Brick’s Blog

   Please don’t forget Memorial Day. Thank a veteran for his service – and to think it all started in Petersburg at Blandford Cemetery. Since it’s a holiday weekend, I’ll keep the chit chat to a minimum. If you find this information of value, please subscribe and recommend it to your friends. You 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 May 15^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.

Have a great holiday. Call me, 804.301.7598, to see anything.

I’ll keep it quick this weekend due to Memorial Day.   And don’t forget about our Saturday Morning Tour of Bank Owned Properties. We’re in our 3^rd year doing this popular event. For more information and to register, visit here.

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.

    As usual, here are the links for Bank Owned Weekly. I hate to sound like a broken record, but these are the most accurate lists published on the foreclosure inventory for selective areas of the Richmond market. I hope you find this information of value; and if you do than please 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 May 22nd:

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 seems like we saw a little more new inventory to the market this week. I hope this trend continues. It has been some pretty slim pickin’s out there for months now. And don’t forget the Saturday Morning Tour, it’s still the best introduction to Bank Owned Properties. You can learn more and sign up at the link above.

     Call me, 804.301.7598, to see anything.

It took a little while last week, but I got one correct answer on the Hollywood Guest contest. It was Christopher Plummer as Captain Christopher Newport in that little seen, New World. Hey, last Friday was the 404^th anniversary of the founding of Jamestown. You try finding a movie about that! I am expecting a slew of correct answer for this week’s contest.

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.

And don’t forget about our Saturday Morning Tour of Bank Owned Properties. We’re in our 3^rd year doing this popular event. For more information and to register, click the link above.

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

     Sorry about the delay in getting Foreclosure Friday Flash out. My mass email server made some changes last week to their formats, which would not allow me to send on Friday. I finally got it resolved on Saturday. Anyway, the Flash Friday was built around Friday being the 404^th Anniversary of Jamestown’s founding. I am still amazed at how rural Virginia is to this day between Richmond and Williamsburg. I hope you find this information of value; and 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 May 15^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.

     Inventory levels continue to decline, which I continue to believe is bad for the market. You may have seen a headline earlier in the week about Foreclosures being at a 40 month low. This was not a good headline and I wrote a blog post about it which you can read here.

     The real gist of this story is that there are over 3.7 million mortgages that are delinquent 90 days are more. There were 1.9 million foreclosures last year. There is a projected 2.0 million foreclosures for this year. There is a projected 5.4 million existing home sales for 2011. Do the math. This thing is far from over and the more the government interferes the longer it will last.

     My monthly Renovation Finance Workshop is this Wednesday May 18^th at 7 p.m. and will be held at my offices at 1104 N. Thompson. You can sign up at the link above.  And don’t forget the Saturday Morning Tour, it’s still the best introduction to Bank Owned Properties.

     Call me, 804.301.7598, to see anything.

No bad luck this week, just another great pick!   

Another easy one last week in our name the Hollywood Guest contest – numerous correct answers of Tom Hanks as Forrest Gump in the move of the same name. I am really testing you this week so I’ll give you an additional hint. Think former Virginia Senator and Congressman, Paul Trible.

This coming Wednesday, May 18^th, my regular monthly Renovation Finance Workshop will be held at my offices at 1104 N Thompson Street. This workshop starts promptly at 7 p.m. You can register at the link above.  

And don’t forget about our Saturday Morning Tour of Bank Owned Properties. We’re in our 3^rd year doing this popular event. For more information and to register, visit here.  

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.

     I got a news feed this a.m. that had the headline Foreclosure Activity at a 40-Month Low: Realty Trac. If you follow the distressed property market; and who doesn’t these days, than you probably know that Realty Trac is considered the conveyor of the gospel when it comes to the foreclosure market. I am not a big fan of Realty Trac but they have become the “expert” when the conversation turns to the foreclosures, so this headline naturally made me read the article. And guess what? It validated what I have been telling my clients for the last 60 days.

     Over the last 90 days, I have watched the listing inventory that my firm, Virginia Capital Realty, handles just slowly diminish. Meanwhile, I have seen no corresponding decrease in the number of published public notices for the Trustee Sales in the newspaper.  A Trustee Sale is the notice for the “courthouse steps” auction of property being foreclosed on. The only disruption for what’s going into the pipeline and what should be coming out of the pipeline would be if the foreclosed on properties were actually being sold at the courthouse auctions. This just isn’t happening. So why the disconnect?  

     Well, I now get to bash two of my favorite villains – attorneys and the federal government. At the end of last year, the problem with “robo signing” raised its ugly head. There is no question that letter of the law procedures weren’t always followed in many of  these foreclosures, but I can also say without any reservation that NO ONE got foreclosed on that wasn’t delinquent in their loan. Let an attorney see the opportunity for a class action law suit and politician be presented the opportunity to soapbox on the ”wronged common man”; and you’ll get what we have now. A logjam. Once again the free market system is being denied the opportunity to work through its problems.  As I keep telling my clients, be patient. The market is soon going to be glutted with these properties. And while options are slim now, by late summer they will be many.

     Hey, but don’t believe me, here’s the actual acticle with that misleading headline.

