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| Historic Petersburg Courthouse |
It’s common knowledge that Richmond Real Estate is healthy and growing. While the market for renovations is still strong, competition is growing along with prices and that means shrinking returns for investors. So unless you have max buying power, it’s getting harder and harder to find those diamonds in the rough. As the market saturates in Richmond, investors are looking beyond the Greater Richmond area to up-and-coming Petersburg, Virginia!
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Homefields' sold listing in the heart of Folly Castle Historic District
This home, built between 1790-1820, has most of its original features |
Like Richmond, Petersburg shares a rich history that you can experience first hand. In fact, many homes you can find in the historical Walnut Hill district pre-date homes in Richmond many of which were destroyed in the fire of 1865. At the turn of the century, Petersburg was the richest city on the east coast and many of the architects that built some of the most notable homes in RVA (think Windsor Farms and River Road) also designed many homes in the affluent streets of Petersburg in its heyday.
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| Homefields' recently sold listing on W. Washington St. in Petersburg, VA |
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| Gina Harrison's sold listing on S. Crater Rd. in Petersburg, VA |
“It’s a beautiful town with a huge amount of potential,” says Gina Harrison, a recent client of Homefields’ who listed and sold her gorgeous 3.5-acre historical renovation. “The homes are spectacular and Richmonders are taking advantage of great prices,” she continues. This is not just true for the residential market, either. Many small businesses are blossoming in historical downtown Petersburg, taking advantage of cheap rent and an unsaturated market. Lots of
local eateries,
breweries, and other
small businesses have steadily gained recognition and foot traffic.
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Butterworth building, Trapezium Brewery, and King's Famous BBQ
which has been around since 1946 |
The renovation of former Butterworth Furniture Building into the Ward Center for Contemporary Arts, using historical tax credits, was the beginning of Petersburg’s cultural renaissance in 2014,
according to Style Weekly. "Now that more affordable living and working space has become available, artists are renting or buying and renovating older spaces for homes, galleries or studios. More restaurants are popping up, including ones with Richmond roots such as Croaker's Spot,” Style reports.
Historical Tax Credits aren’t just limited to enterprise. Individuals can apply for these tax incentives on their own home purchase!
Petersburg is swiftly becoming the new hotspot to be in Virginia. If you're looking to invest, look no further than the historic streets of Petersburg, where you can find not only beautiful homes but a great place to live!
