Thursday, September 03, 2009
Over the summer distressed homes for sale in Chesapeake, Virginia Beach, Portsmouth and Norfolk numbers hovered in the 30's. Now, we are seeing the number distressed homes for sale rise into the 40's and 50's. Shadow Inventory is going to hit soon and when it does, more than 700,000 homes are going to flooding the market. According to Case & Shiller, we don't expect to hit bottom until May 2010 and get back to today's prices until 2012.
I love stats! So, my question is, what is for sale in each city and how does it change if the house has a pool, is on the water, or on the golf course? I focused on foreclosures, bank owned, and short sales.
In Chesapeake, | | Bedrooms | Bath | Square footage | Listing Price | Price per square foot |
High | 5 | 4 | 6600 | $850,000 | $179 |
Low | 2 | 1 | 852 | $59,900 | $49 |
Average | 3 | 2 | 2027 | $235,888 | $116 |
In Virginia Beach
| | Bedrooms | Bath | Square footage | Listing Price | Price per square foot |
High | 6 | 3 | 5121 | $799,000 | $229 |
Low | 2 | 1 | - | $159,000 | |
Average | 3 | 2 | 2057 | $290,000 | $139 |
In Norfolk,
| | Bedrooms | Bath | Square footage | Listing Price | Price per square foot |
High | 11 | 6 | 4500 | $525,000 | $214 |
Low | 1 | 1 | 760 | $19,900 | $12 |
Average | 3 | 1 | 1500 | $126,070 | $87 |
The difference in cost per square footage is incredible. $214 vs. $12 a square foot!
In Portsmouth,
| | Bedrooms | Bath | Square footage | Listing Price | Price per square foot |
High | 5 | 3 | 4608 | $549,900 | $144 |
Low | 2 | 1 | 680 | $19,900 | $14 |
Average | 3 | 1 | 1670 | $130,760 | $77 |
On the water (all cities),
| | Bedrooms | Bath | Square footage | Listing Price | Price per square foot |
High | 7 | 5 | 6596 | $2,290,000 | $349 |
Low | 2 | 1 | 1376 | $239,900 | $88 |
Average | 4 | 2 | 3272 | $624,274 | $184 |
On the golf course (all cities),
| | Bedrooms | Bath | Square footage | Listing Price | Price per square foot |
High | 5 | 4 | 6263 | $670,000 | $226 |
Low | 2 | 2 | 1589 | $176,900 | $106 |
Average | 3 | 2 | 2682 | $409,950 | $154 |
Distressed listings with Pools,
| | Bedrooms | Bath | Square footage | Listing Price | Price per square foot |
High | 8 | 5 | 6596 | $2,290,000 | $349 |
Low | 1 | 1 | 948 | $159,900 | $94 |
Average | 4 | 2 | 2943 | $479,284 | $163 |
Homes on the water and/or golf course hold their value more than homes without those benefits.
What city would like to live in based on this information? Would you rather have a home on the water,
golf course or with a pool?
Suzi Noyes, Realtor
www.724-1064.com