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...]
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...]
Who Is Behind This Site?
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 … [Read more...]
The Downtown Richmond VA Condo Market is Poised for Recovery
Statistically speaking, the Downtown Richmond VA Condo Market is as poised for recovery as any segment in the Metro. We maintain a website at RichmondVaCondos.net that tracks available inventory by market segment and project. It also tracks much of the sales data that is illustrated below. The following screenshot shows overall market inventory count the entire City of … [Read more...]
The Townes at Cary Place
The Townes at Cary Place, located along Cary Street (1700 block across from the Cary Mews), is an amazing example of both 'Pre-Bubble' and 'Post-Bubble' architecture side by side in the city. StyleCraft builders, a suburban home builder, built Phase 1 of the project (2009) as if the market had no limit to their collective budget. Phase 2, which began in late 2011, was built … [Read more...]
Summit Lofts
Developed in 2009 by the partners of Monument Construction, the Summit Lofts project was a trailblazing concept in that it offered a FOR SALE product in the Scots Addition neighborhood west of Boulevard. It was the only For Sale WAREHOUSE styled project west of Boulevard at all and it began to open other neighborhoods to the possibility of residential uses. Summit Lofts is … [Read more...]
