Buying and Selling Real Estate in Richmond VA

Beginners Guide To Mortgage Shopping

Mon, 21 May 2012 23:05:04 +0000

January 24, 2008
Broderick Perkins
Realty Times

It's not everyday you go looking for a mortgage.

It's not a trip to the mall.

It's a methodical, step-by-step process requiring planning, time, effort and attention to details.

Here are some guidelines for beginners -- assuming you've already laid the groundwork by inspecting your credit report.

Inspecting your credit report and getting it in the best shape possible is your first step to the best mortgage. In today's tight money world it behooves you to take the time necessary to carefully scrutinize your credit report and to be prepared to explain to creditors any dings you can't fix.
Shop around for a mortgage from a variety of sources to determine what's available. Shop mortgage brokers, mortgage lenders, banks and credit unions. Don't forget to examine your local and state mortgage programs as well as community service and housing agency mortgages and mortgage assistance programs.
Obtain all loan cost information, not just the monthly mortgage payment and annual percentage rate (APR). Check the cost of points (in dollar amounts, not just number of points), broker fees, origination fees, underwriting fees, administrative costs, mortgage insurance, yield spread premiums, commissions, escrow and closing costs -- each and every cost associated with your mortgage. You need these numbers to make a fair comparison.
Get an explanation for every fee you don't understand. Use the Federal Deposit Insurance Corporation's (FDIC) "Mortgage Shopping Worksheet" to help keep your costs in focus.
Check the loan terms for a variety of loans. Know what down payment you'll need, the term of the loan, whether the loan is a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM) and the specific terms of each. For ARMs, ask for the beginning rate, when and how often adjustments occur, how much adjustments could cost, and the ARMs ceiling rate.
Be aggressive. Prepare to negotiate with the information you've gathered on the mortgage worksheet. The more information you have about each loan the more negotiating leverage you'll have. A pristine credit record can also give you an edge. Look particularly to quibble over points, yield spread premiums and other broker's fees or commissions. Don't be afraid to ask the lender or broker to waive or reduce one or more of its fees or to agree to a lower rate or fewer points. Make sure the lender or broker isn't just lowering one fee to raise another or lowering the rate to raise points. There's also no harm in asking lenders or brokers if they can give better terms than the original ones they quoted to you, especially since you've found better terms elsewhere.
Once you are satisfied with the terms you have negotiated, consider a written lock-in from the lender or broker. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, the number of points to be paid and a lock on as many other costs and terms as possible.
Also seek a written loan commitment that guarantees you the terms and costs you've locked. A loan commitment puts you ahead of the pack in the eyes of the home seller who wants to sell quickly.

Owning Off-Campus

Mon, 21 May 2012 23:05:04 +0000

Sunday, Jan 13, 2008

Carol Hazard

Richmond Times Dispatch

College years can stretch into graduate school and possibly a medical residency.

All told, 10 years of higher education could be in the offing -- and just as many years of housing costs.

When choosing a college, it's important to know housing costs, said Wayne Johnson, president of Coldwell Banker Johnson & Thomas in Richmond.

Some parents buy houses or condos for their children and rent rooms to other students to help pay mortgages. "It's becoming more and more prevalent, especially for students in medical or law schools," Johnson said.

Margarita Valentin of Springfield bought a condo for her daughter, Alex, in Eagle Mill Towers off Marshall Street. "We were wasting money on rent. This is an investment. We'll either sell it or rent it after Alex graduates."

Alex, a junior at Virginia Commonwealth University, had rented a tiny one-bedroom, one-bath apartment with another student. Each paid $400 a month.

The condo was $210,000, more expensive than her mother said she wanted to spend. But Alex doesn't have a car, so the condo had to be near campus and a grocery store.

She shares the condo with a fellow student, two pet rats and two ferrets.

Alex, whose major is theater, has her own bedroom and bath. Posters of Johnny Depp cover the walls in her room. DeAnna Mays, her roommate, pays $550 a month to help pay the mortgage.

The décor in Mays' room is black and hot pink. But it was hard to discern in a jumble of clothes.

The kitchen has stainless-steel appliances and granite countertops.

The condo is a much better place to live, Alex said. Plus, it's not easy to find a place to rent, she said.

Condos start in the $160,000s at Eagle Mill Towers, where the first residents are still moving in, and in the $180,000s at the soon-to-open Iron Horse Place on West Broad Street.

"The Richmond condo market is very hot," said Tonya Whitten, an agent with Long & Foster.

Six units in the two buildings -- Eagle Mill Towers and Iron Horse Place -- have sold in the past couple of weeks, not just to parents of VCU students, but to young professionals, Whitten said.

VCU spokeswoman Pam Lepley said an estimated 6,000 students live in private housing in neighborhoods immediately surrounding the campus.

Only about 5,000 of a total 32,000 students live on campus, she said.

Unlike VCU, which doesn't have enough housing, the University of Richmond discourages off-campus living, college spokesman Brian Eckert said.

"We want students to live on campus to foster participation in the college community," he said.

About 95 percent of UR students live on campus, Eckert said. The cost for a double room is $3,230 a year.

About 700 of VUU's 12,000 students live on campus. The annual residence hall fee is $2,824.

At VCU, dormitory housing is about $4,500 a year, or a total of $45,000 if one goes to undergraduate and graduate school for 10 years. That could be a down payment on a house.

Developers Pounce on Tri-Cities

Mon, 21 May 2012 23:05:04 +0000

Monday, Jan 14, 2008

Luz Lazo

Richmond Times Dispatch

The projected influx of military and civilian personnel resulting from Fort Lee's expansion is drawing a record number of developers interested in building luxury apartments in the Tri-Cities area, regional officials say.

At the same time, city officials across the area are ceding public land for such projects, and some say they are excited to welcome development that will attract Fort Lee newcomers to their neighborhoods.

Last week, the Hopewell City Council voted unanimously in favor of selling a historic building for a project that includes the construction of 35 to 40 luxury apartments at rental rates of $1,000 to $1,400.

The city will sell the 3.7-acre James E. Mallonee School property at 1201 City Point Road for $100. The school building has been vacant since 1990.

The $8 million project will include an on-site child-care center and construction of a field house at nearby Merner Field for use by the city and school system. It also will keep the school auditorium open for public use.

Hopewell received three unsolicited proposals to convert the Mallonee site into apartments, city officials said. The administration chose the plan offered by Suffolk-based Garcia Development LLC, which will work with MEB General Contractors and Commonwealth Architects.

Previous proposals for the site -- including a grocery store, a public library and use by the human services department -- were voted down in part because some residents opposed the demolition of the school, Mayor Steven R. Taylor said.

But the Garcia proposal fit the city's vision, he said. With the influx of personnel expected because of the 2005 Base Realignment and Closure Commission decisions, Hopewell sees a need to build more apartments, Taylor said.

A 1996 appraisal of the site also concluded that the best use for the school and property was multifamily housing.

"A lot of the push for this [project] is because of Fort Lee," Taylor said.

The projected growth that will come with the changes at Fort Lee is seen as a natural business opportunity for developers, said Denny Morris, executive director of the Crater Planning District Commission.

"Generally, the feeling was and is that the 'for sale' side is probably in good shape. . . . But there is a shortage of qualified apartments," Morris said. "That's why we are seeing an interest by developers in regard to the construction of apartments.

"Housing availability and child care are two of the most critical pieces" in local jurisdictions that will be affected by Fort Lee, Morris said.

The base expansion is expected to mean an increase of nearly 1,800 households in six nearby localities, according to a study released last month by the Crater Planning District Commission. The Fort Lee Regional Growth Management Plan anticipates 809 new households in Chesterfield County, 317 in Prince George County, 217 in Petersburg, 150 in Hopewell, 166 in Colonial Heights and 133 in Dinwiddie County.

The numbers can't be ignored, said Mickey Garcia, owner of Garcia Development. "Hopewell has a need for a broader range of housing, and it has Fort Lee coming. Fort Lee is the icing on the cake."

He said his project, which includes luxury housing, is based on studies of Fort Lee and "what it is bringing to the table," he said.

Garcia said he and some of his partners are looking at other private and public sites in the Tri-Cities region for possible development.

Hopewell Assistant City Manager John M. Altman Jr. said the city is exploring other opportunities for housing and retail development with several developers. The city has the 8-acre Patrick Copeland site and other parcels that are fit for retail and multifamily housing, Altman said. Fort Lee "is not only an opportunity to the city but to the region in general."

Other development already under way includes a $12 million project in Petersburg's Old Towne that includes 111 apartments and five condominiums, and a Best Western motel near Interstate 295 in Hopewell.

Military personnel generally prefer housing near the base because most have to report early in the morning, making the Tri-Cities the first choice for the newcomers, according to studies.

Last month, the Hopewell City Council voted to sell part of a 54-acre parcel known as the Exeter site to Osage Bio Energy LLC for construction of an ethanol plant. The site was previously considered for a mixed-use development, including town houses and retail.

Stepping Out in West Point

Mon, 21 May 2012 23:05:04 +0000

Sunday, Dec 02, 2007

Lawrence Latané III

Richmond Times Dispatch

Neighbors and storekeepers gather their mail and pause to gossip on weekday mornings at the post office on Main Street.

It's just one of the many portraits of small-town charm that West Point offers like comfort food at a country cafe.

Two blocks away, at Wyatt-Ogg Furniture, Steven Ogg knows most of his customers by name. There's a good chance he waited on their parents and grandparents.

Like so many of his customers, Ogg grew up in this village wedged between the Mattaponi and Pamunkey rivers at the tip end of King William County, about 45 miles east of Richmond.

He started work at the store when he was 13, and except for a four-year break for college, has been there ever since. That's 46 years. Same store, same town.

"I like the beauty of it," he said of West Point, a village of pretty storefronts and old homes with big porches dappled by the light that filters through the shade trees.

"But most of all," Ogg added, "I like the small-town atmosphere. Most everyone knows everybody."

Listen, and you can hear a similar refrain from most anybody in town.

"The people are friendly, and when there's a problem, they're there to help you," said Dr. Mark Neale, who practices dentistry in the Ninth Street office his father established a generation ago.

"I love West Point," he said. "I tell people all the time, if you want to raise a family in a safe, friendly community, this is the place to be."

Known for the steaming Smurfit-Stone paper mill, which represents the wealth of forest products from the nearby countryside, West Point is also home to public schools that are a source of local pride.

The town maintains an elementary, middle and high school. The West Point system is one of only two independent town school systems in the state.

"We've been recognized by Standard & Poor's as one of the top school systems in the country," Superintendent Jane Massey-Redd said. "And, we've also been recognized by Money magazine as one of the top schools in the country in an affordable place to live."

The School Board's philosophy? "Every decision we make comes back to putting the children first," Massey-Redd said.

West Point is home to 3,000 people. That's about 500 shy of the census count from the late 1800s, when the town was a busy railroad and ferryboat terminus shuttling cargo between Richmond and around the Chesapeake Bay.

"When the port was moved to Portsmouth in 1895, a third of the people in West Point left," said Ty Bland III, a former mayor who now devotes time to the fledgling West Point Historical Society.

Bland has a collection of West Point automobile tags that stretches from 1927, when the first one was issued, to 1974, before the town switched to windshield decals. He's missing only six from the series.

The locally famous Terminal Hotel, which catered to vacationers who journeyed to the town by steamboat, was destroyed in 1929, Bland said, when a liquor still hidden in one of the rooms exploded and burned the place down.

Long before that, the Mattaponi and Pamunkey rivers and the vast marshes that flank their banks made the peninsula a choice place for American Indian habitation.

When English explorer Captain John Smith sailed up the York River in 1608, he encountered the Indian village of Chinquoteck. Today's visitor finds the rivers spanned by two new bridges that bring state Route 33 through town.

The last bit of the $126 million bridge construction was completed late last month when all four lanes of the new Eltham Bridge were opened to traffic. The project has sparked a downtown renewal aimed at increasing business.

"There's definitely interest," said Neal Barber, West Point's economic-development coordinator, who has been looking for someone to develop marinas and restaurants in town. "Our hope is with the new corridor along [Route 33], we'll be able to change our image from a mill town to a waterfront community. We see a very positive outlook for the future."

Marie's Place restaurant on state Route 30 underwent its own transformation about three years ago when a wheel flew off a tractor-trailer and slammed through the kitchen. That forced the closure of the former beer joint, said waitress Melissa Howard.

Marie's opened two years ago as a family restaurant. Today, a no-smoking sign hangs on the front door, and amid the décor of vintage Coca-Cola advertising is a sign reading, "No Profanity."

The Mattaponi and Pamunkey rivers remain some of the cleanest Chesapeake Bay tributaries. The Mattaponi attracts the largest spring spawning run of American shad of all Virginia rivers. A Department of Game and Inland Fisheries boat ramp within sight of the Lord Delaware Bridge stays busy with fishermen.

At West Point, the Pamunkey and Mattaponi form the York River, whose hard crabs tempt diners at nearby Diggs Seafood.

West Point Mayor Jim Hudson is one of many town residents who repair to the vast freshwater marshes upstream of town to hunt ducks and wild geese.

Hudson, a lawyer, moved to West Point 31 years ago to join a law firm. He liked what he saw. "With West Point, what's not to like?" he asked.

Jim Crouch may have the most unusual view of the town. As owner of West Point Skydiving Adventures, he introduces about 1,200 people a year to sky diving, taking them up and turning them loose at 14,000 feet with an instructor.

At sky-diving altitude, Crouch can look east and see all of tidal Virginia spread before him, with the Potomac, Rappahannock and York rivers coursing parallel tracks through the countryside.

"It's kind of cool," he said, "to see all those rivers lining up and heading to the bay."

Avoiding a Relocation Nightmare

Mon, 21 May 2012 23:05:04 +0000

Friday, November 30, 2007
Bernice Ross
Inman News

Are your clients relocating elsewhere? Perhaps they're looking for a second home or a retirement property somewhere away from where they live now. Even when someone buys in their own area, their wonderful new home can turn into a nightmare if they aren't exceptionally careful during the purchase process.

When we contracted to build our new home, I wanted underground utilities, city sewer and natural gas rather than electrical appliances. The subdivision where we purchased appeared to meet all those requirements. We received a list of utilities serving our MUD, or Municipal Utility District. Because I didn't see any propane tanks I assumed that the area was on natural gas. When we were ready to move in, however, I was shocked to learn that our subdivision was on propane. Our former neighbors who purchased a new home about three miles from us said their heating bill was more than $800 per month last winter compared to $200 in their previous home. That's because propane is not only a dirtier-burning fuel, it's also almost three to four times as expensive.

With water shortages, mold, fires and floods in the news, clients need the help of a professional Realtor more than ever. For example, stucco construction is common throughout California and in many other places in the country. Recently, many Texas builders have started building more homes using stucco construction. When I mentioned the trend to a local Realtor, she responded by saying, "I would never buy a home with even a square inch of stucco on it!" The reason? Stucco construction cracks. If you live in an area where there is a high amount of rain and humidity, cracks can allow moisture into the walls. The result is mold.

Builders can minimize mold and improve energy efficiency by using a product such as Tyvek, which provides a barrier against moisture seeping in through any stucco cracks and thus reduces the probability of having mold problems. In contrast, some builders will use a less expensive product that looks like black paper with chicken coop wire on it. When the builder elects to use this cheaper product, any cracks in the stucco or stone can result in serious mold problems.

In new developments, erosion, drainage and accessibility to septic, sewer and water are important concerns. For example, you may be looking at a beautiful, multistory home with the garages on the first floor and a number of steps up to the front door. The day is beautiful and sunny. What you may not realize is that the homes are on such high foundations because there is a history of storm surges from hurricanes that periodically hit the area. It's important to investigate whether the home you are purchasing is in a flood plain and what the history of the local area is with respect to hurricane and water damage.

It's also important to determine whether you are on septic or sewer. A number of years ago, an agent sold a property on Mulholland Drive in Bel Air, Calif. When the city did its test for connection to the sewer, the property tested as not being connected. The search was then on for the septic tank. There wasn't one. The waste was actually emptying at a remote point at the bottom of the hill.

With severe drought conditions affecting many places in the country, another key issue is accessibility to water. No one would expect a city as large as Atlanta to run out of water. Nevertheless, that's what could happen if the drought they are experiencing persists. Growth in areas such as Las Vegas and Phoenix is straining the resources in those areas as well. Furthermore, if the area where you are purchasing is dependent on well water, it's important to examine the history of the aquifer (the natural formations that capture and replenish the water supply). When the aquifer is not adequately recharged or is contaminated, the area loses its primary source of water.

A final issue to investigate is the cost of insurance. For example, if you own a home in Jacksonville, Fla., your property taxes, home insurance and boat insurance (provided you can get it) will be triple what it is in the neighboring state of Georgia.

If you or your clients are purchasing outside your local area, it's imperative to check with local brokers as to the quality and the reputation of both the housing and the building in different areas. If you're building a new home, ask neighbors how their experience was with the builder. How responsive is their customer service department? Do they respond immediately or does it take repeated calls to get a response?

If you're purchasing a resale, ask the seller to obtain a copy of the property's insurance-claim history through the Clue Database. Talk to people who live in the area before purchasing. Careful research is the best way to avoid potentially costly post-close surprises.

Things Looking Better Locally

Mon, 21 May 2012 23:05:04 +0000

Sunday, Nov 11, 2007
CAROL HAZARD

Richmond Times Dispatch

The housing slump isn't getting better.

But the news is not all bad -- especially for homeowners in the Richmond area, said Bill White, president of Joyner Fine Properties and former president of the Richmond Association of Realtors.

While all real estate markets are local, they can't escape national influences, he said.

"However, Richmond is stronger than the national market."

White spoke recently about the real estate market at a presentation at The Country Club of Virginia.

Houses here have appreciated 4.2 percent so far this year, underscoring the strength of the local market, he said, based on a new analysis by the National Association of Realtors.

By comparison, houses nationally have depreciated 1.2 percent this year.

Three-year home values show even more strength, at 36.9 percent in the Richmond area with an average gain of $63,800, compared with 15.4 percent nationally, or $29,900.

The Richmond area hasn't escaped the slowdown. The hardest hit segment here is the midprice range. Houses for more than $750,000 or less than $270,000 are selling, White said.

The most expensive area here is Goochland County, where the average sales price so far this year is nearly $540,000.

The area with the highest price per square foot, at $214, is Richmond's West End.

The least expensive area is south of the James River bordered by Hull Street, Chippenham Parkway and Interstate 95, with an average price of $109,557 and $90 per square foot.

"We don't see multiple contracts -- five contracts on one house -- anymore," White said in a separate interview.

"And most agents will ask for six-month listings, while last year, they felt comfortable with 120-day listings."

Problems surfaced in the overall housing market when the gap between prices shot up faster than income beginning in 2000. Lenders came up with risky loan products, leading to a rise in defaults and foreclosures.

House prices have retreated 15 percent from their peak in late 2005.

But not here. "With job gains continuing at a solid pace, price increases will likely continue, though not at a frenzied pace," according to the national association's price analysis for the Richmond area.

Nationally, economic fundamentals bode well for housing, White said. Income is rising, jobs are being created and corporate profits are strong.

"I am not smart enough to tell you when the market will turn. What scares me is $4 a gallon for gas."

Higher gas prices could erode consumer confidence, which is already shaky. "We see people still sitting on the fence, trying to guess the bottom," White said. "That means they are not buying or selling."

White said he expected the housing market to improve next year. "There are more good buys now than there will be in the spring."

Pent-up demand for housing is growing, White said.

Builders are constructing fewer houses, cutting into the oversupply.

Meanwhile, lenders are shifting to traditional mortgage loans, providing more stability to the housing market.

"As long as we continue to see stabilizing indicators, then the adjustment period will be shorter," White said.

Baby Boomer Retirement Housing Options

Mon, 21 May 2012 23:05:04 +0000

Friday, November 9, 2007
Bernice Ross
Imnan News

Are you thinking about buying land now to build on when you retire? Are you considering purchasing a "fractional" rather than a second home? As the baby boomers near retirement age in droves, an increasing number are considering these options as important components in their retirement lifestyle.

There's an old adage that says it's easier to get into a real estate deal than it is to get out of it. Before you or your clients enter into a contract for that retirement or second home, it's smart to look before you leap.

Purchasing raw land and holding it several years until you retire can be a smart move or a financial disaster, depending upon not only the subdivision, but the people who purchase there as well. Many financial advisors suggest that you hold off on buying raw land until you are ready to build and occupy your retirement property.

The reason for this is that there are a number of serious risks involved in purchasing land prior to the time that you are ready to build. First, will the land appreciate, hold its value or depreciate? Will the local building authorities rezone or attempt to slow growth by making the building codes more restrictive? Will increasing construction and insurance costs and taxes make it impossible for you to afford your new home when you are actually ready to build and retire? Will a natural disaster stop you from building because the insurance company won't write new policies for an extended period? Will you discover defects at the property that weren't apparent until you began construction and the developer is long gone?

Another key point to consider is the amount of speculation in the area where you are considering purchasing. For example, if you plan to hold your lot until you retire and then build, are you purchasing in an area where others are using the same strategy? Or is the subdivision filled with speculators who have no intention of building and whose primary goal is to hold the property until they can cash in for a hefty profit?

This is a serious issue not only in raw land purchases, but in condominiums and new housing subdivisions as well. When investors purchase strictly for the speculative purposes and there is a downturn, the lots, houses or condominiums can remain vacant for years. This can result in a downward spiral in prices due to foreclosure. Even more importantly, it can make it virtually impossible to obtain new financing. (Some lenders require that 50 percent of a new condominium building be owner-occupied prior to granting permanent loans on the building.) It can also make it much more difficult to obtain insurance. Most importantly, the odds of selling without incurring a substantial loss are pretty much nonexistent.

For people purchasing fractionals, there are different issues to consider. The most important issue to determine is whether you are actually buying a fractional or a timeshare. Andrew Waite of Nexzus Publishing Group outlines four key questions that will help you to determine whether you have a fractional or a timeshare in disguise.

1. Is the agreement for a specific amount of time or is it for an actual title interest? If the company is selling you the rights to use part of their hotel, condominium or house for a certain number of weeks per year, you probably are purchasing a timeshare. According to Waite, timeshares are "horizontal." In contrast, a fractional is "vertical," which means that rights can be deeded or passed via inheritance. Fractionals offer a commission opportunity for agents whereas timeshares normally do not.

2. Do you own a door? In other words, do you always use the same unit each time you visit the property or does the hotel or management company give you a comparable unit each time you visit? If the property is a fractional, you will always have the same unit.

3. What percentage of that door do you own? In a true fractional, there will be a split of management costs, taxes, maintenance and other associated fees based upon your percentage of ownership.

4. What sales succession or survivorship rights exist to this asset? Fractionals allow you to pass your interest to your heirs. Fractionals generally increase in value. On the other hand, if it's a timeshare dressed up as a fractional, it only decreases in value as time goes by.

According to Waite, "Many timeshares have been characterized as fractionals, but they are still the same sleazy play of yore. Many of the major brands are using the vertical title play to help fund and therefore provide a return and lifestyle value to their buyers. Sound and fun play."

As with any real estate purchase, it's critical to carefully investigate what you are purchasing, what the neighborhood is like, as well as the potential for price appreciation. Given today's mortgage environment, it's also wise to check the percentage of properties that are being held for investment (i.e. people not building or living on the property) and the number of foreclosures in the particular subdivision as well. Finally, don't forget to check the cost and availability of insurance.

New Life in Old Towne Petersburg

Mon, 21 May 2012 23:05:04 +0000

Sunday, Nov 04, 2007
DAVID RESS

Richmond Times Dispatch

Dave McCormack never thought much about Petersburg until his brother came back from shooting video around Old Towne for a local television station.

Intrigued, he started exploring. He was attracted by the aging brick houses and crumbling old warehouses he found around downtown.

"It was extremely undervalued," McCormack remembers.

His fascination with Petersburg's buildings has led to a $12 million project to renovate a large warehouse in a forgotten fringe of the city's downtown area into 111 apartments and five condominiums -- and the goal of someday creating an entirely new neighborhood.

After about four years of success renovating and selling houses in the Fan District and Battery Park areas of Richmond, McCormack thought he could spot a market opportunity. He also wanted the kind of open living space he and his brother, Tom, could use to play their music and a place for his brother to do his sculpture.

So he bought one of the eight sections of the old Mayton Transfer Co. at Fourth and Bank streets in 2000.

For a few years, the brothers enjoyed the space and feeling of living in a loft-like space. But when his brother married, the place started feeling empty.

McCormack's ventures buying and renting out other Old Towne Petersburg properties were going well.

In 2005, he joined with Tony Collins, a Norfolk developer who had his own big plans in Petersburg. Collins' Axis Development has plans to build a $150 million mixed-use development straddling the Petersburg-Prince George County line.

McCormack and Collins bought the other seven sections of the Mayton Transfer warehouse.

Their purchase came just a few months before the Base Realignment and Closure Commission announced Fort Lee would expand. Fort Lee should see a 40 percent increase in the soldiers and civilians employed on the base as well as thousands more soldiers coming to the post to train.

Roughly two-thirds of the post's employees will live outside the fort -- a prime opportunity for his project, McCormack said.

But they aren't the only ones coming.

A new study by the Virginia Employment Commission said that the base expansion will generate thousands of off-post jobs as well.

"The more news we hear, the more positive it gets," said Ron Reekes, Petersburg's assistant director for public works, one of several city officials pushing to revitalize downtown.

The Mayton Transfer project is one of four major conversions of commercial buildings now under way in Old Towne, he said.

McCormack said he expects the first phase of the $12 million, 100,000-square-foot project -- five condominium units and 47 apartments -- should be ready for new occupants by February.

Construction of the second phase, another 64 apartments, will start that month.

The condominiums will be two-story, 1,300 to 1,500 square-foot units with a contemporary design, located in the newest bay of the warehouse, a part of the structure built in 1978.

The rest of the warehouse was constructed between 1911 and 1915.

The apartments in the older sections will be oneor two-bedroom units, ranging in size from 650 to 1,050 square feet.

McCormack expects them to rent for between $750 and $1,000 a month. His market, he said, is the entire metro area -- the project is just a couple of blocks from Interstate 95.

"People who work in Chester and commute from the north will find it makes sense to commute from the south," he said.

With three other old commercial buildings and four lots nearby the Mayton Transfer building in his portfolio, McCormack thinks the eastern edge of downtown has big potential.

"We're two blocks from the river," where there has been talk of putting in a new marina, he said. "I'm sort of acting as master planner for the area and I think this could be Petersburg's hip, happening area."

Shredding a Paper Trail

Mon, 21 May 2012 23:05:04 +0000

Shredding A Paper Trail
Elizabeth Farina
YourMidloExchange.com

efarina@yourmidloexchange.com

Featured in November 1, 2007 print edition

Identity theft is absolutely the number one growing crime in America," said Chesterfield County Police Department crime prevention officer D. Zeheb.

In a partnership with local business Shred-It, and some volunteer help from the CCPD’s Explorers program, local residents had a free opportunity at Chesterfield Towne Center last Saturday to dispose up to four boxes of personal papers that may have put them at risk in having their identity stolen if just thrown away in the trash. A Shred-It truck continued to hum through the mid-morning until 2 p.m. turning those papers into confetti to be recycled into items like toilet paper and other paper products.

"It’s a great event for folks that have stuff at home to shred...Many times, people’s identities are stolen from things thrown in the trash, like old credit card statements and bank statements," Zeheb said. "This will help cut down on identity thefts in our area."

Explorer volunteers Thomas Totty, a James River High School student, and Rebecca McCartney, a LC Bird High School student, helped residents carry the weighted-down boxes from the car to the Shred-It truck. "It’s better than someone else getting a hold of them and doing something you don’t want them to do," McCartney said.

Totty agreed, recalling a family member being robbed of $500 through a paper trail when he was younger. "It can turn out to be very bad," he said.

For long-time resident Joe Nance, a graduate of Huguenot High School and World War II veteran, having a place to dispose of these types of paper was a great timesaver not to pass up. "If you have ever taken one of these small shredders at your house and try to shred these things for yourself, it takes forever," Nance said. "It can take a whole day to shred one year of cancelled checks."

"This is very good. It saves a lot of time. I brought three and a half Ukrop’s bags full and two bags for a friend of mine," he said.

Resident Charles Kehoe was more than happy to rid himself of a few boxes of paper. "It’s really great for those who have a garage filled with papers. It recycles and it gets young people involved. The Chesterfield County Police Department truly provides multiple services," Kehoe said.

Shred-It sales representative Joshua Bennett, who noted that Shred-It is the only company that does on-site residential shredding, has to say business is growing as more people become aware of how to prevent identity theft, and at the same time, are being environmentally friendly . Shred-It serves more than the home-based businesses and understands there are those that need stuff to be shredded on an individual basis, he stated. After experiencing identity theft when a credit card number was stolen off an Internet site, Bennett advocates how important it is to protect those personal numbers. Shred-It provides another opportunity for protection.

"I love the fact that it’s great security to the clients...It all gets recycled into low-grade paper products," he said. Since the recycling process for the low-grade products is already sorted down to the paper level, Shred-It employee operators take clients’ documents in the box, bag or container and directly pour the paper to be munched, crunched and crisscross-torn into thousands of little pieces in a shredder that is enclosed in at least three-fourths of a mid-sized truck.

"The amount of boxes, over the course of a year, is thousands upon thousands of boxes," he said. "It’s a good mix of home offices and residents."

This is the second time shred event this year. The next event will be announced in the spring. For those with "tax records dating back to 1984 and are not sure what to do with them," visit http://www.shredit.com/_minisites/richmond/contact.asp

New ID Theft Study Points to Strangers

Mon, 21 May 2012 23:05:04 +0000

October 24, 2007
Broderick Perkins
Realty Times

Don't let a new identity theft study confuse your approach to warding off the crooks. No matter the source of the pilfering, the fundamentals of ID theft prevention apply.

A new study indicating who is likely to steal your identity shifts the blame from people you know to those who are more likely to be strangers.

In its "Identity Fraud Trends and Patterns", Utica College's Center For Identity Management & Information Protection (CIMIP) tracked Secret Service arrests and convictions of offenders and found that identity thieves used these methods of operation.

ID thieves used the Internet or some other technological device in the commission of the crime approximately 50 percent of the time. Among those who did not use technology, tactics like dumpster diving and change of address forms were used 20 percent of the time.
ID thieves snatched information from service, retail, financial industries or other corporations in 50 percent of the cases in which the point of compromise could be determined. A family member or friend was the point of compromise in only 16 percent of those cases.
ID thieves used their place of employment to gain access to information 43.8 percent of the time among those who worked at retail outlets including stores, car dealerships, gas stations, casinos, restaurants, hotels, hospitals and doctors' offices. Private corporations were the scene of insider ID theft in about 20 percent of those cases.

The study is in contrast to reports from Javelin Strategy & Research, which has studied the issue from the perspective of victims, rather than the crooks.

"Online Banking and Bill Paying: New Protection from Identity Theft," a study released several years ago by Javelin Strategy and Research, a consultant for financial services, payments, and commerce sector companies, analyzed findings from Federal Trade Commission (FTC) and U.S. Postal Service reports, as well as its own studies.

That study said ID theft stems from a paper trail -- 40 percent of all ID fraud starts with the theft of a wallet or a purse; 14 percent of the time when someone sets up a new account it's done with information the perpetrator took out of a mailbox.

Javelin also said the most likely culprits are friends and family.

James Van Dyke, responding to the Utica study, said he didn't see a conflict with his firm's results because the Secret Service takes on high-dollar cases -- the median loss in the Utica study was $31,000.

A recent Gartner Inc. survey of victims found the average loss to be about a tenth as much, $3,300.

Van Dyke also says smaller investigations are handled by local or state police.

It doesn't really matter how or by whom identity is stolen and used illegally, the experts says. Consumers are advised to guard all the possible approaches to personal information.

Several factors aid local housing market

Mon, 21 May 2012 23:05:04 +0000

Monday, Oct 15, 2007
CHRISTINE CHMURA

TIMES-DISPATCH COLUMNIST

The downturn in the housing industry is yielding some sobering numbers in most parts of the country.

Sales of existing homes are on a six-month slide, says the National Association of Realtors, with the purchase of new homes falling to the lowest level in seven years, reports the U.S. Commerce Department.

According to the Case Shiller home price index of 20 major metropolitan areas, home prices fell 3.9 percent over the year ending with July -- the largest drop since the index was created in 1987. New construction starts in August fell to their lowest level in 12 years, and foreclosures are way up, double what they were a year ago.

And yet, the real estate climate in Richmond has remained strong.

While the area has not been immune to the effects of the sub-prime mortgage implosion, the Richmond region has felt only a modest impact.

The Richmond Association of Realtors recently reported that the sale prices of homes in Richmond have increased year over year, despite a dip in sales volume. Also notable is Richmond's foreclosure rate for the first half of 2007, which was the lowest in the country's top 100 metro areas -- down 1 percent compared with the first six months of 2006, according to RealtyTrac.

With so many areas of the country feeling the full brunt of the market downturn, why has the real estate climate in Richmond remained relatively bright? At least three factors contribute to the health of our local housing market.

Affordability. Home prices in the Richmond region are generally affordable. The median home price in the area is just under $240,000, which means most homeowners in Richmond do not have to borrow heavily against their annual household income to afford their homes. In fact, the mortgage-to-income ratio in the metropolitan area is at a more-than-manageable 4-to-1, which most banks consider ideal.

Homeowners from other metropolitan areas have not fared as well.

Compare Richmond's housing prices to the likes of San Diego, New York, Boston and other major cities. Homeowners in these large markets have had to borrow heavily against their incomes, putting their mortgage-to-income ratios in a tenuous 7-to-1 range.

Affording these hefty mortgages led to some creative financing, including many of the subprime loans at the heart of the mortgage hardships. The first few years of the loan may start at an attractive 4 percent interest rate, but rising rates have meant increases in variable mortgages, which are now topping 7 percent. Suddenly, the homes that over-leveraged families have been living in have become unaffordable.

That has not happened on a significant scale in Richmond because of the broad affordability of homes in the local market.

Supply. The balance between supply and demand also contributes to the health of the local market. Again, unlike many other large urban centers -- most notably Washington and Miami, where condominium development, in particular, left a colossal glut of units -- the Richmond region has had a more moderate rate of new construction over the past five years.

On the condominium front, while there have been some high-profile developments, including Rocketts Landing, the Vistas on the James, and Riverside on the James, most of the building has focused on in-fill and restoration projects, which has kept the pace of development in line with consumer demand.

Stability of housing prices. Finally, the price of housing in the Richmond region will likely continue to be stable in the near term and remain on an upward trend.

According to the Office of Federal Housing and Enterprise Oversight, quality-adjusted home prices rose 6.9 percent in the Richmond region for the year ending with the second quarter of 2007.

That's a consequence of not only the supply-demand balance, but also the strength and diversity of our local economy. The unemployment rate in the region is much lower than that of the nation and employment is growing at a slightly faster pace than the nation.

The fact that Richmond is an attractive place to live and work will continue to create housing demand throughout the region.

Our highway network, expanded airport, historic character and other factors all will continue to make central Virginia a location where people will want to put down long-term roots.

And because Richmond will continue to be a great place to call home, it also will continue to be a wonderful place to buy one, irrespective of what is happening elsewhere.

Careful Design Makes Aging in Place User..

Mon, 21 May 2012 23:05:04 +0000

Realty Times
Al Heavens
August 23, 2007

According to a recent AARP survey, most older Americans -- 83 percent -- wish to "age in place" or, in less technical terms, to stay in their houses for the rest of their lives or as long as their health and financial needs allow.

Why? Familiarity. They are used to their surroundings. They like being close to family and friends. Because they know the house and their neighborhood, they feel more secure than pulling up stakes and heading off to a faraway location in the desert or at the coast.

Aging in place, however, appears to require as much thought and planning as pulling up stakes and moving to a condo in Florida or Arizona.

Whether they live on their own or with extended family, seniors should make decisions on interior design and furnishings that will make their living environment friendlier, safer and more enjoyable, especially as changing health needs alter lifestyle.

Davis Remignanti, the lead designer of Furniture.com, said that a more senior-friendly home for someone who lives with family would involve turning the older person's bedroom into a "private sanctuary."

The bedroom is often the senior's only personal space in a house full of children and grandchildren. By customizing furnishings for the room, one can create a sanctuary, ensuring the person's privacy, making spaces for hobbies and crafts, and offering abundant storage for memorabilia.

The main focus of the room should be the bed, since as people age, they tend to spend as much time in their beds as the typical teenager. When selecting a bed for this personalized space, be certain that it provides easy access, both on and off, and appropriate support and comfort.

Choosing a mattress is not an easy matter, since design technology has increased the number of offerings, and prices for even a single can often start $300. Still, the research will likely pay off.

Another way to make a house more senior friendly is by removing the clutter. Clear away items such as small home accessories, plants, magazine racks and other unnecessary objects that clutter pathways or would require individuals to walk around to avoid.

Doing this, and leaving at least 36 inches between objects, will create a path that would accommodate wheelchairs or walkers.

Aging, of course, affects eyesight, and older people need more light to see properly. Find ways to increase natural and artificial light by keeping shades and curtains opened during daylight hours and adding lamps and task lighting to areas that are used for detail work, such as reading or hobbies.

Wall switches to control lighting should be placed at room-entry points, Remignanti said. For seniors with serious eyesight problems, some architects and designers recommend color-coding to differentiate objects.

Remignanti takes this attempt to enhance visibility several steps further by recommending home furnishings in hues that contrast against their backgrounds.

"To open-up and enliven small spaces, consider whites, light neutral colors, blues, greens and light violet as wall colors to help rooms appear larger," Remignanti said.

Storing clothes and other possessions should be made easy. Provide adequate, easily accessible storage that doesn't require reaching, bending or straining.

Choose dressers and wardrobes with large or D-loop handles that don't require fine-finger dexterity, since arthritis affects more and more Americans as they age.

"Many children's dressers feature easy-rolling guides and built-in safety stops" that will work perfectly for seniors, Remignanti said.

In the kitchen, seniors should have a seated work area for food preparation tasks. Perhaps a small table and chair in a comfortable location, with easy access to utensils nearby, could be established as a workplace.

Once the food is prepared, it is time to sit down and eat. Remignanti recommends "investing in dining chairs that provide good back support and have strong, sturdy arms."

Seat cushioning adds comfort, but should be securely fitted to the chair.

Finally, "blend and compromise," the design consultant suggests.

Respect is the watchword when integrating any relative's home furniture into your own home design. Compromise when faced with the question of placing a well-loved but less-than-décor-complementary piece in the living room.

If it's a definite 'no,' get creative. Instead, reserve a corner for it in the senior's bedroom.

"Remember that the goal in redesigning a living space for senior use is to enable that senior to maintain her freedom within a safe, comfortable and friendly living environment," Remignanti said. "Communication is crucial. Share opinions and ideas and create the solution together."

Stepping Out - Yorktown

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Bill Geroux
August 5, 2007

The beach road has boutique stores and a Ben & Jerry's ice cream shop but also a hard-used pub with Harleys often parked in front.

The best-known people in Yorktown since the days of George Washington and Lord Cornwallis were the late restaurateurs Nick and Mary Mathews, whose generosity has left its mark throughout the town.

Yorktown (population: nearly 200) is not much like neighboring Williamsburg or Jamestown, which form the more-heralded points of Tidewater's "historic triangle." For many of Yorktown's visitors, that's a large part of its appeal.

By any standard, Yorktown is historic American soil.

It was here, in October 1781, that a British army under Gen. Charles Cornwallis was trapped under the heavy artillery of Continental and French forces. His surrender effectively ended the Revolutionary War and guaranteed America's independence.

The Yorktown national battlefields extend south and west from the town, along a 7½-mile tour route. The tour, which costs $10 per vehicle, shows how the Continental Army and its French allies maneuvered artillery close enough to lob shells into Yorktown, where the British had taken shelter. The British could not escape by sea because a French fleet blocked the mouth of the Chesapeake Bay.

Last stop on the tour is Surrender Field, a grassy meadow where Cornwallis' men formally -- and literally -- laid down their arms. An exhibit near the field describes the anger and contempt shown by some of the defeated British toward American fighters they considered inferior. The British tried repeatedly to surrender to the French instead.

The battlefields tend to interest adults more than young children.

"I liked looking at the cannons, but some of the story was kind of difficult to understand," said 10-year-old Natalie Rohn of Seattle, who traveled there recently with her grandmother.

Just northwest of the National Park Service visitor center, the 98-foot Yorktown Victory Monument rises on a high bluff overlooking the point where the lower York empties into the bay. Atop the monument is a figure of Liberty with arms outspread. The figure replaced a prior Liberty that was decapitated by a bolt of lightning in July 1942.

The waters off Yorktown are often full of vessels, from fishing boats to container ships to Navy destroyers taking on ordnance at the Yorktown Naval Weapons Station just upriver.

A defense analyst said the weapons station handled nuclear weapons during the Cold War and stored hundreds of them afterward, but it no longer has any. The Navy will not comment on the subject.

From the monument the land slopes down to Yorktown proper, a small cluster of homes and businesses atop the bluff and below it along the beach.

Yorktown is not an incorporated town but a village in York County owned mostly by the county, state and federal governments. It is the seat of government for York County.

Atop the bluff, the town consists of about 14 oversized blocks, dotted with preserved or restored Colonial-era buildings, including Grace Church and Carrot Tree at Cole Diggs House. Some of the buildings are occupied by art and gift shops and bed-and-breakfasts. Parts of the town resemble side streets in Williamsburg, with picket fences and hidden gardens.

Below the bluff, Water Street runs along the riverfront, lined with businesses and public facilities. A $25 million redevelopment of parts of the riverfront in 2004 added public docks and walkways, restaurants and upscale shops, and a village green for concerts and other activities. Information is available at www.yorkcounty.gov/tourism and http://www.riverwalklanding.com/.

York County officials hope the project will finally help Yorktown regain its economic momentum after 226 mostly slow years. A prosperous tobacco port before the Revolution, the town has struggled since.

For much of the past 50 years, its chief attraction was Nick's Seafood Pavilion, a sprawling restaurant that stood in the shadow of the Coleman Bridge, which links Yorktown to Gloucester Point.

The Seafood Pavilion drew diners from across the country. It offered not only food but exotic statuary and the charisma of Nick and Mary Mathews, fiercely patriotic Greek immigrants who shared their success in the form of donations to virtually every institution in Yorktown.

After Nick's and Mary's deaths, Hurricane Isabel heavily damaged the restaurant in 2003, along with most of the Yorktown waterfront. The Seafood Pavilion was demolished and replaced with -- ouch -- a parking garage.

But the restaurant's former chef still prepares some of the old dinner menu at the Duke of York Motel, the town's only motel. And a new restaurant, Nick's Riverwalk, features some of the Seafood Pavilion's unique décor, along with photos of Nick and Mary. In one photo, they are chatting with John Wayne.

Also along Water Street are the Watermen's Museum, the Ben & Jerry's, the Waterstreet Landing restaurant and the no-frills Yorktown Pub, long a favorite of locals. The new public walkway leads all the way through town to the state-run Yorktown Victory Center, which offers historical exhibits.

Yorktown's white-sand public beach is fortified against storms with a parallel line of rock barriers, or groins, designed to trap and hold the sand. The barriers have created a string of crescent-shaped swimming areas, roped off at the ends. Caution: Jellyfish sometimes seize control of the lower York in late July and August.

On a recent afternoon, the beach was full of sunbathers and families.

"It's nice here," said Ron Williams, a road construction supervisor from Gloucester, watching his kids splash one another. "The water's cleaner than on the Gloucester side. And I like the pub."

A longstanding joke is that Yorktown shuts down after dark.

But lately, people in an upscale condo complex on the bluffs have complained the waterfront is getting too loud at night.

Beachfront Beauty in York

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Carol Hazard
July 15, 2007

Bryan Robinson has bought and sold 1,000 or so pieces of land in and around Richmond.

None is as beautiful as a 70-acre parcel that he found along the York River in New Kent County, the land broker says.

It was such a rare find that Robinson offered more than the asking price. He bought it the day it was listed five years ago.

Robinson said he wanted to do it right. "I will never see a project like this again. You can't find land like this. It doesn't exist."

He named it Shores of York and divided the land southeast of West Point into nine beach-front pieces.

The building sites are situated on a bluff among hardwoods away from flood plains and storm surge areas.

The lots range from 2.5 acres to 15 acres for deeper equestrian settings. "Virginia horse country meets the beach," Robinson said.

"Every house will have its own beach, its own pier. The property is 15 minutes from Williamsburg, 35 minutes from Richmond."

Other land brokers might have put in a few prime lots on the waterfront and sliced up the back acreage into small, cheaper parcels to monopolize on the project.

Not here. "Shores of York had the potential to be something great," Robinson said. "I wanted to carry it forward to be the best property in the state."

Lots start at $899,000. The most expensive is $1.3 million.

"We had been looking for years; and that is no exaggeration," said Laura Zaremba of Williamsburg.

She and her husband, Walt, bought the first lot, a 14-acre parcel, at Shores of York.

They had looked up and down the East Coast -- in Buford, S.C., Charleston, S.C., and Amelia Island, Fla. Nothing seemed quite right.

They settled on a townhouse in Kilmarnock overlooking the Chesapeake Bay. "We thought this was it," she said.

Yet, the location was too remote. The first time they went to a movie they traveled almost to Williamsburg, where they maintain their primary residence.

They looked again, this time at 12.5 acres in Mathews along the Rappahannock River for $1.25 million with no site work and "a pseudo beach," not a sandy one.

Too much work. And again, too far out.

Zaremba saw a picture of Shores of York, while flipping through a real estate magazine. "Where is this?" she asked a Realtor, thinking it was in the Caribbean.

It was in their backyard, closer to the couple's estate and business planning law office in Williamsburg than their home in the same town.

"I cannot imagine having the wherewithal and willingness to nurture this piece of property for five years until it was everything the way he wanted it," she said.

Robinson has put major dollars into the project, investing in a $35,000 sand grooming machine and $300,000 in landscaping.

He created a 10-acre buffer zone along the street to keep outside development from infringing on the community.

He put in break-waters to keep the beach from eroding, shell-packed pathways to the beach, boardwalks, four-rail equestrian fencing, automatic gates to winding driveways and cobblestone entryways.

All the common areas, roads and fencing will be maintained by a homeowner's association.

Eight men worked six months and burned up $17,000 worth of diamond bits cutting stones to make columns for each lot, Robinson said. The stones were hand-chiseled and stacked with no mortar.

"It's nice to have a high-energy client with a good vision," said David Gerstenmaier, president of Higgins & Gerstenmaier in Richmond, which did the landscape plan for the project.

Landscape architects often work to budgets, downsizing here or there to make it work, Gerstenmaier said. Not here.

"Bryan wanted to play up every lot," Gerstenmaier said. "He said 'just do it right.' Anything the project needs, it gets."

Every gate and column is unique. Each driveway is landscaped, irrigated and lighted.

Robinson envisions classic-style houses with porches overlooking the river. Architectural controls will be strict.

Houses will be a minimum 2,800 square feet. "It's not so much size as the fine detail," Robinson said.

Real shutters with real hinges, for example, will be required. And forget long, narrow windows.

It's all about scale and proportion to elevate the character, said Randy Holmes, managing director at Island Architects in Richmond, whose firm set the guidelines.

Residents are likely to build $1 million-plus homes, because the lots go for that much, he said.

"The architecture should evoke a sense of the land, a sense of the place, a sense of the history and a sense of the people," he said.

Building Blocks

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Carol Hazard
August 19, 2007

If you build a house in Hanover County, it will cost the county $14,954.

The money doesn't have anything to do with actual building costs. It's what the county says it needs to provide public services -- such as schools and fire stations -- for your house.

It's a cash proffer and it offsets the impact of growth in the county. The builder pays the money before concrete is poured for the first footing.

The proffer in Hanover might sound like a lot, but in Caroline County, it is $17,632, the highest among 20 localities in the Richmond area.

"We are not far out of line when you compare us to our northern neighbors," said Caroline County Administrator Percy C. Ashcraft.

Indeed. Prince William County recently deferred a decision to raise proffers to $51,113 for every house built, keeping its limit at $37,719 -- one of the highest in the state.

The pros and cons of cash proffers have been argued since they were instituted in Virginia 16 years ago.

"Everybody is in agreement that the system is broken," said William H. Shewmake, a Chesterfield County attorney who specializes in land use and zoning issues.

"I don't believe it is broken," said Allan Carmody, Chesterfield's director of budget and management. "But it is not providing all of the funding needed for capital facilities."

Cash proffers pay for 10 percent to 12 percent of capital improvements in the county, Carmody said.

In perspective, it's not that much, he said.

Shewmake said the proffer system encourages sprawl, because builders go where the land is cheaper to offset the cost of proffers.

Builders question the cost that proffers add to housing, pushing some buyers and public-service workers out of the market. They also wonder who exactly should pay those costs.

A broad-based revenue source is discussed as a possible solution.

Proponents say the cost of growth should be shared by everyone who benefits from the extra pizza parlor or dry cleaner that opened as a result of residential growth.

The proffer issue "is a great debate," Carmody said.

"In the end, the intent is the same," he said. "Everyone wants a great community. Let's all figure out the best way to do that. . . . If you have no schools or they are overcrowded, then builders don't have a market."

Builders and planning directors don't arm-wrestle over proffers, Carmody said. "We work together to mitigate the impact."

In most cases, builders pay the proffers and pass the cost to homebuyers -- but not always.

For example, four brothers and sisters are looking at paying $44,877 in proffers to Hanover. Each wants to build a house on property that's been in the family since 1928.

The family has paid property taxes for all these years. Property taxes are used the same way proffers are -- to pay for new schools, firehouses and libraries.

The family claims the cash proffer is double taxation. They say it seems odd to pay to build on their own property, while developers build for profit.

The county says others pay and so should they.

"Each home is expected to pay for its share of the cost of infrastructure," said Thomas Harris, a county spokesman.

Moreover, credit toward proffers is given for property taxes, Harris said. In a homesteading situation, the county allows for one proffer for one structure to be waived.

Cash proffers are supposed to be voluntary. But if they are not paid, a project may not win approval, builders say.

Carmody said Chesterfield has approved zonings for no cash proffers as well as cases for $15,600, the maximum amount.

The county might agree to waive the cash proffer, for example, if a developer proposes to clean up a blighted area or provide more work-force housing.

"There's nothing voluntary about them," said Tyler Craddock with the Home Building Association of Richmond.

A cash proffer is the politically easy tax, because prospective homeowners pay it, he said. "It's the 'welcome stranger' tax," Craddock said.

"It's a hidden tax, because you never see a line on a closing statement showing how much the proffer added to the cost of a home."

The courts have determined that they won't get involved in the reason projects are turned down, Shewmake said.

Richmond and Henrico County have no cash proffers. But they receive proffers in the form of new roads or land for parks, schools and fire stations.

No matter which way business costs are diced -- whether it's a cash proffer or a land proffer -- they are passed on to homebuyers.

Randy Silber, planning director for Henrico, said the county considered cash proffers two years ago.

"We looked at what the cash proffer might be and what we needed to generate revenue and decided against it," he said.

Developers sweeten their deals by offering to build or improve roads, Silber said.

Developer HHHunt, for example, built a four-lane divided road on Nuckols Road to help with traffic generated by people moving into new subdivisions in western Henrico.

Such offers are attractive to Henrico, because the county maintains nearly all its roads, Silber said. Most other counties rely on the Virginia Department of Transportation.

"In the future, who knows what the county may need to do to deal with potential revenue sources," Silber said. "At this point, we have been able to work with developers to obtain the property and improvements we need."

Developers in Chesterfield, in addition to paying cash proffers, may offer land for a road right of way.

"Forty percent of the cost of building new roads is land acquisition, so if you want to play ball and save the county money, you provide the right of way," Shewmake said.

These donations are not freebies. They add to the bottom line, pushing up the cost of housing.

