Brick’s Blog

Believe in Conspiracies? I seem to be on a rural property kick of late. It really is amazing to see how far urban sprawl has reached in the Richmond area. My pick this week is closer to Innesbrook and Short Pump Town Center than many of the premiere West End Communities purchased for their convenient location.

My Hollywood Quiz this week is another easy one. Let’s see how quick I get answer this week. Remember I need the actor, the role, and the movie to win the Starbucks gift certificate.

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.

 Some great buys out there, let’s go snag one.

    I apologize for how late I am in posting this information. I had some computer problems about 10 days ago, which still aren’t rectified, but I am able to muddle along. My first impression of these stats are that they are all mortgage rate driven. Say what, Einstein. Of course, home sales are mortgage rate driven. And yes, you would hope that I would know that after 25 + years in this business, but my observation is this.  Average sales price and average home size were up across the board in all submarkets, which says to me that buyers got more bang for their buck in August. And since the same mortgage payment a month or two earlier now equates to a larger sales price and home, buyers are capitalizing on the rates.

Here’s the snapshot for August ’10:

For the 18 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in August $ 457,000
Median Sales Price …………..   $ 427,500
Sales Price/List Price Ratio …….. 95 %
Days on Market …………………….. 68
Months of Inventory …………..  7.0
Average Size 4 bedrooms 2.5 baths of 2,355 sq ft
Average $ per square foot ……….$ 185.64

For the 25 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in August $ 649,721
Median Price …………………$ 532,500
Sales Price/List Price Ratio ……. 94 %
Days on Market ……………………. 51
Months of Inventory ………….. 5.5
Average Size 4 bedrooms, 3.5 baths of  3,024 sq ft
Average $ per square foot……..   $ 195.44
 
For the 7 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in August $ 279,442
Median Price ……………….  $ 305,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 96
Months of Inventory ………….  10.7
Average Size 4 bedrooms, 2.5 baths of 2,219 sq ft
Average $ per square foot……..   $ 121.75
 
For the 26 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in August $ 192,411
Median Price ……………….. $ 197,450
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 66
Months of Inventory ………….  8.3
Average Size 3 bedrooms, 2.5 baths of 1,820 sq ft
Average $ per square foot……..   $ 105.38

For the 64 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in August $ 341,189
Median Sales Price …………  $ 294,750
Sales Price/List Price Ratio ……….  96 %
Days on Market …………………….    60
Months of Inventory ………….     7.9
Average Size 4 bedrooms 2.5 baths of 2,582 sq ft
Average $ per square foot ………. $ 128.81
 
For the 79 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for August $ 253,308
Median Sales Price ………….. $ 221,700
Sales Price/List Price Ratio ……..  94 %
Average Days on Market……………. 89
Months of Inventory ……………..  12.4
Average Size 4 bedroom, 2.5 baths of 2,472 square ft
Average $ per square foot ………..$ 100.99

For the 54 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for August $ 357,600
Median Sales Price…………… $ 350,825
Sales Price/List Price Ratio ………  96 %
Average Days on Market ………….  73
Months of Inventory ……………   7.3
Average Size 4 bedrooms, 3.5 baths of 2,938 sq ft
Average $ per square foot……… $ 120.84
 
For the 41 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for August $ 265,253
Median Price …………………  $ 240,000
Sales Price/List Price Ratio ……… 96 %
Average Days on Market …………..  62
Months of Inventory ……………  13.2
Average Size 4 bedrooms, 2.5 baths 2,241 sq ft
Average $ per square foot ……….. $ 121.68
 
For 75 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for August $ 327,539
Median Price ………………… $ 277,900
Sales Price List Price Ratio …….    97 %
Average Days on Market …………..  73
Months of Inventory …………….  10.3
Average Size 4 bedrooms, 3.5 baths of 2,827 sq ft
Average $ per square foot……….. $ 114.59 

For the 18 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in August $ 457,000
Median Sales Price …………..   $ 427,500
Sales Price/List Price Ratio …….. 95 %
Days on Market …………………….. 68
Months of Inventory …………..  7.0
Average Size 4 bedrooms 2.5 baths of 2,355 sq ft
Average $ per square foot ……….$ 185.64

For the 25 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in August $ 649,721
Median Price …………………$ 532,500
Sales Price/List Price Ratio ……. 94 %
Days on Market ……………………. 51
Months of Inventory ………….. 5.5
Average Size 4 bedrooms, 3.5 baths of  3,024 sq ft
Average $ per square foot……..   $ 195.44
 
