Sometime last week, I was driving around with a client through a typical suburban neighborhood and I made the comment about a new home for sale that looked huge and overdone. “That is a classic example of pre-2008 architecture.” What I think I was saying was that its style and presence were from a different era. It was an era that ended as fast and abruptly as any era had … [Read more...]
Manchester Pie Factory Featured on Downtown Loft Tour
One of the most striking condos we represent will be featured on the Downtown Loft Tour on March 27, 2010. The tour features 12 lofts in 9 buildings across 5 of Richmond's neighborhoods. The brief blurb on Manchester Pie Factory doesn't even do the condo justice: Across the river, The Manchester Pie Factory has Soho‑styled lofts, the latest in Jenn Air appliances and … [Read more...]
Report: Walkability Increases Home Values
You'll notice that we've included the 'Walkability Score' for the condos we've highlighted on our site...for good reason! Not only is 'walkability' a lifestyle joy, a new report indicates that it translates directly into increases in value. Indeed, the report indicates: Homes located in more walkable neighborhoods—those with a mix of common daily shopping and social … [Read more...]
Sitting in Traffic With Fanny and Freddy
As development and housing reel from the lack of credit available right now, the fallout is all around us. We know about foreclosure. We know about short sales. We know about property values re-adjusting severely and people being trapped in their homes. This is a problem, for sure, but it can and will be solved by a balancing of supply and demand. It is already getting … [Read more...]
Job Skills or a Lack Thereof
As a Realtor and/or ‘real estate professional’ or ‘real estate practitioner’ or…well, there are some that cannot be repeated here, but I digress….I have been known to get dragged into some philosophical discussions about real estate or the market or the some other aspect of the overall industry of real estate. Well, it happened again. And this time it was about my job! I … [Read more...]
Real Estate Predictions for 2010 from the Front Line
As we enter the first true ‘new’ market any of us have seen in the past 20 years, we can be sure of one thing….2009 ended on December 31, 2009. Ok, not funny. But seriously folks, here is what we do know: Fact 1 Where are the new houses? No one is adding ‘for sale’ inventory. This is pretty much universal and cuts across all property types and all regions of the … [Read more...]
The Year We Absorbed
January 1, 2009 - 400+ condos for sale in Zone 10 December 20, 2009 - 180 condos for sale in Zone 10 Didn't see that one coming, did you? I am not sure anyone did. What happened? Who bought all these condos? What does this mean for the future? We will talk about each of these one by one. 1. What Happened? Sometime in late April, after the market had literally … [Read more...]
$1B in Downtown Richmond Development
Venture Richmond announced this week that over $1B in new development projects were either completed or got started in 2009 in downtown Richmond. Not too shabby! The announcement highlights the positive impact that VCU and the VCU Medical Center continue to have on downtown Richmond: $110 million worth of new facilities at Virginia Commonwealth University's MCV campus, … [Read more...]
Miller and Rhoads Condos Experiencing an Uptick in Sales
Proper financing has always been the single biggest challenge for the condos at the former Miller & Rhoads building on Broad Street. Since the condos aren't yet 'warrantable', buyers were having a difficult time getting lenders to approve their mortgage applications. ...conventional financing had dried up, notably for condominiums that didn't meet guidelines set by Fannie … [Read more...]
Thomas Jefferson and Solar Panels
Heart - “I love the old windows. Aren’t they beautiful?” Wallet – “What are the heating bills?” Welcome to a discussion that is growing louder and louder with no real resolution in sight. I am, of course, referring to the movement/trend towards “Green” building practices and how they are in direct conflict with many historic renovation practices. I think that we can all … [Read more...]
