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Hampton Roads housing market appears to stabilize
The Hampton Roads housing market appears to be stabilizing, according to a new report from the Real Estate Information Network Inc. (REIN). “We expect 2023 to be similar to pre-pandemic years where inventory increases in the spring and summer, and as long as buyers have inventory to choose from, they’re going to shop for homes,” […]
Housing reform bills saw mixed success in General Assembly
Legislative efforts to tackle spiking eviction notices, housing and utility costs were mostly shot down during the Virginia General Assembly session. Almost 193,000 eviction filings have been made in Virginia since March 2020. The monthly-updated data comes from the Princeton Eviction Lab, a group that makes nationwide eviction data public to increase awareness about housing, […]
Ups and downs
Compared with the previous two years, 2022 was less of a roller coaster for the housing market in Virginia, but it still presented challenges for many would-be first-time homebuyers. As inflation rates grew, peaking at a 40-year high of 9.1% in June 2022, the Federal Reserve increased interest rates rapidly. Inflation fell to 6.5% in […]
Sadler Square subdivision in Glen Allen to start sales in 2024
Construction on Sadler Square, a 128-home development in Glen Allen will begin this year, with homes ready for sale in 2024, Vienna-based real estate developer Miller & Smith announced mid-February. The 54-acre development is located at 4350 Glasgow Road near the Short Pump/Innsbrook Interstate 64 interchange on West Broad Street. The single-family houses will be […]
Sentara invests $11M in Newport News revitalization
Sentara Healthcare invested $11 million in Newport News’ Marshall-Ridley Choice Neighborhood revitalization initiative, the Norfolk-based health system announced Wednesday. Sentara is providing $11 million in loan financing support for the project’s second phase, which focuses on the former Ridley Place neighborhood. The project is part of the U.S. Department of Housing and Urban Devel[...]
Fed’s Fifth District economy expands slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has expanded slightly since October, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions g[...]
Virginia 500 Spotlight: Catherine Buell
Director, Amazon Housing Equity Fund, Amazon.com Inc. Arlington County WHAT WOULD A COMPETITOR SAY ABOUT YOU? Much like the Roomba vacuum cleaner, Catherine is “pleasantly persistent” and doesn’t give up. She will keep at it, work to find a middle ground and show results. WHAT I’VE LEARNED: Don’t forget to have fun along the way! Life […]
Va. home sales saw sharp drop in October
Virginia home sales in October decreased by 30.2% from the same time last year, the largest year-over-year sales decrease in more than a decade, according to a Virginia Realtors report released this week. In October, 8,828 homes sold in Virginia, 3,828 fewer than in October 2021. Nationally, home sales declined for the ninth straight month […]
Richmond seeks developers for Coliseum property
Two Richmond city authorities issued a request for interest Thursday to redevelop the area surrounding the Richmond Coliseum into a hotel-anchored mixed-use development, the City Center Innovation District. Owned by Richmond’s economic development authority, the 9.4-acre property includes the shuttered Coliseum and other structures that were part of the failed Navy Hill development proposal.[...]
Newport News delegate plans to reintroduce bill to help tenants facing eviction
Amid rising evictions in Virginia, a state legislator plans to reintroduce an expired public health emergency law which could help tenants pay their rent, although invested parties debate its efficacy. Tenants, prior to the COVID-19 pandemic, had a five-day period to get up to date on unpaid rent or vacate the property without having the […]
TOP FIVE STORIES AUGUST 2022
The top trending stories on VirginiaBusiness.com from July 15 to Aug. 14 were led by an exclusive update on the Virginia Beach Oceanfront surf park, which is being developed by music icon Pharrell Williams and Venture Realty Group. 1 | A new look at Va. Beach’s Atlantic Park Starting construction in October or November, […]
Pulaski sees housing future in 3D
Like communities around Virginia, the town of Pulaski faces housing demand far outpacing supply. “We don’t have enough housing in our area,” says Town Manager Darlene Burcham. “So many of the people who work in our area don’t live in the community.” One way Pulaski hopes to grow inventory is by working with Iowa-based home […]
