Happy New Year!
I’d like to open up this newsletter with a heartfelt Happy New Year to all our subscribers! Welcome to 2020 and a new decade. It’s hard to believe we’ve been doing these monthly publications since 2008. It is a pleasure to keep you all posted on community news and current real estate activity. As you can see from this months photo, the surveying has begun for our next beach replenishment. The most recent update is that the project will start in March. The contract between the dredging company and the City of Virginia Beach states that the project must be completed by Memorial Day.
Going into 2020 on the real estate front, the year is beginning very much like 2018 and 2019. Low interest rates prevail and low to moderate inventory levels for single family homes. I am seeing the customary rise in web traffic which is historically buyers looking at what’s currently on the market.
Activity for past 30 days is as follows:
Single Family Homes – 5 Sold and 3 Pending
Condos – 0 Sold and 0 Pending
Market Metrics – Year End Stats for 2019
If your driving along Sandfiddler Rd. you will see five new homes being built on the oceanfront. This is a little unusual but I believe this is due to our short term rental debate finally being resolved in 2019 which caused a backup on delivery of these homes. You will also notice all over Sandbridge our usual renovations and improvements being done on existing houses.
Enjoy the rest of the winter and stay warm, see you on the beach!
Aloha!
Pat