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historic fan district: New FHA Financing Rules for Condominiums - Thank Goodness! - 11/12/09 09:53 AM
On November 6, 2009, the Department of Housing and Urban Development issued new guidance relaxing the financing requirements for condominiums. For condominium developers, listing agents for condominium projects, and condominium buyers, this is GREAT news. Basically, an individual buyer may now get FHA financing in a project that qualifies. What's so great about FHA financing? It allows the least amount of money down (3.5%), has lower credit score requirements, and allows a "non-owner occupant co-borrower," which is fancy HUD-speak for a cosigner on the loan.
So what does this mean practically? Someone starting out could buy a $200,000 property with $7,000 … (1 comments)
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historic fan district: Windsor Court Condominiums - Great Condos in the Heart of Richmond's Historic Fan District! - 09/14/09 09:20 AM
Well, it's that time again. Sunday morning, and I'm gearing up for the stand-by Sunday Open House. This Sunday - and every Sunday except holidays - I'm holding open the Windsor Court Condominiums, located smack-dab in the middle of the Historic Fan District. Here are some quick facts about the project:
The actual address is 1608-1614 Grove Avenue, in between Vine and Lombardy. There are 24 total units located in three different buildings set back around a GORGEOUS central courtyard - two "wing" buildings, 1608 Grove and 1614 Grove, and the "main building at 1610 Grove. Each unit has a minimum of 2 … (0 comments)
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historic fan district: Blogging Hiatus - Where Does the Time Go? - 09/14/09 09:13 AM
I really don't know what happens and how. All of a sudden, days and days, sometimes weeks, pass and I'm behind the eight ball on the blogging front. I just looked and my last post was August 26, 2009. The thing I find most frustrating is that there are typically lots of things I WANT to address and write about - either national trends, local current events, real estate tips and tricks, etc. But there aren't enough hours in the day to get it all done. Or at least there aren't enough hours in MY day.
I will freely admit to … (0 comments)
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historic fan district: Walkability = Higher Home Values - 09/14/09 09:04 AM
Here is a really interesting article from MSN Real Estate, reporting on a study that finds a higher "walkability" index translates into higher home values in 13 out of 15 metropolitan areas. The data supports what we real estate agent who represent certain City of Richmond neighborhoods have known, without being able to quantify - walkable urban neighborhoods are more and more desirable, and therefore more and more valuable.
The two exceptions to the rule: Bakersfield, California, which showed no correlation between walkability and higher property values, and Las Vegas, Nevada, which showed a NEGATIVE correlation between walkability and property values.
Really? Being within walking … (0 comments)
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historic fan district: Back to Real Life....And a Real Schedule...And a Better Market? - 08/14/09 10:48 AM
Man, it sure is hard coming back from vacation! I spent last week in picturesque Bath County at Nimrod Hall, one of my favorite places in the world. I was pretty much unplugged - limited phone, limited e-mail, limited computer access. I have to say, it was heaven.
BUT....I have to get back to real life, and jump back into work. At least until my rich uncle gets out of the poorhouse. Or I win the $139M lottery. Or I marry an heir to some little-known European principality. Sigh. A girl can dream, right?
While I was gone my business partner did … (2 comments)
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historic fan district: The Death of Suburbia as We Know It? - 06/09/09 11:05 PM
Being in real estate, and because I work primarily in historic urban neighborhoods, I found this week's Style Weekly cover story especially fascinating. The title is "Neighbors In Waiting" and the subtitle is intentionally provocative - "The country's real estate meltdown hasn't just sparked a recession - it may have ended modern-day suburbia."
