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...]
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...]
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...]
VCU
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...]
