Virginia Beach, VA Real Estate News

By Sean Schroeder, Century 21 top producers
(Century 21)
As of today’s posting there 437 Virginia beach short sales listed in the local MLS. Of these Virginia Beach short sales, 64 are pending, 373 remain active – awaiting a buyer! To put this in perspective there are 3,992 homes for sale in Virginia Beach, the current number of short sale properties in the city of Virginia beach is just over 10% of the total inventory. Short sales in Virginia Beach, that have closed in the lat 30 days have sold at 98% of the properties list price and were on the market for 75 days. The goal of the short sale is to save not only the current home owner from a foreclosure, but to also save the bank money and in the banks eyes it also protects the property from vandalism. To learn more about short sales in Virginia Beach or Hampton roads visit Hampton roads shor...
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By Sean Schroeder, Century 21 top producers
(Century 21)
As of today’s posting there 437 Virginia beach short sales listed in the local MLS. Of these Virginia Beach short sales, 64 are pending, 373 remain active – awaiting a buyer! To put this in perspective there are 3,992 homes for sale in Virginia Beach, the current number of short sale properties in the city of Virginia beach is just over 10% of the total inventory. Short sales in Virginia Beach, that have closed in the lat 30 days have sold at 98% of the properties list price and were on the market for 75 days. The goal of the short sale is to save not only the current home owner from a foreclosure, but to also save the bank money and in the banks eyes it also protects the property from vandalism. To learn more about short sales in Virginia Beach or Hampton roads visit Hampton roads shor...
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By Gene Allen, Realty Consultant for Cary Real Estate
(Fathom Realty)
Virgnia Beach is considering installing curbside meters-similiar to parking meters- that donars can insert coins in.  The money will be used to help the homeless.  The head of the Resort Advisory Commission, Jim Davis said the idea is discourage panhandling.  The money will be funneled to a charity such as the United Way.  The city of Denver has something similiar and they have raised about $100,000 a year with it.
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By Chris Faircloth
(Realty Executives)
This morning I woke up and spent about an hour reflecting on the experiences of my life. I have to confess, my dream as a little girl was to travel the world. I wanted to experience different cultures, meet the people of foreign lands and see the amazing sights this wonderful world of ours has to offer. The beginning of the quest started when I was 16, a few months after my Dad passed away. One of the most difficult times in my life. I was so defeated and angry. That trip to Europe opened my eyes to the world beyond Virginia Beach. Later I married my husband and we made a commitment to start traveling for vacations. I have seen things I could never have imagined as a little girl. I have been so blessed. I have stood on the peak of a mountain in Switzerland, admired the redwoods of Cali...
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By Mark A. Moore, Virginia Beach Real Estate
(RE/MAX Alliance - Referral Co.)
The sand replenishment project has finally reached Cape Story By The Sea. The planned beach replenishment project by the Army Corps of Engineers and City of Virginia Beach experienced a major setback due to the November 2009 Nor'easter storm.  Tons of existing beach sand was taken during three days of pounding.  This week there has been much activity on the beach as crews haul sand from the dredge spoil site at the south end of Maple Street, to the beach access at Oak Street. The sand is then being hauled down the beach by several large dump trucks and the spread around with bulldozers and graders. Place cursor on photo for description.         The city plans on rebuilding the Sandalwood access ramp this Spring.  Hopefully we will be back to business as usual at this wonderful beach.  C...
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By Gene Allen, Realty Consultant for Cary Real Estate
(Fathom Realty)
What a price for the Oceanfront in Virginia Beach.  Recently a home sold at the Oceanfront for             $7.6 million.  I t was the most expensive piece of real estate sold in some time at the Oceanfront.  The home was the retreat of Art Sandler.  Sandler and his brother own L.M. Sandler & Sons, a beach based housing development firm.  Most of us have heard of them one way or another but who can afford such a price?  How about the chief executive of ADS, Inc. Luke Hillier.  What does ADS do?  How about supplying special operations gear to the military.  Mr. Hillier is teaming up with US Development Co. and they are looking at turning the Union Mission building in downtown Norfolk into apartments.  
