Ginter Place, located on Richmond's North Side in the Ginter Park neighborhood, is a great example of boom-bust-recovery. Brought to the market just prior to the market collapse of 2008, Ginter sold a mere 15 of its 69 units in the first 36 months of being marketed. It was essentially a dead project. In April of 2012, the listing agreement was not renewed and a new group … [Read more...]
Vistas on the James
The Vistas on the James is a 140+ unit complex in the Shockoe neighborhood in Downtown Richmond. VotJ largely sets the market for condos in Richmond as its location is superior, the views are superlative and the accompanying amenities are more robust than any other project. Built and sold largely before the market collapsed, the majority of the condos were sold at or near … [Read more...]
What You MUST Know When Buying a Richmond VA Condo
Buying a Richmond VA condo comes with a completely different set of risk factors than buying a home in Richmond does. From financing to underwriting to appraising, the additional layers of risk inherent in a condo purchase must be understood in order to make an informed decision. While many of the same principles that you would use in buying ANY real estate still apply … [Read more...]
Understanding Lending Means Understanding Risk in Richmond VA Condos
When the financial world began to capsize in 2006 (with the Richmond VA Condo market largely feeling the thud in the summer of 2008), the world of mortgage lending changed dramatically. The pendulum that had swung as far to one side as to allow "NINJA Loans (No Income, No Job, No Assets)" now swung back the other way so far as to disallow almost every loan. Condominiums, with … [Read more...]
The Reserve
Located along 25th Street (at the corner of E Franklin), the Reserve project is a combination of both historic rehabilitation and ground up new construction. Developed by Clachan Properties and designed by David Johannas, The Reserve is really two projects in one. When all said and done, the Reserve was 25 total spaces with 9 in the warehouse and 16 in the newly … [Read more...]
The 212 Condos
Located in Eastern Jackson Ward along the 2nd/3rd Street corridor adjacent to the Convention Center, The 212 is 12 residential units and 5 commercial spaces at street level. The project was developed by Walker Row Partnership (Ron Stallings) and designed by local architect Burt Pinnoch of BAM Architects. The design of the units were far more traditional than the … [Read more...]
Gotham
The Gotham Condos are located in the heart of Downtown at 1205 E Main Street near the "Iron Front" block and just steps from Shockoe Slip. Gotham, in many ways, launched the condo craze in the historic areas of Richmond's Downtown neighborhoods. REO Enterprises purchased the building with the intent of creating a true urban living option that was completely lacking in … [Read more...]
The Marshall Street Bakery
The Marshall Street Bakery is a 23 unit project in the Western section of Jackson Ward located at the corner of Brook Road and Marshall Street. The Bakery shares top billing on the corner with the Emrick Flats condos, located directly across Marshall Street in the W 100 block. The Marshall Street Bakery was purchased by a local development group for conversion into 23 … [Read more...]
The Cary Mews
The Cary Mews Project was a joint venture between Sensi Development and The Monument Companies in a warehouse/vacant lot property along West Cary Street in the 1700 between Meadow and Lombardy. Consisting of 13 total units broken into two distinctive properties, the Mews has really come along as both the landscaping has matured and other development on the block has been … [Read more...]
The Emrick Flats
Located in the western section of Jackson Ward in the triangle formed by the confluence of Brook Road, Marshall and Adams Streets just off of Historic Broad Street, the Emrick Flats have and always be a personal favorite. 25 units that do not apologize for their "industrial chic" motif, the Emrick Flats were a complete departure from Richmond tradition when they were developed … [Read more...]