Now, let me say for the record that I am completely and totally one of those people who has drunk the Kool-Aid and doesn't understand why everyone doesn't want to live in a walkable, historic City neighborhood. And if I am ever consigned to the 9th ring of Hell, I'll be doomed to … (1 comments)
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historic fan district: Cool Stuff Coming Up in the Historic Fan District - Late April and May 2009 - 04/15/09 08:07 PM
I just got around to flipping through my most recent copy of the "Fanfare," the Fan District Association's bi-monthly newsletter. There is a lot of cool stuff coming up in the Fan, so I thought I'd list the activities, in case people who aren't "Fanfare" subscribers aren't aware. So here they are, in date order:
Saturday, April 25: The "Binford Bash," celebrating the visual and performing arts. The Bash will be held behind the Binford Middle School, located at 1701 Floyd Avenue, from 11:00 a.m. until 6:00 p.m. For more details check out www.binfordpta.org. I haven't been before, but I certainly plan … (0 comments)
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historic fan district: New Listing - 2113 Floyd Avenue - Richmond's Historic Fan District - 03/26/09 08:04 AM
I have a new listing (with the able assistance of my co-listing agent, Pat Petersen Robnett, of course!) at 2113 Floyd Avenue, and it's a great starter house in the Fan. I've pulled together a photo album here, so please pop in and take a look. I cannot figure out for the LIFE of me how to order the pictures in the order I would prefer, which would take you through the main floor of the house, front to back, then through the second floor of the house, front to back, and then out to the rear yard. So the order … (0 comments)
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historic fan district: Windsor Court Condominiums Open House - SUCCESS! - 01/04/09 08:13 PM
Wow! I'm pretty excited by the turnout for the Windsor Court condominium project at 1608-1614 Grove Avenue, especially considering it was a "soft opening" with no paid advertising (just post sign, street signs, MLS notice, Zillow notice, and Craigslist). On both Saturday and Sunday we had agents, LEGITIMATE potential buyers, and folks from the neighborhood. People were universally complimentary and I'm starting to think we may be priced too low - in this market!
I'll post a price list and floor plans, for anyone that is interested. Looks like good news in the residential real estate market, at least in the Fan. The market is clearly picking … (0 comments)
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historic fan district: Windsor Court Condominiums in Richmond's Historic Fan District - Coming January 2009 - 12/17/08 03:48 PM
Well, I am VERY excited. A listing of mine, a 24-unit condominium project in the Historic Fan District, the Windsor Court Condominiums, is coming together and coming on the market January 3, 2009. This is the culmination of over a year of work by real estate agents, the real estate developer, the general contractor, the lender, the stager - you name it, there are lots of people involved.
I know most people would say it's a terrible time to be selling condominiums, but I'm convinced this project is DIFFERENT. There is a glut of condominiums on the market, but those other … (0 comments)
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historic fan district: For Sale - Richmond's Historic Fan District - 1416 Grove Avenue - 10/13/08 09:22 AM
Welcome to 1416 Grove Avenue! This gorgeous home has four (4) bedrooms and three and one half (3.5) baths on three levels. The first floor features double parlors with grand columns and unusual glass lighted pocket doors, a spacious dining room with beautiful fireplace, an original built-in step back cabinet in the hall to the kitchen, a first floor powder room, a separate laundry room, and a charming kitchen with copper paneled ceiling, copper counters and knotty pine walls. On the second floor is a grand master suite with bath and cedar-lined walk in closet. There is an additional guest … (0 comments)
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historic fan district: Was Chicken Little Right? - 10/08/08 09:07 PM
IS the sky falling? Considering the fact that Nobel Prize winning-economists, Congress, and the Cabinet don't seem to know, I'm not going to dare to opine. However, I do have some observations about our local real estate market - lovely Richmond, Virginia, my hometown - which I am listing below in no particular order.
1. I've said this before, but it continues to be true: It is a great time to be a first-time buyer, if you have good credit and some cash to put down. There are some amazing values out there. And there are great loan programs through the Federal Housing … (2 comments)
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Melissa Loughridge Savenko
Richmond,
VA
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RE/MAX Commonwealth
Address: 509-511 N. Meadow Street, Richmond, VA, 23220
Office Phone: (804) 353-4455
Cell Phone: (804) 986-3993
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