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Area home sales dropped 21% in July

Posted: August 27, 2010

By Bill Cresenzo

bill.cresenzo@insidebiz.com

Home sales in Hampton roads dropped 21 percent in July, the result of the expiration of the federal tax credit incentive for home buyers.

Sales in the area dropped to 1,567 in July, down 21 percent compared to July 2009's home sales of 1,979, according to the Real Estate Information Network.

JFCOM closing would flood market with space

Posted: August 20, 2010

By Philip Newswanger

philip.newswanger@insidebiz.com

City officials in Norfolk and Suffolk aren't the only ones wringing their hands and shaking their heads over the proposed closure of the U.S. Joint Forces Command.

Developers and property owners are seeing 600,000 square feet of empty space - the size of the JFCOM complex in Suffolk - flood the market in about a year, when the military command is supposed to shutter.

More so, property owners are wondering what will happen to all the government contractors when the JFCOM shuts down - more empty desks.

Brokers usually love a hot market, but not this summer

Posted: August 20, 2010

By Philip Newswanger

philip.newswanger@insidebiz.com

When the heat index hit a 100 or more for most of July and a few days in August, most people hid in their air conditioned offices.

Pavements sizzled in July. Grass turned brown and crispy.

People complained about the heat from dawn until dusk, wishing verbally for the fall and winter when the temperature will plummet, and when they will wish for hotter weather.

Beach offers incentives at NAS Oceana

Posted: July 30, 2010

By Philip Newswanger

philip.newswanger@insidebiz.com

The city of Virginia Beach rolled out the red carpet to an audience composed largely of real estate brokers.

Over 100 real estate brokers were invited to the event, which took place July 22 and was sponsored by the city's economic development department.

The event marked another milestone in Virginia Beach's unflagging efforts to redevelop land circling Naval Air Station Oceana, which sits in the middle of the city's most populated neighborhoods.

PROJECT UPDATE Project update

Posted: July 23, 2010

For this special report on commercial real estate, Inside Business gathered information to update the most notable real estate projects in the region to gauge if the weak economy and tight credit affected projects under way, proposed or still in the conceptual stage.

The list isn't comprehensive. No project was left out on purpose, though.

Projects that could have made the list were left out because of time and space constraints or because Inside Business did not receive information in time for publication.

BoA building losing tenants

Posted: July 23, 2010

By Philip Newswanger

philip.newswanger@insidebiz.com

The lights are going out on several floors in the Bank of America office tower on Main Street in downtown Norfolk.

Some of the largest tenants in the Bank of America building have fled, most notably to the Wells Fargo Center on Monticello Avenue, enticed by more modern space and larger floor plates.

Norfolk, VB considering online permit process

Posted: July 23, 2010

By Bill Cresenzo

bill.cresenzo@insidebiz.com

When it comes to getting a commercial construction permit in Hampton Roads, it's all about timing.

It's not as simple as walking into the planning department, filling out a form and waiting for a reply. First, if necessary, builders must submit site-plan approval documents, proving that they have permission from, say, the historic district commission to build.

Union Mission sold yet?

Posted: July 23, 2010

By Philip Newswanger

philip.newswanger@insidebiz.com

The Union Mission in downtown Norfolk still isn't sold. The deal announced last December hasn't closed.

Mike McCabe, president of Harvey Lindsay Commercial Real Estate, which is representing the building's owner, the Union Mission Ministries, said he plans to put a sticker on the sign on the side of the building saying "under contract."

Commercial Real Estate Buzz: Pembroke Mall

Posted: July 23, 2010

By Danielle Walker

danielle.walker@insidebiz.com

Name of property:Pembroke Mall

Location: Virginia Beach

Original completion: 1966

Renovated: 2003

Square footage: 623,470 sq. ft.

Gerald Divaris, CEO of Divaris Real Estate Inc. of Virginia Beach, speaks on where Pembroke Mall is headed. DRE now handles the leasing for the property.

$138M in lodging loans goes delinquent

Posted: July 23, 2010

 

 

 

By Philip Newswanger

philip.newswanger@insidebiz.com

It started to sizzle in June, especially for loans known as commercial mortgage-backed securities.

Remember those bad boys? Well, they are still around, lingering like the heat and humidity.

A report from Trepp LLC shows that the delinquency rate of loans on lodging properties in Hampton Roads hit 24.9 percent in June.