October 27, 2006
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Musings — Brick @ 6:26 am
So are you watching any of the Series? I know I sound like one of those old curmudgeons who constantly carps about the good old days, BUT baseball premier event was meant to be played during the daylight – in late September or early October, not nearly November. A baseball game is at its best when you’re drinking an ice cold beer while basking in the sun beside an emerald green field mown in checkerboard pattern. Ski parkas, cocoa, and hats with ear flaps are for football season.
There was a time when I loved baseball. For a major part of the year, my day began with a cup of coffee and the sports page opened to box scores. I grew up with the great Yankee teams of Whitey, Mickey and Yogi. I can still remember crying my eyes out when Bill Mazeroski’s homer beat the Yanks in Game 7 of the 1960 Series.
So just when did I lose that loving feeling for baseball? Probably, around September 7, 1992, although I did not know it then. That’s the day Fay Vincent resigned as Baseball Commissioner. Maybe now that the “Black Soxs” have won the World Series, Major League Baseball will finally realize the need for a Commissioner in the style of Judge Kenesaw Mountain Landis. I hope so, I’d love to be a fan again.
October 26, 2006
Once again the news media is being Chicken Little claiming the sky is falling with regard to home sales and home prices. In today’s RTD and their reporter, Carol Hazard, (when will the RTD get a real website where you can link to their current issue?) reports "Home sales in VA. fall 27 percent." In the entire article, there is only one positive statement "The average price here was $264,147 in September, up from $240,701 a year ago." Yet this statement is immediately negated by "The median price, which is considered a better indicator, is unavailable for the Richmond area."
Well, excuse me, Carol, while the RTD may think it is the state’s newspaper, what happens in Northern Virginia should stay in Northern Virginia. Locally, which is where I thought the RTD covered has seen a drop of approximately 3% on total units sold from January to September 2006 versus the same period in 2005. Considering 2005 was the best year ever for sales, this decline is a drop in the bucket. Additionally, for the same period of 2006 versus 2005, the average sales price of $264,653 in 2006 as opposed to $234,453 represents a whopping 12.9 % percent increase in home value. While I’m no statistician, I would venture a median value would also be higher for 2006, if available.
Currently, the greater Richmond market offers a better inventory selection than we have seen at any point in the last 5 years. Interest rates are lower than they were in mid summer. The only thing causing this slower market here is reporting on national and state trends, while ignoring and failing to report the positive news here.
October 14, 2006
The Parade of Homes put on by the Home Building Association of Richmond continues today Saturday, October 14th, and tomorrow from 11 a.m. - 5 p.m. The Parade of Homes concludes next Saturday and Sunday with the same hours. Here’s a link to the RTD on the Parade.
Over 100 new and decorated homes ranging in price from $150,000 to almost $2,000,000 are open for inspections during the Parade. A supplement outlining the homes, their location, and the builder is available at area Ukrop’s. The supplement can also be picked up at most open houses of the Parade. Look for the blue lead in signs saying Parade of Homes.
October 13, 2006
Know this western Henrico landmark soon to be replaced with generic office condos? If your home was built in the 80’s or early 90’s this spot played a part in its construction. Identify this place (it’s original name), give its location and explain why it may have played a part in the construction of homes in the West End.
Be the first to correctly answer and your choice of a Starbucks or Blockbuster gift card is on its way to you!
October 10, 2006
Located in the Three Chopt Estates subdivision at 1917 Sweetwater Lane just west of Parham Road is this fantastic quad level home constructed of brick with vinyl siding. The home has a new kitchen, replacement windows, newer mechanicals and has been freshly painted inside. The lower level has an paneled family room with fireplace and gas logs, large utility room and a remodeled half bath. The entry level features a living room and dining room with gleaming hardwood floors plus the already mentioned new kitchen. The third level has 3 ample bedrooms and remodeled bath. The upper level is the Master Suite with another remodeled bath and an abundance of closet space. The beautiful hardwood floors continue on the 3rd and 4th levels. A deck and a stamped concrete patio complete the package.
The property is offered at $294,950. Here’s a Visual Tour for the property.
