{MLS INFO HERE}Welcome to 2919 seminary ave, classic updated brick and slate colonial. Floor plan is great for entertaining – gracious foyer leads in to large living room with wood burning fp. Double glass paneled doors to dining room, which has cut through to fully renovated kitchen. Kitchen is well appointed with all new cabinets, flooring, countertops, and stainless appliances, gas cooking and pantry. Upstairs find four bedrooms, all with hardwood and good closet space. Full bath has been completely updated with granite vanity and decorative tile in shower/bath. Full, clean basement with laundry. Other charming details in this home include dark stained doors, glass doorknobs, arched doorways, crown molding, fresh paint, ceiling fans, front porch, glass paned front door, and fully fenced back yard.
2919 Seminary Ave. // $224,500
Buying vs. Renting near VCU/MCV
I would like to offer the following debate to the parents of VCU students and their Medical School counterparts who are coming to Richmond this summer (or who have already arrived) and who need to decide whether to buy or rent a home near the VCU or MCV Campus.
You should buy a house or condo.
Now I understand that my position on this is not without bias. I am a Realtor who sells a lot of property in and around both the VCU Campus and the MCV/VCU Health Systems Campus. It benefits me when you buy. It does not really benefit me when you rent. I am now done disclaiming my conflict of interest.
I am not going to give you the rent vs. buy calculator argument because we can all tweak the numbers until we can get it to show what we want it to. Depending on inflation and appreciation and tax effects, I can get one of those things to spew out some amazing numbers. Those are interesting tools and they have their place. This is not a debate for the rent vs. buy calculator.
My argument is more macro in nature and relates to the following set of circumstances:
• Prices are down 20-30% depending on your market and asset type
• Interest rates are being held down (somewhat artificially) by the Fed and are still hovering around 5%.
• College tuition and college room and board is going up despite the rest of the economic world moving the other direction. See http://www.collegeboard.com/student/pay/add-it-up/4494.html.
Renting a property for roughly $1.30 per SF per month (which translates to about $1,200-1,400/mo for the typical 2-bedroom apartment in City of Richmond in or around the VCU campus) or buying a property for about $190-210 per square foot yields about the same monthly cash payment at the end of the day.
Which one gives you some upside? It is pretty obvious that buying has the promise of upside.
I know that the counter argument is simply that many are not sure that the pricing declines behind us.
The facts are as follows:
- On January 1 2009 there were over 400 condos for sale in Richmond, VA
- On January 1 2010 there were less than 200 condos for sale in Richmond, VA
- There is no new projects in the pipeline that offer “for sale” product coming on-line in 2011/12 that would skew those numbers
Life, at least financial life is about managing/pricing/understanding risk. Betting large sums of money on risky endeavors with no upside is not smart. Betting medium sums of money with a low cost-of-capital in a market that has balanced itself with no competition coming on line sounds like a pretty decent bet to me.
Don’t let the national media scare you off. While extremism and negativity sells, I have yet to see report on the college-driven housing market on 60 Minutes. As a matter of a fact, the student housing market is one of the healthiest housing sectors in the market ([http://www.forbes.com/2010/02/23/real-estate-advisor-personal-finance-college-reit.html?feed=rss_tickers]) and owning a home that is underpinned by a rental option to students is a way to remove a great deal of risk from the equation.
Article Source: http://EzineArticles.com/4360803
Greater Richmond, Come and Stay
Why have we made Richmond, Virginia our home? Why should you make Richmond,
Virginia your home? I’d say this little video sums it up quite well.
The Worlds Skinniest House
Squeeze inside New York’s skinniest house as it goes on sale for a whopping $4.3m (twice what it sold for in 2010)
Size isn’t everything: The Millay House at 75 1/2 Bedford St. in New York City
It’s New York’s skinniest house, but you will need to have a fat wallet if you want to live there. The narrowest house in the city, once home to Cary Grant and a modern tourist attraction in its own right, has gone on sale for a whopping $4.3million—double what it sold for just one year ago. The hefty price increase is down to the renovations at number 75 1/2 Bedford St—though at just 9.5ft wide and 30ft deep, it’s hard to envision what sort of renovations could have justified such a cost. But the broker claims The Millay House has been ‘meticulously restored’—and its colorful history and position firmly on the city’s tourist trail will help.
Along with Grant, the property has been home to actor John Barrymore, poet Edna St. Vincent Millay and cartoonist William Steig—none of whom, clearly, ever suffered from claustrophobia. The house’s unique size is due to the fact it was built in the mid-1800s after its neighbors simply to fill in a carriage entrance way leading to the stables behind the next door property. Now a well-known stop-off on the tourist trail in Bohemian Greenwich Village its fame is a far cry from its past use as a shoemaker’s shop and a sweet factory.
The skinny house even came close to demolition in 1950, before a lawyer stepped in to save it and its neighbours from being razed. But its future appears assured for now. It sold for $1.6million in 2000 and $2.175million in 2010—now the owners have listed it with an asking price of $4.3million. That’s some $4,343 per square foot. The broker gave a detailed description of the renovations to justify the leap in price: “Flooring throughout is reclaimed rift and quarter-sawn antique oak,” the listing stated. “The beautifully appointed kitchen features white oak cabinetry, custom millwork, Crema Ella Italian marble countertops and backsplash.
The windowed master bath, with a balcony overlooking the planted garden, is exquisitely designed with a claw foot tub, separate shower, mosaic tiles, Italian marble and English Lefroy Brooks fixtures. Each fireplace is framed with natural Travertine marble. All of these modern conveniences have been seamlessly integrated, including central air, washer/dryer and new radiators throughout. The 2nd bath features Dolomite and Calacatta marble.
Anyone dreaming of a slimmed-down lifestyle in their own skinny property can beat New York’s offering by heading further south to Virginia. The Wedge in Richmond is just 7.5ft wide at the front and is rented out for a snip at $950 (£585) a month.
Renovations
At our heart of hearts, we all love housing. We love to talk about it, look at it, think about it and show it.
Sometimes, we get to fix it up ourselves.
The Projects We Represent
The Cary Mews. The Emrick Flats. The Marshall Street Bakery. Sterling Row. Tribeca….and many more (for a complete list, click here)
Working on projects is one of the most gratifying jobs for a Realtor. Being able to direct the course of sales, interpret market conditions, craft marketing campaigns and execute the plans is not for the faint of heart.
How does this benefit you?
Representing projects requires advanced knowledge of:
- design
- marketing
- reporting
- pricing analysis
- staging
- financing
- construction
- feasibility
- absorption
Buying a Condo
Financing. Financing. Financing.
As RVA’s premier brokerage for condo sales, we know our way around the condominium projects in our city. From the highly visible Vistas on the James project to the smaller niche projects such as the Decatur or Studio 516, we can tell you who built them, how many were sold, how financially healthy they are and which lenders can finance the units.
Buying a condo in this market means that you must understand what is going on behind the scenes to make a good decision.
We know.
Building
As Americans, we love things that are new.
We love new cars, we love new clothes and we love new houses. In many ways, our love of new houses was one of the reasons for the massive market adjustment beginning in 2007/8, but it will our love of new houses that will also help us to recover.
You will find a breakdown of new RVA’s new housing market HERE.
At One South, our focus on SPACE gives us an edge when helping clients look at new housing. Understanding how architectural design elements interact is just one of our skills. Understanding how to help our clients make intelligent decisions when it comes to upgrades, selections and plan modifications is also part of what sets us apart. Our focus on cutting edge trends also makes us leaders in understanding GREEN building techniques that will define the next generation of housing.
Allow me to assist you with the home building process. I understand housing and can pass that knowledge on to you.
