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Just did some preparing for a listing appointment. I wanted to have some information available on market time for this potential listing. I took a look at recent sales and current listings to determine some estimated absorption rates for this particular property...
This is an area of GHENT in Norfolk VA. It is a great residential area, close to shops, downtown, dining, schools, etc. The information from my analysis varies depending on criteria used - no surprise there!
Looking broadly in GHENT Norfolk VA, there are about 132 homes for sale including single family detached and attached. In the past 6 months, 64 homes have sold for a 6 month month rate of about 10 per month. That means, simple math here, that it will be about 13 months before all homes are sold in my selected area.
Since the above review was broad, I wanted to highlight the exact zipcode for this property. In 23507, there are 39 attached single family homes for sale and 71 total homes for sale. Looking at the totals, 39 are pending or sold in 6 months with a target rate then of 6.5 homes per month. With 71 homes to sell, that is about 11 months to absorb the current listings.
For just the attached listings, 22 have been pending or sold in 6 months for a rate of 3.66 homes sold per month. With 39 current listings, the absorption of those homes could take 10 or 11 months.
This is food for thought for my potential sellers. The key will be to price it right from the start!
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Out of the hundreds of neighborhoods in Hampton Roads, most of its 1.7 million residents have heard of Ghent, which is one of the more popular historical districts of Norfolk, located near downtown. Much of this large area was built in the early 1900's and is commonly known as Ghent, West Ghent, or East Ghent. The architecture of most of the residences and businesses is amazing and has been, for the most part, left intact. There's nothing like it in any of the surrounding cities. For those who love historical landmarks, you'll love to just wander down the streets of Westover or Hampton Blvd. and take in the beauty of the grand homes that stand before you. You can easily find yourself walking down a wide tree-lined street with historic mansions to your left and right. Many of the older buildings have been renovated into apartments, co-ops, or even condos and still retain their charm. You might see new carpet, a paint job, and a stainless-steel refrigerator but the feeling of history is all around you.
Decades ago many of the residents of Ghent were musicians, artist, and students. Today, we're seeing a wide diversity of homeowners, including young professionals, the affluent, and people who just want to be near a happening city. Are you looking to make a move? You'll find just about every category of property in Ghent including, 7,000 square foot mansions, small apartments, 3-story condos, New York- style lofts, high rise gated communities, and moderate single family homes. Prices range from the mid $150k's to over a million.
Don't let the city life scare you; there are also plenty of families with children that love the convenience that the downtown provides. Nearby schools include Blair Middle School, Maury High School, Bina High School for Girls, Ghent Elementary School, and Children's Hospital School. If you need something a little "older", Old Dominion University and Hampton University are right around the corner.
The historical nature of the homes is the first thing that comes to mind when I think about this section of Norfolk. The second has to be the business and cultural aspects. Colley Avenue, which is synonymous with Ghent, has no shortage of patrons visiting its many quaint shops and restaurants. My favorite restaurant in all of Hampton Roads sits on this street, Magnolia Steak. You can also enjoy a cup of Starbuck's Coffee on the way to work, grab an ice cream cone from the famous Doumar's or drop by D'Art Center to further add to your art collection. One of the many staples of Colley Ave. is the Naro Theater. You won't find first run flicks here but you can catch some great foreign and independent films. The biggest draw for purchasers by far, however, has to be Ghent's close proximity to Downtown Norfolk and Freemason. The downtown area has totally transformed itself over the last 15 years. There are dozens of restaurants, bars, and plenty of family activities to keep you busy on a Saturday evening. Other popular attractions included the Harrison Opera House, Nauticus, Macarthur Mall, and Waterside. You are literally 2 miles from everything you need. My wife and I love Ghent and with the opportunities that there are in real estate now, we are looking for our second home. We love this place!
www.HomesAndFood.com is dedicated to exploring where we live and what we eat with an emphasis on Hampton Roads. Here you will find an abundance of articles and tips pertaining to recipes, interior design, home improvement, cooking supplies, and even real estate. Hampton Roads is comprised of 7 major cities in Virginia: Virginia Beach, Chesapeake, Norfolk, Suffolk, Portsmouth, Hampton, and Newport News.
Jeff Nelson
757-749-1616
The Real Estate Group
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I had a lovely walk around Ghent on Thursday. The houses, churchs, and street scenes were captured on camera! See below! Lots of houses and condos for sale in this part of Norfolk.

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I was just doing some looking for homes throughout the southside. I think I just saw the deal of the day in Norfolk.
This is a home in Ghent Commons. It is a 3 bedroom, 2.5 bath home built in 1981. There is a garage an
d a small fenced yard. Now for the best part.... It is priced $40,000 lower than the other home currently for sale in the neighborhood AND it is under $280,000! This is the first time a home has sold under $300,000 in Ghent Commons since 2004! (this home is a foreclosure, and like many foreclosures, is sold as-is, and may need some work)
If you are looking for convenience (walk to downtown, the Chrysler Musuem of Art, the YMCA, etc), and potential, look at this home!
Search for homes in Hamton Roads and Norfolk, Virginia Beach, Chesapeake, Suffolk and Portsmouth!
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