Some would argue that developers should pony up and tighten up their profit margins.

Builders say development is risky and they have good years and bad years -- this being one of those not-so-good years.

Chesterfield started cash proffers in 1991, suggesting $2,000 for every house built. It did not reflect the true cost, but the county wanted to phase in proffers.

The proffer limit now is $15,600.

The county was one of the first to institute proffers after the system won approval from the legislature in 1989.

It has been aggressive in raising proffers in response to a burgeoning population.

About 2,400 houses are built in the county every year. Yet, only 35 percent of the building permits for those homes have cash proffers, Carmody said.

It takes years for projects to come to fruition, so most in the pipeline predate cash proffers.

Proffers are locked in at zoning and paid when building permits are obtained.

Although the maximum proffer is $15,600, the actual proffer amount paid for houses coming on the market is $5,500 to $5,800 because of the time lag, Carmody said.

If cash proffers alone inflate the cost of housing, then houses would be more expensive in Chesterfield than Henrico, Carmody said. That is not the case, he said. Prices are comparable.

You bet your accolades

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Jeffrey Kelley
August 12, 2007

The Old Dominion has a lot to crow about.

Virginia and the Richmond region have gobbled up many third-party rankings from publications and organizations during the past year.

Some of the accolades include the best regions for business, greatest places to live, leaders in sales of hybrid vehicles or top travel destinations for wine.

"There's a proliferation of these rankings and lists and accolades that have really seemed to bubble up here in the last few years," said Gregory H. Wingfield, president of the Greater Richmond Partnership, the region's economic-development group.

"Everybody loves lists, the top 10 this or that," said Wingfield, typically the first person quoted in news articles on "what he thinks" of state or city rankings.

But what does it all mean? Does anyone really care? The answers are "a lot," and "you bet your accolades."

Third-party rankings serve as a clip full of marketing ammo for those considering a move or trip to the area.

"As decision makers, rankings can help you when thinking about where to retire, or if you're a company, in thinking about where to relocate," said Richard Coughlan, management professor and associate dean for graduate and executive programs at the University of Richmond's Robins School of Business (which, by the way, was named No. 23 in BusinessWeek's 2007 rankings of top business programs in the United States.)

The university uses the rankings to tout itself. On its Web site, "National Rankings" is the first link visitors will find leading to acclaims of having a top 20 most beautiful campus in America and having a top-notch liberal-arts program, among other honors.

As a state, Virginia loves its rankings.

You'll hear the Forbes rating -- Virginia is No. 1 for business, given last month for the second year in a row -- cited frequently by civic and government leaders. Heck, Forbes' name has been incorporated into the logo at the Virginia Economic Development Partnership, which uses the praise on its Web site, letters and even business cards.

Last year was the first time Forbes ranked the best states for business. "So we were never not No. 1, that's the way we like to look at it," said a half-joking Christie Miller, communications manager at the state economic development group.

However, should Virginia not place in the sweetest spot next year, "obviously that's going to change our marketing plans. We'd have to change our logo so that it didn't reflect that ranking."

Miller said it is hard to say whether the designation has actually caused companies to choose Virginia. "We haven't had a company yet say, 'Because we saw you as No. 1 [on Forbes], that's why we chose you,'" Miller said. "It certainly doesn't hurt. We truly believe that if companies are considering Virginia . . . it's going to push us up" in their decision making process.

When MeadWestvaco Corp. announced it would move here from Connecticut in February 2006, the first Forbes ranking on best states for business hadn't yet been announced. However, the Fortune 500 paper and packaging company had already found Virginia an ideal spot to set up a corporate headquarters, spokeswoman Alison von Puschendorf said.

Many of those factors -- costs, workforce, quality of life and so on -- were considered in the Forbes ranking.

Companies, organizations, cities and states are constantly developing relationships with the public at large through marketing techniques. But getting consumers to notice those advertisements can be tricky as people are bombarded with thousands of messages daily.

"Third-party rankings have much more credibility than an advertisement," said Jill Vaughan, president of the Richmond chapter of the Public Relations Society of America. Ads can be seen as self-serving, or simply ignored.

And rankings become newsworthy in the eyes of the media. The Times-Dispatch often mentions rankings in news stories, as do other media.

"Media likes this information because it contains conflict and, as Americans, we all love competition. There are winners and losers," Vaughan said. "It just feels good for companies and communities and people that live in a city [that receive the best accolades]. They take pride in those rankings."

While watching "The Today Show" one morning last spring, Diane Brandon found out that Arlington, Texas was ranked No. 4 in the nation for the best place to meet single men by Men's Health magazine.

"I had a lot of fun publicizing it locally," said Brandon, vice president of communications and research at the Arlington Convention & Visitor's Bureau. It ended up creating an online vacation package called "Where the Men Are" for single women.

"I haven't calculated the value of these promotions entirely yet, but they're easily in the half-million mark, if not more," Brandon said.

There was a time when Richmond wasn't on the good lists.

The metro area used to have the highest air fares in America, which Wingfield notes is a trend that has since been overturned with low-fare carriers and economic progress.

The city also was known as a murderous metro before the crime rate declined.

Yet with so many different accolades, can rankings become overlooked? "I think not," UR's Coughlan said. "As decision makers, we are drawn to these lists."

However, he said, it is important for consumers to understand the methodologies for collecting data. Some studies are "nearly useless because of the way the data is collected or how small the sample may be," he said.

In a case where organizations or cities are asked to bestow information to the third-party ranker, Wingfield notes that if a community or group isn't completely forthright about the data, the results could be skewed if left unverified.

Even if the information is flawed or inaccurate, rankings still tend to get noticed and read, Coughlan notes.

Lists also spark debates, "often started by entities that have been excluded, about just how useful the results might be," he said.

If a particular school, place or company is showing up multiple times near the same ranking on separate lists, it's a sign that the rankers did their homework.

"What we are looking for is commonality across the rankings as an indication that something good is going on," Coughlan said.

For example, Forbes ranked Virginia No. 1 for business this year as did financial news cable channel CNBC. On many other economy-related lists, the state places near or at the top in a variety of categories.

And even if the accolade is rather useless, "if you end up at the top of the ranking, you'll be darn sure you'll leverage it" for marketing purposes, Coughlan said.

Which leads to yet another reason for lists, said Coughlan, who ranks the No. 1 reason for rankings: "To sell magazines."

Swift Creek Growth Plans

Mon, 21 May 2012 23:05:04 +0000

By Charles Leffler
Midlothian Exchange.com
Featured in July 19, 2007 print edition

The Chesterfield County Planning Commission held two public meetings to gauge public reaction to the latest version of the proposed Upper Swift Creek Plan on Thursday, July 12. The commission’s proposal is due before the Board of Supervisors next meeting at the end of July. Nearly 100 people turned out for the evening meeting at Mt. Hermon Baptist Church on Genito Road.

While citizen comments reiterated concern over roads, schools and infrastructure, the most heated debate arose over the newly proposed deferred growth area, which would be located north of Genito Road and west of Mt. Hermon Road.

According to the revised proposal, development in the deferred growth area would be limited to primarily agricultural and forestall uses. Single family residences would be allowed along existing roadways, but only to be built on large parcels of land. All other types of development, public water and wastewater would not be extended into the area, until the plan is amended in the future.

Chris Sallé was one of the first to speak at the evening meeting. “I’ve got 400 acres involved in this deferred plan,” said Sallé concerned that the ban on development would devalue his property. “For the life of me, I can’t really figure out how this is going to go forward.”

“Would anybody on your side of the table there or anybody out in the audience do anything to diminish the value of property?
I feel this plan will do just that to those of us who own property in the deferred growth area. I don’t see any way around it,” he said.

The property that Sallé owns within the deferred growth area has been in his family for centuries dating back to the original Huguenot settlers. “I’ve lived there all my life,” he continued.

Sallé said he has no plans to develop the property. However, if circumstances forced him to sell or develop his property, Sallé wants to have the right to do so. “I just don’t want my rights taken away from me.

“The point is property rights and the rights of the property owner,” Sallé said. “I hate to point fingers, but I see so many people and many of them are not even from around here.

“Yet their input can determine what happens to us here for the next 10 years, so it really concerns me.”

Shelly Schuetz, who has lived in the county for 33 years, said she backed the proposed plan’s deferred growth area because something needs to be done to curtail a situation that has gotten out of hand. “I feel like it’s not the responsibility of the Planning Commission or the Board of Supervisors to insure that the landowners have a return on investment,” she said.

“On the other hand, I feel like if we don’t address the issues of the Upper Swift Creek Plan; services, environment, all of those things that upset life of people who live in the area, then that devalues their land and their ability to sell and develop.”

Schuetz said that the problem is that the infrastructure has fallen so far behind growth that something has to be done to allow it to catch up. “The only way to do some type of catch-up series is to slow growth or have deferred areas.

“We have to work together for those who are developing land, for those who are here and for those who live here,” she said. “We talk about property rights and I feel like we’re only talking about the property rights of those large landowners. But the people who live here, who own postage stamps [lots] have rights too.”

Paul Strehler also agreed with the proposed plan. Strehler has lived on 16.5 acres on the far western edge of the deferred growth area for 15 years. “I think the plan is a good idea,” he said.

Strehler said he is concerned that further development will bring about the extinction of the last true rural area of the county. “Obviously out here we would like to have everything stay real rural and pastoral forever,” he said. “But I don’t think any of us really have any allusions that it’s not going to really develop. I think the plan addresses the need for an orderly sort of situation.”

“The developers don’t know anything, it seems to me, other than putting as many houses on acreage as they can,” Strehler said. “It’s not in their interest to put a house on four acres, a house on five acres, and I can understand that. That’s really what ought to happen, at least in some places. It doesn’t have to be wall to wall houses in subdivisions everywhere in the entire county.”

The Chesterfield County Planning Commission will hold another meeting in the county’s public meeting room on July 19th to hear public comment. Following citizen input, the commission will vote whether it will or will not recommend the proposed plan to the Board of Supervisors.

The plan will then go forward to the Chesterfield County Board of Supervisors at their July 26th meeting.

Big dreams take hold on Cary Street

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, Jul 29, 2007
Margaret Matray

Residents, business owners and developers remember what West Cary Street near the Fan District looked like more than a decade ago.

They recall the dilapidated buildings, the dry patches of dirt sprinkled with weeds and the house on one corner where drug deals took place in the daytime.

Today residents are seeing something quite different along the stretch of Cary Street between Meadow Street and Virginia Commonwealth University's academic campus.

Several additional projects are now in the works.

"When we started doing all this, we didn't know if it was going to work," said Ed Eck, president of Eck Enterprises, which redeveloped the colorful Uptown buildings along West Main Street near VCU.

Jim Vigeant, vice president of the Fan District Association, said the area has improved. "It is cleaning up the act of West Cary Street and that's a vital part of what is called the Fan. We hope this continues."

The Cary Street revitalization has taken millions of dollars and the efforts of private developers, the city and the Richmond Redevelopment and Housing Authority.

Here's a look at a few of the projects:

Lofts at Cary Place

Construction started in 2005 and is about to wrap up next month.

The Lofts at Cary Place has 14 residential lofts atop 14 commercial storefronts in three buildings at Cary and Meadow streets. Two buildings face Cary Street and one faces Meadow Street.

The project is a joint effort between East West Partners, the Richmond Redevelopment and Housing Authority and the West Cary Street Planning Committee.

East West Partners has developed residential communities throughout Virginia, including the Brandermill and Woodlake communities in Chesterfield County.

Finishing touches on the Lofts at Cary Place are being made to the building facing Meadow Street, which contains four commercial and four residential spaces.

All but one of the residential lofts in the first two buildings sold before construction began and residents moved in in June 2006.

Between the three buildings, six commercial and four residential spaces are up for sale now. The commercial bays sell for about $159,000 to $200,000 and the residential lofts for about $290,000 to $300,000.

Northeast corner of Meadow and Cary Streets

The gas station at that corner and land nearby are getting a facelift.

Eck and the owner of the gas station are in the process of signing an agreement that would fix up what many residents consider an eyesore on Cary Street.

A wrought-iron fence already has been erected along the alley behind the gas station.

Exterior improvements are tentative, but the station could be given a new stucco surface, Eck said. The roof could be reframed, asphalt removed and new landscaped islands with trees and shrubs built in the parking lot.

Eck Enterprises bought a building and a lot adjacent to the gas station.

Eck plans to renovate the building at 1912 W. Cary St. and lease the front part for commercial purposes and turn the rear into three 800-square-foot apartments.

On the land next door, Eck plans to construct a building with commercial spots in the front, apartments in the back and a courtyard in the center.

Although plans are preliminary, Eck said he hopes to get the buildings designed and start construction by the end of this year.

Townes at Cary Place

Two blocks east from Lofts at Cary Place, construction is under way on the Townes at Cary Place.

The Townes will have 28 town houses -- 14 facing Cary Street, 14 facing Parkwood Avenue -- with a gated entrance on Allen Avenue. The town houses start in the $420,000s.

A small park will be constructed between the two rows of houses within the gated community.

In late June, workers began pouring the foundation for the first two of six buildings in the 1700 block of West Cary Street.

The first two buildings, one facing Cary Street and the other facing Parkwood Avenue, will contain five town houses each. Those units are expected to be completed by the end of December.

Construction is expected to wrap up by fall 2008.

Chris Corrada, vice president of East West Partners, the project's developer, said the Townes offers a new option for single family housing in Richmond, where condominiums and apartment complexes dominate.

"We think we'll capture the baby boomers living in the Fan now who think, 'We don't want to walk up these stairs anymore,'" Corrada said.

The town houses, designed by local builder StyleCraft Homes, come with the option of an elevator, Corrada said.

The four different floor plans each have the option of either two or three bedrooms. The corner units of each building have a two-car garage and the rest of the units have one-car garages.

The Townes will have an old Fan District look, but with modern amenities, Corrada said.

Because the project is just starting, people who purchase town houses now will be able to pick the layout, features and fixtures they want. None of the town houses has been sold yet.

Cary Place 4

Construction is nearing completion in the 1300 block of Cary Street for a commercial and residential building being developed by Eck Enterprises.

Residents began moving into the eight one-bedroom and three two-bedroom apartments on the second floor earlier this month. All 11 apartments and two commercial spaces have been leased.

The last part of the $2.8 million project -- two commercial fronts and a courtyard -- is expected to finish by Sept. 1.

Eck, also chairman of the city's West Cary Street Planning Committee, said the courtyard is an important aspect of the complex.

The courtyard runs between what will be an advertising firm and a Mexican restaurant on the first floor. It will feature outdoor restaurant seating.

Eck says creating a comfortable outdoor environment and encouraging green space is "not just important -- it's critical because people expect it today."

Having a developed space outside draws more people to the area and also could act as a deterrent for crime, he said.

Cary Place 5

Eck Enterprises plans to convert the former 9,600-square-foot Flag Center warehouse at 9 S. Harvie St. into a mixed commercial and residential building.

Construction should begin in September, with all 10 apartments and two commercial spots completed by spring 2008.

By looking at the building, which dates to the 1920s, passersby might consider it a "white elephant," Eck said. The brick walls and wooden rafters are old and in disrepair.

But Eck says the structure is sound and, once cleaned, makes for a unique internal design.

Once the brick walls are cleaned and the wooden rafters repaired, they will be noticeable features of all the apartments.

The apartments will face Randolph Street and the commercial fronts will face Harvie Street.

Eck Enterprises also is developing eight other apartments -- six on South Randolph and two at 1314 and 1316 Cary St.

The Cary Place 5 project is expected to cost $2.1 million.

10 things to look for in fixer-uppers

Mon, 21 May 2012 23:05:04 +0000

Inman News
Friday, July 20, 2007
Robert J. Bruss

TEN ATTRIBUTES OF PROFITABLE FIX-UP HOUSES. Like my friend, if you are serious about earning profits from fixer-upper houses, here are the 10 key attributes to seek:

1. Basically sound condition without major structural defects. In most communities, this means looking for three- or four-bedroom houses with good foundations and without a major need for renovation other than cosmetic fix-up. Avoid two-bedroom houses unless your town has a strong renter or buyer demand for these smaller homes.

2. Good location with a low crime rate. No matter how enticing a run-down, profit-potential house might be, if it has a poor location there's little or nothing you can do to cure that.

For example, houses next to a noisy freeway or on a very busy street won't appeal to most other buyers except at bargain prices so there is little you can do to raise values in an undesirable location. If most of the nearby houses are run-down and poorly maintained, they will drag down the value of your house. However, if you buy a run-down house in a good neighborhood of well-maintained homes, they will drag the market value of your home up after it is renovated.

3. Good-quality school district. Even when a house is in sound condition in a good location, if the public schools are of poor quality, that greatly hurts the resale value for fixer-upper houses. Always look for houses with school test scores at or above the median for the area where families with children are attracted.

4. Need for profitable cosmetic fix-up work, but not major unprofitable repairs. Examples of profitable cosmetic improvements include fresh paint inside and outside (the most profitable improvement you can make), new light fixtures, new carpets and flooring, and fresh landscaping.

But stay way from fixer-upper houses that need unprofitable work such as new wiring, new plumbing, foundation repairs, major kitchen and bathroom renovation, room additions, and a new roof. These expensive, unprofitable improvements rarely add more than their cost to the market value of the home.

5. Purchase price at least 30 percent below the market value of nearby comparable homes in good condition. "Buy the worst house in the best neighborhood" is a sound motto to follow. Another good motto is: "Your first profit is earned when buying at the right price."

If the seller won't heavily discount the sales price to compensate for a home's run-down condition, keep looking until you find a house with profit potential meeting the criteria explained here.

6. Purchase from a motivated seller who is anxious to sell. Motivating reasons for selling a home include job transfer, pending foreclosure, divorce, health reasons, family birth or death, and unemployment.

If the home has been listed for sale at least 60 to 90 days with no offers, even if the asking price is too high, that is another indication of possible sales motivation so it may be time to make a "lowball" purchase offer.

7. Affordable low-down-payment financing. Taking over an existing mortgage (called buying "subject to"); a lease with option to buy; seller carryback financing; or a combination of these methods indicates probably easy financing.

If the house is in bad shape, avoid obtaining a new mortgage unless it is approved by the lender on an after-fix-up, market-value appraisal. After your fix-up work is completed, that's the time to get a new mortgage, based on the home's increased market value.

8. Seller or tenant will vacate immediately upon transfer of title. The best way to profit from a fixer-upper house is to work on a vacant structure. Attempting to make improvements while the seller or a tenant lives in the property makes the upgrading work doubly difficult.

9. Within a 60-minute drive from your current residence. During renovation of a fix-up house, it pays to visit the property nearly every day to be certain the work is getting done correctly.

When the owner doesn't inspect frequently, the workers often don't show up or they slack off. Incidentally, never pay contractors by the hour (except for minor work) and always pay by the job after it is finished to your satisfaction.

10. Good demand from renters and/or buyers. Unless you plan to live in the fixed-up house, it pays to consider the current demand for houses from renters and buyers. If local employment and economic conditions are good, chances are home values are stable.

However, if more people are moving out than are moving into the community, maybe it's not the right time to invest in a fixer-upper house there unless it can be bought for a 40-50 percent discount off the market value of nearby homes in excellent condition.

CREATE A TAX-FREE, HOME-FIX-UP BUSINESS. If you are serious about earning profits from fixer-upper houses meeting the 10 criteria listed above, buying a "fixer" can become the basis for a very profitable tax-free business.

Thanks to Internal Revenue Code 121, if you own and live in a principal residence at least 24 of the 60 months before its sale, you can claim up to $250,000 tax-free capital gains. When a married couple both meet the occupancy test, up to $500,000 of profits can be tax-free.

This tax-break can be used over and over without limit. However, IRC 121 cannot be used more frequently than once every 24 months.

Modulars build a reputation

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, Jul 01, 2007
Carol Hazard

Brian and Kate Bower wanted their house built fast and with top-notch materials. Who wouldn't?

Most 3,400-square-foot houses like theirs would take at least a year to build, Brian Bower said. Theirs took four months.

They went modular.

Their house came in five modules built in the factory. The modules -- some as big as 60 feet by 14 feet -- were transported to the site and installed by crane. "Modulars are very well built. They go up much faster with quality construction at a more reasonable price," Bower said. We're not talking doubleor triple-wides here. Or, even close.

The Bower's house is in Ford's Colony, a gated three-golf-course community in Williamsburg with strict architectural controls.

Houses in the community sell for $400,000 to $1 million-plus. A modular speculative home there recently sold for $620,000.

Modular or prefabricated homes have gained a whole new level of respect. The sector makes up a small portion of the residential construction business. And it, too, has been hit by the slowing market for new homes.

But it's one of the fastest growing segments of the residential construction industry, according to the National Association of Home Builders.

Once the Bower family's house was installed, it took 60 days to complete, said John Garrett, the builder. He owns Virginia Building Solutions in Tappahannock.

Site work included custom exterior trim and cornices, a porch, hardwood floors, tile, carpeting, crown molding and a finished 1,200-square-foot bonus area with a full bath. "The disadvantages to modular are mostly preconceptions," Garrett said. "People misunderstand the product. They think the houses are boxy or they can't get the finishes they want."

Ten years ago, the choices were limited. Not any more, Garrett said. Modulars come with cathedral ceilings, high-pitched roofs, granite countertops and any number of floor plans. "And you can customize," Garrett said.

A client brought Garrett a set of floor plans, which he took to the engineers at Ritz-Craft Homes. They turned the design into a modular plan. Computer-generated plans are used to meet national, state and local building standards.

The Bowers spent seven months tinkering with their plans before they signed a contract in June 2006 and moved into the home in October. Their Ritz-Craft home was built in a factory in Hamlet, N.C.

Just because a house is factory-built doesn't mean it's not the best quality, Garrett said. "A Ford Escort is built in the factory, but so is a Lexus and a Mercedes." While Garrett focuses on high-end modular, factory-built comes in all shapes and sizes.

Bruce Miller, a local builder for Mod-U-Kraf homes in Rocky Mount, said he can have a 550-square-foot house installed and ready for occupancy in eight weeks. That includes a well, septic system, foundation, grading and seeding -- plus the house -- for $79,500.

The house comes with HardiePlank exterior, metal roof with rafter-tail eves for the custom look, 9-foot ceilings and central air and heat. "The only thing the buyer is responsible for is providing a cleared lot," said Miller, proprietor of http://www.mycottageretreat.com/ and Retreat Ventures in Richmond.

He targets customers looking for second homes. "People want waterfront, but they can't afford the whole enchilada."

Vernon McClure, president of the Home Building Association of Richmond and a custom home builder, said modular homes have the same engineering, if not better, than site-built homes.

"There's a little bit of design restriction that you don't have with a stick-built home," McClure said. "But if you can build these homes to go 60 miles per hour down the highway, that's pretty good."

Modular homes make sense particularly in rural areas, where it's difficult to deliver materials, he said. Modular is known for great structural strength, said Don Carlson, spokesman for Automated Builder magazine, a trade publication.

"It is by far the strongest home," not only because it is built to withstand the rigors of shipping but also because of reinforced glue-nailed sheathing, Carlson said.

Some industry experts prefer "systems-built" to modular because people confuse modular with mobile. Mobile connotes trailer parks. Or, "an old tin box on the wrong side of the tracks," Carlson said. Even mobile homes, which are built to federally mandated standards, have come a long way, he said. Modular homes are built to state and local building codes.

"We despise the word 'modular,'" said Thomas Searson, Richmond regional sales manager for Mod-U-Kraf. "Our homes appreciate in value. They are built to the same standards, if not higher, than a conventional stick-built home."

Some residential communities forbid modular home building in their rules. "That's because the covenants were written 10 years ago," Searson said.

Eric Kean did his homework before he contracted for a modular home in Ford's Colony. He went to a plant where modules were built. "At the end of the day, I tried shooting holes in it right and left," Kean said. "But modular homes are better built, and you get a better bang for your buck." His house appraised for $150,000 more than the cost, he said.

Since they are built with more lumber than a site-built home, they are structurally sound, and each module can stand alone, he said. "I hope I never have to put it the test, but I'm pretty sure it can survive a hurricane." His 3,400-square-foot house is made up of seven modules. Kean watched it being installed. "I was there the whole day."

Stepping Out - Chester

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Julian Walker
Sunday, Jun 03, 2007

According to Daniels, Chester traces its history to the 1850s when it was established -- along with Ashland in Hanover County -- as a railroad depot. It later evolved into a summer vacation spot for Richmonders.

The local high school, named after Colonial Virginia Gov. Thomas Dale, was founded in 1906 as Chester High School. In 1917, it was renamed Chester Agricultural High School, then given its present name in 1942. It was moved to its present site in 1964.

Today, the village center boasts a mix of old and new shops and a community spirit that locals say is second to none.

One Chester draw is Sibley's Bar-B-Q on West Hundred Road. For the past eight years, Sibley's has been the spot to fill pork barbecue hankerings. That's evident, especially at lunchtime, when the place is packed. "We're just growing and growing and growing," Charlie Sibley said of his business. He could just as easily have been speaking about Chester.

According to Chesterfield County figures, Chester has 22,000 residents; that figure is an increase of about 3,100 since 2000. The county defines Chester's boundaries as Great Branch Creek and Branders Bridge Road to the west, state Route 288 to the north, Interstate 95 to the east and Timsberry Creek to the south. In the middle of all that are two Chester institutions -- Worrell's Barbershop and French Garden Antiques, both on Old Hundred Road. Worrell's has been in the community for more than 50 years, in several locations.

For 43 of those years, Jesse Garman has been behind the barber chair, scissors and straight razor at the ready, giving haircuts to many of the same clients for decades. "If you don't gouge [people] on the price of a haircut and give them a good haircut, they'll come back," Garman said.

The walls of his old-time barbershop are decorated with stuffed squirrels he hunted himself and Confederate memorabilia. But don't look for a telephone in the shop. You won't find one.

Not far up the road is French Garden Antiques in a building that once housed a drugstore and a doctor's office. Chester native Angela Lepore owns the shop. "I'm excited," she said about the growth she sees. "I love the downtown area [feel] of Carytown and what Fredericksburg has done. I think Chester needs that."

If your tastes are more down home and less 19th-century European, then The Country Store on Winfree Street is worth a visit. What started as a meat market years ago is now a wood-frame store that smells of fragrant candles and potpourri. And if the scent of a fine wine or a crisp ale is more pleasing to your nostrils, then stop by The WeekEnd Brewer.

On West Hundred Road just west of The Country Store, the shop is the "largest malt and juice distributor in central Virginia. . . . We draw [customers] from about 100 miles or more," said Bob Henderson, who runs the business with his wife, Jeanne, and Mr. Cody, their rescued Yorkshire terrier.

For as little as $100, kits to make beer and wine -- the shop produces several award-winning varieties -- can be purchased. "A lot people do it for the hobby. It's a rewarding craft when you make something with your hands." And home brews and blends are ready in just a few months, he said.

Across the way from Daniels' real estate office is Truby Motor Company on Old Hundred Road. Truby has been in that location, in one form or another, for 84 years. The current owner, Bedford D. Woodard Jr., remembers when it was a Plymouth and Chrysler dealership.

When franchise rights became an issue in the late 1950s, it was converted to an auto repair shop, said Woodard, a short, stout man whom folks call "Junior." "So I just took it over, and I've run it as a garage and service station ever since," said Woodard, 72, who has owned Truby since 1960.

He and his wife, Claudie, met in elementary school. They raised a family in Chester and continue to call the once-sleepy, now bustling, community home. "I liked it 30 years ago a whole lot more," Claudie Woodard said. "You don't get to know anybody anymore because they move in and out so fast."

Today, younger generations of the Woodard clan do much of the work at Truby, which once was a parking place for engines of a volunteer fire company. "I've got arthritis now, so I don't do much anymore, just a little piddling," Bedford Woodard said, sitting in a worn chair inside the Truby office. He isn't as spry as he once was, but a business card he hands out tells of livelier days.

Among his accomplishments listed are "Wars fought . . . stud service, tigers tamed, bars emptied . . . "

His stories are tame compared with those shared by men who meet every morning at Gulliver's Crossflite Restaurant on Centre Street, near Country Style Ice Cream. The crew counts about 10 members, all who qualify for senior-citizen discounts. They're mainly southern boys, with a few northerners thrown in for good measure. Membership is by invitation, and the only way members are added is when one dies.

For as long as anyone can remember, the group has gathered -- the meeting spot has changed at least three times -- to discuss everything from local politics to gardening tips.

Roger Polhemus is the crew's token nudist. "People say 'Roger, what do you do in the wintertime?' I tell them, 'We're naked, we're not stupid,'" said the 81-year-old Polhemus, a member of the White Tail nudist resort in Ivor, who hasn't had much recruiting success among the breakfast club.

"It's a place that's much maligned, but it's really not that bad. The thrill of seeing somebody naked lasts about two minutes."

Special features lure adults to 55+ area..

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Angela Woodford
Sunday, May 27, 2007

Some of the Richmond area's 55-plus communities are attracting seniors who barely meet the age requirement. Most residents at the Atlee Station community in Hanover County are in their late 50s. At Settler's Ridge, located in Henrico County's Varina area, most residents are 60 to 62.

Lisa Kirk, exclusive listing agent for Settler's Ridge, said the concept of a low-maintenance home appeals to people of all ages. She frequently turns down families with young children who get excited about the community, not knowing that it's age-restricted. No one under 19 can live at Settler's Ridge, and 80 percent of residents must be over 55.

"We're finding people my age right at 40 and even younger that want to be somewhere like this because they don't want to have to take time for grass cutting and all that," Kirk said. "Everybody works so hard and they're so busy. They want to spend their free time having fun after working all week."

Brick Smith, an agent with Metropolitan Real Estate who handles sales at Atlee Station Village, said maintenance is the first thing on prospective buyers' minds. "Everybody's looking to escape ground care," he said.

Not always downsizing

Both Atlee Station Village and Settler's Ridge are new communities. Atlee Station has filled 15 percent of its 60 homes. At Settler's Ridge, 20 of the current 48 homes are sold; the community eventually will have a total of 165 homes.

Atlee Station's duplex-style homes which Smith calls "paired homes" run about $400,000, a price point that Smith said attracts affluent seniors in their late 50s and early 60s. The two-story homes offer 2,600 square feet of finished space.

"That's another reason we're attracting affluent residents," Smith said, noting the home sizes. "A lot of people are actually moving up when they move here. They're moving from smaller homes; nobody's giving anything up."

Kirk said many of Settler's Ridge residents, however, want to downsize because they're using only one floor in their current two-story houses. But, while they may want to stop heating and cooling areas they don't use, residents aren't looking for a drastic change, she added.

"Probably the biggest obstacle for people who are selling their homes is they don't want to get rid of everything they have acquired over the years," Kirk explained. "They want to downsize, but they really don't want to downsize that much."

It costs how much?

Another obstacle both Smith and Kirk said they encounter is sticker shock from seniors who haven't priced a new home in decades. Kirk explained that although the one-story, patio-style homes in Settler's Ridge start in the $240,000s, residents typically visit the community nine or 10 times before deciding to buy.

"They've been in their houses for 25, 30, 40 years, and they're not familiar with what their homes are possibly worth and what it costs to buy a new home," Kirk explained. "They're paying for the lifestyle [at Settler's Ridge]. They can sit on the front porch in a rocking chair and watch the work being done for them."

Time spent on yard work and home repair is particularly precious to residents who still work full time, Kirk added. "They still want to work, they want to keep busy, but they don't want to fool with anything outside especially women who are divorced and live alone," Kirk said.

Plus, residents who spend half the year vacationing in far-away places don't want to worry about their homes while they're away, Kirk said. Settler's Ridge is hunting for adjacent land so it can offer a storage facility for the "snow birds" who own RVs and boats, she added.

Relaxation and recreation

Seniors also are attracted to 55-plus communities by amenities such as a clubhouse, pool and walking trails. Smith explained that because these features are in high demand, Atlee Station ensured its clubhouse, pool, walking trails and two ponds were ready for the community's first residents to enjoy.

The clubhouse at Atlee Station is 3,500 square feet and contains a 1,400-square-foot activity room with dance floor, a kitchen that accommodates catering, a full-service bar, an exercise room, a covered patio and a pool with a hydro-massage spa.

Settler's Ridge's soon will begin construction on its clubhouse, pool and trails. Kirk said the community also employs an activities director who coordinates events such as bridge nights, group trips and potluck dinners.

"There's always something going on, and I think that's a big attraction, especially for people who may be widows or widowers," Kirk added.

Easing into new lifestyle a change at an..

Mon, 21 May 2012 23:05:04 +0000

Inman News
Sunday, May 27, 2007
By DEBORAH RIDER ALLEN

In 2005, Carol Ray mother of a son in college, another married son and grandmother of two started thinking about retirement. Having recently moved back home to Chester, she decided to have a home built in Chester Village Green. The 55-and-older, age-qualified Easy Living section where she built features single-story individual homes built with no stairs and full wheelchair accessibility, and it includes free yard maintenance.

But as Ray was downsizing and simplifying her own life, she was plagued by concern about her aging parents. Dr. and Mrs. L.G. Mathews were in good physical and mental health and still living on their own in the family home where they had been for 48 years. But her parents who at the time were both in their 80s were located in a more secluded area in a house with many stairs and levels and no bedroom on the first floor.

'What would happen if . . . '

"One day, I got up the nerve to ask them what they thought would happen if one of them got sick or could not maneuver the stairs. They liked my house a lot and I told them there were a couple of lots still available in the Easy Living section," said Ray, now 61.

But she did not have to further pursue the idea of moving as her mom loved the idea and ran with it. Today, the Mathewses now 90 and 85 live in a home just a street away from Ray.

Ray is just one example of the baby boomers who are facing retirement while also dealing with aging parents. Often called "middle-age" baby boomers, they are the first generation to reach middle age having grown up in non-communal America, where extended families rarely live together and family members often are scattered throughout the country.

Eliminates yard work

Warren Tinsley has a son and two grandchildren. Howard Fletcher has two children and one grandchild. So when both men, who are 62 and retired, decided to move into an active adult community in May 2006, they chose CoolWell in Hanover near where Tinsley had grown up and where Fletcher's granddaughter was living at the time.

CoolWell is an active adult community that is age-qualified for 55 and over and features attached town houses with first-floor master bedrooms. All the homes are wheelchair-accessible and all exterior and yard maintenance is included.

"I did not want to cut grass and clean gutters any more, and they had a pool and a garage," said Tinsley adding that the pool is a great draw for the grandkids.

'Mom, come with us'

But another important factor in the choice to move to CoolWell was Tinsley's mother, Grace. Tinsley took early retirement in 1998 to help care for his father after a stroke. When his father died in 2001, Grace continued to live in the house alone.

The 30-minute drive for Tinsley to get to her was worrisome. Grace also has macular degeneration and osteoporosis. Tinsley's previous home in Short Pump could not accommodate his mother, "so we bought this house knowing we wanted to bring her here."

Like Ray, Tinsley says the biggest hurdle in the process was actually broaching the subject of the move with his mom.

"I asked her about moving in with us by putting her in the car and surprising her by bringing her here. We were at the point of putting a contract on a house here and I wanted her to see the space she would actually have," he said. "It was hard for her to think of breaking up her house after 46 years, but we gave her the option to live here for six months and see if she wanted to stay."

Grace, now 87, moved into CoolWell in October 2006. Earlier this month, Grace decided to stay. Tinsley has since sold the family home.

Children worry

Fifty-eight-year-old Mary Lee and her brother had to make a decision about their parents' living situation 15 years ago. Their father, R. Nelson Ackerly, had a stroke, and their mom, Pat, was caring for him in the family home.

"They were in the house and happy, but it was too much on mother and we were worried about her all the time. You start worrying about if she gets sick, how is dad going to care for her. And if they both get sick, who is going to care for them?" said Lee.

She said her brother was instrumental in helping their parents decide to move into an apartment in the tower of Westminster Canterbury. Her father died a few years later.

Every move is a big one

But just this past summer while on break from her job as an assistant pre-school teacher, Lee had to help her mom now 84 and a stroke victim who had back surgery move to an apartment in Avalon, the assisted-living section at Westminster Canterbury.

"It was a big move from a two-bedroom in to a one-bedroom and there was furniture to get rid of, and many things to go through just like when they moved out of their house," said Lee, who has children ages 38, 24 and 22. "I would go over every day and sit with her and go through everything and pack some things. It took all summer."

Lee says the move has been nothing but positive for Pat. "She is so tickled with her new apartment and she has a gorgeous view of the courtyard."

Lee also has relinquished some of the responsibility of her mother's care. Now a church friend who knew her mom helps to manage Pat's finances. Lee's brother, who was so helpful in the past, is now deceased.

"I wanted a third person because I do not have a sibling. It works well and mother still writes her own checks and does her banking at Westminster Canterbury. She does not go out (alone) anymore. So if she needs to go out for shoes or something, we set a date and I take her out."

Room service every day

Tinsley describes his mother Grace's move as "going from an old nest into a new nest," where she has her own living room, bathroom, bedroom, television and telephone. The town house has enough space for everyone to have their own privacy.

"She says she loves being here and calls it her hotel because breakfast and lunch are served every day," said Tinsley who handles all of his mother's finances, medical, insurance and other needs. Grace takes advantage of the sidewalks and walks several times a day and has made many friends in the neighborhood. Her old friends also come by to visit.

"Her mental outlook to me is greatly improved and we know she is eating better," Tinsley said. "She is more social and she has a lot of opportunities here. And it is peace of mind for us."

Love the porch

Ray says she has no regrets about her parents moving down the street. "All I need to do now is walk down the street to see them. I see them several times a week and my mother usually feeds me," she said, adding that both her brother and sister also visit regularly.

The Mathewses are still self-sufficient and very active. They still enjoy planting flowers and Dr. Mathews is in the Lions Club and her mother in several bridge clubs.

Ray says their favorite part of their new house is the front porch where they often sit for morning coffee or an afternoon drink. "Now my dad thinks everyone should have a porch," she said.

A second chance on life

Tinsley says his choice to include his mother in his plans to move into an active adult community has worked well for everyone.

"We are at a point in time where we have a new start. But it is also a time to give back to my mom and she has just blossomed," he said. "It is like a second chance on life this is your time. You've had kids, got them through college, married them off and sold the house. Here we are downsizing the house but upsizing our lives. For the three of us, it works."

Stepping Out in Lake Anna

Mon, 21 May 2012 23:05:04 +0000

Sunday, May 06, 2007
Richmond Times dispatch
Meredith Bonny

Eric Heidig doesn't have to go far to pick up a great bottle of wine. "I live at the winery," said the owner of Lake Anna Winery on Courthouse Road.

Heidig, 44, and his brother Jeff have been growing grapes at this picturesque vineyard since 1989. The winery, on rolling hills that were once a 70-acre farm, has become one of Lake Anna's top tourist destinations. "Nothing here is stressful," said Sandy Boardway, tasting room manager. "People come in here in a good mood."

Winemaker Graham Bell's Chardonnay Barrel Select, which took Best in Show at the State Fair of Virginia last year, is just one of the many reasons to visit this lakefront community during the summer.

The lake and nearby state park are some others, residents said. "I love it here," said Tina Lane, who moved to Lake Anna about 12 years ago from Germany. Lane lives in a chalet on the water, complete with a tiki bar and lights. "We have real palm trees, wicker furniture and a bamboo bar," she said. "Living here is like a vacation."

Located about an hour northwest of Richmond and 30 minutes west of Fredericksburg, Lake Anna is the second-largest freshwater lake in Virginia, with more than 250 miles of shoreline.

It was created in the early 1970s, when the North Anna River was dammed to form a cooling reservoir for Virginia Power's North Anna nuclear-power plant. The lake has two sections -- the public side, with unrestricted public access, and the private side, whose access is restricted to property owners.

Because the private side serves as cooling lagoons for water circulated through the power plant, year-round water temperatures there are several degrees higher than the public side. "We call it the warm side," Lane said, adding that locals tend to joke about the reactor and unfounded rumors of its effects on wildlife. "You know the fish have three eyes."

Locals may joke about the reactor, but they are serious about their fishing, boating and water sports. After the lake was formed, the Virginia Department of Game and Inland Fisheries stocked it with baby bass and other fish. But not all of the lake's inhabitants have been welcome.

Back in 1978, a professional fishing guide told The Times-Dispatch he saw a 6-foot alligator swirling in the shallow cove of the cooling lagoons of the power station. The presence of an alligator did not surprise the state fisheries department, according to a story published in May that year. Officials there said people who keep tropical fish and alligators often grow tired of them. Unable to kill the exotic wildlife, they often release them in nearby waters.

In addition to alligators, the lake has been a draw for local anglers (the lake reportedly has over 30 species of fish including large-mouth bass, striped bass, walleye, catfish, crappie, bluegill, and white and yellow perch) as well as retirees and families looking for a laid-back vacation.

"It's God's country," said Thomas King. A retired District of Columbia police detective, King moved to Lake Anna two years ago. He works part time at Anna Point Marina. "My boat's right out there," he said, pointing to the dock outside the Marina door. "I live 500 feet from the water." He said he works at the Marina to "get a little gas money."

Although there aren't many restaurants in Lake Anna, there's one spot the locals frequent for home cooking and drink specials -- sometimes a few times a week.

Chelsea Jo's Restaurant is a family-run place on Courthouse Road (state Route 208) with a front patio that gets packed during the summer months. Many come for the Dirty Banana, the bar's infamous deep-yellow drink plastered on T-shirts that hang on the wall. "It has five different kinds of rum," said owner Mac Fick, known to just about everybody as Pops.

Fick runs the restaurant with help from his two sons, M.J. and Eric, and their mother, Cheryl. "This is the local hangout," Fick said. "It's kinda like Cheers." Aside from their drink specials, Fick said the restaurant is best known for its Wednesday-night hamburger special -- 100 percent ground chuck for $4.35. "People start coming in at 4 p.m.," he said. "It's a zoo in here. It's a blast in the summer."

Visitors looking to enjoy the lake should plan ahead and pack a picnic, or do some supermarket shopping if they're planning an extended stay. Aside from bait shops, a local grocery and one restaurant, there aren't many places to dine in Lake Anna. Billboards promise that retail shops and waterfront dining are in the pipeline.

About 10 minutes away from the marina is Lake Anna State Park. The land in the park used to be called Gold Hill and contained the Goodwin Gold Mine, according to the state Department of Conservation Resources. These days, the area is better known for its nuclear power.

A sign just past the gate reads: "You are within 10 miles of the North Anna Nuclear Power Station. In the event of a serious accident at the station, persons within 10 miles will be alerted immediately by sirens or public address systems." Once in the park, it's easy to forget the reactor is nearby. The park boasts lakefront picnic areas and wooded hiking trails.

The park, which totals 2,810 acres with 10 miles of lake frontage, has rental cabins, camping, a guarded swimming beach, a children's play area, a boat ramp, food concession stand, bathhouse and fishing ponds.

Lawrence and Diana Bloom, of Elkins Park, Pa., spent a recent sunny afternoon at the park beach. They were spending the week in Lake Anna during their spring break from school. It wasn't warm enough for a swim. But tossing a Frisbee worked out just fine. "It's really fun," said 8-year-old Kyra Bloom. When asked about her favorite part of her vacation, she said, "Being down here."

Whats Next for Swift Creek Area

Mon, 21 May 2012 23:05:04 +0000

Sunday, May 13, 2007
Richmond Times Dispatch
Julian Walker

Western Chesterfield, particularly the Upper Swift Creek Reservoir area, is ground zero for the county's growth trend.

Recognizing that, community leaders and elected officials have pushed to have the Upper Swift Creek portion of the county's master plan updated for several years. Now, nearly four years after that revision process was initiated, it appears to be near approval. But the delay has raised questions about why it has taken so long, and why its completion is now seemingly being rushed by some county leaders.

"This was supposed to commence four years ago, but here we are in the final year of that four-year calendar," said Supervisor Renny B. Humphrey, whose Matoaca District includes much of the plan's geography. "It's four years old, and that's old enough. It needs to get done."

Barring an extension, the Planning Commission could vote on the land-use plan at its regularly scheduled meeting on Tuesday, and Chesterfield supervisors could consider it as early as their May 23 meeting.

The plan sets guidelines for growth in that section of the county and how to sustain that growth. The Board of Supervisors recently instructed the Planning Commission to hold a public hearing on the plan to expedite action on it. The area includes the Swift Creek Reservoir, a county drinking-water source.

Planning Commission Chairman Daniel A. Gecker asked the Board of Supervisors for a 60-day extension to allow for residents' feedback and time to review a reservoir water-quality report released last month.

"We have been struggling to get the data needed to finalize the environmental portion of the plan," Gecker wrote in a letter to fellow commissioners informing them of a special May 3 meeting to hold a public hearing on the plan.

Supervisors Chairman Kelly E. Miller said the board is considering the extension request, but he noted that "I think we're prepared to move on even if we have not had all the water-quality things in place."

Chesterfield initially planned to build a series of ponds within existing streams and wetlands to slow stormwater runoff into the reservoir to limit pollution. But the county last year had to rethink that plan after being informed by the state Department of Environmental Quality and the U.S. Army Corps of Engineers that its pond plan was unacceptable. Chesterfield's new plan calls for on-site runoff controls at county developments.

Excess levels of pollutants, such as phosphorous, can harm aquatic life by robbing water of its oxygen, according to environmental experts. The recent reservoir analysis prepared by a consultant "in broad terms [indicates] phosphate loading from zoned and developed properties could put the reservoir above phosphate levels recommended by scientists," Gecker said.

Like Gecker, Planning Commission member F. Wayne Bass feels an extension is warranted. "I think we could come up with an excellent plan at least by August, but it doesn't look like we're going to get that opportunity," said Bass, who represents Matoaca.

Hands Across the Lake, a county citizens group dedicated to water-quality issues, supports an extension. "Water protection should drive land use planning, and it needs to be folded into the thinking about the plan," said Betty Hunter-Clapp, Hands Across the Lake co-chairwoman. "Part of the fight between the board and Planning Commission is because the board feels it's very late, and the Planning Commission knows that's true but realizes there's valuable data out there still to consider."

Planning Commission member Russell J. Gulley said Chesterfield has failed to keep supervisors and planning commissioners informed during this process. "The land-use plan and the environmental-quality piece go hand in hand. You can't separate them," he said.

Housing Market Holding Its Own

Mon, 21 May 2012 23:05:04 +0000

Wednesday, May 16, 2007

Richmond Times Dispatch
Carol Hazard

The housing market continues to slow in Virginia as it does nationwide. And it is not as hot in the Richmond area as it was a few years ago.

Still, the number of sales in the Richmond area is up from a year ago. So are prices, according to a report released yesterday from the National Association of Realtors.

The median price for a previously owned home in the Richmond area rose to $223,200 in the first quarter, up 6.2 percent from the same period a year ago, according to the report. The median is the point at which half the houses sell for more and half for less. Nationally, the median price fell 1.8 percent to $212,300 from a year ago, the report said.

The Richmond area was among 82 metro areas reporting price increases from a year ago, which included 11 with double-digit gains. Prices declined in 62 areas and remained unchanged in one.

"We have had an adjustment -- there is no question about that -- but not as severely as nationally or regionally," said Bill White, ex-president of the Richmond Association of Realtors. "The national and regional numbers are skewed by the fact that the second-home market is way down," he said.

"Richmond is not dependent on second homes. We're a primary-home market. But in the coast and resort areas, you will see second-home sales off by 20, 30 and 40 percent."

David Gragnani, a Long & Foster manager in the Innsbrook office, said houses are still selling in the Richmond area. "There's more to choose from, so it's taking longer to sell, but they are selling for not a whole lot less price."

Pat V. Combs, president of the National Association of Realtors, said the worst of the price correction nationwide may have passed. Nationally, total sales of previously owned houses, including single-family homes and condos, fell 6.6 percent in the first quarter from a year ago, according to the NAR report.

"The existing-home market is stabilizing in a broad cyclical trough and moving in the right direction, with a modest gain from the fourth quarter," said Lawrence Yun, senior economist for the association. "Conditions changed fairly rapidly during the boom, but we need more patience now to see a slow, gradual recovery, which should start in the second half of this year."

The number of Virginia sales dipped 5.7 percent from a year ago, the report said. But the number of sales in the Richmond area rose 5.26 percent in the first quarter from a year ago, the Richmond Association of Realtors says.

Developers Revise Riverfront Project

Mon, 21 May 2012 23:05:04 +0000

Tuesday, May 15, 2007
Richmond Times Dispatch
Will Jones

A proposal to build high-rise riverfront condominiums east of downtown Richmond has been revised over concerns that the buildings would block views of the James River. The changes to the Echo Harbour project are designed to reduce visual impacts to the east, where the James bends southward.

City founder William Byrd II is said to have named Richmond after observing that section of the river from what is now Libby Hill Park. He was struck by the similarities between the James and the River Thames in the English borough of Richmond upon Thames. George Ross, of the development company USP Rocketts, said he respects the view but is aware of no proof that it's historic.

"It's a view . . . and we did everything we can to not impact it," he said. "The view that's being blocked is the view of the other side of the river, where the water treatment facility is." To preserve the view of the bend, the two buildings planned at Echo Harbour have been shifted to the west, Ross said.

In addition, the building heights are proposed to drop gradually, from about 180 feet on the western edge of the complex to about 84 feet on the eastern side, he said. Both were initially proposed to be 160 feet tall.

Echo Harbour would have about 196 condo units, a restaurant, office and retail space, as well as about 1,000 feet of dock and an extension of the Canal Walk. Ross estimated the potential investment at $160 million and said the 5½-acre site south of Dock Street is key because it's on the river side of the CSX railroad. "This is Richmond's first and best opportunity for connecting to the river and using the river," he said.

Several critics of the Echo Harbour plans said the changes aren't substantive enough. "It looks great for Miami Beach," Keith West said last week after reviewing the latest artist renderings for the development. He had stopped by Libby Hill Park with this children.

"It's a view that, once it's gone, you're not going to be able to get it back," said West, who represents the 7th District on the Richmond School Board.

Leighton Powell, executive director of the nonprofit advocacy group Scenic Virginia, said she considers the revised plan no better than the one filed last year. "The problem is, it's one of these things where there's a fundamental disagreement about what the view shed is," she said. "They are limiting it to the bend in the river. Those of us who care about the view see it as the whole panorama."

William J. Martin, executive director of the Valentine Richmond History Center, said there's no record proving that Byrd named Richmond after observing the James from atop Libby Hill. But, he added, the landscape makes a compelling case. "It's certainly true that the bends in the river . . . are identical," Martin said. "It's uncanny to the views in Richmond, England."

A marker at Libby Hill Park recognizing "the view that named the city" was designated last year by the mayors of Richmond and Richmond upon Thames.

This year, the General Assembly approved a resolution celebrating the panoramic view and its role in the naming of Richmond. A copy was to be given to Queen Elizabeth II during her recent visit for the commemoration of the 400th anniversary of the Jamestown settlement.

The city's review of the Echo Harbour project is on hold because the developers have not shown adequate emergency access to the site, said Rachel O. Flynn, Richmond's director of community development.

She agreed the tiered building heights represent an improvement over the original plan. The site is zoned for office or industrial development, and any change allowing residential uses would have to be approved by City Council.

Councilman Bruce W. Tyler, 1st District, said he will be unable to discuss or vote on the case because of his ownership interest in Baskervill, the architectural firm for Echo Harbour.

Changes for Louisa County

Mon, 21 May 2012 23:05:04 +0000

Sunday, May 20, 2007
Richmond Times Dispatch
Calvin R. Trice

ZION CROSSROADS To travelers, this rural community consists of three gas stations and three fast-food restaurants.

But to developers, it's now being seen as prime space for a regional shopping hub. And that means shopping for much more than just gas and burgers in this southern Louisa County crossroads where Interstate 64 and U.S. 250 intersect with U.S. 15.

Plans call for a Wal-Mart Supercenter, a Lowe's home improvement store and the Merchants Walk at Zion Crossroads shopping center. These projects would bring more than 800,000 square feet of retail space to the crossroads in the next few years.

