realty news
Portsmouth trying to resolve plans for site near TCC campus
PORTSMOUTH The City Council has the option to say "yes" or "no" Tuesday to about $840,000 worth of annual revenue during its meeting on whether to rezone Victory Village along Victory Boulevard near Tidewater Community College.
By Johanna Somers
Harbor Group buys 3 apartment units
An affiliate of Harbor Group International LLC has acquired three apartment communities for more than $300 million. According to a news release issued Thursday by the company, the properties are The Grand, 564 units in Cherry Hill, N.J.; The Crest at Princeton Meadows, 704 units in Plainsboro, N.J.; and Jefferson at Orchard Pond, 748 units in Gaithersburg, Md.
By Sarah Kleiner
Around Town | Development on Centerville Turnpike in Virginia Beach
There are apartments going up on the corner of Centerville Turnpike and Lynnhaven Parkway. Will all that be residential or will there be any other businesses at that corner?
By Eric Hodies
Armada Hoffler boosts profit, presence in Baltimore
VIRGINIA BEACH Armada Hoffler Properties Inc. posted funds from operation of $10.7 million Tuesday, or 25 cents per diluted share, for the third quarter, which ended Sept. 30. That's an increase over the $7.3 million in funds from operation, or 21 cents per diluted share, for the third quarter last year, according to a news release.
Why Suffolk might be the spookiest area in Hampton Roads
Which Hampton Roads ZIP codes have the most "potentially haunted" houses? RealtyTrac has mashed together data to determine how many vacant homes across the country are owned by dead people - and therefore are potentially haunted. A stretch? Probably. But let's have a little fun.
Va. Beach real estate firm's ex-president gets 5 years for mortgage fraud
An attorney for the former president of a real estate development firm that collapsed in the wake of an investigation by The Virginian-Pilot asked a federal judge Monday for leniency regarding a $2.5 million fraud. The reason? Her client's service in the 1980s with SEAL Team 6 and more recent service with the Army Reserve interrogating al-Qaida suspects in Iraq.
Whatever happened to ... Rick Ilich, whose life became a toxic-drywall nightmare
SUFFOLK Rick Ilich was at his wit's end. His dream home in the Saddlebrook Estates neighborhood had been silently poisoning his family for years. It had been built in 2006 with toxic drywall, which filled the air with hydrogen sulfide, a dangerous gas that corrodes metal and can lead to breathing problems, nosebleeds, headaches and fatigue. In high doses, the gas can kill a person instantly.
Harbor Group sells three properties for $112M
Norfolk-based Harbor Group International has sold three multifamily communities for $112.3 million, the company said Wednesday. Harbor Group bought the properties for a total of $80.2 million, according to a news release.
Cradock neighborhood getting a facelift with new homes for sale
PORTSMOUTH Cradock, a historic neighborhood built nearly 100 years ago, is getting its first major face-lift in several years. On Monday, Mayor Kenny Wright, general contractor Noah Enterprises Inc. and others attended a ribbon cutting to celebrate four new three- and four-bedroom market-rate homes for sale on Cushing Street.
Simon plans to break ground on Norfolk outlet mall in April
After setbacks and delays, the developers behind a proposed outlet mall on the site of the former Lake Wright Golf Course said this week they plan to break ground in April.
Plan to build homes north of Virginia Beach agricultural line approved
VIRGINIA BEACH Planning commissioners voted 7-3 Wednesday to approve a zoning change for a housing development on undeveloped land just north of the city's agricultural boundary. Kotarides Developers LLC wants to build Princess Anne Meadows, a subdivision of 80 single-family homes, on 42 wooded acres on Princess Anne Road across from Virginia Beach National Golf Club.
By Stacy Parker
Local foreclosures leap in September
Foreclosure activity spiked in September in Hampton Roads, according to a report set to be released this morning. Last month, lending institutions filed 790 foreclosure-related notices across the region, up 77.1 percent from the same month in 2014, according to RealtyTrac, a foreclosure-monitoring service based in Irvine, Calif.
For mortgage shoppers, simpler forms called biggest change in 40 years
A few changes in the homebuying process that take effect today may have a big impact on how borrowers shop. Homebuyers will receive fewer forms when applying for financing, and they're designed to be more understandable, so shopping for an affordable mortgage should be easier.
Around Town | New apartments near Beach municipal center
What's the large project taking place behind the Harris Teeter on Nimmo Parkway?
Iconic pink Oceanfront Dairy Queen closes today
VIRGINIA BEACH Get your last licks of a chocolate dip cone at the Dairy Queen on 27th Street next to the Boardwalk. It will close for good today. The 1949 pink building will be demolished. Armada Hoffler Construction Co. plans to build two Oceanfront hotels on 27th Street.
