Brick’s Blog

   Yesterday, while watching the VCU Rams humiliate the Kansas Jayhawks in the NCAA basketball tournament, I was annoyed when one of the announcers marveled at “Richmond a city of 200,000″ had put 2 teams into the Sweet 16. Hey, pal, Richmond ain’t Dogpatch. Besides those pesky U of R Spiders are from Henrico County. The Richmond MSA has a population of over 1.2 million. So put that in your pipe and smoke it with some fine Virginia brightleaf tobacco.

    Maybe what really annoyed me was my own naivete about the VCU Rams. Hey, it’s my business to know Richmond and be a cheerleader for it, but somehow what has been going on down at the Siegel Center wasn’t even on my radar despite numerous and prominent billboards around town promoting it. You see in the time warp of my mind, it’s still the 70′s and the merger of RPI (Richmond Professional Institute) and MCV (Medical College of Virginia) was just a few years ago.  When I drive down Grace Street west of Belvidere, I still see Andy’s Patio, the Lee “Art” Theater and Hababa’s.

     Even though I have watched all the building along Main Street, Broad Street and Belvidere Street over the last 40 years, I had not had a slap my forehead I could of had a V-8 moment of what a major university VCU had become. And this despite numerous “move in weekends” over the years when I was showing properties in the Fan and grumbling about the “damn” students for making it inconvenient for me to show property quickly. Hey, Brick, could you imagine what that area would look like without the students? Think Detroit, sport.

     So Rams, good luck in the Final Four. And thanks for waking me from my Rip Van Winkle sleep, even though it makes realize I am not in my 20′s anymore. I guess I really need to expend some effort and go explore the VCU campus so I can be a better cheerleader for it. I think I’ll start today.

Good Morning! I am a little late getting this out this a.m. I am actually attending a seminar, “Flipping Houses for Fun and Profit”, given by Jim Ingersoll today. There was a session as well yesterday.  Many of you locals are probably familiar with Jim. I would highly recommend attending one of Jim’s seminar or you can buy his same named book here.  Here are the Bank Owned Weekly lists for the week of March 27, 2011. Remember my lists are the most current and accurate of any distributed on the Bank Owned inventory. I hope if you find this information of value, you will recommend it to your friends. They can sign up at the appropriate link below.  

To receive Bank Owned Weekly for the West End of Richmond, click here.

To receive Bank Owned Weekly for Glen Allen, click here.

To receive Bank Owned Weekly for Western Chesterfield, click here.

Here are the links for Bank Owned Weekly for March 27^th. 

Group 1 of Single Family Homes in West End Richmond. 

Group 2 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 2 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 2 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 2 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Group 2 of Townhouses and Condominiums for Western Chesterfield.

Presently, the REO inventory is low and pretty picked over due to the robo-signing flak that raised its head last fall. Banks are much more cautious presently and it is causing delays in bringing properties to market. This is creating a backlog of inventory which will have to come to market at some point. I am thinking mid summer. Now would be a perfect time to attend one of my workshops and seminar so that you can take advantage of this situation when this backlog finally comes to market. My next monthly Renovation Finance Workshop is April 13^th and on the following night April 14^th there is the Real Estate Investment Seminar. Both events start at 7 p.m. and are held at my offices at 1106 N Thompson Street, Richmond, VA 23230. You can register for these programs at the links above.

     Oh, boy! I get to do two of my favorite things this morning with this post. The first is to have a contest. The first person to tell me what I am doing today will win a gift certificate to Starbucks. The second thing is to tell a story. You know how I like to tell a story. By the way, that’s a QR (quick response barcode) to your left. Hint hint.

     Now settle in for the story. Many moons ago the U.S. had a President, who had been Vice President to one of the most popular presidents ever. In fact, the popularity and stature of that President is in an ascendancy currently; and personally, I’d love for some current politician to grab his mantle, philosophy and conviction, but I digress as I often do.  Anyway, the former President of this piece served long long ago – before Obama, before Bush II, before Clinton. Well maybe, it wasn’t that long ago, since the headliner of this tale is none other than George Herbert Walker Bush or 41 as I like to call him. See George and I are tight.

    There were many reasons that 41 was a one term President. (Hey, O, you might want to pay attention to this.) Probably the principal reason was an economic recession, which considering how far Reaganus Maximus had brought us from the Carter malaise could only be expected. Sorry, I digress again. Besides America was really ready for a hipster who would go on Arsenio, play his saxophone while wearing his sunglasses, intelligently discuss such wonky topics as whether he wore boxers or briefs, and had more bimbo eruptions than the Kennedy boys combined. What a statesman, NOT! 

     No, what made GHWB GWTW was detachment. You see one day George and Barbara were out proving that they were just normal folk and visited a supermarket. You know when you have a recession one of the first places the old family budget get slashed is at the market, so what was a more perfect photo-op man of the people place to go than a supermarket.  Well, George hadn’t been to the market in sometime and when he gushed amazement over the barcode scanner that was all she wrote. I guess they didn’t have them  in Kennebunkport yet. Anyway, the press had a field day with 41 as being isolated, not in touch with the people, yada yada yada.  You reading this, Barry? 

