16 Virginia Beach Condos in State's Tallest Building Going to Auction

The remaining 16 condominiums at The Residences at the Westin Virginia Beach Town Center will be auctioned this November, according to property development company Armada Hoffler. Real estate auctioneers Accelerated Marketing Partners will oversee the auctioning of the luxury properties. The 16 single-family residences, including three penthouses, eight two-bedroom and five one-bedroom units, are in the tallest tower in the state of Virginia.

One-bedroom floor plans range from 780 up to 1,455 square feet; and the two-bedroom condos have 1,607 to 2,458 square feet of living space. One of the penthouses, which range in space from 2,207 up to 2,739 square feet, had a most recent asking price of $1.7 million. The minimum bid amount for the penthouse units is $640,000 to $795,000.

With 103 of the 119 units already sold, why an auction to sell the remaining 16 units available on the market? "After much consideration, we have decided that a developer close-out sale is the best way to maximize the value of the remaining inventory as well as the investment of the existing homeowners," said Lou Haddad, CEO and president of Armada Hoffler.

"The Residences at the Westin Virginia Beach Town Center is an integral part of the Virginia Beach Town Center, which continues to thrive as a major destination for cultural, entertainment, shopping and dining experiences in the Mid-Atlantic region. When sales began in 2007 for The Residences at the Westin Virginia Beach Town Center, we quickly sold out more than two-thirds of the homes."

The mixed-use luxury property is located on the top 21 floors of Virginia's tallest building, which rises more than 500 feet over the Virginia Beach Town Center. There are 119 deluxe condominiums in the building. Owners of condominiums have full access to the resort's amenities. The auction takes place at the Westin Virginia Beach Town Center on November 13, 2011. For more information, visit TownCenterAuction.com.

By: James Rothaar, Senior Staff Writer | JustLuxe

Home prices soar in some areas as buyers opt for more expensive properties

Lower mortgage rates are making monthly payments more affordable.
September 04, 2011|By Lew Sichelman
Reporting from Washington — What is it with Middle America? Haven't folks there heard the country is mired in a deep housing recession?

Apparently not in places like Columbus, Ohio; Detroit; Indianapolis; Kansas City, Mo.; and Milwaukee. Prices in each of those markets rose in the second quarter, according to the latest government figures.

They didn't just rise, though. They shot up by double digits, as much as 54.5% in Kansas City, almost 39% in Detroit and nearly 28% in Indianapolis from the second quarter last year, according to a survey of the nation's 32 largest metro areas by the Federal Housing Finance Agency.

Of course, house prices didn't really soar that much in a year's time. What's far more likely is that people in those places and several others bought more than the usual number of expensive properties in the April-May-June period.

But that's the point. Smack dab in the middle of the worst housing market in decades, people in the nation's heartland are buying expensive houses — at least expensive for their areas.

Overall, the average price paid for both new and existing houses in the second quarter was higher in 15 of the 32 markets studied. Some markets were up just barely, but they were up just the same.

Alas, prices were lower in the remaining 17 markets. And some of the declines were pretty steep.

In San Antonio, the average sales price sank almost 31%, and it was down more than 15% in the Virginia Beach-Norfolk, Va., area. But again, it is more likely that more sales than normal were notched in the lower price brackets than it is that prices are dropping like targets in a boardwalk shooting gallery.

Still, the gains were large enough to offset the losses. On average, the price of housing nationally rose 1.2% year over year in the second quarter, to $321,800 from $317,900 in 2010.

But would-be buyers should not focus on housing prices, nationally or locally. Rather, said Wayne Yamano, director of research at John Burns Real Estate Consulting in Irvine, buyers should pay attention to the monthly payment, a far more important metric that is "absolutely fantastic right now and highly unlikely to get much better."

In other words, the wisest home buyers will ignore the cost of the house and consider only whether they can afford the monthly payment.

Buyers also shouldn't worry about whether prices will continue to fall, Yamano advises, because mortgage rates have only one way to go, which is up. Even a small jump in rates will wipe out any savings buyers might achieve by waiting for prices to drop further.

"The impact of mortgage rates [on monthly housing costs] is tremendous," the housing consultant said.

If prices remain flat and rates rise a full percentage point, to 5.5% from 4.5%, the same $200,000 house will cost 12% more each month to own, Yamano said. And if rates should spring up 2 percentage points, to 6.5%, your mortgage payment would jump 25%.

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5 Need-To-Knows Before You Move Into A Neighborhood



703 Alder Circle
3 Bdrm, 2.5 Bath, Virginia Beach
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FULL CLOSING COST ASSISTANCE
CALL 757 232-0888

 Buying a home can feel like the most intense research project

ever. From mortgages, to contracts, to property condition

issues, there’s a lot to look at. An additional area you’ll

definitely want to investigate in detail: your new neighborhood.

Here are five items you definitely need to know.

1. Details on Shady Dealings

Before you buy a home or move into a neighborhood do the research and check out things like Megan’s Law databases to

see where registered sex offenders live. And be sure to tap into

Trulia’s Crime Maps to see detailed (and sometimes surprising!),

uber-­relevant crime data.

