Dave Macklin

Most of us won't be buying a million dollar Viginia Beach home in anytime soon. But who does buy million dollar Virginia Beach homes...probably not who you think. A recent study, conducted by Coldwell Banker Previews International, shows the majority of million dollar homeowners are younger baby-boomers, working for corporations with household incomes less than $500,000.

Today's million dollar homes don't include ultra-lavish features such as tennis courts, putting greens and servants' quarters. Popular features of homes in the survey were designer kitchens, found in 65 percent of the residences, and original artwork, which 54 percent of respondents owned or planned to buy. Wine cellars are in or may soon be installed in 37 percent of the homes, and 89 percent have home entertainment rooms that can accommodate more than six people.

Other popular features included:

• Security systems, in 86 percent of homes
• Professional landscaping, in 67 percent of homes
• Wet bar, in 57 percent of homes
• Movie-theater-style seating in entertainment rooms, in 24 percent of homes
• In-ground swimming pool, in 37 percent of homes
• Hot tub, in 35 percent of homes

Not the stuff Hollywood leads us to believe a millionaire lifestyle consists of.

So what does a million dollar home look like? CNNMoney took a look at what a million dollars will buy across the country. Here are a few results:

Now let's look what a million dollar Virginia Beach home looks like!

$1,079,000
6 Bedrooms, 4 Baths
5,422 Sq. Ft.

MLS ID# 0837438

Listing brokered by William E Wood

11 rooms. Spectacular kitchen. Stone fireplace. In-ground pool.

$1,100,000
5 Bedrooms, 3.5 Baths
5,100 Sq. Ft.

MLS ID# 0754658

3 gas fireplaces. Hardwood. Brick patios. Water views.

Listing brokered by Rose & Womble Realty.

$995,000
5 Bedrooms, 3.5 Bath
5,000 Sq. Ft.

MLS ID# 0807517

Rooftop deck. Ocean views. Screened porch. Hardiplank.

Listing brokered by Prudential Decker.

Search all million dollar Virginia Beach homes for sale.

Virginia Beach listing info and photos courtesy of Realtor.com.

Chesapeake Real Estate July 2008 Sales Statistics

Residential sales in Chesapeake dropped by 7 percent in July compared to July 2007, causing the average market time to increase 24 percent, from 68 days to 84 days. The good news is, the median sales price increased 2 percent, while the average sale price increased 1 percent to $305,880.

What do these statistics mean for Chesapeake real estate buyers?

The Chesapeake real estate market has not started to stabilize and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Virginia Beach Real Estate: Housing & Economic Recovery Act.

Also read:
Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Chesapeake Market Trends June 2008

To learn more about Chesapeake real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com.

Search all Chesapeake and Virginia Beach homes for sale.

Find out what your home is worth.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Virginia Beach Real Estate Market Report

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. "In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values," Gaylord said. "Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today's buyers are very well positioned to build wealth over time." National Association of Realtors®.

Let's take a look at the Virginia Beach real estate market activity for this July to see what is happening locally.

Virginia Beach July 2008 Sales Statistics

Residential Virginia Beach real estate sales dropped by 18 percent in July compared to July 2007, causing the average market time to increase 11 percent, from 56 days to 67 days. The median sales price decreased 6 percent to $255,000 and the average sales price decreased 9 percent, dropping to $304,470.

What do these statistics mean for Virginia Beach real estate buyers and sellers?

Our market has not started to stabilize yet, but remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Virginia Beach Real Estate: Housing & Economic Recovery Act.

Also read:
Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Re-capturing the American Dream With Virginia Beach Real Estate
Virginia Beach Real Estate: Housing & Economic Recovery Act
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008

To learn more about South Hampton Roads and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com.

Please use our complimentary Virginia Beach real estate search.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

It is no surprise to those of us who live here, that Virginia Beach is a great place to raise a family. Best Life Magazine agrees, ranking Virginia Beach #2 in its Best Place to Raise A Family survey.

Honolulu, HI took #1 place honors, while Clarksville, TN came in last. The survey considered schools with favorable student-teacher ratios, above-average test scores, and respectable budgets. Also looked at were the number of museums and parks, commute times, housing costs and number of divorced families.

