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.
Community

Holman student named Miss Va. Coed Junior Teen


Holman Middle School student Victoria Nguyen recently was named Miss Virginia American Coed Junior Teen after competing in the Miss Virginia American Coed pageant in Williamsburg. She was the youngest competitor in her division. Nguyen now will advance to represent Virginia at the 2015 Miss American Junior Teen Pageant at Walt Disney World in Florida in November. > Read more.

Companion Extraordinaire to honor veterans May 14

Companion Extraordinaire Home Care and Skilled Services will be honoring veterans and current military members May 14 at 11 a.m. The event will take place at 5311 Lakeside Avenue.

Companion Extraordinaire dedicated a hall in its new Lakeside office as a “Wall of Honor” and will be presenting 13 military service men and women with certificates as well as placing their service photos on the wall.
> Read more.

Henrico student among 3 vying for national $10,000 scholarship

Public vote open through Friday to select winner
Henrico resident Haley Malloy is one of three national finalists for a $10,000 scholarship, whose winner will be determined by the vote of the public.

Malloy is a finalist for The Goddard School Anthony A. Martino Scholarship, which is open annually to any high school junior or senior who graduated from a Goddard School pre-kindergarten or kindergarten program. Applicants are evaluated based upon the work ethic and perseverance they have demonstrated – two key characteristics of Martino, the founder of the Goddard School franchise system. > Read more.

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Entertainment

Weekend Top 10


Music lovers unite! There are several great concerts this weekend beginning with Innsbrook After Hours who will be kicking off their 30th season with Foreigner, Lee Brice, and Rusted Root & The Wailers. The Richmond Women’s Chorus will present “Let Freedom Sing” at the Henrico Theatre tonight; The Taters will perform tomorrow at The Tin Pan; and the Richmond Choral Society will present “Sentimental Journey III” on Sunday at the Henrico Theatre. For all our top picks this weekend, click here! > Read more.

More than monkey business

Disneynature’s ‘Monkey Kingdom’ is its strongest yet

“Did you know monkeys could swim?” asks Tina Fey in Monkey Kingdom. While she’s asking, a toque macaque (a two foot-long monkey with red-white fur and great hair) breast-strokes under the surface of a pond, yanking out lily pad flowers by her teeth and dragging them ashore to munch later.

Turns out monkeys can swim. And slide down telephone poles. And do the thing from Flashdance where you bring down a cascade of water on your head and shake it off in slow-motion.

All will happen in Monkey Kingdom, the eighth film in nine years from Disneynature, Disney’s wildlife documentary outlet. > Read more.

Weekend Top 10


Relax this holiday weekend with Fridays Uncorked at Southern Season – taste wines from the Roman Empire! Or at James River Cellars who is hosting “Experience Virginia” – sample Virginia wine, beer, cider and mead. And what goes better with wine than strawberries – an annual tradition in Varina, the Gallmeyer Farms’ Strawberry Fields Festival is tomorrow. Other fun happenings this weekend include: “A Little Princess” at The Cultural Arts Center at Glen Allen; weekly dance at American Legion Post 125; and National Theatre Live’s “Man and Superman” at the University of Richmond. For all our top picks this weekend, click here! > Read more.

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The Henrico Business Council will toast the end of a successful program year from 5:30 p.m. to 7:30 p.m. at BJ’s Restaurant and Brewhouse, 12010 W. Broad St. Complimentary small… Full text

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