Virginia Beach – A Resort City Resisting A Real Estate Recession
Virginia Beach, Virginia, is a resplendent resort city. Yet Virginia Beach is also a family friendly town. With its present population counting in at 435,619, it is easy to see why Virginia Beach is known as the most populous city in Virginia.
According to Virginia’s foreclosure statistics, Virginia Beach rates as one of the more active cities. A high foreclosure rate leads to an increase in the demand for rental property and a boost for business opportunities. Foreclosures also free up affordable options for new home buyers.
Virginia Beach rates slightly above the national average in certain real estate calculations. Virginia Beach has more renters and available median size homes than other US cities. There are almost twice as many home owners as renters in Virginia Beach.
Boasting of the longest pleasure beach in the world, Virginia Beach serves up a taste of paradise for the vacationer. The city continues to stir up a steady diet of home pride for its residents. Cape Henry, at the meeting of Chesapeake Bay and the Atlantic Ocean, is one of its sources of historic pride. Cape Henry was the site of the first landing of English colonists.
Virginia Beach rests at the end of the Chesapeake Bay-Bridge Tunnel. This engineering marvel is the longest bridge-tunnel complex in the world. The city’s Mount Trashmore Park is also a world-renowned attraction.
With the present rise of foreclosures in Virginia Beach, oceanfront and other spectacular properties are on the market. One luxury home with 6 bedrooms and 3 bathrooms was recently selling for over $1,000,000. Within just one zip code, foreclosed homes can also vary in price from $116,000. to $400,000.
Condos and townhouses easily garner bids in this lucrative buyer’s market. Modest single family homes are affordable options for the buyer on a budget. A small townhouse with two bedrooms and two bathrooms can serve as a starter home.
Almost ten percent of the homes in Virginia Beach have been built since 2000. Over 47% of the homes were started since 1980. Virginia Beach real estate offers a wide variety of single family homes and condos.
The average value of a four bedroom condo in Virginia Beach is $262,000. A four bedroom single family home counts in at $305,000. An one bedroom single family home fetches an average value of $256,000. Condo lovers can get an one bedroom condo with an average value of $164,000.
Town Center, the bustling downtown area, sports luxury condos situated close to shopping and restaurants. Hilltop has condo communities as well as family neighborhoods. Chick’s Beach tops the real estate market for the beach lover.
Virginia Beach is rich in beauty, history, and culture. The city seems to take its cues from the lighthouses at historic Cape Henry. Virginia Beach is a shining beacon for home owners!