Brick’s Blog

     Doing the research for the market snapshot each month is one of my favorite “duties” I perform for my blog. In compiling my numbers and statistics, I get to take a walk down memory lane and see what happened in the various areas. Sometimes I see a sale which I wished I had been aware of when the property came to market, since I know I would have had a buyer for it. Unfortunately, with over 13,000 active listings in our MLS system, I often miss seeing properties because my attention is focused solely on areas where I have current active prospects.  Many times, I’ll spot a sale that I think is data entry error due to the location and the price. Upon investigation, I find that it isn’t an error and want to kick myself for not ferreting out that steal of a deal. See I always want the very best purchase price for my buyers.  Well, enough strolling down memory lane this morning, let’s get to the snapshot:

For the 15 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 $ 250,800
Median Sales Price …………..   $ 196,500
Sales Price/List Price Ratio …….. 93 %
Days on Market …………………….. 64
Months of Inventory …………..  7.3
Average Size 3 bedrooms 1.5 baths of 1,612 sq ft
Average $ per square foot ……….$ 151.15

For the 12 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in February $ 710,504
Median Price ………………………  $ 315,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 55
Months of Inventory ………….. 9.8
Average Size 4 bedrooms, 3.5 baths of 3,219 sq ft
Average $ per square foot……..   $ 187.75

For the 4 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in February $ 275,850
Median Price ………………………  $ 285,000
Sales Price/List Price Ratio ……. 92 %
Days on Market ……………………. 163
Months of Inventory ………….  16
Average Size 3 bedrooms, 2.5 baths of 1,737 sq ft
Average $ per square foot……..   $ 155.82

For the 16 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in February $ 164,596
Median Price ………………………  $ 171,825
Sales Price/List Price Ratio ……. 95 %
Days on Market ……………………. 82
Months of Inventory ………….  12.5
Average Size 3 bedrooms, 2.5 baths of 1,697 sq ft
Average $ per square foot……..   $ 98.17

For the 39 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in February $ 293,592
Median Sales Price ……………    $ 239,500
Sales Price/List Price Ratio ……….  95 %
Days on Market …………………….    72
Months of Inventory ………….     11.1
Average Size 4 bedrooms 2.5 baths of 2,098 sq ft
Average $ per square foot ………. $ 126.38
 
For the 69 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for February $ 232,390
Median Sales Price …………… $ 194,000
Sales Price/List Price Ratio ……..  97 %
Average Days on Market……………. 85
Months of Inventory ……………..  15.2
Average Size 4 bedroom, 2.5 baths of 2,207 square ft
Average $ per square foot ………..$ 105.84

For the 28 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for February $ 300,031
Median Sales Price………………   $ 253,500
Sales Price/List Price Ratio ………  95 %
Average Days on Market ………….  71
Months of Inventory ……………   15
Average Size 4 bedrooms, 3.5 baths of 2,503 sq ft
Average $ per square foot……… $ 123.41
 
For the 23 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for February $ 268,122
Median Price ……………………     $ 225,000
Sales Price/List Price Ratio ……… 96 %
Average Days on Market ………….. 109
Months of Inventory ……………  19.4
Average Size 4 bedrooms, 2.5 baths 2,234 sq ft
Average $ per square foot ……….. $ 121.45
 
For 49 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for February $ 302,950
Median Price ……………………..   $ 249,500
Sales Price List Price Ratio …….    96 %
Average Days on Market …………..  107
Months of Inventory …………….  13.4
Average Size 4 bedrooms, 2.5 baths of 2,627 sq ft
Average $ per square foot……….. $ 113.59

     Ready for a trip down Memory Lane? While I don’t think either of my picks this week are particularly attractive at their current list prices, they once again prove the point that these foreclosures are EVERYWHERE!

     I’d make both of these picks “Radar” properties. Forgot or don’t know what I mean by “Radar” Properties? Then watch this refresher lesson.

     And my Hollywood contest couldn’t be any easier this week. Remember I need the actor’s name, role, and movie for you to win the Starbucks gift card.

    I am booked tight all weekend, but if you want to see anything call me (804.301.7598) and I’ll get one of my team members to get you in. Have a great weekend.

     One of the things I love about being a real estate agent is stumbling upon those ”little” shrines that dot the landscape of Virginia. One of the closing gifts I have given my clients for years is A Guide to Virginia’s Historical Markers. This book is always given with the admonishment to keep it in your car.  Hey, you just never know when happenstance offers you a little history lesson.