For the 7 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in August $ 279,442
Median Price ……………….  $ 305,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 96
Months of Inventory ………….  10.7
Average Size 4 bedrooms, 2.5 baths of 2,219 sq ft
Average $ per square foot……..   $ 121.75
 
For the 26 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in August $ 192,411
Median Price ……………….. $ 197,450
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 66
Months of Inventory ………….  8.3
Average Size 3 bedrooms, 2.5 baths of 1,820 sq ft
Average $ per square foot……..   $ 105.38

For the 64 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in August $ 341,189
Median Sales Price …………  $ 294,750
Sales Price/List Price Ratio ……….  96 %
Days on Market …………………….    60
Months of Inventory ………….     7.9
Average Size 4 bedrooms 2.5 baths of 2,582 sq ft
Average $ per square foot ………. $ 128.81
 
For the 79 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for August $ 253,308
Median Sales Price ………….. $ 221,700
Sales Price/List Price Ratio ……..  94 %
Average Days on Market……………. 89
Months of Inventory ……………..  12.4
Average Size 4 bedroom, 2.5 baths of 2,472 square ft
Average $ per square foot ………..$ 100.99

For the 54 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for August $ 357,600
Median Sales Price…………… $ 350,825
Sales Price/List Price Ratio ………  96 %
Average Days on Market ………….  73
Months of Inventory ……………   7.3
Average Size 4 bedrooms, 3.5 baths of 2,938 sq ft
Average $ per square foot……… $ 120.84
 
For the 41 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for August $ 265,253
Median Price …………………  $ 240,000
Sales Price/List Price Ratio ……… 96 %
Average Days on Market …………..  62
Months of Inventory ……………  13.2
Average Size 4 bedrooms, 2.5 baths 2,241 sq ft
Average $ per square foot ……….. $ 121.68
 
For 75 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for August $ 327,539
Median Price ………………… $ 277,900
Sales Price List Price Ratio …….    97 %
Average Days on Market …………..  73
Months of Inventory …………….  10.3
Average Size 4 bedrooms, 3.5 baths of 2,827 sq ft
Average $ per square foot……….. $ 114.59

I sleep with the fishes!!!  Sorry, no pick this week. I had a little computer problem over the weekend and wrongly assumed I could fix it. After several futile days I gave up and got a new system. Although there is no pick this week, I am up on what’s available and there are PLENTY of bargains.

 In lieu of no pick this week, my Hollywood Quiz will give away 3 gift certificates this week. So hurry and get those answers in. Don’t forget I need the actor, the role, and the movie to win the Starbucks gift certificates.

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.

I promise I’ll be back on schedule next week 

Tally Ho! I love country drives, so it was pleasure to check out my pick this week for Foreclosure Friday Flash. The hunt country area of Goochland County has always been special. And with the western growth of Richmond, the area now has all the modern conveniences within a 10 minute drive.

My Hollywood Quiz this week is another easy one. Last week, the correct answer came in within 4 minutes of my email blast. I think that may be a record, which will stand for awhile, but this week’s quiz is pretty easy. Don’t forget I need the actor, the role, and the movie to win the Starbucks gift certificate.

Sunday, September 12^th, from 2 – 5 p.m. I will be holding an OPEN HOUSE at 7700 Drexelbrook Road, in the Pennwood subdivision. Pennwood is off Belmont Road south of the Parham Chippenham connector. This is a FLIP by one of my favorite investors. Com’ on by and we can discuss flips and buy/hold investments. Here’s Visual Tour of the Property.

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.

Don’t forget to pay homage on Saturday.

Ah, history. I thought we’d have a little history lesson this week  in Foreclosure Friday Flash. So often we just drive by things and never understand the significance of an area or why it developed in the first place. If you want to learn more about my pick this week and the Westhampton area, then stop by my open house on Sunday, 9/5 from 2 – 5 PM.

My Hollywood Quiz this week is a lay down. I expect multiple answers as quickly as anyone views the video. Can you be first? Don’t forget I need the actor, the role, and the movie to win the Starbucks gift certificate.

I continue to be so grateful to anyone who raises their hand and let’s me know exactly what they’re seeking. Again, this week I had a few more folks who contacted me and asked for help. Remember I am out there every day looking at foreclosures. As many have discovered, they can mention a property to me that they are interested in and I can rattle off everything about it. Why? Because I have seen it. You know as well as I do the only information you typically get on these FORECLOSURES is the price and the address, which means nothing. Work with someone who spends his days and efforts in seeing everything on the Foreclosure Market.

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.

Don’t forget my Open House o Sunday. You might want to park at the Wachovia Bank at the corner of Grove and Libbie. See you then!

Enjoy your Monday Holiday!