River Breeze Western Branch South

1 Reply | Chesapeake, Virginia

Does anybody know why property values have not gone up as much as the properties in other neighborhoods? I was looking at Redfin and saw that some of the houses in Riverbreeze sold in the high $280s in 2007; however, the most recent 4 bedroom property just sold for only $220,000. I just bought a foreclosure in that neighborhood and renovated it. I haven't decided yet if I will keep it as a rental or if I will sell it. If I sell it, I will likely lose money since I spent more money for renovations than I originally planned. However, if the value will not appreciate or will decline, I am thinking I might be better off selling now at a loss and investing somewhere else that have more potential for growth than keeping it as a rental. Thanks in advance for the response.

@Kristine F. Houses were selling at their peak in 2007, so prices may not be back at those prices yet since they were so overpriced then. Or, if you’re only looking at that one property that just sold for $220k, who knows, maybe it needed lots of rehab, or needed to be sold quickly. Did you look at the previous 6 months of comps to get a better idea of market prices? I realize your post is old. Did you end up selling or renting? Will the mortgage cover your expenses?