2011 Hampton Roads Real Estate Market Review - College of ...

MESSAGE FROM THE DIRECTOR
Welcome and thank you for joining us for the 2011 Old Dominion University E. V. Williams Center for Real Estate and
Economic Development (CREED) Hampton Roads Real Estate Market Review and Forecast. This is our 16th annual market
report and review and we sincerely appreciate your continued support.
Hampton Roads is officially designated the Virginia Beach – Norfolk – Newport News VA-NC MSA by the Office of
Management and Budget. It encompasses 2,628 square miles, has a population of more than 1.6 million and a workforce of
nearly 800,000. Hampton Roads is the fourth largest MSA in the southeast US, comprised of 16 cities and counties in
Southeastern Virginia and Northeastern North Carolina, and is the largest consumer market between Washington D.C. and Atlanta.
Our report this year features an expanded residential overview to a new section reviewing existing home sales. The Real
Estate Information Network (REIN) has graciously provided us with the data and analysis by James Pritchard. This information,
in conjunction with our ongoing evaluation of residential development, now provide you with a more informative and
comprehensive overview of the residential market.
Growth and development at CREED is driven significantly by support from our members. In 2010, the Industry Professional
Advisors to the Center (IPAC) and the CREED Council numbered 114. Together, these membership bodies are dedicated to
creating a nationally prominent center of excellence in real estate research and education here at Old Dominion University. The
high degree of support and involvement demonstrated by our membership is positioning CREED to invest greater resources in
research, additional educational programming, networking opportunities, and practical applications that benefit the Industry as
a whole and sustain the real estate community here at Old Dominion University.
CREED membership continues to be one of the most cost effective networking organizations you can ever support. There
are many benefits to CREED membership, including complimentary registration to CREED events such as the Hampton Roads
Real Estate Market Review and Forecast and the annual CREED Business Meeting and Luncheon. Moreover, there are several
opportunities to meet promising students for possible internships or career symposiums. CREED Council and IPAC membership
also provides further opportunity for those of you who want to see real estate establish itself as an academic major of choice
for Old Dominion University students.
With member support, CREED continues to expand student offerings and member services and programming. In 2010,
CREED invited several industry leaders to campus and sponsored numerous events in the College of Business and Public
Administration including a guest speaker series. In June, CREED welcomed Dr. Susan Wachter, former United States Assistant
Secretary of Housing and Urban Development, to advise our membership on navigating the turbulent economic climate.
Looking ahead to 2011, CREED is expanding its partnership with the local chapter of the Urban Land Institute, in addition
to many other regional industry partners. Dr. Michael J. Seiler, the Robert M. Stanton Chair of Real Estate, continues his
cutting edge research in areas of consumer behavior and the home purchase process. His research appears in top level
publications all the while enhancing the reputation of real estate related research in the College and University.
There are many people to thank for their contributions to this report and the annual market review. Many writers, speakers,
and event planners make this program such a success. Of course, a special thank you to all the volunteers within the real estate
and economic development community for providing their expertise and sharing their data. None of this is possible without your
commitment.
In closing, please note that we have changed the way we present some of our information. Every effort is made to provide
the most accurate information in these reports. If you find an error, or have a suggestion on how to improve upon these reports,
please contact me with comments.
Your continued support is truly appreciated.
John R. Lombard, Ph.D.
John R. Lombard, Ph.D.
Associate Professor and Chair | Department of Urban Studies and Public Administration
Director, E. V. Williams Center for Real Estate and Economic Development
Old Dominion University | College of Business and Public Administration | Norfolk, VA 23529-0218
Direct line: (757) 683-4809 Center line: (757) 683-5352
3