Hello from Manhattan! An Investor’s Long Distance View of the South Hampton Roads Real Estate Market
On of the beautiful things about life these days is that you can accomplish the same things from almost any location–gratitude for the Internet, my friends!
In my daily online property search I keep track of how many distressed properties are on the market in my niche, and how many properties some of the larger vendors (e.g., HUD, Fannie Mae, Freddie Mac, VA, Wells Fargo) have on the market in South Hampton Roads. What I am seeing parallels the latest numbers from our local Multiple Listing Service–inventory is down, market time is down, sale prices are up. What does this mean for my industry–the competition for buying undervalued property has stiffened.
We are also seeing partially renovated properties hit the market; it looks like rehabbers got into a property and ran out of time, money, or both.
We are also seeing a fair amount of new construction–this makes me happy for my friends in the construction business–they went through such a hard time in the past few years. They are not made right yet, but at least they are moving in the right direction.
That’s all for now. Have a beautiful day!