THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, April 6, 1996 TAG: 9604040262
SECTION: REAL ESTATE WEEKLY PAGE: 12 EDITION: FINAL
LENGTH: Long : 125 lines
Home sales increased in South Hampton Roads during the first two months of 1996, according to Residential DataBank, with new construction up 44.4 percent in Virginia Beach, 40 percent in Suffolk and 32 percent in Portsmouth.
Chesapeake experienced a 22 percent decrease in closing activity for the same time period, according to Residential DataBank, a Virginia Beach-based market research firm.
About 40 percent of all residential transactions in Suffolk were results of new construction and development, primarily in Harborview, Burnett's Mil, Beamon's Mill, Wexford Downs and Woodlake.
Suffolk was the only southside city that experienced an increase in closing activity from 1994 to 1995, with 819 permits issued last year, the figures show.
Resale transactions in January and February accounted for 87 percent of the market share in Virginia Beach, 78 percent in Chesapeake, 63 percent in Portsmouth and 60 percent in Suffolk. Norfolk saw very little new residential construction during that time but had 212 resales in the two months, a slight decrease from the 214 in January-February 1995.
Total area resales reached 1,282 during the two months, up 12.9 percent from 1995.
More stats: The entire Hampton Roads standard metropolitan area experienced a 17 percent increase during February in new residential construction, according to the F.W. Dodge Division of The McGraw-Hill Companies. The total value of the new homes was $68.1 million, almost $10 million more than the $58.2 million reported during February 1995.
For the first two months of 1996, new home construction totaled $117 million in Hampton Roads, a 12 percent boost over the same period last year when the total was $105 million.
And more: The Virginia Association of Realtors reports that state home sales for February totaled 4,914, a 9.4 percent jump over the 4,489 for February 1995. During February of this year, the average market time for home sales was 81 days and the average price for a single-family dwelling was $103,640, up from last year's average of $99,702, according to the VAR.
Increases in pending home sales during February were reported for the Blue Ridge, Charlottesville, Danville, Lynchburg, Martinsville, the New River Valley and Hampton Roads.
Finally . . . : Hampton Roads ranked 38th nationwide in single-family dwelling permits last year with a total of 6,228. The area was 30th in multifamily permits with 2,425, according to U.S. Housing Markets, a research group in Livonia, Mich.
The firm also uses statistics to measure ``market hotness.'' The nation's 10 hottest markets, U.S. Housing Markets says, are Las Vegas; Naples, Fla.; Wilmington, N.C.; Myrtle Beach, S.C.; Phoenix; Atlanta; Raleigh-Durham; Fayetteville, Ark.; Fort Myers, Fla., and Provo, Utah.
Virginia's biggest: When Chase Manhattan Mortgage Corp. merged with Chemical Residential Mortgage Corp. this month, the expanded company became the largest mortgage lender in Virginia, according to Chase Manhattan.
The two lenders - the merged company will be called Chase Manhattan Mortgage Corp. - had $27 billion in combined originations in the United States last year. The bigger Chase would have been the nation's third largest home loan originator in 1995.
Chase has three offices in this area: one each in Newport News, Virginia Beach and Kill Devil Hills, N.C.
Learning experiences: The Tidewater and the Peninsula mortgage bankers associations are sponsoring a ``Head for Home'' first-time home buyer's seminar from 6:30 to 9:30 p.m. Tuesday and Thursday at the Hampton Roads Planning District Commission building at 723 Woodlake Drive in Chesapeake's Greenbrier area. Sandwiches and drinks are provided.
Topics covered include budgeting, qualifying for a loan, choosing an agent, closing, home inspections and credit reports. To register, call 548-1255.
Womble Realty is staging a home buyer's seminar at 7 p.m. April 16 at 4190 South Plaza Trail, Virginia Beach. The office is in Suite 100. For reservations, call 340-6700. Child care will be provided.
Performers: Century 21 At The Mall in Virginia Beach was the top sales office in Virginia among Century 21 firms. Century 21 Greg Garrett in Newport News was the top Virginia listing office for the real estate chain.
Top Hampton Roads sales associates were Kenneth Rapp of Century 21 At The Mall for gross closed commissions, Rob Daniel of Greg Garrett for team listings and Robert Kirby of Greg Garrett for individual listings. Bonita Hunter of Century 21 Nachman Realty was No. 1 sales associate for quality service in the Greater Virginia Region.
Century 21's prestigious Centurion Award was given to the Mall, Greg Garrett and Nachman offices. Kenneth Rapp, Rob Daniel, Bob Anderson of Century Realty, Lisa Sharp of Chesapeake Bay Realty, and Larry Townsend of Greg Garrett were named Centurion Sales Associates. Daniel, Rapp and Townsend were selected for the Century 21 Masters Hall of Fame for having won the Centurion award five times.
Marvin Adams of Greg Garrett was named to the Masters Diamond Club. Selected for the Masters Emerald Club were Bob Anderson, Ken Phaup and Henry Piland of Greg Garrett, Judy Sawyer of Langley Realty in Hampton and John Shirk of Advantage Realty in Hampton.
Making the Masters Ruby Club were Bud Baxter of Century Realty, Sam Harris of the Mall, Barbara Hodge of Charter Realty in Virginia Beach, Bonita Hunter, Traci Lee Hunter of Man-Jac Realty in Norfolk and Lisa Sharp.
Mike Brackin of Bryan Realty in Newport News, Shari Buchman of Accord Realty in Hampton, Peter Donlezal of Greg Garrett in Newport News, George Frates at the Mall and Gail Thomas of Nachmon were inducted into the Masters Club.
Kudos: Art Zachary, president of Womble Realty in Virginia Beach, has been recognized as a Peak Producer by the Chicago-based RELO, the International Relocation Network. Womble has also been cited by RELO for its efforts in relocation of families and corporate transferees. The Peak Producer is awarded to companies that generate more than $5 in referral sales.
Face lift: HUD Secretary Henry Cisneros said this week his department is bringing about ``a historic transformation'' in the nation's public housing projects.
Cisneros said progress his department had made in three areas:
Tearing down dilapidated and crime-ridden high-rise units. Cisneros said HUD had okayed the demolition of more than 30,000 of these units since 1993, and that they would be replaced with safer townhouse and garden-style apartments.
Helping troubled local housing authorities improve. The report identified eight large authorities being given special assistance by HUD.
Creating incentives for residents to work and discouraging crime. MEMO: On the Move reports management changes, awards, seminars and new
services offered by real estate firms, mortgage companies and builders.
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by CNB