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Citizen 6 New Homes in Richmond VA

December 30, 2013 By Rick Jarvis

I have long held the belief that the best real estate developments are ‘about something.’  The Citizen 6 Project is certainly ‘about something.’

A development can be about location, design, size, views, layouts, schools, neighborhood, proximity, affordability, exclusivity, history or any other number of reasons. The best ones appeal to a specific segment of the market very powerfully and the poor ones do not. Those which hold value the longest are also the ones who appeal to their market in a superlative way.

The Citizen 6 project is a group of six new homes built along Floyd Avenue in the Fan district of Richmond VA. Located along the 2600 block of Floyd, near the Virginia Museum of Fine Arts and Carytown, Citizen 6 offers its owners an amazing combination of attributes sure to make this powerful contributor to Richmond’s real estate landscape for decades.

< Download the Brochure here >

The first thing you notice is the look of the homes. Professionally designed with a decidedly modern aesthetic, the homes of Citizen 6 will be recognizable by all. Richmond’s architecture, especially in our older neighborhoods, is generally traditional period architecture. One of Richmond’s most talented architects was enlisted to ensure that Citizen 6’s striking and sleek exterior envelope will both contrast and compliment the existing housing stock of such an important Richmond neighborhood.

For developers, it is hard to find opportunities to develop in neighborhoods where development is not pioneering. Most redevelopment occurs in areas where redevelopment is needed due to blight or obsolescence. For Citizen 6, this is exactly the opposite. The site was underutilized and replacing a vacant parking lot and small ‘non-period’ office building with 6 new homes was a far higher use of the property. The fact that this site is located a mere 4 blocks from both Carytown and The VMFA, as well as so many other amenities inherent in the Fan means that the new residents will be met with one of Richmond’s most pedestrian-friendly neighborhoods on the day they move in, not years or decades later.

Lastly, the ability to own a new home, with the latest technologies and materials is many’s dream. It is rare to find new construction in a neighborhood whose average home is approximately 100 years old. Citizen 6 offers precisely that – the best in materials and techniques in and amongst the best amenities a century old neighborhood can provide.

While the reasons listed above are important, there are other reasons why Citizen 6 is important. The appeal of the modern design, the open and flowing interiors, the first and floor master suites, off street parking, the potential for Floyd Avenue to become a ‘Bicycle Boulevard’ and the responsible/green building methods are some others.

We are pretty excited to be a part of the project.

Where Are the Cranes?

December 28, 2013 By Rick Jarvis

One of the prettiest views of the Richmond skyline is as you approach the city from the south along 95.

You can see the skyline of Downtown, the James River, Manchester, Shockoe and Church Hill as well as a host of other areas from the I95 Bridge. It gives you a sense of what Richmond is and where it going.

I was returning from an appointment, coming back up 95 from Chester and something a friend said struck me … a few days prior, we were grabbing a bite to eat and talking about a condo he had recently purchased when he made the remark ‘I sure would feel more comfortable about Richmond if I saw a few more cranes.’

My mind had not really had a chance to properly digest that statement.

What Do Cranes Mean?

Counting cranes was not a way of measuring development I had heard before. He was implying that the number of cranes (or lack thereof) was a way of seeing the development activity within a Metro area. The more cranes you see, the more development must be occurring.

New construction in Richmond VA
More cranes = more business? Maybe not in Richmond…

So as I crossed the James River bridge on 95, I decided to count cranes – it did not take long. I could count 2. One was located near the MCV Campus and the other was along the Downtown Expressway near 4th street. I saw no others.

Despite knowing that the development momentum in Downtown Richmond was as strong as it ever had been, the lack of cranes seems to suggest otherwise. Was the development of Richmond lagging behind other Metro areas? Had the market recovery somehow skipped Richmond? Were we about to experience another downturn? Where were the cranes?!?!

Cranes Mean Height

The more I thought, the more I realized that Richmond has never really been a ‘crane town.’  Cranes imply NEW high rise development and the primary path for Richmond is that of RE-development. We RE-develop our buildings in lieu of tearing them down. We adaptively RE-use them and we RE-purpose them. We use the Historic Tax Credit programs to take that which is old and obsolete and bring it back to a new life. We take our warehouses and make them living spaces and turn gas stations into coffee shops. We take car dealerships and convert them into condos and remake call centers into grocery stores.

