(RECAP: More Americans bought homes in September despite a persistent shortage of properties for sale. The National Association of Realtors says sales of existing homes rose 3.2 percent to a seasonally adjusted annual rate of 5.47 million, highest since June. Sales rose across the country. The supply of available was 2.04 million, down 6.8 percent from a year ago. Tight inventories drove the median price of existing homes up 5.6 percent from a year ago to $234,200.)
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(RECAP: As it looks to fill the commercial space left vacant by the departure of anchor tenant Southern Season earlier this year, Libbie Mill Midtown is moving forward with construction of the mixed-use development’s first residential pieces. Construction is underway on the Neighborhood of Libbie Mill Midtown, a mix of townhomes and condos totaling 994 units for buy. Work has also started on the development’s first apartment building, a five-tale structure in the heart of Libbie Mill that will total 327 rental units and 494,000 square feet. Construction started in June and is slated to wrap up on the apartment building in 2018. Models for the townhomes and condos are slated to open in the first quarter of next year.)
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(RECAP: A Richmond-area development group has bought the vacant Whittaker Memorial Hospital and could start renovating the historic building into a 62-unit apartment building by the beginning of next year. Whittaker Development II LLC closed on the buy for the Southeast Community landmark last Thursday. The sale price is “substantially north” of the $600,000 that C’est La Guerre LLC, the ancient owners, paid for the building last March. The project will place 62 one- and two-bedroom apartments into the existing building, which is on the National Register of Historic Places. The new group will be applying for tax credits through VHDA. If they get those and have a sound financing package, Newport News’ housing authority will grant $709,000 to the project from HOME funds — money HUD gives to localities for rehab projects, among other things. It will also offer eight Section 8 housing vouchers for future tenants.)
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