• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Sarah Jarvis Team at One South Realty

at One South Realty

  • Search MLS
  • Stats
  • Deals!
  • About Us
    • The Team
    • Testimonial
    • 5 Things I Tell My Clients
  • Calling Policy
  • The Blog
  • Show Search
Hide Search

Marketing

Ginter Park and Ginter Place

March 28, 2013 By Rick Jarvis

ginter condo_optI really have become a fan of Ginter Park.

In April of 2012, we were asked to take over the lead sales of the Ginter Place project (the old Richmond Memorial Hospital Complex) along Westwood Avenue.  The hospital complex abuts both the Laburnum House and the Baptist Theological Seminary Campus at the corner of Westwood Avenue and Brook Road.  The Union Theological Seminary is also within sight of the east side of the condo tower which really helps frame the views…especially from the upper floors.

GP logo{ Click Here for Condos For Sale at Ginter Place }

In 2003 (or so), a group of investors purchased the entire site when Richmond Memorial moved to Midlothian.  It was a large undertaking, to say the least.

GP Overhead

After a rather contentious period of negotiations with the Ginter Park Neighborhood Association, the first phase of the project, the condominiums in the old hospital complex, went live in early 2008.  As history has shown, 2008 was not kind to ANY housing project, much less an upscale condo project targeting downsizing buyers.  Needless to say, it fell flat.  While the reasons are many, it is safe to assume that even the best conceived and executed projects brought to market in 2008 would have experienced similar outcomes.

ginter street scape
Ginter Park’s pedestrian-friendly nature means a casual stroll may not lead to anywhere in particular but enjoyment along the way.

Fast forward to 2013 and the environment has changed.  Lending, sales, inventory and overall public perception of the market has turned from thoroughly negative to fairly positive and the real strengths of both the project and the neighborhood are emerging.  The condos are large and well appointed with an excess of both features and finishes in excess of all competitive products.

They have begun to sell quite well.

I find it interesting that while Ginter Place has begun to experience the sales success that it should have experienced had 2008-2012 not occurred, it is still under most of the Realtor’s (and their client’s) radar.  I think that Ginter Park, and to much the same extent, Bellevue, are still largely misunderstood by much of Richmond…and that is truly unfortunate.  Despite some of the most powerful architecture of the era and with a diversity in design unseen in Richmond, the homes of Ginter Park and Bellevue trade at a discount to many other comparable neighborhoods.  While the reasons for the value bias are as diverse as the design of the homes there, probably the biggest reason is that the large majority of the market does not truly understand the area.  The many neighborhoods that comprise North Richmond are misunderstood mostly because the subtleties that drive values are not apparent to those not engaged in figuring them out.

{ Click Here for Homes for Sale in Ginter Park and Bellevue }

ginter park
The homes along Seminary Avenue rival those along any stretch in Richmond.

Without a doubt, my favorite part of Ginter Park is the architecture.  While the interior layouts of the homes can be a little antiquated with smaller closets and less ‘open concept,’ the exterior presence of the homes in Ginter Park are as striking as any in Richmond.  Despite a relatively tight time period for construction, the diversity of architecture is stunning.  Cottages, Bungalows, ‘Four Squares,’ Arts and Crafts and Tudors with brick, stucco and different sidings all can be found.  Even the relatively benign colonial designs are more engaging due to side porches and larger, manicured yards.  For those that wish to see some of Richmond’s finest homes, a leisurely drive up Seminary Avenue will result in some jaw-dropping residential design unrivaled in the Metro.

Ginter Park deserves to be understood better than it currently is and we hope that the brokerage community invests the time required to truly understand the power of the neighborhood.

 

 

Flipping Houses in a Static Market

March 13, 2013 By Rick Jarvis

flippingAs we find 2010/11 a smaller and smaller object in the rear view mirror, the real estate world appears to be returning to some sort of normalcy.  The number of foreclosed properties is down as is the number of short sales. As you can see below, the number of REO Properties (Bank Owned), while still available in numbers above the levels before the adjustment, are still down considerably from darkest days of 2010 and 11.

