This is a vacant 60'x115' lot zoned single family. Neighborhood is bordered to the north by the Chesapeake Bay, on the east by First Landing State Park, and Long Creek to the south. Lot is 4 homes away from the multi-purpose trail that leads to the state park.
Lot is just a short walk to Chesapeake Bay Beach shown below.
Civic association dues are $10 per year and neighborhood has Fall Oyster Roast, Spring Fling, Fourth of July parade and fireworks show.
Agent is related to owner. Owner would consider a trade or mutual sale of an existing house, contact agent for details. Thanks for looking. Call Mark A. Moore (757) 409-5658
Link to flyer http://www.markamoore.com mmoore@exis.net
The city's web page assesed this lot at $250,000, yet the asking price is $360,000. What's up with that? Just three years ago the land valuation was $155,000. (www.vbgov.com)
I LOVE the neighborhood, but the prices seem pretty volitile. It's frustrating, from a potential buyer's pov. Back to the cramped rental house... sigh.
Ah Ha, whoever wrote that last comment hasn't noticed that prices for everything are up, up, up! Try gasoline! You could come to Hawaii! You could buy a studio for $369K. Jerry
Hi Jerry, Has gas hit $5 in HI yet?
BTW anonymous, I have the original sales brochure that shows this lot for sale at $325. It was 1954 and a bayfront lot was $710. Not sure what the "assessment" was back then though. Three years ago a bayfront lot was assessed at $500k, now it's $700k. Today, if one was for sale it might set you back $850-$1 million. Basic supply and demand my friend.
There are many benefits to renting. For less than $1000 / month, one can live 3 or 4 homes back from the beach, walk 40 steps to see the sunset over the water every night all summer long. -Mark
It's one thing when prices rise with inflation over decades. It's another when prices shoot up that much in three years. Home and land prices are NOT going up, up up.
http://graphics8.nytimes.com/images/2006/08/26/weekinreview/27leon_graph2.large.gif.
Tell that to the person who paid $431k in 2007 for a great little 3 bedroom brick home 2 blocks away on a nearly identical lot. They tore it down last week to build a new home. My seller would have given that owner $40K cash and a vacant lot for that home. They would not have had to pay the $10k demo cost either. I wish I would have known it was coming down.
This is the home: http://rein.mlxchange.com/Pub/EmailView.asp?r=1816994867&s=VAB&t=VAB
We are back to having location be the most important real estate value issue (not the availability of financing).
Interesting article (after I cut & pasted your link). Remember one can say just about anything with statistics. Thanks for your comments. -Mark
You have a background in economics according to your biography. I'm interested in your take on the Schiller data and how it applies to our local market--- how is he saying "anything" with statistics? Is there a flaw in his reasoning?