Real Estate Prices in Hampton Roads (Norfolk, Richmond: foreclosures, townhouses, neighborhoods)

[GOODTOGO]

Wondering if the area has gone bonkers like So. Cal, FL etc in the way of foreclosures/prices. Can you still get a decent home in a great neighborhood for decent money? Including Norfolk, VA Bch, Wlmsbrg?

[jhrichmond]

No, there aren't rampant foreclosures like FL or S. Cali. Northern Virginia makes the numbers look bad for the state, but Hampton Roads is pretty stable. A decent home in a great neighborhood is still pretty pricy here.

[Mr Williamsburg]

I guess all thing are relative. I work with a lot of folks who move here from up north. They feel our area ( Williamsburg/ James City County) is a bargain. Both in housing costs and property taxes. Foreclosures are minimal in the Williamsburg area. I think they are a little more prevalent in Southside Hampton Roads but still no where near the levels of Florida, California, etc. What's your idea of a decent home price ?
One recent report for a one month period showed 100+ in Northern Va, 48 for Hampton Roads and 28 for Richmond.

[GOODTOGO]

In searching the real estate sites, it appears you would have to spend anywhere from 350k plus to get into a decent neighborhood. Unfortunately, the market is in major perils in Florida, therefore, am stuck until it turns around and that may not be for a year to two. Resided in a nice neighborhood back in mid 90's in Norfolk; love Wlmsbrg and the hills etc.

[chesapeakesim]

Like mentioned above, this area hasn't experienced the same market as Southern California or Florida in terms of foreclosures or price drops, but the market has certainly shifted to a buyer's market. Just from looking the past several months, I have seen that seller's paying closing costs is a given, homes are taking a lot longer to sell, and prices have dropped. In fact, many of the houses I have looked at have dropped their price $5K, $10K, $20K, or higher. One house I saw has come down $90K and another (which I can not come close to affording) has gone from almost $1 million to $650K and still has not sold. These homes were usually overpriced to begin with, sellers still holding out for what the market was like a year or two ago.

Like mentioned above too, prices are all relative. If you moved here from San Diego you probably think property here is cheap. If you moved here from the midwest you probably think it is outrageous. Compared with incomes it is very pricey to live here and many people can only afford a home cause of the equity they have in their old place.

According to the numbers, the median house price in this area is around $217K. Another site I saw said it was $319K which is more realistic to me. To get into a decent neighborhood with good schools I would except to pay at least $350K and more like $400-$500K for anything really nice.

I don't ever see this area crashing, but I think prices will slowly deflate as people who have to move drop their prices to sell. You already see that now where the person who has to sell will be $50K or so lower than the person who doesn't for the same type of house. It will just take time to adjust, maybe a couple of years. That is just my opinion though.

The more expensive neighborhoods seem to be the ones hardest hit. I drove through one of the many McMansion streets in Great Bridge and it seemed like every 5th house was on the market. The cheaper neighborhoods and townhouses seem to be faring better.

I heard it is rough in Florida right now. Am thinking that area may be years away from full recovery, might be better to just cut your loses and move now.

[GOODTOGO]

That would be great to "cut the loses" and move now, but DH won't give our place away. Knowing that it is a buyer's market all over the country, it is unfortunate that some of us can't get in on the deals that can be had. From what has been stated, the subprime is going to get hit once again later in 2008. Oh well, we have family that reside in Norfolk, so will just have to visit instead of reside.