A Best Western hotel is nearing completion. Nearby, construction is under way on the 1,200-home golf course community called Spring Creek, which will include retail and office space.

These developments will, in the next few years, transform this rural gas stop 45 minutes west of Richmond and 20 minutes east of Charlottesville into a suburban-style retail, residential and commercial hub. And more developers are knocking on the door, county officials said.

One of the area's fastest-growing localities, Louisa is home to about 31,200 residents. The county's population grew 22 percent between 2000 and 2006, and is expected to jump another 37 percent by 2020.

Zion Crossroads already has some industry, mainly along U.S. 250 south of I-64. Wal-Mart, for instance operates a 880,000-square-foot grocery distribution center directly behind where its store is planned. The area slated for the new development near the I-64 interchange is uninhabited and land surrounding it is rural and sparsely populated.

Still, for many reasons, developers consider it an ideal commercial spot. "It provides a gateway to Louisa County, so that all those residents can shop in that area, where you're seeing growth," said Dan Hargett, a partner in the Richmond-based Rebkee Co., which is developing the Wal-Mart and Lowe's site. "And it's becoming a regional hub to serve new residents in between eastern Charlottesville and western Richmond."

When opened, the Wal-Mart and Lowe's will add as many as 500 jobs to the area, Hargett said. Construction should begin on those stores in the next several months and be completed in fall 2008.

Louisa officials have planned this area for commercial growth, County Administrator Lee Lintecum said. The Board of Supervisors recently awarded an $8.6 million contract to expand by seven-fold the sewage plant that serves the area. The plant will soon be capable of handling 700,000 gallons of wastewater per day. The county will incur debt to fund the expansion. "The board's investment is beginning to reap the benefits," he said.

Land Capital Group Inc., the real estate development firm based in Park City, Utah, that plans to build the Merchants Walk at Zion Crossroads development, believes the area is ripe for change.

The project calls for 1.025 million square feet of space, including 650,000 square feet for a shopping center, restaurants and entertainment uses. The developer envisions the center primarily as outlet stores. But the center also will include some upscale, branded retailers and space for a high-end grocery store and other service-oriented retailers. The company has not released a tenant list.

Construction on the first phase, which primarily would be the outlet center, would begin this year and be ready by August 2008. In addition to the retail space, Land Capital is planning 225,000 square feet of office space and about 150,000 square feet for a hotel and meeting space.

Randy Warren of RW Development, an affiliate developer of Land Capital Group involved with the project, cites growth between Charlottesville and Richmond as one of many reasons that make a shopping center viable.

The area should draw from the residential growth in Fluvanna, Spotsylvania and Orange counties as well as from the spread of Washington exurbs down U.S. 29 and U.S. 15, Warren said. According to the latest studies from the Virginia Department of Transportation, traffic volume in the area reaches as high as 31,000 vehicles per day.

The outlet mall format should attract some of the 4.5-plus million tourists passing through the area every year on their way to the Shenandoah Valley and Blue Ridge to the west and the horse country to the north and west, he said.

"Any one of those things [alone] would not be sufficient for this scale of development," Warren said. "However, when you look at all of those things [together], we've got a strong market condition that will enable us to build and be successful in that area of Louisa County."

The county can use the $6 million in tax revenues government officials estimate the new developments could generate -- especially for public school needs. The state projects the county will grow nearly 37 percent to 42,000 residents by 2020, which will compel Louisa to build two elementary schools and a high school in the next 15 years. All that building is projected to cost about $138 million.

Because the Zion Crossroads area was previously zoned for development, the announced commercial projects didn't need specific approvals from the county Planning Commission or Board of Supervisors.

Residents and business owners in the area who spoke about the coming development supported it. Several business owners think they'll benefit from the increased traffic. Some, though, expressed concerns about the traffic on U.S. 15, which is two lanes wide slightly north and south of the I-64 interchange. There are no current plans to widen the road.

Harold Gowdy, who lives in a home two miles north of the interstate, said he'll be glad to be able to shop without traveling 20 minutes to Charlottesville, 45 minutes to Short Pump or an hour to Fredericksburg. "It'll be good for the area as long as they widen the highway so traffic won't be congested," Gowdy said.

Michele Pascarella and her father, Victor Pascarella, run Valley Timber Sales about a half-mile north of the interchange. Michele Pascarella also thinks about the development like a consumer. She commutes from Madison County 45 minutes to the north, and shopping in Charlottesville adds another 40 minutes to her drive home, she said.

However, she's afraid that Virginia's transportation spending won't allow for the road improvements the development demands. "It's great to grow, but you do need the infrastructure," she said.

And while the development is good for local consumers and county tax revenues, the county does want the projects done tastefully, said Darren Coffey, director of community development. So far, the retailers have been compliant, he said.

For instance, Wal-Mart agreed to a brick facade while the Lowe's store will have more detailed exterior design. The developers of the Merchants Walk plan to combine a variety of green building concepts, including using recycled building materials, solar panels, a rainwater collection system to reduce water run-off. "They're going to help us create a sense of place and have nice, attractive development," Coffey said.

Towne Center West - Starting to Feel Lik..

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch

Sunday, Apr 29, 2007

A new shopping center taking root in western Henrico County might add condo units above some of its planned retail shops. Virginia Beach-based The Breeden Co. Inc. is proposing to put in about 166 condos at its Towne Center West development, located just west of the Short Pump Town Center mall.

A modification to the Towne Center West's rezoning has been approved by the Henrico Planning Commission. It is awaiting approval from the Henrico Board of Supervisors in June. Putting residential on the second and third floors above storefronts closest to West Broad Street wasn't part of the initial plans.

Those modifications set the project back more than a year. Construction on the 9 acres where the condo units and retail shops would be could start in early 2008, depending on permits and market conditions, the company said.

Construction is under way on other parts of the 42-acre project. The development calls for an eight-story Hilton Hotel, an Ethan Allen furniture showroom and 130,000 square feet of space for retailers and restaurants. The shopping center might bring a handful of new eateries to the area.

The developer is discussing leases with regional and national restaurants, including Bruegger's bagel cafe, Ruth's Chris Steak House, McCormick & Schmick's Seafood Restaurants, Cheddar's Casual Café and Hyde Park Prime Steakhouse, said Mark Pendleton, president and chief operating officer at Breeden Realty, the developer's commercial leasing and sales division. Clothiers might include Talbots and Beecroft & Bull, he said.

Pendleton said retailers want stores near the new homes in the West End and close to other shops in the Short Pump area. "The national retailers, the ones looking to spend all this money, they want to know where business is going to come from in three to five years," Pendleton said. "We show them all the new infrastructure. With [state] Route 288 in place and the development occurring to the west, we're positioned in the middle of it." Hilton and Ethan Allen will break ground in May. Ethan Allen will close its existing store at 10300 W. Broad St. when the new store opens.

About 30,000 square feet of retail space at Towne Center West should be ready for occupancy this year. The remaining 100,000 square feet likely won't be built for another year or two.

The rents in Short Pump are the most expensive in the Richmond area, said Brian Glass, senior vice president of retail brokerage at Grubb & Ellis/Harrison & Bates Inc. in Richmond. "The Broad Street corridor is an exceptionally healthy retail corridor. But how much additional square footage can Short Pump handle?" Glass said.

The shopping center will compete with two other new developments for tenants. West Broad Village, being developed by Florida-based Unicorp National Developments Inc., broke ground on a 425,000-square-foot retail complex on 115 acres on West Broad Street across from Best Buy, Kohl's and Home Depot. Whole Foods will be a tenant. That project, about a mile east of Towne Center West, also includes town-house and multifamily units.

The Archon Group plans to develop The Corner at Short Pump, a 200,000-square-foot shopping center on 41 acres across from the Short Pump Town Center mall. That project is still in the planning approval stage by the county.

Towne Center West's developers aren't worried about a future glut of retail space in the Short Pump area. The company's founder and Richmond native Ramon Breeden Jr. said he's looking to buy more property farther west.

The Towne Center West project isn't exclusively retail.

The company will add 60 apartments to the 160-unit Reflections of West Creek apartment complex that it developed on the back part of the project closest to Interstate 64. That complex was completed in 2003, and all but seven apartments are leased.

Some smart-growth advocates say the Short Pump area could be developed with less space devoted to parking and more dense buildings. Adele MacLean, the coordinator for the Partnership for Smarter Growth in Richmond, said that even though new developments use the "mixed-use" lingo, many do not address transportation and livability issues, a key to a project's longevity.

"We would be encouraged if the project was walkable and created livable space, including things like crosswalks that are safe across all those lanes of traffic and sidewalks where trees can grow," MacLean said.

Initially, Breeden did not want to have residential above retail shops, but Henrico planning officials requested that the land be built up vertically. "My fear is to have developers be insensitive to the real value and potential of the land along the Broad Street corridor," said Randy Silber, Henrico's director of planning. "I really think it has the potential for taller structures so we can maximize the area between West Broad and Interstate 64."

Pendleton said the company is trying to make the development a place where people live in close proximity to where they work, eat and shop. Plans call for footpaths and a shuttle that would run a quarter of a mile between the mall and Towne Center West. But the development company does not want to overshoot demand with condos above retail space. "For us, it's seeing how much the market will support," Pendleton said.

"We don't want to be overzealous," he said. "On the other hand, we do like urban mixed-use, and we're trying to start here, mix it in and see what's going to work."

A Buyers Market in Virginia

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch

Friday, Apr 27, 2007

Virginia's housing market is a buyer's market, according to the Virginia Association of Realtors. The number of new and existing homes listed for sale statewide jumped 19 percent in March compared with February, the group said yesterday. And homes statewide stayed on the market longer -- an average 122 days in March, up from 106 a year ago.

"The market is starting to pick back up, and buyers are taking advantage of higher inventories and continued low interest rates," said association President Melanie Thompson of Fredericksburg. For instance, the group said the number of closings last month in Virginia rose 52 percent compared with February. Even so, home sales statewide fell 12 percent in March versus the same month in 2006.

For the first three months of 2007, home sales in Virginia dropped 6.21 percent from the same period last year, the association said.

A bright spot was the Richmond area, where sales rose 1.4 percent last month versus March 2006 and increased 5.3 percent in the first three months of 2007 compared with last year, the Richmond Association of Realtors reported.

Richmond area houses were on the market an average of 57 days, fewer than any of the 24 areas reporting March figures, the association said. A year ago, it took an average of 41 days to sell a house here

HHHunt and Henrico County at odds over f..

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch

Saturday, Apr 28, 2007

Will Jones

Henrico County is being asked to help launch a mostly residential development in Varina the way it did Short Pump Town Center.

HHHunt Communities wants Henrico to create a community development authority to finance more than $61 million in roads and other public infrastructure for Wilton on the James. HHHunt, the developer of Twin Hickory, Wellesley and Wyndham in western Henrico, is planning Wilton on nearly 1,200 acres of a former tobacco plantation on the James River.

The community would have 3,209 homes of various types built around a pedestrian-oriented "town center" with shops, offices and other amenities. About 300 acres along the river would be developed as a county park.

Under HHHunt's proposal, a community development authority, would sell about $75 million in bonds to cover the cost of the improvements, plus interest and other fees. The improvements would include an interchange with state Route 895 and a four-lane parkway extending past Osborne Turnpike to New Market Road. A little more than half of the bonds would be repaid over 30 years through special assessments on homes and other properties. The rest would be repaid over 10 years using a portion of the increase in tax revenue generated by the development.

County Manager Virgil R. Hazelett rejected the idea of a CDA for Wilton in letters to HHHunt officials in November and February. He reiterated his concerns in a meeting Tuesday. So far, Henrico has approved CDAs for three commercial projects -- Short Pump Town Center, Reynolds Crossing and The Shops at White Oak Village. Hanover and New Kent counties have used CDAs for projects that include some housing.

Hazelett said Henrico does not need to entice residential growth and warned that similar requests would likely follow if a CDA is approved for Wilton. "This is a precedential change that will impact east, west, north and south of Henrico County," he said.

HHHunt officials say Wilton represents a special opportunity to set a high standard before development takes hold in eastern Henrico. Wilton is modeled after the Daniel Island resort in Charleston, S.C. A CDA is needed, the officials say, because traditional bank financing is not available for projects with extensive costs.

"It is critical for us to finance this infrastructure with this method. We have to create a destination for the East End," said Dan Schmitt, president of HHHunt Communities.

Wilton fails to meet at least four of Henrico's eight criteria for a CDA, Finance Director Reta R. Busher said. Under the guidelines, only commercial projects are eligible. Board of Supervisors Chairman James B. Donati Jr., who represents Varina, and Supervisor David A. Kaechele saw enough merit to HHHunt's proposal to request Tuesday's meeting.

"It's a real departure from what we considered in the past," Kaechele said afterward. "It would be a big boost for the East End, but there are other considerations, precedents and that sort of thing." Donati said he likes the idea of using a CDA for Wilton and called the county's criteria too rigid. "I really don't view it any different than a CDA for the commercial [developments]," he said. "It does stimulate the economy. Wilton is a project that I think is deserving of it."

Other supervisors voiced caution, and at times skepticism, in their questions about HHHunt's proposal. Supervisor Richard W. Glover bristled at the prospect of tying up a portion of tax revenues from Wilton, an amount estimated at $42.2 million by HHHunt's financial consultants. Glover asked why other residents should have to shoulder an extra burden as Wilton grows. "Somebody's paying for the services that go into this development." He also wondered whether a CDA would accelerate residential growth, creating a further strain on the county.

HHHunt officials said Wilton would add nearly $1.3 billion to Henrico's tax base when the community is fully built. While some revenues would be used to pay off bonds and the development would generate other costs, HHHunt's projections show Wilton would provide a net increase in revenue to the county after 20 years.

Jim Crowder, a vice president for finance and accounting for HHHunt, acknowledged there's work to be done to sway county officials and to explain how Wilton would benefit the community in eastern Henrico. "I think we'll be able to get that message across," he said. "It may just take a little longer."

Is remodeling worth the expense?

Mon, 21 May 2012 23:05:04 +0000

Monday, February 19, 2007
Dian Hymer
Inman News

Remodeling magazine's 19th annual "Cost vs. Value Report" could give prospective home remodelers a cause for concern. According to the report, the cost of remodeling increased at the same time that the return on the dollars invested decreased.

Like the recent correction in the home sale market, the remodeling boom of recent years appears to be returning to more normal levels. It was an adjustment that was bound to happen.

Remodeling magazine made changes in the way they analyzed data for the 2006 report, which is thought to have contributed to the higher, yet more accurate, remodeling cost figures. Estimates of resale value are also thought to be more accurate in 2006 than in previous years. A record 2,188 members of the National Association of Realtors completed the magazine's online survey.

Keep in mind that the valuations cited in the report are based on averages. In reality, factors like cost of finishes, the condition of the rest of the house and local market conditions can cause any given remodel project to deviate significantly from the average.

Still, the change from 2005 to 2006 in the national averages for remodeling costs and the amount recouped at sale is significant. For example, Remodeling magazine's 2005 report put the national average cost of a minor kitchen remodel at $14,913. The resale value of the improvements was $14,691, or 98.5 percent of the cost. A minor kitchen remodel consisted of updating, not redoing the kitchen from scratch. Cabinet boxes were left in place; only the doors and drawers were replaced. Appliances, countertops and floor covering were updated with similar materials.

In the 2006 report, the national average cost for the same project was $17,928, up over $3,000, or about 20 percent, from a year ago. The resale value of the improvements also increased, but only to $15,278 -- a 4 percent increase. The amount recouped couldn't keep pace with the increase in renovation costs, so the return on the investment at sale was only 85.2 percent -- a drop of 13.2 percent from a year ago.

According to the 2006 report, a major kitchen remodel returns even less on the investment. The national average cost of a major kitchen remodel was $54,241. The resale value of the improvements was only $43,602, or 80.4 percent of the cost.

HOME SELLER TIP: This report underscores the importance of remodeling with a long term perspective in mind. It doesn't make sense to embark on a major kitchen remodel just before selling your home. You'll recoup less than if you did a modified minor kitchen remodel consisting of painting and updating light fixtures, floor coverings and cabinet pulls.

In addition to national averages, the Remodeling magazine report gives statistics for remodeling costs and resale values for nine regions across the country. In some cases, there is quite a bit of variation from one area to the next. For example, for a minor kitchen remodel in the Pacific Region (Alaska, Calif., Hawaii, Ore., Wash.), the cost recouped was 106.4 percent. In the pricey San Francisco market, the percent recovered was 126.2. But, in the West North Central Region (Iowa, Kan., Minn., Mo., Neb., N.D., S.D.), the amount returned was only 73.4 percent of the cost.

The report covers 25 remodeling projects, and for the first time PDF files are available for the 60 cities that were surveyed. The report, as well as individual city reports, can be purchased and downloaded from www.costvsvalue.com.

THE CLOSING: Before you take on a remodeling project, talk to local contractors for input on costs, and to a trusted realtor for information on how much you can expect to recoup when you sell.

Paying Mortgage Points a Smart Investmen..

Mon, 21 May 2012 23:05:04 +0000

Monday, February 05, 2007
Jack Guttentag
Inman News

"I read recently about a study that says that most people would not profit by paying points on a mortgage. Do you agree with that?"

No. The much-cited study by Yan Chang, senior economist at Freddie Mac, and Abdullah Yavas, research director of the Institute for Real Estate Studies at Penn State's Smeal College of Business, claims that most borrowers don't hold their mortgages long enough to make paying points a good investment. The study based its conclusion on the life of fixed-rate mortgages (FRMs) that were originated and terminated during the period from 1996-2003. But almost two-thirds of the loans in their sample were still in existence at the end of the period, and they are bound to have a longer life than those that were paid off. Further, the study did not cover adjustable-rate mortgages (ARMs), which in today's market provide the most attractive opportunities for paying points.

Even if the study was right, what "most people" would profit from is beside the point. What matters is whether you would profit from it.

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Well, then, how do I know whether or not it makes sense for me to pay points?

Points are an investment on which the return consists of lower mortgage payments in the future, and a lower loan balance if the loan is paid off before term, which almost all are. The investment makes sense for borrowers who have the money and find the return high enough to be attractive.

The standard view is that the borrower's time horizon must be quite long to make points worthwhile -- I have made this statement myself many times. However, when I recently calculated rates of return for different types of mortgages, I found that the standard view holds only for FRMs. On ARMs, the returns are high over periods equal to the initial rate period.

For example, while the return over seven years was only 8 percent on a 30-year FRM, on a 7-year ARM it was 22 percent. On a 3-year ARM, the return over three years was 17.5 percent. I found this so astonishing that 10 days later I looked again to be sure I hadn't made a mistake. Sure enough, I hadn't.

Do most borrowers pass up this opportunity?

They do. In the sample selected by Chang and Yavas, less than 15 percent paid points. Borrowers are predisposed against an increase in their cash outlays at closing for a benefit that will accrue in the future. Nobody tells them what the rate of return on investment might be. Often, they aren't even offered the option.

Mortgage brokers and loan officers don't encourage borrowers to pay points. Points make it more difficult for loan officers working for lenders to earn an "overage" -- a price above the lender's stated price, which the loan officer usually shares with the lender.

Similarly, if borrowers pay points for a lower rate, mortgage brokers are forced to disclose their own fees upfront where borrowers can see and possibly question them. The broker can't avoid disclosure when his fee must be added to the points. It is much better to steer the borrower to a loan with a rate high enough that the lender will pay points to get it, referred to as a "yield spread premium," or YSP. Then the broker can pay himself out of the YSP, which existing rules permit to be disclosed in ways that usually mean nothing to the borrower.

How can borrowers be sure that the option to pay points will be made available to them?

One of the advantages of shopping for a mortgage online is that the alternative rate/point combinations appear on the screen. The rates of return shown above were calculated from data shown by one such lender, Amerisave, an Upfront Mortgage Lender. Upfront Mortgage Brokers will also provide the required data. Since their fee is set upfront, they have no financial interest in which rate/point combination the borrower selects.

How do I find the rate of return?

You need two price quotes for the loan type you want. One is the rate/point combination with points closest to zero. The other is the combination for the lowest rate available. Using calculator 11c or 11d on my Web site, enter the two rate/point combinations and the period you expect to be in your house. Presto, you have the rate of return.

The writer is professor of finance emeritus at the Wharton School of the University of Pennsylvania. Comments and questions can be left at http://www.mtgprofessor.com/.

Stepping Out in Church Hill

Mon, 21 May 2012 23:05:04 +0000

Meredith Bonny

Richmond Times Dispatch

Sunday, February 4, 2007

Mary Ann Bullard, known to many as Ma Buzz, was facing one of those life-altering decisions.

A diamond ring or a coffee shop?

To the delight of many caffeine addicts, Bullard told her boyfriend, Bob Buffington, that she'd rather go with joe.

And now, she and Buffington, two Hawaiian-shirt wearing, pet-friendly hippies, are married to Captain Buzzy's Beanery on Church Hill.

The beanery, famous for its fresh-roasted beans and Bullard's red velvet cake and pumpkin scones, is at 2623 E. Broad St. Just look for the car with the bumper sticker that reads "Friends don't let friends drink Starbucks."

"We're not normal," Buffington said.

They're among friends, though, in this eclectic neighborhood. The coffee shop is something fairly new in one of Richmond's oldest residential communities.

Residents refer to Church Hill as the center of the universe, sitting at the top of the city and overlooking downtown. The area was Richmond's first historic district, with ties to Patrick Henry. It's also a measure of revitalization and change in the city.

"You've got real diversity," Buffington said. "Up here, there's still an inner-city feeling. You can grab a cup of coffee and walk to the grocery store. The community is really tight."

Located in the city's East End, Church Hill includes most of the original 32 blocks of Richmond laid out by Maj. William Mayo in 1737, according to the city's Web site.

There's St. John's Church, where Henry gave his famous "Give me liberty, or give me death" speech. The church also is the namesake for Church Hill. Up the street is Chimborazo Park, site of the Civil War's largest military hospital.

And all over the hill, there are plenty of beautifully restored, historic homes -- a smattering of Greek Revival, some Federal and others Victorian.

The houses are as diverse as the neighbors.

"It's a real mix," said neighborhood veterinarian Dr. Nan Jack, who owns Church Hill Animal Hospital at 322 N. 25th St., which welcomes dogs and cats -- and, soon, gerbils, ferrets and other exotic friends. The hospital is adding a vet specializing in eccentric pets with eccentric owners.

"There's the little old lady who's lived here with her Chihuahuas," Jack said, and "retirees from up north who moved down and brought their three poodles."

. . .

Despite its rich history, Church Hill was for years known as having the largest concentration of poor, substandard housing in the city, as well as a high number of vacant buildings. A Times-Dispatch article in 1977 said the community had become riddled with "poverty, crime and aging, dilapidated homes."

But some residents challenge that reputation.

"It's always been a safe community," said DeNyce Bonaparte, who moved to Church Hill 30 years ago.

She and her late husband, Charles Napoleon Bonaparte Jr., bought one of the homes along the Mann-Netherwood block that had been purchased by the Historic Richmond Foundation. The foundation restored the outside, and homeowners fixed the inside, Bonaparte said.

"It was in the beginning stages of bringing back the historic homes," she said. "You could still get a really good house at a really good price. We lived and worked in the community. The kids caught the bus to school."

When Bonaparte moved in, her home didn't have a kitchen floor. The couple lived in one room of the house. In fact, her husband had to put up walls when their daughter was born, Bonaparte said.

The house now sparkles with its stone and brick front, four fireplaces and original pine floors. "I don't plan to go anywhere," Bonaparte said.

These days, the community provides more of a mix of old and new, black and white, wealthy and not.

"You've got people in sweats and people in $1,000 suits," said Bullard, the coffee queen.

. . .

While there are still some original sections of Church Hill, there are also $700,000 newly renovated homes and some really great restaurants.

Locals swear by The Hill Café, a neighborhood bar and restaurant at 2800 E. Broad St., and Acappella Restaurant and Pub at 2300 E. Broad St., which serves a mix of Italian and German fare. Down the hill, get a great brunch at Millie's, 2603 E. Main St. Need more coffee? There's Jumpin' J's Java and General Store at 2306 Jefferson Ave.

The community also has several pizza shops and a place called Bread for the People, where owner Mark Van Atter bakes bread in his home, then delivers it to customers in the winter and sells it at the 17th Street Farmers' Market in Shockoe Bottom in the warmer months. Some crowd favorites include onion and rosemary focaccia and garlic and Romano cheese baguettes.

Church Hill Herbs & Florist at 319 N. 25th St., across from the animal hospital, sells bulk lavender and essential oils. Two years ago, owner Carolyn Worssam expanded to include fresh flowers to provide another service in the community she has grown to love.

"This is a great neighborhood," Worssam said. "You're in the center of the universe."

She said the best thing about the area is that residents are less than 30 minutes from Short Pump but don't have to leave the hill if they don't want to.

At the bottom of the hill is one of resident Jessica Jordan's favorite places: Poe's Pub at 2706 E. Main St.

"You can walk down, drink three beers and walk home," said Jordan, who has lived on Church Hill for 29 years.

The community is also big on parties.

There's High on the Hog, a big pig roast in Libby Hill Park hosted by none other than Larry Ham. There's also the "nonhouse tour," where residents get together and tour each other's backyards. The event usually kicks off with some Bloody Marys and quiche.

Jordan, a mother of three and participant in the nonhouse tour, said she likes Church Hill's friendly atmosphere. She's married to David Cooley, a contractor who makes his living saving houses that others would tear down.

She said the couple have never considered moving to the suburbs to raise their three children -- she likes the way Church Hill has introduced her kids to a little bit of everything.

"In Church Hill, you have families but you also have artists living over here, single people. It's not a retirement community. We are not all old. It's very eclectic," she said. "What hooks us all together is our love of old houses."

A BrightIidea Thats Paid Off

Mon, 21 May 2012 23:05:04 +0000

Jeffrey Kelley
Richmond Times Dispatch

Sunday, January 28, 2007

Talk about a "Light bulb!" moment.

Three years ago, Darrell Jervey was trying hard not to appear too bored at his wife's company's Christmas party.

In typical guy-at-wife's-company's-Christmas-party fashion, Jervey's eyes began to wonder across the ceiling.

Up high, the western Henrico County resident noticed electrical cords snaking through rafters, connecting to lights illuminating partygoers down below.

Nearby, he saw permanent recessed lights in the ceiling. Then came an idea.

Within a few weeks, the University of Virginia graduate was piecing together prototypes of a product that could quickly convert a common recessed "can light" into a chic hanging pendant lamp. It is the kind of light you might sit under at a trendy restaurant or coffee house, but it could be put in your kitchen or bathroom.

Plus, the installation can be done by anyone who knows how to screw in a light bulb -- no messing with electrical wires or hiring an electrician.

Three years and three Chinese factories later, thousands of Jervey's Instant Pendant Lights are being rolled out to all of the more than 1,300 Lowe's Home Improvement stores -- a big leap from his first retailer, Richmond-based Shades of Light.

"We were doing fine as a small company . . . but that one order really catapults us into selling container loads of lights every week," said Jervey, chief executive of Worth Home Products.

He hasn't stopped at Lowe's.

Worth is in talks with other national retailers to carry the light fixture, possibly as early as this spring. "We are as busy as we can possibly be each day, building, shipping and fulfilling orders," said Jervey, 42.

The key piece in the Instant Pendant Light the "instant" part -- looks like the end of a light bulb. It screws into where the can light's bulb would normally be. A brushed nickel cover hides the recessed hole in the ceiling.

An electrical cord drops through the center of the cover, and an elegant shade is placed at the bottom of the cord. Prices vary depending on the shade but hover around $40 to $60.

At his home in a neighborhood off River Road, Jervey demonstrated a can light-to-pendant installation that took less than two minutes.

"I was really sort of surprised that there wasn't something like" the lamp available on the market, he said, which led him to start the business.

Having a lighting retailer in his backyard to plug into for advice didn't hurt, either.

Ashton Harrison, president of the Shades of Light in Richmond, offered pointers on how to get Jervey's lighting business humming.

The firm puts its own Italian shade on the lamp and sells the product for $95 in its store on West Broad Street, in 4 million national catalogs and on its Web site.

"It sells great. People love them," Harrison said. "It's really one of our best sellers."

Why? Recessed lights create a shadow when placed over a kitchen counter or table. "A pendant light brings light down to the counter," she said. "It's a more efficient use of light."

Jervey's light idea was born at the Christmas party in 2004, about a year after the former Washington information-technology executive moved his family to the Richmond area.

Post-party, he tracked down an engineer in China, who developed technical light models and helped set up an overseas manufacturing operation.

Jervey bounced ideas off of locals, including Shades' Harrison and Rob Mitchell, managing partner at investment banking firm Alpha Omega Capital Partners.

Last year, Jervey's one-man band landed the Lowe's account.

"He and I were marveling a year ago over coffee at Starbucks, and he told me, 'I just got this big thing with Lowe's, and it's just me," Mitchell recalled Jervey saying, noting how he had to grow quickly to deliver on the contract.

Jervey called on an old business partner, Steve Machiorlette, who was running a tiny firm in Texas that made wooden air conditioning grilles to replace metal ones commonly found in homes.

That company, Worth Home Products, had a Web site, employees, customer service, a bookkeeper and a warehouse: "things that I needed," Jervey said.

He used the profits from his initial deal with Lowe's to buy Worth in April, paying out its five investors and keeping the name. He and Machiorlette, who now is president, are equal partners.

The Instant Pendant Light was given its own aisle display in a few Lowe's stores in the summer, and should be in all the stores by March. He has signed deals with other retailers, but he can't mention them yet.

"Very few companies can get a large contract from as many [companies] as he did in less than a year," Mitchell said.

Part of Jervey's success has been his development of a simple product that appeals to many people, Mitchell said.

"Combine the attractiveness of his light with his incredible skill of finding and quickly accessing just the right person at these big box retailers, and he has been able to create a substantial business overnight."

Costs are kept low with the entire manufacturing process done in China. Lowe's picks up the lights, ships them to the U.S. and holds them in its own warehouses for distribution to its stores.

"It's a tremendous cost and risk savings over U.S.-based labor," Jervey said. "Some people say, 'Well, you're using foreign labor.' In my mind, I don't feel particularly guilty about this. I have my own company, which wasn't in existence a few years ago."

Not to mention an expected $5 million in revenue by the end of the year, when he plans to more than double his domestic work force to 15.

Worth also was named one of a dozen area "companies to watch" in November by The Venture Forum, a local venture-capital group.

Perhaps that Christmas party wasn't so bad, after all.

Preparing to Buy in 2007

Mon, 21 May 2012 23:05:04 +0000

Monday, January 22, 2007
Dian Hymer
Inman News

2006 was the year that the national housing market slowed. However, what happens on the national level doesn't necessarily translate to local markets, which vary considerably from one another.

In some areas, the housing market started looking like a normal market in 2006. In other areas, it became a buyer's market. Some areas, such as El Paso, Texas, and Salt Lake City, Utah, defied the national trend and showed sizable home-price increases in 2006.

No one knows for sure where the market will go from here. For areas where appreciation in recent years has been strong, the best-case scenario is that home prices will advance in the low single-digit range for perhaps several years. The worst-case prognosis for the hot market areas of 2004 and 2005 is that prices might drop before they rise again.

Buyers who are buying in a soft market and who are not prepared to stay put and ride out a possible downturn should reconsider buying at this time. But, if you buy now for the long term, you could be well positioned for the next wave of appreciation.

HOUSE HUNTING TIP: Regardless of where you're buying, the game plan is basically the same. First, carefully evaluate your financing options before you start shopping for homes.

One-hundred-percent financing and interest-only mortgages have become popular in recent years, particularly with first-time buyers. With both of these types of financing, you don't build equity in your home when prices are flat unless you make improvements that increase the property's value or you pay down the principal balance. So, if you were to sell after years of zero or less appreciation, you could end up paying out of pocket to close the sale.

This doesn't mean that you shouldn't use this type of financing. Just make sure that you understand the pros and cons of any of the mortgage options available to you. While you're educating yourself about financing, get preapproved for the mortgage you'll need to complete a purchase. You are in a better position to negotiate with sellers if they're convinced that you are financially capable of closing the sale.

The next step is to learn as much as possible about local market values. This means looking at a lot of property until you understand why one listing sold for $20,000 or $50,000 more than another. Your agent can help you with this education process by providing you with information about new listings, pending sales, closed sales and expired or withdrawn listings that didn't sell. The Internet is also an invaluable source of information about the housing market.

To be a successful home buyer in any market, you need an agent who has intimate knowledge of the local area, is a good communicator and is skilled at negotiation. In a hot market where home prices are escalating, you want an agent who can counsel you on how to win in a multiple offer situation.

In a softer market, you're main concern is buying a property that will hold its value.

Not all homes are equal. Some properties hold their value better than others. A knowledgeable and ethical real estate agent will tell you whether a home you're interested in will be a good investment. A good resource for an agent recommendation is an acquaintance who bought or sold recently, and who had a positive experience.

Also, in a slower, more normalized market, home sale transactions often take time to put together and more time to work through contingencies. Good communication and negotiation skills are a must, as is patience and perseverance.

THE CLOSING: Choose an agent who is up to the challenge.

National Slump Not as Pronounced in Rich..

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, December 31, 2006
Carol Hazard

The cooling housing market has been chillier than some real estate experts expected. But not so cold in the Richmond area. What's more, it hasn't slumped nearly as much here -- or nationwide -- as it did in the 1990 recession. That said, the prospects for housing in the new year are not so bad -- and not so good.

"After hitting record highs in 2004 and 2005, single-family housing starts in the nation fell about 11 percent in 2006," said economist Christine Chmura, president of Chmura Economics & Analytics in Richmond.

"We expect them to fall another 6 percent in 2007 before starting to grow in 2008. In 2008, we expect growth to remain sluggish with an increase of only about 1 percent." More declines in housing activity will shave about 1 percentage point off the gross domestic product in the first two quarters, she predicted.

"Overall, the economy is still performing well. It's just the housing sector that is going through a transition. But it is not contracting enough to [significantly] pull down the rest of the economy."

Consumer spending and business investment -- without the help of housing -- will propel economic growth, Chmura said. "Similar to the nation, the housing sector in Richmond and Virginia has slowed," she said.

Housing starts through October dropped 33 percent in Virginia from their peak in August 2005, Chmura said. Northern Virginia led the decline, with housing starts sliding 49 percent. In the Richmond area, they were down 27 percent.

That said, the numbers are not as bad as they were in 1990, when housing starts in Virginia dropped 52 percent from their peak, Chmura said. "The main factor causing housing to slow is affordability," she said. "Home prices have risen so much that some households have been priced out of the market."

In the third quarter, 44 percent of all households in the Richmond area -- with a median income of $55,741 -- could afford a median priced home of $182,000, with half selling for more and half for less.

In Washington, only 19 percent of households could afford a median priced home there of $467,000.

The Richmond area has seen considerable price appreciation in the past couple of years, but not nearly as much as in the skyrocketing Washington area, where prices are likely to decline over the next couple of quarters, Chmura said.

Price appreciation will continue to slow in the Richmond area but not show a year-over-year decline, she predicted. "Virginia, in aggregate, will look like the nation," said David H. Downs, the Alfred L. Blake Chair of Real Estate at Virginia Commonwealth University.

"The national market should continue to correct. That doesn't mean that prices will necessarily go up or down -- simply that supply and demand will move toward longer-term normalcy."

Prices will be driven by inventory levels and local economies, Downs said. "Expect to see a wide divergence in housing appreciation based on price points and location."

Richmond benefits from companies moving into the area, said Wes Atiyeh, immediate past president of the Richmond Association of Realtors. "Because of the overall makeup of Richmond, it would take a lot for us to bomb out," he said.

"We have a very diverse economic market, which creates and sustains the housing market here. I have never seen it dive in the tanks as it has other cities, but it's not going up as fast either."

If people are waiting to buy because they fear the market will get much worse, "that is not going to happen," Atiyeh said. "Interest rates are low. We have inventory. Buyers can pick and choose."

Joan Peaslee, an agent with Prudential Slater James River, said a good house will always sell. "Get the yard spruced up, paint where it's needed and clean, clean and clean, so there is no reason not to buy it." Soft earth colors are in, Peaslee said. "Gone are the hunter greens, burgundies and navy blues."

Peaslee said the market is steady. Most sales are 60 to 90 days instead of one day, she said. Multiple offers are not common like they were two years ago, but they are not unheard of either.

She said prices here will rise in the spring -- traditionally the busiest time of the year.

A Reality Check When Shopping For Homes

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Carol Hazzard
Saturday, January 20, 2007

Garth and Kris McCallum-Keeler got twice the house in western Henrico County for $130,000 less than the colonial they lived in outside Boston. Better yet, she can stay home with their 6-year-old son, a toddler, 10-year-old basset hound and labradoodle puppy.

They came here last year for her husband's job as marketing director at Insmed, a pharmaceutical company. "We knew we could get something here that would be worth our while," Kris said. Now, if only she could find a Dunkin' Donuts on every corner, it would be even better. "For the coffee, not the doughnuts," she said.

For people moving to the Richmond area from New England, chances are they will be pleased with house prices here.

"In Stamford, Conn., you can't buy a cottage for less than a half million," said Paul Gee, an agent with Joyner Fine Properties in Richmond. Here, you can get a spacious house in a good neighborhood for $500,000.

But if you're from, say Dayton, Ohio, or Charleston, S.C. -- and relocating here with MeadWestvaco Corp. -- you might go through sticker shock. The median price of a house in the Richmond area, with half selling for more and half for less, is $231,000, according to the National Association of Realtors.

In Dayton, it's $120,000.

And Boston? $412,300. In Stamford, the former headquarters of MeadWestvaco, the median is $466,600. Gee said he has worked with clients who were profoundly disappointed by the prices here.

"They get hit pretty hard when they see what's available," Gee said. Sticker shock is mitigated when they see what's available online, he said.

Still, "it's a powerful emotion when someone walks into a house that's 300 or 400 square feet smaller and the condition is not as good as what they had in Charleston."

Tera McClorey-Hare, who moved here for her husband's job, said she thought home prices here would be comparable to Charlotte, N.C. It took six months to find anything close to the 4,000-square-foot home with a brick front and three-car garage that they owned in Charlotte.

"What we saw here for $350,000 was a 2,000-square-foot older home with a gravel driveway," she said. "We had to bump up our price range," McClorey-Hare said.

They moved last month into a 3,300-square-foot house in Chesterfield County. It doesn't have the hardwood floors like the house in Charlotte. Nor does it have ceramic tiles or a central vacuum. "It's something I could live with," she said.

Gail Wooten, an agent with Century 21 Old Richmond Realty, worked with clients from Mohnton, Penn., who were used to a large house with a lot of land in the $300,000 range.

"They came here looking in the $250,000 to $300,000 range. They had to go through a reality change of how far out they would have to buy to have privacy."

In the end, the 45-minute drive wasn't worth the acreage. The couple, who started looking in April, bought a house in Chesterfield for nearly $400,000 with about an acre. They moved in this month.

"A lot of people think that just because they move here from up North, they will be able to get a bigger house for less money," Wooten said.

Richmond is considered a corporate gypsy market with people coming and going as companies move here and others pack up and leave.

That keeps the real estate market here in balance and in general healthy -- not too hot and not too cold, real estate experts say. The area usually has enough supply to satisfy demand, the experts say. Too much inventory would cause prices to drop; too little would send them rising sharply like they did in the once-hot Northern Virginia market.

"People think that good, old Richmond is in the South and they will get a great deal, so a lot of people are surprised by the prices here," said Liz Dorneman, an agent with Long & Foster. "The prices here aren't going down, but they are not escalating either," she said.

Last year brought an influx of newcomers with about 200 corporate relocations for MeadWestvaco. About 260 people relocated with Phillip Morris USA in 2004 and 2005.

This year, nothing big seems to be out there. But people keep coming. "Qimonda is leading the troops," Dorneman said. "Circuit City is bringing people in, too, and we're still seeing a trickle from Capital One."

Qimonda, with a semiconductor plant in Henrico County, is one of the area's largest employers. Circuit City Stores Inc., also among the area's largest employers, is a national retailer based here. Capital One Financial Corp., a credit-card and financial-services company, saw exponential growth before employment peaked in 2002.

It's all about location, said Carolyne Hotze, relocation director with Long & Foster.

"If you're from the Midwest, you might go through sticker shock. If you're coming from Connecticut, you feel like you hit the lottery."

Sometimes, it's not so much about the house, Hotze said. It's the lifestyle. "It's how you can live your life here. Richmond is a fabulous product."

Ian MacEachern, who moved here from Hoboken, N.J., for a job at Wachovia Securities, said he has a hard time thinking of something he doesn't like here. He and his wife, Daniela, closed on their house off West Cary Street about a month ago.

"It's noticeably more affordable here -- $250 a square foot compared with $1,000 a square foot in the Hoboken area, just across the river from Manhattan," he said.

Sure, Cary Street might be busy, he said. "But it's nothing compared to New York. I know Richmonders don't believe it, but traffic here is nonexistent."

Chesterfield Rethinking Development

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
January 21, 2007
Meredith Bonney

Richard Brindle shares the woods with towering trees. A racoon sleeps on his outdoor swing. Deer, eagles and vultures come to visit. Brindle loves his way of life. "You can hear snow falling here," he said.

So Brindle and other residents of the Donegal Glen community fought hard to pause growth and keep their quiet oasis along Pocahontas State Park in Chesterfield County.

He and close to 200 neighbors packed last week's county Planning Commission meeting and persuaded the commission to recommend denying a rezoning request that could have brought 24 new homes to the area.

Such denials are rare -- so rare that in the past 13 months, the commission has recommended denying only five out of more than 50 proposals. But after more than an hour of impassioned debate, the Planning Commission voted against the rezoning 3-0, with two abstentions.

"The vote to recommend denial is a statement by the Planning Commission that it will not recommend approval of development in areas of the county where infrastructure is currently lack- ing and in which there are no plans in the foreseeable future to improve the infrastructure," said Dan Gecker, chairman of the commission. "The Planning Commission will continue to recommend responsible development to the Board of Supervisors."

The crowd broke into applause. "There was a real groundswell here," said Kimberly Phelps, one of the residents who worked with Brindle to sway the Planning Commission.

The Donegal Glen residents still have one hurdle -- getting a final vote to deny the request from the Chesterfield Board of Supervisors at its Feb. 28 meeting. Still, the Planning Commission's vote has some county residents wondering whether their message is finally being heard.

"It's like this case is the straw that broke the camel's back," said Brindle, an executive with Kraft. His wife, Dee, agreed. "People are saying, 'Enough is enough.'"

The proposed rezoning that triggered Donegal Glen's vocal opposition isn't big. It's a 53-acre area south of Spring Run Road and north of Beach Road, between Qualla and Hensley roads.

Green Acres Limited Partnership has proposed building 24 homes there, but residents worried that would just be the beginning. The partnership also owns an adjacent 239-acre tract that was rezoned in 1990 for 259 residential units.

Green Acres isn't letting residents stop its efforts to build in the area. "I understand people don't want any development in this area," said Carrie E. Coyner, an attorney for the developer. "But it's coming."

After voting against the rezoning, some members of the Planning Commission said they weren't sure what to expect. And some county officials say Chesterfield may need to change its tune when it comes to growth.

Kelly E. Miller, newly elected chairman of the Board of Supervisors, said, "We can't continue to turn a blind eye to business as usual in the growth area." At least three planning commissioners shared Miller's concerns.

"Yes, there are property rights, and we want to support the property rights -- but at the right time," said F. Wayne Bass, whose district includes Donegal Glen and the area proposed for rezoning.

Commissioner Jack R. Wilson III abstained from voting on the matter. He said he did so because he felt the county may be able to address some of Donegal Glen residents' concerns about roads and other infrastructure elements.

"I do not think we should just be knee-jerk denying cases because we want to appeal to those who want no growth in the county," Wilson said. "I don't know if this is the start of a trend. I still would hope that the Planning Commission would do what it has done in the past and look at each case on its merits."

Russell J. Gulley, vice chairman of the commission, voted to recommend denying the rezoning proposal. "This is not a matter of stopping growth," he said. "It's a matter of better managing it."

Gulley said that in the past, when the commission has recommended pausing growth, the Board of Supervisors has still approved proposals.

"This is the perfect opportunity for the board to show that it is serious about addressing growth," he said.

Fort Lee Expansion

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
January 21, 2007

Fort Lee is the home for Army logistics. The base mission is to train quartermaster soldiers. With the planned growth, the fort's mission will be expanded to include all of the pieces needed to sustain combat arms soldiers, including ordnance, transportation, missiles and munitions, the fort's public affairs office said. The planned expansion will involve about $1.5 billion worth of construction projects on base, spread out over five years and beyond.

The projects will include:

This year: Two unit headquarters buildings; buildings for administration, classes, training and laboratory instruction

2008: Student housing; facilities for dining, martial arts, vehicle maintenance and repair and oil storage; a third unit headquarters building, a dispatch center, an office building, a warehouse; roads; and a pedestrian bridge

2009: A fourth unit headquarters building; an auditorium; two classroom buildings; facilities for materials handling, training and dining; a vehicle-maintenance shop; an ammunition-supply center; a parking garage; and roads

2010: Facilities for vehicle-maintenance instruction and medical/dental services

2011: A second medical/dental facility

2012 and beyond: More storage, offices, dining areas, warehouses, parking, roads, a fitness center, barracks, a fire station and a chapel.

SOURCE: Fort Lee

Prosperity Marches In

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, January 21, 2007
David Ress and Meredith Bonny

Rick Zevgolis has stacks of bowling balls still in boxes piled inside the Oaklawn Bowl on state Route 36. He's just waiting for more bowlers.

The 58-year-old manager hopes the major Fort Lee expansion will add some fresh blood to his loyal following of retirees. "Hopewell is an old town," he said. "Getting some young people in here is going to help."

Over the next five years, a nationwide military reshuffling will bring an additional 3,500 troops and Defense Department civilians and contractors to nearby Fort Lee in Prince George County, along with more than 6,100 family members.

This new expansion is likely to turbocharge Fort Lee's economic motor, with reverberations that could echo from Emporia to north of Richmond, from Williamsburg and Surry County to rural communities west of Dinwiddie County. Multistory buildings will pop up where there are now trees on the base. In nearby communities, the expansion will mean more housing, busier roads and more jobs.

For cities and counties around the fort -- some of them economically depressed -- the expansion's impact isn't yet clear. No one can say where the newcomers will settle, making it difficult to judge the impact on any one community's schools, roads and services.

"It's like taking a bunch of marbles and throwing them and trying to figure out where they are going to land," said Prince George's county administrator, Brenda G. Garton. "There are things we have to deal with, there are problems we have to solve, but these are good problems."

But for local businesses, the growth is the news they've been waiting for.

"I think it's a good thing for business," said 19-year-old Sun Yi, who has grown up in her father's Plaza Cleaners store in the Oaklawn Plaza shopping center along Route 36 in Hopewell. The store already keeps busy with its $5, one-day cleaning orders for military fatigues. The rack of cleaned uniforms in the shop's back room is sure to grow, her family figures.

On top of the influx of military men and women and their families, an additional 24,600 soldier, sailor and airman students each year will cycle in for short-term training on how to get supplies and troops to the front line. That's roughly the number of students who attend Virginia Tech.

With the 13,000 troops and civilians on the base now and nearly 34,000 military students a year coming for training, Fort Lee is far and away the largest employer in the Tri-Cities area.

And every additional 10 soldiers posted to Fort Lee should generate three to five jobs in the region, said John Whaley, an economist with the Hampton Roads Planning District Commission who is recognized nationwide as an expert on the economic impact of military bases. Defense Department civilians, because their pay is higher, typically generate even more jobs.

"These impacts can take a period of time to work themselves out," Whaley said. "But you'll feel most of them in two years."

The growth starts at the base itself.

The U.S. Army has told local business and community leaders that it expects to build $1.5 billion worth of new facilities on the base, everything from barracks to classrooms to ammunition stores.

In addition, there will be new housing on the base for some, but not all, of the 3,500 "permanent party" arrivals.

The Army expects only about a third will live on base. At the same time, its latest housing review suggests it needs to build or renovate 1,668 housing units -- for those who stay for longer-term assignments than the trainees.

The cost of that housing depends on how much the Army ends up deciding to build and the terms it works out with the private contractor who will be responsible for building and managing on-base housing.

"We're going to be a construction zone for the next eight years or so," said Dennis K. Morris, executive director of the Crater Planning District, a regional body representing 10 local governments including all the Tri-Cities communities. "There's going to be a lot of steel going up."

And that's just the fort.

Staff members who don't live on base will need places to live. And while there is on-base shopping, all newcomers likely will be spending money in area supermarkets, stores, restaurants and entertainment venues.

"It's going to have a very substantial impact," said Jeff Kraus, market manager for Wal-Mart's operations in the Richmond area. "We're already looking at additional sites. It's on our radar screen, down in that area, to help solidify the market."

Although there are several commercial businesses along Route 36, some of the storefronts in local shopping plazas sit empty. During a recent afternoon, at least one area restaurant and a few independently owned businesses were dark and empty.

Those who work here say they expect that to change quickly. There are new hotels where Route 36 meets Interstate 295, and some local business owners think more are sure to come.

Anastasia Skordas, a 26-year-old assistant manager at Rosa's Italian Ristorante Pizzeria along Route 36, is one of the local business managers eager for the expansion.

"I don't just look at it as more business, but guaranteed business," she said.

The restaurant's homemade calzones, pizzas and sandwiches already draw a big lunchtime crowd, including many men and women in camouflage from the nearby base. "It's like a swarm of bees in here at 11:30 a.m.," Skordas said. She hopes the influx of military families who soon move here will think of Rosa's as "my pizzeria."

Sgt. 1st Class Robert Garza and Sgt. Melissa Guerrero already do. They work on base and are hoping the expansion will help the economy and provide them with more choices. "We need more stuff," said Guerrero, a mother of two young boys. "Especially for children -- something like a Chuck E. Cheese's."

Riley E. Ingram, owner of Hopewell's Ingram and Associates, says he's never seen anything like the area's emerging real estate boom since he first got into the business 38 years ago. Thousands of new housing units could be constructed in the area around Fort Lee in the coming years.

Ingram, a Republican who represents Hopewell in the House of Delegates, is investing $1.4 million to build 24 one-bedroom apartments on state Route 156 in Prince George, just outside Hopewell and about 5 miles from the base. He thinks the Tri-Cities area will be able to house the newcomers without bumping rents higher, though he believes rents on newer properties in the Tri-Cities could rise to Chesterfield County levels, with new one bedrooms likely in the range of $700 to $750 a month instead of the current $550 to $600 range.

Richmond-based Weinstein Properties is planning an even bigger investment: a 234-unit garden-apartment complex in Petersburg. "It wouldn't be happening if not for Fort Lee," said Ivan Jecklin, executive vice president and general counsel.

Petersburg City Manager B. David Canada is already seeing developers scrambling to build off-base housing.

In addition to Weinstein, developers in Petersburg plan to convert a downtown commercial building into 112 units and to build a couple of hundred more units on South Crater Road.

These developers have filed preliminary plans for the projects, the first of a stack of building, wiring, plumbing and fire-prevention plans that the city must approve. Another developer has approached the city seeking a rezoning along U.S 460 to put up roughly 350 units, Canada said.

Petersburg has more open land zoned for multi-family housing than other jurisdictions around Fort Lee, although one developer is also looking for permission to build a 300-plus unit apartment complex in Dinwiddie County, said County Administrator W. Kevin Massengill.

So far, Prince George hasn't seen a significant increase in building permit requests, while officials in Colonial Heights and Hopewell expect the impact on housing and retail will be mainly reflected in redevelopment and renovation.

Most local officials say it's too soon to say whether they'll need to build additional schools or roads.

But at least one county isn't waiting for the growth to come to them. They're already trying to woo new residents.