Belvedere hotel and diner at the Oceanfront prepares to close Sunday
VIRGINIA BEACH Years ago, Leigh Willis' mother picked out the driftwood paneling for the guest rooms at The Belvedere Beach Resort. Those pillows with sandpipers painted on them? Willis ordered 88 - one for each bed - from a local boutique. And that little bag of peach- and blue-colored saltwater taffy on the night stand? It's a Belvedere tradition.
Walgreens near Shops at Hilltop sells for $12 million
The new Walgreens Pharmacy at the intersection of Laskin and First Colonial roads in Virginia Beach has been bought by Sequoia Frankford Springs for $12 million, according to CBRE | Richmond. The 14,200-square-foot store was built earlier this year and opened in June 2015. CBRE | Richmond represented the seller, Old Brandon First Colonial Associates LLC.
Condo association files 2nd suit against woman forced to move due to Chinese drywall
NORFOLK Michelle Germano's fate lies in the hands of the people who have sued her for money before. On Wednesday, the 65-year-old woman will face the Harbor Walk Condominium Association at the courthouse once again - but this time, a judge has ordered them to mediation.
The Rockefeller: Once a homeless shelter, now a chic apartment spread
NORFOLK The name itself might be the most obvious paradox. The Rockefeller, the newest luxury apartment community to open its doors in downtown, was a dilapidated former homeless shelter just a year ago. The iconic building was constructed in the early 1900s as a YMCA facility for the Navy, largely on the dime of John D. Rockefeller, the wealthiest businessman of his time.
Foreclosure notices drop in Hampton Roads
The number of foreclosure-related notices filed in Hampton Roads last month dropped, breaking a three-month streak of double-digit increases, according to a report to be released today.
Harbor Group sells three apartment buildings for $105M
NORFOLK Affiliates of Norfolk-based Harbor Group International LLC have sold three multifamily apartment communities for a combined sale price of $105.5 million -- about $31.1 million more than the original purchase price. The company said this week the three complexes total 814 units in three states.
Regional home sales, prices continue ascent
Homes sales and median prices in Hampton Roads continued their steady upward march in August, according to a report released Friday. The number of existing homes sold across the region climbed 8.1 percent, to 1,928 from 1,784 in August 2014, according to the Virginia Beach-based Real Estate Information Network, the multiple listing service for Hampton Roads.
17-story residential tower planned for Fort Norfolk
NORFOLK A developer from Northern Virginia plans to build a 17-story residential tower, a marina and a mixed-use building with space for parking and retail shops on vacant property it owns in Fort Norfolk. Tarrants Bay LLC, based in Chantilly, outlined plans for the riverfront development in a rezoning request, which is expected to be discussed by Norfolk's Planning Commission on Sept. 24.
Chesapeake council OKs plan to use eminent domain for road widening
CHESAPEAKE The City Council voted unanimously Tuesday night to give city staff the authority to acquire property along Elbow Road by force if need be, despite protests from a landowner who said he was not notified of the efforts to purchase land for road improvements.
By Mary Beth Gahan
In Chesapeake, here's how your home address can suddenly belong to someone else
CHESAPEAKE Amber Harrell was driving past a new house in her South Norfolk neighborhood recently when the address caught her eye. It was the same as hers – the home she has lived in for 20 years. It must be some mix-up, she figured.
Mattresses, TVs, mini-fridges auctioned at old Tazewell Hotel
NORFOLK It took only seconds to sell the drop safe behind the counter of the old Tazewell Hotel for less than $200. "Now we'll sell you the combination," auctioneer Gene Daniels joked. The room erupted in laughter.
Apartments drive homebuilding surge
U.S. builders broke ground on apartment complexes last month at the fastest pace in nearly 28 years, as developers anticipate that recent jobs gains will launch a wave of renters.
By The Virginian-Pilot
Harbor Group buys Beverly Hills spot for $40 million
An affiliate of Norfolk-based Harbor Group International LLC has acquired 357 North Beverly Drive, a 14,144-square-foot urban retail property in Beverly Hills, Calif., for $40 million. The property is in the "Golden Triangle" submarket, which includes Rodeo Drive, according to a news release issued by the company.
Round house in the Outer Banks has an out-of-the-box approach
By Jeff Hampton The Virginian-Pilot SOUTHERN SHORES, N.C. The round house, resistant to Outer Banks hurricanes, stands out on a hill among a neighborhood of traditional, rectangular homes.
By Jeff Hampton
Norfolk poised to tear down leaning building if developer doesn't fix issues
NORFOLK The Savoy - downtown's infamous leaning building - has been waiting for someone to make it respectable. But it has been waiting so long that the city says its days could be numbered.
By Tim Eberly
William E. Wood merger complete
William E. Wood and Associates capped off its merger with the nation's fourth-largest real estate company last week when it exchanged its familiar red signs for Howard Hanna Real Estate Services' green ones.