The impact of this is twofold.

First, the opportunity to find cheap homes is far lower now than even 2 years ago.  Foreclosed properties (a list can be found here) have always provided the ‘flipping’ community with ample numbers of homes to purchase, at discounts, to be fixed up and resold.  While several lending rules were put in place to discourage the abuse of the system (which in reality, was another poor policy that prolonged the slump), there were still those that found homes cheaply enough to purchase and renovate despite a still declining market.

The number of cheap homes (and by cheap, I mean priced artificially low for quick sale) in the market are largely gone.  As we move into 2013, the collective inventory of homes for sale, both REO and non-REO, are approaching critically low levels.  Many neighborhoods, especially those mature urban neighborhoods with higher values, are off by 70-80% of their traditional available supplies (see the chart below of inventory levels in 23221 zip code)

 

Secondly, the removal of the large swath of foreclosures from the marketplace means that we should begin to see some slight improvement to the collective market values of homes across the US.  These slight increases will be stronger in some places than others (see the Back to the Future Series) as the the lack of available inventory drives prices higher.  Any market whose property values are increasing is obviously a great thing for ‘Flippers’ as the assets they own are increasing in value during their hold period.

So what does this mean?

It means that prices are heading higher until we size supply correctly and that it will be harder to find homes to flip.  It also means that the community of ‘Flippers’ will need to look elsewhere for opportunity.  Homes with unfinished spaces that can be completed for a reasonable cost and are located within neighborhoods that support the additional value will be an avenue to find opportunity.  The other will be to find homes in need of additions.  The 3 bedroom 1 bath colonials or cape cod styled homes in many of the neighborhoods built during the 1920-1940’s are one area.  Smaller Fan and Museum District homes are also good targets.

The days of the easy ‘Flip’ are somewhat over and in order to continue to make money as a ‘Flipper’ one must become increasingly skilled as a contractor.

Is It the Right Time to SELL a Home?

February 21, 2013 By Rick Jarvis

sell
While selling housing is not the same as trading frozen orange juice, if you have a quality property, it can almost feel this way.

Google shows almost 14 Billion* results for the following search “Is it a good time to buy a house 2013”

Google shows only 2.6 Billion* results for the following search “Is it a good time to SELL a house 2013”

Really?

Is it 6x better to buy than sell?  Doubtful.

Is there 6x the selection available?  Hardly.

Is the interest rate 6x lower than it used to be?  Not really…we were around 6.5 to 7 before the market went ‘boom’ in 2008.

[ For a list of the markets that are most undersupplied, click here, here, here, here, here and here ] 

Why are there 6 times more articles about buying than selling?

I think it can be framed in this manner – it is far harder to sell than it is to buy and the messages that you have to deliver to the sellers are far harder than the ones you have to deliver to the buyers so agents continue to offer advice to the buyers of the world…it is just easier.

Here is what the sellers are up against:

  • Sellers, in many cases, are still fighting the collective leverage (mortgage debt) placed against properties as late at 2007
  • Sellers, in many cases, are reluctant to lock in losses (human nature)
  • Sellers, in many cases, are left with no down payment after payment of commissions and other expenses
  • Sellers, in many cases, are the ones who bear appraisal risk (and this is a significant issue)
  • Sellers, in many cases, are the ones who bear the timing (OMG!  Where am I going to go if I sell quickly???)

These are all legitimate and powerful concerns but they can be navigated.

To the sellers of the world, I offer the following advice – you are not in the position that CNN and Yahoo tell you that you are or that agents want you to believe.

  • The fact that Realtors are screaming 6 times as much about buying than they are about selling is driving people to your door step
  • The fact that inventory in the good markets has declined by 60-70% in many cases means you have far more leverage than you think you do
  • The fact that the last 4 deals I have personally been involved in have resulted in multiple offers means you have options

The same factors that drove the market to dizzying heights and unfathomable lows within a 36 months has largely played out and the market is within 5-7% of its pre-bubble trend line.  Our path from 1990 to 2003 with minor adjustments for economic factors puts us on a value path that is not too far from where we are now.

