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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 — […]
Bon Secours breaks ground on Suffolk hospital
Bon Secours broke ground Tuesday on its $80 million Bon Secours Harbour View Hospital, which is expected to be completed in 2025. The hospital will be 98,000 square feet and have a surgical focus, with 18 medical/surgical beds and up to four operating rooms. It will serve as an extension of other services on the […]
HII leases space in National Landing
Newport News-based Huntington Ingalls Industries Inc. could soon add its name to a building in Arlington’s National Landing area. The Fortune 500 military shipbuilder has signed an 11.5 year lease with JBG Smith for 36,809 square feet in an 11-story office tower at 2451 Crystal Drive, the Bethesda, Maryland-based real estate firm announced Tuesday. The […]
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 h[...]
Roanoke apartments sell for $14.6M
Gramercy Row Apartment Residences has a new owner. Tazewell Development LLC sold the 82-unit apartment community with ground floor commercial space in downtown Roanoke to a private investor group for $14.6 million on Sept. 22, according to Cushman & Wakefield | Thalhimer. The apartments, built in 2017, are located at 206 W[...]
Industrial property in Richmond sells for $3.7M
Warwick Trade Center, a 38,056-square-foot flex industrial property in south Richmond, has been sold for $3.7 million, according to Cushman & Wakefield | Thalhimer. CIG 6290 RFO LLC, an affiliate of Cohen Investment Group, sold the property to Standard Properties Inc. on Sept. 27. Located at 6290 Old Warwick Road, the proper[...]
Danville Quality Inn sells for nearly $5M
A Quality Inn hotel in Danville with 58 rooms has changed hands. Anil Patel purchased the hotel located at 2175 Riverside Drive in Danville from Riverside Motel Corp. for $4.275 million, according to Colliers. The new owner expects to continue operating the hotel as a Quality Inn under a license from Choice Hotels. Prashant Merc[...]
Roanoke Days Inn sells for $3M
A Roanoke Days Inn has a new owner. Saul Urban LLC purchased the 165-room hotel, located at 601 Orange Ave., from Shri Sainath Enterprises LLC for $3 million, according to Colliers. The new owner is planning a comprehensive renovation of the property and is exploring alternative uses. Prashant Merchant and Nic Wade, both of Coll[...]
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 [&h[...]
Under construction
Hampton Roads Bridge-Tunnel Hampton and Norfolk Construction is underway along 10 miles of the Interstate 64 corridor from Hampton to Norfolk on the $3.9 billion Hampton Roads Bridge-Tunnel expansion project. In June, crews on the South Island began reassembling Mary, the 430-foot, $70 million tunnel boring machine (TBM) that wa[...]
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 [&h[...]
