Realty News Archive

Another developer asks to pay less to Chesapeake

CHESAPEAKE When a developer won City Council approval a month ago to slash the amount it would pay to help offset the impact of its project on schools and other public services, some council members voted against the break because they feared it would set a expensive precedent.

Virginia Beach property values projected to increase

VIRGINIA BEACH The city's property values are expected to be up nearly 3 percent this year, the second straight year of increases, according to the annual report by the real estate assessor. The value of homes is projected to rise an average of 1.8 percent for the 2016 fiscal year that starts July 1, according to the report. Commercial properties are expected to go up by 3.9 percent.

Chinese drywall maker promises to pay 7 local families

A Chinese drywall case with a "long and tortured history" took a dramatic turn this week when the manufacturer of toxic imports pledged to pay a 5-year-old debt to seven Hampton Roads families.

Wheeler raises $90 million in stock sale

Wheeler Real Estate Investment Trust Inc. said it has raised $90 million through the sale of preferred stock, and it has received a letter of intent from a lender for a $45 million revolving line of credit.
The Virginia Beach-based company issued 90,000 shares of Series C preferred stock at a per-share price of $1,000, according to a statement filed with the Securities and Exchange Commission.

Foreclosures drop 17.5% in February in Hampton Roads

Foreclosures fell significantly in February, a boon to an otherwise lackluster month in Hampton Roads real estate. Lenders issued 463 foreclosure-related notices in February, down 17.5 percent from the same month a year earlier, according to a report to be released today by RealtyTrac, a foreclosure monitoring service based in Irvine, Calif. Notices dropped 27.8 percent from January.

Chinese drywall firm to pay damages to Va. families

Elizabeth Heischober has been waiting nearly five years for a Chinese company to honor a court judgment for contaminated drywall that upended her life, made her sick and wrecked her finances. Until now, she wondered if it would ever happen. “We’d pretty much given up hope,” she said. “It’s been a nightmare.”

Development gets OK for over 600 Chesapeake homes

CORRECTION: This story has been changed from its original version to correct a misstated title. Melissa Venable is an owner of Land Planning Solutions, a planning and engineering firm in Suffolk. ___ CHESAPEAKE Southern Chesapeake is growing. The City Council approved a development Tuesday night that will bring more than 600 homes to 162 acres near Edinburgh and the Chesapeake Expressway.

Norfolk Plaza hotel changes name, is on auction block

Editor's note: The Wyndham Garden Norfolk hotel, originally known as the Golden Triangle Motor Hotel, was built in 1961 across from land that would be developed as Scope. This story, which has been updated, incorrectly implied Scope had already been built. NORFOLK

Improving housing market chilled by February snow

An unusually snowy February took its toll on home sales last month, but the market has otherwise been improving in 2015. Existing home sales in South Hampton Roads dropped 9.4 percent year over year to 746 in February. That's down from 823 the same month in 2014, according to data released Friday by the Virginia Beach-based Real Estate Information Network, the region's multiple listing service.

Local real estate experts are optimistic for 2015

NORFOLK Local real estate experts believe outside investors will infuse Hampton Roads with cash in 2015 - whether it's through the purchase of industrial, office, retail or multi-family property.

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