     So here’s some sage advice for the O’s. When Michelle goes to the market, keep buying the Tuscany kale and particularly the arugula. She might want to get a couple of bottles of Merlot, too. And when the debates roll around in ‘12, Bar, make sure you look at your watch often. You don’t want to get cheated out of any of your allotted time.

    Now be hip and be the first to tell me what I am doing today.

Well done, folks, lots of right answers last week. Many knew it was Leo DiCaprio as Howard Hughes in The Aviator. I am really testing you this week, so let’s see who can crack the puzzle. As usual, there are many clues.

 Don’t forget to register for my upcoming workshops and seminars. The next Renovation Finance Workshop will be on April 13, 2011. The next ight, April 14^th,  I’ll have the Real Estate Investment Seminar. You can register at the appropriate link above. 

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.

 Call me, 804.301.7598, if you want to see anything.

       Okay, I admit it. I am having a midlife crisis. Well, let me rephrase that midlife allusion.  You see, I am hoping to get 80 years on this planet; and since I’ll be 60 this fall, I am really having a post midlife crisis. I just wanted to get that straight first. Now before you get your hopes too high that this may be a sultry tale of sex, booze, and bawdry behavior, let me immediately disappoint you and let you know it’s only a rant on how I need to replace my cell phone.  

    Then Brick, I’d suggest you just go to the Verizon store; and do so. I can’t imagine it would take you more than 20 minutes provided there’s no line. Hell, you’re self-employed.  Just look for one of those hospital billboards showing the wait time at the local ER’s. If the wait is under 10 minutes for a life or death situation, I can’t imagine it being anymore to replace something as ho-hum as a cell  phone. Of course, that’s provided your children haven’t used all the upgrades for the plan you pay for and you’re forced pay “retail” to replace your phone.  Then, we might have a life and death crisis, since your cheapass will be sent into financial cardiac arrest.

    Oh, I only wish it was that easy. See, I know most of things I want in a phone. Big keys so I don’t mistakenly enter 2 letters or numbers due to my thick fingers. A keyboard that is large enough and identical to a typewriter, so I can text in full sentences with no 140 character limit. A screen I can read without my glasses. A screen I can see when I am outside.  A phone that I never have to remember  to recharge. All the phone numbers I’ll ever need already stored in my address book. A ringer that would whisper in my ear that I have a call and who is calling. No email function. No web search. No apps. No inane distractions. Smart phones, like short sales, are misnomers. There is nothing short about a short sale and smart phones are making us all stupid and A.D.D. 

   Hey, if you know where I can find my dream phone, please call me. Be mindful that I don’t always hear my ringer since I am going deaf; and if the phone is on vibrate, I am probably wearing a sports jacket and won’t feel it. Just leave a message and please remember to speak distinctly and s-l-o-w-l-y. I have a hard time translating the supersonic rat-a-tat speech of today.

     Another Sunday and another edition of Bank Owned Weekly. Like EVERY Sunday, you can count on receiving your copy of the most current inventory in the Bank Owned Properties.  I hope if you find this information of value, you will recommend it to your friends. They can sign up at the appropriate link below.  

To receive Bank Owned Weekly for the West End of Richmond, click here.

To receive Bank Owned Weekly for Glen Allen, click here.

To receive Bank Owned Weekly for Western Chesterfield, click here.

Here are the links for Bank Owned Weekly for March 20th. 

Group 1 of Single Family Homes in West End Richmond. 

Group 2 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 2 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 2 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 2 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Group 2 of Townhouses and Condominiums for Western Chesterfield.

It’s never too early to register for my upcoming workshops and seminars. My next monthly Renovation Finance Workshop is April 13^th and on the following night April 14^th there is the Real Estate Investment Seminar. Both events start at 7 p.m. and are held at my offices at 1106 N Thompson Street, Richmond, VA 23230. You can register for these programs at the links above.

Y’all were a little slow on the draw last week in my name the Hollywood Guest contest. I got a few right answers of Gene Wilder, as Dr. Frankenstein (pronounced Fronkenstein) in Young Frankenstein. Lots of laughs in this one, since there is a great cast. Rent it sometime.

 Don’t forget to register for my upcoming workshops and seminars. The next Renovation Finance Workshop will be on April 13, 2011. The next night, April 14^th,  I’ll have the Real Estate Investment Seminar. You can register at the appropriate link.

 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.

Had lots of correct answers last week in the name the Hollywood Guest contest. Many knew that it was John Candy as Buck Russell in Uncle Buck.

Don’t forget to register for my upcoming workshops and seminars. Circle the dates – April 13^th for Renovation Finance Workshop and April 14^th for Real Estate Investment Seminar.  Click the links above to register. 

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.

Call me, 804.301.7598, if you want to see anything.

Good Morning! Here are the Bank Owned Weekly lists for the week of March 13, 2011.  Like the Energizer Bunny, week after week, I keep on ticking and keep on bringing you the most accurate information possible for what is currently available in Bank Owned inventory. I hope if you find this information of value, you will recommend it to your friends. They can sign up at the appropriate link below.  