What does that mean?  We are in a normal market.

Here are the basic scenarios:

  • If you are a seller of a quality property in an undersupplied mature neighborhood, you are fine.  Price with ‘reasonable aggression’ but be mindful of comparable sales if you are likely to be purchased by a debt buyer.  Use the higher comps in your market and/or the PENDING properties as the best pricing guide.
  • If you are a seller of a quality property in a balanced neighborhood, then spend some time on the absorption rate (ask your real estate professional with help on this) to get a feel for timing.  Balanced markets with good school districts will largely follow statistical trends in terms of Days on Market and Ask/Sold price ratios.  Comparable sales are important in your analysis.  Use comparable SALES as the guide.
  • If you are a seller of a challenged property or in an oversupplied market, it could take a while.  Be very conservative in your pricing and price near the comparable lows in your market.

If you are thinking about selling but are unsure, then seek competent advice.

Obviously, we would be happy to help…

(* the numbers of searches that match the terms may bounce around a bit for a variety of factors)

  • « Go to Previous Page
  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Go to page 4

Primary Sidebar

804.201.9683


How Do I Schedule a Showing or Find Out More?

I am Kendall C. Kendall, Client Care Coordinator for the team. I am a licensed Realtor and it is my job to answer questions and schedule showings for the properties shown on our sites. Here's our call policy.

kendall@richmondrelocation.net

Working With Buyers

I am Sarah Jarvis, Broker at One South and I work with our buyers. I bring 20+ years of experience to our Buyers Advocacy program and take great pride in helping our clients understand the RVA marketplace.

sarah@richmondrelocation.net

From the Blog

What Did It Sell For?

Early each spring, the trees begin to bud, the birds and squirrels begin to be seen with more and more regularity and the real estate market begins anew.  About the time the first day a short sleeved shirt seems appropriate, the pressure to decide whether to buy a home (or sell one) rises and …

[Read More...] about What Did It Sell For?

More Posts from this Category

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

The Ultimate Stats Page

Ultimate Stats Page

Latest Tweets

  • Just now

Footer 1

Test Text

804.201.9683


How Do I Schedule a Showing?

I am Kendall C. Kendall, Client Care Coordinator for the team. I am a licensed Realtor and it is my job to answer questions and schedule showings for the properties shown on our sites. Here's our call policy.
kendall@richmondrelocation.net

804.305.2344


How Do I Determine What I Can Afford?

We offer competitive mortgage solutions with a commitment to exceed your expectations. We’re local industry experts who are also your friends and neighbors. Whether you want to communicate online or in person, we’re just a call or click away.
www.cfmortgagecorp.com
C&F Logo

Equal Housing

The Sarah Jarvis Team agrees to provide equal professional service without regard to the race, color, religion, sex, handicap, familial status, national origin or sexual orientation of any prospective client, customer, or of the residents of any community. Any request from a home seller, landlord, or buyer to act in a discriminatory manner will not be fulfilled.

IDX Disclaimer

All of the information displayed here is deemed to be gathered from reliable sources but no warranties, either express of implied, are made part of this site. Additionally, the IDX Feed for listing information may contain descriptions of properties not represented by One South Realty, its agents or staff and any violations or misrepresentations are the sole responsibility of the listing brokerage of the subject property in violation.

Contact The Sarah Jarvis Team

804.201.9683

One South Square Logo

2314 West Main Street Richmond, VA 23220

sarah@richmondrelocation.net

Our Call Policy

Accessibility
Copyright

Lending

Southern Trust Mortgage Logo

Chris Lester
Senior Loan Administrator
NMLS# 353830
804-307-7033
Email Southern Trust Mortgage

Our Network of Sites: RichmondVaNewHomes.net, RichmondVaCondos.net, RichmondLuxuryNeighborhoods.com,
RichmondFanRealEstate.net, RichmondVaMLSSearch.net
Housekeeping: Sitemap, Listings Sitemap

 

Members of the Sarah Jarvis team are licensed in the Commonwealth of Virginia.

 

Loading Comments...