Brick’s Blog

     In my inbox this morning was an email with the following subject line: Senator Jim Webb’s response to your message.|GUID#IAb54d33f1-59a8-4fd3-b219-4b17a4c58a42. Boy, all that gibberish numbering in the subject line somewhat diminished that “oh, I am so special feeling” one might get when receiving a personal response from a U.S. Senator.  Considering Webb’s response was 8 days and 2 plus hours slower than the 1st of 3 identical responses I got from Senator Mark Warner, it makes you wonder how well organized and efficient is the office of Virginia’s senior senator? Well, maybe Lieutenant Dan needed more time to craft an elegant and meaningful response to one of his constituents? Nope, his drivel was far worst than Warner’s and poorly written to boot. 

Remember the old skit on Saturday Night Live (SNL) where Kevin Nealon played Mr. Subliminal and actually said what he was thinking while reading the copy of his story? Well, here’s my stab at the same from one line of Webb’s response. My thoughts are in red.

“It is for this reason that I supported the bi-partisan thanks, Arlen, Susan and Olympia American Recovery and Reinvestment Act of 2009 (H.R. 1). This economic recovery package is designed to swiftly enrich special interests drive money into our struggling economy. With help for struggling my vocabulary is pretty small families, meaningful until the Bush cuts expire  tax cuts and concentrated funding you know pork oink oink on key infrastructure programs, I am hopeful I ain’t got a clue that this responsibly-crafted which nobody read legislation will create millions of new jobs and begin immediately to restore destroy the financial markets of America’s economic strength.

     I think it’s Doc Thompson on WRVA 1140 who refers to Webb as Lieutenant Dan from Forrest Gump, since Webb was always so angry during his campaign for the Senate. How about in his next election let’s turn this clown out? Obviously, whatever money is being spent to run his office is being poorly spent.

Saturday Morning Tour of Bank Owned Properties

Whether you’re an owner occupant seeking a new home, a real estate investor looking to add to your investment portfolio, or a contractor looking for flips and rehabs, my Saturday Morning Tour of Bank Owned Properties is for you. Watch the video above and then call 1.877.879.8118 Ext 15 to reserve your slot on our earliest tour.

     Yeah, yeah, yeah…I know I am slow this month in supplying you with Brick’s Stats, but I have been busy with lots of projects like my Saturday Morning Tour of Bank Owned Homes. Want the skinny on that, then call 1.877.879.8118 Ext 15. Working on a couple of other seminar like events, too, so stay tuned.

     Now let me give you a couple of quick takes on the table below. Richmond continues to have homes sales. Yes, we’re in a more bottom driven market, but what a great time to move up if you have job security and equity in your existing home. Mortgage rates are incredible, selection is great, and sellers are hungry. You would not believe some of the financing packages some of my recent buyers have gotten. If you don’t believe the market is bottom driven look at the percentage jump in home sales under $100,000 below. The top end of the market (above 400K) saw a 75 % decrease in units sold for January ’09 vs. ‘08.  One month does not a year make, but my initial indication on February activity has been good. Hopefully, now that mobland native, Obama, has listened to his consigliere, Bill Clinton, his negative comments on the economy will wane – that should be good for country, the financial markets, and ultimately, the housing market.  

January		2009				2008
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales		% Chg in Units
0 – 99,999		59		14.32%		28		5.61%		110.71%
100,000 – 199,999		138		33.49%		150		30.06%		-8.00%
200,000 – 299,999		130		31.55%		171		34.27%		-23.98%
300,000 – 399,999		49		11.89%		65		13.03%		-24.62%
400,000 – 499,999		13		3.15%		36		7.21%		-63.89%
500,000 – 599,999		5		1.21%		23		4.61%		-78.26%
600,000 – 699,999		9		2.18%		12		2.40%		-25.00%
700,000 – 799,999		3		0.72%		5		1.00%		-40.00%
800,000 – 899,999		3		0.72%		3		60.00%		0.00%
900,000 – 999,999		2		0.48%		0		0.00%		200.00%
1 Million plus		1		0.24%		6		1.20%		-83.33%
Total Sales/Pct.		412		100.00%		499		100.00%		-17.43%