   April was another good month; and even though April’s numbers weren’t as strong as March’s figures, they were still pretty good. The marginal differences between the two months could easy be attributed to one less sale day in April plus the public schools’ Spring Breaks. The fewer sale units in April from March was more than made up by April having a much greater number of pending sales over March, which will relate to more sale units in coming months. Looks like we’re having our first Spring Market in 3 years. Other quick insights on April’s numbers: inventory climbed slightly, months of inventory were down again due to increased sales, sales price/list price ratio was unchanged as was dollar per square foot. All positive signs we’re in a fairly stable market.

Here’s the Market Snapshot for April 2011:

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 April $ 370,311
Median Sales Price …………..   $ 345,000
Sales Price/List Price Ratio …….. 95 %
Days on Market ………………… 52
Months of Inventory …………..  5.7

Average Size 4 bedrooms 2.5 baths of 2,285 sq ft
Average $ per square foot ……….$ 161.51

For the 23 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in April $ 505,780
Median Price …………………..$ 420,000
Sales Price/List Price Ratio ……. 95 %
Days on Market ………………… 122
Months of Inventory ………….. 5.3
Average Size 4 bedrooms, 2.5 baths of  2,592 sq ft
Average $ per square foot……..   $ 180.69
 
For the 7 homes sold on the Northside of the City of Richmond
(Holton School District)
Average Sales Price in April $ 208,500
Median Price ……………….  $ 235,.000
Sales Price/List Price Ratio ……. 96 %
Days on Market ………………… 68
Months of Inventory ………….  7.9
Average Size 3 bedrooms, 2.5 baths of 1,762 sq ft
Average $ per square foot……..   $ 119.43
 
For the 23 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in April $ 197,608
Median Price …………………. $ 202,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ………………… 105
Months of Inventory ………….  8.9
Average Size 3 bedrooms, 2.5 baths of 1,816 sq ft
Average $ per square foot……..   $ 107.08

For the 69 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238, 23294)
Average Sales Price in April $ 299,890
Median Sales Price ………….  $ 250,000
Sales Price/List Price Ratio ……….  96 %
Days on Market …………………..    67
Months of Inventory ………….     7.1
Average Size 4 bedrooms 2.5 baths of 2,256 sq ft
Average $ per square foot ………. $ 128.10
 
For the 83 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for April $ 205,437
Median Sales Price ………….. $ 195,000
Sales Price/List Price Ratio ……..  97 %
Average Days on Market………… 75
Months of Inventory ……………..  9.5
Average Size 4 bedroom, 2.5 baths of 2,200 square ft
Average $ per square foot ………..$ 91.80

For the 44 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for April $ 317,713
Median Sales Price…………… $ 265,750
Sales Price/List Price Ratio ………  97 %
Average Days on Market ………….  93
Months of Inventory ……………   7.8
Average Size 4 bedrooms, 2.5 baths of 2,650 sq ft
Average $ per square foot……… $ 118.42
 
For the 47 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for April $ 229,177
Median Price ………………….  $ 220,000
Sales Price/List Price Ratio ……… 93 %
Average Days on Market ………….  88
Months of Inventory ……………  9.6
Average Size 4 bedrooms, 2.5 baths 2,169 sq ft
Average $ per square foot ……….. $ 106.30

For 89 single family homes sold in Midlothian
(Zips 23112, 23113, 23114, 23120)
Average Sales Price for April $ 283,110
Median Price ………………… $ 274,000
Sales Price List Price Ratio …….    97 %
Average Days on Market ………… 92
Months of Inventory …………….  7.7

Average Size 4 bedrooms, 2.5 baths of 2,660 sq ft
Average $ per square foot……….. $ 104.29

   Happy Mother’s Day! Never forget that my lists are the most current and accurate of any distributed on the Bank Owned inventory. I take great pride and care to insure these lists are correct. I hope if you find this information of value; and if you do than please 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 May 8^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.

     Inventory levels continue to decline, which I contribute to the robo-signing debacle of last Fall. If you follow the public notice ads for the trustee auctions than you know foreclosures are not declining. I believe we will see a real glut of properties come August, so I continue to encourage you to take advantage of my upcoming workshops.  

My monthly Renovation Finance Workshop is on Wednesday May 18^th at 7 p.m. and the Real Estate Investment Seminar will be on Thursday, May 12^th also at 7 p.m. Both of these events will be held at my offices at 1104 N. Thompson. You can sign up at the links above.

      And don’t forget the Saturday Morning Tour, it’s still the best introduction to Bank Owned Properties. Info and registration available at the link above.

     Call me, 804.301.7598, to see anything.

Don’t forget Sunday is Mother’s Day.  Need I tell you that last week’s contest featured Kevin Costner as Crash Davis in Bull Durham? I’ve got another tough one this week, so let’s see who can be first with the right answer.

On Wednesday, May 18^th, my regular monthly Renovation Finance Workshop will be held at my offices at 1104 N Thompson Street. This workshop starts promptly at 7 p.m. You can register at the link above.

 The Real Estate Investment Seminar will be held on Thursday, May 12^th. It also starts promptly at 7 p.m. You can register at the link above.

And don’t forget about our Saturday Morning Tour of Bank Owned Properties. We’re in our 3^rd year doing this popular event. For more information and to register, visit the 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.