Virginia Beach/Norfolk Move: Summer 2018 (Newport News, Hampton: HOA, new home, buying)

[iknowftbll]

I hear you. Housing in Hampton Roads as a whole seems at a premium. The home my wife and I sold here in Fredericksburg for ~424,000 would likely have been around $500,000 based on size, level of finish, etc. assuming a similar neighborhood down there, of course. Then again same house is $600,000 and counting if you pick it up and move it north toward Washington, so it’s all relative.

I had a 3/3-1700+ townhome lined up to visit and it was listed at just $185,000. I drove by and the neighborhood was nice enough but my wife was really not thrilled about a townhome and on this specific one she pointed out the size may mitigate the early attractive price. My realtor and I arrived late and the occupant had already returned so I decided to not even try to arrange another appointment.

Square feet more than any other feature on a home rested the point of diminishing returns in my estimation. Maybe at 1000 square feet an additional square foot adds some value and if I add that half bath I’m confident it’ll add value to the home. But that value add will be mostly in the feature of an additional bathroom than the additional square feet converted into living space. The key is most of time I’ll be living there alone so if the price per square feet is a premium given the other variables I considered during my search I’ll take it.

By “Peninsula” I assume you mean Newport News and Hampton, right? I’ve not looked at homes there. Those areas don’t seem as nice as Virginia Beach or Chesapeake, though I understand Hampton has a nice beach area.

As for your comment about negative equity, I can’t help but feel if that’s the case it’s tied to all the new construction and the population growth just doesn’t seem to support it. I’m sure there’s more to it than just that but just about everywhere else I’ve ever lived with that much new construction going up has had steep population growth to support it. Seems Hampton Roads has been somewhat stable at around 1.7 million for a while now.

[The Dissenter]

Originally Posted by iknowftbll

I hear you. Housing in Hampton Roads as a whole seems at a premium. The home my wife and I sold here in Fredericksburg for ~424,000 would likely have been around $500,000 based on size, level of finish, etc. assuming a similar neighborhood down there, of course. Then again same house is $600,000 and counting if you pick it up and move it north toward Washington, so it’s all relative.

I had a 3/3-1700+ townhome lined up to visit and it was listed at just $185,000. I drove by and the neighborhood was nice enough but my wife was really not thrilled about a townhome and on this specific one she pointed out the size may mitigate the early attractive price. My realtor and I arrived late and the occupant had already returned so I decided to not even try to arrange another appointment.

Square feet more than any other feature on a home rested the point of diminishing returns in my estimation. Maybe at 1000 square feet an additional square foot adds some value and if I add that half bath I’m confident it’ll add value to the home. But that value add will be mostly in the feature of an additional bathroom than the additional square feet converted into living space. The key is most of time I’ll be living there alone so if the price per square feet is a premium given the other variables I considered during my search I’ll take it.

By “Peninsula” I assume you mean Newport News and Hampton, right? I’ve not looked at homes there. Those areas don’t seem as nice as Virginia Beach or Chesapeake, though I understand Hampton has a nice beach area.

As for your comment about negative equity, I can’t help but feel if that’s the case it’s tied to all the new construction and the population growth just doesn’t seem to support it. I’m sure there’s more to it than just that but just about everywhere else I’ve ever lived with that much new construction going up has had steep population growth to support it. Seems Hampton Roads has been somewhat stable at around 1.7 million for a while now.

Trust me, you don’t want to look at Hampton or Newport News if you are working in VA Beach. The commute is murder if you have to use a tunnel. Hampton has Buckroe Beach yes, but some bad areas surrounding it. The joke in Hampton is you are never more than two blocks from the ghetto.

You aren’t going to get too much a break from F-burg as far as prices go. A real shame since prior to the real estate bubble, Hampton Roads was one of the more affordable areas on the East Coast.

[jillybean720]

Originally Posted by iknowftbll

Distance between our two homes is 149 miles, about a 2-1/2 hour drive. I’ll be able to be home any night I need to be.

Just watch the timing of your drives. You're lucky to only be going as far as Fredericksburg, so that end of the commute should be okay, but time your trip on the VB end very carefully, as the HRBT can easily get backed up 5+ miles, especially in the summer. I drive between VB and NOVA frequently (though further north to Sterling, so almost another 2 hours depending on traffic).

[MaskedRacer]

1. Working on the peninsula and living on the southside (or vice versa) is a big NO-NO. Bad Bad idea.


2. Driving between Hampton Roads and NOVA/Wash DC is major pain in the you-know-what. Either you hit spots with heavy traffic or you deal with long stretches of boring nothingness.