2. How Recession-­Resistant It Is

Let’s face facts: some locations have fared better than others over the course of the recession. And some of

the hardest hit neighborhoods are where the best deals are to be found. But know that the harder hit areas

might take longer to see an uptick in home values, so you may want to stay put longer before you sell.

3. The Neighborhood’s Flavor
Is the area you’re considering a hot spot for outdoor adventures and family events at the park, or fancy restaurants and wine tastings at the museum? Find out by pulling up listings on Trulia and seeing what the folks who live there have to say.

4. Neighborhood Hot Spots

Before you buy or move into an area, equip yourself with a knowledge of where all the stores, farmer’s markets, parks, restaurants and other hot spots your family will want to use are located vis-­a-­vis your home-­to-­be. Your real estate agent can be a fabulous source for this kind of info, and check your Trulia mobile app to see any nearby haunts with Yelp! reviews.

5. The Vibe at Different Times of Day or Week

Have you ever visited a home on a Sunday afternoon when the sun was shining, birds were singing and kids were playing nearby? Then, you come back a couple

of weeks later at dusk to see graffiti, or hear neighbor’s music blaring? The nature of a neighborhood can change at different times of the day and week, so check it out. And don’t be afraid to knock on neighbors’ doors, and see what insider info

they can share.

Content Provide by Trulia.com 2011

Foreclosures increase in Hampton Roads

By Josh Brown
The Virginian-Pilot
© August 11, 2011

Foreclosures in Hampton Roads spiked last month, defying national trends, as banks picked up the pace of repossessing and auctioning off delinquent properties, according to a report to be released today.
There were 1,225 foreclosure-related notices in July, up 12 percent from June and up less than 1 percent from the level a year ago, according to RealtyTrac, an online foreclosure-monitoring service based in Irvine, Calif.
It's the first time since November that the number of foreclosures has risen year-over-year, albeit marginally. The number of foreclosures had steadily declined year-to-year from December through June.
Real estate experts had attributed the declines in foreclosures to bank processing delays rather than an improvement in the financial stability of mortgage borrowers.
"It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure-prevention efforts - including loan modifications, lender-borrower mediations, and mortgage payment assistance for the unemployed - may be allowing more distressed home-owners to stave off foreclosure," James J. Saccacio, RealtyTrac's CEO, said in a news release.
He said those efforts will likely push the foreclosure problem into next year.
"A stabilizing economy and improving job market are the long-term keys to a housing market recovery," he said.
James Koch, an economist at Old Dominion University, said falling home prices in the region also could be exacerbating foreclosures.
"You have more and more people going underwater, and I think it's not out of the question that more of those people are allowing themselves to be foreclosed on," he said. "Until the housing market starts to improve, I think we'll see a continuing of foreclosures."
The jump in foreclosure activity in Hampton Roads ran counter to trends across the country, where foreclosures fell 4 percent from June and were down 35 percent from a year earlier, RealtyTrac reported. It was the 10th consecutive month that foreclosures nationwide had fallen from their levels a year earlier. The national data include notices of default, the first stage of the foreclosure process after a homeowner has missed mortgage payments.
Dotty Acampora, a foreclosure prevention counselor at the nonprofit Virginia Beach Community Development Corp., said banks seem to be processing foreclosures much faster than they were a year ago.
"It's definitely a mixed bag," she said. "On one hand, they seem to be doing more outreach, but the minute someone gets turned down for a modification for a missing document or something, the banks are expediting the foreclosure process."
The demand for foreclosure prevention counseling tapered off slightly a few months ago, but in recent weeks has returned to its previous levels, Acampora said.

Home Purchase Contracts Surge in June 2011 In Hampton Roads

Home Purchase Contracts Surge in June 2011 In Hampton Roads

Posted on July 11, 2011 by mrwilliamsburg

The Hampton Roads real estate market experienced a surge in under contract sales in June 2011 when compared to June last year. Meanwhile, the number of active residential listings for sale continued to decline, contributing to the lowering in the months’ supply of inventory on a month-to-month basis. However, the residential median settled sales price showed its lowest year-over-year percentage difference for the year to date in 2011.
The number of residential under contract listings was 28% higher in June when compared to the same time last year. This increase is the highest measured for a single month since April 2010 when there was a 34% year-over-year rise. However, June 2010 was partially lower than June 2011 due to the federal tax credit expiring two months prior and the fact that some of the potential home buyers had already signed contracts in earlier months in order to qualify for the tax credit. Under contract sales are a key leading indicator for the residential real estate market and the large magnitude of this increase should bode well for settled home sales in the near future.
The number of active residential listings for sale was 8.6% lower on a year-over-year basis in June. For the first six months of 2011, the monthly active listing activity has remained on par with the 2009 levels during the same time period. All seven of the area’s major cities (Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Hampton, and Newport News) experienced year-over-year declines in the number of active residential listings for sale. Virginia Beach saw the largest drop of 14.5% while Chesapeake had the smallest year-over-year difference of 1.3%. These declines contributed to the month-to-month drop in the months’ supply of inventory from 10.04 in May 2011 to 9.99 in June 2011.
Settled residential sales fell by 9.6% in June 2011 when compared to June 2010. This was the largest drop in settled residential sales since December 2010 and continues a trend of declining settled sales starting in February 2011. The median settled sales price for these same settled sales also fell to $199,900,or 13%, when compared to June last year. So far year-to-date 2011, the median settled sales price for residential settled sales has fallen 10.7%, to $192,000, when compared to the same time frame in 2010. The last time the median settled sales price was $192,000 was during 2005 when home prices were steadily rising towards their peak of $238,000 in 2007.
Distressed homes, those that are bank owned or short sales, declined to 29.7% of total residential settled sales in June 2011, dropping to below 30% of all residential settled sales for the first time since September 2010. Distressed homes comprised 29.7% of those homes settled in June, down from 31% in May.

