Home » Uncategorized » Real Estate On The Rise For Hampton, Chesapeake VA..And Surrounding

Real Estate On The Rise For Hampton, Chesapeake VA..And Surrounding

Chesapeake real estate values up – 1st time in 6 years The Virginian-Pilot good signs. The modest improvement in Chesapeake’s real estate values, a slight pick up in home sales and a rise in home prices indicate a stabilizing market and signs of economic recovery in the region. …  

Real estate values in the city turned a corner last year, with overall assessments up nearly 1 percent, the first increase in six years, an annual report shows.

The value of residential property increased 0.34 percent, and that of commercial property jumped nearly 2.6 percent, City Assessor William Rice said in a report to the City Council.

The value of all taxable real estate in the city totaled $22.7 billion, an increase of 0.9 percent after adjustments. The figure reflects revaluations completed Jan. 1.

Boroughs with the largest assessment increases were Pleasant Grove at 0.7 percent, Deep Creek at 0.67 percent, and Butts Road at 0.47 percent.

South Norfolk showed a 0.47 percent decline.

Among subdivisions, Estates of Grassfield, off Dominion Boulevard, had the largest assessment increase at 22.7 percent. Centerville Commons was next at 12.6 percent. Both are new developments.

Neighborhoods with the sharpest declines were Heather Point Condominiums in Greenbrier and Mariners Quay Condominiums in Riverwalk, at minus-12.5 percent and minus-11.9 percent, respectively.

“The Chesapeake apartment market continues to be one of the better markets in the Hampton Roads Region,” Image

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: