Housing market shows positive signs

The housing market in Central Virginia showed signs of improvement during the third quarter of the year, according to the Richmond Association of Realtors.

Home sales in the region rose 23 percent from the same period in 2010, and pending sales (a strong indicator of final sales) were up 11 percent as compared to the third quarter of 2010.

“The fact that the housing market in 2011 has outperformed the 2010 housing market through the first nine months of the year is amazing, considering that buyers had the inducement of a tax credit to spur their decision making last year and no such inducement exists this year,” said Cheryl Hamm, president of the Richmond Association of Realtors and Central Virginia Regional MLS. “Of course, sales prices continue to lag, but we've known all along that sale price would be the last indicator to turn around."

The main factors dampening the resurgence of home prices are the foreclosure inventory and the economic uncertainty of buyers and sellers, Hamm said.

“The continued presence of foreclosures in the market makes it difficult for sale prices to rebound when the region is viewed as a whole,” she said. “We are seeing some modest price increases in certain neighborhoods; we've even seen some multiple offer situations. In many instances, whether a home is selling and for what price is dependent upon the factors that have always been most important – location, the condition of the home, and the sale price.”

As major banks have resumed with processing foreclosures, an initial foreclosure uptick may be in store, but in the long run this will help promote the movement of foreclosure inventory.

"If positive economic indicators continue to show promise, consumer confidence should also improve, Hamm said.

“Can I predict what the fourth quarter will look like or how 2012 will shake out? No. The fourth quarter is typically seasonally slow, so I would not be surprised if that held true for this year as well," she said. "As for 2012, there are just too many variables abroad and here in the U.S. for me to make a prediction."
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Earnhardt gives Redskins a ride


Dale Earnhardt Jr., driver of the Hendrick Motorsports No. 88, stopped at Richmond Raceway Aug. 8 in advance of the track’s NASCAR weekend in September. He was joined by five players from the Washington Redskins, who were in town for the team's training camp, which concluded Aug. 14. The day in Richmond gave Earnhardt and the Redskins players an opportunity to see how the athletes compete in their respective sports. > Read more.

READ Center a finalist for $25k grant


The READ Center is a top-200 cause finalist in State Farm’s Neighborhood Assist program, making it eligible to earn a $25,000 grant to support adult literacy in the Richmond region. The 40 organizations from across the nation with the most votes will win grants.

The READ Center, based in Henrico, provides classroom instruction and one-to-one tutoring to adults with very low literacy. > Read more.

Henrico County property transactions, Aug. 1-6


A sample of property transactions during this period appear below:

1847 New Market Road – $137,000, 1,659 SF (built in 1935), from Philip J. Whiteway, III and Donna H. Whiteway et. al to David T. and Katherine W. Benckert.
6304 Trailing Ridge Court – $165,000, 1,246 SF (built in 1999), from Carol A. Allen to Sandra R. Jefferson.
1722 Devers Road – $169,950, 816 SF (built in 1949), from Heather K. Brunner to Kasey A. Sheridan and Jason Talbot.
3201 Purvis Road – $175,000, 2,051 SF (built in 1997), from Geneva Moore LLC to Jessica I. Bolling. > Read more.

Glen Allen wins 2 of first 3 games at 14U Babe Ruth World Series


The host Glen Allen 14-year-old all-star baseball team won two of its first three games in pool play at the 14-year-old Babe Ruth World Series, which is it hosting at RF&P Stadium in Glen Allen. The team beat the Midwest Plains champions, 9-4, in its first game Aug. 10, then topped the Southwest champions, 7-3, Aug. 11 before dropping a 5-4 result to the Ohio Valley champions. > Read more.

Filipino Festival draws thousands


Thousands of attendees visited the annual Filipino Festival at Our Lady of Lourdes Church in Lakeside Aug. 11-12, enjoying native foods, entertainment, clothing and commemorative items and much more. > Read more.

Henrico Business Bulletin Board

August 2017
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Deep Run Recreation Center will host Art Splash! from 2 p.m. to 4 p.m. See artists at work and get an early peek at what Henrico Recreation and the Cultural Arts Center at Glen Allen have in store for fall. Check out some original creations in the student art exhibit or purchase something to add to your collection from local artists. Admission is free. For details, call 501-7275 or email .(JavaScript must be enabled to view this email address). Full text

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