Data from the U.S. Census Bureau, National Center for Education Statistics, FBI, American Association of Museums, National Center for Health Statistics, and American Bar Association was also used to evaluate 257 cities.

Other honors for Virginia Beach include:

• Top 10 Greenest Places to Retire by US News and World Report

• Sixth Best Big City by Money Magazine

• Best Place to Live in America by USA Weekend magazine

• #1 American City by Ladies Home Journal

• Most Stroller Friendly City by Fit Pregnancy magazine

Being recognized nationally not only reinforces what we locals already know, but is also a boom for Virginia Beach real estate. National attention puts Virginia Beach on peoples' radar for possible relocation, creating more demand for housing and keeping Virginia Beach real estate values up.

If you are considering relocating to Virginia Beach, you can search all Virginia Beach real estate for sale or get a list of new homes for sale as they hit the market...automatically and for FREE! For all other Virginia Beach real estate information, visit ButlerTeamHomes.com.

Also read:
Virginia Beach Best For Retirees
Virginia Beach Tops For Having A Baby

Are you in a crunch and considering selling your Virginia Beach home by means of a short sale¦but have lots of questions? Below are the Top 10 Virginia Beach Short Sale Questions¦Answered

Number 10 I cant make my house payments, but I do have an ability to pay back all or part of the negative equity. Also, I want to preserve my credit score¦is a short sale right for me?

Probably, not. In cases where the seller can pay back all or part of the negative equity (usually to the 2nd lien holder), it makes sense for them to work out a repayment plan. The lender will then release the lien and allow the home to close.

Number 9 If I pay mortgage insurance and default on my loan, why wouldnt that cover the deficiency amount?

The mortgage insurance is not there for your protection, just the mortgage lenders.

Number 8 Do I have to have my home 'Approved' by the lender prior to offering it for sale as a short sale.

No. Technically speaking there is no such thing as being 'Short Sale Approved.' The actual approval only happens with an accepted offer.

Number 7 I just missed a payment and I know I will miss more¦how long does the foreclosure process take and is there time to do a short sale?

The foreclosure process takes differing times depending on your state. In the Midwest a foreclosure can take over a year. In California its taking 6+ months. Generally speaking a well priced short sale being processed by an educated Virginia Beach short sale listing agent will sell and close in less than 120 days.

Number 6 Will I still have to pay property taxes if I do a short sale?

Property taxes will always have to be paid as part of any accepted short sale. Whether its you or the lender, it depends on their policies and the specific agreement you reach while negotiating the short sale.

Number 5 I owe more than my home is worth and I cant make the payment. Do I have to somehow qualify for a short sale?

The simple answer is NO. If someone cant make their payment and they are otherwise insolvent, they qualify for a short sale. Note: insolvent simply means their total debts are greater than their assets.

Number 4 Do I have to pay income taxes¦I have heard that I will get a 1099. Will the loss the bank takes be treated as a taxable gain to me¦the seller¦is this true?

It WAS true, now its not. Consult your Tax Attorney or Qualified CPA. Very recently the tax law was modified and now most people who do a short sale will have no taxes due.

Number 3 How do you, my listing agent get paid¦who pays your commission?

The bank will pay the commission along with all the other usual closing costs.

Number 2 Do I have to miss a payment to do a Short Sale?

No. Late last year most major lenders started accepting short sale offers from sellers who have never missed a payment.

Number 1 I want to do a short sale and have a 2nd mortgage, does this make me ineligible?

No. Both of your lenders will need to be satisfied in some way to complete the short sale. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender. Most short sales do involve 1st and 2nd lien holders.

Article courtesy of: Tim and Julie Harris, www.AgentShortSaleSecrets.com

If you would like more information about short sales or Virginia Beach real estate, visit our website, ButlerTeamHomes.com or give us a call at 866-222-0158 #550 for more personalized service. Interested in the current market value of your home? Visit VirginiaBeachHomeSellers.com. Your home valuation will be emailed to you. Also read our blog: AllVirginiaBeachRealEstate.