     I think I know my way around eastern Hanover County fairly well, so you could imagine my surprise last fall when I saw the outline of what appeared to be a church on Rural Point Road just off Pole Green Road. I have been on Rural Point Road many many times, but I had never noticed this odd structure with its suspended windows before.  All I can say is that I must of had clients in the car on those past occasions, with me just jabbering away; as is my habit when with clients, not to have noticed Pole Green Church. Boy, was that a mistake.

     I don’t want to spoil this for you, but Pole Green Church, like so many little havens in and around Richmond, is one of those idyllic spots for a picnic lunch. I don’t care if you pick up fast food over on Mechanicsville Pike for your picnic fare, just make time to spend a few minutes at Pole Green. Here’s a little teaser of what you’ll find. The minister for the church was Samuel Davies, a subsequent president of Princeton. The Great Awakening in Virginia has its roots here. Patrick Henry worshipped with Davies and acknowledges Davies taught him “what an orator should be.”  And my personal favorite, the Walk of Religious Freedom. You can learn more about Pole Green Church here.

     With Spring still months away, I think I’ll start a new category for Brick’s Blog. I am going to call it “Perfect Picnic Places.” By Spring maybe I’ll have enough locations for a weekly sojourn for the entire summer. Of course, I’d welcome your submissions, too.

   I am sorry that I am late getting the “snapshot” out this month. I am still catching up from the “snowfall” we had in mid December. It’s awfully hard to preview property, etc. when there’s a foot of snow between you and the front door! This time of years always has a little skew in the statistical data. There are fewer sales so the “months of  inventory” or absorption rate is higher. Days on market typically increases due to fewer sales. And even, the Sales Price/List Price ratio can move either way.  The ratio can be higher due to properties being deeply discounted and receiving offers closer to the discount price or the ratio being much lower due to properties being on the market a lengthy time and receiving and accepting deeply discounted offers. This lower Sales Price/List Price ratio can really be impacted, like in Northside this month, when there are few sales to offset the one that is deeply discounted.  Despite the swings in my other tracking numbers, the consistency of the “Average $ per Square Foot” further substantiates how strong a market exists in the Richmond area. Anyway, here’s the snapshot for December:

For the 7 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in December $ 290,478
Median Sales Price …………..   $ 290,000
Sales Price/List Price Ratio …….. 95 %
Days on Market …………………….. 65
Months of Inventory …………..  14.6
Average Size 3 bedrooms 2.5 baths of 1,703 sq ft
Average $ per square foot ……….$ 168.49

For the 14 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in December $ 674,507
Median Price ………………………  $ 297,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 77
Months of Inventory ………….. 5.8
Average Size 4 bedrooms, 2.5 baths of 2,863 sq ft
Average $ per square foot……..   $ 187.82
 
For the 4 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in December $ 249,000
Median Price ………………………  $ 225,500
Sales Price/List Price Ratio ……. 88 %
Days on Market ……………………. 65
Months of Inventory ………….  11.1
Average Size 3 bedrooms, 3 baths of 2,114 sq ft
Average $ per square foot……..   $ 123.15
 
For the 22 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in December $ 222,959
Median Price ………………………  $ 220,000
Sales Price/List Price Ratio ……. 91 %
Days on Market ……………………. 84
Months of Inventory ………….  7.5
Average Size 3 bedrooms, 2.5 baths of 1,948 sq ft
Average $ per square foot……..   $ 104.50
 
For the 53 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in December $ 321,413
Median Sales Price ……………    $ 275,000
Sales Price/List Price Ratio ……….  96 %
Days on Market …………………….    73
Months of Inventory ………….     6.8
Average Size 4 bedrooms 2.5 baths of 2,464 sq ft
Average $ per square foot ………. $ 132.78

For the 84 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for December  $ 280,475
Median Sales Price …………… $ 228,745
Sales Price/List Price Ratio ……..  96 %
Average Days on Market……………. 78
Months of Inventory ……………..  11.2
Average Size 4 bedroom, 2.5 baths of 2,443 square ft
Average $ per square foot ………..$ 111.19

