Melissa Savenko's Richmond Real Estate Review

Update on "Richmond: Lost & Found: The Past, Present and Future of Preservation in Richmond"

I have been informed by event organizers that tickets may be purchased at the door for this event, happening THIS FRIDAY, May 1, 2009 from 9:00 a.m. until 1:30 p.m.  So consider attending, I think it will be fascinating.  More details about the event are listed here, or on the Alliance to Conserve Old Richmond Neighborhood's website.

Upcoming Event - "Richmond: Lost & Found - The Past, Present and Future of Preservation in Virginia"

This Friday May 1, 2009, the Alliance to Conserve Old Richmond Neighborhoods (A.C.O.R.N.) is presenting a half day seminar titled "Richmond:  Lost & Found - The Past, Present and Future of Preservation in Richmond."  The program is from 9:00 a.m. until 1:30 p.m. at the Virginia Historical Society, located at 428 N. Boulevard, at the intersection of Boulevard and Kensington Avenue.  The cost is $45 to attend and lunch is included.  Parking is behind the building.

Here is how A.C.O.R.N. describes the event:

This annual event promotes preservation, education and revitalization of Richmond's historic neighborhoods, one house at a time.  The outstanding slate of presenters for this seminar mirrors the goals and reflects the mission of A.C.O.R.N. to move Richmond forward by focusing on preserving its rich architectural history, historic neighborhoods, and stemming the further loss of historic structures. 

The seminar program is as follows:

1. Calder Loth, Senior Architectural Historian, Virginia Department of Historic Resources, "Vanished Landmarks in Richmond."
2. Carl R. Lounsbury, Ph.D., Architectural Historian, Architectural Research Department, Colonial Williamsburg Foundation, "From Log Cabins to the Williamsburg Capitol: The Architecture of Eighteenth Century Virginia that No One Knows."
3. Bryan Clark Green, Ph.D., Architectural Historian, Commonwealth Architects, and Trey Tyler, Director, ProViz Inc., "Applying Computer Visualization Techniques to the Interpretation of Historic Properties - Digital Reconstructions."
4. Jonathan H. Poston, Esquire, Lecturer, Graduate Center in Historic Preservation, Clemson and the College of Charleston;Former Director of Museums and Preservation Initiatives, Historic Charleston Foundation, "Visions of Olmsted and Chorley: A Critique of Charleston's Modern Preservation Successes and Failures and Its Future Challenges."

Additionally, the program will be moderated by the delightful Harry E. Kollatz, Jr. of Richmond Magazine, with whom I have recently had the pleasure of speaking.

If you are interested in Richmond's architectural history, new technologies to facilitate historic preservation, Richmond's current preservation agenda, and an insider's view of what has worked and, perhaps more importantly, what has failed in one of America's most successful preservation communities, this event is not to be missed.

For information on registration, click on http://www.richmondneighborhoods.org/ and buy your ticket online.  I hope to see you there!

The Richmond Times Dispatch Killed the Sunday Real Estate Section, and I'm Mad

Over the last several months my newspaper has been getting smaller and smaller, while MY bill stays the same.  Now, I've been a loyal subscriber to the daily Richmond Times Dispatch for years, and I'm one of those people that loves coffee + the morning paper as part of my daily ritual.  And despite the call of many who believe the traditional newpaper is "dead," I've been willing to pay for the print paper, rather than shifting to reading on-line, because that just doesn't "feel" the same way to me. 

But something has happened that might make me revisit my commitment to the traditional daily paper.  Several weeks ago, the Richmond Times Dispatch announced that it was discontinuing the Sunday Real Estate section in favor of a pull-out section called "Find Homes."  It's either the second or third week of that change, and I'm angry.

"Find Homes," like the "new" "Celebrations" section, which used to be Flair + wedding and engagement announcements, has article-like advertisements on the front and interior pages.  However, these "articles" are nothing but self-serving advertisements run by generally large organizations, packaged and arranged to look like news.

Now, here's what I know.  Real estate is one of the few items that generates consistent newspaper advertising, particularly on Sundays.  These ads are EXPENSIVE - for an average three to four line advertisement on Sunday, which has an effective life of about 7:00 a.m. to 5:00 p.m., I will pay $100 for that single ad.  I am fairly certain if the revenues generated by real estate classified advertising were allocated to the Real Estate Section of the newspaper, it was one of the few revenue-generating areas of the paper.  In other words, I would be willing to bet the real Estate section paid for itself through classified advertising several times over, and in fact funded other areas of the paper. 

BUT, the Richmond Times Dispatch, in its infinite wisdom, has decided to kill the Real Estate section of the Sunday paper and to replace it with the [IMHO] insipid and misleading "Find Homes" section.

