Brick’s Blog

Fore! I’m wondering if I’ll need to start ducking now that the $8,000 Tax Credit is about to expire? I did work in one last 1st time buyer on Wednesday. I have been fearing this day for some time, but I continue to find new buyers who are just beginning this search, so maybe we won’t see a fall off in sales.

Several correct answers on last week’s Hollywood Contest, but there can only be one winner. Congrats to Debbie Kendricks. This week’s contest might need Elliott Ness to solve. Remember to win the Starbucks card, I need the actor, the role and the movie.

If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian. When you sign up for Bank Owned Weekly, you will also receive Foreclosure Friday Flash delivered to your inbox every Friday.

Have a great weekend! And call me 804.301.7598, if you want to see anything.

     Last night, I attended what was billed as a “Controversy Debate” sponsored by the Richmond Tea Party.  This debate featured a pro and con argument provided by everyday members of the Richmond Tea Party group. While my inclination is anti government run healthcare, I did have some empathy and understanding of why the “pro” speaker welcomes a government run program. Did a walk away with some change of heart? No, but I did take away a few insights that were interesting.

     First, how about turning out a 100 plus people to listen to a “discussion” on the merits of healthcare after the issue has supposedly been decided? What more, how about this being on a week night with no “prominent” speaker headlining the program? What if you threw in this was the pilot program and had been hastily put together? My first notice of the event arrived on 4/23. What about the biggest applause lines coming after both sides mentioned term limits? And what if the second most acknowledged comment pertained to the disconnect between our federal representatives and their constituents?

     Although I had been hoping for a the stereotypical Tea Party Town Hall shoutdown at last night’s event, it was all civil discussion with no controversy despite the event’s title. Drat, I had been hoping to vent a little. Yet, I do think it clearly illustrates the awaking and engagement of the people in the political process.  All I can say is November cannot get here soon enough.

     I  have always prided myself on being well informed or what I have believed to be well informed, but I had an epiphany recently and now I have decided to become an “uninformed”. I think it started in the middle of the night a few weeks ago when I awoke at about 3 and couldn’t get back to sleep. Or course, I decided to channel surf and as is my custom if something on C Span catches my attention I will stop to watch.  I cannot remember what “pressing” issue our illustrious representatives were “debating” that evening, but it suddenly struck me that every one of these clowns was simply reading something handed to them from one of ubiquitous staffers behind them. So are all of our representatives just marionettes with some unknown hand pulling the strings? I am beginning to believe so.

     And my age of ignorance will not just apply to C Span. Sunday, as I like to do, I found myself flicking back and forth between Meet the Press, This Week, and Fox News Sunday.  Unfortunately, this particular Sunday I could find no discussion that mildly peaked my interest, just a bunch of pompous windbags who I decided to loudly berate to the surprise and horror of my family. So in the interest of my health and the sanctity of my home I am swearing off the Sunday talk shows, too.  That’s right; I am decided to become a member of the “silent majority”. The next time you hear from me will be in November.

Come what sorrow can, but I am exhausted. I spent Monday working with the Affordable Housing Symposium. Then on Wednesday, I spent the day on Church Hill assisting with one of the homes open for Garden Week. Yet I still had time to tour most of the new inventory in bank owned homes.

No winner in our Hollywood contest last week. That was Joe Don Baker as the Whammer in The Natural with Robert Redford and Robert Duvall. This week’s contest should be a lay down for you eggheads. Remember to win the Starbucks card, I need the actor, the role and the movie.

If any of you that are eligible for the $8,000 tax credit ….tick tock … it ends in a week. Have a great weekend! And call me 804.301.7598, if you want to see anything.

Swing Batter, Swing! Ah, the American pastime is back in full swing, but there’s nothing like a day in the park if you can’t get out to the old ballpark. So you are really gonna’ love my pick this week. So without further delay, here’s Foreclosure Friday Flash for April 16, 2010.

Don’t forget our Hollywood contest. Just name the actor, the role, and the movie and win a Starbucks card. And pay attention, as usual I give you lots of hints each week. Like life; you can’t win, if you don’t play.

If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian. When you sign up for Bank Owned Weekly, you will also receive Foreclosure Friday Flash delivered to your inbox every Friday.

Have a great weekend! And call me 804.301.7598, if you want to see anything.

      Here’s where the sales fell and have fallen in the West End in March and Year to Date. Oh, how the mighty have tumbled.  Like everywhere else, even the fashionable “members only” West End is bottom driven with the exception of at the million plus mark.

