BUSINESS MONDAY: Now is the time to invest in Culpeper

Published March 7, 2011 in the
Culpeper Star Exponent

I am trying to disprove a theory about our Culpeper real estate market and local economy. So far I have not been convinced to step away from the theory.  A few years ago the National Builders drove buyers to Culpeper with their advertisements, stating that the values in Culpeper were the best. For example,  advertisements would show various projects beginning in Northern Virginia at $750,000 for a single family home, with homes in Prince William at $450,000, and Culpeper at the very attractive value of $250,000. Naturally buyers drove until they qualified and found the quality of life in Culpeper and the value of the homes a perfect fit. This, particularly given that Culpeper is within commuting distance to one of the richest world markets, Northern Virginia & Washington DC.

Today, the only change is that the National Builders are placing fewer ads in the major newspapers in Northern Virginia and thus driving fewer buyers to Culpeper.  Real estate in Culpeper is now at a value that may never be seen again. Yet our quality of life is among the best for those seeking a small town feel, beautiful views, and a wonderful sense of community.

The local amenities that we have are enviable. A vibrant revitalized Davis Street, home to restaurants with global recognition set among eclectic and unique shopping experiences. The Library of Congress Packard Campus for Audio Visual Preservation offers rare and free movie viewing to the general public. There is a strong manufacturing base offering jobs at entry and professional levels. The Germanna’s Daniel Technology Center is a cornerstone in the community for workforce development. Our schools have unique programs such as E Squared – Entreprenurial Energy, delivering exceptional opportunities to our students. The list could go on and on.

I watched as Gainsville went from country to commercial. It happened quickly. The Wegmans along Route 29 near Warrenton is an indicator of the imminent growth toward Warrenton and eventually Culpeper. Fredericksburg now supports major development out as far as Route 20 & 3.  Charlottesville is moving north with military base realignments pushing development into nearby Green County. With real estate markets improving to the North, East, and South of Culpeper, interest rates at very low level, and an abundance of foreclosures, the investment opportunities may never be better for property in Culpeper. That is the good news…

From the perspective of the local economy, the sooner that the saturation of foreclosures are absorbed, the sooner real estate values will increase, offering support to the local governments’ need for revenue. Improved Real Estate values support local job creation by putting local home builders, subcontractors, and suppliers back to work. Certainly having new jobs in other sectors supports home sales enhancing the economic improvement formula further.

My theory is this…. If we as a community: Builders, Realtors, Lenders, Retailers, Restaurants, Professional Services Companies, etc. work together to deliver a message to Northern Virginia through our local media partners that NOW is the time to visit, experience, and invest in Culpeper, we can accelerate the needed improvement of our local economy sooner than later.

Jim Charapich, CEO/President
Culpeper County Chamber of Commerce