Brick’s Blog

    I will admit one thing. At least our junior senator, Mark Warner, changes his message when a response is sent to a constituent. I got an e-mail this a.m. from this office in response to my recent complaint about the Omnibus Bill. The bad news is what the response was. Oh yeah, how about higher taxes? That’s at least what I interpret the following to say:

Our current tax code needs a comprehensive review.  It is too complex and has contradictory goals. Some experts estimate that the federal government loses almost $300 billion dollars a year through inefficient collection, offshore tax havens, and other loopholes.  At a time of rising federal deficits these items should be examined; I am working with my colleagues in the Senate to ensure that we lay the groundwork to accomplish this goal.  We ought to similarly begin to review how we are going to conduct meaningful reform of our entitlement system.

 

 I take the above from Warner to be that he believes the government is being deprived of $300 billion. It’s their money not yours. From a guy who made his fortune from insider knowledge gained in Senator Dodd’s office, what more can you expect. They are all crooks.

     Men who look upon themselves born to reign, and others to obey, soon grow insolent; selected from the rest of mankind their minds are early poisoned by importance; and the world they act in differs so materially from the world at large, that they have but little opportunity of knowing its true interests, and when they succeed to the government are frequently the most ignorant and unfit of any throughout the dominions. Thomas Paine, “Common Sense”

 

    I just spent the last hour reading Paine’s “Common Sense”. I was struck by the above passage, which Paine used to argue against hereditary succession among monarchs; and how well, it translates today to our governing elite. Each day Washington and our supposed leaders prove their disconnect with the America people. I remain ready at “a minute’s notice” to take back this country.

 

     And here’s another great piece of advice from Paine for those clowns in D.C. for what their purpose should be:

 

Should any body of men be hereafter delegated for this or some similar purpose, I offer them the following extracts from that wise observer on governments Dragonetti. “The science” says he, “of the politician consists in fixing the true point of happiness and freedom. Those men would deserve the gratitude of ages, who should discover a mode of government that contained the greatest sum of individual happiness, with the least national expense.”- Dragonetti on Virtue and Rewards.

 

 

     I e-mailed both of Virginia’s Senators twice with my opposition to the Omnibus package with all its earmarks. I encouraged both to vote with Bayh and Feingold against the package. I reminded them all Americans are attempting to live within their means, so why shouldn’t the government. Of course, both of our spineless senators supported the Omnibus package. 

     This is the third time our junior senator has responded prior to our senior senator to my e-mail. His response acknowlged my complaint, but certainly didn’t address it. One of the points I made in both notes to Warner was that his e-mail contact form allows for a “Topic” choice from 50 different items -absent that 50 choice menu is the topic of the “Budget”. Considering budgetary matters are one of the true enumerated powers granted these clowns, he might want to make it a topic choice. See for yourself here. Of course, animal rights, nutrition, and reproductive health are topic choices. I’ll let you know if the Budget ever gets added to our junior Senator’s choices for Topics worthy of his contact.

     Yeah, so we’re trailing ‘08 by approximately 22 % in units sold. So what! Richmond has lost a couple of big players in its Fortune 500 base, so all things considered we’re doing okay. Now, all we need to do is to convince those dolts in DC that we’re all trying to live within our means and the country should do the same. Here are the year to date figures for suburban Richmond.

February YTD		2009				2008
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales
0 – 99,999		91		11.40%		49		4.77%
100,000 – 199,999		280		35.10%		324		31.52%
200,000 – 299,999		253		31.70%		340		33.07%
300,000 – 399,999		104		13.00%		162		15.76%
400,000 – 499,999		25		3.20%		59		5.74%
500,000 – 599,999		12		1.50%		42		4.09%
600,000 – 699,999		18		2.20%		19		1.85%
700,000 – 799,999		5		0.65%		8		0.78%
800,000 – 899,999		3		0.35%		11		1.07%
900,000 – 999,999		2		0.30%		0		0.00%
1 Million plus		4		0.40%		14		1.36%
Total Sales/Pct.		797		100.00%		1028		100.00%

     While the shortest month of the year brought us a pretty “short” number of units sold, the big news in February was the “pending” sales, which posted a number that rivaled last September and October pending sales. Dare I think we might actually have a “Spring” market that has been absent in the Richmond area since 2005? February also exhibited a further “bottom” driven market. Only 2 (West End City and Glen Allen) of our submarket coverage areas had an average sales price over $300,000; and even in these 2 historically expensive areas saw an average sales price well beneath their standard. Median sales price was typically in the low $200’s with the exception of Glen Allen and the West End City.

     Inventory levels increased again, but still remain below ’08 levels. Days on market increased throughout the area, while dollar per square foot costs declined. Discounting or my Sales Price/List Price ratio averaged 4.6 % in our coverage areas, which should be pointed out to all buyers. Unfortunately, all buyers are currently convinced everything should sell for 50 cents on the dollar. The market remains and will remain price driven until our excess inventory is absorbed. We’re still in the best “buyer’s market” I have ever seen.

    Quick advertisement. Every Saturday morning at 10 a.m., I am conducting a Tour of Bank Owned Properties. You might have seen the article yesterday in RichmondBizSense. You can listen to the details and register for the Tour at 1.877.879.8118 x 15.  I also have a video on the Saturday Morning Tour, which will explain the Tour as well. In addition, every Wednesday evening at 7 p.m. in conjunction with National City Mortgage, I have a Home Buyer Seminar. You can obtain information and register for the seminar at 1.877.879.8118 x 9. Call, register and join me; I promise it will be worth your time.

