Brick’s Blog

    I am getting ready to cook my Christmas turkey. On Christmas Eve, I had cooked a beef tenderloin and was left with several pounds as leftovers. Since yesterday was spent mooching off others, I still have the tenderloin, but I thought it would be best to cook my turkey since it’s been defrosting in the fridge since Tuesday. Personally, I would prefer to cook this turkey, slice the breast for sandwiches, and then use everything else for a turkey hash. Ah, an open face hot turkey sandwich drenched in gravy with mashed potatoes or a bone dry turkey sandwich on white bread with a glass of milk trumps the traditonal dinner for me every time.

     As I was preparing my bird, I was suddenly visited by the ghost of Christmas Past. When I was removing the neck and giblets from the bird’s cavity, I was transported back to the year my mother had forgotten to do this. Then quick as a flash, I was sped ahead to the Christmas, when I went into the kitchen to check on mom’s turkey and found she was roasting it bottom up. Oh, I do miss you, Mom.

     And if you wondering why Mary Stuart isn’t performing this duty, remember men sometimes marry women who remind them of their mother. After our Christmas Eve dinner when I had surveyed how much beef tenderloin was left, I asked Mary Stuart if we could finish the beef tenderloin Christmas night rather than having the turkey dinner she had previously planned. (Guys, I hope you know by now this is a decision you don’t call an audible on without permission!) “Well, let’s just decide on that tomorrow morning” she replied.

     Knowing that I couldn’t expect anyone up at this household until probably ten a.m. yesterday and cognizant that our first engagement yesterday was around noon with a return home at 6 p.m. or so, I matter of factly responded, “You do know it takes about 4 hours to cook a turkey?” Anyway, in about 3 hours the house should have that wonderful turkey cooking aroma. I bet that will wake everyone up here. Merry belated Christmas.

     Over the last few days, I have spoken to some of my financial services buddies. Stock jockeys is what I call them. To a man, (sorry, I don’t know any woman stock brokers), they all complained about how beat up they feel - what a rough 2 months it has been and all the hand holding they have be doing. 

     In light of the 40 % sell off in the equity markets, than the state of Richmond’s Real Estate Market is absolutely bullish. While our unit sales are trailing ’07 by about 30 %, the average sales price is only off 2-3 %. Despite the conventional wisdom that has the general public believing there is NO mortgage money out there, all of my lenders are clamoring with offers. Yesterday, one of my lenders had …. are you ready for this … 4.875 % fixed with 1 point. Yikes! What more do you want? Fabulous rates, a great selection of product, and anxious sellers fearing they’ll have to carry their property until the Spring. I can’t think of a better time to buy.

     Here’s the data comparing November ’08 with November ‘07 and the YTD comparisons:    

November		2008				2007
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales
0 – 99,999		54		11.39%		35		5.04%
100,000 – 199,999		160		33.76%		204		29.40%
200,000 – 299,999		120		25.32%		238		34.29%
300,000 – 399,999		62		13.08%		111		15.99%
400,000 – 499,999		33		6.96%		51		7.36%
500,000 – 599,999		13		2.74%		24		3.46%
600,000 – 699,999		14		2.95%		11		1.59%
700,000 – 799,999		7		1.48%		6		0.86%
800,000 – 899,999		3		0.64%		10		1.44%
900,000 – 999,999		4		0.84%		1		0.14%
1 Million plus		4		0.84%		3		0.43%
Total Sales/Pct.		474		100.00%		694		100.00%
November YTD		2008				2007
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales
0 – 99,999		431		5.44%		485		4.32%
100,000 – 199,999		2,308		29.11%		3,205		28.52%
200,000 – 299,999		2,696		34.01%		3,829		34.07%
300,000 – 399,999		1,256		15.85%		1,859		16.55%
400,000 – 499,999		551		6.95%		847		7.54%
500,000 – 599,999		271		3.42%		392		3.49%
600,000 – 699,999		156		1.97%		236		2.10%
700,000 – 799,999		92		1.16%		138		1.23%
800,000 – 899,999		56		0.71%		93		0.83%
900,000 – 999,999		26		0.33%		52		0.46%
1 Million plus		83		1.05%		100		0.89%
Total Sales/Pct.		7,926		100.00%		11,236		100.00%

     By request, I have added two new areas to the monthly coverage. South of the Rivah in the City (i.e., Zip Code 23225) is now covered; as is the Bellevue area in the Northside of the City (i.e., Zip Code 23227 in Holton School district.) I had also received a request to cover Jackson Ward, unfortunately there isn’t enough activity currently in the area to warrant inclusion. Again, the market saw a sharp drop in units sold between October and November. The silver lining is sales are still occurring and our inventory levels continue to drop. I’ll update year to date sales later this week. Here’s the snapshot:

 

For the 8 single family homes sold in

Fan & Museum District of the City of Richmond

(Fox and John B. Cary School Districts)

Average Sales Price in November $ 331,993

Median Sales Price ……………   $ 312,500

Sales Price/List Price Ratio …….. 92.6 %

Days on Market …………………….. 70

Average Size 4 bedrooms 2.5 baths of 2,161 sq ft

Average $ per square foot ……….$ 153.63

 

