What $1 Million Will Buy You in Norfolk, Virginia

Posted by Tereesa Admin on Monday, July 23rd, 2018 at 10:07am.

What $1 Million Will Get You In Norfolk

We don’t know about you, but for a good many of us there was a time when we were young that the premise of having ‘a million dollars’ meant that you would be beyond set for life and you could just spend, spend, spend to your heart’s content. As you get older, you come to realize that one million dollars wouldn’t have you acting like that at all - in fact, it turns out you might do little more than buy your dream home with cash.

Which, in itself is still pretty darn sweet..

It’s equally true that a million dollars won’t get you much at all if you’re buying nice homes in New York, L.A., or Miami. You can include Washington in that super-pricey real estate group too, but here in Virginia we just can’t say enough good things about Norfolk real estate. Not only because it’s so close to New York and Washington, but also because you can get superb value on your 1 million dollars right here. 

Let's take a look at some, shall we?

Waterfront Views

You’d be very hard pressed to find a home with waterfront views in most big urban areas in the US for anything less than 3 or 4 million in most cases, but in Norfolk you can have a home with a view overlooking the Chesapeake Bay for around $1 million USD. The Ocean View East area has a number of homes that would meet most of your criteria for desirability AND are located right on the water.

Again, there’s simply no way you’d get so much for that amount both higher up or lower down the Eastern seaboard, which goes far in putting Norfolk homes for sale on the radar of those looking for waterfront property.

Private Boat Docks

Yes, 1 million US dollars is going to get you a LOT farther in Norfolk if you’re an avid boater with your own vessel and you’d like to have it moored immediately off your property. Many stately homes off of the Lafayette River in the Williamsburg area will have their own dock extending into the river. Not only are they ideal for your boat, but you’ll find that the end of one is a great place to take a couple of chairs and soak up some sun now and then.

Want the same in the inland waterways of Palm Beach in Florida or elsewhere? You’ll be paying a much prettier penny without a doubt.

Bedrooms:  Lots of Them

Some families have a flock that is much larger than those of others. If you can relate, then you’ll know what it’s like to have the need for more space, and particularly bedrooms for all those kiddos! We always see homes with 6 or even more bedrooms in the Norfolk, VA area being listed in the vicinity of 1 million, and it’d be almost unheard of to be able to buy a home with that many sleeping spots pretty much anywhere else on the East Coast of the country.

Spacious Backyards, Many with Swimming Pools

We imagine there isn’t a single person who doesn’t love being able to roam around their expansive garden on hot summer’s day or take a dip in their own swimming pool when the mercury is pushing through the top of the thermometer. Many homes in this price range will come with spacious backyard areas and often have a swimming pool built into the backyard terrace.

For similarly priced properties elsewhere in the Eastern U.S., you had best be resigned to doing your swimming at the public pool or in the ocean.

Renovation Investment Opportunities

Alright, this is a bit of a departure from what we’ve been talking about. However, there’s still plenty of merit to the fact that having 1 million dollars to purchase a home in Norfolk, VA could allow you to do the following; buy a home of considerably lesser value and then invest the difference in making the property even more attractive and liveable. This can be true if you’re looking to flip the property down the road or enjoy making it your home for the foreseeable future.

Many people actually enjoy renovating a home after buying it, but you’ll almost certainly be left with very little of your purchasing capital if you’re relying on your 1 million to allow you to do something similar in more expensive locales along the eastern seaboard of the U.S.

Interested in purchasing a home in Norfolk, Virginia? Please contact Chandler Realty for any and all inquiries regarding Norfolk homes for sale and real estate in coastal Virginia.

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