Real Estate Information

WOW! Be a part of the new Gateway at SoNo. Special financing, and down payment assistance for 1st time homebuyers. The 1st building will have retail, office spaces, and the third level is Residential Condos. This building will have 15 condos with only 2 priced at 169,900. Others will range in price up to 250k.

The Gateway at SoNo is a fun new hip community. Located just 5 minutes from downtown Norfolk. We have several floor plans to choose from, but only 2 at this price.

Looks like we will have to wait until January 2009 for the full season, but there is a little relief in sight with a 2 hour prequel coming soon.

http://www.reuters.com/article/televisionNews/idUSN0610433820080306

Our elected officials trying to give away the farm again

Top Notch Carpet and Furniture Cleaning, even cleaned the ceramic tile and grout. Chesapeake, Portsmouth, Norfolk & Suffolk office. 757-456-0900

Sales of existing homes unexpectedly rose by 3.9% in February, the largest monthly gain in three years, the National Association of Realtors reported March 23. The price of a median home sold last month dropped to $212,800, down by 1.3% from the same month in 2006, marking a record seven straight months that the median home price has fallen. Construction of new homes and apartments rose 9% in February to a seasonally adjusted annual rate of 1.53 million units, the Commerce Department reported March 20. Construction had fallen by 14.3% in January. Even with the better-than-expected rebound, construction activity remained 28.5% below last year's level. Builders' applications for new permits, considered a reliable gauge of future activity, continued falling in February, dropping by 2.5% to an annual rate of 1.53 million units. That marked the 12th decline in the past 13 months in building permits. Federal Reserve policymakers announced on March 21 that they would leave the central bank's key federal funds rate -- the rate that banks charge one another for overnight loans -- at 5.25%, where it has remained since June 2006. The Conference Board's Composite Index of Leading Economic Indicators slipped 0.5% in February. The drop, while expected, was the steepest since February 2006. The index is important because it often foreshadows the performance of the economy over the next six to nine months. This week look for updates on new home sales on March 26 and durable goods orders on March 28.

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Courtesy of Dave Michaud with American Home Mtg.

new homes have changed dramatically over the past five decades. Small one-story bungalows with less than 1,000 square feet, two bedrooms and a single bathroom have given way to two-story homes topping 2,400 square feet with three or more bedrooms and two or more bathrooms. Along the way, new homes have evolved to levels of comfort and sophistication that were virtually unimaginable even a generation ago.  

Given the rapid evolution of design, configuration and products in new homes, even a professional futurist might be hard-pressed to determine what the next five decades hold for housing. But a new study by the National Association of Home Builders provides a telling look at the homes buyers can expect to purchase in the nearer future.  

"The Home of the Future" study, introduced at the International Builders' Show in Orlando, was conducted in 2006 by NAHB's Economics Group. Based on polls of architects, designers, marketers and manufacturers, it provides a detailed view of what buyers can expect to find in an "average" home and an "upscale" home in 2015.  

According to the experts, the pace of change in new homes will be much faster over the next 10 years than in recent years, and buyers can expect that all homes will be significantly  "greener" and more resource efficient than today. There will also be increasing emphasis on universal design/handicap access.  

Perhaps most surprising, the consensus was that although average home size has increased significantly in the past decade, it is not likely to increase in the next 10 years. In fact, average home size in 2015 is likely to stay in the range of today's 2,400 square feet, and homes are increasingly likely to be two-story rather than one-story.  

Like today, kitchens and bathrooms will continue to be among the most important factors affecting consumer buying choices and will continue to feature upgraded materials and appliances. The focus on garages will also increase, with more consumers preferring three-car garages. Moreover, the door openings on garages will be larger to accommodate larger vehicles.

Another growing trend is recessed lighting, which buyers can expect to find in homes in all price ranges along with wood floors.  

Communities are likely to reflect consumer preferences for open space, recreational opportunities and amenities such as walking and jogging trails and are also likely to be close to public transportation.    

