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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 […]
Thalhimer rebrands property management division
Cushman & Wakefield | Thalhimer is rebranding its residential property management division from Residential Property Services to Thalhimer Multifamily (TMF), the real estate firm announced Thursday. TMF is Thalhimer’s largest operating group, employing more than 200 people and managing more than 9,100 multifamily units across Virginia and North Carolina. “Our firm’s strategic[...]
Danville lacks housing options for workforce
Danville is having a “Field of Dreams” dilemma. The famous movie quote, “If you build it, they will come,” rings all too true in the former mill town, which is attracting companies to its industrial parks and old Dan River Mills properties, along with a $650 million casino. It’s good news on paper, but where […]
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[...]
Mortgage rates above 7% shock volatile housing market
Charlottesville Realtor Denise Ramey has a client who put in multiple bids for houses over the summer, when the market was booming, but they were all turned down. Now, with mortgage rates topping 7% for the first time in more than 20 years, he’s not sure if he will buy a house at all — […]
Sky-high rents
The Navy man sat in Barbara Gatewood Sgueglia’s office in tears. His rent was being raised from $1,600 to $2,750, and with several children and his wife in school, he just couldn’t swing it, even if the landlord offered to split the difference. Anything else he could afford would likely be “much less appealing,” says […]
A welcome respite
While the spring was red-hot for the residential real estate market, conditions are expected to cool off in the fall. “The market is definitely stabilizing,” says Liz Moore, board president of Real Estate Information Network Inc., the multiple listing service (MLS) for the Hampton Roads region. “We had such a frenzied market during the pandemic.” […]
A slow shift
Jeremy Caleb Johnson is advising clients preapproved for a mortgage loan at the beginning of 2022 to adjust expectations. The price of houses they may have looked at just months ago likely not only went up significantly, but the low interest rates available then have also risen dramatically. “What you may have been able to […]
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, […]
July NoVa home sales drop 29% from 2021
As price growth slowed and inventory increased slightly, Northern Virginia housing sales dropped 28.8% in July compared with last year, according to a Northern Virginia Association of Realtors report published Friday. “More options are available to homebuyers now that the market is calming. It remains a seller’s market, but the feeding frenzy has subsided somewhat,” […]
Hampton Roads’ July active house listings down
Hampton Roads’ active residential listings in July continued to lag behind monthly totals for the past four years, according to Real Estate Information Network Inc. data published in August. Active listings have dropped steadily every July since 2014. At the end of July, there were 4,129 homes actively listed in the region. In 2021, that […]
Va. housing market sees sharp drop in sales
The housing market is cooling off, compared to a year ago. Home sales in Virginia dropped by nearly 19% in June, compared to sales in June 2021, the sharpest drop in the housing market since the beginning of the pandemic, Virginia Realtors reported Friday. In June, 13,324 homes were sold in Virginia, which is 3,208 fewer […]