Russell Harris, Chesterfield's ombudsman and manager of community development, has helped create plans to sell the county to newcomers in the hopes that they'll settle in Chesterfield and not one of the other localities close to Fort Lee.

Some of those plans include hosting job fairs to attract civilians to Chesterfield, as well as hosting a training seminar locally for contractors so that they can become federally certified as vendors to work on the proposed 1.6 million-square-foot expansion planned at the base. The county has also put together a brochure touting Chesterfield, its schools and other local draws in the Richmond area.

"The county sees this as a golden opportunity for business," Harris said. "It's an economic development opportunity, instead of just a question of how many folks are going to come here."

KW CARES CHOOSES LOCAL HOUSING CHARITY.

Mon, 21 May 2012 23:05:04 +0000

KW CARES CHOOSES LOCAL HOUSING CHARITY.

The charitable arm of the Keller Williams Richmond, VA office has selected a local housing charity to receive funding. KW Cares chose ElderHomes, winner of the Governor’s Award as the “Best Housing Organization in Virginia for 2005/06” to receive financial support. Specifically, KW Cares will purchase the materials for ElderHomes’ volunteers to make home health, safety and accessibility repairs so homeowners can “age in place.” Recipient households of KW Cares funding will also feel safer in their homes, gain access to doctors, work, church, and friends, and enjoy an improved quality of life.

Since its inception in 1992, ElderHomes has served nearly 9,000 low-income, elderly homeowners and 6,700 households. About 25% of its clients had a substantial physical disability. As we in the real estate profession know, one’s quality of life is directly related to their quality of shelter. What often goes overlooked, however, are the needs of the growing number of low-income, older adults who can no longer take care of their homes. The KW Cares selection committee recognized this reality, and wanted to help people like these:

Mr. R is a typical ElderHomes client. He and his wife, who is disabled, were referred to ElderHomes by a state agency. With private funding, ElderHomes was able to build a wheelchair ramp so Mrs. R. could get in and out of the house and connect again with the outside world. Interior home modifications were also made, such as installing grab bars in the bathroom and widening a doorway to accommodate the wheelchair. A contractor – at no cost – upgraded the electrical system because the client had a medical condition that required equipment that could not be supported by the existing electrical works.

Ms. A is a partially disabled woman in her 70s whose adult son lives with her. She received a code violation from the city because her yard and adjacent easement were overgrown – an area approximately 100 ft x 20 feet. ElderHomes assembled a group of volunteers to clear and bag the foliage for city trash removal. Private funding paid for the supplies.

Ms. S is a partially disabled senior who lives in a mobile home. An ElderHomes donor purchased the materials so our volunteers could build and install a wheelchair ramp from her driveway to her door. Volunteers also repaired her leaky washing machine, and a contractor donated his time and materials to install a new sub floor and floor covering. ElderHomes also got a local plumbing company to donate and install a new hot water heater.

According to the 2000 Census, in the City of Richmond and the seven surrounding counties there are:

129,799 disabled residents;
85,809 elderly citizens;
63,950 low-income individuals
18,334 low-income persons with a disability;
6,691 low-income, elderly people; and,
4,140 low-income, elderly and disabled inhabitants.

Most of these individuals either can’t find or afford someone to perform home repair services. In 99% of the cases, there are no government programs to help. ElderHomes’ volunteers get 100% of their funding from area businesses, residents, and private foundations. Every one of their clients must own and occupy their home, and qualify financially to receive service. ElderHomes or its volunteers never charges for its work, and clients are asked to contribute whatever they can toward repairs. Family members are encouraged to help the volunteer work teams in the best way they know how.

ElderHomes has 425 volunteers, including 34 individuals who are highly skilled in the home construction, maintenance, and accessibility trades. Individual volunteers and teams of volunteers from area clubs, businesses, churches, and civic groups are matched with needy elderly households to provide minor home repair services. Trained volunteers inspect each home for safety and security-related deficiencies, and educate homeowners about preventing accidents and deterring theft, vandalism, and victimization by crime.

During FY2006/2007 ElderHomes volunteers will perform more than 6,000 hours of service for 230 households – averaging spending $2,616 per household. Most importantly, ninety-two percent (92%) of every dollar donated to ElderHomes is spent on repairing client homes.

KW Cares and ElderHomes benefit the community in several tangible ways:

· Satisfying Client Preference. In a recent national survey, 94% of adults age 65+ said they wanted to remain living in their own homes as long as possible. Kw Cares funds will make this possible here in the greater Richmond region.

· Improved Quality of Life. Using a scale from 1 to 4, survey results from 78 clients served recently by ElderHomes’ volunteers showed they felt their quality of life had risen from 1.9 (before receiving service) to 3.6 (after).

o A combined 84% stated their quality of life was a combined “poor” (28%), or “fair” (56%) beforehand; 100% rated their quality of life as either “good” (40%) or “excellent” (60%) afterward.

o These same respondents noted their independence doubled from 1.8 (before service) to 3.6 (after).

o They also felt safer after our volunteers repaired their homes (1.9 to 3.7).

· Social Cost Savings. According to MetLife, the average cost in central Virginia to house a low-income senior in a group home is $34,000 per year. (Average costs for an assisted living or nursing home ranged from $62,000 to $74,000.) Taxpayers, through Medicare/Medicaid, pay for 70% of the $34,000 – or $23,800 – to house each individual per year. Virginia taxpayers bear 50% of this burden.

o In FY 2005/2006, ElderHomes volunteers enabled 55 clients who were facing relocation to a group living facility to remain living in their own homes.

o At $23,800 per person, this resulted in a one-year social cost savings of $1,309,000. (If each of these individuals live in their homes for another year, the two year social cost savings for these 55 clients will reach $2,618,000.)

ElderHomes Corporation is a 501(c)(3) non-profit community development corporation founded in 1992 by the Capital Area Agency on Aging (CAAA). In addition to its volunteer program, the agency’s 30 staff members provides the full continuum of housing services, including weatherizing, rehabilitating and developing single and multi-family housing, and providing home ownership assistance for low-income persons.

ACORN - Saving History, One House at a T..

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, January 7, 2007
Carol Hazard

David Herring begged the Richmond building commissioner to give him a few more months. He knew the old brick house on Venable Street in Church Hill was a safety
hazard. It had nothing but four brick walls -- no roof and no interior walls.

Still, Herring, property director for the Alliance to Conserve Old Richmond Neighborhoods, needed time to find a buyer for that and a boarded-up Victorian
house next door. Almost all the houses on the 2200 block of Venable, including these two, were scheduled for demolition. "Every property had notices on them," Herring said.

Along came an individual who scooped up two other houses on the block and later
restored them. A house here and there was touched up. With Herring's two saves,
the residential block remained intact.

ACORN deals with problem properties. Many are in such rough shape or encumbered with complicated title issues that most people don't want to bother with them. In this case, the nonprofit was granted the option to find a buyer for the
houses. It paid $500 to the seller for the right to find a buyer.

The house with just the four walls, built in 1892, sold for $23,000. "Even though it only had four walls, if you put a level to it, it was completely plum," Herring said. "It was a wonderful ruin. You could see the potential."

The other, circa 1885 and with much of the original woodwork missing, went for
$55,000. "It is the only house of its kind on the street," Herring said. An Eastlake Victorian, the house details are more geometric than a traditional Victorian.

As part of the deal, ACORN placed covenants on the properties, requiring the
buyer to restore the houses. Three offers fell through because renovations would be costly and the prospective buyers did not have enough money to fix and refurbish the houses.

Three Strands Management, a local building company with experience in
renovations, won the bid for both houses. A year later now, the redone 2,000-square-foot Victorian house at 2235½ Venable was just listed for $285,000. The house next door, at 2235 Venable with 2,600 square feet, will go on the market in about a month for more than $300,000.

"The whole street has come a long way in just a year," said Cynthia Oliver,
co-owner of Three Strands. The renovation bug has spread to the next block and jumped across Venable, she said.

ACORN has used options to save about 25 houses in the Richmond area since the
program was initiated in 2001. "We're not just facilitators on these properties," said Jennie Dotts, executive director of ACORN. "We control who we sell the properties to and we set the timetable and standards for renovations."

The organization receives $3,000 for each house it has an option on, regardless
of the selling price: $500 goes into a revolving fund for another option, $2,500
offsets overhead and administration costs. The fee is tacked onto the selling
price.

ACORN expects to close soon on a house, also saved from the wrecking ball, a few
blocks from the Venable houses. Eight heirs owned the property at 2116 Cedar St.
All had to agree to sell. The process took about eight months.

"I was looking everywhere for a woman who lived outside Virginia," Herring said. "One of the heirs said she was associated with a ballet in Florida." Herring went through newspaper archives and a Department of Motor Vehicles office. "When I finally found her, she was there in Florida the whole time." The area code had been changed, so when he called the telephone number the first time, he was told it was disconnected.

The two-story cottage with eight heirs was built in the 1840s with a basement,
which most likely was dug out when the road was leveled for a trolley, Herring
said. "The house is a gut rehab," said Pete Bush, who is buying the house for $25,000. "We'll put a new house in a new skin."

Walls will be exposed to get all the rot out and to install new electrical and
plumbing systems. Historical trim patterns will be matched or redone. "I just follow the guy who figured it out in the first place," said Bush, whose specialty is restoring
houses with severe structural damage. "He was the smart one."

Bush plans to put a master suite on the second floor. To get there, you go up
two flights of stairs and that doesn't include the eight to 10 steps to get to
the yard. The view will be worth the climb, Bush said. "It's impressive."

A property that took years for ACORN to negotiate was the Peay House at 500 N.
29th St., also in Church Hill. "We had been watching the house for a while," Dotts said. "It's an important house -- a surviving example of Greek revival from the Antebellum period.

"Every day, it seemed to get worse. We're not talking about peeling paint. The windows were getting ready to fall out. The back porch was about to fall off." Yet, the taxes were paid and the house was inhabited. "That presented a different and new challenge for us, since our focus is vacant or abandoned houses."

Dotts introduced herself to the owner, who had been cited for code violations.
"You could see the sky from the second floor; pigeons nested there," she said.
"Water was leaking onto the first floor." ACORN representatives went with the owner to court. "No one wanted to see him evicted," Dotts said.

The organization got the option on the house in 2003 and sold it to Matt Elmes, a restorer and builder, in 2004. It found an apartment in Highland Springs for the previous owner, who walked away with $70,000. "These houses are irreplaceable; they are made with old-growth wood," Herring said. "All the effort is worth it -- every signature, every phone call."

Stepping Out in Powhatan

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, January 7, 2007
Meredith Bonny

"There was a lot of bootleggin' back then," said Boelt, 60, who was born in
Powhatan and still lives on 100 acres about 2 miles west of the county's
historic village.

"The county has gotten so populated. It's pretty straight now," he said. These days, commerce in this rural yet developing county -- the courthouse is just shy of 40 miles west of Richmond's downtown relies on corn meal for homemade bread rather than booze.

If you're hungry, Powhatan has something to offer. There's the Village Garden Cafe, Four Seasons Restaurant at Maxey's Store and the County Seat. "We went from having no eating places to having three," said John Rothert, a local resident who's commonly referred to as the village's unofficial mayor. Rothert, 59, owns the building where the County Seat sits.

Surrounded by warm red walls and plaid tablecloths, patrons enjoy daily
blackboard specials, North Carolina-style barbecue and homemade pies. Sandwiches come with such extras as greens or black-eyed peas. Located in the county's historic village, across from the 1849 Powhatan County Courthouse, the restaurant was placed there so patrons would have a view inside the courthouse door, Rothert said.

The village offers no big-box department stores, just little shops and Southern
country charm. East of the courthouse, you'll find Holly Spring Homespun, a local yarn shop, and The Complete Picture Framing. There's also Inlight Books & Yoga -- a sure sign that some things are changing in Powhatan. Another is the wireless Internet connection served up at the Village Garden Cafe, where regulars can log on and sink their teeth into homemade pastries and sandwiches such as the Potter's Club and The Scottsville.

In 1972, the county used to close schools for the opening of deer-hunting season, all five members of the Board of Supervisors were farmers, and the locals insist you could fall asleep on the yellow lines running down the middle of Old Buckingham Road and not get hit. "Now the only thing you can plant in Powhatan that makes money is a septic tank," Rothert said.

While the county boasts its fair share of bluegrass music fans -- boosted by the
occasional sighting of well-loved sanger James King in the village -- the owners
of the Four Seasons Restaurant are trying to introduce the locals to the likes of Old Blue Eyes. And it hasn't been easy.

George Vlasidis, who runs the Four Seasons Restaurant with his son, Jimmy, and
wife, Effie, is originally from Greece but spent plenty of time in Brooklyn, N.Y.
Before opening the Powhatan restaurant, Vlasidis owned The Lighthouse Restaurant in Richmond's Fan District. When he left the Fan, he brought Frank Sinatra with him to the new place, he said. The charcoal sketch hangs above the bar. He also brought the family's famous desserts, including New York-style
cheesecake, lemon meringue pie, rice pudding and coconut cream pie. Effie gets
to the restaurant by 4 a.m. to start working on them.

And if you don't like them, tough. There's a saying hammered to the wall: "If you're grouchy, irritable, or just a plain mean S.O.B., there will be a $20 charge for putting up with you."

Like the Four Seasons Restaurant, much of Powhatan's village has been built and
preserved around its historic buildings. Maxey's Store, constructed in 1914, was
once a general store run by the father of longtime Circuit Court clerk and Powhatan resident William E. Maxey Jr., the longest-serving court clerk in Virginia.

Rothert, a University of Richmond graduate who majored in history, will tell you
he's devoted his life to the village's historic buildings. He lives in part of the 18th-century Courthouse Tavern, which is best known as the oldest continuous
business place in Powhatan.

Over the years the building, featuring a white, double-gallery porch, has served
as a tavern, hotel, post office and apartment building. Now it's home to lawyers' offices and two residences. "It's what brought me to Powhatan," Rothert said of the structure.

Paul Hook came for another reason. He enjoys the county's rural landscape, which
lends itself to his passion and craft: making furniture. A native of England, Hook moved to Powhatan more than nine years ago.

Recently, he stopped in the village's Holly Spring Homespun store looking for
someone to knit him a Guernsey, a sweater he could wear while toiling away in
his workshop. Owner Kathy Oliver told him he was on his own in his hunt for the sweater but spent about 30 minutes chatting.

That's what people do in Powhatan. No one's really in a hurry here.

They talked about Powhatan and about the shop. Oliver opened her store on Old
Buckingham Road in 2004. She raises her own cashmere goats and sells the
animal's yarn and roving in her shop, along with other specialty yarns, knitting
needles and accessories.

She also authors her own knitting blog and podcast, which she uses as a journal
on what it's like to own a yarn shop. "I like it here," Hook said. "Like England, in Powhatan we promote our eccentrics." Oliver laughed. "Powhatan has a cozy, out-of-the-way atmosphere," she said. "It's a little piece of country within easy driving distance of Richmond."

Virginia - Best Chance for Childs Succes..

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Thursday, January 4, 2007
Lindsay Kastner

Success may come easier to Virginians.

The Commonwealth tops the list in a report ranking all 50 states and the
District of Columbia to determine where a child has the best chance for success
in life.

Released yesterday, the analysis is based on 13 educational and economic
indicators, including family income, the percent of children enrolled in
preschool and kindergarten programs, and the percent of adults with
postsecondary degrees. The state earned 22 of a possible 26 points, putting it one point ahead of Connecticut for the top rank.

Children born to high-income families and well-educated parents have a much
better chance of doing well in school than their at-risk peers, noted David W.
Breneman, an economist and dean of the Curry School of Education at the
University of Virginia. "The good, sorry fact that almost everyone acknowledges," he said, "is that these things are correlated extremely closely."

In his own research, Breneman said, he questioned whether ranking states
according to family wealth would produce the same results as rankings based on
academic indicators. There were similarities, he said, but "we argued that there
was enough room for some pub- lic-policy intervention."

In yesterday's report, Virginia performed particularly well in some of the
socio-economic indicators. It ranks first in one of the 13 categories -- steady
employment. The state had 72.2 percent of its adult labor force working full
time and year-round, five percentage points above the national average of 67.2
percent.

State Superintendent of Public Instruction Billy K. Cannaday Jr. cheered the
report. "Education is the key to opportunity, and Virginia's public schools continue to demonstrate accountability for preparing young people for success in today's
global economy," he said in a prepared statement.

"While celebrating this national recognition, educators at the state and local
levels must remain focused and committed to ensuring that all children in the
commonwealth possess the knowledge and skills necessary to rise to their full
potential."

The index was developed by the Editorial Projects in Education Research Center
for Education Week magazine. In each category, states could earn or lose one or two points based on performance compared to the national average. Virginia earned the maximum two points in every category except two having to do with the education of young children. In those categories -- the percent of children the state enrolled in preschool and kindergarten in 2005 -- Virginia was near enough to the national average that it neither earned nor lost points.

"It's a timely reminder that we must ensure that more children have access to
high-quality preschool," Kathy Glazer, director of the Governor's Working Group
on Early Childhood Initiatives, said in an e-mail.

"Virginia has much to be proud of in terms of the excellence of its educational
system," Glazer wrote, "but the zero ranking we received on enrollment in
preschool is a sobering reminder that we're not tapping the full potential of
early education."

Emily Griffey, director of research and advocacy for Success by 6 at the Greater
Richmond Chamber, agreed. "Of course preparation for success in life begins with preparation for success in school," she said. "We'd like to see increased access to preschool programs, both public and private, and even before preschool it's important that all parents understand their role as their child's first teacher."
Lynn Olson, executive project editor for the Education Week study, said the
report demonstrates that, "children's chances for success don't just rest on
what happens during elementary and high school."

She said the early years in life and those after graduation are also key. "What
we were really trying to do with this report is to suggest that there really needs to be a stronger focus on education across that continuum."

EPE Research Center Director Christopher B. Swanson said the 13 indicators were
chosen based on reliable, consistent sources of available national data. Much of the report is based on data from the Census Bureau and from the U.S.
Department of Education. It shows many Southern states lagging. Among the states that border Virginia, Maryland is among the top five. Tennessee and West Virginia are in the bottom 10.

Breneman, the economist and dean, said he considered the analysis solid. He said he thought the report could be useful to policymakers and perhaps to businesses considering where to locate, but he doubted its relevance to
individuals. "If they have a good job in West Virginia and the parents are college-educated, their child is going to be fine," he said. "There's going to be kids in West
Virginia who outperform kids in Virginia."

Green Movement Growing in Business

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, December 17, 2006

AURORA, Colo. -- Rows of little plastic domes dot the roof of the new Wal-Mart Supercenter here, looking like a marching band of "Star Wars" R2-D2s.

Inside each dome, a trio of computer-aimed mirrors tracks the sun and bounces its light down a reflective shaft and through a milky white lens, illuminating the stockroom below.

The skylight idea is centuries old. But the mirrors, the lenses and dozens of other energy- and environment-saving innovations are new, and they're showing up not just at Wal-Mart but at other companies, schools and public agencies.

In addition to the Wal-Mart roof's legion of skylights, for example, the store's foundation is made of ground-up chunks of runway recycled from Denver's old Stapleton International Airport. Porous paving in its parking lot soaks up and filters polluted storm-water runoff.

Huge north-facing windows provide most of the store's interior light. Used motor oil from the tire and lube shop helps heat the store, as does old vegetable oil from the deli.

The new Wal-Mart off Parham Road in Henrico County, scheduled to open in January, is not a green store, said Richmond market manager Jeff Kraus. But it will have skylights to preserve energy.

According to Don Moseley, senior Wal-Mart engineer for environmental innovation, these and other efforts "are good for the environment and good for our business."

That's the mantra of the green-building movement that's sweeping the nation. Among the adherents are financial institutions such as Citigroup, PNC and Bank of America; automakers such as Toyota, General Motors, Ford and Honda; and such retailers as Target, Home Depot, Lowe's, Chipotle and Patagonia.

The next two new Major League Baseball parks, in Minneapolis and Washington, D.C., are poised to go green.

Future federal buildings will be green, too. The General Services Administration, the nation's biggest landlord, announced last spring that it was applying stringent green-building standards to its $12 billion construction portfolio of courthouses, post offices and border stations.

States are cracking down. Washington state began requiring in April 2005 that all state-funded construction projects larger than 5,000 square feet, including school-district buildings, be built green. Many other states -- including California, Arizona, Arkansas, Colorado, Connecticut, Florida, Michigan and Nevada have followed suit.

Virginia is not among them. "But it should be -- and it is strongly considering adopting green-building standards," said Karl Bren, a green-building consultant in Richmond.

The key to the movement are new standards that are far more demanding, environmentally speaking, than local building codes. The movement invites innovation because it's based on environment-protecting performance standards, not rules.

Standards for existing buildings and commercial interiors came out in 2004. Criteria for new single-family homes, public schools, hospitals and cookie-cutter commercial buildings such as bank and retail store branches will come in the next year or two.

The U.S. Green Building Council's goal is to "transform the marketplace" in real estate in the United States and globally, said Rick Fedrizzi, the council's founding chairman and chief executive officer. "We'll be at that point when it's no longer called green building; it's just the way building is done."

Council-certified green buildings have been spreading like wildfire since 2000. In that year, about $790 million in new commercial construction met the council's standards. This year, about $7.2 billion does.

The added costs of green building -- long assumed to be 10 percent to 20 percent more than traditional construction -- are falling and may have been exaggerated, according to some who've built green recently.

The Canal Walk

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch

Sunday, December 17, 2006

Richmonders will soon be able to raise a glass to celebrate new restaurants and other activity along the Canal Walk.

At least three restaurants, a gourmet deli and a nightclub are set to open by the end of spring along the 1.3-mile serpentine park in downtown. In addition, new offices are filling up, and residents will soon begin moving into Vistas on the James. The 162-unit condominium tower is under construction between 14th and Virginia streets north of the canal's Turning Basin.

"I think it's going to be bustling," said Jody Pennette, whose company plans to open Blanc Bleu restaurant and lounge that is part of the Riverside on the James development. "When there's enough places gathering together, it becomes a destination."

Richmond finished the $52 million restoration of the Canal Walk in 1999 in part to attract restaurants, nightclubs, housing and other development. For years, officials have sought to temper expectations that the area would be transformed overnight.

Now, more than seven years later, projects that could bring much-needed foot traffic to the Canal Walk are coming to fruition. In the coming weeks, the Southern Railway Deli is expected to open on the first floor of the Southern Railway building. It is part of the Turning Basin building between 14th and Virginia streets.

The deli will specialize in gourmet food with a European twist, as well as beer and wine, said Cindy Kouvaras, one of the owners. The business will have counter and outdoor seating, as well as a coffee shop.

In the spring, two restaurants are scheduled to open at Riverside on the James, which includes 263,000 square feet of office space and 122 condos.

BlackFinn Restaurant and Saloon will occupy about 7,000 square feet in River side's office tower. It will feature American cuisine in a sports-bar environment, said Michael Campbell, a principal with Dominion Realty Partners, which is developing Vistas on the James. He is formerly a principal with Daniel Corp., one of the developers of Riverside on the James.

Blanc Bleu, a 220-seat restaurant and lounge, will open in Riverside's Hydroelectric Plant building. The restaurant will feature a bistro menu with a French flair. It will have a dramatic interior, with white upholstery, arches, mirrors, crystal chandeliers and sheer curtains, said Pennette, chief executive officer of CB5 Restaurant Group.

Also in the spring, the Toad's Place of Richmond nightclub is expected to open in the renovated Lady Byrd Hat building on Virginia Street. Toad's Place, initially slated to open in October 2005, will have a capacity for 1,600 people and feature live music and other entertainment. It also will include a 150-seat restaurant.

"The location is exactly the reason we're in this building," said Jeff Sadler, general manager of Toad's Place of Richmond. "The Canal Walk is still very young. We honestly believe there are going to be a lot more places like this. We want to be right smack in the middle of it."

City police say they will introduce regular bicycle patrols along the Canal Walk beginning in the spring in light of the new businesses and expected activity. "We're definitely going to get a presence down there," said Lt. Emmett Williams, whose sector oversees the riverfront. "We'll have to see where the crowds go."

Toad's Place will join The Roseline Financial Group, which moved its offices from Main Street to Lady Byrd Hat in October. "We didn't want to be in a real traditional [office]," said James V. Duty, one of the firm's six partners. "We're accountants, but we're a unique business."

Roseline, which provides income-tax and investment planning services, formed a year ago. It has signed a seven-year lease that will provide ample room to expand from about 13 employees currently to about 40.

Duty was so sold on the Canal Walk area that he signed a contract to buy a condo on the 11th floor at Vistas on the James. "It's going through a rebirth," Duty said of the area that propelled Richmond's early growth. "We think that suits our business really well. We like to think we should be at the center of commerce for the next 100 years."

In Chesterfield - Powhite extension wei..

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
December 3, 2006

For the first time since 2003, Chesterfield County officials are entertaining some serious talk about extending the Powhite Parkway.

They remain tight-lipped about the details, but county leaders recently acknowledged they have been approached by firms interested in extending the toll road. At a summit on Chesterfield transportation issues last month, county Administrator Lane B. Ramsey said two entities have contacted the county about building a long-proposed new section.

The proposed extension would run about 9 miles from the current terminus to connect with Hull Street Road just east of Beaver Bridge Road. That path would take the extension through the 3,892-acre Magnolia Green tract, which is zoned for 4,886 residential units. Ramsey declined last week to name the interested parties or offer other details.

The Powhite Parkway currently exists as two separate toll roads: a 3.4-mile stretch from Cary Street to the Chippenham Parkway that is operated by the Richmond Metropolitan Authority; and a section under the state highway department's control that extends an additional 10 miles to Old Hundred Road in Chesterfield.

The RMA section opened in January 1973. The VDOT stretch opened in November 1988. The last time the project was seriously discussed was 2003, when VDOT received two competing bids to build the road.

The first was a $187.4 million proposal that came from Powhite Parkway Partners, a joint venture of Clark Construction Group Inc. of Bethesda, Md., and its subsidiary, Shirley Contracting Co. of Lorton. The second, a $149 million proposal, came from a partnership that included English Construction Co. Inc. of Lynchburg and Koch Performance Roads Inc. of Wichita, Kan.

Those proposals were made under the Private Public Transportation Act of 1995, which allows governments to partner with private companies to build needed public roads. Ultimately, VDOT did not pursue the project at that time -- in part because of a lack of support from some local governments.

Officials with Shirley Contracting, English Construction and Koch Performance Roads all told The Times-Dispatch they have not recently contacted Chesterfield officials about building the extension.

Likewise, officials with Transurban, the international toll-road developer that operates the Pocahontas Parkway, said they are not pursuing the extension.

If the extension is built, Chesterfield planning officials say it could spur the development of more homes and businesses in a section of the county that is already booming.

The 1991 Magnolia Green rezoning plan required landowners to dedicate some right-of-way for the project, and it also gave the county the option to purchase additional right-of-way. Chesterfield is doing so for about $2.5 million. "With that piece [of land], we have close to half the right-of-way locked up," said county Transportation Director R.J. "John" McCracken.

Building the Powhite Parkway extension today would cost $200 million-$300 million, McCracken estimated, adding that there is no timetable associated with the proposed extension.

County Planning Director Kirk Turner said that land around the proposed extension can accommodate a maximum of 22,662 residential units and more than 10.8 million square feet of commercial and industrial space.

Henrico growth looking skyward

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
December 1, 2006

A couple of 13-story towers set for a Short Pump village was a bitter pill to swallow for some neighbors.

In eastern Henrico County, a couple of condominium buildings at Rockett's Landing will rise seven stories, and proposals for Tree Hill Farm, another urban village along the James River south of Rockett's, include heights of up to five stories.

As desirable, buildable land in Henrico becomes scarce and costlier, and the development trend of dense urban villages continues, developers will build up.

To accommodate that trend, Henrico supervisors recently amended the county code so that buildings in an office district, two business districts and several manufacturing districts can now stand between 110 feet and 200 feet with a provisional-use permit granted by the Board of Supervisors.

One building story usually runs between 10 feet and 12 feet.

Previously, those height allowances only applied to urban mixed-use developments, such as Rockett's Landing and West Broad Village in Short Pump.

"So this would open up other zoning districts to the potential for taller buildings," said assistant director of planning David D. O'Kelly Jr. The ordinance change was sparked by discussions with the Economic Development Authority among other things, O'Kelly said.

Developers of the West Broad Village project in Short Pump battled with neighbors over the height of office buildings before agreeing to 13 stories, including parking. The towers originally were set for 20 and 22 stories, then lowered to 18 stories. Neighbors still pushed for 10 stories or less, but both parties eventually came to an agreement.

The office buildings will not be built until tenants are found. West Broad Village sits in Supervisor David A. Kaechele's Three Chopt District. He supported the county-code changes on height restrictions, stressing that the board would have to grant a provisional-use permit for each case. "I think you have to make an analysis, each use, individually by its own merits," he said.

Location also has a lot to do with the decision to allow greater height. For example, the West Broad Village office towers would sit closer to Interstate 64 than the existing homes. And corporate headquarters need significant amounts of office space.

"We saw it with [MeadWestvaco Corp.] -- they want 300,000 square feet in one building," he said. "Sometimes the only way to go is up."

Relocating is tough on children

Mon, 21 May 2012 23:05:04 +0000

Inman News
Katherine Salant
December 1, 2006

When a family embarks on a new home project, how democratic should the decision-making be? Should Mom and Dad decide everything or should the kids have some say?

There is no one-size-fits-all answer. The participation of the kids depends on the family, their style of parenting and the age of the kids, therapists who work with families said in recent interviews.

Some parents will welcome their kids' input because they think that the more engaged their children are with the new house, the easier it will be for them to leave their old one. For these families, bringing everyone on board and reaching consensus on the choice of cabinetry, floor finishes, carpet colors and other details is more important than what the final results may look like, said Lenni Gimple Snyder, a psychotherapist in Kensington, Md.

Other parents will choose to limit their children's input because they have a clear vision of what they want the new house to look like, or they think most decisions about the family, including ones about the new house, are best left to the parents, Snyder said.

Both approaches are equally valid. The more important consideration is recognizing your comfort level with your children's participation in the planning of the new house -- almost none to quite a lot -- and being honest with your kids at the outset. "Kids always do better if they know up front what the expectations and choices are," Snyder said. "If you jump in enthusiastically and then realize you don't like your kids' choices and reject them, this is worse than not asking them at all because it says to the kid you don't care about their opinions."

At the outset, it's also important to clarify what decisions the kids will be making, Mary Whiteside, a clinical psychologist in Ann Arbor, Mich., said. While the kids may have a lot of input on the specific choices in a particular house, the parents should make the major decisions such as which subdivision and which model or which lot and which architect. Inviting a child to weigh in on these decisions will not make him or her feel more grown up. It's more likely to make a child feel anxious because this is too much responsibility for a child of any age to handle, Whiteside said. But, she added, "Parents can always invite their kids to offer opinions without asking, 'Which house did you like best?'"

From the kids' perspective, most will not feel bad if their input is limited to their own rooms because that's what they really care about. The extent of their participation will depend on their age, said Jonah Green, a clinical social worker in Kensington, Md. "Very young children may not get much farther than 'I want a place for my stuffed animals,'" he said. But, by the time most kids reach kindergarten, they will have more interest and the skills to communicate it. "They can draw and use blocks to talk about the new house, and it can turn into a fun project for the whole family," Green said.

As kids pass through the elementary grades and on into high school, their interest in their own rooms will increase, as well as their insistence on specific decorating ideas. Their parents may find that the decision-making is a matter of guiding choices and discussing the consequences.

For example, Whiteside said, your child might be crazy about Mickey Mouse at age six, but you know that by age 12 he will have long since moved on to something else and hate the Mickey Mouse wallpaper. Channeling serial passions into something more easily changed like a bedspread can diffuse likely conflict down the road.

When your elementary-school-aged child insists on something you think he won't like in a few months time, never mind five years, Georgia DeGangi, a clinical psychologist also in Kensington, Md., suggested emphasizing the consequences of his decision. "A parent can say something like, 'If you choose this color you must live with it until we can afford to repaint it.'"

By time your children reach middle school, privacy is a big deal, DeGangi said. Not only will they spend more time in their room, they are likely to want more say in what it looks like.

For many teens in high school, the desire to decorate their rooms is mingled with their struggle for autonomy and separating themselves from their family. They want to draw a very strong line between their room and the rest of the house, and some teens want to accomplish this by making everything in their space black, including walls, ceiling, carpeting, doors and trim. But, Snyder said, if parents have any concern about depression issues, they should push for an alternative. Research has shown that color does indeed affect mood, and black or other very dark colors are not a healthy choice for a child who is depressed. In this situation, she said, a parent might suggest other ways to differentiate a teen's room that are equally eye catching and compelling, such as a single black wall, black accents, art work or even a splashy bedspread.

Fairness as well as aesthetics also comes into decisions about bedrooms in a new house, DeGangi said. If one is obviously nicer than another because it is bigger and has more windows or a window seat, the parents must walk a narrow line, she said. "For the child who didn't get the nicer room, it can be as devastating as discovering that they got left out of a parent's will. The rifts created over the bedrooms can last a lifetime." Sometimes there can be sensible reasons for deciding who gets which room. For example, if a younger child has nighttime fears, it's reasonable to put the younger one closer to the parents, she said. But it will be more acceptable if the parents tell both kids that when this changes, we will switch bedrooms. And in the meantime, if there's some other special space in the house -- a study alcove or a window seat in another room -- the parents can give that to the older child.

In the shared spaces of the new house, especially the family room where the kids and parents are likely to spend the most time together, parents can make each child feel more comfortable, even if they didn't help select any of the furnishings or colors, by giving each one his or her own special "cubby," Snyder said. In the context of a family room, this might be a base cabinet for toys and a bookshelf for their books or school art projects that a child wants to display. "It's a great way for each family member to feel 'ownership,'" and, she added, "it has the added benefit of helping the kids stay organized."

Wanting a brand-new house to look really nice, however, can have unintended consequences. DeGangi said. "I hear a lot of kids say, 'We have a house but we don't live in all the rooms. We can't go into the living room or formal dining room; it's not for us; it's kept nice all the time.'" While the parents understandably want their house to look presentable when guests visit, designating whole areas as off limits says to their kids it's not really your house and you don't know how to behave. Most kids, by the time they're six, know they shouldn't bring finger paints into the living room or rough house in there, but they should be able to use it for sitting quietly and reading or playing a board game on the floor.

It's also important to remember that the kids will have strong opinions about the new house, regardless of how much they participate in the planning, Snyder said. The parents need to acknowledge this, even if they don't agree.

Home sellers guide to perfect holiday sh..

Mon, 21 May 2012 23:05:04 +0000

Inman News
Ilyce R. Glink
November 30, 2006

It's December, and the winter holiday decorations have been up for weeks.

But if you're selling your home during the holiday season, you've got to be careful. Not everyone celebrates Christmas, Hanukkah or Kwanzaa. If you over-decorate for the holidays, you might turn off prospective buyers.

While the winter holiday season of Thanksgiving to Superbowl Sunday used to be dead for real estate, real estate industry observers now say sales drop only slightly. What slows down are the showings, which means that the serious shoppers are out and about.

If you're a seller, it's time to capitalize on the traffic. In the ever-changing and slowing real estate market, you want to be in the best position to have your home ready for sale. Here are some things to keep in mind as you prepare for the winter holidays:

1. It's hard to keep your house clean during winter. Whether you live in the north or south, every part of the country has less stable weather this time of year. That means you have to deal with snow and ice or rain and mud getting tracked all over your clean floors.

The solution: You can't always mop between showings, but you can ask buyers to remove their boots and shoes and leave them at the front door. Be sure to lay out a plastic tub or pan (less than $10 at Target or the Container Store) and think about providing booties.

2. Keep things neat and organized. When kids come home for the holidays, messes start to accumulate in certain spots. Add in extra laundry, dirty dishes and the stack of presents that may need to be wrapped, and you'll find that getting ready for a showing is a lot of extra, hard work.

The solution: Showings can happen at a moment's notice, so ask your kids to make their beds and pick up their rooms every morning. They need to be up, washed and dressed so that if someone calls for a showing, at least they can get out of the house in a reasonable time period. Keep a large, flat, plastic box handy and use it as a catchall for household junk, unopened mail, catalogs and other paperwork. When it comes time for the showing, stow it under your bed.

3. Don't over-decorate for the holidays. Houses can look their best during the holidays. The best dishes are out, everything seems to sparkle in candlelight, and the soft glow of the fireplace warms up the living room. Adding a few decorations here and there can add to the charm of the holidays. But if you overdo it, even if you have the best of taste, you run the risk that a prospective buyer will look only at the decorations and not your home.

The solution: No matter what holidays you celebrate, everyone can appreciate a basket of beautiful flowers tied with a festive bow. Wreaths and boughs of fresh pine add a winterlike feel and a fresh smell without overpowering holiday cheer. If you have a tree, keep it on the smaller side to avoid having a room seem crowded, and make sure it is extremely stable, so that a buyer doesn't accidentally knock it over during a showing. And, toss it out as soon as the holidays are over. Cleaning up dried-out pine needles is a never-ending job.

4. Make your house available for showings. Winter is the time for nesting at home with your family. While prospective buyers don't want to feel as though they're intruding on your family time, they want to see your home on their timetable -- not yours. If you don't allow buyers access, they won't make an offer.

The solution: Decide when you're going to have your family gatherings and tell your agent that your home is unavailable during those few times. Then, talk to your family about how high selling the home is on your list of priorities. If your family understands that you must sell, they'll be more willing to pitch in and help. Remember, if three houses are available and seven are not, a buyer will see the three and may make a decision. If you don't suit up, you can't play ball.

Growth in Eastern Henrico County

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, November 19, 2006

The people of Varina spent last week getting used to the idea of a small town sprouting up on treasured farmland east of the city in rural Henrico County. Some neighbors call it a small city.

Although it's not what residents prefer, they -- like Henrico officials -- want Tree Hill to set a high standard for future development along state Route 5 and Osborne Turnpike. "I hate to see the farm go," said Merri Howell, who has lived next to the property since 1982 and ridden horses across it.

Tomorrow, the public will see a proposed plan for Tree Hill Farm, a historic 500-acre property that slopes in gentle tiers from state Route 5 to the James River. The farm will soon be sold to a team of Virginia developers who want to build an urban village.

After a week of meetings and workshops with the developers' Miami-based planning team, Varina residents are expecting to see a proposed community of 2,500 to 3,500 dwellings, with stores, restaurants, a school, a church and enough space to someday house a corporate headquarters. The plan would need county approval, including more opportunities for public comment.

It could likely be two to three years before houses start going up on the farm. Howell, like other residents, said she knows the farm is too valuable to remain undeveloped.

The Tree Hill developers have raised residents' hopes with the ideas they shared during the unusual weeklong planning workshop, called a charrette. "The concept they have is better than what we've seen in other developments," Howell said.

The farm is under contract to Richmond-based buyers Gray Land and Development Co. LLC and developer Steven A. Middleton. They expect to complete the purchase of Tree Hill in early December but won't disclose the sale price.

They also won't say how much it has cost to stage the charrette, which has been conducted by Duany Plater-Zyberk & Co., a nationally known planning and architecture firm that will present a proposed design tomorrow night.

The firm's team has met with officials and residents and come up with a proposal for an urban mixed-use community to bring to the county this winter. The developers say they know expectations are high for how they handle a property that has been part of county history for more than 200 years.

"It's a remarkable property, very close to the city, in an area that has really been overlooked in the past," said John Dempsey, president of SouthCoast Properties LLC, a Richmond developer working for Gray Land.

The development's planners say their work is about what to conserve as well as where to build. They are including the manor house, built in 1775, in their plans. "The historic house is an important civic space on the site," said project director Elizabeth Plater-Zyberk. "It will play an important role."

Most of the housing may be developed on Tree Hill's broad second tier of farm fields. The planners want to save a tiled dairy barn for community use, but the land around it is likely to be proposed for the highest density residential development. Land near the flood plain would be reserved for possibly a school and single-family homes on larger tracts.

The developers plan to use about 130 acres of flood plain along the river, as well as land buffering the creeks and wetlands on the farm for athletic fields and community gardens, as well as for canoe and kayak launches and trails.

Tree Hill would become the third high-density, mixed-use community being developed along the river in eastern Henrico, along with Rockett's Landing and Wilton on the James.

Lock Lane Apartments potential is unlock..

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, October 29, 2006

It was a fine old set of brick buildings in a prime area of Richmond's West End along Grove Avenue. But the heat worked sporadically. The roof leaked. The plumbing was in bad shape. And the Lock Lane Apartments, which were built in the mid-1930s, never did have central air.

All that is changing.

The apartments are being upgraded and converted into 114 condominiums. Blending in with the old will be four new two-story brick buildings on the 7.5-acre site.

The units will sell for $199,000 for one-bedroom condos to the upper $500,000s for three-bedroom units in the new buildings. They range from 850 square feet to 1,800 square feet. Monthly condo fees are expected to be about $200.

"We are trying to bring back the original prominence of Lock Lane," said Tim Culpepper, vice president of the Robinson Development Group in Norfolk, which bought the Richmond landmark for $11.2 million in December.

The complex, which was owned by S.H.E. Co. Inc., takes up a whole block and then some off Grove Avenue, West Lock and East Lock lanes near the Westhampton Cinema.

Rehab costs will be about $15 million. Restoration started in March. The first units in Lock Lane on Grove will be ready in January. The second phase is scheduled for completion by mid 2007, with the remainder by year's end.

The new owners had the brick buildings with slate roofs declared a Historic District, meaning tax credits can be used to offset restoration costs. The developer must meet stringent standards to keep the historical character.

The tax-abatement program transfers to purchasers, who will pay taxes on less than the appraised value for up to 15 years. Renters were offered incentives, such as closing cost assistance, if they purchased condos.

"I had lived there for two years this September, and I love it," said Megan Grow, one of 10 renters who bought a condo. Grow, a 1995 VCU graduate, said she has lived in a lot of rental units in the Richmond area.

"I was devastated when I got the notification about the condos, because I didn't want to live anywhere else. "This is highly convenient," according to Grow. "I work downtown, and it's near shops where I go. I love Carytown and the Fan, but this is enough out- side of the Fan to be safe."

She didn't have to leave after all. She and her fiancé bought a two-bedroom condo, which is supposed to be ready in February. She moved temporarily into another unit, because her apartment was part of the first phase in the restoration process.

Residents who parted ways were given help finding places to live as well as moving allowances ranging from $500 to $1,500, depending on how much time was left in their leases.

Tom Robertson, principal of the development company, reportedly told his staff that he wanted no fallout or negativity from the project, even though people would be displaced.

"He told people to treat residents as if they were our mothers," Culpepper said. "We tried to be as flexible as we could with leases or renting month to month," said William A. White, president of Joyner Fine Properties, which is handling the transition and sales.

Charlyne Smithdeal, who had lived at Lock Lane since World War II, was given a pass. She could stay as long as she wanted. She died there in July at age 91.

"The people who bought it couldn't have been more sensitive to my mother's needs," said Chris Smithdeal, who grew up along with his two older brothers at the complex.

His grandfather, William Travis Smithdeal Sr., was the owner. As part of a trust, the property was sold in the mid-1970s after he died.

"When my grandfather took it over in the 1930s, it was very family-oriented with lots of kids and young couples," Smithdeal said. "By the time I was about 10, it had become like a country club retirement community -- with no kids.

"It was always considered a very exclusive place to live, very prominent. There was always a waiting list."

Units will be combined and all reconfigured. Laundries will be added and kitchens upgraded and enlarged. More bathrooms will be built, and some will be made bigger.

Enclosed porches will be made into dining areas, and some condos will get third floors. Others will get sunrooms.

"The campus was well designed and well laid out to begin with," said Scott Gordon of Commonwealth Architects, the project architect.

"It will really come to life next spring. A pool will be built in the center courtyard with a pergola, and the area will be heavily landscaped."

All the trees on the site are part of the restoration, he said. Each was surveyed and catalogued. The site will have a total of 223 new and existing oaks, maples, dogwoods and hemlocks.

A photograph of the original campus showed where shutters once hung. New shutters will be added at the same places.

As much plaster as possible will be saved, Gordon said. Also, trim work will be salvaged, and new trim will match the old. "I couldn't tell you how many different floor plans there are," he said. "Everything is unique."

Green Monster rising again

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, October 22, 2006

A planned housing development in far western Chesterfield County is finally coming to life. If completed as designed, Magnolia Green would be the Richmond area's largest community, with 4,886 housing units. By comparison, the largest subdivision now is Brandermill, which has 3,920 residences.

The Magnolia Green property, north of Hull Street Road and west of Otterdale Road, was fairly isolated when it was rezoned in 1991. Not anymore.

In the past 15 years, development has continued to creep west, said Steve Valdivieso, operations manager for Lifestyle Homes LLC, the parent of Magnolia Green Development LLC. Should the county accept the revised plan filed recently by the development company, the first 686 homes will go up next year in Magnolia Green, which is about 3½ miles west of Brandermill.

"Everything is knocking right on the door to Magnolia Green," Valdivieso said. But some residents worry that Chesterfield cannot support another large development in an area already coping with significant growth. They wonder how the county will be able to support schools and roads once Magnolia Green, dubbed "the Green Monster," is there.

"That development is going to produce more children, and there isn't sufficient [school] space for them to go now," said Shelly Schuetz, a resident of the Hampton Park subdivision just east of the Magnolia Green site. "Part of my concern is that people are going to purchase these homes from outside the county not knowing the full scope of what's going on in the county."

Valdivieso said his company will limit the development's impact by providing sites for public facilities, such as a library or fire station, and by making on- and off-site road improvements. Those include turn lanes on Hull Street Road and an upgrade of the Woolridge-Otterdale intersection. "The whole intersection is going to be improved," he said.

The property has changed hands several times over the years, which in part explains the delay of development. Overall, the community could encompass almost 3,900 acres. Plans call for an initial phase of 686 single-family homes on 315 acres near Otterdale and Woolridge roads, as well as an unspecified amount of retail and community recreation facilities.

Housing lots are expected to be available by next fall. Initially, home prices could range from $275,000 to $600,000 for condominiums and $300,000 to $600,000 for single-family homes, Valdivieso said.

Eventually, the development's main access will be from Hull Street Road, but that connection is not expected to be completed until late 2007 or early 2008, Valdivieso said.

Some residents and county officials worry about the potential impact of Magnolia Green because the property was rezoned without cash proffers.

The rezoning application was filed in June 1989. That was just before Chesterfield began accepting cash proffers, which are per-lot payments made by a builder that help mitigate the impact development has on public services and infrastructure.

One condition of the Magnolia Green 1991 rezoning requires a contribution of land or improvements equivalent to $2,800 per lot to offset development impacts but that is a far cry from the current cash proffer of $15,600. Chesterfield officials are considering raising that amount to more than $22,000.

Supervisor Art Warren said he is troubled by the lack of cash proffers, as well as the limited local and state funds to make necessary road fixes in the county.

"It shows, on the one hand, how long some development projects take to get off the ground," he said. "On the other hand, it represents what we have feared for a long time in the county -- that the gorilla, if you will, in terms of massive projects is now stepping forward, and our ability to influence the process now is very limited."

Warren was on the Planning Commission when the rezoning was approved, but he voted against it.

County records indicate that Lifestyle Homes owns 1,896 acres of the Magnolia Green tract, which the firm acquired from Loudoun County-based developer Salvatore J. Cangiano, who owns the remaining 1,988 acres. Cangiano said he has not decided what to do with the land.

"We're working on it. We've got engineers working on it. Had we had any definite plans, we would have submitted them," he said.

The path of the long-proposed Powhite Parkway extension, from its current terminus at Old Hundred Road to Hull Street Road, cuts through a portion of the Magnolia Green tract. A condition of the rezoning requires that developers dedicate right of way for the extension.

Valdivieso said the Powhite would cut through land owned by Cangiano.

That thoroughfare is just one of the pressing road needs in the area that Chesterfield is struggling to fund in an era of dwindling dollars from the state Department of Transportation, said Marleen Durfee, executive director of the Responsible Growth Alliance of Chesterfield.

"Everybody thought Magnolia Green was far into the future, but it is here and now," she said. "The problem is, the county's infrastructure is insufficient to handle existing development, let alone a project the magnitude of Magnolia Green."

Magnolia Green

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, October 29, 2006

Magnolia Green, a massive subdivision planned for Chesterfield County's western Hull Street Road corridor, could bring up to 2,785 new students to the county.

That's enough to fill two elementary schools, half a middle school and half a high school.

The development, where construction on the first 686 housing units is set for next year, could mean bad news for school officials struggling to stay ahead of growth and relieve crowding. They say even the new Cosby High School, plus four more new schools funded by a 2004 bond referendum, will not be enough.

"We don't control the growth," said Chesterfield School Board Chairman Marshall W. Trammell Jr. "It's kind of frustrating for us. We have absolutely no control over what gets approved."

Magnolia Green was rezoned 15 years ago, though developers are just now moving forward with plans to build on 315 acres of the 3,892-acre property. The entire plan calls for 4,886 units and 650 acres of neighborhood retail, commercial and office uses, but there is no timeline for the construction.

"It's pretty problematic," Trammell said. "We still don't know what the projected build-out time is . . . and you can't make plans based on that."

A 1991 staff report about Magnolia Green said most of the expected 2,785 students 1,417 -- would be elementary-school age.

At the time, there were no schools in the division's five-year capital-improvement plan in the area of Magnolia Green, other than Alberta Smith Elementary School, which opened in 1993, and the replacement Manchester High School, which opened in 1992, both on Bailey Bridge Road. But those schools were built to relieve other crowded schools at the time, not to accommodate even more students.

Trammell said a bond referendum might be the only way to pay for more schools once Magnolia Green fills out, though it could be a decade before that happens.

Magnolia Green's initial 686 units probably would generate about 300 students. Current schools could absorb that many, but long-range planning for upward of 3,000 new students is difficult.

The zoning plan designates 210 acres for school or park space. If used for schools, that is 60 acres for two elementary schools, 50 for a middle school and 100 for a high school. That land is free for the school district. By comparison, the district paid about $3.7 million for Cosby's 98 acres.

Sites for schools must be chosen wisely, said School Board member Tom Doland, whose Matoaca District includes Magnolia Green. Schools should be accessible to existing roads, he said, so the district doesn't have to help build roads.

As School Board members, "we're not supposed to be in the road-building business," Trammell said.

Even with land designated for new schools, the division still must pay for the schools' construction. Other than a new elementary school scheduled to open next fall, there aren't any other new schools proposed for that area. That new elementary school will be south of Hull Street Road near the intersection of Otterdale Road, which will be extended, and Harper's Mill Parkway.

A major concern with Magnolia Green is that it was rezoned without cash proffers.

The application was filed in June 1989, just before the county began accepting cash proffers, which are per-lot payments made by a builder to help offset the development's impact on public services and infrastructure.

The per-lot fee for Magnolia Green is $2,800. Chesterfield's current cash proffer is $15,600, and officials are considering raising that to more than $22,000.

Chesterfield schools spokeswoman Debra Q. Marlow said the reduced proffers affect schools because funding comes from the Board of Supervisors, and less money means less for all public projects, not just schools.

Chesterfield parent Mary Vail Ware is a member of the redistricting committee for the new western elementary school. She said the committee is focused on how to redistrict to relieve current schools, though future developments such as Magnolia Green loom in their minds.

"We'll have good recommendations, but our recommendations won't please everyone because we can't solve the larger problem" of development, she said. "And the School Board can't solve the problem."

Added fellow committee member Shelly Schuetz: "You can't leave a school with 100 [empty] seats, anticipating growth."

Residents will have to realize "there is no new school planned after this one" for that area. "It looks like the relief will be for a short time," she said. But "everyone will have to be gearing up for trailers again."

Chesterfield views mixed-use plans

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Friday, June 9, 2006

Some western Chesterfield County residents and county officials yesterday looked at plans for a 2,000-acre mixed-use community for that part of the county.

