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 was brought into reposition and re-invigorate the sales at the project. With a combination of an amenity upgrade, decor changes, price and terms adjustment as well as a different look for the marketing, the project is now above the 50% threshold for conventional financing and thus, sales have been brisk.
Things to Keep in Mind when looking at Ginter Place:
- The developer is one of the most solvent in the Metro and thus the completion risk is close to nil
- It is one of the only project which offers gas cooking
- Veritas School has purchased the Baptist Theological Seminary on the cornet of Westwood Ave and Brook Road
- Some of the garage spaces are challenge by columns
- As a former hospital, the noise transfer between units is extremely low
To view properties available at Ginter Place…
