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Increasing home prices and values, which we’ve discussed recently, have helped lead to lower foreclosure rates and fewer mortgages underwater around Virginia. Across the state, a new report finds only 17% of residential properties had negative equity in the first quarter of 2013 compared to 22.3% a year earlier. Central Virginia in particular has seen a significant decrease of properties with negative equity or in foreclosure. First quarter 2013 figures showed that 14.3% of all Richmond residential properties had mortgages that were underwater. This number is much lower than the 21% figure recorded from the previous quarter. However, the story is not as positive in every part of the state. (more…)
Clachan Properties has put 9 VCU student apartment buildings making up 198 units and 10 commercial spaces on the market for $32.57 million. This is the second big announcement of a sale by an apartment owner downtown. Last month. Forest City announced that they were putting up their prize Tobacco Row property on the market for an undisclosed amount. (more…)
There is more evidence that the residential real estate sector in Virginia is recovering as the number of foreclosures and short sales dropped throughout the state. According to a new RealtyTrac report, the foreclosure rate across Virginia is down and foreclosures only accounted for 15.5% of home sales in the first quarter. Short sales represented 10% of residential sales in the state. Both figures are lower than the national averages, signaling that Virginia’s residential real estate market continues to retain a good position nationally. Across the U.S., foreclosures accounted for 21% of sales and short sales made up 15% of sales.
The Hanover County Board of Supervisors this week approved zoning for a new apartment complex, citing the need for diverse housing options in the county. The project, known as Charleston Ridge, would include 172 apartments and would be located near the Kings Charter Shopping Center. The action by the Board of Supervisors came despite vocal opposition from community members. Many residents are opposed to dense development and want to retain the county’s rural feel.
Last night the Chesterfield County Board of Supervisors unanimously agreed to keep the maximum proffer amount of $18,966 per new home in place for now. We have written extensively about the debate that has gripped one of the most populous counties in Virginia for the past six months. Home builders and developers all across Virginia have been launching a campaign to do away with the proffer system which they have argued is an unfair tax on construction at a time when the real estate recovery is still fragile. Chesapeake, for example, decided to eliminate collecting proffers until the city’s growth rate hits two percent. Hanover County originally eliminated proffers entirely and eventually decided to reinstate them at a lower rate. (more…)