Lots of Sandbridge related news!
For those who may not have heard, see the information below regarding the Kitty Hawk Wind Project. Nothing is going to happen immediately, but we need to stay on top of Dominion’s plan. As of right now, the plan is still to land the cables in Sandbridge.
On July 15, 2024, Dominion Energy announced an agreement to purchase a 40,000-acre offshore wind lease, known as Kitty Hawk North Wind, from Avangrid, Inc. for about $160 million. The lease is located off the Outer Banks and will be renamed CVOW-South. If approved by regulators and built, the 800-megawatt wind farm could generate enough electricity to power 200,000 homes and businesses and connect to Dominion’s transmission grid in the 2030s.
The Sandbridge Civic League and I will be keeping you up to date on this project as we move forward you can also check out www.protectsandbridgebeach.org for updates. Globalinx, a Virginia Beach company, will begin their project this fall, landing fiber optic cable in Sandbridge which will end up at Corporate Landing where they have built a data center.
Activity for past 30 days is as follows:
Single Family Homes – 4 Pending and 3 Sold
Condos – 2 Sold
Sandbridge Market Metrics – January 1, 2024 – June 28, 2024 YTD
Current rates courtesy of Liza Gibboney – C&F Mortgage Corporation.
NMLS# 243062 | Cell: 757-630-9604 | Office: 757-937-5890
30- year FIXED Rate – 6.50
Second HOME JUMBO – 6.875
30 Year FIXED NON- Conforming Jumbo – 6.625
Conventional 30 year Fixed – 6.75
VA 30 Year Fixed – 6.50
FHA 30 year Fixed – 6.50
What’s going on with rates? No way I’m locking a loan that closing near the end of August or later. No risk of significant rate increases on the horizon, and the current momentum is to see rates s-l-o-w-l-y drift lower over time, starting after the Fed meeting at the end of the month. Contact me for a second opinion. Above are today’s rates: Rates are subject to change on a daily basis. Rates are determined based on credit, LTV, property type and occupancy.
As we enter the month of August, it’s time to start thinking about attending the 44th Annual Sandbridge Pig Pickin on September 7th. We have tickets here at the office or feel free to call to reserve them for you and your family. Always a great time for a great cause, supporting the Sandbridge Volunteer Rescue Squad.
Enjoy the rest of the summer!
Aloha,
Pat