Virginia Beach Real Estate Blog by Kirk Greer & Team Maxx Real Estate

Virginia Beach Housing

The City Council is scheduled to vote later this month on the first affordable dwelling unit ordinance in Hampton Roads later this month. The plan centers around incentivizing developers into voluntarily including lower cost housing units in their developments through density bonuses and other factors. This strategy, called inclusionary zoning, has been used in many other localities in the country. Team Maxx Real Estate

Hampton Roads Transportation Authority

The Hampton Roads Transportation Authority has delayed implementation of the increased taxes and fees intended to fund transportation improvements until April 2008. This allows the General Assembly to make changes to the law and the fees prior to implementation. This also means the grantor tax increase will not take effect until April 2008. Team Maxx Real Estate

Real-Estate Blog: Housing BubbleDeflates but Luxury Homes Sell

Here's a look at what's new in real-estate markets across the U.S. from around the Web. (Some links may require registration or subscriptions.)
Housing bubble deflates
Across the U.S., home prices are falling, with many metropolitan areas expected to see large reductions, according to a report on CNNMoney.com. The city that may see the biggest drop is Las Vegas, where prices are predicted to decrease by 8.2% this year, the Web site says. What's in the cards for your local market? Check out CNNMoney.com's forecast for 379 cities across the U.S. While the outlook is grim for many of the housing boom's best performers -- places like New York, Los Angeles and Washington, D.C. -- the future looks bright for several cities that missed out on the action, the Web site says. Among the markets the article reports are on the way up: Houston, Memphis, and Rochester, N.Y.
More luxury-home sales in Seattle
One of the buzz-words in residential real estate today is ..(read more)

Suffolk Rental / Resale

1020 English Oak Drive Location: Oaklake Gorgeous, well-maintained 4 bedroom, 2.5 bath home located in a very nice community. Two years young, with soaring ceilings in foyer and cathedral ceilings in master bedroom. Elegant dining room with crown molding and hardwood floors. Upgraded cabinets and vanities. Lots of closet space and a large 2 car garage. Great location and close to shopping and the interstate! FOR SALE OR LEASE Please contact me if you would like more information on purchasing this home. Photo Gallery Information Contact Information Liz Schuyler 757-235-0274 liz@teammaxx.com Pricing Rent: $1,700.00 per month Links TEAM MAXX Website Features Bedrooms: 4 Bathrooms: 2.5 Parking: Attached Garage Year Built: 2005 Subdivision: Oaklake Lot Size: .40 Garage Size: 2 Car School District: Lakeland Square Footage: 2020 Agent Name: ..(read more)

Virginia Beach Rental

433 Garcia Drive Location: Beechwood Gardens Fabulous location - ½ mile from 264 and 2 miles from the ocean! Bike to the beach! This four bedroom spacious home has lots of extras: all appliances, eat-in kitchen with island, master bath with separate shower and tub, and a spacious two car garage. Located on a cul-de-sac in a quiet neighborhood. Great beach living, just in time for summer! Information Contact Information Bryant DeLapp 757-286-9141 bryant@teammaxx.com Pricing Rent: $1,800.00 per month Links TEAM MAXX Website Features Bedrooms: 4 Bathrooms: 2.5 Parking: Garage Year Built: 2003 Subdivision: Beechwood Gardens Garage Size: 2 Car School District: First Colonial Square Footage: 2009 Agent Name: Bryant DeLapp Broker: RE/MAXX Allegiance MLS #: TM17290 Attributes Appliances Range/Oven Full ..(read more)

Increase the Odds of Selling Your Home by Cleaning Out Clutter

Whether you're getting ready to put your home on the market or you simply want to get a fresh start in 2007 -- clearing clutter is the answer. Your REALTOR® will tell you when they show buyers a cluttered home, no matter how lovely it could be, prospective buyers just can't picture it and will usually pass or make an offer for much less than the seller thinks the home is worth. Yes, packaging matters. It matters when you're buying a product in a store and it matters when you're selling your home. Think about the way model homes are packaged for display. There's so little in them; yet they look just perfectly appealing. Of course, that's not how any of us really live. But it's how consumers want to see the home. The fact is, maybe we could live with a little less -- at least while our home is on the market. After all, much of the clutter ends up collecting dust! And since you are moving, packing up some of your belongings before you actually move out (or even getting a tax ..(read more)

Mortgage Insurance Slated For Tax Deduction

Years in the making, a federal tax deduction for mortgage insurance is all but assured after bills which include the provision were passed last month by both the House of Representatives and the U.S. Senate. Only borrowers who close loans during and after 2007 and make less than $100,000 a year will be eligible to deduct all the private or government mortgage insurance paid for the year. A tax deduction reduces taxable income, leaving less income to tax. The new break with result in an average tax savings of between $300 and $350, according to Howard Glaser, a Washington lobbyist and former senior official in the Department of Housing and Urban Development. During the past five years, about one in five new loans have included mortgage insurance, according to Jeff Lubar, a spokesman for the Mortgage Insurance Companies of America, a trade group for private insurers, but the number of new policies has fallen. The group's "2006-2007 Fact Book &Membership Directory" ..(read more)

