Archive for April, 2011

Featured Property of the Week!

Wednesday, April 27th, 2011

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613 Butler Ave   Suffolk, VA 23434

Charming Cape Cod with hardwood floors throughout. Formal dining & living room, sunroom, spacious 1st floor master suite & huge family room that overlooks large deck & fenced backyard. Nice bar area off family room.

Listed by: Barbara Kayes

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Featured Property of the Week!

Tuesday, April 19th, 2011

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7920 Harvest Drive  Suffolk, VA 23437

Don’t miss this Log sided home on 3 beautiful wooded acres. 3 bedrooms, 2 baths, living room with brick fireplace, dining area, large master bedroom, country front porch, deck, 2 car attached garage. Property is mature woods with a stream. Show & Sell! Priced $102,600 below city assessment.

Listed by: Marion Grigg

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Harry’s Monthly Real Estate Insight

Thursday, April 14th, 2011

Suffolk is covered in “Gold”; ok its pollen, but that means our azaleas will soon be in bloom. The real estate market is not golden, nor blooming. The market is still struggling to obtain balance and stability, but the market is better because we have more sales. The challenge is that 20% of the listings; of which we still have a ten month supply and want a four month supply; are foreclosures or bank owned properties. The real kicker is that 43% of the sales are these same compromised properties. They are still setting the prices lower than normal sellers want to see and have to compete with. The government is considering making changes in the mortgage industry and possibly the interest deduction on home loans. Anything they do like that will simply send prices down lower. No good short term fixes and the best time to sell your home was last week! We can help you through this, call us.

**A Veterinarian that makes house calls? Did you know that we have a Vet that will come to your pet at your home? Hannah Adams, DVM does just that and she is a wonderful asset to our pets and community. Contact her at 757-355-2774 or

Top 10 Worst Cities for Spring Time Allergies

Thursday, April 14th, 2011

For those of you, who are suffering this year, feel for the kind folks in Knoxville, Tennessee right now. They are the countries leader as the worst city for allergies.

Top 10 Worst Cities For Springtime Allergies

1. Knoxville, Tennessee

2. Louisville, Kentucky

3. Charlotte, North Carolina

4. Jackson, Mississippi

5. Chattanooga, Tennessee

6. Birmingham, Alabama

7. Dayton, Ohio

8. Richmond, Virginia

9. McAllen, Texas

10. Madison, Wisconsin

via ABC News

Featured Property of the Week!

Thursday, April 14th, 2011

new pics 0091211 Truman Rd  Suffolk, VA 23434

Converted garage adds 1 bedroom, 1/2 bath, & 350 sq ft of living space to this conveniently located home. New hardwood floors in living room & hall, marble in kitchen, front & back doors, drywall & paint 2009. Central HVAC. Seller offering CCA.

Listed by: June Little

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America’s Top 10 Emptiest Cities of 2011

Monday, April 11th, 2011

Vacancies, empty homes, zombie subdivisions, foreclosures, and REO. This is the real estate story of 2011 and as usual some cities are fairing better than others. The city of Orlando takes the crown as the emptiest American city with an amazing 23 percent of their apartments empty and 4.3 percent of their homes unoccupied.

The recession is just magnifying the problem in these cities, as their is not enough demand for housing and the relocation market is restricted. Add in an overabundance of inventory and you have these cities sitting empty.

America’s Top 10 Most Empty Cities in 2011

  1. Orlando – Home Vacancy – 4.3% Apartment Vacancy – 23.6%
  2. Las Vegas– Home Vacancy – 5.5% Apartment Vacancy – 13.5%
  3. Memphis – Home Vacancy – 4.7% Apartment Vacancy – 16.1%
  4. San Bernardino – Home Vacancy – 6.4% Apartment Vacancy – 10.4%
  5. Dayton – Home Vacancy – 3.3% Apartment Vacancy – 26.4%
  6. Phoenix – Home Vacancy – 3.4% Apartment Vacancy – 15.5%
  7. Houston – Home Vacancy – 2.6% Apartment Vacancy – 14.5%
  8. Jacksonville – Home Vacancy – 3.1% Apartment Vacancy – 10.4%
  9. Tampa St. Petersburg – Home Vacancy – 3.7% Apartment Vacancy – 9.4%\
  10. Detroit – Home Vacancy – 2.9% Apartment Vacancy – 15.6%

via Forbes

Homebuyers Find It Cheaper To Go Old vs. New

Thursday, April 7th, 2011

The dream of many would-be buyers is a new home, but it makes less and less financial sense in many places.

A wave of foreclosures has driven down the cost of previously occupied homes and made them even more of a comparative bargain. By contrast, new homes have become more expensive.

The median price of a new home in the United States is 48 percent higher than that of a home being resold, more than three times the gap in a healthy housing market. Such a disparity can be a drag on the economy.

New homes represent a small fraction of sales, but they cause economic ripples, bringing business to construction and other industries. Sluggish new-home sales deprive the economy of strength. The gap is widening because prices of previously occupied homes are falling fast, pulled down by waves of foreclosures and short sales.

The median price of a new home has risen almost 6 percent in the past year to $230,600, even though last year was the worst for sales in nearly a  half-century. Slowed by those higher prices, new-home sales have plummeted over the past year to the lowest level since records began being kept in 1963. By contrast, sales of previously occupied homes have fallen almost 3 percent in the past year. Prices have dropped more than 5 percent. In February, the median price for a resale was $156,100, according to the National Association of Realtors. That adds up to a price difference of $74,500, or 48 percent, the highest markup in at least a decade. In healthier markets, a new home typically runs about 15 percent more, according to government data.

In some areas, older homes were more expensive before the housing market bust. That was especially true in urban neighborhoods with little or no room left to build on. But now, buyers get their pick even in some of the trendiest places.

Homebuilders have taken notice. Residential construction has all but come to a halt. Builders broke ground in February on the fewest homes in nearly two years. Building permits, a gauge of future construction, sank to their lowest in more than 50 years. Many builders are waiting for new home sales to pick up and for the glut of foreclosures and other distressed properties to be reduced, but with 3 million foreclosures forecast this year nationwide, some analysts do not expect a turnaround for at least three years.

Featured Property of the Week!

Wednesday, April 6th, 2011

pics 233 23174 Popes Station Rd    Capron, VA 23829

Elegant estate home on 11 acres with almost 5000 sq ft of living space. Tall ceilings, heavy moldings, large formal rooms, and a huge family room. First floor master and numerous outbuildings. View Virtual Tour at:

Listed by: Lee Cross

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