   Nothing like seeing the numbers laid out this way to see how bottom driven the market is. Good news is ’10 is tracking ahead of ’09 in unit sales and isn’t lagging ’08 significantly, especially when one remembers what nightmare the 4th quarter was in ’08.  Since August ’06 which I mark as the zenith of our market, I have had many false hopes that we were bottoming. I think there are indications that this may finally be that bottom or at least near it.  Here are my reasons:  1.) Our unit sales per month have been very consistent for almost a year. (Hopefully, it doesn’t all fall off the table after 4/30 when the 1st Time Home Buyer lapses.) 2.) The Fed not buying mortgage backs anymore. Yeah, we’ll see some interest hikes, but hopefully rates can be contained. 3.) The Treasury instigating the HAFA (Home Affordable Foreclosure Alternatives) Program. This appears on its face to be a “market” driven program to finally clean up some of these toxic assets without resulting to foreclosure. Now, if we could create some financing options for investors, I truly believe we could finally find the bottom to this downward spiral. I’m getting ready to make a video on HAFA for my investors and I’ll post it within the next few days. Tomorrow we’ll look at the West End for March and year to date. I’ll also include a 1st Quarter Comparison for ’10, ’09 and ’08.

     March saw a nice jump in number of units sold over February, but I still have this nagging thought that it’s the last hurrah before the expiration of the $8,000 1st Time Home Buyer tax credit at the end of April. Not only were closed sales up significantly, but the “pending” sales (under contract, not yet closed) also showed a huge increase. I guess time will tell. Again, the market was bottom driven with 79 % of the activity occurring below $300,000. Add in the sales under $400,000 and 90 % of the sales were below this benchmark. I’ll get more into the numbers later this week.

Here’s the snapshot:

For the 11 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in March $ 391,307
Median Sales Price …………..   $ 352,000
Sales Price/List Price Ratio …….. 94 %
Days on Market …………………….. 59
Months of Inventory …………..  6.8
Average Size 4 bedrooms 2.5 baths of 2,742 sq ft
Average $ per square foot ……….$ 149.16

For the 19 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in March $ 386,689
Median Price ………………………  $ 310,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 59
Months of Inventory ………….. 8.0
Average Size 4 bedrooms, 2.5 baths of 2,353 sq ft
Average $ per square foot……..   $ 168.72
 
For the 3 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in March $ 228,000
Median Price ………………………  $ 235,000
Sales Price/List Price Ratio ……. 85 %
Days on Market ……………………. 60
Months of Inventory ………….  17
Average Size 3 bedrooms, 1.5 baths of 2,110 sq ft
Average $ per square foot……..   $ 104.67
 
For the 16 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in March $ 170,570
Median Price ………………………  $ 197,000
Sales Price/List Price Ratio ……. 93 %
Days on Market ……………………. 50
Months of Inventory ………….  10.0
Average Size 3 bedrooms, 2.5 baths of 1,772 sq ft
Average $ per square foot……..   $ 90.06
 
For the 39 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in March $ 334,055
Median Sales Price ……………    $ 254,000
Sales Price/List Price Ratio ……….  95 %
Days on Market …………………….    87
Months of Inventory ………….     8.7
Average Size 4 bedrooms 2.5 baths of 2,475 sq ft
Average $ per square foot ………. $ 128.60
 
For the 81 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for March $ 228,484
Median Sales Price …………… $ 205,000
Sales Price/List Price Ratio ……..  97 %
Average Days on Market……………. 77
Months of Inventory ……………..  14.0
Average Size 4 bedroom, 2.5 baths of 2,207 square ft
Average $ per square foot ………..$ 105.90
 
For the 48 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for March $ 311,461
Median Sales Price………………   $ 275,000
Sales Price/List Price Ratio ………  96 %
Average Days on Market ………….  79
Months of Inventory ……………   8.5
Average Size 4 bedrooms, 2.5 baths of 2,535 sq ft
Average $ per square foot……… $ 125.37
 
For the 51 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for March $ 239,273
Median Price ……………………     $ 230,000
Sales Price/List Price Ratio ……… 97 %
Average Days on Market …………..  75
Months of Inventory ……………  9.6
Average Size 3 bedrooms, 2.5 baths 1,987 sq ft
Average $ per square foot ……….. $ 122.10
 
For 65 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for March $ 286,886
Median Price ……………………..   $ 252,000
Sales Price List Price Ratio …….    98 %
Average Days on Market …………..  78
Months of Inventory …………….  11.2
Average Size 4 bedrooms, 2.5 baths of 2,544 sq ft
Average $ per square foot……….. $ 112.88

How about this weather? Like the pollen? I drive a black car and it has had a yellow tint for days. As I compose this note on Thursday afternoon, I had already made my pick for Foreclosure Friday Flash, but a couple of really good things hit the market this morning. Both are more for an owner occupant – one’s in western Henrico in the Willow Lawn area. The other one is on Southside in the Woodland Heights area. Both are under 200K. Call me if you want to know more.

 Don’t forget our Hollywood contest. Just name the actor, the role, and the movie and win a Starbucks card. And pay attention, I give you lots of hints each week.

If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian. When you sign up for Bank Owned Weekly, you will also receive Foreclosure Friday Flash delivered to your inbox every Friday. 

Have a great weekend! And call me 804.301.7598, if you want to see anything.

     If you missed it, Obama threw out the opening day first pitch at the Nationals’ game yesterday.  He got it to the plate this time not like last year’s All Star Game when he bounced it in there, but he was still high and outside. Thought you might want to be reminded of the best ceremonial first pitch ever.