Pretty much everything has a personality. Obviously people have a personality (and not all of them are great!), but so do areas of a city, neighborhoods and, condominiums. And while each of us will be attracted to a little something different in a condo, here are some simple personality traits in some of the condos around the city of Richmond. Polished While … [Read more...]
The Dues Myth
One of my favorite (ok LEAST favorite) statements that I hear when I am showing condos sounds something like this — ‘I like it, but the dues are sooooo expensive. And besides, single family homes don't have dues.’ Sorry, but that statement simply isn't true. Single Family Dues Single family homes have dues that fall into two basic categories: neighborhood dues (or … [Read more...]
Self Driving Cars and Development
The driverless car is coming. There is no doubt. Seriously, imagine pushing a button on your phone and a car appears outside your home, sans driver, to take you to work, the mall, the airport, or to visit a friend. This will be an option, and sooner than you think. The technology exists already, it's just being refined. Cities such as Boston, NYC, San Francisco, and … [Read more...]
What it is depends on where you’re from
One of my favorite things about real estate is how local it is. Each market is unique and what is customary in one market can vary greatly from another — even when the markets are quite close to one another. And therein lies the danger, as the language one market uses might mean something totally different in another. Here are some common terms that can be … [Read more...]
Condo Values are Wacky
I live in a single family home, but I have sold a lot condos. And despite the fact that each provides us a way and place to live, they are really two different animals. Without going into too much depth about the differences in ownership and financing (which are significant), the main difference is in how they are valued — especially within their own building. The Ginter … [Read more...]
Rumblings…The New Condos in Richmond VA on the Horizon
It has been a while since we have seen any new condos in Richmond VA and hopefully, it is about to change... The last completed and newly constructed condo project was a small property along Broad Street near the intersection of Broad and Adams Street in the Jackson Ward neighborhood. It was less than 10 units and for numerous reasons, was nearly 3 years in its … [Read more...]
Buy Now, Pay Later – Understanding Condo Financing
Miller and Rhodes is the worst example of how buyers got burned by not understanding the impact of finance on condo values. The local lenders who offered a limited number of loans also failed to understand the risks.[/caption] 'But the listing agent said that there was condo financing,' they said in a distressed tone. 'For you...but not for your buyer.' Stated in its … [Read more...]
Nolde Bakery Condos
The Nolde Bakery, located at 306 N 26th Street is an interesting case study in the real estate recovery. Developed by Buddy Gaddams of Marathon Development in the Tidewater area (Norfolk, I think) beginning in 2005, the condominium project represented the leading edge of warehouse conversions in the Richmond market. The Nolde Bakery is a turn of the century warehouse that … [Read more...]
6 N 6th
The 6 N 6th project, located at (yes, you guessed it) 6 N 6th Street in Richmond's Downtown, is a conversion of a <20 unit apartment project developed in 2007/8. The location for the project can be considered 'fringe' in that it is close to many of the important employment locations in Downtown but lacks a wide variety of residential amenities nearby. This commentary … [Read more...]
Fannie and Freddie Say ‘Burbs…
The claws of the banking machine started to loosen their grip on credit not all that long ago. People can actually get some money to buy a house. It’s not easy—certainly not like the wild years that led to the crash—but people are getting loans. But the scars of that period remain. Foreclosures are in the rear view mirror, but still not out of site. Everyone knows how to do … [Read more...]
