Apples to Apples Oranges to Oranges. You can't compare the foreclosed home on the news missing appliances, toilets, kitchen cabinets and ruined carpets in rural America. To a well maintained beautiful beach home with stainless and granite.
Spend a day with a Realtor, Look at 2 nice clean properties and 2 foreclosed properties that need lots of work.
Then sit at the Lowes counter and add the price of a kitchen, carpet, appliances and other things needed. In most cases the price gap will close considerably. Then factor time and labor against move in ready.
Bottom line is for some foreclosures are great! For most who do not have contractors blood:) Buy one already done.
In the 5-year out future when the military presence in the area has been substancially reduced, prices may take a dip further. But I am not suggesting to wait, just to be aware whatever you buy into you will most likely be stuck in for quite a while.
2011 (or early 2012) - JFCOM total closure - at least 1,000 homes on market (6,000 lost jobs)
2012 - Carrier to Mayport - Should put 2,000 homes on market
2014/16 - FA18 phased out to F35 - Oceana is a FA-18 base. The F-35 (not ready) is the replacement jet. Oceana is not suitable for the F-35, so they are moving to a CA base. Essentially, Oceana is out of business at that time. Should put 5,000 homes on market.
You can find properties under $100k but remember that LOCATION - LOCATION - LOCATION should be the most important factor in making your decision as that will effect future value. Remember, real estate is like marriage.........easy to get hitched & hard to get unhitched! Be sure to do your homework...........first, with the agent you'll hire to represent you (interview at least 5 agents) & next, with the property analysis (condition, fair market value, etc).
Homes in the Virginia beach area have come down in price, however they are steady. Just like the rest of the country, people here have purchased during the height of the market and once they had to leave, they could not sell. The Hampton Roads area and the rest of the country is full of Repo's and short-sales, so you can get a home/townhome/condo for $100,000 but its not going to be in good condition or you would have to wait FOREVER on the short sale process (It should be called LONG, Draining and emotional sale).
There is good deals everywhere! Thank for the question.
I would not want to WISH that on Virginia Beach, I believe we ALL would be in dire straits or feeling economic straitjacketed if prices plummet THAT far.
BTW, 2 of the houses that Bill Byrd posted are mobile homes, so I think that's only TWO houses in all of Virginia Beach for $100K. But there ARE a lot of townhouses under $100K, so if you'd like that complete list just shoot me an email. Virginia Beach is townhouse heaven, so I think there's got to be some diamonds in the rough in a batch of 60.
Best, KK German, Wainwright Real Estate, email@example.com
Prices here do reflect what's going on in the rest of the country. 25% of sales are foreclosures or short sales. We've lost 10 - 15% of the tops in the market in the median price range. We're definitely seeing it. It's only going to go worse as credit dries up further.
Just wait for the new FHA guidelines to go into effect.
And...check out the article I just posted on our Facebook Team Page at http://on.fb.me/cAYp0h
Happy house hunting...!