All those home builders banking on selling houses to new National Ground Intelligence Center (NGIC) employees may be in for a rude awakening. An estimate from the Charlottesville Area Association of Realtors (CAAR) is that only 30 to 40 percent of employees will relocate, the rest not wishing to unsettle spouses and children.
Since NGIC’s expansion was announced several years ago, projects like North Pointe and Hollymead have gotten underway with some expectation of capitalizing on the people filling the 800 to 900 relocated positions.
But Dave Phillips, CAAR’s CEO, and Director of Publications Chris Allerton went with a delegation of local officials to a Northern Virginia forum for employees who may be relocated. In the most recent CAAR newsletter, Phillips and Allerton report that most positions won’t be moved to Charlottesville until the middle of 2010 and rentals seem as important as buying to employees.
“There will be an effect on the local real estate market, but probably NOT 900 new home owners,” said the newsletter. “Many expressed an interest in renting in the Charlottesville area and continuing to maintain their home in northern Virginia.”
Dave Phillips, CEO of CAAR, returned from NoVa with disappointing news for local home builders.