For the 44 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for December  $ 318,415
Median Sales Price………………   $ 286,750
Sales Price/List Price Ratio ………  98 %
Average Days on Market ………….  75
Months of Inventory ……………   8.4
Average Size 4 bedrooms, 2.5 baths of 2,596 sq ft
Average $ per square foot……… $ 124.18

For the 29 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for December  $ 284,585
Median Price ……………………     $ 254,000
Sales Price/List Price Ratio ……… 98 %
Average Days on Market ………….. 69
Months of Inventory ……………  14.0
Average Size 4 bedrooms, 2.5 baths 2,357 sq ft
Average $ per square foot ……….. $ 122.19

For 80 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for December  $ 340,149
Median Price ……………………..   $ 304,500
Sales Price List Price Ratio …….    97 %
Average Days on Market …………..  67
Months of Inventory …………….  7.2
Average Size 4 bedrooms, 2.5 baths of 2,797 sq ft
Average $ per square foot……….. $ 120.78

     Well, it’s official. Mary Stuart and I have affiliated with Joyner Fine Properties as of today. We’re very excited about the move, since Joyner offers us not only a solid West End brand name, but commercial and property management divisions, too. We’ll be working from the Enterprise Parkway location for now. Watch your mailboxes, incoming e-mails, Twitter, Linked-In, Facebook, etc. for further updates, but the important thing to know is that our cell phones remain the same. Brick @ 804.301.7598 and Mary Stuart @ 804.301.7588.

      Last Thursday, I probably made my last purchase at Circuit City. I would have made this purchase on Wednesday, but the selection I had chosen under their ready in 24 minutes program wasn’t in the store I had chosen, even though I chose a store outside of my immediate area just to get the item I wanted. It was fortunate that I got the call about the item not being in stock before I left for the out of the way Circuit City store or I would have bought the item at Best Buy. Not because I am disloyal to Circuit City, but because it would have simply become a matter of convenience if I was already on the errand to pick up the item.

      Seeing Circuit City headed to the ash heap of retailers is sad for me. There was a time I could do the majority of my non grocery/non clothes shopping in the immediate vicinity of Staples Mill Road and Westmoreland Street. At that time, Circuit City’s original HUGE box platform was located at the junction of Westmoreland Street and Thalbro Streets, while a few blocks away at Staples Mill and Marshall was the original prototype for a Best Products’ store. It always felt good and was a matter of local pride to spend your Richmond earned dollar with these 2 innovative Richmond based retailers.

     Entering the recently downsized, smaller and leaner Circuit City store located at Broad and Gaskins, I felt like a dead man walking the gallows for retailers. When I entered, I was met by a greeter, which made me reflect “how Walmart.” Of course, I would have like the greeter if I could have heard her, but the music was jacked so loud I wondered if I hadn’t entered Abercombie and Fitch by mistake. After picking up my item, I was directed back towards the front of the store to make my purchase, except I was sidelined along the way by someone offering to “ring me out” at one of the department point of sale registers. I use to love that you could pay for your item in the department you purchased the item at Circuit City. Only problem today was this particular clerk wasn’t able to sign in to the registers, so I was redirected back towards the main cashiers at the front of the store. There I was met by 2 cashiers with headsets on who were jabbering away with someone. I was never sure if it was a customer ringing in or a personal call they were on. Oh, Circuit City, how did you lose your way so badly?

     In years to come, I’ll bet that Circuit City is a case study in all business schools. How it rose from a local appliance store to national force will documented, dissected and discussed. Where it went wrong will be hotly debated. Let me save them all some time, just ask any Richmonder and they can tell you. It’s when they stopped selling appliances. We’ll miss you Ward’s!

     Oh, that street, Thalbro, where the Circuit City was located. It’s short for Thalhimer Brothers and that’s another retail story for another date. 

     One of the newer real estate trends we are seeing in the Richmond area is the "pop-a-top" on older smaller homes, which happen to be in highly desirable locations. Here’s one I have just listed on Woodberry Road in the heart of Westham. Before you see what this property originally was (yeah, you’re going to have to read the whole post first), let me tell you about 805 Woodberry Road.

     This is the 2nd property by Side Porch Properties LLC that I have had the pleasure of handling for them. Boy, these guys do nice work! Besides the second floor (i.e., the top that was popped), a huge 2 story addition was added off the Rear Elevation. Of course, pop-a-tops only work in areas where the lots are large enough to handle the additions. Usually these lots are in neighborhoods developed in 40’s, 50’s, 60’s and early 70’s, before developers starting squeezing every possible building lot out of a parcel of land. Additionally, these lots are closer to Downtown Richmond due to their earlier development.

