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I love that area. You live in one of those new condos? We were trying to find a 2 or 3 bed condo down there for sale but all we found were 1 beds.
Know a good spot?
Yes, I do live in one of the new condos! It is just me so I live in one of the 1-bedroom ones. There actually was a 2-bedroom one available a couple months ago in my building, but it sold pretty quick I believe. There are 18 more 2-bedroom units going up next to El Jefe, but again I believe they have all been sold or reserved. The Krise building (currently under renovation) is going to be upscale luxury 2-bedroom apartments for rent at 9th and Main Street. Other than that, you are mainly looking at 1-bedrooms and studios for rent downtown. Space is at a premium so it is hard to find condos and apartments with two or more bedrooms and they usually sell or lease quick when they hit the market. On the other hand, there are lots and lots of huge historic homes all around downtown that have recently been or currently being restored. Good luck with your move!
Yes, I do live in one of the new condos! It is just me so I live in one of the 1-bedroom ones. There actually was a 2-bedroom one available a couple months ago in my building, but it sold pretty quick I believe. There are 18 more 2-bedroom units going up next to El Jefe, but again I believe they have all been sold or reserved. The Krise building (currently under renovation) is going to be upscale luxury 2-bedroom apartments for rent at 9th and Main Street. Other than that, you are mainly looking at 1-bedrooms and studios for rent downtown. Space is at a premium so it is hard to find condos and apartments with two or more bedrooms and they usually sell or lease quick when they hit the market. On the other hand, there are lots and lots of huge historic homes all around downtown that have recently been or currently being restored. Good luck with your move!
Good deal. Btw, I love your positive attitude and overall politeness in your posts lol.
Eventually we may buy a condo or two in downtown Lynchburg either as a primary residence or rental property. I remember the condo boom in Atlanta when I first moved there years ago. Now I look at prices and kick myself for not buying. I imagine in 10-20 years I'll be kicking myself if I don't buy a couple in downtown Lynchburg.
The historic homes off Rivermont are amazing, but they seem to require a ton of work. Maybe when I become more of a handyman I'll be able to buy one and revive it. It's amazing the potential some of these places have.
The condo scene is incredibly new in Lynchburg, but definitely picking up speed.
The first condos to appear were 6 units at James River Place next to Waterstone Pizza on Jefferson Street in 2014 with 2-bedroom units selling for $350k. After that, my building was built in 2018 with 21 units selling for $155k for 1-bedrooms and $294k for 2-bedrooms. Now there is a third condo project underway on the Bluffwalk next to El Jefe with 18 units selling for $180k for studios up to $527k for the top-level 2-bedroom units. 7 grand luxury condos at $1 million are planned across the street at the Estates on Commerce and 14 townhomes (price TBD) are planned at the intersection of 6th and Church Streets.
Otherwise, everything else has been rental apartments in downtown (since 2012 the breakdown of new units built is 772 rental units, 56 condos, and 14 townhomes). The rental market is strong here due to demand from five growing colleges and a growing number of young professionals moving here just out of school. For now, the main demographic of those buying condos downtown are investors that are either using them for Airbnb/VRBO properties or second vacation homes... I was super fortunate to reserve my condo very early on well before they even started building the development. The risk has paid off as the estimated value grew 20% in the first year alone.
Yes I totally get the hard work and maintenance required to fix up those homes along Rivermont and in Daniels Hill, Garland Hill, and Diamond Hill. It is one big reason why I went with a condo. One of my colleagues Victoria Bartholomew has been doing an incredible job buying smaller historic homes in Daniels Hill and restoring them/modernizing them and selling them for a reasonable price. I'd recommend you check out her Instagram page:
Otherwise, everything else has been rental apartments in downtown (since 2012 the breakdown of new units built is 772 rental units, 56 condos, and 14 townhomes). The rental market is strong here due to demand from five growing colleges and a growing number of young professionals moving here just out of school.
Generally the transformation of these older buildings into housing winds up being rental units - and a big part of that is that the project qualifies for historic use tax credits that makes the project doable. But the tax credits work only if the building is rental units (not units for sale).
Not my area of expertise so I hope I am explaining that correctly!!
Generally the transformation of these older buildings into housing winds up being rental units - and a big part of that is that the project qualifies for historic use tax credits that makes the project doable. But the tax credits work only if the building is rental units (not units for sale).
Not my area of expertise so I hope I am explaining that correctly!!
Yes this is a very good point and spot on. As late as 2012 even there were several dozen historic properties, warehouses, and mill buildings just sitting around vacant and falling apart in downtown Lynchburg just waiting to be refurbished. Developers have definitely taken advantage of both Federal and State historic tax credits to convert these buildings into rental loft apartments. Developers get tax incentives and tax breaks to redevelop historic properties into rental units as long as they maintain a certain percentage of the historic elements and features of the building. The demand for rentals seems to be there too so in the end, the market is just better for rentals and makes more sense for developers.
The issue now is that those vacant historic building sites are rapidly running out so you are now starting to see new build developments like Gish Flats (built in 2016). The last of the vacant buildings are now being developed: The Grace Lodge building, 41 Cabell Street Tobacco Warehouse, the Krise building at 9th and Main Streets, and the Virginia Laundry building at 712 12th Streets are all under renovation right now and among the last vacant buildings left downtown that can be developed using historic tax credits. Also, new construction have to maintain a certain historic look and must use a certain amount of brick in the exterior construction and not look too modern to be in compliance with the historic district codes which could limit some condo developers from building downtown.