     Sorry I am a little slow in updating some of my statisical information this month, but I have been quite busy although not extremely productive. Hopefully, some of the many folks I have in the pipeline will purchase in the coming months. So how does January ‘09 compare with January ‘08? Units sales were down over 17 %. Although not revealed in the following table, almost 80 % of the market activity occured at a price point below $300,000. 92 % of the market activity was below $400,000. As has been the case for months, the upper end of the market remains stagnant. And you all thought after 1.20.2009 all would be bright and gay. Well, think again.

Sales by Real Estate Zones for January 2009 vs January 2008
		2009		2008		% Change
Zone		# of sales		# of sales
10		28		30		-6.67%
20		4		12		-66.67%
22		39		46		-15.22%
24		8		9		-11.11%
30		23		18		27.78%
32		15		18		-16.67%
34		29		38		-23.68%
36		16		20		-20.00%
40		18		19		-5.26%
42		17		20		-15.00%
44		10		29		-65.52%
50		21		15		40.00%
52		32		48		-33.33%
54		51		63		-19.05%
60		22		24		-8.33%
62		55		54		1.85%
64		17		19		-10.53%
66		7		17		-58.82%
		412		499		-17.43%

     Never have I felt more that our “elected” leaders are not listening to us. First, we had the TARP bailout. Next, we had the stimulus package. With regard to the stimulus package, I wrote (emailed actually) both of Virginia’s senators 4 separate times. Our junior senator, Warner, has at least sent me the same lame email response 3 times, which sought cover by saying he voted with the majority. And how many times have I heard back from our senior senator, Jim Webb? Zero. Nada. Boy, he must really be busy with all his committee and chairmanship assignments due to his significant seniority. Oh, that’s right he was only elected in ‘06; and hopefully when ‘12 rolls around his ineffective clown will be gone. Unless, of course, the Mayan calendar is right and we’re all gone by 2012.

     But it’s not just Webb. It’s all of them. Prior to the final vote on the stimulus package, I sent the 3 “rino” senators a note of protest, too. From Snowe, I got nothing. From Collins, I got an acknowledgment that my email had been received. And from Specter, the guy who sold America the greatest piece of modern day hooey ever – the single bullet theory, I got a response that said unless I was a Pennsylvanian my voice didn’t matter. And now here’s the best part. If I now try to email Specter at his government paid for site, his site recognizes my IP address or some other cookie; and won’t let me use his contact form, because I am not one of his constiuents. All of these clowns are so arrogant and why?

     If you’ve never seen this video, then that last question should really make you wonder. I warn you this video is very salty and extremely profane, but it is also dead on target!

The Guy from Boston

  I just finished doing the January sales figures. Want to guess my mood?  No, Brick, we don’t. I am sure it would be too depressing. Who wants to start their day with some  TennesseeWilliamsean melodrama? I listened to Obama Babble last night and that was depressing enough.

 

    Well, how about I give you a little straight talk this morning. No sugar coating. Wheaties, not Frosted Flakes; besides we all need to clinch in those belts these days. We need to get leaner, meaner, and quit all the “woe is me” crap we’re hearing from our so-called  political leaders. I don’t know about you, but I’ve been sharpening the tines on my pitchfork for months now. Give me a firebrand and I’ll meet you in D.C. When are these clowns going to listen to the American people? Their “Father Knows Best” paternalism defies belief. These tax evading, immoral, hypocritical butt…….. whoa, whoa, Brick….I thought we were going to hear about the Richmond Real Estate market. Sorry, I’ll get off my soapbox, but remember my pitchfork and firebrand are ready at a moment’s notice.

