Wednesday, June 11, 2014
Saturday, October 12, 2013
Monday, April 16, 2012
Increase in Real Estate Tax Rate
WVEC.com
Posted on March 27, 2012 at 11:46 PM
Updated Wednesday, Mar 28 at 6:42 AM
Related:
•Va. Beach proposed city budget
VIRGINIA BEACH -- City staff members presented a recommended FY2012-2013 budget at the city council meeting Tuesday night..
Included in that is an increase in the real estate tax rate. Currently set at 89 cents per $100 of assessed home value, the rate would bump up to 93 cents per $100 of assessed home value.
Estimated to bring in $19 million, Virginia Beach and Virginia Beach City Public Schools would split the extra revenue evenly.
It is one way to offset an expected shortfall within the city. Other steps include using money from some fund balances, including the city's general fund.
The proposed budget funds the entire $356 million dollars originally requested by the Virginia Beach School Board. It also covers more than half the additional $36.3 million the board requested to address the school division's own budget gap.
City council and school board members meet next week to discuss possible ways to get more money for VBCPS. Recently, Mayor Will Sessoms mentioned a possible increase in taxes (referring to others besides the real estate rate). During the council meeting Tuesday, he stated that certainly is something everyone hopes to avoid, but he said the school board's chairman and vice chairman support an increase if deemed necessary.
Public hearings about the budget are scheduled for April 18 and 24.
Council probably would vote on a budget May 8.
Posted on March 27, 2012 at 11:46 PM
Updated Wednesday, Mar 28 at 6:42 AM
Related:
•Va. Beach proposed city budget
VIRGINIA BEACH -- City staff members presented a recommended FY2012-2013 budget at the city council meeting Tuesday night..
Included in that is an increase in the real estate tax rate. Currently set at 89 cents per $100 of assessed home value, the rate would bump up to 93 cents per $100 of assessed home value.
Estimated to bring in $19 million, Virginia Beach and Virginia Beach City Public Schools would split the extra revenue evenly.
It is one way to offset an expected shortfall within the city. Other steps include using money from some fund balances, including the city's general fund.
The proposed budget funds the entire $356 million dollars originally requested by the Virginia Beach School Board. It also covers more than half the additional $36.3 million the board requested to address the school division's own budget gap.
City council and school board members meet next week to discuss possible ways to get more money for VBCPS. Recently, Mayor Will Sessoms mentioned a possible increase in taxes (referring to others besides the real estate rate). During the council meeting Tuesday, he stated that certainly is something everyone hopes to avoid, but he said the school board's chairman and vice chairman support an increase if deemed necessary.
Public hearings about the budget are scheduled for April 18 and 24.
Council probably would vote on a budget May 8.
Tuesday, February 21, 2012
15 BENEFITS OF WORKING WITH A BUYER’S REPRESENTATIVE
15 BENEFITS OF WORKING WITH A BUYER’S REPRESENTATIVE
Glad to help you save time and money! My Buyer's agent services are free and I am a REALTOR and member of the local and national REALTOR association. 757 232-0888
1. Locating suitable properties.
2. Previewing properties.
3. Verifying the properties’ condition.
4. Suggesting necessary inspections by experts.
5. Helping buyers determine what they can afford.
6. Verifying property taxes and utilities.
7. Verifying the value of the property.
8. Advising clients on structuring an offer.
9. Presenting the offer to the sellers’ representative.
10. Negotiating favorable contract terms for the buyer. (Free Appraisal, Free Home Warranty, and more under our VIP Buyers Membership)
11. Explaining legal documents needed for closing and helping secure them.
12. Assisting in securing financing.
13. Assisting buyers and their attorney in clarifying title, zoning, building codes, and access easements.
14. Referring them to qualified vendors.
15. Analyzing the future saleability of the property.
Glad to help you save time and money! My Buyer's agent services are free and I am a REALTOR and member of the local and national REALTOR association. 757 232-0888
1. Locating suitable properties.
2. Previewing properties.
3. Verifying the properties’ condition.
4. Suggesting necessary inspections by experts.
5. Helping buyers determine what they can afford.
6. Verifying property taxes and utilities.
7. Verifying the value of the property.
8. Advising clients on structuring an offer.
9. Presenting the offer to the sellers’ representative.
10. Negotiating favorable contract terms for the buyer. (Free Appraisal, Free Home Warranty, and more under our VIP Buyers Membership)
11. Explaining legal documents needed for closing and helping secure them.
12. Assisting in securing financing.
13. Assisting buyers and their attorney in clarifying title, zoning, building codes, and access easements.
14. Referring them to qualified vendors.
15. Analyzing the future saleability of the property.
Friday, November 4, 2011
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
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
Friday, September 9, 2011
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%.
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%.
Tuesday, August 30, 2011
Looking Outside of Virginia?
To find Virginia MLS Listings use eLookyLoo.com to search for your next home.
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