This bothers me for several reasons:

1. Most real estate practitioners - brokerages and individual Realtors, who are independent contractors only affiliated with a brokerage - will not be able to afford to place "articles," putting them at an inherent marketing disadvantage against larger organizations;
2. The "articles" look like independent reporting to the average bear, when nothing could be further from the truth;
3. Developing this "paid advertising as newsy reporting" approach is misleading and economically self-serving.
4. Right now the in the midst of housing crisis, there should be an emphasis on MORE independent quality reporting on the real estate sector, not less.

I don't care about the explanation that the previous real estate news is now scattered throughout the paper on other days and in other sections.  Real estate warrants its own stand-alone Sunday section.  For Lord's sake, if "Flair" is justified, then certain a Real Estate section is!  I find it insulting that you treat the people who are paying a major chunk of dough to support your paper this way.  Revisit your decision.  Bring back the Real Estate section.  If you need to lose some section of the paper, get rid of Flair or consolidate it with your goofy "Celebrations" section. 

Otherwise, I suggest all us Realtors who are handing over tens of thousands of dollars a year to the Richmond Times Dispatch to advertise our listings and Open Houses in the Real Estate section boycott newspaper advertising and start advertising only on free on-line channels like MLS, Facebook, MySpace, Zillow, Trulia, ActiveRain and Craigslist.  Or send your money to Style Weekly, at least they still do serious reporting on real estate-related issues.  Lord knows, we could all use the extra money in our own pockets right now, rather than sending it to an organization which apparently has little respect or concern for us but is MORE than happy to take our money.

What a Gorgeous Day!

I hope everyone is out there enjoying it, and all you Foxfielders and Virginia Wine Festival attendees, I wish I could be with you.  But, I have to pass out invitations to the neighbors to come see the Windsor Court Condominiums tomorrow from 1:00 to 2:00, followed by a public Open House from 2:00 to 4:00.  But I hope you all have a wonderful day, wear lots of sun block, and be safe!

Central Virginia Regional MLS - First Quarter 2009 Statistics

Here is the most recent report on the state of the Central Virginia region housing market:

Download CVRMLS_2009_First_Quarter_Report

It's an interesting comparison from a previous report through January 26, 2009, as well as one through February 2009.  And the Richmond Times-Dispatch ran a front-page article this morning which summarized the new report, along with some commentary from the report authors and local experts.  The news is cautiously optimistic, that maybe "the bottom" of the housing market is behind us.  Unfortunately, it seems like it is going to take consumer psychology a while to catch up with the hard data, and lots of buyers are still hanging around on the sidelines.

So, buyers, get out there and buy!  And sellers, if you've been hemming and hawing about selling in this market, and your home is in the first-time home buyer price range - which can be anywhere up to $450,000, depending on the neighborhood - you might want to jump in there and see what happens.  If you don't HAVE to sell, but have a great home, priced right, and you want a bigger home or a different neighborhood, what's the harm in trying?  As an incentive, the deals in the "move up" price ranges are great. 

As always, I'd love to help you.  I offer free consultations for either buyers or sellers.  Just give me a call or drop me a line.  And let's all enjoy the good news on the housing market, and keep our fingers crossed that things continue to get better, along with the glorious weather!

Real Estate and Agency Issues - AGAIN!

People who read my blog know how I feel about dual agency.  To define it yet again, dual agency is when one single real estate agent represents both the buyer and the seller in a real estate transactions. 

As a general rule, I think dual agency is a joke, it shouldn't be legal, and the statutes and rules should be changed to absolutely prohibit dual agency in any real estate transaction, residential or commercial.  However, I appear to be in the clear minority in the real estate agent community, and the Virginia Association of Realtors ("VAR") is a pretty powerful lobby.  So I suspect the laws and regulations permitting dual agency will remain, at least until there is some scandal and consumers wake up to this legally permissible, but ethically dubious, practice.

[ASIDE:  Maybe if dual agency was prohibited, it would clean-up some of the more egregious behavior in the commercial real estate brokerage world also, which I think would be a great thing]. 

Here's an interesting article from Christopher Cruise at www.bankrate.com titled "Is 'Your' Agent Really Working for You?"  [ASIDE:  I love the fact that he uses the divorce lawyer example to illustrate why a buyer taking advice from the listing agent is such a bad idea.  I used that same example too!]. 

[ASIDE:  Actually, I just double-checked my earlier post, now linked, and my analogy for dual agency was using the same lawyer to represent both the plaintiff and defendant in a personal injury lawsuit, not divorce.  I think I like the divorce analogy better].

I do disagree with Mr. Cruise's generally negative view of designated agency.  Designated agency is when two agents from the same brokerage represent the buyer and the seller.  To use RE/MAX Commonwealth as an example, there are multiple offices and agents that I have never met, never seen, never worked with.  To say RE/MAX Agent A couldn't independently represent buyer, with RE/MAX Agent B representing seller, because they both happen to be RE/MAX agents - well, that's just silly, in my opinion.  So long as designated agency is appropriately disclosed to both parties, and the agents observe carefully their fiduciary obligations to maintain the confidences of their own clients, I don't see why the fact that RE/MAX is the common broker should "bounce" one of the agents from representing their client.