Developers of the Roseland project -- named for an 1800s home on the property that would be preserved for community use -- expect to apply for rezoning of about 1,400 acres by the end of summer. Yesterday's gathering was the third of three this week soliciting comments from residents and officials. Developers said about 100 people had showed up for the three meetings combined.

Project manager Casey Sowers said the project would take 15 to 20 years from the time of rezoning to be fully built.

He said details of the project are fluid, but as envisioned it would have a pedestrian-friendly residential core for as many as 5,000 residential units, park and recreation facilities, plus office and retail properties -- a virtual small town within the county.

Reaction yesterday ranged from approval of the style of development to apprehension about the residential density.

As she looked at a scale model of part of the project, Brandermill resident Andrea Epps seemed taken aback by the number of residential units, but she said, "I'm glad to see them preserve the open space and actually have a plan."

The land for the project is generally south and west of where Woolridge Road and state Route 288 meet. The site is between two other projects:

the corporate and light industrial park approved for the 800-plus acre Watkins Centre project at state Route 288 and Midlothian Turnpike; and
the 600-plus acre CenterPointe Office Park at state Route 288 and Powhite Parkway.
Deputy County Administrator Millard D. "Pete" Stith Jr. said county staff members are aware of the proposal, but he declined to comment further until a zoning application is submitted.

According to county real estate records, much of the land involved in the Roseland project -- more than 1,100 acres valued at $10.7 million -- is controlled by companies connected to real estate investor George B. "Buddy" Sowers Jr., father of Casey Sowers.

Roseland rezoning filed in Chesterfield

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Thursday, November 16, 2006

A rezoning application has been filed for a Chesterfield County development that is expected to have more residential units than the planned Magnolia Green project.

The Roseland project, so named for an 1800s home on the property that would be preserved for community use, would be developed on 1,394 acres in the northwestern part of Chesterfield.

The property is generally south and west of where Woolridge Road and state Route 288 meet. The rezoning application filed this week indicates that when fully built, Roseland would have a maximum of 5,140 residential units and more than 1.5 million square feet of retail, office and commercial uses.

The developers also control an adjacent 600-acre tract that is zoned for 740 residential units. By comparison, the 3,884-acre Magnolia Green tract, located north of Hull Street Road and west of Otterdale Road, is zoned for up to 4,886 residential units.

Current plans describe the Roseland property as being a self-contained townlike entity, rather than a subdivision, that would be developed as five distinct districts with its own charter.

"Everything about this project is different from what Chesterfield is used to," said Casey Sowers, one of the Roseland developers.

The development plans call for a town center, which would be the heart of the development, with a main street featuring shops, lofts, apartments and con- dominiums; a regional office park with retail establishments; a village with single and multifamily uses; and two other residential neighborhoods with tree-lined streets and green space.

"At Roseland, someone can leave his or her home in the morning, have coffee at the corner cafe, go to work, go for a run or bike ride, go out to dinner, all without ever getting into a car," Sowers said. "This should be the model for any large development in our county, to reduce dependency on the automobile."

Sowers expects the project would take 15 to 20 years to build once it is rezoned. He is hopeful construction will start in 2008.

Chesterfield Planning Director Kirk Turner said the county's analysis of the proposal has just begun.

Among the many issues county staff members are reviewing are what accommodations the proposal makes for Roseland's impact on schools and other county infrastructure, he said.

The project is nestled along the state Route 288 corridor where Chesterfield officials hope future commercial development, and the taxes that come with it, will be located.

Already rezoned along that corridor is the 800-plus-acre Watkins Centre project at Midlothian Turnpike and Route 288, which officials see as an industrial park that will generate more than $11 million in annual taxes when fully developed; and the 600-acre Centerpointe office park at Route 288 and Powhite Parkway.

Because of dwindling road-construction dollars from the state, county officials are looking at alternative methods of financing Chesterfield road projects.

The principals behind Roseland have proposed a community-development authority to finance road projects -- including the extension of Woolridge Road from 288 to Old Hundred Road -- and build a neighborhood elementary school and other infrastructure in and around the site.

Sowers said using the community-development authority financing method would allow for the construction of this infrastructure in the early stages of the project.

Sowers said his family has spent "seven figures" during the past two years preparing the proposal in hopes those steps will expedite the approval of Roseland.

County records indicate more than 1,110 acres, valued at $10.7 million, involved in Roseland is controlled by companies linked to real estate investor George B. "Buddy" Sowers Jr., father of Casey Sowers.

For now, people such as Marleen Durfee, executive director of the Responsible Growth Alliance of Chesterfield County, are reserving judgment.

"I appreciate this kind of development being brought forward, which incorporates some of the smart-growth principles," she said, adding that she would continue to monitor the proposal.

Is Chesterfields growth tipping balance ..

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Saturday, November 18, 2006

The explosive growth of Chesterfield County, in particular, was underscored again this week with the rezoning application filed for a mammoth 5,140-residence Roseland development.

There are entire towns that don't have 5,000 homes.

Already approved is a 4,886-home Magnolia Green development, half of which should get under way in the spring. Chesterfield has in place the region's two largest developments in 3,920-home Brandermill and 2,724-home Woodlake. No other locality even has a 2,000-home development.

Welcome, to the 300,000-pound gorilla of the Richmond region. In January, Chesterfield became first to pass the 300,000-populaton mark and only the fourth locality in the state. Since then, it's added another 7,000 people.

The county's 21st-century boom has had an obvious effect on schools and roads. But what does it mean for the balance of power in the region? Does Chesterfield become the new No. 1 in other ways? Is the tail beginning to wag the dog?

"It makes Chesterfield more attractive in the area for both retail and employment location," Chesterfield Planning Director Kirk Turner answered yesterday.

"It enhances our ability to attract industry because we have the labor force available. . . . It enhances our ability to attract upper-end retail."

All that translates over time to more businesses, more political representation, more government money and even more clout in dealing with the state and neighboring localities.

Bob Holsworth, a political expert at Virginia Commonwealth University, said yesterday that the influence is already being felt. "Certainly, Chesterfield County is one of the major players in the state, not just in the region. . . . It is not a stepchild any longer. Beyond that, politically it's very, very, important."

Once overwhelmingly Republican, it might now be better labeled solidly Republican. Holsworth said Chesterfield was key to the defeat of Republican Sen. George Allen in the Senate election, giving him only a 21,000-vote advantage, instead of the 28,000 he had won in 2000.

The behemoth now factors into both parties' strategies, he added: Republicans need big numbers to offset Democratic numbers in Northern Virginia, while Democrats need to keep the Chesterfield margin manageable.

However, in the future, parties may not matter as much, Holsworth predicted. "Chesterfield is likely to see the same kind of politics emerge locally as we see in some of these explosive arenas in Northern Virginia," he said.

In other words, he said, "people stuck in traffic, people worried about growth" increasingly vote those issues. Some of that emerged in Chesterfield's last supervisory election, he said. "I wouldn't be surprised if we see more of that."

One thing you can count on is continued growth, even if the national economy worsens. Coming growth at the Fort Lee military base will ensure that, Turner said.

The 300,000-pound gorilla should become a 350,000-pounder by about 2014, a 400,000-pounder by 2022 and a 450,000-pounder by 2030.

By then, we may have to change the name. Welcome to the greater Chesterfield metropolitan area.

More big stores due in Chesterfield

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Saturday, November 18, 2006

More big-store retailers are heading to western Chesterfield County. The planned Hancock Village, to be at the southwest corner of Hull Street and Winterpock Road, calls for:

Wal-Mart to build a 204,000-square-foot store. The chain has a store about 4 miles east at state Route 288 and Hull Street Road, which will remain open.
J.C. Penney to build a 103,000-square-foot store, the area's first not connected to a mall;
Possible tenants to include Dick's Sporting Goods; Bed, Bath and Beyond; Books-a-Million and DSW.
"It is all about getting closer to the customer," said C. Lee Warfield III, senior vice president at Thalhimer/Cushman & Wakefield brokerage in Richmond.

"There has been a tremendous amount of residential growth out there," he said. "Anyone who drives along [U.S.] Route 360 knows. The goal is to get them shopping closer to where they live."

Hancock Village is planned for 90 acres. It would have about 540,000 square feet of space, or roughly 20 percent smaller than Stony Point Fashion Park.

Construction would begin in the spring, with the center's stores to open in spring 2008, said Doug Horack, managing partner of EDCO LLC, the project's developer.

Retail experts said it is unusual for Wal-Mart to build a store so close to another Wal-Mart.

But Jeff Kraus, the market manager for Wal-Mart's Richmond-area stores, said a second location along the Hull Street corridor is needed.

"We need to take some pressure off that store" at Route 288 and Hull Street, he said. "That area is just exploding. More and more houses are being built, and more and more people are moving in."

The Hancock Village location isn't on J.C. Penney's new-store opening list, spokesman Tim Lyons said, because the chain hasn't put together a list of 2008 openings.

But Horack, the developer, said J.C. Penney has either signed a deal or is close to doing so. The chain also is shown on the developer's site plans.

Locating a store there makes sense, Lyons said, as J.C. Penney is building an increasing number of nonmall stores to be closer to its customers. It has about 40 nonmall locations.

Of the chain's 28 new stores this year, 23 were not at malls. The majority of the 50 stores planned for next year won't be at malls.

"In order to grow, we have been building stores in strip centers, lifestyle center and other off-mall locations so we go into new and growing markets," Lyons said. "It all has to do with competition and being where our customer wants to shop."

Henrico plan blends urban and suburban

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Saturday, November 18, 2006

A Henrico County developer wants to spend almost a half-billion dollars to build a new community midway between downtown Richmond and fast-growing Short Pump. The community, called Staples Mill Centre, would include more than 2,000 homes, condominiums and apartments on 80 acres between Libbie Avenue and Staples Mill Road.

The project also would include more than 100,000 square feet of stores -- but no "big box" retail chains -- and 60,000 square feet of offices that would be blended with homes in a traditional town setting.

The proposed development would be built on the former site of the Suburban Apartments, a sprawling apartment complex built after World War II that had become a hub for the Richmond area's growing immigrant community. The developer, Gumenick Properties, calls the $434 million project the largest revitalization proposal in Henrico history.

"Basically, we're recycling the site," said Wayne A. Chasen, pres- ident and chief executive officer of Gumenick, which plans to move its corporate offices to the development from Brookfield Office Park.

The property lies just west of Richmond near Interstate 64, a location that Gumenick considers prime for a new kind of midtown community. Anthem has built a new corporate headquarters on the other side of Staples Mill, while one of the region's oldest shopping centers, The Shops at Willow Lawn, is undergoing another face lift on Broad Street.

"It isn't a suburban area and it's not quite the city," Chasen said.

Most of the land has been vacant since Gumenick demolished the deteriorating Suburban dwellings more than four years ago. However, the developer is proposing to demolish 225 apartments along Crestwood Avenue and Yorkshire Drive, as well as about 20 homes on land it owns along Libbie Avenue and Bethlehem Road.

"The people who live there always have known [the apartments] are going to be taken down," said Edward R. Crews, whose company is marketing the project for Gumenick.

Gumenick is giving residents about 19 months to find new lodgings and promising financial aid to help them move. The developer delivered a letter to residents Thursday that was written in English and Spanish. Still, one resident of Crestwood Apartments said he didn't see the Spanish version.

"I can't read it," said Carlos Villatoro, who is paying $585 a month for a two-bedroom apartment that he occupies with his wife and 2-year-old son.

Villatoro said the current apartments are bug-infested and need work, so he's confident he can find something better at close to the same rent.

This is the second time in five years that Gumenick has requested rezoning of the property. The new plan calls for a type of urban mixed-use zoning that wasn't available in Henrico in 2001, when the developer proposed to build a more conventional community of apartments and retail space. The old plan would have built 1,041 apartments, about the same number as proposed this week.

However, the new plan also attempts to meet Henrico's goal of encouraging home ownership, rather than renting, by proposing two 15-story condominium towers next to a lake in the center of the property. It's also proposing some free-standing homes and almost 400 townhouses, including some that would be two-story dwellings stacked on top of two-story dwellings in an urban-style building.

Staples Mill Centre is being designed with many of the goals of the "smart growth" movement, which discourages suburban isolation in favor of a town setting that mixes homes, offices and shops that are reached by foot instead of automobile. The project's architectural designs take their inspiration from 19th and early 20th-century models.

Gumenick has enlarged the proposed development by including the former site of a church along Staples Mill Road and a row of single-family homes along Bethlehem.

It also would demolish three homes and a small business on Libbie to create a parkway that would carry traffic from Libbie to a new stoplight at Staples Mill to avoid overloading neighboring streets.

"The applicaton has just been filed, but what has been shared with us, we are positive about," said Randy Silber, Henrico's director of planning. He stressed that the project would redevelop an area of old rental buildings into wthat would be high-quality mixed-use residential.

The proposed Libbie connector would be built in the first of the project's five phases, which are expected to take about 10 years to complete. Gumenick estimates the project will create 1,000 construction jobs and 900 jobs long-term, and generate about $120,000 a year in direct and indirect revenue.

Home staging takes listing from drab to ..

Mon, 21 May 2012 23:05:04 +0000

Monday, November 13, 2006
By Dian Hymer
Inman News

Staging a house for sale is a concept foreign to many home sellers. But, it has been immensely popular in the San Francisco Bay Area where sellers have reaped huge benefits from their efforts.

You don't have to fix up your home before selling. A home can be sold in virtually any condition, if it's priced right. There are basically two reasons why sellers go to the effort and expense to prepare their homes for sale. One is that it helps to bring a higher price. The other is that it usually results in a quicker sale.

It's imperative to make cost-effective cosmetic improvements in order to realize an increase in profit when you sell. Major renovations made just before selling -- such as completely remodeling kitchens and bathrooms -- are not cost-effective. Although they improve the appeal of the home, you aren't likely to recoup the full amount of your investment on a quick turnaround.

But other cosmetic improvements such as refinishing hardwood floors, replacing outdated floor coverings, removing old window coverings (and leaving them off, in most cases), replacing outmoded light fixtures and painting are worth the money. The reasonsuch fix-ups tend to bring a higher price is that most people have difficulty imagining what a house will look like fixed up. You do the fix-up work so that you don't leave the sale of the house to chance.

Fixer-uppers appeal only to certain buyers who usually want a break on the price to compensate for the condition of the property. By sprucing the property up for sale, you appeal to a much broader audience. The more interest there is, the more chance there is for a sale at a higher price.

The goal of fixing up a house for sale is to get it into move-in condition. Let's say your home has an older, dated kitchen. In its present condition, it's a turnoff to buyers who haven't the time and resources to remodel it. By painting outdated cabinets, painting the walls in a trendy decorator color, changing cabinet knobs, updating light fixtures, changing the floor and adding stainless-steel appliances, your kitchen won't be new. But, it will appear fresh and inviting.

You make cosmetic improvements to overcome buyers' objections. If you sold your home with a dismal kitchen, most buyers would discount the house because they couldn't live with the kitchen.

You open your home up to a larger pool of buyers by doing the improvements mentioned above. Rather than rejecting the house, buyers feel they can move right in without first having to a lot of work. And, you accomplish this without major remodeling; just sprucing the home up to an acceptable level.

HOME SELLER TIP: Sellers often resist spending money on a property they're selling. This is particularly so in the current market, where they may have less chance of receiving multiple offers and a generous price. However, properly preparing your home for sale can give you an advantage in today's challenging market.

Buyers are pickier than they were a year ago when home prices were rising quickly. Currently, appreciation is flat, at best. Many buyers are concerned that prices are falling. So, their enthusiasm for paying huge prices regardless of the condition of the property has waned. Buyers are looking for value.

Getting a house fixed up for sale takes time and money. A good real estate agent can be an invaluable ally in this endeavor. In fact, you should consult with your agent before embarking on any projects to ensure that you make value-enhancing improvements.

THE CLOSING: Resist the temptation to show your home before it's ready. You could lose a prospective buyer who can't visualize how your house will look after the improvements are done.

Home seekers big dilemma: buy now or wai..

Mon, 21 May 2012 23:05:04 +0000

Monday, November 06, 2006
By Dian Hymer
Inman News

During the last couple of years, new listings sold in a matter of weeks in many areas. Home prices escalated at a record pace. Financing a home purchase was rarely a problem -- money was easy and interest rates were low. Few buyers wanted to miss the opportunity to make fast money in a market that seemed to defy gravity.

What a difference a year makes. Now, the appreciation rate is running at a snail's pace, and declining in some areas. According to the National Association of Realtors, the median home price nationally declined a little over 1 percent in August from a year ago. This trend is expected to continue through the end of 2006. Consequently, many buyers who were anxious to buy last year are standing on the sidelines, waiting to see what happens next.

Remarkably, there are still areas where the demand for new listings still exceeds the supply. In the desirable Claremont area of Berkeley, Calif., for example, there were recently nine offers on a listing competitively priced at $1.25 million. Another listing in neighboring Rockridge listed for $1.45 million sold with multiple offers for $1.5 million.

Regardless of whether you live in an area where there's plenty for sale or if you are still battling other buyers for too few listings, it's time to return to the basics when considering a home purchase.

HOUSE HUNTING TIP: Until recently, home buyers bought not with an eye to a quick profit but in order to gain control over the place where they lived. As a homeowner, you don't need the landlord's permission to make modifications to the property to suit your needs. You aren't at the mercy of a landlord who might raise the rent or ask you to move. Now there's no guarantee that you'll find a place to rent in a neighborhood where you'd like to put down roots. Also, rents are rising after years of lackluster performance.

Additionally, homeowners tend to take a serious interest in preserving and enhancing the quality of the neighborhoods in which they live. Renters tend to be transient.

The tax benefits of home ownership shouldn't be overlooked. While restrictions do apply, homeowners can claim a deduction for mortgage interest and property taxes from their federal income tax returns. This effectively lowers the cost of home ownership for taxpayers who itemize deductions.

There are several other good reasons why this could be a good time to buy. One is that there is, in general, less competition from other buyers than there was a year ago. It's now possible to negotiate with sellers if the list price seems out of line. Another factor in your favor is that interest rates have recently eased and are still at historically low levels.

Of course, a risk of buying now is that home prices could decline from their current level. David Lereah, NAR's chief economist, recently speculated that we will "probably see prices dip temporarily below year-ago levels as the market works through a build up in housing inventory."

So, why not wait to buy until home prices start climbing again? That's certainly an option, if you can find a suitable rental. However, it's impossible to time the market. We'll know that prices have bottomed out for the cycle only after they have resumed their ascent.

Buying for the short term is risky in the current market. But, this could be a good time to buy for buyers who plan to stay put for the long term, particularly if what they're looking for is not readily available.

THE CLOSING: Some buyers look for years before they find the right place to buy.

Homeowners insurance: What you need to k..

Mon, 21 May 2012 23:05:04 +0000

Monday, October 30, 2006
By Dian Hymer
Inman News

Most mortgage lenders require that home buyers take out a homeowner's insurance policy to protect the lender's interest in case there's a fire. It's a good idea to shop for homeowner's insurance soon after you enter into contract to buy a home.

Before you start shopping, find out if any claims were made against the property during the past five years. Your insurance agent should have access to a data bank that will give you this information. Or, ask the home sellers directly.

If the property has been subject to water damage claims within the past five years, you may have trouble finding an insurer for the property. Or, you may have to pay more for insurance than you anticipated.

The inclination is to go with the insurance company that quotes the most competitive premium price. Just make sure that you're collecting and comparing quotes for comparable coverage.

It's difficult to find Guaranteed Replacement Cost Coverage anymore. This type of insurance pays the entire cost to rebuild your home if it's destroyed by fire, even if that cost exceeds the policy limit.

The standard coverage today is Limited Replacement Cost Coverage. This type of policy will only pay up to the policy limit. So, if your house costs $750,000 to rebuild, but it's only insured for $500,000, this is all the insurance company will pay. With Limited Replacement Cost Coverage, it's important that you carry adequate coverage, even if your insurance agent thinks you need less.

A preferable type of insurance for many homeowners is Limited Replacement Cost Coverage with an Addition Percent, which pays the replacement cost up to a specified amount (often 20 percent) over the policy limit.

For example, if you insure your house for $500,000 and it costs more to rebuild, the insurance company will pay up to $625,000, which is 120 percent of the policy limit. You still need to make sure you're carrying adequate coverage, but there's a margin for error built in.

HOUSE HUNTING TIP: Be on the look out for insurance agents who under-quote the premium by estimating low on the price per square foot to rebuild in your area. Costs to rebuild vary considerable from one area to the next. If you call the 800 number for an insurance company for information, you could end up getting a quote from an agent out of state where building costs are much lower.

Your real estate agent should be able to tell you an approximate price per square foot to rebuild in your area. The lender's appraisal of the property should give you the number of square feet. Multiply the price per square foot to rebuild by the number of square feet to figure out how much coverage you need.

Unfortunately, some local insurance agents give a quote based on a low replacement cost in order to undercut their competitors. If you go with the low bidder, you may find at closing that you don't have adequate coverage according to the lender's requirements for funding the loan. This could delay the closing. Most lenders want the structure to be insured for the replacement cost value specified on the appraisal that was done for the lender.

One way to cut the premium costs is to take a larger deductible. For instance, for $500,000 of coverage there could be as much as $600 per year difference between a $1,000 and $5,000 deductible policy. Check with your lender to find out what size deductible is required. You may be able to increase the size of the deductible when you renew the policy one year after closing.

THE CLOSING: Most insurance companies offer a home alert discount if the home has a security system. And, discounts are offered if the home insurer also insures your car.

Exurbs Offer Glimpse at Future Growth Tr..

Mon, 21 May 2012 23:05:04 +0000

Inman News
By Glenn Roberts Jr.
Wednesday, October 25, 2006

Exurbia -- that urban fringe beyond the suburbs -- grew 31 percent in the 1990s, which is more than twice as fast as the metro areas that exurban communities surround.

"Finding Exurbia: America's Fast-Growing Communities at the Metropolitan Fringe," a report by The Brookings Institution, uses a wealth of statistical information to define exurban communities and describe their growth trends.

The report's authors conclude that exurbs may represent a fairly small share of metro areas, but they are important to study in case this outward growth pattern continues. Exurbs, they say, may "signal the possible shape of things to come. Absent continued research and policy focus as to the causes and consequences of exurban growth, we might find ourselves wondering in 2050 how New York's exurbs arrived in Albany."

Today's exurbs may evolve into more established suburbs as the exurban boundary expands, the report suggests.

Exurban communities are defined in the report as the outer edge of urban areas in which 20 percent of the workers commute to jobs in an urbanized area. The report, which relies on economic and demographic data from 1990-2005, also describes exurban areas as communities with low-density housing and a high rate of population growth.

About 10.8 million people live in the exurbs of large metro areas, the report states, which represents about 6 percent of the total population of the metro areas that they encompass. Exurbanites have big lots. "The typical exurban Census tract has 14 acres of land per home, compared to 0.8 acres per home in the typical tract nationwide," the report states.

About 5 million people, or 4 percent of the total U.S. exurban population, live in the South, while 2.6 million people live in Midwestern exurbs. At least 20 percent of residents live in the exurbs in the following metro areas, among them: Little Rock, Ark.; Grand Rapids, Mich.; Greenville, S.C.; and Poughkeepsie, N.Y. And at least 20 percent of the population lives in exurban areas in 245 counties, the study found.

Typical exurban residents are white, middle-income homeowners who commute to work. "They do not appear to telecommute, work in the real estate industry, or inhabit super-sized homes at higher rates than residents of other metropolitan county types," according to the report.

Growth in exurbs is sometimes fueled by middle-income families who are seeking to find more affordable homes "that are in limited supply elsewhere," the report states, but exurbia residents can also be populated by high-income residents.

New England has the smallest share of the national exurban population, at 4.6 percent, followed by the Mountain region at 5.2 percent. Texas ranked highest among states for its exurban population in 2000, at 1.2 million. California followed with an exurban population of 725,900. Next was Ohio with 466,000, Michigan with 457,200 and New York with 455,800.

South Carolina's exurban population in 2000 accounted for 9.5 percent of the state's total population -- the highest among states, followed by Oklahoma at 8.9 percent, Tennessee at 7.7 percent, Maryland at 7.5 percent and Wisconsin at 7 percent.

Among metro areas, Poughkeepsie, N.Y., ranked highest with 32.3 percent exurban population in 2000, followed by Little Rock, Ark., at 23.6 percent and Grand Rapids, Mich., at 22.8 percent. Miami ranked at the bottom of this scale, with an exurban population of 0.3 percent of the total population in 2000. Miami was followed by New Haven, Conn., at 0.6 percent, Los Angeles at 0.9 percent, New York at 1.2 percent, and Honolulu at 1.2 percent.

The total U.S. urban population in 2000 was 44.3 million, and that rose 2.9 percent to 45.6 million in 2005, according to the study. Meanwhile, inner suburbs grew 4 percent in that time to a population of 71.9 million; the outer suburbs grew 9 percent to 55.2 million; and exurban areas grew 12.3 percent to 16.2 million people. And 38 exurban counties ranked among the fastest-growing counties in the country from 2000-05.

In examining exurban demographics, the study found that about 83 percent of exurban-county residents were non-Hispanic whites, compared with 61 percent of residents in large metro areas. "With the exception of American Indians, each race and ethnic group -- including people of two or more races -- comprised a lower share of population in exurbs than in any other county type," according to the report.

About 86 percent of exurban counties had a white population share above the national average of 67 percent. And though whites are over-represented in exurban counties relative to their share of the nation's population, the report found that exurban counties have grown slightly more diverse since 2000.

About 28 percent of exurban-county households are married-couple families with children -- about 2 percentage points higher than in outer suburban communities and 4 percentage points higher than the average for large metro areas. About 21 percent of exurban-county households are people who live alone, compared with 30 percent in urban counties. About 51 percent of people in the average exurban county work in another county, compared with 29 percent of those who live in the average large metro-area county.

The study also defines exurban workers with one-hour commutes or longer as "super-commuters," and those who depart before 6 a.m. for work as "early risers." About 33 percent of residents in Park County, Colo., spend one hour or longer commuting to work, and this county tops the list for its share of super-commuters. Pike County, Pa., ranks second with a 30.6 percent share of super-commuters, and Warren County, Va., ranks third with 29 percent.

About 28.2 percent of commuters in Crawford County, Ind., meanwhile, leave for work before 6 a.m., followed by Juniata County, Pa., with a 27.6 percent share and Nye County, Nev., with a 27.5 percent share of early risers.

While there are sometimes perceptions that the exurbs are fertile ground for super-sized homes, or "McMansions," the study found that homeowners in inner suburbs and outer suburbs were about 50 percent more likely to occupy giant homes in 2000 than exurban residents.

"Thus, it seems that exurbs generally offer more intermediate, affordable new home types than do metropolitan suburbs," the report states.

As for exurban political leanings, the study found that 19 of 242 exurban counties "cast a majority of their ballots for (John) Kerry" in the latest presidential election, while 63 percent of votes cast in exurban counties for either of the two major-party presidential candidates went to George W. Bush.

Growth in Eastern Henrico County

Mon, 21 May 2012 23:05:04 +0000

Sunday, November 19, 2006
Richmond Times Dispatch

The people of Varina spent last week getting used to the idea of a small town sprouting up on treasured farmland east of the city in rural Henrico County. Some neighbors call it a small city.

Although it's not what residents prefer, they - like Henrico officials - want Tree Hill to set a high standard for future development along state Route 5 and Osborne Turnpike.

"I hate to see the farm go," said Merri Howell, who has lived next to the property since 1982 and ridden horses across it.

It could likely be two to three years before houses start going up on the farm. Howell, like other residents, said she knows the farm is too valuable to remain undeveloped.

Tree Hill would become the third high-density, mixed-use community being developed along the river in eastern Henrico, along with Rockett's Landing and Wilton on the James.

Changing Times for Sellers

Mon, 21 May 2012 23:05:04 +0000

Our professed goal at TheRichmondSite.com is to provide you - the real estate consumer - with as much knowledge as possible so that when you decide to purchase or sell real estate you come to the process informed and prepared.

The Real Estate Market Has Changed

Last year, it seemed that all you had to do to sell your home was to stick a "For Sale" sign in the yard and it was gone in a week. If you were in the market to buy a home, you had to come prepared to decide quickly, often on a property that was less than perfect,while competing with other offers. And anyone could make a living selling real estate regardless of professional knowledge and experience in the field.

Those days are gone! Everyone engaged in real estate - buyers, sellers and real estate agents are now forced to confront a new reality. What surprises me time and again is how many people are still living in a state of denial.

In this issue I will address market conditions from the seller's point of view, simply because this area is the most challenging at present.

Regardless of the market conditions you must always ask yourself this question:

How do you convince a ready, willing and able buyer to make an acceptable offer on your home?

Last year, the answer to this question was - "not much". Now the answer is much more challenging. The number of homes on the market has grown to levels we haven't seen in a decade. To aggravate the situation, potential buyers have become much more savvy and discriminating consumers not to mention scarce. It seems that many buyers are waiting - waiting for home prices and interest rates to come down, waiting for that perfect home that fits all of their needs and wants and waiting for the right "deal".

The competition for ready, willing and able buyers is fierce.

A good indication of overall market conditions is the incentives offered to Realtors and buyers. Just look at the incentives for real estate agents - everything from "Realtor Open Houses" with elaborate luncheons to increased commissions to shopping sprees at your favorite upscale shopping malls to vacations.

And the incentives offered to buyers are even more compelling. Thousands of dollars in closing costs, redecorating allowances and prepaid expenses on resale homes and new construction alike in addition to across-the board price reductions.

What do you do now? How do you compete?

Make sure that your home is in top condition before you list it for sale.

Make sure that your home is as clean, as neat and as uncluttered as possible. Clean your home from top to bottom, including all the windows and appliances. Clear out your closets and all the "stuff" that we all have in our spare bedrooms. Steam-clean all the carpets. And make sure that your home is free of odors.

Improve the Curb Appeal of Your Home.

Mulch the flower beds, keep the lawn manicured and the hedges and trees trimmed. It's also a good idea to take a very critical look at the exterior of your home. Keep the gutters clean and repair or touch up any damaged or worn paint and siding on your home.

In short, you never get a second chance to make a good first impression!

If you want to be even more proactive - here's a great idea. Order a pre-listing whole house inspection. A good home inspector will find things that you either don't know about or that you wouldn't have noticed. Repair all the defects noted in the inspection report, and make both the report and the invoices for work done available to prospective buyers. Just leave it on the dining room table together with the other listing materials for all to see.

Price It Right

First, a few very direct words on the difference between "value" and "price". Far too many people make the mistake of getting emotionally invested in the real estate that they own. You may place a certain "value" on your home because of the memories that you associate with it - it's the home you grew up in, it's the home where your children took their first steps. Buyers don't care! Homeowners don't determine the sale price and neither do Realtors. The market determines the price at which your home will ultimately sell. Period.

For your home to sell quickly in the current market, you must at least be competitive with similar homes in your neighborhood.

Be prepared to list your home and to offer buyer incentives that match or beat your competition.
Be prepared to receive and to consider offers below your asking price.
Be prepared to reduce the listing price two weeks into the listing period.

This is what we call in the trade a "motivated seller" - a seller who is realistic and flexible, eager to move on to the next stage in their life.

Promote your Property

You want to expose your property to as many potential buyers as possible in as many effective ways as possible. Where do over 70% of buyers start their search for a new home? The Internet. Buyers need to be able to find your listing. It has to stand out - over and above all others - through the use of virtual tours, still photography, web site placement, etc. In addition, stop and think for a moment about who your most likely buyer would be and how best to reach them. Networking through the Broker community and promotion to relocation departments of major corporations might just be the key to selling your home.

Chicken or Egg?

If you're not a first-time home buyer you're most likely selling your current home and purchasing a new one at the same time. Which should you do first? It's all an issue of timing, taking the current market conditions and your particular situation into account. The last thing you want is:

To lose a contract on your next dream home because you couldn't sell your current home in time or for the amount that you needed or
To sell your current home without securing your next home and be forced to move twice or
Get stuck paying two mortgages.

So, how do you accomplish all this without surrendering your sanity? Secure the representation of a a Realtor who knows what they're doing and is also willing to tell you the truth. Promising you the sun, the moon and the stars in order to secure your listing is something that we will not do. This will only waste your time, my efforts and money and set you up for a very disappointing experience.

A knowledgeable Realtor will be able to tell you what you need to do to prepare your home for sale. They will also guide you through your pricing policy and strategies to ensure that your home sells as quickly and for the most money as possible. If you're purchasing and selling a home at the same time, a good Realtor can coordinate both transactions and, through effective contract writing, ensure that you won't be left homeless or be forced to give up your next home, etc.

Get the truth
Get professional advise and guidance and
Get your home sold with TheRichmondSite.com.

Small Defects Big Turnoff

Mon, 21 May 2012 23:05:04 +0000

Ilyce R. Glink
Inman News
July 20, 2006

One of the biggest mistakes home sellers make is listing a home with obvious, although small, problems.

Any house -- even a brand-new house -- needs fixing from time to time. It's just that buyers don't want to be reminded of this obvious truth when it comes time to plunk down their cash. Most buyers would rather believe that their home is going to be fine, and for the money they're paying, they'd prefer to have a problem-free house.

As a seller, your top priority is to overcome any real or imagined obstacles buyers have. Fixing stuff that's broken and selling a home that looks like it's been impeccably maintained over the years is a good start.

Grab a pen and pad of paper and start by touring your home looking for things that need to be done. Perhaps your walls or trim need touching up with a fresh coat of paint. Or maybe you have a crack in a floor tile. Or, your wall clock needs a fresh set of batteries in order to display the correct time.

Check the bathrooms: cleaning or regrouting bathroom tile and fixtures will help make that room seem fresh and clean. Cracked window panes and ripped shades should be replaced before any agent or buyer walks through the door.

Not fixing broken items -- especially those that can be easily fixed -- sends a not-so-subtle message to the buyer that you don't care enough to get these things done. Also, when the home inspector comes through (which he or she inevitably will), you know these items will come up in the "need to do before I'll buy your house" list. What should you fix? Anything that a prospective home buyer will think should be in working order on the day of sale, including:

All appliances, including air-conditioners, furnace, boiler and hot water heater. They don't have to be new, but everything should be in working order. Clean out lint from the dryer. Make sure the ice maker is working properly. Install new air filters in your heating and air-conditioning systems. Clean out the air-conditioning compressors. Make sure your humidifier is working properly.

All faucets. If it leaks or doesn't turn on correctly, repair or replace it.

All windows. If any window panes are cracked or don't open properly, fix or replace. And make sure to repair all screen doors and windows. If the windows are painted shut, fix them so that they open properly

All doors. No creaking, no doors that open only partially, no cabinet doors that don't open at all. .

Any exterior problems. Replace missing roof shingles, repair your gutter if it has come apart, and regrade landscaping away from the house if you've been finding puddles or wet walls in your basement. Clean out your gutters and downspouts.

Cracked or chipped paint. A fresh coat of white or off-white paint can help make your home seem bigger.

Peeling wallpaper. Get some wallpaper glue and make sure to get the air bubbles out when you press it to the wall.

Change the light bulbs. Make sure all light bulbs are working and swap out the burned-out bulbs. Houses are often too dark when buyers come through in the late afternoon or evening for a showing. Make sure every light you have has the brightest wattage possible, and that you turn on every light before a showing -- even during the day.

Carpet. If your wall-to-wall carpet has been pulled up in places, make sure it is tacked down firmly. And while you're at it, you might want to have your carpets cleaned and floors waxed before you sell.

Kitchen cabinets. Doors should open smoothly; hinges and knobs or pulls should be tightened.

As you're walking around the house, remember that a prospective buyer will be opening up every drawer and door. How well these items work communicates a lot about how you've taken care of the property.

Making a good impression here will go a long way toward getting your home sold quickly -- and for more money.

If you can't manage to get your home in selling shape yourself, check the Web for local handyman- or handywoman-type businesses to help you out. Typically, you can hire these folks for an hourly or flat fee to take care of your "to do" list.

While you may spend a couple of hundred dollars having someone install a new light fixture, fixing creaky doors or changing light bulbs, the results should make the expenditure worthwhile.

Changed Expectations

Mon, 21 May 2012 23:05:04 +0000

Dian Hymer
Inman News
October 16, 2006

You may be kicking yourself for not selling your home last year when the market was hot and gave sellers an advantage. Now, in most parts of the country, you'll be selling in a balanced market, at best. In a balanced or normal housing market, neither the buyer nor seller has an advantage over the other.

Your selling experience in the new market needn't be unpleasant, as long as you know what to anticipate so that you can realign your expectations accordingly. There are two key factors that differentiate the current market from its predecessor. One is that there are many more listings on the market now than there were then. The other is that there are fewer buyers.

With more listings and fewer buyers, you'll need to distinguish yourself from the pack. There are three good ways to do this. First, make sure that your home is priced right. Second, your home should look impeccable when it goes on the market. Third, you need a comprehensive marketing effort.

HOME SELLER TIP: Last year, homes in some areas sold after just one open house. Today, it might take months to sell your home. Start the process by hiring an experienced real estate agent with good marketing skills and a keen knowledge of your local market niche.

Your agent will be able to tell you what your home is worth in the current market, and discuss appropriate pricing strategies for your area. She can also give you advice about how to prepare your home for sale.

Few sellers are aware of this, but buyers often use nick-names to describe listings they see. This helps them distinguish one home from another when they're trying to recall details.

For example, if there's something striking about your house, like a fabulous view, a buyer might tag your house "the view house." But, they might call it "the dog house" if it has a strong pet odor. In this market, it's extremely important to pay attention to the condition of your home. Buyers have a choice.

Today's listings often aren't being shown to a lot of buyers before they sell. One house in Sonoma County, Calif., recently sold in only 12 days. Only two prospective buyers previewed the house. However, one of them bought it.

You should mentally prepare yourself for the fact that you will have to keep your home in great shape for the relatively few buyers who will want to see it. Keep in mind that buyers who are actively looking these days are serious about buying.

Your home should be easy to show, particularly if there are a lot of homes similar to yours on the market. If there's an impediment to showing your listing, buyers will move on to a listing that's easily accessible.

Studies show that 70 percent of home buyers start their search on the Internet. In fact, buyers screen inventory online to save time. Be sure that your agent's merchandising efforts include a high-quality photo tour of your home.

Buyers discard online listings that don't have photos. They assume something is wrong with the listing and move on to listings where they can get a sense of what the listing has to offer without having to get into a car, or fly across country.

THE CLOSING: It's nice to imagine that a buyer will fall in love with your place and throw caution to the wind. Unfortunately, impulse buying is not a part of the current market. The buyer for your home will be someone who has a compelling need to buy and who finds value in what your home has to offer.

A real Wonderful Life

Mon, 21 May 2012 23:05:04 +0000

Richmond Times Dispatch
Sunday, October 1, 2006

Bowling Green is a seldom-talked-about place along U.S. 301 that thousands of people drive past every day but only a few stop to visit. Sitting between Richmond and Washington, it's a bedroom community of sorts, where history lives and architecture is celebrated.

Here, residents have become well-loved characters, but the homes and surrounding architecture - past and present - are at the heart of the stories. There are plenty of tales filled with Queen Anne Victorians, Colonial Revivals and bungalows.

"If you have ever seen 'It's a Wonderful Life,'" said resident Mary Barnett, "that's what Bowling Green is." People stroll along the sidewalk past Tinder's Jewelry and Gifts to the local florist, a hardware store, a sports shop and a handful of antiques stores.

Downtown is barely a few blocks long. But to find the real charm of this community, visit some of the nearby homes, many of which been given names and birthdays and are colorfully adorned.

For example, there's Kenmare, circa 1880. Ken and Mary Barnett take care of her. "My mother has always said that an old house chooses you," Mary Barnett said. "We knew from the moment we saw her she was the one."

Kenmare, painted a golden yellow, burgundy and green, was a birthday present from Ken to Mary on Feb. 21, 2002, that came with one little friendly string attached - Miss Mattye. "She's a nice ghost," Mary insists.

Martha Pendleton Collins, known as Mattye, was widowed while living at the home with her two young children in the early 1900s, Mary Barnett said. She "appeared" to Mary shortly after the Barnetts moved in and has since made it quite clear she isn't going away anytime soon.

About a mile away, ColumnWood, a more-than-5,000-square-foot former duplex that's now a bed-and-breakfast, has roots leading back to 1910. Innkeepers Patrick A. DeCrane and Michael E. Thomas share her with guests who travel from as far as Italy and England and as close as Fredericksburg to spend a night in Dr. Broaddus' old digs.

According to DeCrane, someone once offered to pay for the opportunity just to sit on the front-porch swings that look out onto Main Street. Petting the pooch and inn mascot, a Maltese named Niko, is free. Inside, the home is filled with stained glass and color. There also are pictures of the Broaddus family tucked about the inn.

At the other end of town sits the Bowling Green Farm, which belongs to Steve Nicklin. It was added to the National Register of Historic Places three years ago. With its circular driveway lined with a canopy of trees and nearby grapevines, the house, originally owned by Maj. Thomas George Hoomes, dates to 1741. Local records show George Washington ate there April 10, 1791.

These days, there are just two places to eat downtown. The Café on Main Street posts daily lunch and dinner specials, and Jack's Cafe specializes in Thai as well as American cuisine.

For those who love to shop, there's Classic Cat, which sells candles and collectibles, and Shop a Doodle Doo with its handmade soaps, jewelry purses and children's toys.

A few blocks away sits the 1835 Caroline County Courthouse and the Bowling Green Visitor Center, where residents recount the town's history, including Bowling Green's ties to the Star Hotel.

As Carolyn Roth tells it, Willie Jett - in some accounts described as a Confederate ranger captain - was staying at the hotel when Union soldiers twisted his arm into taking them to a farm to capture the infamous John Wilkes Booth, who was hiding in a barn. "Willie didn't have much of a choice," Roth said in Jett's defense. At the time, Booth was on the lam after fatally shooting President Abraham Lincoln in a Washington theater.

Roth also mentioned the fires. Bowling Green went up in flames twice - once in the 1900s and again in the 1950s. Both times, the fires started on Easter, she said. "It destroyed blocks of businesses along Main Street," she said. "Officials decided the town would never be destroyed again, so they built all of these block brick buildings."

While these are just some of the town's most well-known stories, Ada Williams and Rebecca Von Elm are two of the community's most interesting people.

Most everyone who lives in Bowling Green knows by now that Williams, who owns Ada's Sew Fine Alterations, can sew like the dickens but sure has a tough time making up her mind. The 67-year-old has moved her business nine times - for the most part around little old Bowling Green. (For those still looking for a hem, Williams now is at 100 S. Main St.)

Williams, who learned to thread a needle when she was in kindergarten, mends everything from wedding dresses to doggy clothes. Her motto is never to turn a customer away. "I don't refuse them," she said. "Because I know that the guy who comes in here with those raggedy jeans, when he gets a suit he knows where to bring it."

Von Elm, owner of the Classic Cat, is not from Bowling Green. That's clear to just about everyone who comes into her shop. Von Elm refers to herself as an "aging, not old, hippie" from California.

She sells scented candles made of soy, in addition to the traditional Yankee Candles, one-of-a-kind collectible crafts and artwork as well as expensive perfume bottles, some of them with Victorian silver overlay. "I try not to look like a Hallmark store," she joked. She doesn't put on any airs or try to mislead folks. "I am no Southern belle," she said with a laugh.

Gordonsville, Virginia

Mon, 21 May 2012 23:05:04 +0000

Richmond Times-Dispatch
Sunday, September 3, 2006

Seven hundred Confederate soldiers and 28 Union soldiers died on the grounds of the former Civil War hospital. Perhaps their souls were still wandering up and down the creaky wooden staircase, she explained, setting up her own ghost story.

Chapman had just arrived for work one morning and was on her way to the tavern room when, out of the corner of her eye, she noticed a shadow.

"I thought, yew, what is that," she said. It was dark, and Chapman was all alone. She took a few steps back, looked over her shoulder and saw -- a mirror. "I was spooked by myself," she laughed.

All joking aside, they say the hospital, located by the railroad tracks, treated about 70,000 Union and Confederate soldiers and remains haunted.

In fact, according to Chapman, the tourist attraction is listed among America's most haunted places by the Travel Channel. Inside the museum, in addition to other historic war and medical memorabilia, is the "official" paperwork listing the 1860 building as No. 8 of the top 15 haunted places in the United States.

The ghosts, as much as the town's new shops and restaurants, have helped Gordonsville attract what Bob Hoffman, owner of Sweetwater Country Home, calls the "day tourist."

"This place is changing a lot for sure," he said from the office of his shop, which specializes in home decor and other furniture made from wine barrels. "The buildings have been upgraded, and a different style of people are coming in," he said. Those who live and work here say it couldn't have happened at a better time.

"This town was a breath away from death," said Neil Morris, assistant chef at Pomme, a widely acclaimed French-Provencal restaurant on Main Street. "It was about to disappear. It was a ghost town."

The town, about 25 miles east of the Blue Ridge Mountains, was once a stopping place for travelers. It sits at the intersection of U.S. 15 and U.S. 33. "There were traveling salesmen and just visitors," Chapman said, adding that the museum has also served as a railroad hotel.

The town's name is tied to the Beale family, which operated a tavern there. One of the Beale daughters married a Gordon, and in 1787 the Gordon Inn opened, according to a Richmond Times-Dispatch story published in the 1950s.

The community, built around the Gordon Inn, came to be known as Gordonsville.

Although passenger trains have long since ceased running through Gordonsville, the town of about 1,500 residents is experiencing what some call a renaissance.

John Edwards of Country Garden Antiques says the revitalization is reminiscent of a European town with upscale specialty shops. "We are in the middle of hunt country," he said of one of the town's obvious draws.

About 15 miles east of Charlottesville, Gordonsville is in Orange County. It has its own library and post office on Main Street. For those traveling through Virginia's wine country (Barboursville Vineyards is less than 6 miles away), there is plenty to do besides scare yourself. Visitors can stop in and check out about a dozen locally owned shops and restaurants.

A handful of the stores are geared toward gardeners. They include Country Gardens, which sells English and American garden ornaments and antiques, the Gentle Gardener and Colonial Florist.

There are bed and breakfasts in addition to inns and the well-known Shenandoah Crossing Resort. In addition to Pomme and the Toliver House Restaurant, both offering gourmet fare, there are local favorites such as Mama's Subs & More on Main Street and, on U.S. 15 North, the Inwood Restaurant.

For the fashion-conscious, there's S.H. Merrick LLC Fashion and Interiors, which sells exclusive European designs. Other retail shops include Old Somerset Print Shop & Fine Art Gallery, The Odd Chest antiques and furniture, Homespun's folk art and home decor and Limerick Fibers, which specializes in knitting, weaving and felting products.

Many of the changes coming to Gordonsville stem in large part from the Gupton family, which purchased many of the buildings along downtown Main Street and are trying to restore the former railroad town to its original splendor.

Shop and restaurant owners, who lease space from the Guptons, have signed on to the plan. "We are trying to bring life to a quiet town," said Guillaume Gasparini, who owns the Pomme restaurant with his father and executive chef, Gerard Gasparini.

Members of the Old Dominion Model A Ford Club of Richmond call Gordonsville the perfect place to go for a ride. They head there about four times a year. About a dozen of the groupies traveled through the town last week, stopping for a snack at the downtown Tastee Freez.

Gordonsville's revitalization has been fueled by several economic investments, including a major one by PBM Products, which makes and distributes infant formula and pharmaceutical products. PBM moved its headquarters to Main Street in the 1990s.

In addition, Wal-Mart has built a distribution center nearby.

Garrick Gupton, who has spent the past seven years working alongside his father to update the buildings along Main Street, said his parents fell in love with the area, purchased a home here and decided to spruce up the downtown.

"It was a side project," he said.

But in some cases, the town may literally have to rise from the ashes. Last weekend, apartments above Pomme caught fire, forcing the restaurant to close temporarily. Pomme normally boasts an exclusive French menu for dinner, lunch and Sunday brunch, and attracts diners from Charlottesville, Richmond and beyond. Employees said they hope to reopen soon, certainly within two months.

Gordonsville offers plenty of options for folks who aren't necessarily craving gourmet fare. In addition to the familiar Tastee Freez, visitors can also stop by Mama's Subs & More for homemade chili, meatballs and freshly made subs.

Christa Poehl, who opened Mama's with her husband, Karl Poehl, in January, said all the recipes have been passed down from mothers in the family. "We wanted to open a place and dedicate it to our moms," she said. Pictures of the Poehls' mothers and grandmothers line the walls. "We don't follow recipes, and we don't take any measurements," she said.

As part of Poehl's marketing niche, she offers treats to four-legged friends in addition to those who can order on their own. She calls them puppy cups, filled with vanilla ice cream and doggy biscuits. Buster and Britney, two boxers, couldn't get enough of them last week. "At Mama's," Poehl said, "you get a treat with every meal."

At the Exchange Hotel, the tour will cost adults $6 dollars, but the frights are free. Lynn Compton, vice president and historian at the museum, has been giving tours at the museum for about six years.

She has stories of her own. "One time," she said. "I was giving a tour on the second floor and I heard a loud crash. Later, I went up to the third floor and everything was fine. But the manager had heard the same thing. It was like wood striking wood." And that's not all. She has heard footsteps, too. "But no one is there," she said.

Some claim to have experienced sightings. Compton can't explain it. "There are definitely some unusual things going on," she said.

The East End is the NEW West End

Mon, 21 May 2012 23:05:04 +0000

Carol Hazard
Richmond Times Dispatch
Sunday, August 13, 2006

The East End is the new West End.

With areas immediately west of Richmond built out, developers are looking east.
Expect big changes on U.S. Route 60, or Pocahontas Trail, in New Kent County about halfway between Richmond and Williamsburg.
As many as 1,200 houses could go up along one stretch of road near Interstate 64 at the Bottoms Bridge exit, about 20 miles east of downtown Richmond.
One development -- Patriot's Landing -- is under way. A second -- Rock Creek Villas -- is about to start. And a third -- with 500 estate houses, town houses and/or condominiums -- is proposed.
A nearby development near Dispatch Road and New Kent Highway has been scrubbed -- for now.
"We're proud we are getting quality residential developments," said John Budesky, New Kent County administrator and executive director of the county's economic development authority.
"Our major push now that we have the rooftops is to support commercial growth," he said.
"We are trying to balance growth with New Kent's history and charm."
PATRIOT'S LANDING -- East West Partners, a major developer in the Richmond area, is building Patriot's Landing, with about 600 homes off Route 60.
The development will share four of five lakes with the nearby Five Lakes subdivision.
Six homes are under contract with the first move-in scheduled for October.
Housing will range from four-plex townhouses with a common courtyard in the mid-$200,000s to spacious single-family homes in the $600,000s.
"We think every community needs a diversity of residents," said Clem Carlisle, president of the Richmond division of East West.
East West projects include the communities of Brandermill, Woodlake and River's Bend in Chesterfield County and Cary Place, commercial and residential units at Meadow and Cary streets.
Other developers had looked at the 255-acre parcel of land. But East West was the first to figure out how to make it work.
The developer worked with New Kent County to bring city water and sewer services to the area.
Residents in Patriot's Landing and 15 local people who agreed to the plan will pay 10 cents more per $100 of assessed value in property taxes.
They will pay the extra tax for six to 10 years, depending on how fast it takes to pay off the infrastructure.
The time frame for the development is four years.
The architecture will be classical, such as the arts and crafts style popular in the 1920s and 1930s.
Carlisle called it the new version of the old craftsmanship combined with energy efficiency and low maintenance building materials.
"We want to create a classic village that is timeless," he said. "A classic style feels like it belongs."
Builders are Orleans Homebuilders, Tomac Corp. and Stylecraft Builders.
Patriot's Landing will blend into the naturally rolling topography with an emphasis on the lakes, walking trails and open space, said Frances Powell, a senior vice president with East West.
Amenities include a clubhouse and pool, putting green, playground and volleyball and bocce courts. Association dues will be about $720 a year.
A chunk of land fronting Route 60 has been allocated for commercial use. Powell said she envisions a fitness center, a sandwich or pizza shop, child-care and medical offices.
Rock Creek Villas
A mile or so east of Patriot's Landing is Rock Creek Villas, with 60 units -- mostly four-plexes for people 55 and older. The sign for this 14.5-acre project went up last week.
"Our phone is hot," said Peggy Cunningham, who owns the land with her husband, Billy. Their company is William E. Cunningham Builder-Developer.
"There's big demand for age-restricted communities in New Kent County -- mostly from people who live in the county but don't want to move and give up their doctors, churches and all that."
She's also heard from local people looking for maintenance-free housing for their parents.
The all-brick villas -- 2,400 square feet to 3,100 square feet each -- will sell for $300,000 to $400,000. Assessments are being done now.
"We hope to have the first five units under roof by December," Cunningham said. "My husband said he wants to see Christmas trees in some of the units, but he is the eternal optimist."
Rock Creek will have a clubhouse, walking trails, recreational space and commercial space.
A Mechanicsville restaurant has taken 5,000 square feet. Cunningham declined to name the restaurant but said it was established and independent.
Other big projects in the works for the East End include:
The largest is New Kent Vineyards, originally called the Farms at New Kent, off state Route 106 near I-64 and Talleysville.
The 2,520-acre project will feature vineyards, a winery, golf course, polo grounds -- and 2,500 houses, mostly in the single-family category, ranging from estates to cottages.
Construction is expected to start this fall, with the first houses available by the end of 2007.
An expansion of the Kentlands, which includes the Brickshire development along state Route 155. Plans calls for 194 town houses with starting prices in the low $300,000s.
A shopping center at South Laburnum Avenue in eastern Henrico County at the former Viasystems Technologies Corp. site. The shopping center, nearly as large as Short Pump Town Center in Henrico County, could open as soon as fall 2008.
"Certainly, there's opportunity off Laburnum," said Budesky with New Kent. "We think we will have commercial opportunity for our residents as well."