October 8, 2006
Whether you’re actively seeking a new home, just looking for some decorating ideas, or interested in latest trends in home design and construction, the Parade of Homes offers a wonderful opportunity to do all three. Beginning today and continuing on the following 2 Saturdays and Sundays (10/8,10/14,10/15,10/21 & 10/22), 119 homes throughout the Richmond area are open from 11 a.m - 5 p.m. If you get the RTD, there’s a supplement in today’s real estate section outling the homes and their locations. The supplement is also available at all Ukrops’ locations.
If you’re curious what the reprepsentative facade shown here is, it is Atlee Station Village. A new 55 + community in central Hanover County near Virginia Center Commons. I will be manning this location during the Parade. Please stop by.
October 6, 2006
I report monthly to Realty Times the market conditions for Richmond area. Below are this month’s comments for September:
Ready for what’s happening in the Richmond Real Estate market? If I were to report like the national media, there would be nothing positive to say. Inventory levels are as high as they have been in ten years. Days on market have doubled since the first of the year. Jimmy Carter has been re-elected President. That last one is not true. I threw it in to really scare you and make sure you were paying attention. If it was true, I would be Chicken Little with the sky is falling, because I was selling Real Estate when Carter was President and that was a tough market.
In case you hadn’t noticed in all the important news like the paternity suit over Anna Nichole’s lovechild, the Dow Jones is at an all time high. This nearly 7 year progression has been lead by the housing market, despite some significant events like 911, the war in Iraq, Hurricane Katrina, and most recently who shagged Anna Nichole. It is time for the housing market to take a little rest, while the rest of the economy carries water for awhile. The housing market is not going to collapse; and if you have ridden the home ownership wave over the last seven years, all I can say is “ka’ching ka’ching.”
Now let’s get down to some specifics about Richmond. The Richmond Association of Realtors and other realtor boards throughout the Commonwealth report monthly via the Virginia Home Sales Survey the total single family units sold and their average sales price to the Virginia Association of Realtors (VAR). The VAR in turn compiles its totals and report them to the National Association of Realtors. While we have heard plenty discouraging news on the national scene and much less dire news on the state level, the regional picture has
been totally overlooked. Well, let’s rectify that right now.
Total local units sold between January and August in 2006 has been 11,032. In 2005, this same time period had 11,299. Whoop-de-do, so we have had a 2.4 % decline in total units sold. For 2006, the average sales price has been $264,716. In 2005, it was $233,673. That’s a 13.9 % increase in sales price. Looks like there’s still plenty of “ka’ching” in the Richmond market and especially with interest rates dropping as the Dow rises.
So buyers, what are you waiting for? Don’t be an I-Wish-I-Had. The home you buy today could be worth 14 % more next year. There is excellent inventory on the market and a relaxed environment in which to make an informed and unrushed decision. For sellers, you’re discovering these buyers want "perfection." Homes is prime condition are the ones selling at the higher price ranges. So give those buyers their money’s worth. For agents, quit griping and start selling.
I also report statistics (i.e., average sales price, days on market, average size, and average dollar per square foot costs) for various submarkets (i.e., Chesterfield, Glen Allen, Mechanicsville, and Midlothian.) If you have an interest in these stats, you may find them
here. You will need to scroll down beyond the generic introduction.
Hearing all the hoopla about local Goochtonian made good, Justin Verlander, reminds me of when I was a boy growing up in Warsaw, VA (population 500 on its best day). This was in the late 50’s and early 60’s, when the New York Yankees ruled baseball. One of my classmates had an uncle, Jim Coates, who was a relief pitcher for the Yanks. Every fall, after the Fall Classical, which the Yankees typically played in or won, my classmate would bring his uncle to school for “show and tell.” While Jim was never a candidate for the Hall of Fame, the very thought that he interacted with my baseball gods of Mickey, Whitey and Yogi certainly qualified Jim for the HOF in my mind. Later this Fall, I hope to read a human interest story about local boy, Justin Verlander, visiting some elementary school in rural Goochland where all the boys are Tiger fans. Then maybe these youngster can experience a thrill like I had as a boy. It was and still is a memorable event.