Senior Citizen/Disabled Person Real Estate Tax Relief

The City of Virginia Beach offers Real Estate Tax Exemption/Deferral/Freeze for Senior Citizens and Disabled Persons designed to provide property tax relief for qualifying applicants. Eligibility is based on a combination of age, disability, income and total assets. Applications for exemption must be filed by June 30 preceding each tax year for which exemption is sought. To qualify: Senior Citizen - 65 years or older
or
Totally Disabled - no age limit, $10,000 income exclusion Must reside in the Virginia Beach residence or a convalescent facility Tax Exemption: Reduction of 20% to 100% based upon income Annual household income must not exceed $46,100 Assets (excluding residence) must not exceed $350,000 Tax Freeze: Tax Remains Unchanged Annual household income must not exceed $52,000 Assets (excluding residence) must not exceed $350,000 Tax Deferral: Tax will become due, upon ownership change in ..(read more)

New Tax Deduction Will Make Housing More Affordable

The attached news release from MICA is some of the best news the housing industry has had in some time. The new tax deduction will make homes more affordable by allowing many American home buyers to write off premiums for private and government mortgage insurance. This deduction will be effective for the 2007 tax year. WASHINGTON, D.C. December 9, 2006 -- A new tax deduction will make homes more affordable next year by allowing many American home buyers to write-off premiums for private and government mortgage insurance.The deduction, which will help families who can’t afford the traditional 20 percent down payment for a home mortgage, will be effective for the 2007 tax year. “Making the cost of mortgage insurance tax deductible helps those who need it most: low- and moderate-income Americans, primarily first-time ..(read more)

Document Value Of Donated Household Goods

If you regularly count on Goodwill, the Salvation Army and others to find homes for what won't fit in your attic, garage or spare room -- all while getting a charitable tax deduction -- do your spring purging now. That's especially true if you commonly fudge the value of donated items. In 2007, the Internal Revenue Service will hold you accountable for accurately documenting the value of donated goods under a new tax edict tucked away in the Pension Protection Act of 2006, signed by President Bush this summer. The broader act is aimed at curing the ailing defined-benefit pension system but it includes a host of unrelated provisions, including one that governs required, accurate documentation when you claim tax breaks for gifts, including household goods trucked off to charitable organizations. Under the current law, the IRS pretty much takes you at your word when you claim a tax break for donations of money or items you've valued at up to $250. Documentation is required for ..(read more)

Local Military web sites

Here is a list of Military web sites that you may find useful. Naval Station Norfolk Naval Air Station Oceana Naval Amphibious Base Little Creek Naval Medical Center Portsmouth Norfolk Naval Shipyard Fleet Combat Atlantic Training Center Dam Neck AEGIS Training & Readiness Center Air Combat Command Joint Forces Staff College Commander Naval Air Forces - Atlantic Fleet Commander Submarine Force - Atlantic Fleet Commander, Navy Region, Mid-Atlantic COMNAVSURFLANT - Commander, Naval Surface Force U.S. Atlantic Fleet Department of Veterans Affairs Deployments and Exercises Joint Deployment Training Center Military Sealift Command Naval Atlantic Meteorology & Oceanography Center Naval Safety Center ..(read more)

Virginia Beach Need to Know Contact Information

ECONOMIC VITALITY - The business of creating, sustaining, and enhancing public and private wealth in Virginia Beach, consistent with the overall well-being and quality of the Community. This includes focusing on: Economic Diversity and Growth Business Climate Community Environment Work Opportunity and Security Opportunity for Upward Mobility and Success Regional Setting and Relationships City Agency / Primary Number Primary Contact Services Offered Agriculture
757.385.5775 matkinso@vbgov.com View Services • Farmers Market
757.385.4395 FarmMrkt@vbgov.com View Services Convention & Visitors Bureau
757.385.4700 ..(read more)

Virginia Beach Stats

Geography:
Land .. ................................... 258.7 square miles (670 km 2 )
Water ..................................... . 51.3 square miles (122 km 2 )
Average elevation ………...12 feet (4 meters) above sea level Population:
Virginia Beach is the most populous city in the Commonwealth and the 38th largest in the United States. Virginia Beach’s population was 425,257 in 2000. Virginia Beach is part of the Norfolk / Virginia Beach-Newport / News VA-NC Metropolitan Statistical Area (MSA). Income (2001 Estimated Household):
Virginia Beach MSA Median Household Income $49,525 $41,915 $100,000+ 11% 8% $75,000 - $99,999 12% 10% $60,000 - $74,999 ..(read more)

Virginia Beach, VA Real Estate

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Community Information

You don't have to look all over the Internet to find the real estate information you are looking for! Our website provides a wealth of real estate resources and up to date property and community information right in one convenient location. And we pride ourselves on personal service so we encourage you to contact us with your questions and to discuss your individual needs. Community Information - Up to date community information including maps, recent home sales, demographics, school reports, crime statistics, houses of worship and much more! Real Estate Guide - Answers to hundreds of common questions about buying, selling, investing and mortgages. Real Estate Glossary - Definitions for common real estate and legal terms. ..(read more)