[The Dissenter]

Originally Posted by Lockdev

This is what is important.

And good points on the small square footage takes less to maintain.

I live in a 2600 sq ft house, and it's a real pain.

I'd move in a heartbeat if the small brick rancher in a good neighborhood were going for decent prices.

Unfortunately, that seems to be the hottest type of house on the market due to their affordability.

People are looking at the 2000+ sq ft homes less and less.

Over on the peninsula it has gotten ridiculous.

Beat up 1500 sq ft ranchers in desperate need of renovations sell for $250k, while fully renovated 3000 sq ft colonials sell for $315k.

Really hope those $250k ranchers you mentioned aren’t selling in Hampton or Newport News. If so, than Hampton Roads’s housing market is farther from reality than I thought. Just searched on realtor.com and $200k still buys an okay looking home in Hampton.

[The Dissenter]

Originally Posted by jillybean720

Just watch the timing of your drives. You're lucky to only be going as far as Fredericksburg, so that end of the commute should be okay, but time your trip on the VB end very carefully, as the HRBT can easily get backed up 5+ miles, especially in the summer. I drive between VB and NOVA frequently (though further north to Sterling, so almost another 2 hours depending on traffic).

I don’t know if the construction is still going on between NN and Williamsburg, but that can be a PITA stretch of 64 as well. I’m making the drive this weekend to Hampton and VB so leaving as early as possible Fri morning.

[jobber123rd]

Originally Posted by The Dissenter

I don’t know if the construction is still going on between NN and Williamsburg, but that can be a PITA stretch of 64 as well. I’m making the drive this weekend to Hampton and VB so leaving as early as possible Fri morning.

Yes, the construction of Segment II of the I-64 widening project (Mile Marker 241 to 248) is ongoing. It's scheduled to be completed next Spring; however, the third and final segment of construction (MM 233 to 241) is starting soon, and is expected to last until Fall 2021.

Segment I (MM 248 to 254) was completed in December, after over 26 months of construction.

[iknowftbll]

Originally Posted by jillybean720

Just watch the timing of your drives. You're lucky to only be going as far as Fredericksburg, so that end of the commute should be okay, but time your trip on the VB end very carefully, as the HRBT can easily get backed up 5+ miles, especially in the summer. I drive between VB and NOVA frequently (though further north to Sterling, so almost another 2 hours depending on traffic).

In my last job I commuted north of Fredericksburg on 95, so I’m definitely more familiar with NOVA traffic than I ever care to be! As for my driving up here from Hampton Roads, my timing will be more dependent on my boss than anything else. I’ll leave as early as I can on Fridays and return early on Monday mornings. My job is actually in Norfolk, so that’ll trim a few miles off the commute to and from Fredericksburg.

On the subject of living in Hampton or Newport News, it was never an option. Our search was exclusively in Virginia Beach due to our kids activities and interests. Once our search efforts shifted I still looked mostly in Virginia Beach, but it was a little easier knowing it was a second home. Still, I really wanted to find a great place near Town Center due to eventually needing it to be an appealing location for a rental.

As for the commute between homes, I-64 will easily be the worst part. That whole highway between Hampton Roads and Richmond needs an extra lane in both directions. Seeing the extension schedule outlined above is a bit discouraging, but this arrangement is temporary so I’ll be ok.

[Lockdev]

Originally Posted by The Dissenter

Really hope those $250k ranchers you mentioned aren’t selling in Hampton or Newport News. If so, than Hampton Roads’s housing market is farther from reality than I thought. Just searched on realtor.com and $200k still buys an okay looking home in Hampton.

Can't speak for Hampton, but there are plenty of them in the 23602 and 23606 areas of Newport News.

Prices are pretty much on par with York County was 2 years ago.

Here are a couple examples:

https://www.zillow.com/homedetails/1...?fullpage=true

https://www.zillow.com/homedetails/1...?fullpage=true

It's a fool's market right now on the peninsula.

[The Dissenter]

Originally Posted by Lockdev

Can't speak for Hampton, but there are plenty of them in the 23602 and 23606 areas of Newport News.

Prices are pretty much on par with York County was 2 years ago.

Here are a couple examples:

https://www.zillow.com/homedetails/1...?fullpage=true

https://www.zillow.com/homedetails/1...?fullpage=true

It's a fool's market right now on the peninsula.

Well, I will say that those are two pretty well kept homes in two pretty good areas. But definitely not $250k good IMO. Fool’s market may be the most polite way to describe that situation.