Urban Pioneers in Old Towne Petersburg V..

Mon, 21 May 2012 23:05:04 +0000

Monday, August 7, 2006

Think of a city with a bistro, yoga studio, a deli with German wheat beer on
tap, a Polish pottery shop, massage therapists and acupuncturists.
Richmond, Seattle, Atlanta? No, this is downtown Petersburg.

"We only lack a grocery store and a pharmacy," said Kimberly Calos, a shop owner
and newcomer to Petersburg. That said, a natural-foods market is supposed to open this fall.
Once the forgotten stepchild of Richmond, Petersburg has attracted an enclave of
artists and entrepreneurs.

These urban pioneers have moved into Old Towne Petersburg in the past couple of
years. They are gutting and restoring vacant buildings, many with original heart pine
floors and granite columns. They are turning first floors into workplaces and upper floors into living
spaces.

Want to see? They put together a tour, "Work Places and Living Spaces." Eight
properties on North Sycamore and West Old streets will be open to the public
Friday through Sunday.

Some projects are complete, or nearly so, such as a bridal shop -- Lavender &
Lace with gowns that sell for as much as $1,800. The owner lives on the third
floor. Most are still visions in the making.

Aimee and Alain Joyaux are turning a three-story cotton warehouse built in 1854
into their home and Antiques & Plunder, a shop with imported items from France.
The couple from Muncie, Ind., found Petersburg on the Internet. "We were looking
for a community with old buildings in a poor town, translation: cheap real
estate, in a fairly warm climate close to an international airport," Aimee said.
They paid $32,000 for their warehouse on North Sycamore Street. "In retrospect, we should have paid less," Alain jokes. "We've owned it for
three years, and we're two years behind in restoration."

The plan is to turn the second floor into their living quarters and the third
floor into an art studio for Aimee. They will tear the roof off the back for an
open-air garden. The first floor is stocked with armoires, a whole shipping
container's worth they brought over from France for the shop.

"We love the building and the potential of the town," said Aimee, a former
college professor who now leads the art department at Appomattox Regional
Governor's School. "There's an enormous amount of hope here."

Hope is what Petersburg is all about. The once-vibrant town has one of the highest teen-pregnancy rates in Virginia.
It's one of the most fiscally distressed cities in the state. The city's school
system is one of the state's worst performing. Its newcomers say they want to help turn the city around.
"It's a sensitive issue," Aimee said. "We're trying to find ways to retain what
is good here."

They prefer not to talk about two shootings in the past two years at a nightclub
in Old Towne Petersburg. And if only someone would do something with three attached buildings in major
disrepair on North Sycamore Street.

They say they like the hometown feel and the energy in Petersburg.
"Everyone is so friendly," said shopkeeper Calos, who organized the tour. "If a
person on the street looks confused, people will ask if they can help."
A city bus stops. The bus driver gets out and greets everyone, strangers
included, on the sidewalk. "See what I mean?" Calos said.

Calos, 47, opened Kimberly Ann's Antiques & Consignment Boutique in November.
She moved here from Hopewell, where she ran a store for 16 years. She was drawn
by the creative energy, she said. With short dark hair and bright blue eyes, Calos -- a bundle of energy herself
-- bears a remarkable resemblance to Betty Boop, the shop's mascot of sorts,
though she tries to distance herself from the cartoon character.

On this midweek day, a truck full of wallboard has arrived at the Joyaux
building on North Sycamore Street. Bobby Lynch is installing a wood floor in what will become an art gallery in a
building adjoined to Longstreet's Deli, which is doing a brisk lunch business.
Lynch, 46, and his wife, Hope, 35, will move here from Carytown, he said.
Workers are busy redoing the Old Dixie restaurant, also on North Sycamore.
Eric Flail, who moved into "a cheesy 1970s office" last fall, is refurbishing
colorful tabletops with old-time advertisements for the restaurant.

A semiconductor engineer for Nikon, Flail, 42, asked his company if he could
transfer here from Portland, Ore. "Where can you get this much space for this
price anywhere in the world?"
He paid $72,500 for his three-story building with floor-to-ceiling front windows
and 5,800 square feet. The building was most recently an optometrist's office. A
bunch of cool, old eyeglasses were left behind.

Flail tore off a cheap facade and turned the cavernous second floor into his
residence. He found leather chairs in good condition for $50 each at a nearby
store and a retro couch in the basement that he hauled up to the second floor.
"There are amazing buildings here waiting for someone to love them," he said.
It's all work in a former jewelry building, circa 1853, owned by Mike and denise
Secondi. Yes, that is denise with a lowercase "d." "It wouldn't be me if it was a big 'D,'" she said.

The building is made with huge timbers, and like the other grand old buildings
on North Sycamore, it has high ceilings. When they bought the structure in December for $50,000, one could hardly walk
through it because there was so much stuff, denise said. She and her husband, a
diesel mechanic, have cleared and gutted the place themselves.
They moved here from Kalamazoo, Mich. The couple met on the Internet and share a
pastime, riding Harley-Davidson motorcycles.

"We wanted to find an area where we could ride more and still have four
seasons," she said. The building will be turned into a spa, massage and yoga studio. It will have a
"wow" factor, denise said. But she isn't saying what that will be.
Artist Parks Duffey, Petersburg's original urban pioneer, discovered the city 12
years ago.

Efforts to revive the city haven't stuck until now, he said. "Petersburg has
really caught on in the last three years."

The city comes alive on Friday for the Arts on the second Friday of every month,
similar to Richmond's First Friday once-a-month gatherings at art galleries,
Duffey said. "All the restaurants are packed. It's jumping down here."
The pending expansion at nearby Fort Lee, with as many as 8,200 military and
civilian personnel converging on the area, is expected to boost revitalization
efforts -- and put pressure on the housing market.

Real estate values have shot up in the past couple of years, Duffey said. But
prices are still cheap, about one-third of what they are in Richmond, he said.
Investors can qualify for federal and state historic tax credits. Plus, they can
get tax abatements for improving property values.
"I feel that this time it will all jell," Duffey said.

Bon Air, Virginia

Mon, 21 May 2012 23:05:04 +0000

Norie Burnet, a patient woman with a stubborn green thumb, strolls along the natural path of her Bon Air backyard. Hairy green moss covers much of Burnet's 4 acres. It creeps around rocks and streams.

It tickles the toes. It soothes the soul. "They call it the cathedral in the woods," Burnet said.

Tucked away in the shade on Montaigne Drive , Burnet's garden has become a local must-see spot in this quaint Chesterfield County community. Eden Woods, as it is known, has been featured in several national and local magazines, making this retired fifth-grade teacher well-known in little Bon Air.

"You have to go see the moss lady," Shirley Hast, who works at Bon Air's Wild Orchid Antiques Inc., said. The story is a humorous one.

"When the moss first started, I tried to get rid of it," Burnet said. "But it kept coming back anyway. I finally gave in." The garden is a little surprise in a rambling residential neighborhood.

A lot of places are like that in Bon Air, where people have come to expect the unexpected. Located just outside the Richmond city limits, Bon Air is a village community that through the years has maintained its historic charm.

Talk about idyllic. Bon Air once had an ice-cream shop named Mayberry. Some call the community Richmond 's original suburb, first established as a summer resort by a group of Richmonders associated with Southern Railway. Nowadays, purple Victorian houses and rainbow-colored goats have replaced the creamy Mayberry sherbet.

"Bon Air is a state of mind," said Joan Girone, a local Realtor who once represented the Midlothian District, which includes Bon Air, on the Chesterfield Board of Supervisors. "People say where does it begin and where does it end. People really don't know the boundaries."

Bon Air has some of the most magnificent homes around, Girone said. Plenty of spots, including the Hazen Memorial Library, which dates to 1902, have become tourist spots. Girone said it would be wonderful if residents could one day display local artifacts in the now closed library that was built as a tribute to the Rev. James K. Hazen, pastor of Bon Air Presbyterian Church for 17 years until his death in 1902.

These days, it sits quiet.

People who call Bon Air home are amazed by the architecture that surrounds them.

"I still get nostalgic when I see those Victorian homes," said Martha Fraher, who has lived in Bon Air since 1960. "This community has grown by leaps and bounds, but it still has that village feel. We still use Bon Air as our address."

They used to say the air was better in Bon Air. In French, Bon Air means "good air." Now, the locals say just about everything is better here. The moss is greener, the homes prettier and the goats, just lovely.

Thanks to St. Michael's Episcopal Church, fiberglass goats abound in Bon Air. One, named Goatguin, stands beautifully painted on the roof of Judge Fred and Lisa Rockwell's Buford Road home. Saks Fifth Avenue at Stony Point Fashion Park donated the goats to the church last year.

It's one of the little things that make Bon Air such a friendly, funny little place.

Some of the other quirky but beautiful attributes include the old post office and the Old Bon Air Hotel, which has been converted into apartments. But not everything in Bon Air is rooted in history. Some places, such as The Butcher at Bon Air are of a more recent vintage. It opened in May.

Peter Woods, the head butcher, began his career working for his grandfather as a "lard boy" at Paoli Farmer's Market in Pennsylvania . He would cut the fat off meat. "It's a dying art," he said.

There's a seafood store in the center and a consignment shop. Make sure to look in the dresser drawers at the shop, where you will find everything from pendants to postcards to silverware.

Across the street, there's Buford Road Shopping Center , home to the Buford Road Pharmacy, which sells everything from lift La-Z-Boy chairs to posh pet essentials to Caldwell & Massey hand cream. "We don't carry food," said pharmacist David Williams. "Other than that, we sell a little bit of everything."

Visitors to the pharmacy should also pay a visit to the Wild Orchid at one end of the shopping center. It's home to plenty of neat finds and sparkly chandeliers at reasonable prices.

Locals swear by Joe's Inn , the neighborhood good-eats spot, which caters to the business crowd by day and f ami lies at night. Joe's, a spinoff of the original Joe's Inn in the Fan District, has a killer spinach-salad lunch special served with chicken and almonds. But for the most part, this restaurant, for the few who haven't been, delivers great big portions and lots of yummy carbs. Many call Joe's Inn the local Bon Air watering hole.

If that's the case, Bocky Talbott, 49, said Bon Air Dance + Pilates Studio "is like the town well where you meet." It's also the place where you can go work off what you ate at Joe's.

Talbott, one of a handful of women who hurried into the studio for a pilates class recently, is one of several groupies who swear by the Buford Road studio with the big Bikini Boot Camp sign out front.

They come for the camaraderie and for the promise that one day they might look like Robin Friedersdorf, studio owner. Friedersdorf proudly lifts up her shirt and points to her abs as proof that pilates works. "Just because you are in your 40s and have four children, you don't have to be slouchy-looking," she said. Many who take classes at the studio send their children and grandchildren there, too. According to Dolly Carroll, the place where dozens of little girls from Bon Air learned to plié and rond de jambe used to be a firehouse.

Carroll, 61, knows a lot about Bon Air. She's lived in the village since 1969. "It's grown up into just a lot of little neighborhoods," she said. "But it never changes."

Can Reverse Mortgages Solve LTC Challeng..

Mon, 21 May 2012 23:05:04 +0000

Tom Kelly
Inman News Wednesday, July 26, 2006

Should reverse mortgages become an official option for helping to solve a state's long-term-care challenges?

Some states have already begun the research. For example, Washington state's Long-Term Care Task Force is hosting a series of community meetings aimed at exploring new funding solutions to the escalating health-care issue created by the rapidly accelerating growth of the state's senior population.

Dr. Barbara Stucki, a Bend , Ore. , researcher and consultant who recently completed a study on reverse mortgages for the National Council on the Aging, told the task force that one potential approach could be to create a system that more effectively manages long-term-care funding for community-based options. One component of the model would be for the state to offer incentives to encourage greater use of reverse mortgages among impaired elders.

Stucki, former senior policy analyst for the American Council of Life Insurance and AARP employee, is the project manager and lead author of National Blueprint for Increasing the Use of Reverse Mortgages for Long-Term Care.

"I think one of the main benefits of reverse mortgages is that it offers a concept of resilience," Stucki told the task force. "If a person is living on a tightrope with only a small safety net underneath, then maybe the reverse mortgage makes the tightrope a bridge to something better."

These incentives could be targeted to seniors who are at greater risk for needing Medicaid and could include:

Paying for some or all of the up-front loan costs, and/or servicing fees;
Bundling reverse mortgages with social services such as care assessment to help borrowers use their funds effectively for aging in place -- that is, at home;
Making it easier for reverse mortgage borrowers to participate in established community-based programs;
Providing back-end protection to impoverishment through a program modeled on an existing long-term-care partnership program.

Stucki said incentives could be linked to the federally insured Home Equity Conversion Mortgage, which makes up approximately 90 percent of all reverse mortgages in the United States . Or, incentives could be incorporated into a state-designed and -run reverse mortgage program for long-term care. These efforts could open new possibilities for a more coordinated approach that can reduce the risk of institutionalization, compliment Medicaid, and enhance quality of life for older adults around the country, Stucki said.

"Everyone has a stake in the future of long-term care, and we want everyone to have a voice in designing that future," said Dawn Morrell, task force chair. According to Morrell, the number of senior citizens in Washington will double over the next 20 years, and this will create major challenges in funding high-quality, long-term care.

"We've been very fortunate that our state is a national leader in having high-quality home care programs and healthy seniors, and this has helped to keep costs down," said Morrell. "But with the rapid growth in the number of senior citizens and people with disabilities, designing a future system involves challenges that we need to plan for now."

Minnesota is the only state now offering a reduction in fees if a reverse mortgage is used to implement a specific long-term-care plan.

Reverse mortgage borrowers make no monthly payments on their mortgage during its term. The loan comes due when the borrower permanently moves out of his or her home. Programs vary, yet the more popular plans offer both an initial lump sum for immediate needs and a line of credit that borrowers can access at any time.

Seniors can "outlive" the value of their home without being forced to move. The homeowner cannot be displaced and forced to sell the home to pay off the mortgage, even if the principal balance grows to exceed the value of the property. If the value of the house exceeds what is owed at the time of the homeowner's death, the rest goes to the estate.

To qualify, consumers must be at least 62 years of age and own their own home. The home does not have to be paid off entirely, but the greater the equity, the greater the reverse loan amount. Age, location and loan type also factor in the reverse mortgage amount.

Opponents of reverse mortgages argue that the loans deplete a homeowner's estate and their children's inheritance. Proponents say the children would most likely have pay for their parents' care from the proceeds of the home sale. And, by allowing the parents to stay in the home, some of the fees and spent home equity could be recovered by home appreciation.

Sellers Hit Roadblocks in Buyers Market

Mon, 21 May 2012 23:05:04 +0000

If your house or condo is listed for sale with a successful realty agent in your vicinity, there are five key reasons your home might not sell although nearby comparable residences are selling:

1. THE ASKING PRICE IS TOO HIGH . By far, this is the top reason a home doesn't sell. Although you might be just testing the market, prospective home buyers are very smart and they know an overpriced listing when they see it. Worse, their buyer's agents won't even bother showing homes with asking prices above recent sales prices of comparable nearby homes.

For this reason, if you want to get your home sold during this peak sales season, it is vital for your listing agent to keep you informed on a weekly basis of recent comparable home sales prices. Perhaps it's time for an asking price reduction.

To illustrate, I was recently in Minneapolis. On my drives around the city and its suburbs, I was amazed at the considerable number of "price reduced" hangers on home-for-sale signs. That shows motivated home sellers (and their listing agents) are becoming more realistic.

2. THE LISTING AGENT DOESN'T MAKE THE HOME EASY TO SHOW . Well over 50 percent of home sales involve a listing agent and a buyer's agent. If the listing agent makes it difficult to show a home, such as requiring the listing agent be present for all showings, this discourages buyer's agents.

Unless there is a security reason, listed homes should always have a multiple listing service (MLS) lockbox key easily available for buyers' agent showings on short notice. As an investor, I've often bought a house with for sale signs I saw on the way to inspect another house. Lock boxes are especially important for buyer's agents with out-of-town transferees who have a short time available to inspect homes for purchase.

A related problem can be the listing agent wants to "double end" the home sale by getting both the listing portion and the selling portion of the sales commission.

Although rare, some listing agents refuse to put their listings into the local MLS, thus preventing showings by buyer's agents. Or they might not put their listings on the Internet at http://www.realtor.com/ and other Web sites where 70 percent of today's home buyers start their searches before contacting a local realty agent.

3. CONDITION OF THE HOME . Most home buyers want to purchase a residence in near "model home" condition where all they have to do is turn the key in the front door and move in. However, if the residence requires considerable work, that turns off all but the most die-hard bargain hunting home buyers.

Fixer-upper homes appeal to a very limited market of home buyers. Sometimes known as "bottom fishers," they will purchase such homes only at bargain prices, well below what can be obtained with modest fix-up work such as painting (the most profitable improvement of all), repairing, and cleaning.

Word quickly spreads among local real estate agents when a home "doesn't show well." Buyers' agents will only show that residence to their bargain hunters, usually investors, who want to purchase far below market value.

4. "AS IS" HOME SALE CAN BE A RED FLAG TURN-OFF . Closely related to homes that don't show well are those listed for sale in "as is" condition. The term "as is" means the seller offers the residence in its current condition and will not pay for any repairs. However, the seller must still disclose in writing to buyers all known defects, such as a leaky roof or a bad foundation.

Personally, I've bought many "as is" houses at bargain prices. But I always include in my purchase offer a contingency clause for my professional inspection approval. If I don't approve the written report of my inspector, then I can cancel the purchase and get my good faith deposit refunded.

Whenever possible, home sellers should not offer their homes for sale "as is" because it is like waving a red flag in the buyer's face. A better alternative is for the seller to obtain a professional inspection report and have the recommended repairs made before listing the home for sale.

Of course, when a home needs a major repair that the seller either can't afford or doesn't want to make, then an "as is" sale at a reduced price is advisable.

5. INEFFECTIVE MARKETING METHODS . In today's home "buyer's market" in most communities, listing agents and do-it-yourself "for sale by owner" home sellers must use every marketing resource available. Most effective is the for sale sign on the front lawn. A close second is weekly newspaper advertising, especially for a weekend open house. In third place is Internet advertising, especially at http://www.realtor.com/ and other Web sites.

In addition, listing agents have the local MLS and their special networking among agents who represent prospective buyers for the type of house or condo listed for sale. The local Association of Realtors is an especially effective resource to spread the word about a desirable home listed for sale. A key part of this sales technique is the "broker's tour" where only local agents are allowed to inspect a home for possible later showing to their buyers.

The best listing agents also use additional marketing methods, especially for their more expensive listings, such as color brochures and postcards mailed to nearby homeowners who may have friends who want to move to the area. Very expensive homes warrant the listing agent spending "big bucks" advertising residences in real estate magazine ads and offering Internet virtual tours.

CONCLUSION : Selling houses and condos in the current buyer's market requires hard work by successful listing agents. If your home has been listed for sale with a successful realty agent over 45 days and without any purchase offers, it's time to discuss the five key reasons some homes don't sell with the listing agent and make adjustments to get your home sold.

Friday June 16, 2006
Robert J. Bruss for Inman News

Home Appraisals Worthwhile in Tight Mark..

Mon, 21 May 2012 23:05:04 +0000

It is no secret that the housing market is in a state of flux. Houses are staying on the market longer, mortgage interest rates are rising, and house prices are falling in some areas. It is now more important than ever for Realtors to help sellers to understand what their house is worth in this fluctuating market. The American Society of Appraisers (ASA) recommends that sellers fully understand the appraisal process and how it can help them make decisions about the home.

“Many home buyers and home sellers don’t know much about what goes into an appraisal or how a value opinion is developed,” says ASA real estate property appraiser Mike Evans, a Fellow of the American Society of Appraisers. “Homeowners don’t know that the appraisal report can be helpful to them in the future.”

ASA offers advice to homeowners to educate them about what is in an appraisal report, why everyone should request a copy, and how it can help in the future.

Know what types of information the appraisal report includes. The report includes details about the house, side-by-side comparisons of similar properties, an evaluation of the real estate market in the area, notations of major problems with the property that will affect its value, an estimate of the expected time it will take to sell the property, description of the area, and the neighborhood, etc. Reading the appraisal report will teach homebuyers important things about their property and how it fits into the market.

Learn how an appraisal report is developed. Appraisals are opinions of value. Residential real estate appraisals use a Comparison Method, which compares your home to similar homes that have sold to come up with an opinion of value. A residential appraisal gives summarized and concise information about your house and is not the same as a home inspection.

Request a copy of the appraisal. When you bought your house, you paid for an appraisal. If you didn’t request a copy of the appraisal at the time, go back and request it from your lender now. It is your right under federal law to obtain a copy of the appraisal report. Make sure you get one from your lender.

Before you think about selling, review the appraisal report that was created when you bought your house. Look for things in the appraisal report that had a negative adjustment. You may want to look at updating or remodeling those areas. Examples of areas that might have caused a negative adjustment are: having less than the typical number of baths for houses of a similar size; kitchens and baths that are outdated; or a one-car garage or no garage in a neighborhood of two- and three-car garages.

Get your house appraised before you put it on the market. In a market that is fluctuating quickly, you may want to get an appraisal before you put your house on the market. That will help you price it and help ensure that the house will appraise for your asking price. Many sellers are shocked when their house appraises below the asking price and, either their deal falls through, or they have to reduce their asking price.

ASA reminds consumers to hire a qualified and professionally certified appraiser. For information about the real estate appraisal process, or to find an accredited appraiser near you, log on to http://www.appraisers.org/ or call 1-800-ASA-VALU.

Author: Beth Bresnahan
RISMEDIA, July 11, 2006

Is Selling For-Sale-By-Owner Worth the R..

Mon, 21 May 2012 23:05:04 +0000

Most homeowners who attempt to sell without using a real estate agent do so in order to save the commission. In other words, the impetus to sell without an agent is to net more money from the sale. The irony is that the median price of for-sale-by-owner (FSBO) homes in 2004 was 15.4 percent less than the median price for home sales where an agent was involved.

One risk of selling without an agent is that you sell too low. FSBOs tend to attract buyers who are looking for a bargain. Like FSBO sellers, FSBO buyers want to save money by paying less. The FSBO seller hopes to save the cost of the commission; so does the buyer. Unless the asking price is clearly below market value, a FSBO buyer is likely to think he can negotiate an even lower price because there are no agents that need to be paid.

Another factor contributing to the lower sale price of FSBO properties is that many sell before they even hit the market. The National Association of Realtors (NAR) reported that approximately 17 percent of FSBO sellers sold to a relative, friend or neighbor. Nine percent sold to a buyer who contacted the seller directly.

Maximum exposure is the way to ensure that you sell for the best possible price. Multiple offers and higher sale prices are the result of exposing the property to multiple buyers, not simply to a friend or neighbor.

A big problem for FSBO sellers is determining what price to ask. If you don't know how much to ask, it's understandable that you might inadvertently leave money on the table by selling too low to the first buyer who expresses serious interest.

HOME SELLER TIP: You may be able to find out what price you should ask by interviewing potential listing agents. However, if you don't expose the property, you'll never know if you could have sold for more on the open market.

There are certainly reasons why you might choose not to openly market a property, even though it means accepting less money at closing. One couple sold to a neighbor in a direct sale that netted them approximately $200,000 less that they could have received on the open market. But, health and timing considerations made this an acceptable deal.

Most sellers, however, won't want to give up a significant profit just to avoid having to pay an agent. In fact, according to the NAR, the number of sellers choosing to sell without an agent has decreased in recent years from 18 percent in 1997 to 14 percent in 2004.

FSBO sellers take on other risks. The cost of a commission could be minimal compared to the risk a seller might take for failing to fulfill disclosure and compliance obligations. Disclosure requirements vary from state to state. If you do decide to sell without using an agent, be sure to hire a knowledgeable real estate attorney to help you abide by mandatory disclosure requirements.

Another risk of selling without an agent is that many direct sale transactions never close. Some deals fall apart because the buyers aren't properly qualified for financing before they enter into a purchase contract. A good real estate agent will make sure that you don't accept an offer from a buyer who isn't qualified. Prequalification and preapproval can be accomplished quickly if you know who to call for assistance and when it's appropriate to do so.

Another reason why many FSBO deals collapse is that there's no one with experience working to move the transaction along and resolve problems when they arise. This often involves negotiations.

THE CLOSING: It can be difficult for sellers to negotiate face-to-face with a buyer.

Monday, June 05, 2006
By Dian Hymer for Inman News

Boomer Survey Shows Big Appetite for Rea..

Mon, 21 May 2012 23:05:04 +0000

Baby Boomers have a higher rate of homeownership than the national average and one out of four own more than one property, according to a new study of the largest generation in U.S. history commissioned by the National Association of Realtors®. Initial results were released at NAR’s Midyear Legislative Meetings & Trade Expo last week.

The comprehensive study of nearly 2,000 Americans born between 1946 and 1964, conducted for NAR by Harris Interactive®, also shows boomers are optimistic about the future, but many are not adequately prepared for retirement.

David Lereah, NAR’s chief economist, said marketing to this generation has been and can be a challenge. “As a group, boomers are in their peak earning years and continue to wield great influence in the U.S. economy, but they are not homogeneous – there are significant variances in needs, behavior, attitudes and resources,” he said. “On one hand is an almost insatiable desire for real estate, with some owning multiple properties, and on the other, many have not adequately planned for retirement. What should not be overlooked are the discretionary spending interests of this generation, and their appreciation of housing as a great investment.”

Nearly eight in 10 Boomers own their own homes and almost nine out of 10 have owned at some point in their lives; 96 percent believe owning a home is a good financial investment – evidenced by their actions. According to the U.S. Census Bureau, the overall rate of home ownership is 69 percent.

For the portion of Baby Boomers who have never owned a home, 85 percent cited financial reasons but 38 percent simply didn’t want the responsibility of homeownership.

One-quarter of respondents own one or more other kinds of real estate in addition to a primary residence: 13 percent own land, 8 percent own rental property, 7 percent a vacation home or seasonally occupied property, 2 percent commercial real estate and 3 percent some other kind of real estate.

In addition to a higher rate of homeownership, analysis by NAR shows Baby Boomers are proportionately more active in the second home market, owning 57 percent of all vacation/seasonal homes and 58 percent of rental property.

For the segment of Boomers who own rental investment property, 34 percent own multiple properties: 14 percent own two rentals, 5 percent own three and a small number own four properties; however, 14 percent own five or more rental units.

Of the portion who own vacation homes or seasonally occupied property, 13 percent said they own two or more vacation or seasonal homes.

Four out of 10 respondents who own a vacation home or seasonal property intend to eventually make that property a primary residence. Historically, other NAR survey data shows only one in five vacation-home buyers had such intentions when they first purchased the property.

Lereah said this has emerged as an investment strategy. “Some Boomers will take advantage of generous capital gains exclusions from their taxes when they sell their primary residence, and then place themselves in the position of being able to convert a vacation home into their new primary residence which would later become eligible for the same tax treatment,” he said.

“Then, if their needs change in the future, they’ll be able to take the capital gains tax break after they have lived in that home as their primary residence for two out the five previous years. It becomes a great way to build and protect a nest egg.”

For the portion of respondents who own land, the median holding was 5 acres. Half of those with commercial property had an ownership interest in only one property and 29 percent have two holdings.

NAR President Thomas M. Stevens from Vienna, Va., said the survey shows one-quarter of all Boomers are not satisfied with their present homes. “That means a good portion of Baby Boomers may be considering a move, so it’s important for the industry to understand their preferences and needs,” said Stevens, senior vice president of NRT Inc.

Ten percent of all boomers said they are likely to buy additional real estate in the next 12 months; two-thirds of those respondents said they were considering a primary residence but 26 percent were interested in land, 19 percent rental property, 15 percent a vacation or seasonal home and 14 commercial property.

Eight out of 10 Boomers used a real estate agent the last time they sold a home. The things they value most in a real estate agent when they buy a home are representation of interests and coordinating with other parties in the process; explaining all contracts, forms and agreements; and management of the closing process from start to finish.

In selling a home, they also want agents to establish the right asking price, show the home and negotiate all offers received on their behalf.

“This tells us the Internet is great for information, but Baby Boomers want real estate agents to provide services, whether they’re buying or selling,” Stevens said.

Typical Boomers have lived in their present home for a median of nine years, and plan to stay there for another five years. Two-thirds think it’s important to pay off a mortgage quickly, but at the same time 58 percent are comfortable in purchasing with a small downpayment.

In deciding whether to buy a primary residence in the future, nearly half of the respondents that were considering a purchase said having sufficient wealth or favorable mortgage financing were factors.

In terms of their current financial condition, 43 percent say they are financially comfortable but 37 percent say they have just enough to make ends meet. Only 4 percent said they were well-off, and 17 percent said they are having financial difficulty. “That clouds the retirement options for many Baby Boomers,” Stevens said.

Nearly two-thirds say it costs too much today to truly retire and never work again, and four out of ten expect they will pay for at least some college expenses for children or grandchildren; 38 percent said current financial needs mean they give little attention to financial planning for retirement.

“Many Baby Boomers are simply too busy to give much thought to planning for retirement, but they really need to develop strategies now,” Stevens said. “Many just see themselves ‘going’ for as long as they can.”

Only 14 percent expect to receive a sizeable inheritance that will be a critical help during retirement. Half of all Boomers believe it is important to diversify savings for retirement into different types of investments.

In describing how they would like to retire, many Boomers might be described as “dreamers.” One in ten said they already are retired but only 26 percent said they would never want to work for pay again. A third see themselves as going back and forth between periods of work and leisure, 17 percent would work part time, 11 percent would start a business and 7 percent would work full time. Even so, 59 percent said it was not likely that they’d work beyond the time they become eligible for full Social Security benefits. The average respondent expects to stop working at age 65.

Three out of five say their idea of the perfect location to retire is in a rural area or small town, with only 12 percent saying an urban or city setting, and nearly half would consider living in an age-restricted community; 38 percent want to be close to family.

If money were no object, access to quality health care is important to more Boomers than being on a golf course (38 percent vs. 4 percent). Ideally, they would like to live in a rural area with access to quality health care. “One question is how many areas actually offer those kinds of amenities in that kind of environment,” Stevens said.

Half said they have a 401(k) or similar retirement plan, 39 percent a pension, 39 percent an IRA or Roth IRA, 11 percent a SEP (Simplified Employee Pension Plan), and 6 percent have investments in a REIT (real estate investment trust).

Most, 83 percent, do not plan to withdraw funds from an eligible retirement account starting at age 59½. For those who are very likely to withdraw, 75 percent said they’d use the funds for personal living expenses, and 51 percent said they’d travel; 39 percent would consider investment in some form of real estate.

RISMEDIA May 23, 2006

Land Prices Soaring in Virginia

Mon, 21 May 2012 23:05:04 +0000

BY DEBORAH RIDER ALLEN
SPECIAL CORRESPONDENT Richmond Times Dispatch
Sunday, April 2, 2006

Earl Parker bought 110 acres in Cumberland County and paid $478 an acre. The
year was 1979. That same land would sell today for about $2,410 an acre, according
to the 2005 Virginia Landbase Report by Commonwealth Commercial Partners Inc.
in Richmond.

"I used [land purchases] as my investment and retirement plan, and it has worked
out well," said Parker, who retired from banking and insurance.
"With stocks and bonds, you can't go and kick the dirt," he said.
The land report tracks land sales of more than 100 acres in 27 Virginia
counties.

In 2004, sales were $157. 3 million. In 2005, they were $220.2 million.

Location, location, location

Bill Barnett, author of the report, recalls that rural land sold in the
mid-1970s for less than $200 an acre in Nottoway, Halifax and King William
counties. In areas closer to Richmond, it sold for $350 an acre -- "and it did not
make a difference where it was," said Barnett, senior vice president and partner of
Commonwealth Commercial Partners. "Now, in many cases, it is hard to find an acre
for under $1,000 or even $2,000."

Much of the dramatic increase in value has occurred over the past five years, he
said. Keep in mind that the average price per acre, which can be skewed by a few high
or low sales, is only an index and not the way to figure the value of any single
piece of property, Barnett said. Still, his annual report shows an unprecedented jump in
prices per acre over the past few years.

It also shows the number of sales rose to 258 in 2005 from 247 in 2004,
resulting in an even higher gross dollar volume. For Jon Black, a farmer in Charles City
County, buying land to farm is a way of life.

"I do not buy land necessarily to sell it. We really bought it as a long-term
investment," said Black, who along with his father and brother own about 900
acres in Charles City. They grow corn, soybeans, wheat and cotton.
He took advantage of recent price escalations.

"I paid about $800 an acre for the first farm I bought in 1985. I sold it a year
ago for about $7,000 an acre," Black said. He maintained use of the land by
renting hunting and farming rights from the new owner.

Black's land has been profitable even when he didn't sell it -- or use it.
"The first piece of land I bought, I had several options [from other people] to
buy it. It was odd because I had that land for 15 years and about every three
years, someone would come by and offer me an option for two years.
"I had 135 acres and sold seven to the county for the road right of way. The
rest was option money and it paid for the land. So I had 125 acres left that
were paid for," said Black.

Some farmers will never sell, he said. But he will sell to buy a better parcel.
"I look at real estate as an investment and if I can find the right piece of
property, I would buy it in a heartbeat."

"It is a long, slow process but 15 to 20 years down the road, that land has made
all the payments," particularly if the land is farmed, leased or harvested for
timber. Plus, it can be sold at a tidy profit, Black said.

Parker, the Cumberland landowner, also purchased 50 acres in Powhatan County in
1974, 50 acres in King and Queen County in 1986 and another 94 acres in King and
Queen in 2000. With the exception of 25 acres in King and Queen that was cleared
and rented for farming, the rest of his property is managed for timber. Forestry experts
helped him analyze his timber and replant for the future.

Rural land purchases can mean even bigger money if there is timber on the
property. "I have sold and managed my properties for timber production so I have gotten
some income that helped pay for them," said Parker.

Land purchased for the intention of timber harvesting represented the largest
percentage, 38 percent, of all the rural land sold in 2005, according to the
Virginia Landbase Report.

Investment was the intended use for 31 percent of the 2005 rural land sales;
development was 18 percent and farming 9 percent. The remaining 4 percent was for
estate, homestead, recreation, riverfront and other unspecified uses.

The rural hot spots around Richmond are Powhatan, New Kent and Caroline
counties, which will see the biggest changes in the near future from agriculture
to development, Barnett said.

"You can sum it up into roads, water and sewer," he said. "As the values rise in an area
that now has road access and water and sewer, then that spills over into rural property.
It has a ripple effect."

Barnett said no one is predicting a bubble. But the growth rate is expected to
slow. "I do not think any market can maintain that rate of growth of value. That does
not mean it is not going to continue to grow, but not at the rate we saw in the
last couple of years." That said, land is always a solid investment, he said. It holds its value,
even in a down economy. "If we get into difficult economic times, the land base typically goes flat.
So it does not go up, but it does not go down."

Parker, who enjoys the wildlife and hunting on his properties, put walking
trails and four-wheel drive access on his land. "I was always sitting at a desk and yearning to be
out on the farm. With these [properties] I go and spend time and feel good about walking
around on the land."

Anti-bedroom community

Mon, 21 May 2012 23:05:04 +0000

BY KATHRYN ORTH
TIMES-DISPATCH STAFF WRITER
Sunday, April 9, 2006

Don't call Amelia County a bedroom community, even though it's the next
county out from the Richmond suburbs and is poised for substantial growth.
County Administrator Philip Vannoorbeeck instead envisions a community where
residents work close to their homes, rather than driving into Richmond. He sees
children who walk to school, houses that are affordable for young families and
retirees, and plenty of green space.

"We are the anti-bedroom community," Vannoorbeeck said. "We want to be a
full-service-type community, focused on a central core, with rural areas
preserved.

"Wouldn't it be cool if somebody living in a new development on Dunn Street
could walk up the street, check out a book, pay their taxes, take a crafts
class, then stop at the gym on the way home?"

There are more than 2,300 housing units in some stage of planning in Amelia
County, whose current population is just over 12,000.

What county officials don't want is runaway growth. They feared that there would
be subdivisions full of expensive homes, but without sufficient county services,
so last summer the county put into effect a zoning plan that divides the county
into rings of permitted housing density.

In the agricultural areas composing the largest part of the county, developments
must be planned to average 10 acres of land per house. Closer to the county
seat, the density rises to one house per 5 acres, then one house per 3 acres. In
the village area, lots are much smaller. Development along the Appomattox River
is buffered.

The zoning requirements are tough, Vannoorbeeck acknowledges.
"We have taken draconian measures out in the county - only one house per 10
acres. We have turned down a proposed development . . . and they were
half-million-dollar houses, because we couldn't provide emergency services to
them," he said.

Officials want the county to grow from the village area out. Board of Supervisors Chairman
Frank Harris may not be as enthusiastic as Vannoorbeeck about the growth that both see
coming, but he is convinced of the need to keep it under control. "You've got to plan for growth.
You can't stop it. You can manage it, though," Harris said.

He spent years involved with the development of the zoning plan. "I'm not sure
that our residents fully understand that we are growing," he said. "Amelia is
one of the fastest growing counties in [Southside Electric Cooperative's]
service area." He is public relations manager for Southside Electric.
Some of the growth already has come from people moving out from the city or the
denser suburbs of Richmond, he said.

"You have folk moving in . . . to get away from the very type of growth that is
getting ready to occur right next to them," in Amelia, he said.
In spite of the county's restrictive zoning laws, developers have proposed
thousands of homes.

Developments proposed or approved include 70 lots in Redfield South, just off
U.S. 360 not far from the Chesterfield County line; a 311-unit subdivision near
the Virginia Veterans' Cemetery on state Route 681; a 150-unit subdivision near
the golf course on U.S. 360; a blend of 1,598 single- and multi-family units on
state Route 38 near Scotts Fork, and a number of smaller subdivisions.
"We figure about 2.38 souls per household times 2,350 lots, proposed or platted.
That means an additional 5,593 souls who will call Amelia home," Vannoorbeeck
said. The increase in population could translate to an increase of about 50
percent in school population as well, he said. There are about 1,750 children in
the county schools now.

Vannoorbeeck's vision includes houses growing up around elementary schools.
"Let's site schools. Maybe a school is the centerpiece of a subdivision. Maybe a
child could actually walk to school," he said.

Patrizia Humphrey, Amelia's assistant school superintendent, said the system has
hired a consulting firm to advise it. Enrollment is going slowly but steadily
up, she said, and the system expects to enroll the equivalent of a third of a
child for every home built. "We are not at the recommendation stage yet, but we are
studying what to do and where to put schools," she said.

Board of Supervisors member Elsworth Bennett strongly supports the zoning
ordinance and worries that too much growth will change the character of the
county and overwhelm the schools, the fire and police departments and county
utilities.

"We have many, many, many, many people coming out of Chesterfield. We as a
county can't stop the growth coming from Richmond, and even from New York and
New Jersey," he said. "Amelia is going to be swamped with houses."

One reason that people will want to live in Amelia is the county's real estate
tax rate of 52 cents per $100, less than half of Chesterfield's. Because of
reassessments, Amelia's rate may even drop by a dime or more, Bennett said.
Bennett estimated that the county's sewer system, limited to the area around the
village of Amelia, is operating at about 35 percent of capacity now. The
development near the Veterans Cemetery would take the system to more than 75
percent capacity, he said.

There is talk of having to build an additional wastewater treatment plant.
Bennett said he instead favors requiring developers to install sewage treatment
plants, which can cost several million dollars.

The Board of Supervisors is trying to make its brand of development attractive
by offering tax credits for conservation easements and by allowing developers a
few extra lots if large acreage is put into permanent easement for forest or
agricultural areas.

Unemployment is low in the county, but county planners are trying to attract
small factories and businesses, so that residents can work near home,
Vannoorbeeck said.

"We're trying every tool we can think of to create a full-service county,
instead of a bunch of folks who get up when it's dark, go to work out of the
county and come home when it's dark. We want people to grocery shop and to eat
in Amelia," Vannoorbeeck said.

"I think we can create a planned city. We'll have a concentration of people here
bigger than anything between Richmond and Lynchburg," he said. "I think our
experiment's going to work."

Boomers Housing Preferences

Mon, 21 May 2012 23:05:04 +0000

Builders Developers Delve Into Boomers Housing Preferences

Author: Beth Bresnahan

Publishing date: 01/13/06

RISMEDIA, Jan.16 — (KRT) — While Tom Tolleson's three sons were growing up, his Buckhead ranch-style house in Atlanta provided the perfect environment for their adolescent pursuits.

But with his last son now in college, Tolleson, 55, and his wife, Lynn, have decided it's time for a change.

The Tollesons sold their Blackland Road home last year and bought a condo in Novare Properties' upscale Gallery project now under construction at Peachtree and Rumson roads. They also are building a vacation home in Ellijay.

"I want to make my life manageable," Tolleson said. "I want to finish my life well. I want to concentrate my time on the things that are really important."

All over America , baby boomers like Tolleson are parking the minivan, junking the lawn mower and racking up unprecedented sales in resort-style subdivisions, luxury condominiums and mountain or beach vacation retreats.

In Orlando this week, builders and developers from throughout the nation converged to talk about what these estimated 76 million boomers want, how much they're willing to spend on it and how they can mold the country's housing market to capture a share of the trillions of dollars boomers now command through inheritance, equity and career earnings.

Market analyst Tim Sullivan of San Diego charts boomer trends for developers. Sullivan said baby boomers' buying habits are more difficult to pigeonhole than other demographic groups.

"They're buying everything and they're buying it everywhere," Sullivan said. "This buyer has now transcended the traditional buyer profile."

Of more than 1 million U.S. home sales anticipated in 2006, Sullivan estimated more than 300,000 will be to baby boomers.

Back in Atlanta , David Tufts, president of Coldwell Banker's The Condo Store, is working with scores of downsizing boomers in Atlanta . They may be shrinking their space, Tufts said, but they are not lowering their standards.

"My parents were not spenders. They were savers," Tufts said. "The inherited wealth that's coming is huge because of the savings of the generation before, and these baby boomers will spend it."

The first wave of baby boomers is beginning to retire. But compared to their parents, the so-called Greatest Generation, boomers as a group are more mobile, less frugal and healthier.

Michael Kephart, a Denver architect who designs communities nationwide for over-50 buyers, told journalists in Orlando that boomers are attracted to spaces that are open, informal and imaginative.

"They don't have to show anybody anything. They don't have to impress anybody," Kephart said.

Retirement for the boomers may involve rocking chairs but only after two sets of tennis, 18 holes of golf or a vigorous day hike. For many, it will be a time to realize dreams deferred in the interest of f ami ly responsibilities or an opportunity to devote pent-up energy to dormant passions neglected during their prime earning years.

"They're not retiring," Tufts said. "They're moving on."

Some boomers, like Tolleson, are dividing their resources between a chic smaller primary residence and a vacation home. Builders and developers have come to refer to these homeowners as "splitters."

But others are looking for a package deal. These home buyers are scouting the housing market not only for homes built to accommodate them as they age, but communities packaged with a wide-ranging buffet of built-in recreational activities and home maintenance services.

Casey Hill, president of the Georgia division of Pulte Homes' Del Webb brand, which specializes in housing for adults over 50, said marketing to the aging boomers entails a far different set of amenities than earlier senior markets.

"They're no longer playing shuffleboard," Hill said. "They're skydiving."

Del Webb is one of the nation's two largest and most experienced builders of so-called active adult communities. Its Village at Deaton Creek broke ground in Hall County near Gainesville last fall.

Levitt and Sons, another active adult community builder, is hard at work on Seasons at Laurel Canyon near Canton . Levitt's regional president, Dan Grosswald, says sales have been brisk.

" Atlanta is one of the fastest-growing baby boomer markets in the country," Grossman said.

Both companies are clearly committed to aggressive growth strategies in Georgia for active adult living. In addition to what Hill said was an Atlanta market with more than 500,000 qualified active adult households, the area was attracting buyers from other locations.

"We're seeing a lot of interest from outside Atlanta as well as inside," Hill said. "Our goal is to make Georgia the new Florida in terms of active adult 1/8development3/8."
Southern flight Market analyst Sullivan said that only about 20 percent of baby boomers expect to relocate when they retire. But he said Southern cities will receive many of those who do migrate, while Northeastern cities are seeing a disproportionate exodus of boomers.

Those who do remain in their communities may buy new homes there, unless they are discouraged by rising home prices or heavy tax penalties, according to Sullivan. Boomers who do not buy new homes probably will renovate their existing homes to suit a new lifestyle, adding main-floor bedrooms, expanding kitchens and building in-law suites for aging parents.

Boomers Seniors

Creating your house with the future in m..

Mon, 21 May 2012 23:05:04 +0000

In many housing markets these days, housing prices are rising at a much faster rate than personal income. Many buyers are finding that their first house may be their only house, and they want to plan for the long haul. That is, they want a house where they can still live comfortably when they are pushing 85 and likely to be physically less able.

These buyers may want the to-die-for kitchen in the here-and-now, but they also want amenities that will accommodate their physical needs many years down the line.

What should they be asking for? Many modifications that accommodate a physical disability can be made as they are needed. The ones to focus on when the house is being built are the ones that will be easy to incorporate during the planning and construction, but very expensive or impossible to add or change later. For example, a house with 36-inch-wide doorways throughout will be much easier to negotiate in a wheelchair than the standard 30-inch and even 28-inch doorways found in most new houses today. Widening a doorway after the fact is costly, but fr ami ng it to a larger opening initially is costless, and the added cost of a bigger door insignificant.

Strategically placed areas that are large enough for a wheelchair to turn around (a 5-foot diameter circle) and 48-inch-wide hallways will also make the navigating in a wheelchair immeasurably easier. These will be impossible to add later without a major remodel that involves moving walls.

To get a sense of how these amenities will matter down the line, you need the perspective of a person who uses a wheelchair. Seattle architect Karen Braitmayer, who has had a bone disorder since birth and has used a wheelchair for more than 40 years, puts you in the driver's seat and describes just what it means to live in a house that's truly accessible.

First, she says, you need to understand the limitations of your vehicle. Don't imagine that you're at the wheel of a sporty little Miata that can turn on a dime. A better analogy is a clunky minivan that can't even turn on a silver dollar.

Your first trial may be trying to get in your house, either from a garage that opens into a laundry room, or the front door. Not only do you need a 36-inch-wide doorway. Once inside you want to be able to shut the door. If you can't turn around because the area by the door is too small--a 5-foot diameter circle won't fit--you have to reach around behind you, slam the door, back up a bit and then struggle to turn a deadbolt.

Once you're into the main living areas, Braitmayer says, you will find the going easy because in most new houses now, this part of the house will be very open with no doorways at all.

But, when you move into the private area of the house, hallways and doors will again loom large. Braitmayer says these will be especially challenging if you've been able to move about freely in the living area and then are suddenly confronted with a 3-foot-wide hallway. To make an analogy to the car, she says it's like going from a four-lane highway with wide lanes to a narrow country road with no shoulders.

"It's nerve wracking. You have to slow way down, focus, and bring your fine-tuned directional skills to the front of your brain. When the hall width is at least 42 inches you can be more relaxed; when it's 48 inches you can effortlessly precede," Braitmayer says.

A wider hallway is easier for the other members of your household as well because they can easily get around you. Otherwise, you have to back up or the other person must wait until you've cleared the hallway before moving on. The 48-inch width also allows two people in wheelchairs to pass each other. This might seem unlikely, but Braitmayer says that two wheelchair users in one household are not so uncommon, and, in fact, it is the case with hers--her daughter also uses a wheelchair.

A 48-inch hallway may sound like a super-highway running through the middle of your house, but with good design, the hallway will be short, Braitmayer says.

Your next hurdle will be getting into the rooms off the hall. If the door openings are 36-inches wide, they will be wide enough for you to get in without having to make a sharp, 90-degree turn. Otherwise, again with great concentration, you must get into position so that you can get through the doorway. Braitmayer says it's just like trying to make a sharp turn into a parking space between two parked cars when you're driving a minivan. You have to go back and forth in your wheelchair until you can finally go forward. If the doorway is a tight fit--say your chair is 29 inches and the doorway is 30 inches--you may scrape your knuckles, she adds.

Braitmayer's preferred solution to the openings-off-the-hallway problem is what she calls the "lobby" or the "cul-de-sac"--the 48-inch-wide hallway ends in a larger 7-by-7-foot square space so that all the doors open off of it. That way, the wheelchair user can turn 360-degrees and aim for any doorway.

Once inside the bedroom, however, you're still not home free. You'll need a five-foot clearance on at least one side of the bed so that you can easily transfer to it from your wheelchair, but it's better to have this clearance on both sides so you can change the sheets and make the bed, Braitmayer says. It's also easier to do the transfer if the height of the mattress is about the same as your wheelchair, about 18 inches off the floor.

You also need access to your clothes. If you have a walk-in closet, you need the 36-inch doorway and at least a 30-inch clearance down the middle, though a 36-inch one is better, Braitmayer says. With either a double-loaded or single-loaded closet (closet storage on both sides or one), you need space at the far end so that you can turn around. Otherwise, you will have to back out, which is not impossible, but definitely awkward.

If you have a shallow-access closet, you'll need sliding doors or doors that swing outward. The bi-fold doors found in most new houses can get in the way as you try to reach things, Braitmayer says.

Your next trial will be the bathroom. Once inside, you need space to turn around and shut the door. If you don't have it, you'll have to reach around behind to slam the door shut, just as you did when you came in the house. When you're finished, you'll have to back up to the door, reach around to open it, pull forward to get it fully opened, and then back out. In addition to the bathroom privacy issue, there is also a functional one--you need enough room to transfer from the chair to the toilet. Braitmayer says the easiest solution here is to put the 5-foot diameter turning area by the door and then locate the toilet opposite the doorway.

In most new houses the master bathroom is generously sized, so the 5-foot turn area is not such a big issue. But it is critical for a hall bathroom or a powder room off the main living area, Braitmayer says.