 

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 February $ 244,862

Median Sales Price ……………   $ 204,975

Sales Price/List Price Ratio …….. 96.7 %

Days on Market …………………….. 64

Average Size 3 bedrooms 1.5 baths of 1,790 sq ft

Average $ per square foot ……….$ 136.79

 

For the 10 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in February $ 386,877

Median Price ………………………  $ 308,750

Sales Price/List Price Ratio ……. 92.4 %

Days on Market ……………………. 102

Average Size 3 bedrooms, 2.5 baths of 2,175 sq ft

Average $ per square foot……..   $ 177.87

 

For the 1 homes sold on the Northside of the City of Richmond

(Zip 23227 Holton School District)

Average Sales Price in February $ 219,000

Median Price ………………………  $ 219,000

Sales Price/List Price Ratio ……. 95.3 %

Days on Market ……………………. 174

Average Size 3 bedrooms, 1.5 baths of 1,625 sq ft

Average $ per square foot……..   $ 134.15

 

For the 15 homes sold on the Southside of the City of Richmond

(Zip 23225)

Average Sales Price in February $ 153,458

Median Price ………………………  $ 131,000

Sales Price/List Price Ratio ……. 95.4 %

Days on Market ……………………. 75

Average Size 3 bedrooms, 2.5 baths of 1,547 sq ft

Average $ per square foot……..   $ 99.20

 

For the 38 single family homes sold in West End of Henrico County

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

Average Sales Price in February $ 280,119

Median Sales Price ……………    $ 244,000

Sales Price/List Price Ratio ……….  95.6 %

Days on Market …………………….    66

Average Size 4 bedrooms 2.5 baths of 2,080 sq ft

Average $ per square foot ………. $ 134.67

 

For the 60 single family homes sold in Chesterfield

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

Average Sales Price for February $ 215,710

Median Sales Price …………… $ 204,500

Sales Price/List Price Ratio ……..  97.2 %

Average Days on Market……………. 96

Average Size 3 bedroom, 2.5 baths of 1,966 square ft

Average $ per square foot ………..$ 109.72

 

For the 25 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for February $ 318,436

Median Sales Price………………  $ 269,000

Sales Price/List Price Ratio ………  95.3 %

Average Days on Market ………….  81

Average Size 4 bedrooms, 2.5 baths of 2,569 sq ft

Average $ per square foot……… $ 123.95

 

For the 27 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for February $ 288,064

Median Price ……………………     $ 217,250

Sales Price/List Price Ratio ……… 94.8 %

Average Days on Market ………….. 88

Average Size 4 bedrooms, 2.5 baths 2,171 sq ft

Average $ per square foot ……….. $ 132.69

 

For 54 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for February $ 278,758

Median Price ……………………..   $ 235,000

Sales Price List Price Ratio …….    95.8 %

Average Days on Market …………..  82

Average Size 4 bedrooms, 2.5 baths of 2,443 sq ft

Average $ per square foot……….. $ 114.10

     Nothing like reading your own press clippings. I have been telling you about my Saturday Morning Tour of Bank Owned Properties. Why don’t you sign up for our next available slot. Just call 1.877.879.8118 ext 15.

Here’s a link to the article in RichmondBizSense.

     I got 4, yes 4, emails from my pal, Jim Webb, yesterday. All 4 of the emails were sent at the same time and all had different numeric jibberish (Senator Jim Webb’s response to your message.|GUID#IA093a5bc1-4fd1-474c-b8fc-380f457ecd2e) in the subject line. Just for fun, I clicked on the “FROM” tab in my Outlook program to see if I had gotten any other responses from our senior Senator. Well, as Gomer Pyle would say “surprise, surprise.”

     It seems I had received an earlier response from “Webbie”. (Listen, if Maureen Dowd can knickname her antagonists, so can I!) On October 28, 2008, in what must have been my complaint on TARP, I had received a response from Clown Boy. Now, hears the best part. The first 2 paragraphs of the response are EXACTLY the same. Below are those 2 paragraphs:

            “Thank you for contacting my office regarding the ongoing economic crisis and the federal government’s response.  I appreciate your taking the time to share your concerns with me.” 

            “The United States is facing an economic crisis that is causing American families to fall behind.  Communities are being hard hit by home foreclosures, the economy is not producing enough jobs, and consumer confidence is down.  As your U.S. Senator, I am committed to supporting policies that will help mitigate the economic crisis and will help restore basic fairness for all Americans.”

     Now, we all know old Jimmie can write a helluva good letter, but don’t you think in the 4 plus months that have passed between October 28, 2008 and March 3, 2009 that “Webbie” could change the wording in his response so you MIGHT believe he’s actually doing something about the “economic Ocrisis”?

     Let’s see, we already have an Ocrisis in this country; and particularly where housing is concerned. So what do these geniuses in DC propose? Eliminating the mortgage interest deduction for incomes above $250,000. Wow, what a great way to further erode home prices and home values. And considering, the upper tier of the market is the softest, let’s just make it even softer.

     I just finished emailing my 2 clowns, Senators Warner and Webb, my dissension. I suggest you do the same. And if you think, my protest is self serving; think again. I’m off to church shortly. Another proposed tax change for the “UberWealthy” making over $250,000 is the elimination of their charitable deductions. Be prepared to see your churches, assemblies, mosques, synagogues, etc. suffer. Goodbye, local museums, local theater, local symphonies, etc. Don’t you love Ochange?