My name is Rick Jarvis and I have sold a lot of condos.
In 2007, I was asked to help sell a new condo project in the Jackson Ward neighborhood called the Emrick Flats. It was before we had formed One South and before we ended up representing close to 20 different projects. Emrick Flats turned into the Reserve turned into Tribeca and so on. We now represent Ginter Place and have taken what was a project that had sold 15 condos in 4 years and sold it out in 24 months.
Selling condominiums in Richmond was a new thing in the mid 2000’s. When we re-developed a small 6 unit apartment building in the Museum District into a upscale (at the time) and affordable condo project in 2004, there were less than 10 condos on the market in Zone 10. By 2008, there were over 400 for sale in Zone 10 alone. When you added in Rocketts Landing, Lock Lane, Ginter Place and Monument Square, the real number was closer to 700.
Selling condo properties requires a tremendous understanding of the lending and HOA management process. Each project much be managed into a condition called ‘Warrantability‘ whereby the GSE’s (Fannie Mae, Freddie Mac and FHA) all view the project as in compliance with their massive list of requirements. Miller and Rhodes, The Presidential and Nolde all failed as condos because they never grasped the importance staying compliant. When they fail, they take down the unfortunate owners that were willing to be some of the first to purchase and everyone suffers.
If you have questions about the process, feel free to reach out to our condo experts. Having acted as exclusive listing agents for close to 20 projects and sold units in almost every project in the Metro, we know how to protect you. We know the risk factors and the people involved. We have also developed a bit of a reputation within the development community of ‘hey lets bounce this idea off One South to see if this is a good idea or not’ so we know what it is on the books, too.
Rick Jarvis, Founder and Lead Project Sales