You might think that if you are old and frail when you need to use a wheelchair, you won't be operating it yourself so these issues won't matter. Not true, Braitmayer says. Whether you are able to move yourself about in a wheelchair as she does, or someone is pushing you from behind, the entering and exiting issues to every room in your house will be the same.

senior

Real estate shift creates education oppo..

Mon, 21 May 2012 23:05:04 +0000

Anyone who has ever mentioned "real estate" at a social or professional gathering no doubt has heard the inevitable question that seems to be on everyone's mind: "When is the housing market going to crash?" It's a loaded question, and one that's of course impossible to answer since the future is unknowable. Yet the question affords a golden opportunity for real estate professionals to educate homeowners and the public about how the housing markets work and what the statistics and current trends are. What, after all, does the question: "When is the housing market going to crash?" really mean?

The difficulty with the question is that housing market terms and statistics are bandied about in a casual fashion and few people know what these terms mean or think carefully about how they are used in everyday conversation. It's worth taking a moment to find out and it's worth many moments to share that information with others who want and need to know.

Here are some points to consider:

-- Statistics used to track and measure housing markets have specific meanings and can't be cited interchangeably. For instance, a decline in the number of home sales is not the same as a decline in home prices. Nor does a drop in the median home price in one market mean the prices of all the homes in that market declined. And let's clear up one of the most common sources of confusion: A slower rate of home price appreciation isn't equivalent to a decline in house prices. (If you didn't understand that sentence, please read it again.) If you cite such statistics as home sales, median prices or rates of price appreciation, don't assume people know what those terms mean. Explain them and try to clear up any misconceptions.

-- News reports about housing often rely on national numbers. These totals can be helpful and important for statisticians, economists and housing experts, but they rarely reflect precisely what's happening in any given local market. Know the difference between national and local statistics, and be sure to specify whether the information you provide to others is national, regional, citywide or local. Explain why national trends may not be the case in your local market.

-- It's also useful to understand whether data has been annualized or seasonally adjusted, although neither of these statistical tweaks is necessarily worrisome. For instance, when the National Association of Realtors reports the national pace of existing home sales each month, that figure is a projection of the total over a 12-month period and it accounts for seasonal fluctuations in sales activity.

-- Data is always collected over a period of time or at a point in time. If the time period or point isn't specified along with the data, any conclusions based on that data may be not relevant to the current situation. When you share data with others, know when it was collected and explain whether it's current enough to be useful. Anecdotal evidence or personal on-the-spot market knowledge can be a more reliable indicator of current conditions than large quantities of out-dated data, although that's not always the case.

-- Comparisons over time are important, yet current data may appear to be more or less favorable depending on how it is compared with historical data. For instance, a mortgage interest rate that's higher than, say, 6 percent might appear to be relatively unfavorable compared with the lower interest rates of recent years, but highly favorable compared with historical interest rates decades ago.

-- Most sources of information have a bias as a result of their commercial or personal interest or expertise. A bias doesn't necessarily mean the information is unreliable or untrustworthy, yet knowing the source's biases can make the data more useful and improve comparisons of disparate data from multiple sources that may disagree with one another. Pay attention to whether the source is a real estate trade group, a bank economist, a government agency or a Wall Street stock analyst and so on.

-- A popular Internet search engine returns 1.85 million Web pages for the phrase "bubble in housing market." Yet, hot-button words like "bubble," "balloon" "crash," "soft landing" "boom," and "bust" can be highly misleading and can trigger irrational feelings and emotional reactions that aren't supported by hard evidence. Historical and current data are more meaningful than emotional descriptions.

The bottom line is that real estate pros are well-positioned to counterbalance misinformation about the housing markets with education. If you know the facts and you understand what the figures mean, you can help people make sound rational decisions, rather than wild emotional ones.

Market

Age plays key role in housing discrimina..

Mon, 21 May 2012 23:05:04 +0000

Age plays key role in housing discrimination laws

Developers deal with residency exemptions

Wednesday, November 23, 2005

By Tom Kelly
Inman News

Why are developments and buildings for persons aged 55 and older exempt from restrictions and seem so privileged?

A brief review of this country's housing laws, and the reasons for their enactment, would be a logical place to begin that explanation. The Fair Housing Act of 1968 was crafted from the Civil Rights Act of 1964 and prohibits a broad range of practices that discriminate against individuals on the basis of race, color, religion, sex, national origin, f ami lial status and disability. The act applies to municipalities and other local government entities, and prohibits them from making zoning or land-use decisions or implementing land-use policies that exclude or otherwise discriminate against protected persons.

In 1988, the Fair Housing Act was amended to prohibit discrimination based upon disability or f ami ly status. The focus quickly targeted children under the age of 18 and pregnant women. The formation of f ami lies as a protected category suddenly collided with the operation of retirement or adult communities, so the 1988 amendments included exemptions for housing developments that qualified as housing for persons over the age of 55.

Congress countered with the Housing for Older Persons Act of 1995 ("HOPA") in an effort to resolve the conflict between protected f ami ly status and the exemption for older persons. HOPA reconditioned the exemptions for elders and has become the guideline for developers and owners of elder housing.

HOPA maintained the requirement that at least 80 percent of exempt housing must have one occupant who is 55 years of age or older. It also still required that the exempt housing publish and follow policies and procedures that demonstrate "an intent" to be housing for persons 55 and older. The new law also abolished the requirement that 55-and-older housing had to maintain "significant facilities and services" designed for the elderly. Communities that are occupied solely by persons who are 62 or older are also exempt from the prohibition against f ami ly discrimination under a different section of the law.

At first glance, the 80 percent requirement appears to give a developer, owner or builder a cushion against 100 percent compliance. HOPA allows a 55-and-older community to be "exempt" from the preference for f ami lies if (after Sept. 13, 1988) 80 percent of the units are occupied by at least one person age 55 or older.

The 80 percent requirement does not mean that the developer or owner can utilize the remaining 20 percent of units with any age person he or she chooses. There is an additional "intent" provision that is scrutinized. The 80 percent occupancy requirement is coupled with a condition that the building or community adheres to policies and procedures that demonstrate the intent to be a 55-or-older place. A developer cannot merely choose to sell to qualified non-seniors or f ami lies just because the facility is greater than 80 percent senior occupied. That is HOPA's most often-debated and discussed provision. The law provides that each housing community may determine the age guidelines for units that are not occupied by at least one person 55 years of age or older.

While the stipulation appears to allow a community to set any age requirement it deems fit for the 20 percent of spaces that are not required to be occupied by a person 55 years of age or older (including requiring the occupants of the remaining 20 percent of spaces to be adults), in reality it appears to be contrary to the general intent of the FHA to prohibit discrimination on the basis of "f ami ly status." So, rather than set specific age rules, what some communities have done is allow 20 percent of the units to be occupied by persons who do not otherwise satisfy the community's minimum-age requirements.

A challenge then could surface when an older tenant dies or moves out and the building already has used up its 20 percent quota and subsequently finds itself below the 80 percent requirement. When called into question about dropping below stated age guidelines, builders, developers and housing officials have relied on the all-encompassing "intent" provision, which has come to the rescue in more than a few communities. They also have pointed to the fact that no party deliberately allowed more under-age occupants into the community than the threshold permits.

Conversely, would an owner or manager violate the Fair Housing Act if the community excluded f ami lies with children after the 80 percent threshold is met? HUD says the answer is "no" because the property is under the over-55 exemption umbrella. Many states require owners and managers to diligently and consistently enforce all age rules so that 20 percent guideline for persons under 55 is rarely even a factor. And, in addition to age occupancy ratios, HOPA requires that the community "publish and adhere to policies and procedures that demonstrate its intent" to qualify for the 55-or-older exemption.

Tom Kelly's book "The New Reverse Mortgage Formula" (John Wiley & Sons, New York ) is available in local libraries, bookstores and on amazon.com. Tom can be reached at news@tomkelly.com

Senior fair housing

Women Factor Family in Relocation

Mon, 21 May 2012 23:05:04 +0000

Author: Beth Bresnahan

Publishing date: 11/16/05

RISMEDIA, Nov. 17 — American women are less likely than their male counterparts to accept an employer’s request to relocate due to concerns about spouses and f ami lies, according to a joint survey released today by Worldwide ERC®, the association for global workforce mobility, and Prudential Relocation, a Prudential Financial, Inc. (NYSE: PRU) business.

According to the Relocating Women in the U.S. : Trends and Comparisons survey, 66% of women and 81% of men typically accept an offer to permanently relocate within the U.S. The survey revealed that at present, the largest proportion of relocated employees for permanent (47%), short-term (34%) and commuter (36%) assignments within the United States are married men.

Survey respondents noted that women appear even less likely to accept short-term assignments, which may last from one month to one year. The survey noted that 80% of men, and only 60% of women typically accept such temporary assignments. The survey was conducted in June and July 2005, and reflects responses from 136 companies that participated in the survey.

“We have been tracking the incidence of female transferees for nearly two decades,” said Worldwide ERC(R) Executive Vice President Cris Collie, CAE. “We know that relocation opportunities are increasing for women, because we’ve seen the percentage of female transferees grow from 11% of transferees in 1986 to over 30% in 2003. Continuing to identify the issues that create obstacles to relocation gives companies solid data to design more effective and competitive relocation policies.”

A majority of survey respondents indicated that they use relocation as a tool to groom employees for more demanding leadership roles. Nearly 75% said employees who wish to advance into senior positions need to relocate with the company at some point during their careers.

When survey participants cited the top three reasons they believe employees accept relocations, the responses focused on increased compensation, professional development, and an advanced job title. In addition, they said that women place much more emphasis on f ami ly issues than men and weigh such positives as “moving closer to relatives,” “improved opportunities for spouse’s job,” and “better opportunities for children” more heavily in their decision-making process. Collie notes that “with the greater incidence of dual career couples and women in the workforce, these results are to be expected. In today’s business environment, f ami ly issues necessarily come to the forefront and transferees must evaluate these needs when offered a relocation.”

For both men and women, the high cost of housing is one of the top reasons they would be reluctant to accept a transfer. Survey respondents also noted that men and women strongly agree on “employee/f ami ly resistance to the move” and “undesirable location” as major factors in reluctance to relocate. However, while men’s reluctance issues are prioritized largely from a financial orientation, women again place a higher value on f ami ly considerations.

“The results of the Relocating Women in the U.S.: Trends and Comparisons survey are important when we consider the impending labor crisis, the more significant role and percentage of women in the workforce, and the need for companies to keep at least part of their workforce mobile in order to maintain a competitive edge. Therefore, addressing the reasons that employees - and women in particular - may be reluctant to accept a relocation is critical,” said Prudential Relocation President Margery Marshall.

She urged companies to immediately begin to shape policies and programs that will help them attract and retain the people they need to be competitive in the future. She also recommended three steps employers can take now to make relocation more attractive to current and prospective employees.

“Employers should recognize and communicate about the top relocation motivators - higher pay, enhancing or developing skill sets, and promotions. They also must develop programs that speak directly to the f ami ly-focused issues that concern women. Finally, employers must ensure that their relocation policies and programs have flexibility and choice that address f ami ly issues and f ami ly needs,” said Marshall .

Relocation Women

Students Prove Solar Powered Utopia Exis..

Mon, 21 May 2012 23:05:04 +0000

Students Prove Solar Powered Utopia Exists

Competition showcases 'ingenious' technological innovation

Friday, November 18, 2005

By Katherine Salant
Inman News

If you designed and built a house with all the creature comforts of 21st century living and powered everything with solar energy, what would it look like?

Judging by the 18 houses entered in the Solar Decathlon, a student competition sponsored by the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy and held on the Mall in Washington , D.C. , last month, a solar-powered house can be as varied in looks as any other kind of house.

Would I want to live in one? The architecture and engineering student teams, representing schools in the United States , Canada and Spain , make a strong case. A high degree of comfort can be achieved by a judicious mix of high-tech, computer-driven mechanical systems powered by solar electricity and simple passive solar heating and cooling techniques that have used by builders for thousands of years. The systems appeared to be easy to operate and maintain and the photovoltaic cells on every roof also generated enough electricity to run all the appliances used in a typical household.

But to make a sale with me, a solar-powered house must also have the same qualities that I would ask of any house – a play of light in space, a feeling of spaciousness, a sense of comfort from well-proportioned room sizes and door and window openings, a view to connect the space to it surroundings, great detailing and careful workmanship. In touring each house as a judge for the Dwelling competition, which was one of the 10 Decathlon events, I saw three that would be outstanding by any measure.

All the houses were small. Contest rules stipulated that the house footprint, including shading overhangs and solar-power-generating equipment, could not exceed 800 square feet, a size that is small enough to transport to the Mall but big enough to raise all the issues that homeowners who wanted to do this would encounter. Most of the houses had about 550 square feet of livable area, not much for the two people each was to accommodate, but crafty design made a few houses feel twice as big.

The most dramatic entry was Virginia Tech's. The look is futuristic, but, surprisingly, also a nod to the past and a famous Virginia landmark. From either end of this 48-foot-long box, the roof profile appears to be a bird in flight and will remind most observers of the graceful, curving roof of Dulles Airport 's main terminal.

The roof is just for openers, as I discovered when I entered the house. The tastefully executed cabinetry along the north wall houses all the mechanical systems, the single-counter kitchen, and all the appliances. The stunner is the other three exterior walls. These are made of white plastic panels filled with a clear substance that creates wonderful, diffuse lighting and provides an unusually high level of insulation. The walls were actually made with two plastic panels and a 6-inch air cavity between them. The cavity houses remote-controlled shades, ventilation louvers, and a LED (light emitting diode), which lights up the walls at night. I didn't see this, but as described to me, occupants can tune the walls to any color of the rainbow and vary the light intensity. A "subdued" setting works for evening reading and casual conversation. "When a task light is on, you hardly notice the walls," noted professor Robert Schubert, a faculty advisor. At more intense levels, the walls bathe the entire room in colored light, which will certainly liven up any party. There is even a strobe feature.

The living room and bedroom are small, but they feel big because of the many design features that create the illusion of spaciousness. In addition to the translucent walls, clerestory windows ring the entire house, bringing even more daylight into the rooms. The ceiling height is unusually high – 13 feet on one side of the house and 11 feet on the other.

There were a few surprises outside as well. A close look at the cedar decking shows that the boards were carefully fitted between members of a very large steel truss. This truss/board combination, which surrounds the entire house, was designed to flip up and encase the house while it is being transported.

Virginia Tech's house is one long box that can be shipped in one piece. The University of Texas at Austin team took a different tack. They designed and built a house that could be disassembled into four sections that fit onto three flatbed trailers, and this gave them the flexibility to design room shapes like those in most houses.

In the Texas house, the main living area feels like a very comfortable f ami ly room. It's actually nicer and bigger than most, and more than adequate for two people. In fact, three or four people could pursue several different activities at the same time – meal prep at one end, studying at the dining table, reading on the sofa and working on the computer at the built-in work station/entertainment center at the other end. The ceiling height, which is 13 feet at its highest point, a bank of clerestory windows that raises the daylight level and a limited palette that pulls the space together make the space feel even bigger than it actually is. The room is also enhanced by the extensive use of natural materials – the ceiling and one long wall are birch-veneered plywood; the flooring is mesquite, a reddish Texas wood; and the shoji-like screens that open onto the bathroom and bedroom have redwood detailing.

New York Institute of Technology's team divided its house into two parts, which the team dubbed the "Green Machine" and the "Blue Box." The degree of flexibility was appealing – only students used to living in tiny New York apartments could have come up with these solutions – and it has the potential of a broad application.

The Green Machine houses the kitchen, bathroom and most of the mechanical equipment required to run the house on solar power. It was fashioned out of a corrugated metal shipping container, the same kind used for global shipping and found in ports all over the world. It is an inspired example of recycling, though the fr ami ng and insulation required to make it habitable produced spaces that are cramped and narrow and make you fee like you're on a boat.

This is an adult consumer's reaction, however. The student designers considered meal prep and bathing to be "transient activities" that didn't require much space. They elected to put most of their square footage into the Blue Box, the living and sleeping area where they imagined the occupants of their house would be spending the most time.

I'm sure I would. The architectural features and the furniture design make it feel huge. The space has a two-story volume, with a sleeping loft and multiple clerestory windows. Even better, there will always be plenty of space for every activity because all the other furniture can be pivoted or otherwise moved out of the way. For example, the office desk can swing out from its corner under the stairs to occupy a large area, while the 3-foot diameter cylinder is off to one side. For meals, the desk goes back, the cylinder moves out and the sides pull away to be four dining chairs around a dining table. When someone wants to watch the television from the sofa, the screen swings out from under the stairs. Even more ingenious, the sofa had a small photovoltaic panel on the back, which generated enough power to run an internal fan and cool off anyone sitting in it.

The NYIT team characterized its Green Machine as a "global solution," and it does have that potential. The Green Machine can be shipped to any building site near a port. If it could be mass-produced – and this is admittedly a big if – a local home builder could join it to his/her own version of the Blue Box.

For more information on the Solar Decathlon, go to the official Web site, http://www.eere.energy.gov/solar_decathlon/ .

Trends New Construction

Handy Reverse Mortgage Book

Mon, 21 May 2012 23:05:04 +0000

Handy Reverse Mortgage Book Reveals Consumer Choices

Author answers most basic questions effectively

Tuesday, November 15, 2005

By Robert J. Bruss
Inman News

If you or your parents are a senior citizen homeowner over 62, "Pocket Idiot's Guide to Reverse Mortgages" by Jennifer A. Pokorney should be required reading. I've read lots of books about reverse mortgages, and I've written articles on this important topic, but I have never before found such a concise source that compares reverse mortgage choices in an easy-to-understand format.

Pokorney, a branch manager for a major mortgage lender who specializes in reverse mortgages, speaks with authority and writes with practical advice for senior citizen homeowners. Just in case you are not f ami liar with reverse mortgages, these financial devices pay money to senior citizen homeowners who are at least age 62. No repayment is required until the homeowner sells, moves out, or dies.

This new book has the best comparisons I've seen of the FHA, Fannie Mae and Financial Freedom Plan reverse mortgages. Pokorney doesn't hesitate to say which type of reverse mortgage is best, depending on the many typical situations she explains.

The basic rule is that reverse mortgage amounts available depend on the borrower's age, the home's appraised market value, and the type of mortgage chosen. Although FHA reverse mortgages are the most popular, the author explains when the Fannie Mae and Financial Freedom offerings are the best choice.

This handy guidebook, in a small format of only 7 inches by 4 inches, has just a few key points on each page. Pokorney uses lots of examples to relate the information she explains to practical senior citizen homeowner situations. Her comparison charts are especially simple and easy to understand.

Although I already know quite a bit about reverse mortgages, I learned new information, such as these mortgages are available on New York City co-ops but not elsewhere. Also I discovered why reverse mortgages are "declined" on some properties, mostly due to repair issues or where the residence is unusual or substandard. I especially enjoyed the author's explanation of how to best handle lender-required repairs.

The author's explanations of the differences between FHA monthly interest rate adjustments and FHA annual adjustments are the best and easiest to understand that I've seen. She has a knack for simplifying what can be confusing.

With a little study, this book will answer most basic reverse mortgage questions senior citizen homeowners and their concerned friends and relatives may have. It explains all the choices, such as lifetime income, credit lines (except in Texas ), lump sums, and combinations that the homeowner can select.

A valuable feature is "The least you need to know" summary at the end of each chapter. This quick review highlights the most important topics explained in that chapter.

A key topic that Pokorney doesn't hesitate to tackle is the issue of up-front costs. She explains reverse mortgage costs are paid at the time of obtaining the mortgage and they might seem high depending on the mortgage amount. But she emphasizes loan representatives expect to be paid (from the loan proceeds, not from the borrower's pocket) and that's only fair.

However, the one topic that the author only mentions briefly is Fannie Mae's Home Keeper Reverse Mortgage for home purchase. This very special type of reverse mortgage is rarely used (perhaps because most senior citizen home buyers don't know about it). But it can enable seniors to buy a retirement home and never have to worry about mortgage payments.

Chapter topics include "What is a Reverse Mortgage?" "Is a Reverse Mortgage Right for You?" "Single-Purpose Mortgages"; "Home Equity Conversion Mortgage"; "Home Keeper"; "Cash Account"; "Applying for a Reverse Mortgage"; "The Approval Process"; "The Property Appraisal"; and "Living with a Reverse Mortgage."

This new book can't be recommended too highly if you are interested in senior citizen reverse mortgages that pay money to the homeowner and require no monthly repayments. The author obviously knows her topic very well. She explains it in a direct, simple format, which is easy to comprehend. On my scale of one to 10, this well-written book rates an off-the-chart 12.

"Pocket Idiot's Guide to Reverse Mortgages," by Jennifer A. Pokorny (Alpha-Penguin Group, New York ), 2005, $9.95, 152 pages; Available in stock or by special order at local bookstores, public libraries, and www.amazon.com .

Female Factor Changes Face of New Home B..

Mon, 21 May 2012 23:05:04 +0000

Female Factor Changes Face of New Home Buying

Builders tune in to home features women want most

Wednesday, November 16, 2005

By Tom Kelly
Inman News

CHANTILLY , Va. --The initial view of retirement in the United States was focused on Dad and his golf clubs. What was this man who had spent years in the working world going to do with all of his spare time?

Lately, however, builders and developers are finally starting to "get it." They now are well aware that women make a majority of the decisions in the home-buying process and that they no longer are merely housewives of a nuclear f ami ly. Since the 1960s, the percentage of men entering the workforce has diminished. During this same period, the percentage of working women has increased substantially. Today, women are independent, empowered, educated and employed -- and often single.

A profile of home buyers and sellers from the National Association of Realtors showed nearly 30 percent of all U.S. home buyers were single. Single women accounted for the second-largest segment of home buyers, accounting for 21 percent of transactions, after married couples who bought 59 percent of homes. NAR also estimates that 47 percent of condominium owners are single women.

According to a panel featuring women in the housing industry, women 50 and older are choosing to live in communities that emphasize social interaction and convenience, enabling them to simultaneously nurture and multitask. The experience of community is a key driver for women as well as the proximity to jobs and public transportation.

As for home amenities, older women are very focused on security. They are attracted to high-tech home security systems as well as automated home lighting systems. Women are just as busy as men and they appreciate anything that saves time. Convenience, in terms of location and saving time and effort, are a big plus with female home buyers. They also look to have amenities that play into the needs of children. Shared areas are critical to community life, as well as nearby stores, parks and recreational areas. Communities centered on a single amenity (i.e. a golf clubhouse) are perceived as less welcoming for women and children.

According to Doris Perlman, founder and president of Denver-based Possibilities for Design, women control 80 percent of consumer purchases, direct 91 percent of housing decisions and guide 94 percent of home furnishing choices. While Perlman's research has delineated many of the specific home features that are likely to particularly attract older women, in their shopping habits she suggested that these customers are apt to be "circular, exploring and tactile" and "do not make linear decisions."

"Her needs for personal connection and security are key," Perlman added. "Women don't just buy a product; they join it."

Among Perlman's observations on what will sway baby-boomer women home buyers are color and light. Women are very attuned to colors. In 2005-2006, the color trends include brown becoming the "new black"; grayed-out greens; reds coming up orange; classic colors with such new names as "wasabi," "aero blue," and "vanilla"; and textural effects suggesting copper, pewter and stone.

Illumination -- both task lighting and natural light -- is of major importance to compensate for declining vision and to add drama. Women buyers are looking for strong character in home design, such as cottages with a crisp and clean look, urban enclaves with rich colors and textures, and calming and contemporary Asian influences.

Women who are 55 or older are cyber-savvy and use their computers for ordering and correspondence.

Women this age now have more time to relax, engage in social activities and explore hobbies, making "special interest" rooms an essential feature in new home marketing. Perlman also says, "women shop with peripheral vision: they notice everything," and "harness the power of grand parenting." It's OK to include a grandkid's room. They also want walking trails, which make a hotel/resort-fitness feel.

Sara L ami a, founder and president of Fort Collins, Colo.-based Homed Building Coach said that builders who hope to succeed in selling to the older woman need to learn how to build their trust first. L ami a cautioned that women over 50 "are especially perceptive and will know if you appreciate them or not."

"We need to be respected and heard and expect nothing but the best including luxury and superb customer service," L ami a said. "We want to be able to die in our new homes…and don't want to ever have to move to an institution."

Aging baby-boomer female buyers are not only active but they are also proud and extremely good listeners, according to Joanne Chappell-Theunissen, president of Mt. Pleasant, Mich.-based Howling Hammer Builders. Unlike younger women, the 50-and-older female buyer is also likely to be relatively unaccustomed to business dealings, but the average 70-year-old thinks of herself as middle-aged.

Builders and remodelers wanting to focus on this category will be working with a woman "who likes to have the rules set for her," so it is important to set them at the start, explaining her responsibilities and what can, and cannot, reasonably be expected as the construction process moves forward.

"What isn't she saying to you, and why? She's not comfortable talking to you about her frailties. Turn it into a third-party conversation and take the onus off her," Theunissen said. "Don't say, 'Don't worry about that, we'll fix it.' Instead, tell her how it's going to be fixed, who's going to fix it, and when it will be fixed."

That sounds like some of the questions being asked around our home.

Women Buyer

Trends and Characteristics of Senior Hom..

Mon, 21 May 2012 23:05:04 +0000

Trends and Characteristics of Senior Homebuyers

LOS ANGELES (Nov. 15, 2005) – Nearly half of all seniors use the Internet as part of the homebuying process, while most senior homebuyers stay within their home state when they retire, according a research report released today detailing home purchase behaviors of the senior market. Key differences in behaviors emerged between “younger” seniors, those seniors 50 to 64 years of age, and “older” seniors, those 65 or more years of age.

“Moving Forward: 50 and Beyond,” sponsored by the Senior Advantage Real Estate Council® (SAREC®), explores the buying trends of consumers 50 or more years of age who purchased a home within the last six months. The survey was conducted in September, 2005. Senior homebuyers were defined as those 50 years of age or older, based on the AARP definition of a senior. The Senior Advantage Real Estate Council (http://www.seniorsrealestate.com ) is the organization that confers the Seniors Real Estate Specialist (SRES®) designation upon REALTORS® nationwide. SAREC®'s mission is to assist REALTORS® in meeting the unique real estate needs and concerns of maturing Americans.

According to “Moving Forward: 50 and Beyond,” of those homebuyers utilizing the Internet, nearly two-thirds (61 percent) did so to locate a specific REALTOR®, 92 percent utilized the Internet to research comparable prices, and 19 percent went online to learn about specific neighborhoods to move to.

“While the prospect of retirement is an exciting time for most seniors, many have not planned for the economic issues that arise as a result,” said Dr. Nathan Booth, senior advisor to SAREC®. “For seniors choosing to remain in the workforce, or even retire early, help is needed in finding the best and most prudent use of the resources available to them in real estate. It has become increasingly important to understand the changing and emerging buying and selling habits of senior homeowners.”

The survey also revealed that not only did most senior homebuyers stay within their home state (82 percent), they moved less than 100 miles from their previous home. Younger seniors tended to move farther away from their previous residences than did older seniors. Of those senior homebuyers who did move to a new state (18 percent), the most popular choices were: Florida , 26 percent; Texas , 11 percent; Arizona , 8 percent; Nevada , 7 percent; and Virginia , 6 percent.

Nearly half of senior homebuyers nationwide were at least somewhat f ami liar with the Seniors Real Estate Specialist (SRES®) designation, according to the report. The SRES® designation is the only real estate designation offering the Client Assurance program, enabling senior homebuyers and sellers to electronically verify the professional and state licensing status of its Seniors Real Estate Specialist® designees before engaging a REALTOR® when buying or selling a home.

“Moving Forward: 50 and Beyond,” is available to SRES® members for $9.95, and to non-members for $19.95. To order, go to http://www.seniorsrealestate.com .

SAREC is owned by Real Estate Business Services Inc. (REBS), a subsidiary of the California Association of REALTORS® (C.A.R.). Leading the Way...™ in California real estate for 100 years, the California Association of REALTORS® (www.car.org ) is one of the largest state trade organizations in the United States, with more than 180,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles .

senior buyer

Reverse Mortgage Up-Front Fees

Mon, 21 May 2012 23:05:04 +0000

Reverse mortgage applicant 'shocked' by up-front fees

When are loan costs worth the risk?

Monday, April 18, 2005

By Robert J. Bruss
Inman News

Before you obtain your reverse mortgage, the lender must provide you with a Total Annual Loan Cost (TALC) disclosure chart based on two years, your life expectancy, and even beyond your expectancy. If you keep your reverse mortgage only two years, the annual interest rate, including up-front loan costs, will usually be at least 12 percent, often more. But at 10 years, your annual cost typically drops to a much more reasonable 6 percent or 7 percent interest.

That's why I constantly advise against obtaining a reverse mortgage unless you plan to stay in your home at least five years. There are so many reverse mortgage advantages I can't list them all here. A great new book explaining this topic is Tom Kelly's "The New Reverse Mortgage Formula," available at bookstores, public libraries, and www.amazon.com .

Reverse Mortgage Senior

Reverse Mortgage Ignorance

Mon, 21 May 2012 23:05:04 +0000

Reverse mortgage ignorance a growing trend

Many seniors unaware of home's long-term-care-financing potential

Wednesday, April 20, 2005

By Tom Kelly
Inman News

The National Council on the Aging (NCOA) has published a report showing that reverse mortgages can help an estimated 13.2 million elderly homeowners pay for long-term care, allowing many to remain independent in their homes longer.

Of the 13.2 million eligible households, an estimated 9.8 million currently have an impairment that can make it hard to live at home, according to the study, "Use Your Home to Stay at Home: Expanding the Use of Reverse Mortgages to Pay for Long-Term Care."

A reverse mortgage is a loan that enables homeowners 62 years or older to borrow against the equity in their home, without having to sell their home, give up title, or take on a new monthly mortgage payment. The loan proceeds, which can be used for any purpose, may be taken out as a lump sum payment, fixed monthly payment, line of credit, or a combination. The loan amount depends on the borrower's age, current interest rates, and the value and location of the home.

State legislators, Medicare directors, regional associations on aging, faith-based groups, and officials from health and human service organizations recently met to discuss the findings.

"Most policymakers had no idea of the potential for reverse mortgages," said Dr. Barbara Stucki, a Bend , Ore. , researcher and the project manager. "The results surprised them mainly because there was a general sense of ignorance about the product."

In total, these households could access as much as $695 billion through reverse mortgages. For individuals, the extra cash could go a long way to help with family caregiving and other long-term care expenses.

For example, a borrower aged 75 years old with a home worth $100,000 could receive a reverse mortgage that could pay a family caregiver $500 a month for almost 12 years, $1,120 a month in adult day care services for almost five years, or $2,160 a month in home care (daily care for at least four hours) for 2.5 years.

"The study shows that reverse mortgages have significant potential to help seniors pay for home healthcare services or to make home modifications that make independent living possible," said Peter Bell, president of the National Reverse Mortgage Lenders Association.

The report is the first in a multi-phased project focused on educating policymakers, the healthcare industry, the aging community and others about the potential use of reverse mortgages to help reform America's long-term-care financing policies. It was funded by the Centers for Medicare and Medicaid Services and the Robert Wood Johnson Foundation. Medicare and Medicaid have been seeking potential relief to mounting financial pressures.

"This is an important study that, for the first time, shows that elderly homeowners, many with chronic conditions, can use reverse mortgages to pay for care at home," said Jim Knickman, vice president for research at the Robert Wood Johnson Foundation. "We hope that these findings will prompt new thinking into how the nation addresses the challenge of financing long-term care."

NCOA projected annual Medicaid cost savings of $3.34 billion nationwide by 2010 assuming four percent of America's eligible seniors used a reverse mortgage to pay for healthcare services, or, if one in four used a reverse mortgage, $4.86 billion would be saved.

A reverse mortgage isn't repaid until the borrower moves out of the home permanently, and the repayment amount can't exceed the value of the home. After the loan is repaid, any remaining equity is distributed to the borrower or borrower's estate. A senior's home doesn't have to be owned free and clear to qualify for a reverse mortgage.

The NCOA study shows that while two-thirds (67 percent) of older homeowners today have heard of a reverse mortgage, only 9 percent indicate that they are likely to use this financing option to pay for assistance at home. Many don't understand the program,feel that they risk impoverishment, or that they won't be able to leave a legacy to their children if they tap home equity. The cost of these loans and current Medicaid policies on how reverse mortgages affect eligibility for long-term care benefits are other perceived barriers.

"We need expanded public education and additional work to explore how to reduce the cost of tapping home equity, to strengthen consumer protections, and promote innovation," Stucki said. "Overcoming these obstacles will mean that reverse mortgages can play an important role in helping many older Americans pay for the supportive services they need to continue to live at home safely and comfortably."

Tom Kelly's new book "The New Reverse Mortgage Formula" (John Wiley & Sons, New York ) is available in local bookstores and on amazon.com. He can be reached at news@tomkelly.com .

Reverse Mortgage Senior

Professional Movers and Senior Downsizin..

Mon, 21 May 2012 23:05:04 +0000

Professional movers take the sting out of senior downsizing

Job requires a host of skills to coordinate transition

Friday, October 21, 2005

By Katherine Salant
Inman News

What would a contemporary Cinderella, now aged 75, wish of her fairy godmother? Faced with the prospect of downsizing for a move to the palace for retired royalty, she would probably ask for a quick and painless transition. Just a few waves of the wand, and presto, she and her prince would be happily ensconced in their new quarters, surrounded by their most favorite things, and everything else would have been distributed to their loyal and deserving subjects.

Cinderella can use magic. What about the average senior couple or individual senior who decides to move out of a house he/she has occupied for 30 or 40 years? There's no fairy godmother out there, but there are senior moving managers, people who orchestrate a move from beginning to end, from what to take or give away to unpacking at the new place and disposing of the 50 to 75 boxes that most seniors need to transport their belongings. Self described as the "wedding planners of movers," senior moving managers oversee a major life event while calming the anxious principals. They deal with anything and everything that comes along, ensuring that the big day proceeds smoothly.

This nascent specialty fills a much-needed niche in the ever burgeoning world of "seniors in transition." Although Americans on average move about every seven years, a very sizable percentage of seniors have lived in the same house for 30 to 40 years. Those who decide to move to a smaller unit in a condo or a retirement community – or are nudged in that direction by their adult children – are faced with dismantling a lifetime's worth of possessions and memories. The prospect is daunting.

In many cases the adult children spearhead the move, but oftentimes the kids can't take time off from their jobs, they live in other parts of the country, or as Genevieve Auguste, a senior moving manager in Bethesda , Md. , said, "They get along well but don't want to start World War III." Another problem with f ami ly help is that the sorting and dismantling process can take forever. Everyone frequently stops to reminisce about all the different pieces of their shared past, and the parents usually have to be out of their houses in a relatively short period of time. Beyond the practical reasons, the clients tend to accept advice more readily when it comes from a neutral third party, Auguste said.

At the senior moving manger's initial visit, he or she explains how they will orchestrate a move, then devises a specific game plan tailored to those clients, and, most importantly, diffuses a lot pent up anxiety. For most clients it comes as a great relief to learn that the senior moving manager has many resources and that she will find "a good home" for everything useable that the seniors are leaving behind, Auguste said.

On the second visit, the enterprise begins in earnest and the sorting starts. A senior moving manager, or a facilitator, as most call themselves, goes through the entire house with the clients and stickers designations on every item. Diane Bjorkman, a facilitator in the Twin Cities, Minn., area, uses red, yellow and green stickers, which she characterizes as "traffic lights – red is trash and a no go, yellow is a maybe, and green is a treasure and a definite yes."

At timesthe sorting can get testy, but humor and tact will usually bring the clients around, said Tammy Wilcox, a facilitator who works with Bjorkman, "They all start by saying 'I want to take everything' and I tell them it's either you or your sofa!" As Wilcox moves through the house she said, it's also important to remember that "wheat and chaff" designations are subjective, and that one person's treasures are another's throwaways – a pile of paperbacks may be very special to one person and trash to another. The facilitator also has to nudge the client to be practical. For example, Wilcox said that people often want to take all their cooking equipment, but they haven't cooked in 15 years.

Before or after the initial sorting, the facilitator makes a site visit to the new quarters, most often a condo or an apartment in a retirement campus that can include independent, assisted living and/or complete care arrangements. The information gathered is critical because the drawings given to the clients are often incomplete. The facilitator re-measures the space and adds important details such as wall bump-outs or recesses, exact window and door locations, door swings and ceiling heights.

The next step is the great reality check – reconciling what the clients want to take with what will fit. Greg Gunderson, a facilitator in Manhattan Beach , Calif. , takes a low-tech approach. Working with the clients, he attaches the corrected plan to a magnetic board and then arranges scaled pieces on it that represent their furniture. He's found this to be a quick and easy way to try several different arrangements, and it also prods the clients into to being realistic about what will fit. Gloria Bersani, a Chicago facilitator, is more high-tech – she uses a CAD (computer-aided design) software program to lay out the plan and determine furniture placement.

In cases where a client lives alone and is not able to participate in the sorting decisions because of ill health or dementia, an experienced facilitator can figure out what is used on a daily basis and should be moved to the new place. To make the transition as easy as possible for someone with severe dementia, Wilcox photographs the client's house and arranges the furniture in the new place to match it as closely as possible. She's so skilled at this she said, "Many don't realize they are not at their old house."

The flip side of where to put the furnishings in the new place is what to do with everything else. For many f ami lies, this is the experienced facilitator's most important service. After 50 to as many as 1,000 moves, the facilitator knows exactly who to call for which item. If the clients have artwork or something that appears to be a valuable antique, she brings in an appraiser. If there are enough saleable pieces of furniture and other items such as china and table linens, she arranges for someone to hold an estate sale in the house or to take the items somewhere else to be sold. If the sellable items have less value, she arranges for a garage sale. More often than not, the eight facilitators I interviewed said the furnishings are "donatable" but not sellable, and they contact the right charity to pick them up. Adult children take some things, but often they already have a house full of their own furnishings.

When the sorting and designating are completed, the facilitator arranges for the packing. Some facilitators bring in a crew to do the packing themselves and some do not. The critical factor is having enough people to do it in a day, so that the clients' lives are minimally disrupted. The packing is scheduled for the day before the clients move. When possible, the clients are not there, and they spend the night in a hotel or with a relative. If the clients stay until the end, the facilitator does not disturb their bedroom until the morning of the move, so as to minimize the distressingly "naked" look of any household that is being readied for a move.

On moving day, the facilitator and packing crew go to the new place, unpack everything, put it away, remove all the packing boxes, make the bed, and often leave flowers before departing. The seniors are "tucked into" their new home, ready to start the next chapter in their life and make new friends.

SIDEBAR:

How do you find a senior moving manager? The eight that I spoke with, who are scattered across the country in major cities, said that most of their clientele learns about them from the staff of the senior community that they are moving into. In some cases, the retirement facility will cover all or part of their cost.

Senior moving managers are not, as yet, a widely known service, but there is a national organization, the National Association of Senior Moving Managers, which has a locator feature on its Web site: www.nasmm.com . NASMM has about 100 member firms. Many of them are small mom-and-pop operations, but the older and more established ones have as many as 25 employees. To accommodate a long-distance move, the members often work together, with one orchestrating things at the seniors' current residence, and the other handling the move-in at the new place. One NASMM firm, Art of Moving and Living, of Bethesda , Md. , and Mi ami , Fla. , has its own national network of partners, and it also manages second homes.

Although the NASMM organization and its members specialize in senior moves, they will move anyone of any age. Some orchestrate executive relocations for major corporations, and some move much younger f ami lies because a parent may be temporarily incapacitated by a broken knee cap, for example. All of them work with the "young-old" – the 55-and-older group who may still be working full time and not have time to deal with a move, or who may be retired and able to do much of the work themselves but still need guidance and advice.

Senior Moving

Six Home Buyer Mistakes to Avoid

Mon, 21 May 2012 23:05:04 +0000

Six home buyer mistakes to avoid

Why are buyer's agents, contingencies so important?

Friday, October 28, 2005

By Robert J. Bruss
Inman News

Late October and early November are the tail end of the second-best home sales season (the most active selling season is spring when the largest numbers of buyers are in the market). Smart home buyers are realizing this may be the best time to buy before mortgage interest rates go higher.

At this season of the year, these savvy home buyers understand they can negotiate hard because home sellers and their realty agents know after Thanksgiving is the worst time of year to sell a home (but that is also the absolute best time to buy a home if you can avoid the distractions of holiday events and purchase from a highly motivated seller).

However, in the quest to purchase a house or condo, many home buyers get caught up in the thrill of acquiring a new home and they make potentially costly mistakes. Here are the top home buyer mistakes to avoid during any time of the year:

1. SHOP FOR A HOME BEFORE YOU SHOP FOR A MORTGAGE . It's normal for prospective home buyers to get excited about buying a home. According to the National Association of Realtors, more than 70 percent of today's home buyers start their quest on the Internet, usually at www.realtor.com .

But that's the wrong place to start buying a home. The first step to a successful home purchase is for buyers to check their FICO (Fair, Isaac Corp.) credit scores to be certain a mortgage can be obtained.

The best spot I've found on the Internet to check my credit is www.myfico.com . It costs about $45 to review all three credit reports there from the three national credit bureaus, Equifax, Trans Union and Experian. The last time I checked, to my surprise, my FICO scores varied about 40 points among each of the three credit bureaus.

By checking credit reports at all three bureaus, there is time to correct any errors (reportedly, about 33 percent of credit reports contain mistakes) before applying for a mortgage.

Although you can now obtain your free credit reports from all three major companies at www.AnnualCreditReport.com , or 877-322-8228, those reports are virtually worthless because they don't include FICO scores, which all major mortgage lenders now use.

Armed with your credit reports and FICO scores (anything above 700 practically assures you will get the lowest mortgage interest rate), it's time to shop for written mortgage pre-approval.

Although mortgage brokers can arrange such pre-approvals, be sure your pre-approval letter or certificate comes from a bank or mortgage broker. Disregard any "pre-qualification letter," which is worthless because it isn't a lender's written promise to grant you a home mortgage, subject to an appraisal.

2. RUSH TO BUY A HOUSE OR CONDO WITHOUT CAREFULLY RESEARCHING THE LOCAL MARKET . After you have your written mortgage pre-approval 30-day or 60-day letter or certificate from an actual lender, it's time to get serious about researching the local home market in your price range.

Although you might buy the first home you spot on the Internet, or at a weekend open house, that rarely happens. Most home buyers take several months before their purchase offer is accepted by a seller.

3. BUY A HOME WITHOUT YOUR OWN BUYER'S AGENT . Too many home buyers purchase with only the help of the seller's listing agent (called a "dual agent" when that person also represents the home buyer).

It costs home buyers no more to have their own "buyer's agent" representing the buyer's best interests.

Buyer's agents, in addition to showing listings of other agents from the local MLS (multiple listing service), can show prospective buyers the local "for sale by owner" (FSBO) homes. Smart FSBO sellers are only too happy to pay buyer's agents half of a normal sales commission, typically around 3 percent. This is a major advantage of working with a buyer's agent.

Any licensed real estate agent can be your buyer's agent to look out for your best interests (unless that agent works for the same brokerage, which also listed the property for sale; then dual agency or designated agent rules apply).

However, most home buyers find it wise not to sign an exclusive buyer's agent contract, just in case the agent turns out to be a dunce.

4. BUY A HOME WITH AN INCURABLE DEFECT . No house or condo is perfect. Each one has some defect. Even brand-new houses have problems (hopefully not significant).

After I became friends with a local building inspector a few years ago, he revealed to me some of the defects he routinely discovered in new homes. Unless the problem was dangerous or in violation of building codes, he explained he had to ignore the defects, which he knew would result in problems several years later.

Fortunately, most houses and condos don't have defects that are not tolerable. Serious problems, called "economic obsolescence" by appraisers, might include a bad floor plan, poor location (such as near high-voltage power lines or adjacent to the city dump), heavy street traffic, and lack of convenient parking.

5. DON'T INSIST ON A COMPARATIVE MARKET ANALYSIS (CMA) BEFORE MAKING A PURCHASE OFFER . This is a major mistake too many home buyers make, often resulting in overpaying for a home.

The CMA is the same document that the listing agent should have presented to the home seller before the asking price was determined. It includes recent sales prices of similar nearby homes, asking prices of comparable neighborhood homes now listed for sale, and asking prices of similar homes that didn't sell (usually because they were overpriced).

Only after reviewing the CMA, and discussing it with the buyer's agent, can a reasonable purchase price be offered.

6. FORGET TO INCLUDE THE TWO KEY CONTINGENCY CLAUSES . Especially in very competitive local home sales markets, some home buyers let their buyer's agents talk them out of protecting themselves with the two key contingency clauses.

"All cash, no contingency" is what every home seller wants to hear. But it isn't realistic or very smart for most home buyers.

Instead, smart home buyers include contingency clauses for (a) a satisfactory professional appraisal of the home for at least the purchase price, and (b) the buyer's approval of a professional inspector's report.

Additional customary local inspection contingencies might include termite (pest control) inspection, building code compliance, energy efficiency, and radon test.

SUMMARY : These six home buyer mistakes to avoid help protect buyers from making major, costly errors. Home buyers who protect themselves can feel confident of making a sound purchase, which they will enjoy for many years.

First Time Buyer

Deconstructing Real Estate Exchanges

Mon, 21 May 2012 23:05:04 +0000

Deconstructing real estate exchanges

Tax-deferred deals get 'downright easy'

Thursday, September 22, 2005

By Robert J. Bruss
Inman News

As longtime subscribers know, my first tax-deferred exchange was the trade of a three-unit building at 1264 Third Ave. (just down the steep hill from UCSF Hospital ) for a nine-unit apartment building at 4605 Balboa St. (overlooking the famous Playland at the Beach) in San Francisco . Having read in William Nickerson's great book about the benefits of tax-deferred exchanges for pyramiding real estate wealth, I was anxious to make my first tax-deferred trade.

I shall always be grateful to Walt Lembi, and his dad Frank Lembi (now in his 80s and still selling real estate!), at Skyline Realty in San Francisco for showing me how "real world" tax-deferred simultaneous exchanges were done before 1984 (when "delayed" Starker exchanges became available).

The first step was to find a cash buyer for my three units. Walt and Frank took care of that within a few weeks. The second step was to find a property for the trade up.

Finding a qualifying replacement property to complete the trade is usually the hardest part of a tax-deferred exchange. Clyde Cournale Realty in San Francisco had a listing on a suitable nine-unit "fixer upper" building. The motivated seller accepted my exchange purchase offer, contingent on the simultaneous trade and "cash out" sale to the waiting buyer already arranged by Skyline Realty.

All went very well. I got my simultaneous tax-deferred trade up, the seller of the nine units got his taxable cash, and the buyer of my three units got a good starter investment property. Everybody was happy, even Uncle Sam who received his capital gain tax on the sale of the nine-unit building.

TODAY'S "STARKER EXCHANGES" ARE MUCH EASIER . Although simultaneous exchanges still occur, if this same tax-deferred exchange occurred today it would be much easier. The reason is Internal Revenue Code 1031(a)(3), the so-called Starker exchange rules. Starker exchanges have now become the "standard" type of realty exchange. Even large corporations use Starker exchanges to avoid capital gain tax on profitable real estate sales and property replacements.

For those not familiar with the late T.J. Starker and his very important contribution to tax-deferred exchange, I'll give you the short version of his story. He owned some Oregon timberland that Crown-Zellerbach Corp. wanted to acquire at a huge capital gain profit to Starker.

He deeded his land to C-Z, which credited Starker with the sales price, plus a 6 percent "growth factor" until he could find suitable qualifying "like kind" property to acquire with that money for completion of the exchange. After Starker acquired other property he liked with the funds C-Z was holding for him, the IRS said he owed tax on his profit because it wasn't a direct simultaneous exchange (as I did with my three units for the nine units).

Starker paid the disputed tax (to stop the running of interest) and then sued the IRS in U.S. District Court for a tax refund. He won! But the IRS appealed to the Ninth Circuit U.S. Court of Appeals. The IRS lost!

The happy result for realty investors is we now have IRC 1031(a)(3), which was enacted by Congress in 1984, establishing the Starker exchange rules. You can read the fascinating case at Starker v. U.S. , 602 Fed.2d 1341.Thanks to T.J. Starker, today's tax-deferred "delayed" exchanges are downright easy.

The first step is to find a buyer for the investment or business property you want to sell. When a buyer makes a suitable purchase offer, be sure the sales proceeds will be held by a qualified third-party intermediary beyond your constructive receipt. If you receive the sales cash, or have the right to do so, that ruins your tax-deferred exchange. Leaving the sales proceeds in escrow means you have a right to receive the cash so the sale is disqualified as a Starker tax-deferred exchange.

The second step, when the sale of your old investment or business property closes, is to be sure the sales proceeds go directly to a qualified third-party intermediary, such as a bank trust department that specializes in Starker tax-deferred exchanges, or to the exchange subsidiary, which most large title companies now can provide.

There are also independent exchange facilitator companies. If you select one of these independents, be sure your funds are well protected. Some of these small companies have gone bankrupt, causing loss of tax-deferred exchanges for their clients (see In re Sale Guaranty Corp. , 220 B.R. 600, for a classic example what can go wrong for exchangers when the third-party intermediary accommodator goes broke).

The third step is to use the cash from your property sale, being held beyond your constructive receipt by the qualified third-party intermediary or accommodator, to purchase the suitable replacement property to complete the tax-deferred exchange.

There are several very important rules for designating this replacement property :

1. The replacement property must be designated in writing to the exchange accommodator intermediary within 45 days after the sale of your old property closes;

2. Not more than three possible properties can be designated (however, you can withdraw one possible property from your list and substitute another property during the 45 days);

3. As an alternative, you can designate more than three properties if their total fair market value does not exceed 200 percent of the fair market value of the relinquished property;

4. IRC Regulation 1.1031(k-1(e)) allows designating within the 45 days a replacement property that includes a contract to construct, build, install, manufacture, develop or improve property to be acquired. However, a property already owned by the exchanger cannot qualify under this regulation.

Within 180 days following the sale of the old property held for investment or business use, the acquisition must be completed. No time extension is allowed by the tax statute or regulations.

To avoid being under extreme time pressure to meet the 45-day and 180-day deadlines, one method is to delay the closing date for the sale of your old investment or business property. A second method is to rent the old property to the prospective buyer on a lease-option to be exercised on a date to be designated by the seller after a suitable replacement property is under purchase contract.

Investor

Ten signs of a Changing Housing Market

Mon, 21 May 2012 23:05:04 +0000

Ten signs of a changing housing market

Perspective: What to watch for in real estate

Thursday, October 13, 2005

Inman News has been watching the housing market closely, searching for clues of where this market might be heading. In our research, we observed what we believe are strong signs that the real estate tide is turning. They are:

1. Kinkos is busy: Copy/graphics/printing shops are producing volumes of fliers, postcards and other materials for Realtors to send out to promote listings. Realtors have to keep going back to these shops to print new marketing materials, reflecting reduced prices on properties that just aren't selling as fast as they used to sell.

2. Ads get more graphic: Some brokers and agents in Colorado are including a graph of the 20-year home price appreciation forecast in their advertisements. They're trying to show buyers there's nothing to be afraid of, that buying a home now will not hurt them financially in the long run.

3. U-Haul has more trucks: People move around less when the market cools. They tend to take the stool pigeon approach: Nest in place and wait for the next boom before selling. We've noticed a glut of moving trucks sitting in lots unused.

4. Calling all contractors: Contractors are finding lots of work putting in new sprinkler systems and lawns, replacing roofs, and building fences, as home sellers realize they have to do something to improve their homes' curb appeal. Home stagers also are getting in on the act.

5. My dog ate the contract: Agents are having trouble keeping buyers in contracts. Buyers are starting to realize they have some leverage with sellers, and that if they walk away from a deal because of a home inspection or some contingency that they are not going to lose the house. They recognize that homes are sitting on the market a little longer and that there are less people planning to make offers.

6. Newspapers are thicker: The home sections of many regional newspapers have beefed up in recent weeks with many more home listings than in previous months.