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By Nannette Turner, Online Marketing Home Ownership Advocate Specialis
(Keller Williams Lynchburg)
No word strikes a greater fear in a homeowner's heart than foreclosure.  And every day, the newspapers report unprecedented increases in foreclosures and steep decreases in home values.  More and more people are behind on their house payments or about to be.  It is estimated that more than 2 million U.S. homeowners are now in default on their mortgages. Fortunately being threatened with foreclosure or even receiving a formal foreclosure notice from the bank does not mean you will lose your house.  You do have options. I have been working with may people who I've been able to show them other options and explain some strategies that have helped them pursue to keep their home. I have been able to explain home to make the most of their situation if the income and mortgage payments preclude ...
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By Naoma Doriguzzi, New Media Director
(Virginia Beach)
Here is a cute little book written by my good friend Chuck Miller with Miller Custom Homes here in Virginia Beach.  Miller Custom Homes is a certified Green Builder and is most recently known for his beautfiul award winning home - otherwise known as THE MOTHERSHIP. Chuck also wrote a cute little book called "Greenie The Builder"  You should check it out and get one for your family!  Here is a short exerpt from the book...    
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By Dennis Blackmore
(Creed Realty)
Searching for single family new construction real estate in Virginia Beach? There are over 40 Builders eager to sell homes and offering great incentives including closing costs, financing, and upgrades. New construction homes range in price from the low $200s to over $3 million - so something for everyone. Get your new construction contract written before April 30, 2010 to use the first time or move up home buyer tax credit. View all of these Virginia Beach new construction neighborhoods (enhanced real estate listings with photos) Garnett's Watch, Ridgely Manor, Sajo Farms, Chesapeake Shores, Mira Bella, Chesapeake Beach, Ocean Park, North Shore, Thalia Village, Woods of Little Neck, Thalia Acres, Gatewood Park, London Bridge, Shadowlawn, Beach Borough, Northend Va Beach, Estates on the...
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By Gene Allen, Realty Consultant for Cary Real Estate
(Fathom Realty)
Here are some pictures of what I call Redwing Blackbirds.  They came to roost behind my house in Virginia Beach and also on my bird feeder.  The flock of birds actually consists of about three or four different species but I like the Redwings the best.                      
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By Gene Allen, Realty Consultant for Cary Real Estate
(Fathom Realty)
It is cold out there and heating systems are failing in Virginia Beach.  When you start looking for a new heating system keep something important in mind that you may not have thought about.  The INSTALLER!!!.  You can buy a Cadillac heating system and have a YUGO installer.  What you end up with is system that doesn't function the way it should.  With that in mind, what do you look for in a new heating system?  Know this abbreviations.  AFUE (Annual Fuel Utilization Efficiency).  This number tells you how well the furnance uses gas.  If you put a dollar of gas in a 95% efficient heater you would get 95 cents back in heat. Buy a sealed combustion furnace.  The burner is sealed from the household air protecting you from cabon monoxide. Get a variable speed fan.  Speed increases and decre...
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By Gene Allen, Realty Consultant for Cary Real Estate
(Fathom Realty)
Homes in Virginia Beach with potential lead based paint and contractors are soon going to be very initimate.  On April 22, 20101 any contractor working on a home built prior to 1978 will need to be be a "EPA certified renovator".  This work only pertains to the disturbance of lead based paint.   I think a lot of the work done inside a home would qualify in some way or another.  If it is a firm doing the work then at least one worker on the job must be certified.  Here is the basic regulation and the web site to go visit. Renovating, repairing or painting a home built before 1978 containing lead-based paint. Beginning in April 2010, federal law will require that contractors performing renovation, painting projects and repair work that disturbs lead-based paint in homes built before 1978 ...
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By Naoma Doriguzzi, New Media Director
(Virginia Beach)
I am a bit late on posting this...Saturday was the actualy day is snowed.  But with schools closed Monday and Tuesday and no time to get posted...better late than never! I am from Omaha, NE and there is a reason why I left...I HATE COLD & SNOW.  But at least it doesn't snow all the time but we did get approx 6 inches in Virginia Beach I believe.  
