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The residential real estate market in Northern Virginia continues to show significant signs of strength. Last month we discussed the rise in home sales and pricing for the region. This month, the good news continues for the homes market in Northern Virginia as it passes the $1 billion mark. The region again saw marked increased in the number of sales and sales prices for home. This growth resulted to a total sales volume of $1.008 billion for the month of April 2013 and was up almost 21 percent compared to April 2012. Crossing this threshold represents a significant achievement and highlights how hot the residential real estate market has become in Northern Virginia.
Developers for a major new mixed-use development in Roanoke are beginning to release more details of the project in building permit applications. Positioned across from the Virginia Tech Carilion School of Medicine and Research Institute, Riverside Station is expected to be a $100 million development that includes apartments, retail, restaurants, and offices. Permits for the first building in the development have been filed and call for a 150-unit apartment building. The anticipated cost of this first building is $12 million.
According to new reports from real estate giant Jones Lang LaSalle, the commercial real estate leasing market in Northern Virginia has been pretty flat for the past few quarters. The vacancy rate for office space increased in the 4th Quarter of 2012 to 17.2% compared with the 4th Quarter of 2011 where it was at 15.5%. There are numerous reasons why this is the case, many of which we have covered and are related to federal budget cuts, but flat leasing activity can be seen as good news.
Last week we discussed the increase in home prices and sales in Northern Virginia. Despite the overall positive trend across the state, Hampton Roads home prices continue to lag behind. According to a new report from PNC Financial Services Group, prices in the region have yet to gain traction because of a strain on household budgets. (more…)
The Greater Richmond Association for Commercial Real Estate this week recognized the top commercial real estate projects in the Central Virginia region. A number of the developments that were honored have been featured in the Virginia Real Estate Blog and are among the most significant recent projects in the region. The year’s top project was the Amazon distribution centers at Meadowville Technology Park in Chesterfield County and Dinwiddie Commerce Park in Dinwiddie County. The project was honored with the top award because of its size and economic impact on Central Virginia. More than a dozen projects received awards.