The following is a profile of the typical new single-family home in 2015 based on the survey results:

 

2,330-square-foot, two-story home with 2½ to 3½ bathrooms and 4 bedrooms.

One-story entry foyer.

One-story family room (no loft or volume ceilings, etc.).

Living room will vanish or become parlor/retreat/library.

Nine-foot ceilings on first floor;  eight- to nine-foot ceilings on second floor.

Exterior walls of vinyl or fiber cement siding or brick.

Staircase located in foyer.

Front porch, patio.  

Fiber optic network, programmable thermostat, structured wiring system, multiline phone system.

Both shower stall and tub in master bathroom.

Toilet in master bath will have separate enclosure.  

The following is a profile of a typical upscale single-family home in 2015 based on the survey results:

 

More than 4,000 square feet.

Two-story home with 3½ to 4½ bathrooms and 4 or more bedrooms.

Two-story entry foyer.

One- or two-story family room.

Likely to have formal living room, but living room may be replaced by parlor/retreat/library.

Nine-foot ceilings on first floor; nine- to ten-foot ceilings on upper floors.

Exterior of stone, brick, stucco or fiber cement siding.

Stairs in the back or side of the house.

Front porch, rear porch, patio and deck.

Two master bedroom suites.

Outdoor kitchen with grill, sinks, refrigerator, cooking island.

Outdoor fireplace, pool/spa, audio/tv equipment, lighting.

Programmable thermostat, structured wiring, multiline phone system, multi-zone HVAC, remote control fireplaces, instant hot water in bathrooms/kitchens, lighting control system, monitored burglar/fire/toxic gas alarm system.


Written by Realty Times Staff

Curb appeal, the first impression your home conveys to prospective buyers, should create an emotional desire to own the home and enjoy the lifestyle and status it represents.

Putting the best face on your home also should give a lasting impression that motivates buyers to cross the threshold and take that first step toward closing the deal.

Experts advise, more like a home improvement or exterior staging job than a cosmetic makeover, curb appeal that sings is particularly crucial now that more and more buyers are calling the shots.

Give your house model home level curb appeal for that "new" look and feel and buyers will beat a path to your door. That's because there's nothing like moving into a home that's ready to go, free of the need for initial touch ups and free of the ghosts of owners past.

So how do you put a new face on your old home? With lots of attention to detail, in not one, but all the components that make your home stand out on the block.

New paint. There's nothing like a fresh coat of paint to begin to give your home that "newly built" look, provided you don't rush the job. Choose a contemporary color scheme that doesn't clash with the neighborhood, but sets your home apart. Don't just slather on a new coat over the old. Remove built up layers of paint before applying a new one. If you don't need to remove existing paint, you do need to prepare the surface.

Exterior surfaces attract dirt and grime from dust and pollutants in the air and that will prevent new layers from adhering properly and cause peeling.

New landscaping. Well-manicured landscaping is the frame for your home's curb appeal. The approach should be tidy, simple, healthy landscaping that's proportional to your home. Know how your landscaping will appear once it's matured.

From a practical sense, the plants and trees provide shade and passive cooling as they control erosion and pollution. They also provide privacy, especially if it's a single-level home adjacent to two-story houses.

New roof. Some real estate agents advise against adding a new roof when sales are brisk, but topping off a complete curb appeal remodeling job, mandates a new roof, gutters and downspouts.

Today's roofs can add contrasting color and textures to your home's look. Affordability comes with multi-dimensional composition asphalt shingles in decorator colors. For something cheaper than the real thing, but just as unique, try simulated slate shingles to turn a bland tract home into a more appealing abode.

New paving. New sidewalks, driveways and other non-landscaped surfaces help pave the way to curb appeal. The choices are endless and inexpensive -- concrete stamped with the impressions of cobblestones, interlocking concrete paving bricks, and more.

New doors, windows. Purposeful portals should make visitors feel welcome. New double doors, new energy-efficient windows framed with shutters, sectional garage doors with half moon or other interesting windows, all add the final curb appeal touches.


Written by Broderick Perkins