Foreclosures & Short Sales have gone up slightly in Hampton Roads, VA

Over the summer distressed homes for sale in Chesapeake, Virginia Beach, Portsmouth and Norfolk numbers hovered in the 30's. Now, we are seeing the number distressed homes for sale rise into the 40's and 50's. Shadow Inventory is going to hit soon and when it does, more than 700,000 homes are going to flooding the market. According to Case & Shiller, we don't expect to hit bottom until May 2010 and get back to today's prices until 2012.

I love stats! So, my question is, what is for sale in each city and how does it change if the house has a pool, is on the water, or on the golf course? I focused on foreclosures, bank owned, and short sales.

In Chesapeake,

 

Bedrooms

Bath

Square footage

Listing Price

Price per square foot

High

5

4

6600

$850,000

$179

Low

2

1

852

$59,900

$49

Average

3

2

2027

$235,888

$116

In Virginia Beach

 

Bedrooms

Bath

Square footage

Listing Price

Price per square foot

High

6

3

5121

$799,000

$229

Low

2

1

$159,000

 

Average

3

2

2057

$290,000

$139

In Norfolk,

 

Bedrooms

Bath

Square footage

Listing Price

Price per square foot

High

11

6

4500

$525,000

$214

Low

1

1

760

$19,900

$12

Average

3

1

1500

$126,070

$87

The difference in cost per square footage is incredible. $214 vs. $12 a square foot!

In Portsmouth,

 

Bedrooms

Bath

Square footage

Listing Price

Price per square foot

High

5

3

4608

$549,900

$144

Low

2

1

680

$19,900

$14

Average

3

1

1670

$130,760

$77

On the water (all cities),

 

Bedrooms

Bath

Square footage

Listing Price

Price per square foot

High

7

5

6596

$2,290,000

$349

Low

2

1

1376

$239,900

$88

Average

4

2

3272

$624,274

$184

On the golf course (all cities),

 

Bedrooms

Bath

Square footage

Listing Price

Price per square foot

High

5

4

6263

$670,000

$226

Low

2

2

1589

$176,900

$106

Average

3

2

2682

$409,950

$154

Distressed listings with Pools,

 

Bedrooms

Bath

Square footage

Listing Price

Price per square foot

High

8

5

6596

$2,290,000

$349

Low

1

1

948

$159,900

$94

Average

4

2

2943

$479,284

$163

Homes on the water and/or golf course hold their value more than homes without those benefits.

What city would like to live in based on this information? Would you rather have a home on the water,

golf course or with a pool?

Suzi Noyes, Realtor

www.724-1064.com