Area home sales were way up in June over last year - and so were foreclosures
A wave of homebuyers signed contracts in June, pushing home sales up by more than a quarter in Hampton Roads. Last month, 1,652 existing homes were sold in South Hampton Roads, up 27.1 percent over June 2014, according to a report released this week by the Real Estate Information Network, the region's multiple listing service.
Armada Hoffler buys property near proposed Virginia Beach light-rail route
VIRGINIA BEACH Armada Hoffler Properties has purchased the Columbus Village shopping plaza, giving the developer a prime piece of property adjacent to the city's proposed site for a light-rail transfer station.
By John Holland
An Iran deal would help drivers - and homesellers
Whatever happens in Iran and Greece, gas prices almost surely will fall during the remainder of the year, analysts say. That will benefit not just drivers, but also homeowners looking to move, according to a Virginia researcher.
By Phil Walzer
Neighborhood spotlight: Virginia Beach's Saw Pen Point "a hidden secret"
VIRGINIA BEACH Marge Schechner designed the house she and her husband, Steve, built in Saw Pen Point in 1982. The couple lived in Stratford Chase in the Kempsville area of Virginia Beach, but they knew that wasn't to be their final home. The five-bedroom, four-and-a-half-bath home in Saw Pen Point, where they raised their four children, however, is their forever home.
By Sandra J. Pennecke
Developers see opportunities for luxury apartments in Portsmouth
PORTSMOUTH Several high-end apartment developers think Portsmouth is a city ripe for investment.
Survey seeks feedback on old Obici property in Suffolk
SUFFOLK The Economic Development Authority is looking for feedback on potential commercial redevelopment along North Main Street downtown, a news release said. An online survey is available for those interested in sharing what they would like to see in Obici Place, a proposed mixed-use development at 1900 N. Main St.
By Victoria Bourne
Foreclosure filings in Hampton Roads increase 12.4%
The number of foreclosure-related notices filed in Hampton Roads increased 12.4 percent last month from a year ago, according to a report set to be released today. There were 709 filings in the region in May, up from 631 in the same month last year and 646 in April, according to RealtyTrac, a foreclosure monitoring service based in Irvine, Calif.
Settlers Market in Williamsburg is sold
AEW Capital Management LP, the North American subsidiary of AEW Global, has purchased the Settlers Market shopping center in Williamsburg for $61.2 million, according to the seller, Federal Capital Partners, a private real estate investment company based in Chevy Chase, Md.
Chesapeake council says no to Shillelagh Road condos
CHESAPEAKE The City Council called a plan to bring 196 condos to Shillelagh Road premature before saying no to the western Chesapeake project Tuesday night. The council denied Shillelagh Commons, presented by Bishard Development, with a 5-4 vote.
Real estate listings, sales creep up as momentum slows
Real estate activity leveled off in May after a strong start for the year. The Virginia Beach-based Real Estate Information Network, Hampton Roads' multiple listing service, said Friday the number of residential listings and settled sales increased less than 2 percent last month.
Norfolk properties slated for development plan to be open for tours
Six downtown Norfolk properties that will be redeveloped through a new incentive program will be open for tours from 9 a.m. to 4 p.m. Saturday. The Vibrant Spaces program aims to be a catalyst for rapid growth downtown by providing cash incentives to applicants with the best business plans.
Armada Hoffler hotels project to cost $100M
VIRGINIA BEACH The construction arm of Armada Hoffler Properties Inc. has been contracted to build two new hotels at the Oceanfront, the company said Monday.
Virginia Beach, Norfolk homebuyers may be eligible for $15,000 grant
More than 200 area families who can't quite afford to buy a home may be eligible for a $15,000 grant to go toward their down payments. This summer, Wells Fargo is planning to give $3.3 million to families looking to buy homes in Virginia Beach and Norfolk through its HomeLIFT program, bank officials said Wednesday.
Apartment deals could be boost for Portsmouth
PORTSMOUTH In a city where tax revenues are nearly flat, City Council members see a glimmer of hope in a developer's plans to build luxury apartments on two city-owned properties in downtown.
After scandal, Norfolk building gets new lease on life
NORFOLK A triangle-shaped building once home to hundreds of pigeons has been resurrected into an apartment community near the city's arts district.
Norfolk real estate group sells three properties
Harbor Group International LLC, a private real estate investment company based in Norfolk, said Wednesday its affiliates have sold three properties for $488.5 million.
Map changes mean more Portsmouth homes will need flood insurance
PORTSMOUTH The City Council approved amendments to its flood ordinance Tuesday to comply with federal regulations, which means more homes will need flood insurance. The same homeowners might have to raise their homes 3 feet above the expected floodwaters. The city's new map of flood zones goes into effect Aug. 3. ____
Foreclosures in area down a bit last month
Foreclosure-related notices filed in Hampton Roads went down 1 percent last month, according to a report expected to be released today.
Suffolk group seeks time to push for park
SUFFOLK The next chapter in a storied downtown property could be written tonight, and the City Council is faced with two sharply different suggestions for the opening lines.