Relocation Assistance To Borrowers Completing Short Sales

By: Heather Hill Cernoch 1/17/2011

The Department of Veteran Affairs (VA) has instructed mortgage servicers to pay relocation assistance to borrowers completing short sales or deeds-in-lieu (DIL) of foreclosure on VA loans.

“VA has a longstanding policy of encouraging servicers to work with veteran borrowers to explore all reasonable options to help them retain their homes or, when that is not feasible, to mitigate losses by pursuing alternatives to foreclosure,” according to the circular released by the federal agency.
VA is authorizing servicers to advance $1,500 in relocation assistance to borrower occupants who complete

a short sale with a VA compromise claim or who execute a DIL.
The transfer of ownership via DIL or short sale is typically shorter than a foreclosure time period, the VA explained, and the property is left in better condition via DIL. These options can also provide a better outcome than a foreclosure sale for borrowers, investors, and communities.
The amount of the indebtedness reimbursable on a claim after crediting it with the net value of the property (or the short sale proceeds, if larger) is limited to the maximum guaranty on the loan plus the cost of liquidation appraisals. The servicer must waive any amount on the loan not covered by the sum of the VA guaranty claim amount and the greater of the net value or sale proceeds.
VA expects servicers to notify eligible borrowers of the availability of foreclosure alternatives and encourage completion of a short sale or DIL by providing the homeowner with a written agreement describing the requirements for receipt of a relocation incentive. With a DIL, the agreement must specify that the property will be unencumbered by other liens or restrictions on title, it will be kept in good and safe condition, and it will be left ready for sale in “broom clean” condition upon homeowner departure.

Top 5 Reasons Every Home Buyer Needs Their Own Agent

by Ken Mascia on January 20, 2011

in Beverly Hills MI Real Estate,Birmingham MI Real Estate,Bloomfield Hills MI Real Estate,Buyer Information,Ken Mascia on Mortgages and Finance,Metro Detroit,Royal Oak MI Real Estate,Troy MI Real Estate

After financing homes for over 20 years I am still surprised when one of my borrowers says they want to buy a home using the Listing agent of the property. I ask them why, and the answer is always the same; “We’re going to be able to buy the house for less because the seller only has to pay the one commission.” For all you home buyers out there – this is not true!
When Real Estate is listed for sale the listing contract calls for the seller to pay a set commission to the Realtor’s involved in the transaction regardless of whether that is one real estate agent or two. This means the seller has to pay the same real estate commission whether the property is sold directly through the listing agent or through a buyer’s agent.
As a home buyer you need to have your own representation – an agent specifically working on your behalf. Here are the top 5 reasons to have your own agent:
1) A professional working specifically in your interest and on your behalf to help you find the right home at the right price.
2) The Buyer’s Agent‘s fiduciary responsibility (their loyalty) is to his/her client (you). The Listing Agent has already signed a contract to represent the seller and their first loyalty is to the seller. How can they represent the seller and you at the same time and still get you the best price on the home?
3) A stronger negotiating position and better contract protection for you. You have a separate agent negotiating the price on your behalf with the seller. You also get an independent purchase agreement contract drawn up by your agent to protect you. Plus, your agent holds the earnest money deposit as opposed to the listing agent controlling your money.
4) More candid comparable sales and market transparency. You have your own agent showing you recent sales of similar homes so you can determine the correct offer price.
5) Having your own agent comes at no additional cost to you! The seller has to pay the real estate commission on the sale of real estate so it is costing the buyer nothing to retain the services of a professional realtor.
The bottom line is that it is foolish to not utilize the services of a trained professional Realtor to help you unlock the door to your new home. As a buyer, you have nothing to lose and everything to gain. So, if you’re in the market to buy a house the first step should be to find the right Realtor to work with!

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Foreclosure Crisis?

There may be quite a few foreclosures in Hampton Roads. Right now in my office, we have more buyers than we have houses. Mostly because folks are being very specific right now. I am happy for the ones who can buy now because prices are very good out there and investing would be wise if you had the resources. Good time to flip as well as you stay under $200,000. Investors are swarming right now. Hard to win a HUD home the bidding wars are fierce. I say this is a sign that the market is coming back.