 

     Big drop in the number of sales from December to January – down about 33 % on a month to month comparison.  The good news was pending or “under contract” properties in January were up substantially. Inventory levels increased slightly, but remained well below our ’08 highs. Discounting or my Sales Price/List price ratio showed some further discounting and days on market increased across the board. Much of this I attribute to “seasonal shopping” as some of the older inventory sold with very large discounts. Hey, if retailers are slashing their prices to clear their shelves, which shouldn’t the real estate “retailers”? Even with the increase in discounting, dollar per square foot costs remained fairly constant. Areas like Chesterfield saw a very modest drop in their unit sales compared to other areas. Shh, don’t tell anyone, but “south” of the Rivah, including the City, performed much better in January than the other areas.

 

     So where are we going? Don’t know, but I admire the resiliency that we continue to see in the Richmond market. Yes, I think we got some challenging times ahead. Our Fortune 500/1000 base has certainly taken some hits lately, but I am seeing more activity in the market lately than I have seen in months. For buyers, the opportunities are countless. Buyer choice, mortgage rates, seller motivation, possible increased tax credits, yada yada yada are the reasons to buy now.

 

Here’s the snapshot:

 

For the 9 single family homes sold in

Fan & Museum District of the City of Richmond

(Fox and John B. Cary School Districts)

Average Sales Price in January $ 330,177

Median Sales Price ……………   $ 292,900

Sales Price/List Price Ratio …….. 86.9 %

(Distorted due to 1 high end sale discounted 23 %)

Days on Market …………………….. 79

Average Size 3 bedrooms 2.5 baths of 2,051 sq ft

Average $ per square foot ……….$ 160.98

 

For the 4 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in January $ 454,125

Median Price ………………………  $ 260,000

Sales Price/List Price Ratio ……. 93.4 %

Days on Market ……………………. 41

Average Size 4 bedrooms, 2.5 baths of 2,447 sq ft

Average $ per square foot……..   $ 185.58

 

For the 6 homes sold on the Northside of the City of Richmond

(Zip 23227 Holton School District)

Average Sales Price in January $ 193,748

Median Price ………………………  $ 189,000

Sales Price/List Price Ratio ……. 94.6 %

Days on Market ……………………. 40

Average Size 4 bedrooms, 2.5 baths of 1,661 sq ft

Average $ per square foot……..   $ 116.65

 

For the 17 homes sold on the Southside of the City of Richmond

(Zip 23225)

Average Sales Price in January $ 188,311

Median Price ………………………  $ 181,650

Sales Price/List Price Ratio ……. 91.0 %

Days on Market ……………………. 73

Average Size 3 bedrooms, 1.5 baths of 1,619 sq ft

Average $ per square foot……..   $ 116.31

 

For the 36 single family homes sold in West End of Henrico County

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

Average Sales Price in January $ 280,400

Median Sales Price ……………    $ 221,000

Sales Price/List Price Ratio ……….  94.0 %

Days on Market …………………….    80

Average Size 4 bedrooms 2.5 baths of 2,064 sq ft

Average $ per square foot ………. $ 135.85

 

For the 65 single family homes sold in Chesterfield

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

Average Sales Price for January $ 255,427

Median Sales Price …………… $ 264,774

Sales Price/List Price Ratio ……..  96.5 %

Average Days on Market……………. 83

Average Size 4 bedroom, 2.5 baths of 2,291 square ft

Average $ per square foot ………..$ 111.49

 

For the 44 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for January $ 366,485

Median Sales Price………………  $ 314,500

Sales Price/List Price Ratio ………  94.3 %

Average Days on Market ………….  87

Average Size 4 bedrooms, 3.5 baths of 2,714 sq ft

Average $ per square foot……… $ 135.04

 

For the 16 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for January $ 264,778

Median Price ……………………     $ 264,780

Sales Price/List Price Ratio ……… 96.8 %

Average Days on Market ………….. 66

Average Size 4 bedrooms, 2.5 baths 2,098 sq ft

Average $ per square foot ……….. $ 126.20

 

For 54 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for January $ 333,693

Median Price ……………………..   $ 274,200

Sales Price List Price Ratio …….    96.4 %

Average Days on Market …………..  93

Average Size 4 bedrooms, 3.5 baths of 2,611 sq ft

Average $ per square foot……….. $ 127.80