     Rather than a lengthy post, I will tell you that Side Porch Properties LLC loads their properties with what I call LTTDs (i.e., Little Things They Do) that just make a property. An example of a LTTD on 805 Woodberry Road – instead of popping the top on the original structure, Side Porch raised the ceiling heights on the first floor to 9 feet rather than the original 8 feet. To see all their LTTDs, take the Visual Tour found here. This was no renovation, it was a transformation.

     Since the property is vacant, it is a very easy show. Just call me at 804.301.7598 and I’ll be glad to meet you there.  

     So what did Side Porch Properties start with? Amazing, huh?

      This marker can be found at an intersection in Hanover County. It’s inscription is below:  

Late in the morning of 12 June 1862, Confederate Brig. Gen. J. E. B. Stuart and 1,200 cavalrymen reached this intersection on a mission to gather intelligence about Union Maj. Gen. George B. McClellan’s Army of the Potomac. Here Stuart’s column turned sharply northeast, in the general direction of Ashland. Having put some distance between his force and the Federal army around Mechanicsville, Stuart could move directly toward the upper end of the county. He maneuvered along these roads with confidence, since many of the men in his command, who guided the expedition, were Hanover County natives.

     For a Starbucks or Blockbuster gift card. 1.) Identify the intersection. 2.) This was a precursor to an event that started the next day and lasted until June 15, 1862. Name the event.

     It wasn’t that many years ago that I could count the million dollar sales in the Richmond area for the year on one hand. These days 2 hands are about a month’s activity for these sales. Through August, there have been 78 sales in the metro area at a million plus. Of course, the ever fashionable West End (Zone 20) leads all other locales with 21 sales to date. Here’s a fun little fact for Chas and Muffy to drop at their next cocktail party. About every 14th home that sells in Zone 20 in ‘07 sells for a million plus.  

     Number 2, and trying harder, is Goochland (Zone 24) with 18. Shhhhh, don’t tell anyone but the average million dollar sale in Goochland is $1,687,000, while their poor City cousins only averaged $1,624,187. And if you’re hanging out at the Jack Russell races at the next equestrian event, you might overhear that every 12th home that sells in Goochland breaks the mil barrier.

     The valley of humility between these two areas is the West End of Henrico (Zone 22), which has had 13 million plus sales. Must be something about those Real Estate Zones with a twenty prefix. We just accounted for 2/3 of all the sales. Now you know why Horace Greeley (actually, he got it from John Soule) popularized "Go west, young man….." 

     SOJ…South of the James, for you unwashed, finds the Midlothian area (Zone 64) touting 11 million plus sales. Oh, those River Roaders could never accept being surpassed by the Robious Roaders. Maybe the pronunciation really is Pow’hite Parkway and not Po’white.

     The remaining sales: Fan 2 (Zone 10); Glen Allen 4 (Zone 34); Hanover 5 (4 in Zone 36, 1 in Zone 44), Chesterfield 1 (Zone 52), SOJ City of Richmond 1 (Zone 60) and Powhatan 2 (Zone 66). Now go out and impress someone with your new knowledge! 

     Oh, the house in the picture. Not for sale, although it has had extensive remodeling recently. You can live in it for 4 years at the taxpayers’ expense. All you have to do is be elected Governor. Look, if Tim Kaine can do it, the bar ain’t that high!

     If Tim Kaine was a Virginian and had attended Virginia’s public schools, then he would have gotten a good dose of Virginia history since it is taught (at least when I was coming along) in 4th grade, 7th grade and then once more in 11th grade. Much like his fellow Minnesotan, Hubert Humphrey, who always had a solution for a problem we didn’t have, Kaine’s recent attempted mandate to ban smoking in restuarants just shows his disconnection with Virginia and especially Richmond.

     Just look at some of the great institutions of this town (i.e., Medical College, Virginia Museum of Fine Arts, T.C.  Williams School of Law, etc.) and you will find a largesse based on tobacco. Is there any doubt why Philip Morris chose Richmond for its corporate headquarters? Tim, there’s a reason why there’s a middle school and a major artery in Henrico named John Rolfe. And Tim, get a clue, Varina wasn’t named for Jefferson Davis’ wife.