Drick Ward

Why Chimney Hill Condominium is such a great value can be explained quite easily. The condominium was built in the late 1980’s and is entirely located within the Chimney Hill Community Association. That means you get the benefit of their clubhouse and pool, tennis and ball courts, playgrounds and parks – but because the condo does not have to maintain these amenities on their own, the condo fees are able to remain low.

The condo grounds are well maintained and look presentable throughout the year and over the years. The location is ideal for Virginia Beach. With easy access to Rosemont Road and Holland Road, Independence Boulevard and I-264 are nearby to connect you with the Oceanfront, Oceana Naval Air Station, Dam Neck Base, and all of Hampton Roads.

The thing that has helped the community maintain real estate values throughout the years is the fact that it’s a well planned community with three different floor plans for the two and three bedroom units. Quads, Townhomes, and 8-Plexes each offer specific benefits so the community is sure to please any prospective buyer. The Quads and Townhouses have traditional townhouse layouts of kitchen and living areas downstairs with an interior staircase to the second floor for bedrooms. In the quads and 8-plexes, both bedrooms have their own bath, so they are all master suites. The upstairs floor plan of the 8-plex has an additional loft which could be a third bedroom if desired.

The desirable floor plans, convenient location, and affordable condo dues have made Chimney Hill Condominium one of the best values for your condo shopping dollar in Virginia Beach.

Chimney Hill Condominium in Virginia Beach is one of the most desirable condo associations in the area because of the intelligent design of the community and relatively low condo fees. The association was created within the larger Chimney Hill Community Association, so the condo doesn’t need to individually pay for a pool, clubhouse, tennis courts, or playgrounds; each of these amenities are provided by the home owners association. Additionally, the location is convenient to everything in the area. Truly, you are about 15 minutes to the oceanfront, 5 minutes to Town Center, 20 minutes to Norfolk, and about the same to Chesapeake. The community association has planned activities throughout the year for all residents to enjoy.

The community itself is also comprised of three basic floor plan styles. The townhomes are traditional (bedrooms up, living/kitchen/dining down) with wood decks in the rear and two parking spaces just out the front door. The Quads, are similar in that the living and dining areas are downstairs and bedrooms are upstairs, but there are only two bedrooms, each with its own vanity and private bathroom. This style also has a small back yard with privacy fence. The third style is the 8-Plex which is available as a downstairs unit with fenced patio and outdoor storage shed, two master suites separated by the great room and kitchen and everything is on one level. The upstairs version has a vaulted cathedral ceiling and spiral staircase to a bonus room (suitable as office or third bedroom). This upstairs floor plan is the most popular in the community because there are only 16 of this layout in the entire community of 137 homes. Every home in the complex has a wood burning fireplace for added nostalgia and extra warmth.

The parking in Chimney Hill Condominium is another intelligent design feature. The community was created with 2.33 parking spaces per unit. Although only one is assigned per unit, there is ample parking for visitors and residents are allowed to purchase exclusive rights to an extra parking space on an annual basis.

The unit at 713 Mount Holly Muse has had one owner and has been maintained in excellent condition. It has new Berber carpet throughout and updated appliances. A second floor unit, it has the loft which overlooks the great room and is painted in a neutral color – truly ready for you to move right in. Perhaps the best part is the price – these units are approved for VA loans and you can actually own for less than you would expect to pay in rent. With two master suites, the layout is ideal if you decide to have a roommate.

Foreclosures in Hampton Roads returned to the trend of the first half of 2011, edging downards to a new low of only 8.01% of available market inventory.

If you are considering a foreclosed property in your home search, be sure your broker is familiar with the REO market.

It's been two weeks since my last update, but the numbers haven't changed dramatically over that time. REO properties continue to represent around 8% of overall available inventory, Short Sale listings remained virtually unchanged, so distressed properties still represent only 21% of available inventory.

That means for every five homes on the market, one of them is a short sale or bank owned foreclosure. Not too bad when compared with some parts of the country which were hit much harder. If you're considering buying an REO property, talk with an agent who is familiar with the market segment. If you are an asset manager looking for an agent to market properties for you, be certain it's an agent who understands the local and REO markets. Call me for more info.

This week, distressed properties as a percentage of overall market inventory for Southside Hampton Roads continued the decline started the first week of January. Of overall inventory, 8.56% is REO and an additional 12.84% is SHORT SALE totaling 21.40% distressed properties.

So for Southside Hampton Roads, for every 5 houses on the market, only 1 is an REO or Short Sale listing. This would seem to indicate the market is rebounding, or at the very minimum, the asset managers are getting a better grip on managing inventory for optimal market performance.