Virginia Beach

Local luxury real estate and the pandemic: Can a $12M home sell in Hampton Roads? – Virginia Beach, Virginia

Virginia Beach, Virginia 2020-11-19 19:36:58 –

Virginia Beach, Virginia (WAVY) — The asking price received a lot of attention when an impressive property hit the market a few months ago. For $ 11.8 million, it is currently the most expensive home on the market and the second most expensive property ever in the region.

Drive through neighborhoods such as Virginia Beach’s North End and Great Neck’s hidden streets to see impressive homes. The price tag is high, but not as high as similar properties elsewhere in the country.

Luxury homes in Hampton Roads typically get between $ 1 million and $ 3 million.For example, now North End Ocean Front List 47th Avenue It can be yours for $ 4.6 million. on the other hand, Vacant Ocean Front Lot on Palm Beach, Florida is listed for $ 21.9 million.

10 On Your Side talked about the differences with Cindy Hawks, the chair of the Hampton Roads Realtors Association.

“No industry supports these price ranges,” Hawks said. “There are no buyers in our market pool. The median selling price is $ 275,000.”

Virginia Beach lacks high-income industries like technology and finance to boost home prices. The typical buyer here is the middle class, probably the government salary and support staff of the resort industry.

The highest asking price on record for Hampton Roads homes was $ 24 million in 2006. The home was finally sold five years later for $ 4.9 million at a fraction of its price. It’s still the best price paid for a home in the area.

However, there are now many lists that go far beyond that mark.

The best is 1501 Oak Hill Court For $ 11.8 million. Next, 1060 Bobolink driveThe newly built home near the Cavalier Golf and Yacht Club is listed for $ 8.9 million. And if you want to build a dream house on the waterfront 8 acres of land on the Linhaven River At an asking price of $ 5.9 million. The landowner requested the property to be subdivided. According to the broker’s website, the request is still under review.

But will people pay these prices?

That’s what Berkshire Hathaway Towne Realty’s director of marketing and luxury collections, Rolston Audain, says.

“It will sell,” Odein said. “Because the market is so desirable. We can’t reproduce the waterfront we have. We can’t reproduce the beachfront and bayfront. And it’s becoming more and more desirable.”

You can tell if the property will sell or not. The question is whether these lists are anomalous or at the forefront of trends.

“I think we’re heading towards more properties priced within that range,” Odein said. “Maybe it’s not $ 12 million, but it could be three or more. [million dollars].. “

Recent developments have the potential to prove that Odein is right. The local luxury goods market has seen an unexpected boom this year.

“In 2020 alone, more than 200 homes have sold over $ 1 million,” Audain continues. “Currently there is a strong market. There is a lot of activity in the luxury space. There are a huge number of 200 homes for sale. There should be some awareness of that.”

Audain says the pandemic played a role in boosting the luxury market in places like Hampton Roads. In an era when people can work from anywhere, some are exchanging for home offices in skyscrapers in big cities with oceanfront views.

There is another factor here. Audain points out that recent economic uncertainties have also made stable investment more desirable.

“There are a lot of people who are uncertain about the stock market,” Odein explained. “Real estate has always been a safe investment, whether it’s luxury or not.”

Cindy Hawks says that if the high-priced homes on the market are currently sold at or near list prices, it will be a boost for everyone.

“I’m still optimistic and hope it sells at a price close to the list price as it starts the trend in our area. It will put us a little more on the map,” Hawks said. Told.

Virginia Beach homes aren’t immediately sold at Palm Beach prices. But perhaps we’re approaching a million-dollar home from a million-dollar home.

Berkshire Hathaway Town Home Realty, mentioned in this report, handles half of the region’s over $ 2 million in revenue.If you want to see more impressive properties, or if you can, they have their own luxury home magazine for the area Check out their website.

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