Photo courtesy of Sandbridge Sunrise
I’ll start this newsletter with an update from city officials on our sand replenishment project. The city will be asking for bids in June for a combined beach replenishment that will include the resort- hotel area of Virginia Beach. This should result in the lowest possible price for sand due to the size of the project. The proposed start date for the work is December 2012. I will continue to keep you posted on this very important project.
Here’s a snapshot of this year’s real estate market at the beach. Year to date there are 7 homes sold and 4 pending which is comparable to last year at this time. See link for homes and link for condos pending or sold in 2012. Much of the activity can be attributed to higher affordability, low rates, and availability of funds. Lenders are slowly beginning to provide better loan options and slightly less stringent requirements to qualify.
Sandbridge is experiencing its normal preparations for the Spring/Summer season with lots of renovations, repairs and for the first time in many years, 7 homes under construction. Four of the seven are on the oceanfront and will be welcoming guests this summer.
Aloha,
Pat