Harry’s Monthly Real Estate Insight

Great News for Suffolk

Welcome to August with some great news for Suffolk. The dilapidated buildings on the south side of W. Washington St. have been purchased by a major construction company to be rehabbed! Cross Realty was the listing and selling agent on the properties and brought the buyer and city together to make this project a winner for both. I must say it was one of the most satisfying sales I have ever done in Suffolk because of what it means to downtown. This is the best thing to happen to downtown since these building were built!

The buyers plan to do about 64 new apartments and retail area in the lower floors. This brings more people downtown and will help greatly with its revitalization for restaurants and shops. The city was very helpful in making this happen. The city has some other good plans for downtown, so stay tuned!

Our sales are way up for the last few months. I think it is a combination of hard work and a better market. We still have a ways to go to get to a balanced market because the bank owned inventory is still holding prices down. We are headed in the right direction. Not crazy to hear the government talking about getting out of the mortgage business. Over time that will drive interest rates up. More on that as it develops.

How can we help you or a friend? We have been selling homes, managing property and supporting the Suffolk community for over sixty years! Thanks for your continued referrals.

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Specializing in properties in South Hampton Roads, Virginia.