Morning Briefing: Virginia housing market up 11 per cent in the third quarter

by Steve Randall02 Nov 2015
Virginia housing market up 11 per cent in the third quarter
The residential real estate market in Virginia increased in value by 11 per cent in the third quarter compared to the same period in 2014. The Virginia Association of Realtors reports that the dollar value of the sales totaled $10.1 billion as activity was boosted by low mortgage rates and the improving economy. The number of units sold rose to 31,176, exceeding an 11 per cent rise over the same period last year. When we look at the double digit growth in sales from this time last year along with increased revenues to the state through the recordation tax, we have confidence in Virginia’s improving housing market and its positive impact on our overall economy.” says VAR President Deborah Baisden. “With prolonged access to low interest rates and stabilization in employment confidence, there is valuable opportunity for buyers to enter or upsize in this market.”
$40 million – for a log cabin!
America’s largest log cabin is on the market at a staggering $40 million! Granot Loma is on the banks of Lake Superior and is currently the most expensive house for sale in Michigan. The New York Post reveals that the mammoth price tag is for an estate, not just a cabin; with 5,000 acres, a private harbor and marina, boathouse and giant hot tub. It’s the main house that is the star attraction though. The 23-bedroom home, built from Oregon pine but with cement and stone too, has 12 bathrooms and a White House-inspired kitchen. There’s also a steam room, gym, wine cellar and card room – more than 50 rooms in total!
Insurance body calls for flood risk indicators for real estate
Real estate listings should include a flood risk indicator to allow buyers to more easily assess the risk. The call is being made by the Association of British Insurers which will hold its Biennial Conference this week. The body has conducted a survey of 2000 adults which found that 90 pent would be in favor of the information being included in property listings. The proposal is that a ‘traffic light’ system would be used to show low, medium and high risk of flooding for every property. The ABI also says that real estate lawyers should specifically research flood risk on behalf of their clients. ABI director general Huw Edwards commented: “"With one in six homes at risk of flooding, we need to make thinking about flood risk as much part of the home buying process as school catchment areas and transport links. At the moment, information on whether a property is at risk of flooding comes too late.”


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