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By Gene Allen, Realty Consultant for Cary Real Estate
(Fathom Realty)
Here are few ways to list your house the wrong way and keep it on the real estate market for a while in Glenwood.  List it High Because I Know Someone Will Offer LessList the house on the high side because you know every buyer is looking for a bargain.  When a home seller interviews a Realtor® it's easy for them to get caught up in the excitement of choosing a sales price. If they can get more money for the home, it means more financial opportunities for the homeowner. Maybe it means they can afford to buy a larger, more expensive home, pay off some bills or take a vacation. Unfortunately, uninformed sellers often choose the listing agent who tells them they will list it at the highest list price.  Don't let the agent "buy" the listing.  That is, by far the worst mistake the seller can ...
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By Chris Faircloth
(Realty Executives)
For years now my Mom has encouraged me to write a book about my adventures in real estate. For some reason, I have some of the most "interesting" experiences. So, this is the beginning of a new series of adventures in Hampton Roads real estate. Please note I will not be disclosing any specific information about the persons or locations in any of my stories. This particular adventure starts at a pre-listing appointment to assess the condition and amenities in order to assess the true value of the property. I sit down at the dining room table with Mr. and Mrs. Seller on each side of me. Humm? First Mrs. Seller informs me they are divorcing and says "you tell Mr. Seller he has to clean out the garage" then on the right I hear "you tell Mrs. Seller to get her shoes out of the closets", and ...
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Courthouse Estate Market Report - Homes for sale in Courhouse Estate - Virginia Beach Map of Comparable Market Analysis or Market Report  in Courthouse Estates - Virginia Beach - Virginia                                                           The Courthouse Estates - Virginia Beach - Virginia Market Report shows what we have seen in the region.  Houses are selling, as long as they are moderately priced and in great condition.  Above you can see the  Market report in Courthouse Estates as of February 1, 2010.   Blue: Days on the Market       Green: List Price           Red:  Sale Price Notice that houses have been selling under the asking price, but this doesn't take in to consideration prior price reductions.  It olny takes in to account the asking price at the time of the offer.    ...
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Landlords using "cap rate" to evulate investment property. Virginia Beach, VA Since our method guarantees such a huge difference in cash flow from what is normally received from a single family and multi-family investment property we wanted to illustrate what investors in apartment houses do when they asses a deal. They evaluate the income potential of the property as opposed to what comparable properties recently sold for, to establish value. Essentially, how that investment is going to pay them back, comparable to annual interest rate paid on an investment in a CD or Bond. So the ratio between the sum invested and the net profit the asset produces is the cap rate. By applying a certain criteria, someone investing in larger money generator, such as apartment buildings can determine a v...
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By Gene Allen, Realty Consultant for Cary Real Estate
(Fathom Realty)
Here are some pictures of mostly birds that were hungry or cold in the Glenwood area of Virginia Beach.                                    
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By Gene Allen, Realty Consultant for Cary Real Estate
(Fathom Realty)
Here are some pictures of the animals running around in Glenwood, my area of Virginia Beach.  This was first thing this morning around 7 am.  I saw a rabbit but he was too fast for me.  We have about 5 inches where I am and expecting more. The man walking this guy said it was the dogs first snow. I think the birds are thinking about how to get into the warm house. You can't see them but the lake is filled with seagulls. Here is a closeup of the seagulls.
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REIN- Real Estate Information Network December 2009 Summary - A view from our Virginia Beach MLS     REIN is our local Multiple Listing service.  It is indepenly owned by broker stockholder members.  It serves the areas in Tidewater or Hampton Roads, including Williamsburg , the North Carolina border and all the cities in between. Although you have to take in to consideration that these are average prices and each city would have different results, if done city by city.   Our local market seems to be on the recovery, but we must not forget that a very large percentage of the homes sold were distressed sale, short sales and bank owned properties. Every spring we get the military transfers coming in, so If you are thinking of selling your home please give me a call ASAP.     To buy or sel...
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