To receive Bank Owned Weekly for the West End of Richmond, click here.

To receive Bank Owned Weekly for Glen Allen, click here.

To receive Bank Owned Weekly for Western Chesterfield, click here.

Here are the links for Bank Owned Weekly for March 13th: 

Group 1 of Single Family Homes in West End Richmond. 

Group 2 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 2 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 2 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 2 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Group 2 of Townhouses and Condominiums for Western Chesterfield.

Overall, we’re beginning to experience some fallout from the robo-signing flak that raised its head last fall. Banks are much more cautious presently and it is causing delays in bringing properties to market. This is creating a backlog of inventory which will have to come to market at some point. Now would be a perfect time to attend one of my workshops and seminar so that you can take advantage of this situation when this backlog finally comes to market. My next monthly Renovation Finance Workshop is April 13^th and on the following night April 14^th there is the Real Estate Investment Seminar. Both events start at 7 p.m. and are held at my offices at 1106 N Thompson Street, Richmond, VA 23230. You can register for these programs at the links above.

      Can it be? Once again I am encouraged by the strength of the market in February. Considering that February has the fewest sales days of any month, we once again experienced a vibrant month of sales. Dare I say it? Is the market turning? Maybe, but I still think there are tough times ahead yet the worst may well be behind us now. Statistics this month are a little betraying. The months of inventory I feel are exaggerated somewhat, since we only saw a modest increase in overall inventory in February from January’s levels, while there were more closed sales in February than in January. There are many cross currents in the market at present, which will have impact as we progress through the year. FHA raises its mortgage insurance rate in April, which will lessen buying power for many. REOs coming to market are down due to fall out from the robo signing issues at the end of the year. Add in the country’s overall economy and the inability of Washington to address their spending and I, for one, don’t believe happy days are here again.

Here’s the Market Snapshot for February 2011:

For the 6 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 $ 356,117
Median Sales Price …………..   $ 261,000
Sales Price/List Price Ratio …….. 93 %
Days on Market ………………… 108
Months of Inventory …………..  14
Average Size 4 bedrooms 2.5 baths of 2,438 sq ft
Average $ per square foot ……….$ 145.29

 For the 6 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in February $ 351,083
Median Price …………………..$ 313,750
Sales Price/List Price Ratio ……. 96 %
Days on Market ………………… 50
Months of Inventory ………….. 17
Average Size 4 bedrooms, 2.5 baths of  1,997 sq ft
Average $ per square foot……..   $ 172.03
 
For the 4 homes sold on the Northside of the City of Richmond
(Holton School District)
Average Sales Price in February $ 257,737
Median Price ……………….  $ 214,475
Sales Price/List Price Ratio ……. 87 %
Days on Market ………………… 120
Months of Inventory ………….  13
Average Size 4 bedrooms, 2.5 baths of 2,003 sq ft
Average $ per square foot……..   $ 108.58
 
For the 20 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in February $ 88,989
Median Price …………………. $ 62,300
Sales Price/List Price Ratio ……. 91 %
Days on Market ………………… 102
Months of Inventory ………….  8.5
Average Size 3 bedrooms, 1.5 baths of 1,459 sq ft
Average $ per square foot……..   $ 59.34

 For the 41 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238, 23294)
Average Sales Price in February $ 222,423
Median Sales Price ………….  $ 199,950
Sales Price/List Price Ratio ……….  95 %
Days on Market …………………..    61
Months of Inventory ………….     10.0
Average Size 4 bedrooms 2.5 baths of 2,065 sq ft
Average $ per square foot ………. $ 109.13
 
For the 61 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for February $ 225,264
Median Sales Price ………….. $ 192,500
Sales Price/List Price Ratio ……..  96 %
Average Days on Market………… 86
Months of Inventory ……………..  12.3
Average Size 4 bedroom, 2.5 baths of 2,390 square ft
Average $ per square foot ………..$ 91.68

 For the 37 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for February $ 308,295
Median Sales Price…………… $ 281,500
Sales Price/List Price Ratio ………  95 %
Average Days on Market ………….  77
Months of Inventory ……………   10.0
Average Size 4 bedrooms, 2.5 baths of 2,695 sq ft
Average $ per square foot……… $ 116.22
 
For the 43 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for February $ 248,651
Median Price ………………….  $ 230,000
Sales Price/List Price Ratio ……… 96 %
Average Days on Market ………….  96
Months of Inventory ……………  9.9
Average Size 4 bedrooms, 2.5 baths 2,300 sq ft
Average $ per square foot ……….. $ 108.16

For 59 single family homes sold in Midlothian
(Zips 23112, 23113, 23114, 23120)
Average Sales Price for February $ 285,153
Median Price ………………… $ 256,000
Sales Price List Price Ratio …….    96 %
Average Days on Market ………… 75
Months of Inventory …………….  11.6

Average Size 4 bedrooms, 2.5 baths of 2,663 sq ft
Average $ per square foot……….. $ 105.77