is the
typical buyer of subdivision homes in Lexington. Elsewhere, it is common
for families to move into subdivisions because they offer a family
atmosphere and safe enviroment. However, the real estate market in
Lexington is dominated by retirees.
According to Eddy, Lexington is a “superpopular place for people to
retire." She said the area’s many cultural activities and slow pace are
major attractions for retirees.
According to Martin, the effect of retirees on the real estate market,
the “sense of community” within the developments and the small lot sizes
that characterize subdivisions are big draws to these buyers. “Older
people don’t want to maintain lots of land,” Martin said, and
subdivision lots, with their small yards, offer a nice alternative to
the multiple-acre lots that dot the rest of the county.
Also, although Lexington is in the top real estate price category in
Virginia, many people move here from high real estate markets and
consider the homes to be a bargain, even at the high prices that the new
subdivision houses are selling for. Lexington has “much better land
value than in Charlottesville or Roanoke,” Martin said, and many people
are taking the opportunity to cash in on the appreciation of their
current homes and moving to Lexington.
In return, however, these customers often get brand new homes and
“one-floor living”, which is popular among the area’s real estate
buyers.
Just as the area is starting to get used to the new developments, an
even newer concept has made its way to the market. Two new townhouse
subdivisions are in the works, and they are also aimed at the retiree
market.
Eddy questioned the ability of this housing concept to take off in
Lexington, but admitted a personal bias towards “open spaces," the broad
fields and rolling pastures often associated with Rockbridge County
homes outside of Lexington.
It is unclear if subdivision homes will become as popular as single,
curbside homes. However, Eddy said that not all buyers are looking for
subdivision homes; it’s just that style of home is the most abundant in
the business.
“It’s really a case of supply and demand,” she said.
Produced by Washington and Lee journalism students.
Lead supervisor: Prof. Claudette Artwick
Reporting supervisor: Prof. Doug Cumming
Editing supervisor: Prof. Pamela Luecke
Technical supervisor: Michael Todd