We are RE-builders as a city and that is a good thing, in my opinion. Redevelopment is greener, more responsible and far more interesting. It is the way we have rebuilt Richmond at a rate far faster than at anytime in our history and will be the reason that Richmond thrives in the coming years – and it does not require cranes.

But We Need to Learn

Richmond VA Warehouse Renovation
The stock of warehouses to renovate is dwindling rapidly in Richmond VA

That said, redevelopment at our current rate will begin to wane as we run out of the supply of historic properties. The rate at which we have repurposed the staggering number of warehouses in our urban core is amazing but will be ending soon as we simply run out of historic building stock.

Warehouse properties which used to be acquired at less than $15/SF are now selling above $40/SF and the number of blighted/abandoned/underutilized properties in Manchester, Shockoe and Scotts Addition are dwindling quickly. Many in the development community have already begun to expand into other cities and towns with historic districts and blighted properties. The tobacco towns of central North Carolina and the smaller towns of SW Virginia as well as the Tidewater area (Suffolk/Norfolk) have seen Richmond’s developers create presences.

While this is understandable, it is also unfortunate in that there is still much to do here.

New Costs More

The next frontier for development in Richmond is not a specific area or neighborhood, it is on the vacant blocks and crumbling surface parking that dot many different places within our city. Currently, incentives strongly encourage developers to redevelop historically and not to build new structures. The cost of ‘building new,’ due to these incentives for renovation of historic properties, is anywhere from 30-50% more expensive when all of the factors are accounted for.

Those who wish to build new structures have a significantly higher cost structure. The rental rates and market values are not high enough to make NEW construction viable in the eyes of lenders. No financing means no cranes.

Its Working, For Now …

So, for now, I am comfortable with only seeing two cranes mostly because I see happy people in places I have not seen them in years. I see more hardhats and dump trucks in neighborhoods where they never used to be and I can’t seem to get to all of the new restaurants that are opening.  I can’t find street parking as easily as I used to and I now see nostalgia overpower fear leading to a reemergence of some of Richmond’s most neglected architectural neighborhoods. The City of Richmond has a positive population trend for the first time in my lifetime and I think that is not just a good thing, but a great one.

Richmond in 2020 and beyond will need cranes and I just hope that those with the power to make a difference understand how they can help us transition to a bigger, better and more balanced Richmond as we move forward.

The Elevator Speech

May 6, 2013 By Rick Jarvis

Closed elevatorOK, we are on an elevator and you ask me what I do.

The following article is, more or less, a directory of the different 1 minute ‘elevator speeches’ for many of the common questions that I get asked.  The articles that you can click through go into more detail about the different topics that anyone thinking about buying or selling real estate in this market should understand.

  • Zillow and Trulia are the disruptive forces in our industry.  A buyer (and seller) absolutely NEEDS to understand how these sites operate.
  • The role of the BUYER’S AGENT is oft misunderstood and potential buyers lose valuable time and resources by not interviewing and involving a Buyer’s Agent earlier in the process.
  • Likewise, there is a lot more written about how to BUY a home than how to SELL one.  In these times of rapidly shifting prices and the unbalanced supply and demand relationship, pricing and negotiation strategies can vary widely within the Metro.  A good LISTING AGENT will understand how to interpret the information.
  • The CONDO folks also need to read this article.  If you are thinking of buying a condominium, you MUST (repeat – MUST) understand how the financing can both create and alleviate risk in the projects.
  • Despite a market that is returning to normal, we still get the FORECLOSURE question.  It may or may not be the right strategy but understanding more about how the ‘Foreclosure’ label affects the value goes a long way to helping buyers understand whether the potential reward is worth the risk.
  • Buying Luxury Housing in Richmond means knowing your history.

There are several other articles that are could serve as starting points such as ‘Spending $1MM‘ and ‘The Floors Tell the Story‘ and ‘Tell Me About Flipping Houses‘ but they are a bit more specific…would probably need to go from the Penthouse to Parking Level 8 and back again to really delve fully into those.

See you on the elevator.

Understanding Condo Dues

April 14, 2013 By Rick Jarvis

ginter-condo-256x144_optSomeone should write a condo app. The app wouldn’t sell anything or make sounds or track anything. It would simply be an app that brokers could point their clients to once the litany of questions about condo dues comes up.

