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richmond: 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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richmond: 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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richmond: 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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richmond: Richmond, Virginia is the 7th Best Place to Buy a Home in the USA! - 08/12/09 01:43 PM
Take THAT, all you naysayers and doom-and-gloomers! Zillow has ranked Richmond No. 7 in the NATION in "Best Places to Buy a Home." Now, I will admit I usually think Zillow super-sucks, but if I have to deal with all the negative stuff that comes with them - like oftentimes EXTREMELY inaccurate assessments of home values - I'm daggone well going to take the good stuff!
Here is a link to a "Good Morning America" piece that cited the Zillow data.
I am so thrilled. I'm really, really, REALLY tired of folks who constantly refer to the national or regional data, … (1 comments)
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richmond: Analysis of the Central Virginia Area Housing Market - Second Quarter 2009 - 07/31/09 01:08 PM
Well, this report was released a few weeks ago, I thought I'd post it, it is still pretty interesting. I've included the ENTIRE 21-page report here, and the 2-page synopsis here. The report is prepared by George Mason University, and contains some interesting information, like:
Sales increased 63% between the 1Q and 2Q of 2009, a larger-than-average Spring "bump." 48% - almost HALF! - of the sales in the Richmond metropolitan region for 2Q 2009 were under $200,000, compared to 37% of sales in 2Q 2008. Homes under $200,000 spent an average of 73 days on market ("DOM"), compared to 100 DOM for homes … (0 comments)
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richmond: Richmond's Urban Neighborhoods and Crime Statistics - What Is the "Truth?" - 07/10/09 04:37 PM
I know the article naming Church Hill as the 10th Most Dangerous Neighborhood in the U.S. has caused an uproar, especially among people who live there and love it. And one commenter has noted that she feels much safer in her Church Hill neighborhood than she does in the Fan or Museum District. So it got me to thinking....
What is the truth about crime statistics in Richmond's urban neighborhoods? Is Church Hill safer than the Fan? Was the article naming Church Hill the 10th Most Dangerous Neighborhood in America unfair and based on inaccurate information?
NOTE: In the interest of full disclosure, … (1 comments)
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richmond: Is the Recession Slowing? Good News for Richmond, Virginia - 06/17/09 10:54 AM
Here are two articles which suggest that a slow, steady economic recovery may be in the not-too-distant future for Richmond. For the ultimate impact of the recession, one article puts Richmond in the middle of the Top 100 largest metropolitan areas in the United States. That means the recession has been milder here compared to about 50% of the other major metropolitan areas in the United States. For example, with respect to a decline in home prices year-over-year, the Greater Richmond Metropolitan area, which will include the surrounding counties, has seen only a 2.2% drop in 1Q 2009 compared to 1Q 2008. All … (3 comments)
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richmond: The Eggleston Hotel Collapse - Let the Finger-Pointing END! - 04/16/09 01:58 PM
Well, the dust had barely settled (literally), and everyone seems to have an opinion about whose "fault" it is that the Eggleston Hotel collapsed. Seriously. Here's an article the day after the collapse titled "Richmond Official Blames Hotel Collapse on Owner's Inaction." Today the headline is "City, Eggleston Hotel Owners Disagree Over Collapse." City officials, the owners, newspaper columnists, and just about any Tom, Dick or Harry on the street is rushing to lay blame at the OTHER guy's feet.
Why do we care who shot John? It's not going to magically resurrect the Eggleston Hotel, like a phoenix from the ashes, if we can properly … (0 comments)
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richmond: "Condo-Minis" and Thoughtful Design - 01/04/09 08:08 PM
The December 21, 2008 Sunday Real Estate Section front page had an article about a "mini condo" development in Jackson Ward. The developer is a gentleman named Ron Stallings of Walker Row Partnership. Just for the record, I have never met Mr. Stallings. However, I did see him speak at the Venture Richmond Forum on Downtown Development, about which I have previously blogged.
I have to say, of the residential developments that were described at that Forum, I was most impressed with Mr. Stallings and his descriptions of his condominium projects. Not only did he describe what he was developing, he explained WHY. … (1 comments)
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richmond: Richmond, Virginia - Downtown Development Revisited - 12/30/08 01:47 PM
Back on December 5, 2008 I posted an entry about a Venture Richmond Forum highlighting downtown development projects recently completed, under construction, or proposed. The gist - I was impressed by the breadth and depth of stuff going on in Richmond, as well as the program put on by Venture Richmond. The post went out into the Internet ether with nary a ripple, but for one snarky comment accusing me of "drinking the Kool-Aid." Well, maybe I did, but I L-O-V-E my hometown, and when it comes to progress in the River City, I'd rather be an optimist and root for … (0 comments)
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richmond: 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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richmond: 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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richmond: 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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richmond: From Richmond, Virginia, Here's Melissa Savenko, First Time Poster - 07/09/08 10:41 AM
Well, I am taking the plunge. This is my first post on the Active Rain blogosphere, although I have been blogging for over a year now, at www.melissasavenko.typepad.com. Of course, I am so technically challenged that I don't know how to cross-post to the separate sites, other than by doing it manually. I'll have to get my 10 year old, the techical expert in our house, to help me figure it out.
Anyhoo, this is just a test, to see if this actually posts. I'll write something more substantive about the local Richmond, Virginia real estate market in the next day or so. … (0 comments)
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Melissa Loughridge Savenko
Richmond,
VA
More about me…
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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