For the 6 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in November $ 672,412

Median Price ………………………  $ 627,000

Sales Price/List Price Ratio ……. 96.7 %

Days on Market ……………………. 49

Average Size 3 bedrooms, 2.5 baths of 2,163 sq ft

Average $ per square foot……..   $ 215.17

 

For the 4 homes sold on the Northside of the City of Richmond

(Zips 23227 Holton School District)

Average Sales Price in November $ 244,143

Median Price ………………………  $ 257,000

Sales Price/List Price Ratio ……. 95.6 %

Days on Market ……………………. 52

Average Size 4 bedrooms, 2.5 baths of 1,679 sq ft

Average $ per square foot……..   $ 145.01

 

For the 19 homes sold on the Southside of the City of Richmond

(Zip 23225)

Average Sales Price in November $ 204,171

Median Price ………………………  $ 173,000

Sales Price/List Price Ratio ……. 96.3 %

Days on Market ……………………. 62

Average Size 3 bedrooms, 2.5 baths of 1,535 sq ft

Average $ per square foot……..   $ 133.01

 

For the 39 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23230, 23233, 23238)

Average Sales Price in November $ 358,622

Median Sales Price ……………    $ 293,750

Sales Price/List Price Ratio ……….  96.6 %

Days on Market …………………….    62

Average Size 4 bedrooms 2.5 baths of 2,375 sq ft

Average $ per square foot ………. $ 151.00

 

For the 67 single family homes sold in Chesterfield

(Zips 23831, 23832, 23834, 23836, and 23838)

Average Sales Price for November $ 284,685

Median Sales Price …………… $ 228,500

Sales Price/List Price Ratio ……..  95.7 %

Average Days on Market……………. 82

Average Size 4 bedroom, 2.5 baths of 2,380 square ft

Average $ per square foot ………..$ 119.62

 

For the 38 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for November $ 300,272

Median Sales Price………………  $ 280,000

Sales Price/List Price Ratio ………  95.3 %

Average Days on Market ………….  97

Average Size 4 bedrooms, 2.5 baths of 2,299 sq ft

Average $ per square foot……… $ 130.61

 

For the 22 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for November $ 267,074

Median Price ……………………     $ 288,000

Sales Price/List Price Ratio ……… 95.4 %

Average Days on Market ………….. 59

Average Size 4 bedrooms, 2.5 baths 2,135 sq ft

Average $ per square foot ……….. $ 125.09

 

For 85 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for November $ 365,410

Median Price ……………………..   $ 296,000

Sales Price List Price Ratio …….    96.3 %

Average Days on Market …………..  95

Average Size 4 bedrooms, 3.5 baths of 2,725 sq ft

Average $ per square foot……….. $ 134.10

 

     As always, if you’d like a particular area covered, please let me know. 

     Saturday I spent the day in a DIC (i.e., Driver Improvement Clinic) created for the DMV by the DDI (Defensive Driving Institute) not because of a DUI or DWI or even a DWD (i.e, Driving While Drowsy – thought you might need a little help on that one), but because a DDL (i.e., some Dumbass Driving Lately). I bet I went almost 15 years without a violation of any kind. In the last 2 years, I have had 4 violations, so Saturday found me in an all day class to earn a few “good driving” points.

            The instructor thought that he was quite the card and had a constant barrage of one liners, inside jokes and asides that bombed. Maybe the real joke was on us and how good a living the instructor was making. There were about 40 people in the class at $ 55 a pop. Materials probably cost him a maximum $ 2 per attendee. The meeting room at the local hotel was probably had for less than $ 200. In these days of outservicing, I bet his licensing fees to DMV are minimal. In the right market, this could be a 6 figure business for 1 day of work a week. Talk about part time employment!

            Early on I knew I needed to just gut it out. If the instructor was a bore, it was my fault. I was there due to my own actions and no one else’s. Lunch finally came and when I returned I knew I was halfway through. At a little bit after 4, we finally finished the workbook and I knew I was looking at the finish line.

 

            At this point, the instructor decided to give a little discourse about his teaching style; and while it might not be for everyone, he hoped he reached everyone in some matter and that they took something from the class. I certainly took that I didn’t want to spend another Saturday like this ever again. From the other side of the room, a woman raised her hand. When recognized, she informed the group that she was a teacher and she found the instructor’s style demeaning to the students. A 5 minute interchange ensued between the instructor and the teacher. At one point, another participant chimed in with the comment, he was also a teacher and found the instructor’s style of teaching demeaning. Then it happened, the woman teacher walked out of the room. She left the class. Only about 40 minutes of confinement left and she leaves.

 

            Now, here’s the real question. Do you want this woman teaching your children? Who walks out and when you know the only outcome from your action will be spending another Saturday enduring what you have already endured? What in the world does this woman teach that she didn’t recognize the despotic situation she was in or know she’d have a comment sheet on which to vent all her frustrations? Who walks out of a class and leaves her purse? Yeah, she left her purse. And since she didn’t return to the classroom immediately to claim her purse, I’ve got to assume her car keys weren’t in her purse. And if the keys were in the purse ….. now, we’re into a whole thing about pride. Hey, maybe I learned more than I thought Saturday.