So, read someone else's opinion, and form your own.  And as always, if you are looking to buy or sell a home, I'd be honored to help you.  And I promise NOT to represent both sides.

Greater Richmond Association of Commercial Real Estate Awards Last Night - Congratulations Everybody!

Last night I attended the Greater Richmond Association of Commercial Real Estate's (GRACRE) annual awards event for best commercial real estate projects in the Greater Richmond area.  The awards are given across a number of different categories.  The overall winner for best project was the National Theater and adjacent Gibson's Grill downtown on Broad Street.  If you haven't been in this building, you should make a point to do so.  It's absolutely stunning. 

There were other winners in a number of categories, from best Historic Renovation (The Power Plant at Lucky Strike) to best multifamily project (the Mews at Cary Mill).  Here is an article on the event, which contains a description of all the winners across all categories.

The event highlighted just some of the great things we have going on here in Richmond.  Congratulations to all the winners, as well as to all the finalists.  We should be proud of the outstanding talent these projects represent in architecture, construction and real estate development  here in the River City.

Baseball in the Bottom - Meeting TONIGHT at Albert Hill Middle School

A commenter has reminded me that there is a meeting this evening, Wednesday, April 22, 2009 at 7:00 p.m. at Albert Hill Middle School, located in the Museum District, to discuss the downtown baseball stadium proposal.  The developers are going to give their dog-and-pony show about the "Baseball in the Bottom" proposal, also known as "Shockoe Center."  Not too long ago, Highwoods Properties FINALLY created a website on the project, so you can go there for some of the background material. 

So go get educated on the topic and hear once again from the developers why this is such a fabulous economic engine for the whole Richmond region.  Me, I'm going to rely on my own review of the original consultants' report, and the soon-to-be-forthcoming second independent review commissioned by the City of Richmond.  Nothing like some cold, hard data, in my personal opinion.

Coming Soon - VCU vs. the Fan District Association, Byrd Theater Fundraiser, ACORN Seminar, Architectural Visualization Services as a Development Tool

Well, there is a LOT I want to cover in the next few days, but first I've got to get some closings done or squared away, circle up with all my buyers, attend two networking events, and sell some more condos.  But here's a brief overview of what I intend to get to as soon as I can surface from all my real work:

1. The VCU Meeting with the Fan District Association to discuss their acquisition of the old Ukrop's grocery store site, in violation of a 1990 letter Agreement with the surrounding neighborhood associations. 
2. April 26, 2009 fundraiser to benefit the Byrd Theater.  Consider coming.  It's for a great cause.
3. May 1, 2009 ACORN seminar titled "Lost and Found:  The Past, Present & Future of Preservation in Richmond," to be held at the Virginia Historical Society.
4. Architectural Visualization as a Development Tool - I wonder why more developers aren't using this tool to secure financing, as a cheaper means of "selling" a project besides putting shovels in dirt, as a way to communicate with surrounding neighborhoods about a project?

Hopefully, I can get to all of these topics sooner rather than later, but in this environment, the paying work comes first.

And I really, really, really need to finish reading that daggone report on baseball in the Bottom, and provide my thoughts on that.  Sigh.

A Real Estate Career - Did I Make a Mistake?

I've been selling real estate full time now for over three years.  Most of the time I absolutely love it.  But days like today make me wonder if I made the right decision.  Being a single mom on 100% commission, with no other source of income, in THIS market....well, it's a scary time.

So, what can one do?  I don't ask that as a rhetorical question, I really am asking for any advice, or guidance, or words of wisdom, that anyone, Realtor or no, wants to offer.

Right now, I try to focus on the positive.  Here are some of the most positive things about my career choice:

• I get to spend more time with my daughter.  She's 11.  I can already see that 18 and college is going to be here in just a blink of the eye, and then she'll be gone.  Right now, for probably a very little while longer, she'll still let me hug her and kiss her in public - although she is starting to do the "Oh, Mom!" with eye roll.  Gosh, they grow up quick!
• I get to combine several things I really enjoy - working with people, deal-making, looking at houses, exploring Richmond neighborhoods - and if I do it well, I make money doing it.
• I have met some fabulous people.
• I have had the opportunity to get involved with several organizations which have either enriched me, in education and interactions, or allowed me to feel like I am giving back to a cause I believe in.
• I get to set my own schedule.  For a natural night owl like me, that means I can sleep until 7:30 and lounge around in sweats with coffee and the morning paper until 9:00, without feeling guilty.  And I can do a great deal of work at night, after my daughter goes to bed.

I know it's bad out there for most everyone.  I see the sad story of people losing jobs, having to sell their houses, or even worse, losing them to foreclosure, first hand  I'm trying to be the Little Engine that Could, I really, really, REALLY am.  But in this market, it's hard not to get demoralized or just d*mn scared to death.

So, should I tough it out?  Or try to find a "real" job, with a salary and benefits?