And they will come up.

While some of the questions I get, pretty much on a daily basis, are quite astute and on point, many indicate a complete lack of understanding of what “dues” really are. And that isn’t an easy concept to explain. A sentence or two usually won’t do the job. It can take not one but two agents—the purchasing and sales agents—to get a buyer comfortable with the idea of dues.

Condos are still relatively new to Richmond. In Downtown Richmond seven years ago, condos didn’t really exist. The rapid rise and growth of condos in the city created a steep learning curve for both the Realtor community as well as the buyers. Many agents went out of their way to understand the intricacies of condo ownership. And they’re better for it. But more than a few agents punted, and this lack of knowledge has given rise to too many buying agents feeding their clients bad information.

newIMG_7643
The Marshall Street Bakery has a dues structure lower than the Emrick Flats despite a largely similar profile. What is the difference?

I’ve taken it upon myself to give back to our fine real estate community and once and for all explain condo dues.

For starters, this is not a true statement – SINGLE FAMILY HOMES DO NOT HAVE DUES. If you are a buyer and your agent tells you this, show them the door. They don’t understand dues.  Let me repeat, if your agent tells you that single family homes do not have dues, then fire them.

Single-family houses have dues….you just aren’t made aware of them in the same way as you would be with a condo.

Before we go any further, let’s apply some numbers so that we know what we are talking about.

The majority of the condos in Richmond have a dues structure of roughly $2.50 – 3.50 per square foot per year of dues expense.  Let’s use an example: a 1,000 square foot condo with a parking garage and an elevator will typically generate $200-300 per month in dues, or somewhere in the neighborhood of $3,000 a year.

Do you get a water or sewer bill at your home? Well, in a condo, water and sewer is typically a part of your dues ($200-300 per year is about right in most places).

How about hazard insurance? A group of condos must be insured by the association. Therefore, the vast majority of your insurance bill is included in your dues (about $500-700 per year).

So before you get worked up about high condo fees, think about what normal operating expenditures are included in them, and what you won’t be paying in the normal course of business.

The second (and most misunderstood) component of dues is the maintenance and reserve budget.

osrg_vcu_poster_final
The condo options within the ‘VCU Bubble’ all offer different dues structures. Make sure to compare services as part of your analysis of the overall cost of ownership.

Do you have a roof on your single-family home? I’m going to go out on a limb and say yes. What does that cost to replace? A lot. When will it happen? When you can least afford it. Are you putting any money away for that replacement? Probably not, right?

The condo people are.

How about those exterior walls you see every day? What does it cost to keep them painted or cleaned? What does it cost to replace the rotten siding or wood trim? Are you putting money away for this repair?

The condo people are.

Each month, the condo association stuffs some portion of the dues go into an account for future repairs and maintenance. In lieu of waiting for the repair to be needed and then asking for each person to put up their pro-rata share, the money is available. If the repair is not needed, then the money is not spent. It is sitting in an account, ready when needed.

But there’s more. Who mows the lawn? Who cleans your pool? Who cleans your gutters? Ahh, you’re starting to understand condo fees, right?

When you think about it, putting $2,000 a year towards both current AND future repairs seems to make a lot of sense, right?  When you’re paying 100 percent of the repair and maintenance expense for your house, and you encounter some big-ticket items, your checkbook will feel that pain. Look at the last year. Better yet, look back five years at what you spent on maintenance. My bet is that living in a condo is actually cheaper than living in a single-family home when the entire cost of ownership it truly examined.

Here’s the takeaway—all improved properties (single-family, commercial, apartment, condominiums) have “dues” by one name or another. The question is whether or not they are paid collectively in advance (as they are in condos) or in a lump sum in arrears (as they are on a single-family home). To say that one property type has dues and one does not is foolish, especially if you’re using dues as a deciding factor in your purchase decision. You have to dig deep to make it an apples-to-apples equation.

Lay it all out on a spreadsheet and review the condo association’s budget (which by law you have the right to do) and then make your decision. There are a lot of factors you should consider when thinking about condo living. But don’t let condo dues have too much influence, at least without truly understanding exactly how they measure up to single-family living.

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