Figured I'd give an update for the people who care lol. Maybe it can help others who are thinking about relocating to Lynchburg.
Overall, we're very pleased. We bought a house that's bigger than anything we could have afforded back up in NY.
Although we moved here in mid-July, the weather really hasn't been that bad. We were expecting crippling heat and humidity, but it's really not a whole lot different than where we came from. I'm sure the heat just lasts a bit longer here. I've lived in other cities in the south so I am better accustomed to the weather than my significant other is, but she is adjusting very well, thankfully. She was even the one who brought it up that the weather has been surprisingly pleasant.
Our neighbors wave to us and welcomed us to the neighborhood within the first couple days we were here. It's nice to be around people who seem genuinely welcoming.
We have everything we need right near where we live. We're very close to the Wyndhurst and Cornerstone developments, which have small retail offices and shops right in them. I actually am thinking about going car-free and just using my bicycle as a main source of transportation. I can get pretty much anywhere I need to go within a 20 minute ride or so. And people down here drive much slower and less aggressive so I don't feel like my life is necessarily in danger lol.
We are taking a short vacation to the beach this weekend, but when we get back we're going to try some local activities. Definitely want to get out on the James River before it gets too cold. We want to go hiking as well. Can't beat the location as far as that goes.
Last thought, the sunsets down here are awesome. Even just driving down to the grocery store, we get beautiful views of the mountains. I really don't think you can beat the view for the COL.
It's pretty likely that we'll stay here for at least a few years, if not more than that. I am a beach type of guy at heart, so that may influence my decision later on, but for right now, we are very happy that we decided to settle in Lynchburg for a bit.
Figured I'd give an update for the people who care lol. Maybe it can help others who are thinking about relocating to Lynchburg.
Overall, we're very pleased. We bought a house that's bigger than anything we could have afforded back up in NY.
Although we moved here in mid-July, the weather really hasn't been that bad. We were expecting crippling heat and humidity, but it's really not a whole lot different than where we came from. I'm sure the heat just lasts a bit longer here. I've lived in other cities in the south so I am better accustomed to the weather than my significant other is, but she is adjusting very well, thankfully. She was even the one who brought it up that the weather has been surprisingly pleasant.
Our neighbors wave to us and welcomed us to the neighborhood within the first couple days we were here. It's nice to be around people who seem genuinely welcoming.
We have everything we need right near where we live. We're very close to the Wyndhurst and Cornerstone developments, which have small retail offices and shops right in them. I actually am thinking about going car-free and just using my bicycle as a main source of transportation. I can get pretty much anywhere I need to go within a 20 minute ride or so. And people down here drive much slower and less aggressive so I don't feel like my life is necessarily in danger lol.
We are taking a short vacation to the beach this weekend, but when we get back we're going to try some local activities. Definitely want to get out on the James River before it gets too cold. We want to go hiking as well. Can't beat the location as far as that goes.
Last thought, the sunsets down here are awesome. Even just driving down to the grocery store, we get beautiful views of the mountains. I really don't think you can beat the view for the COL.
It's pretty likely that we'll stay here for at least a few years, if not more than that. I am a beach type of guy at heart, so that may influence my decision later on, but for right now, we are very happy that we decided to settle in Lynchburg for a bit.
Really glad to hear how things are working out for you all. You will enjoy being on the river; we use the folks right across from downtown for regular floats downstream. Reasonable and fun, with great lunch options minutes after getting out of the tube. We went as late as mid- October last year.
Figured I'd give an update for the people who care lol. Maybe it can help others who are thinking about relocating to Lynchburg.
Overall, we're very pleased. We bought a house that's bigger than anything we could have afforded back up in NY.
Although we moved here in mid-July, the weather really hasn't been that bad. We were expecting crippling heat and humidity, but it's really not a whole lot different than where we came from. I'm sure the heat just lasts a bit longer here. I've lived in other cities in the south so I am better accustomed to the weather than my significant other is, but she is adjusting very well, thankfully. She was even the one who brought it up that the weather has been surprisingly pleasant.
Our neighbors wave to us and welcomed us to the neighborhood within the first couple days we were here. It's nice to be around people who seem genuinely welcoming.
We have everything we need right near where we live. We're very close to the Wyndhurst and Cornerstone developments, which have small retail offices and shops right in them. I actually am thinking about going car-free and just using my bicycle as a main source of transportation. I can get pretty much anywhere I need to go within a 20 minute ride or so. And people down here drive much slower and less aggressive so I don't feel like my life is necessarily in danger lol.
We are taking a short vacation to the beach this weekend, but when we get back we're going to try some local activities. Definitely want to get out on the James River before it gets too cold. We want to go hiking as well. Can't beat the location as far as that goes.
Last thought, the sunsets down here are awesome. Even just driving down to the grocery store, we get beautiful views of the mountains. I really don't think you can beat the view for the COL.
It's pretty likely that we'll stay here for at least a few years, if not more than that. I am a beach type of guy at heart, so that may influence my decision later on, but for right now, we are very happy that we decided to settle in Lynchburg for a bit.
Glad you are settling in and finding it pleasant here in Lynchburg! I ride my bike everyday into work and don't own a car, though granted I live downtown and take mostly neighborhood and very low volume roads into work. Have you made it downtown for any concerts or events or just to eat out and walk around? Rose Thursday at the Glass House (starts around 6 PM every Thursday) is a great event that's totally free to attend and very popular if you are ever interested.
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