Henrico County VA

Housing market rebounding?

Laura Lafayette
The housing market in Henrico and metro Richmond area appears to be headed in the only direction it could go -- up. That was the general consensus of attendees at the Richmond Association for Business Economics’ luncheon last month at the Federal Reserve Bank of Richmond, following a presentation by Richmond Association of Realtors CEO Laura Lafayette.

“What I took away, and what I think [everyone else is] taking away as well is the real estate market has really bottomed out in the Richmond region,” said RABE president Charles Kennington. “And going forward, we’re going to see more good news than bad news.”

The numbers showed that the units sold in Virginia declined every year from 2005-2010, with last year showing the first signs of improvement (slightly more than 11,000 in 2011 compared to about 10,600 in 2010).

Lafayette pointed out that, while the units sold rebounded slightly in 2011, each county saw a significant drop-off in average selling price. Henrico witnessed the biggest decrease, with units selling at an average of $230,823 in 2011 compared to $250,535 in 2010, a decrease of nearly 8 percent.

While her overall comments were encouraging, Lafayette warned that the number of units sold in 2005 (just more than 20,000) was probably more than the Richmond area could maintain, adding that 2007 totals (about 15,800 units) were a more attainable goal.

“We’re just looking for the market to behave normally,” she said, “not take off.”

Henrico did rate better than the other counties in other categories, though, such as active listings (1,275 as of May 20), sold vs. listed percentage (60 percent) and average sales per month (245). Henrico also rated well in average days on market (DOM), with 70 the current average for May 2012.

Lafayette, though, told attendees not to pay attention to DOM because real estate agents “can be creative.” An agent can re-list a house by taking the property off the market for a couple hours and putting it back on. This process gives the property a new Multiple Listing Service (MLS) number and resets the DOM.

Lafayette stressed the significance of the average list price of newly constructed homes compared to that of resold homes (those built since 2006). New homes in Henrico were listed, on average, for $375,926 compared to $348, 937 for resold homes. Other counties saw an even larger difference.

“We need to get resale price closer to new price,” Lafayette said.

The big difference is scaring off potential new-home buyers because of the appearance that their investment almost immediately loses value, she said.

Nationally, the housing market had its best first quarter in five years, and foreclosures are down significantly, she said. In Virginia, the percentage of units sold has been up every month except for March, though Lafayette said she wasn’t concerned about the change (about half a percent).

There is a concern, though, that the good numbers for January and February may cause a softening in May and June, normally the highest selling months, she said.

There is a stubbornness on the part of some “boomers” to not sell their properties now because they’re bitter about the fact that they could have sold them for more years ago, she said.

“People’s 401k has become their 201k,” she joked.

RABE has about eight to 10 regular luncheons each year on topics relevant to the Richmond community, Kennington said.

“Clearly, real estate, having suffered the downturn that it did, is something we think is on the minds of our members and the public at large,” he said.

“When we reached out to Laura, we didn’t know what her message was going to be. So, whether it was good or bad, we just want to see what the facts are to inform our membership.”

Next month, RABE will host Virginia Secretary of Finance Ric Brown, Kennington said.
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Community

Henrico to offer Christmas tree recycling

Henrico residents can recycle their Christmas trees after the holidays at one of several locations in the county.

From Dec. 26 through Jan. 11, trees will be accepted at the following spots:

• Springfield Road Landfill Public Use Area, near Nuckols Road and I-295 – open from 7:30 am to 7 pm daily, except holidays;

• Charles City Road Landfill Public Use Area – 7:30 am to 7 pm daily, except holidays; > Read more.

Holidays will delay some CVWMA collections


CVWMA curbside recycling collection and trash collections will have a one day delay in collections Dec. 25-26 and Jan. 1-2. There will be no collections on Dec. 25 or Jan. 1.

Curbside recycling collections Monday through Wednesday will be on regular schedule. Red Thursday and Red Friday curbside recyclers will have a one day delay in collection services Dec. 25-26. Blue Thursday and Blue Friday curbside recyclers will have one day delay in collection services Jan. 1-2. Containers should be placed at the curb by 7 a.m. on collection day. All Friday collections will take place on Saturday. > Read more.

MADD to host candlelight vigil Dec. 2 at UR

Mothers Against Drunk Driving (MADD) will host a candlelight vigil of remembrance and hope Tuesday, Dec. 2 at 7 p.m. at the University of Richmond, outside the Cannon Chapel. The public is invited to attend and join MADD to honor victims of impaired driving crashes, while helping to remind the community to be safe during the holidays. > Read more.

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Entertainment

A gift that should stop giving

‘Jingle All the Way 2’ is expectedly flawed
Was anyone asking for an extra-large helping of Larry the Cable Guy this Christmas? If so, you can thank Santa Claus for Jingle All the Way 2.

If not, you can be like the rest of us and curse Santa for his folly in creating such a film. Santa, we neither wanted nor needed this.

A follow-up to the much-derided 1996 Christmas film Jingle All the Way, Jingle All the Way 2 isn’t so much a sequel as it is an odd kind of remake, offering a few original twists on the original’s dad-vs-dad holiday showdown, but also copying large chunks of the original without alteration. > Read more.

Restaurant watch

Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.

Weekend Top 10


Several holiday performances take place this weekend in Henrico including “It’s a Wonderful Life” and Theatre IV on Tour’s “’Twas the Night Before Christmas” – both at The Cultural Arts Center at Glen Allen. The Central Virginia Masterworks Chorale will perform Vivaldi’s “Gloria” at River Road Church, Baptist and the Virginia Repertory Theatre will present “Santa’s Christmas Miracle” at the Children’s Theatre at Willow Lawn. A fun annual tradition, now in its 14th year, will be at SkateNation Plus in Short Pump – Chabad of Virginia’s Chanukah on Ice. For all our top picks this weekend, click here! > Read more.

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Lewis Ginter Botanical Garden will present the Dominion GardenFest of Lights nightly from 5 p.m. to 10 p.m. Nov. 28 to Jan. 12 (closed Dec. 24-25). This holiday tradition features… Full text

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