7. Open house parties are tame: It's been much easier to visit open houses lately than in the last few years of the housing frenzy. There's no more double parking outside and no waiting once you walk in the door. Also, those competitive glares amongst prospective buyers have softened to friendlier chatter.

8. Buyers have relaxed: Just a few months ago, you could pick a prospective home buyer out of a lineup by the look on his or her face: anxious, sweating and worn out from the fight to find a decent-priced home. Now, those looks are starting to fade as more shoppers have decided to kick back and rent until the market cools down a bit. Indeed, the University of Michigan 's Survey of Consumers found that consumers' home-buying plans were at a 10-year low in September.

9. Bye-bye, newbies: "I've always wanted to be a teacher, anyway." The crowds at those real estate licensing test sites have thinned out a bit compared with earlier this year and last year. If the market slows, real estate agents will be negotiating fewer deals, and for those who were barely making it in a hot market, a slow market means it's time to look for a new profession.

10. Foreclosure sharks smell blood: One homeowner's disaster is one investor's dream. Lots of real estate agents and investors will get in on the foreclosure game, looking for steals – hey, they've got to make a living, right? There are reports that some real estate investors/investment companies have thrown millions into the New Orleans real estate market to grab up some storm-drenched real estate deals. Look for this sort of thing on a much broader geographic scale if the national boom goes "kaboom."

Market Buyer

Pre Offer Considerations for Home Buyers

Mon, 21 May 2012 23:05:04 +0000

Pre-offer considerations for home buyers

Deposit could be at risk when backing out of deal

Monday, October 03, 2005

By Dian Hymer
Inman News

Home buyers often go through an approach-avoidance dance when preparing to make an offer to buy a home. Buying a home is not only a huge investment for most people, it's also a big commitment.

If you've been renting, you will no longer have the luxury of calling your landlord when the plumbing breaks down or the roof leaks to get the problems fixed.

If you're a repeat home buyer, you're probably already used to the home maintenance drill. But if you're trading up to a larger home, you may be taking on a much bigger responsibility. That can be intimidating.

The first order of business is to sort out your feelings about making the move. Are you ready for the increased responsibilities? If you're not, perhaps you should stay put for now. On the other hand, if you continually find yourself straddling the home buying fence, maybe you need to give yourself a nudge. A fact-finding foray could help you make a prudent decision.

HOUSE HUNTING TIP: For some people, it's useful to make a wish list of all the features you'd like to have in a home. You should also make note of the things you don't like about your current place. Be sure to check your wish list first when you're on the verge of making an offer.

You could be attracted to a listing because it has been beautifully decorated. But in most cases, you will buy the house without the furniture. Does the house work for you without the decorations? Home buying involves compromises. But don't compromise by accepting features that you know from experience don't work for you.

Ideally, the home you buy should suit your long-term needs. Keep that in mind even if you have friends who recently made a lot of money on a home they bought a short time age. There's no guarantee that appreciation will continue at its recent breakneck pace.

If you're new to home ownership, you may have the impression that home prices only go up. But history shows otherwise. During the early 1990s, after a big run up in prices, home prices dropped in many areas. In some places, it took years for those markets to recover.

Before making an offer, make sure that you're buying in the right location. Recently a buyer found a property to buy that suited her needs perfectly. She made an offer on the property and it was accepted.

However, after a sleepless night, she realized that she could never feel safe living in the neighborhood and she backed out of the contract. Your deposit could be at risk if you back out, depending on how your contract is written. To be on the safe side, spend some time in the neighborhood before you make an offer.

Many buyers in high priced housing markets are opting for potentially risky mortgages in order to be able to buy at all. According to Harvard's Joint Center for Housing Studies 2005 State of the Nation's Housing Report, adjustable-rate mortgages, no-down payment and interest-only mortgages all gained in popularity this year.

Interest-only mortgages now make up one-third of all new home mortgages originated nationally. The percentage is much higher in high cost housing markets like San Francisco and New York City . As with any mortgage, there are advantages and disadvantages.

THE CLOSING: Make sure you understand the potential risks involved in a mortgage product you're considering by asking your mortgage broker or loan agent to present you with a worst possible case scenario.

Dian Hymer is author of "House Hunting, The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide," Chronicle Books.

Construction Begins at Vistas on the Jam..

Mon, 21 May 2012 23:05:04 +0000

Construction begins on Vistas condos

The units will be priced from the mid $100,000s to the low $600,000s

BY CAROL HAZARD

TIMES-DISPATCH STAFF WRITER

Saturday, November 5, 2005

The sold-out Vistas on the James is on the way up. Ground was broken last week on the 18-story condominium building next to the James River in downtown Richmond.

Vistas is described as a "luxury" condo development. The units will have one or two bedrooms. They will range from about 730 square feet to 1,560 square feet and sell from the mid $100,000s to the low $600,000s. Construction on the $47 million high-rise on the 1.2-acre site is scheduled for completion in the spring 2007.

The building, at the end of Virginia Street , will have views of the James River and the Canal Walk Turning Basin .

The complex will have a fitness center, ground-level storage and concierge service. Fees will be about $250 a month. The first five floors will be secure parking.

Although all the units are reserved, Joyner Fine Properties is accepting backup reservations. Units were sold out within a week after first reservations were taken in June. Refundable deposits from $2,500 to $5,000 are required to reserve a condo. "We knew there was interest in living on the James River but who could have predicted the demand for these condominiums would be so strong?" said Michael Campbell, vice president in the Richmond office of Daniel Corp., the Birmingham, Ala.-based developer.

Daniel built the recently completed and nearby Riverside on the James, a condo, retail and office building.

For information, visit www.VistasOnTheJames.com.

buyer condo condominium downtown lifestyle

Lucy Corr to Build a Retirement Village

Mon, 21 May 2012 23:05:04 +0000

Lucy Corr to build a retirement village

Town-center style community slated to be complete in 2008

BY CAROL HAZARD

TIMES-DISPATCH STAFF WRITER

Saturday, October 22, 2005

Lucy Corr Village is expanding beyond assisted and nursing care.

The "hidden gem," as some people call it, is building a retirement community for independent seniors.

Springdale at Lucy Corr Village is based on a town-center design, with small-town streets, walking paths, porches, cafes and common areas. The retirement community will be built on about 23 acres next to its existing premises in Chesterfield County .

Although construction has yet to begin on the $35 million project, 22 people have signed up to make reservations next spring. Ground has been cleared for the model unit. The first residents are expected to move in in 2008.

Prospective resident Undra Woods said she and her husband don't want to burden their two sons with making plans for them as they get older. "I realize how important it is for people to plan," said Woods, a geriatric nursing-care manager who once worked at Lucy Corr.

The Woodses can choose an apartment, "garden cottage" duplex or "a traditional cottage" single-f ami ly house. They haven't yet decided, she said. The project will have 122 units - 52 apartments, 56 duplexes and 14 cottages.

Reservations are $2,500 and fully refundable. Next spring, prospective residents will be asked for a commitment - and a 10 percent deposit on their units. Deposits are not refundable, unless the person's medical state changes.

Monthly fees, which include meal credits, transportation, housekeeping services and interior and exterior maintenance, are expected to range from $1,200 to $2,400. Entry fees are likely to range from $170,000 to $300,000, said Krista Ratliff, director of marketing for Lucy Corr Village . However, prices have yet to be set.

At Springdale , entry fees are 90 percent portable, meaning residents can receive most of their investment when they leave. The money can be used to pay for nursing or assisted care. Or it can go to their heirs.

At many life-care retirement communities, the value of entry fees dwindle monthly. But residents are not charged extra if they move into nursing or assisted care within the same retirement center.

The Springdale project will nearly double the size of Lucy Corr. About 200 residents are expected at Springdale . Most will be in their 70s and 80s, Ratliff said. They must be independent when they move in.

"The concept allows people to make a plan for themselves, not wait until a crisis happens and a relative steps in to make decisions," Ratliff said. "And it allows them to move in without ever having to move from Lucy Corr again should their needs change."

Not just a place to live, Lucy Corr, like other retirement centers, is creating a lifestyle for seniors. It will have a wellness center, beauty shop, bistro, pub, coffee shop, massage spa, library, computer room, ATMs and meeting rooms. Residents probably will form travel groups, book and card clubs, and exercise groups, Ratliff said. "The [health] risks are so much less when people are not alone or isolated and can live in a safe and secure environment."

The architect is SFCS Inc. in Roanoke . W.M. Jordan Co. in Newport News is building the model cottage, which will be ready in the spring.

Lucy Corr Village , a nonprofit, was founded in 1970 as a nursing home. It has 240 health-care beds. The first Alzheimer's unit in the state opened there in 1987. The first adult day center in Chesterfield opened there in 1988. "Lucy Corr is known for quality nursing care," Ratliff said.

A licensed Medicare facility, it operates under the Chesterfield County Health Center Commission.

senior

Projects Timing Just Right

Mon, 21 May 2012 23:05:04 +0000

BY ANDREW PRICE
TIMES-DISPATCH STAFF WRITER
Friday, September 23, 2005

The timing was right for a new development in Prince George County, Randy Simmons figured. With pent-up demand in the area for affordable housing and an influx of new home buyers coming to work at nearby Fort Lee, it was a good time to start developing The Meadows at Prince George subdivision, said Simmons, president of High Peak Partners LLC, the project's developer.

The 387-home development, to be built off Sandy Ridge Road near state Route 156 in Prince George, will feature homes in the $185,000 to $225,000 range with builders contributing to closing costs. The Meadows at Prince George will be the county's second-largest housing development. The subdivision, on 286 acres, will have homes built mostly on wooden lots. Simmons said construction should begin in mid-November, with the first homes completed during the first quarter of 2006. Lots will go on sale before the end of the year, Simmons said.

Plans for the project were already well under way before the Base Realignment and Closure Commission recommended adding nearly 7,400 additional personnel to the army base. President Bush recently endorsed the committee's plans. The announcement, along with an additional 1,100 soldiers who will arrive at Fort Lee within the year, should give his development a boost, Simmons said. Simmons said he plans to appeal to the new soldiers by encouraging them to make an investment by purchasing a home during their stay at Fort Lee as opposed to renting.

The Meadows at Prince George also should help address affordable housing needs in the county, said B. Leon Hughes, Prince George's planning director. "We need housing choice. That's what the county really needs," Hughes said.

The project will be built in four phases. The first phase will feature about 80 lots. When half of the lots in the first phase are sold, homes will be sold for the second section. Selling in each subsequent section will take place when half of the lots in the previous section have been sold. The last three phases will feature between 80 and 100 lots. Hughes, the county planner, said the site plans are being reviewed by the county. The project is "extensive" and deals with "real environmental challenges because of the topography." When the plans are approved, building can begin, he said.

The Meadows at Prince George will not be your cookie-cutter subdivision either, according to the developers. The builders are offering homes with eight different models with one or two different elevations. The homes will offer three to four bedrooms from about 1,430 square feet to 2,600 square feet. Additionally, homes can have one- or two-car garages and fireplaces, hardwood floors and a brick exterior can be added. There are standard-size decks on the backs of all models. The Meadows at Prince George also will feature multiple common areas, including a four-acre open field.

But it's more than the affordable costs that lead Simmons to believe this development will succeed. The location is one reason. It is close to Fort Lee and Hopewell and about 25 miles southeast of the city of Richmond. Another reason is a partnership featuring four of Chesterfield County's top builders: Ray A. Williams Custom Homes, Capitol Builders Inc., Huguenot Builders Inc. and Showcase Builders Inc. Simmons said these four builders have a history of working well together.

This should benefit the homebuyer because the builders "are not fighting for prices, everyone is on the same page," Simmons said. The lots are split equally between the four builders. When a prospective buyer picks a lot, the builder whose lot is selected would then build the house. "Their collaboration on these different house plans will actually further improve quality," said Stephanie Harlow, marketing director for The Meadows at Prince George. "This allows homebuyers to choose their lots and style they prefer." Coldwell Banker Vaughan & Co.'s Preston Hall, a site agent, said the development will be a part of an association.

The association is not designed "to be in control but to protect the homeowner," he said. Houses side-by-side would not be the same color, Simmons said. The fees would cover the cost of park and common-area maintenance.

Another reason why the Meadows at Prince George might be a hit is its "one-stop shopping process," the developers say. This option allows the purchaser to have legal, insurance and financial processing all taken care of onsite in minutes by Coldwell Banker Vaughan & Co.'s concierge service.

The real estate agency is leading the sales behind the development. "Working a deal is so much easier . . . you have your hands on everything," Hall said about the one-stop process. "Selling a house is one thing, closing on time is the most important to buyers and one-stop shopping helps that." This takes away some of the fear of the unknown, especially for a first-time home buyer, Simmons said.

New Development
New Construction

Renewing Old Buildings

Mon, 21 May 2012 23:05:04 +0000

BY DEBORAH RIDER ALLEN

RTD SPECIAL CORRESPONDENT

Sunday, August 28, 2005

As the walls come tumbling down inside the Central National Bank building downtown, the work marks the latest in a list of challenging projects on the résumé of Stanley Shield LLC.

This budding development and contracting company is making a name for itself in rehabilitating older buildings in Richmond and building new ones in Hanover County.

One of its projects -- redevelopment of the Pohlig Box Factory at 25th and East Franklin streets -- earned the company a local renovation award last year.

The company serves as a full owner and developer of a project or as a general contractor.

"Where we are at least 50 percent owner is our ideal situation, but we do some general contracting work on select jobs," said Henry Shield, 32, who formed Stanley Shield with George Stanley, 32, and later with Jimmy Stanley, 30.

Reuse is the focus

George Stanley focuses on adaptive reuse. His brother and Shield oversee new construction. Shield is also the president of a separate company, The Shield Co. that builds and develops residential homes.

Though Stanley Shield is small in terms of the number of employees (15 on their payroll), they have a large amount of experience.

Shield was raised in the residential construction business. His father, Andy Shield, owns The Shield Co. Henry Shield later moved to Fort Worth, Texas -- his wife's hometown -- and worked for national homebuilding company KB Homes.

George worked for Emerald Homes in Richmond and later joined Shield in Fort Worth at KB Homes.

"We often dreamed about what we wanted to do," Shield said. "I wanted to come back and build houses, but we also talked about branching off of that."

Reared in Henrico

The trio grew up in Henrico County.

Shield and George met while attending Collegiate School. They attended Hampden-Sydney College, but George graduated from James Madison University.

Jimmy attended Douglas Freeman High School and Virginia Military Institute.

Shield and George came back to Richmond from Fort Worth in 2000 and consulted with Shield's father, who helped them kick off their new venture. In July 2002, they founded Stanley Shield.

After several small commercial projects, Stanley Shield made a name for itself with its renovation work on the Pohlig Box Factory.

As part owner and one of the lead developers and contractors on the project, they transformed the 20th-century, paper-box factory into 65 one- and two-bedroom apartments.

Last year, the project won the Alliance to Conserve Old Richmond Neighborhoods' Golden Hammer award for the best large-scale commercial renovation. The Greater Richmond Association for Commercial Real Estate presented its project of the year to the Pohlig renovation.

Also last year, the company moved forward by hiring Jeremy Connell as a project manger.

Connell obtained his background in construction management and development by working for Miller & Associates, a local company that specializes in historic renovations.

"I have a great fascination and love of older architecture," said Connell, 36. "I had a great desire to get into historic preservation, and Richmond was the place to come."

Company officials agree that a lot of renovation is taking place in Richmond -- and they want a piece of the action.

Stanley Shield recently did all the general contracting work on the 1892 Cornish Home Brewery building on Clay and Harrison streets. It now has 37 apartments.

"It was a very, very tough job," George said. "It had been neglected for 30 years and had had several fires in it. Most people would have bulldozed it, but the owner, because of the historic value and tax rebates, decided to save it."

The company also was the contractor on the century-old Commonwealth Printing Co. building at 311 West Broad St. They transformed it into the Quirk Art Gallery for James E. Ukrop, the chairman of Ukrop's Super Markets and First Market Bank. The art gallery will open next month.

Stanley Shield has begun renovating the former St. Patrick's School on Church Hill into 15 condominiums.

But the company's latest challenge is demolishing the interior of Central National Bank building at 219 E. Broad St.

The 23-story art deco building was Richmond's first skyscraper when it was completed in 1929.

The building, now owned by Douglas Development Corp., is slated for Class A office space. Plans call for an arcade of retail shops and restaurants on the first floor, where the vaulted ceiling soars three stories above the former teller windows.

"The arcade was essentially a hallway that goes straight from Broad Street to Grace Street and was historically lined with shops such as clothiers, barbers, hair stylists, shoe shines and cobblers," Connell said.

The main lobby and exterior facade will also be restored.

"We hope to be done with this current phase in early fall," he said.

Earlier this year, Jimmy Stanley, who had been working in real estate development and construction since 1998, joined the company.

He and Shield work on the new construction side of the business.

The focus of most of their work has been in the Bell Creek development in Hanover off Meadowbridge Road. The company has developed and built a dentist office, a day care and the Bell Creek Town Center strip shopping center. They are planning a medical office complex development.

Shield said he thinks that the company's skill level and residential background has helped it do well in commercial construction.

"I think what separates us is our attention to detail," Shield said. "And these historic jobs are so detailed that you can't just send anyone in to work on them. We are not heavy in employees, but we have very skilled, valuable people who make us who we are."

Connell, the project manager, agreed.

"We are a young group full of big ideas and have experienced great success," Connell said. "We look forward to doing a lot of other projects."

New Construction
New Development

Skyline Gives View of Past and Future

Mon, 21 May 2012 23:05:04 +0000

BOB RAYNER

RTD POINT OF VIEW

Sunday, September 11, 2005

You're looking at a compact history lesson that reveals much about the city's economic progress. The state Capitol, which dominated the view for 120 years, is hard to see now, hidden by a century's worth of high-rise construction.

Richmond's builders began reaching for the sky in the first decades of the 20th century. Their ornate but elegant work still shines, especially the Mutual and First National Bank buildings.

Development paused briefly for World War I but resumed quickly in the Roaring'20s with more streamlined designs that hinted of the coming modernist approach. In 1929, the former Central National Bank building topped out on East Broad Street. Robert P. Winthrop, the Richmond architect and writer, described the sleek Art Deco tower as "an almost perfect example of the skyscraper of the 1920s."

The Hotel John Marshall was completed the same year.

Good thing, too, because Richmond's skyline barely changed for the next 25 years, as construction was constrained by the Great Depression and World War II. The only major addition during that period: the Medical College of Virginia's West Hospital building on East Broad, a New Deal project finished in 1941.

In the late 1950s and the 1960s, the city's skyline rose again. Main Street and Capitol Square sprouted plain, oblong boxes of concrete, glass and steel.

Over the next few decades, Richmond's skyline grew even higher, with the construction of the city's biggest buildings: a couple of bank headquarters, the new City Hall, the James Monroe state office building (originally intended to be twin towers), The James Center, Riverfront Plaza and the Federal Reserve Bank, designed by the architects of the World Trade Center.

But Richmond also began looking closer to the ground. The revitalization of Shockoe Slip in the 1970s unleashed a rush of renovation among the city's almost endless variety of 19th-century buildings that spread to Shockoe Bottom, Jackson Ward and Broad Street. Thirty years later, it's still gaining ground.

For the past decade, the real energy focused on converting old warehouses and factories into condominiums, apartments, offices, restaurants and stores.

That's not about to change. But the latest burst of development has us once again glancing toward the sky.

Riverside on the James opened this summer on Brown's Island with a high-rise office building flanked by a tower of condominiums. But it also features the renovation of an early 20th-century power plant for future retail space.

That mixture of the old and the new offers a hopeful signal about the prospects for downtown, which has faced so many challenges and disappointments.

It seems fitting that Richmond should build its future on foundations created a century ago or longer. Downtown is starting to look like a boom town.

New Construction
New Development

Seniors Housing: Boomers are Flying

Mon, 21 May 2012 23:05:04 +0000

BY DEBORAH RIDER ALLEN

RTD SPECIAL CORRESPONDENT

Sunday, May 30, 2004

America's baby boomer population will have a major impact on the housing industry in the next six years.

In 2010 the boomers start hitting age 65, and by 2030 more than 70 million people will be over the age of 65. That is 20 percent of the country's overall population.

And today's baby boomers have the highest median net worth of any age group in the history of the United States, according to the U.S. Administration on Aging. In response to projected demands in retirement housing, savvy developers and builders are planning for new age-restricted neighborhoods, and many retirement communities are expanding their facilities.

Trend to downsize it

Downsizing is often the first step many seniors take when making the decision to move out of their family home. Braxton, Cobblestone, CrossRidge and Summerhill at Stony Point are just a few of the Richmond-area age-restricted communities that offer single-family homes, condominiums or town homes. While there must be someone 55+ in the home, no one under the age of 18 can live in the community.

"Everyone is getting in on the baby boomer building now. But for us, CrossRidge was an opportunity that presented itself at the same time the momentum was fueling and the baby boomers were arriving, so it was really fortunate timing," said Bud Oley, president of Eagle Construction, the developer and builder of CrossRidge, which opened in November 2001. (Info: 756-6100)

This 55+, gated community in Henrico County offers 11 twoand three-bedroom floor plans in low-maintenance duplexes, town homes and single-family homes. Prices run from $218,595 to $225,550 with sizes from 1,750 to 2,398 square feet.

One of their biggest amenities is a 10,000-square-foot pavilion with an indoor pool, game room, celebration room, exercise room, tennis courts and newly completed outdoor pool.

Oley says initially the company focused on building the pavilion and marketing their attached products, thinking they would undersell their detached products.

While the detached units proved popular, the company was surprised at how well the attached units were received. They thought there might be some stigma associated with the attached units, so they put added attention to the details of those units. "We must have done a really good job, because our most dense product is going to be the first product to sell out."

The original plan for CrossRidge included a 527-unit development, but it has now expanded to 668 units. "And there is still some more expansion for the future," said Oley. "Our timeline isto be virtually complete by the latter part of 2006 with what is currently planned. Then the aging of the baby boomer population is going to hit right in time for CrossRidge II."

Age-restricted communities

U.S. Homes Corporation is jumping on the baby boomer bandwagon with the development of Colonial Heritage, an age-restricted golf community in Williamsburg. The 695-acre gated community that is still seeking permits and regulatory approvals will have 2,000 low-maintenance homes in four housing styles, some with basements.

The Executive Collection will be detached homes ranging from 1,900 to 2,000 square feet. Standard features include hardwood foyers, porches, oversize kitchens with center islands. Other detached home plans include the single-story Garden Collection that ranges from 1,500 to 2,000 square feet. The attached homes include the one- and two-story Carriage Collection (1,200 to 1,350 square feet) and the Villas Collection (1,340 to 1,800 square feet) both with two-car garages facing the street. (Info: 757 229-5205)

Amenities for Colonial Heritage will center on the 170-acre 18-hole Arthur Hills championship golf course. The Heritage Clubhouse will be approximately 25,000 square feet with a grand ballroom, full-service restaurant, library, craft room, billiards room and woodworking shop.

The Athletic Club will be approximately 8,500 square feet, including an indoor pool. It will also have an outdoor pool, exercise room, pro shop, men and women's locker rooms and snack bar. There will be four tennis courts and 180 acres of open area with 3.5 miles of pathways for walking and biking.

Assisted living communities

Continuing Care Retirement Communities (CCRCs) are another housing option for those baby boomers who are no longer interested in home ownership and who would like the availability of long-term health care and assisted living care without leaving the community.

Richmond has a wide variety of places, including Westminster Canterbury, Hermitage at Cedarfield, Lakewood Manor and Brandermill Woods, which offer a variety of housing options, including apartments, cottages and duplexes. Many have waiting lists. Some are working on expansions or plans to expand to provide for future needs.

"Without a doubt the sector of people retiring is one of the fastest growing segments of our country," said Harry W. Baldwin, administrator of health services for Lakewood Manor on Lauderdale Road, which has five apartment buildings with 251 independent-living apartments and 42 assisted-living apartments and is licensed for 110 nursing home beds in its health-care center. Planning is under way to expand the community to accommodate 80 to 90 more residents.

"We are planning for a broader range of products to meet the needs and desires of the American public," said Baldwin. He hopes to have an announcement on the project by the end of the year. Preliminary plans include building cottages and villas, smaller apartment buildings, a new assisted-living section and a new health-care center with single-occupancy rooms.

Lakewood Manor has a fitness center, bank, beauty shop, convenience store and a voting precinct; all meals are provided.

"We are a microcosm of society. In some ways we are as large as some small towns in the state of Virginia," said Baldwin. "One of the things we do is work hard to keep the comfortable lifestyle that we are known for, and we will be enhancing that through the additional apartments with a continuation of that comfort and nice lifestyle with the health-care security."

Senior apartments popular

Senior apartment living is another housing option for baby boomers who are not interested in a facility with long-term health care. While some are totally for independent living, others have special services; some have assisted-living apartments and some even have wings for special care such as Alzheimer's.

Some senior apartments in Richmond include The Commons at Ridgedale, Parham Park Place, Imperial Plaza, The Guardian Place, The Virginian and Beaufont Towers.

Aspen Gayton Terrace on Gayton Road is a small senior apartment complex built in 1987. The V-shaped building is four stories with 100 apartments.

"Most of our residents move in independently and if and when they need the assisted-living services the service goes right to them. So it is all mixed together and they do not have to change apartments if and when they need assisted living," said Janet Broughton, executive director of Aspen Gayton Terrace. The facility also offers weekly housekeeping and activities both in and out of the building.

"We do weekly trips to the grocery store, drug store and banking and take people to their doctor's appointments. We also have three meals a day, but each apartment has a full kitchen."

Although they do not focus on being a full nursing care apartment complex, Aspen Gayton Terrace does have a full nursing staff available for those who may need it. Units have pull cords in all bedrooms and bathrooms that go to a desk that is monitored 24 hours a day.

"The basic needs we meet are what most people need and they do not need the nursing services," said Broughton adding that residents only pay for the services they need.

"Our big push is not the assisted living. That is a service that is here so people can stay here longer and hopefully stay here forever. We are not a nursing home, but most people do not need that; it is only a small percentage. Once they have their activities of daily living taken care of like transportation, housekeeping and meals most do just fine being independent."

There are nearly 28,000 independent-living communities across the United States and more than 85,000 assisted-living communities, according to the National Investment Center for the Seniors Housing and Care Industry.

Tom Henley of Aspen Retirement Corp., which owns Aspen Gayton Terrace, says, "The need for growth in the senior housing industry is approaching what could be called a critical stage."

Senior

For Seniors - A Housing World of Their O..

Mon, 21 May 2012 23:05:04 +0000

space

BY JOAN TUPPONCE

SPECIAL CORRESPONDENT

Sunday, March 14, 2004

Afew years ago, John LoRe was living in New Jersey and working in corporate America. LoRe and his wife were empty-nesters - their daughter had gone off to college - with a 4,800-square-foot five-bedroom home. LoRe, who is over 50 and now a Realtor for Long & Foster Realtors at Stony Point, found it costly and sometimes frustrating to maintain his large home.

"It had gotten to the point that we were having trouble with the contractors we had gotten to do things around the house," LoRe said.

After some deliberation, LoRe and his wife sold their house and moved to a town house.

"We found a private community of 107 town-house units," he explained. "Our town-house had about 2,200 square feet of space."

Keeping what you need

The couple had to make a lot of decisions as they were downsizing their belongings even though the town-house had a basement that offered some storage space. "We got rid of things we didn't need," LoRe said.

Albeit smaller than their previous home, the town-house provided adequate living space. "We never felt cramped," LoRe said. "We had two bedrooms for guests and a loft area upstairs, as well as a large master suite downstairs. We were able to live on one floor."

Life in a town-house community was exactly as LoRe had imagined. There were no maintenance worries. "It's nice to hear someone else shovel the walk or driveway at 5 a.m. after a snowfall," LoRe said. "It was nice to know I could just drive out."

When the LoRes relocated to Richmond to be closer to their family, they purchased another town house in a similar community.

A niche market

LoRe and his wife are no different than other buyers who fall in the 50+ age category.

Whether it's the baby boomers who are passing the 50-year mark or seniors who are turning 65, the graying of America is creating a niche market in the housing industry. Seniors represent a powerful buying sector.

The numbers speak for themselves. Last year more people turned 50 than in any other year in history and that number continues to increase every seven seconds. According to the National Association of Realtors, every day from now until 2013, 6,000 Americans will turn 65. By 2035, 70 million people in the United States will be 65 or older.

Selections are growing

"The senior housing market is growing rapidly," said Bruce Pfeiffer, Realtor and senior real estate specialist for Century 21 Signature. "Seniors have a tremendous selection of products to choose from - single family dwellings, condominiums, town homes, age-restricted communities, retirement homes."

Several factors play into the decision-making process as to which form of housing is preferable. One is socialization. "People get lonely," Pfeiffer said. "Socialization is a tremendous value. Many [age-restricted] communities have community activities."

Friendships are important, and many older adults choose to own two properties - a river or beach home and a smaller condo or town house in their old neighborhood. "They want to visit friends," said LoRe. "They want to keep their doctors, etc. They want to continue their associations and friendships."

Safety, comfort

Active adult communities offer a feeling of safety for many, especially single or widowed seniors. "It gives them more comfort because they are living next to others in the community," said Lisa Kirk, Realtor, ReMax Commonwealth.

Some seniors simply don't want the hassle of second-floor living. They are looking for convenience and comfort.

"Many want a first-floor master bedroom," said Barbara A. Morison, Realtor and senior real estate specialist for Prudential Slater James River Realtors. "They also want closet space and space for their treasures."

Recognized by builders

Morison believes that builders are beginning to gear their efforts toward active retirees.

"They are starting to build more homes with first-floor master bedrooms," she said, noting that active adult communities for people over 55 are on the increase.

Vickie Kempton, senior real estate specialist and Realtor with Prudential Slater James River Realtors, acknowledges that seniors lead an active lifestyle and don't want to spend time working in the yard.

"They enjoy traveling, playing golf, etc.," she said. Living in active adult communities, town houses or condominiums allow them extra time for activities.

Grass, but not under feet

Tony Villani, broker for Villani Real Estate, works with many active retirees. "They like being active," Villani said. "They don't want any grass growing under their feet."

Villani represents a waterfront condominium community in Hopewell. While it's not an age-restricted community, Villani is finding that many older adults are opting to move to the community. "They like being on the water but they want to be close to Richmond and medical care," Villani said.

By the time they decide to downsize, many older adults have paid off their mortgages, allowing them to purchase a less expensive home and plop the rest of their money into a retirement account. "Many come in and pay for their condominium with cash," Villani said. "Others will finance the purchase."

As they get older, people don't want to extend themselves financially. "They are concerned with the price, value and location," LoRe said. "They want something that is very affordable for them."

Even though a decision has been made to downsize, leaving a home that you've lived in for 30 years or more is difficult.

"Sometimes it takes a couple of years for seniors to put their house on the market," Morison said. "It's an emotional situation. Their stress level is very high. That's why we do a lot of hand-holding."

Senior

A Bumper Crop of Construction

Mon, 21 May 2012 23:05:04 +0000

City has 20 major projects planned, under way or finished BY BOB RAYNER TIMES-DISPATCH STAFF WRITER Sunday, September 11, 2005

On Richmond's Horizon: Downtown Projects

Downtown Richmond is in the middle of a $2 billion makeover -- and that's just the big stuff.

It's hard to drive more than a few blocks without bumping into a major construction project.

Condominiums and apartments sprout up in Shockoe Bottom like summer mushrooms. East Broad Street is often shrouded in a cloud of dust kicked up by backhoes digging new foundations in old city blocks.

The skyline boasts two new towers hugging the banks of the James River, one filled with offices, the other with urban homesteaders who appreciate the view.

Among 20 major downtown projects, only a couple have been finished, worth about $100 million in capital investment.

A few more will open soon, including the Massey Cancer Center expansion and several older commercial buildings being converted into apartments, condominiums and retail space. Total value: about $75 million.

The really big deals aren't quite as far along.

Today, the $300 million Philip Morris research center is a big hole in the ground. Girders have begun to peek above the sidewalks at the new $102 million federal courthouse. And they've got a ways to go on the $190 million improvements to the state Capitol.

Still, projects worth more than $900 million seem all but certain to be completed in the next few years, many backed by state or federal dollars. Private developments should contribute several hundred million more, assuming the economy stays healthy.

That doesn't even include basic restoration work, such as the facelift for City Hall, or smaller efforts springing up everywhere: homes, restaurants and little businesses.

The prospects for a few projects are shaky. The $330 million Richmond ballpark complex in Shockoe Bottom and the $112 million Virginia Performing Arts Center on Broad face significant hurdles and political uncertainty. But they're the exceptions.

After nearly three centuries, this old town is still building.

New Construction
New Development

The Seven Deadly Mortgage Mistakes

Mon, 21 May 2012 23:05:04 +0000

Mistake #1
Having Bad Credit
It is far too easy to just cross your fingers and hope everything related to your personal credit will be okay. However, by not checking what your credit report says and what your FICO score is, you could be in for a nasty surprise. Your FICO score is a three-digit score that is used in the majority of mortgage lending decisions. If you get your credit report and FICO score (available for less than $15 from places such as www.MyFico.com) far enough in advance, you can challenge any errors and make some real headway into correcting anything that is making your score lower than you would like.

Mistake #2 Borrowing Too Much
Many new homeowners fail to realize just how many additional expenses are involved in a new home. In addition to a mortgage payment (which is usually higher than your old rent payment), there are taxes, higher bills, maintenance and repairs, as well as a ton of other things that crop up. Most lenders are happy to give you up to 33 percent of your total income, when you should be aiming more in the region of 25 percent.

Mistake #3 Avoiding First-time Homebuyers’ Programs
Such programs, which are often sponsored by your state, county or local city government, can give you better interest rates, and more appealing terms. Check out the housing agencies for your state, county and city to see what they can offer you.

Mistake #4 Failing to get Pre-approved
When house hunting, you’ll have much more weight with home sellers and their agents if you already have a loan lined up. This means getting pre-approved. Don’t confuse this with pre-qualified. Being pre-qualified simply means that a lender has figured out approximately what you can afford, based on how much you make, and how much debt you currently hold. Getting pre-approved is a far more vigorous process, which involves actually applying for a loan, submitting tax returns and pay stubs, as well as a raft of other information.

Mistake #5 Not Shopping for Rates and Terms
By shopping around, you can ensure you are getting the best rate, and you can try and haggle out of some of the excessive fees lenders charge – such as $150 for pulling your credit report, something which only costs them $15. The other advantage to shopping around is that you make sure you are getting a loan appropriate for your credit score.

Mistake #6 Not Planning for Closing Costs
Closing costs include all those expenses you have to write a check for at closing, and include things such as taxes, title insurance, points, attorney’s fees, prepaid homeowners insurance and other lending fees. This amount can be anywhere from 2 percent to 7 percent of the cost of your new home, and you cannot just put it on your credit card! The best way to properly plan is to get a good faith estimate from your lender as early as possible.

Mistake #7 Running out of Money
Getting a mortgage, paying fees, moving house, buying new things, fixing moving damage, fixing unexpected items – these things happen to all of us, and for some, it usually means running out of money after closing. The best plan is to have enough in savings so that after your down payment, after closing costs and after general moving expenses, you have three months’ worth of reserves. By reserves, we mean enough money to pay every monthly expense you have. Having such a reserve will greatly reduce the stress on a process that is stressful enough.

There are always mistakes waiting to happen - the best you can do is plan appropriately to avoid them the best you can. This doesn’t have to be a scary process, just follow these tips, and plan ahead!

First Time Buyer
Buyers
Buying Process
Mortgage

Next Hotspot in Richmond - Manchester

Mon, 21 May 2012 23:05:04 +0000

BY CAROL HAZARD

TIMES-DISPATCH STAFF WRITER

Sunday, August 21, 2005

Click here for a photo slideshow that accompany this article:
Big Plans for Manchester

What's the next hot spot in Richmond ?

Four local developers are betting $5.2 million that it will be the Manchester section south of downtown between the Mayo and Robert E. Lee bridges.

They put their money on 178 pieces of property in about a 12-block area.

"Old Manchester is the next frontier," said purchaser Robin Miller, co-owner of Urban Development.

The plan is to transform the area into a vibrant urban community, he said.

"It will be the flavor of old Manchester. We want to recreate a true community, a traditional neighborhood like it once was."

Architectural styles will match the original late-1800s neighborhood, he said.

Miller and business partner Daniel A. Gecker, a real estate and historic tax credit attorney, bought 153 parcels.

Charles S. Macfarlane and Sam McDonald, principals of Manchester Partners, bought the remaining 25 parcels.

The 178 parcels on about 28 acres were sold by an affiliate of the Virginia Museum of Fine Arts. The land was donated to the museum in 1992 by the founder of Overnite Transportation Co., J. Harwood Cochrane, and his wife, Louise. The area is bounded by Cowardin Avenue, Bainbridge Street, Commerce Road and Riverview Drive.

It's too early for a master plan or artists' renderings.

Still, the plan is to mix old with new -- to blend restored historic structures with architecturally interesting new buildings.

Garage doors, for instance, won't be plain board or vinyl. They will look more like carriage doors.

The developers are known for their historic renovations and commitments to economic revitalization, said David B. Bradley, secretary of the Virginia Museum Real Estate Foundation, which sold the parcels.

Where some people might see neglected old homes, flophouses and leveled lots, the buyers see an area ripe for development.

"The area has been sitting dormant for so long that people are used to seeing it in that stage," Macfarlane said.

"You will see this move quickly once development is started and people can visualize opportunity."

Macfarlane's office is in Manchester in 201 Warehouse, at 201 Hull St., which he and McDonald renovated two years ago. The top four floors are 14 apartments.

"What we didn't anticipate was people would either love it or hate it," said Macfarlane, former state aviation director.

His office was the stimulus for other businesses.

An art studio opened across the street. Plant Zero Café, a restaurant in a trendy industrial building with an art studio and a gallery, is a few blocks away.

Macfarlane and McDonald plan to build about 70 condominiums and townhouses on their 2.5 acres in the heart of the neighborhood purchased from the museum. Those parcels are between 12th and 14th streets.

"With a large area, you can make an impression and set the character for the neighborhood," Macfarlane said.

The units, which would sell for about $190,000 to $390,000 each, will be built over the next three to four years. "Hopefully, we'll be under way within the year," McDonald said.

Miller is looking at a five- to 10-year period. He and his partners will do a montage of new apartments, townhouses, stores, offices and house renovations.

Plans include a condominium high-rise with a view of the river along Riverview Drive near the foot of the Lee Bridge.

Miller, owner also of Miller & Associates, has been restoring houses in the Manchester area for three years. He converted an industrial building into the Old Manchester Lofts on Commerce Road.

The area has a lot going for it, he said. It's close to downtown and the river. Plus, it has "wonderful, historic houses."

The project should appeal to students, young professionals, professional couples and empty nesters, he said.

"The only thing I don't see are families with school-age children. The Richmond schools are not satisfactory, and I'm not afraid to say that."

Miller took the good with the bad in the land purchase. "I would have preferred to cherry-pick."

His 153 parcels vary from a fraction of an acre to as large as 4 acres. Most are vacant lots.

The key is the critical mass, he said. "We can make the changes that need to be made to turn the community around."

Lucy Meade, director of business development for Richmond Renaissance, a downtown economic-development group, said the developers were among the first to test the area with earlier projects.

"When they team up to do something bigger, that tells you a lot," she said.

"Vacant land is like missing teeth." This could be the next Shockoe Slip or Shockoe Bottom, she said.

The land was amassed over the decades that Cochrane ran his business.

Cochrane founded Overnite Transportation in 1935, opened the corporate headquarters in Manchester in 1975 and sold the trucking company in 1986 to Union Pacific Corp.

The Cochranes donated the land to the museum in 1992 with the understanding that the sales proceeds would be used to purchase American art for the museum.

Some land was sold by the museum foundation for developments such as SunTrust Mortgage Co. and the Old Manchester Lofts.

With this latest sale, the museum has sold all of its holdings in Manchester.

The purchasers say they hope other developers will piggyback on their plans for the area.

New Development
New Construction

Easter Seals Lauds Century 21 System

Mon, 21 May 2012 23:05:04 +0000

February 21, 2005

2004 contributions made to Easter Seals by members of the Century 21 System exceeded $4.7 million, surpassing the global real estate franchisor's national fundraising goal for 2004 by nearly 6 percent.

Since 1979, Century 21 has raised more than $80 million on behalf of Easter Seals and stands as the organization's all-time leading contributor. "The Century 21 System has recorded another phenomenal fundraising year in support of Easter Seals," said James E. Williams, president and CEO, Easter Seals, Inc.,

"This is an outstanding achievement for many dedicated men and women of the Century 21 System who have continuously pledged countless hours and resources on behalf of Easter Seals."

During the Century 21 International Convention in Orlando, Fla., Easter Seals and Century 21 Real Estate LLC honored the top 21 Easter Seals fundraisers in the Century 21 System's network of franchised real estate offices. In addition, the top fundraising companies in each of its 27 national regions were also recognized.

"For more than a quarter-century, the men and women of the Century 21 System have pledged their support to Easter Seals and to the millions of people with disabilities that it assists everyday," said Thomas R. Kunz, president and CEO of Century 21 Real Estate LLC.

"As active participants and contributors to the very communities that they service, our Century 21 System brokers and agents understand the value of giving back. In 2005, we have established an even more aggressive fundraising goal of $5.25 million."

For 85 years, Easter Seals has been providing services that help children and adults with disabilities gain greater independence. Primary services -- medical rehabilitation, job training and employment, child care, adult day services, and camping and recreation -- benefit more than one million individuals with disabilities and their families each year through more than 550 centers nationwide.

For more information, visit http://www.easterseals.com .

CENTURY 21 Town and Country (http://www.century21town-country.com/) of Rochester, Mich., was the system's top Easter Seals contributor, a distinction that the company has held for each of the past 10 consecutive years. Led by broker/owner John Kersten, the company surpassed the $1 million fundraising mark in 2004, raising $1,150,007 for Easter Seals Michigan. The 12-office company held several car raffles and community awareness and fundraising events to achieve its fundraising success in 2004.

Earning the CENTURY 21 System's No. 2 fundraising position in 2004 was CENTURY 21 Red River Realty, located in Grand Forks, N.D. Led by broker/owner Jim Dunavan, CENTURY 21 Red River Realty raised more than $202,900 by purchasing, repairing and then selling dilapidated homes in the community with profits going to Easter Seals Goodwill of North Dakota.

Joining CENTURY 21 Town and Country and CENTURY 21 Red River Realty on the list of the CENTURY 21(R) System's top 21 Easter Seals contributors in 2004 are:

CENTURY 21 Alliance, Drexel Hill, Pa.
CENTURY 21 Sunbelt Realty, Inc., Cape Coral, Fla.
CENTURY 21 Judge Fite Company, Dallas, Texas
CENTURY 21 Wright, Temecula, Calif.
CENTURY 21 Access America, Wethersfield, Conn.
CENTURY 21 Award, San Diego, Calif.
CENTURY 21 Dome Realty Limited Regina, Saskatchewan, Canada
CENTURY 21 AAA Realty, Inc., Cooper City, Fla.
CENTURY 21 Sellers Choice, St. John's, Newfoundland, Canada
CENTURY 21 Old Richmond Realty, Richmond, Va.
CENTURY 21 Alliance, Mount Laurel, N.J.
CENTURY 21 Select Real Estate, Inc., Yuba City, Calif.
CENTURY 21 King Realtors, Chino, Calif.
CENTURY 21 Realty Group Companies, Indianapolis, Ind.
CENTURY 21 A.L.L. Stars Realty Ltd., Edmonton, Alberta, Canada
CENTURY 21 Diablo Valley Realty, Concord, Calif.
CENTURY 21 Worldwide, Southlake, Texas
CENTURY 21 AAA North, Sterling Heights, Mich.
CENTURY 21 Reynolds Realty Co., Brandon, Fla.

For more information, visit http://www.century21.com

Author: Beth Bresnahan RISMEDIA

Survey of 50+ Attitudes in Real Estate

Mon, 21 May 2012 23:05:04 +0000

February 13, 2005

It's time to rethink some assumptions about those 50 and above when it comes to real estate.

It was often believed that the typical aging homeowner was looking to move to an active adult community and downsize, but survey results show otherwise.

The ERA Real Estate survey of more than 1,500 people, age 50 and older, reveals:

Only 8 percent of those considering a move in the next five years indicated that they might consider purchasing a home in an active adult community.
More than 61 percent consider purchasing a single-family home.
The average senior lives in a house with three or more bedrooms and two or more baths.
Only 11 percent felt their current home is too big.
Nearly 25 percent of respondents thought their home was too small.
Respondents cited better home or living conditions as the second most popular reason for buying a new residence.

Seniors also proved to be more savvy and demanding when it comes to technology. In fact, those considering moving in the next five years chose the Internet as the most popular home buying research method, up from the second most common choice mentioned in study during the previous year.

However, while mature consumers showed an increased propensity for the Internet to search for real estate information, nearly 92 percent said they were only somewhat to not at all likely to choose a real estate agent based on Internet research. This may be due in large part because the survey showed an existing relationship with a broker or real estate agent was still the second most popular method for researching real estate.

"These survey results show that as more and more baby boomers turn 50, it is becoming harder to define the increasingly diverse mature consumer," said Brenda W. Casserly, president and COO, ERA Franchise Systems, Inc. "Marketers today need to recognize the importance of understanding the many different concerns, wants and needs of these mature consumers to ensure they provide resources and services that are relevant and valuable to this growing market segment. At ERA Real Estate, we have set out to be the real estate company of choice for this powerful and under-served consumer."

Despite a historically strong real estate market that has seen continued price increases, more respondents expressed greater concern over:

prescription drug costs (62 percent),
hospital-related costs (60 percent),
income and other taxes (59 percent) and
gas prices (56 percent)
than they did over the price of houses (43 percent).

Other interesting findings revealed from the ERA survey of mature consumers included:

Respondents named "one point of contact" during the transaction process as the service they are most looking for from a real estate agent.
Nearly three out of four respondents own their own home.
Nine out of 10 have owned at least one home in their lifetime, while nearly two-thirds have owned two or more homes.
The majority (53 percent) of respondents have lived in their current residence for 10+ years.
57 percent of respondents would prefer to stay within 50 miles of their family during their next move, while 16 percent would consider a move of 1,000 miles or more.
Nearly one quarter of respondents have children living with them or who are receiving financial support.
Virtually all respondents (96 percent) own a personal computer.
Three out of four respondents own a DVD player and a cell phone.
Respondents ranked both in-depth property descriptions and photos or virtual tours as the most important factors when searching for real estate online.

Author: Beth Bresnahan RisMedia

Home Equity Loan Interest Not Always Ded..

Mon, 21 May 2012 23:05:04 +0000

February 15, 2005

Low mortgage interest rates made 2004 another big year for refinancing, and home-equity borrowing in the United States reached a record-high level last year, according to a recent study. Americans took out $431.3 billion of home equity loans and lines of credit, according to SMR Research, a market research firm in New Jersey. That's up 35 percent from 2003.

Yet many borrowers don't realize they might not be able to deduct all the interest they pay on home equity loans. That would depend on how much they borrowed and what they used the money for.

Taxpayers subject to the Alternative Minimum Tax face stricter limitations on what they can deduct.

First, it's important to know that in "tax-speak" there are two kinds of mortgage debt: home acquisition debt and home equity debt. Acquisition debt is a mortgage or mortgages you take out "to buy, build or substantially improve" your main or second home. In general, you may deduct the interest you pay on up to $1 million in home acquisition debt. The limit applies even if you own a second home.

So let's say you took out a home equity loan, and you used it to remodel your kitchen for $40,000. For tax purposes, that amount is considered part of your "acquisition" debt because it was used to improve the home. You can deduct the interest on that new debt, as long as your total acquisition debt is $1 million or less.

From the Internal Revenue Service's standpoint, home equity debt is different. It is money you borrowed from your equity and used for purposes other than buying, building or improving your home. Only interest paid on $100,000 of equity debt is deductible as mortgage interest. Again, the limit applies even if you own a second home. If you used a home equity loan to pay your child's college tuition, for example, you can deduct only the interest you paid on the first $100,000. (Unless you are subject to the Alternative Minimum Tax; more on that in a moment.)

If you borrowed more than $100,000 and used it for purposes other than improving your home, you may still be able to deduct the interest if you used the money to invest in stocks or start a business, though it won't count as mortgage interest paid. But if you spent the money on a vacation or a car, the interest is probably not deductible.

Things are trickier still for those who must pay the Alternative Minimum Tax, the tax that mainly targets higher-income taxpayers. Those subject to AMT don't get many of the write-offs that other taxpayers do. Only interest on mortgage debt that is used to buy, build or improve a home can be deducted by those subject to AMT.

That means that if someone who pays the AMT spends $20,000 of her home equity loan on a car, the interest on that debt is not deductible, even if she has not exceeded the $100,000 equity debt ceiling. "None of the equity debt is allowed for AMT, and that's where people are getting burned," said Claudia Hill, owner of Tax Mam Tax Services.

For example, let's say you had a mortgage for $300,000, and you've paid it down to a balance of $280,000. You refinance that amount of acquisition debt, and also take out a $100,000 equity line of credit.

You use $60,000 to remodel a kitchen and bathroom. Now you have $340,000 worth of acquisition debt ($280,000 plus $60,000), the interest on which is deductible for both regular and AMT purposes.

If the remaining $40,000 of the loan is used for something other than substantial improvement to the home, it is deductible for regular taxpayers, but not for AMT payers.

For more information, refer to IRS Publication 936, "Home Mortgage Interest Deduction," or consult a tax adviser.

Author: Beth Bresnahan

Mortgage
Income Tax

Dual Agency

Mon, 21 May 2012 23:05:04 +0000

Just when you thought you had all this "agency" business figured out, here are few wrinkles.

What happens when both the buyer and the seller are represented by the same real estate agency or by the same real estate agent?

It's important to point something out here....When you list your home for sale with a real estate agent, that listing actually belongs not to the individual agent, but to his or her broker - or firm. For example, when I list your home for sale, the listing actually belongs to the agency under which I practice, in this case, Century 21 Old Richmond Realty.

The same holds true if you're a buyer and you've entered into an exclusive buyer's agreement with me. You are the client of Century 21 Old Richmond Realty, with me (and my broker and every other agent in my office) acting on your behalf.

Back to the question - What happens when both the buyer and the seller are represented by the same agency or broker?

The agency or broker is a Dual Agent .

Dual Agency exists when the same firm or brokerage represents both sides to a transaction.

And - this is very important - your agent is required by law to disclose this state of Dual Agency at the first possible opportunity.

Broker as Dual Agent

Say another agent in my office has a client who makes an offer on one of my listings. This is commonly known as an "in-house" transaction or sale. My broker, the other agent who has the buyer, and I are all Dual Agents.

Individual Agent as Dual Agent

If an individual real estate agent represents both the buyer and the seller, that agent is also a Dual Agent. For example, say I have a buyer/client (he's signed an exclusive buyer's agreement with me to represent him) who is looking for a 4 bedroom colonial. I have just listed a home for sale that I think would be a perfect match for him. My buyer decides to make an offer to purchase my listing. I and my broker are dual agents because we represent both the buyer and the seller.

Duties of a Dual Agent

The duties of a dual agent are basically the same duties I listed in my article Understanding Agency.

Let's have another look at the duties of a standard agent:

perform in accordance with the agreement with their clients
act in their best interests
maintain confidentiality exercise a level of care and service in line with industry standards
obey the law and regulations.....

I'm obligated to tell my clients everything I know about the property and the transaction including all information about the other party that could affect the sale. But how do I do this and still maintain the confidentiality of both sides?

Answer - I can't!

Dual agency places some limitations on the duties I owe to my clients. When I and my firm represent both parties in a transaction, performing a duty to one client may be limited by my duty to the other client.

Suppose that my sellers/clients have told me in confidence that they are planning to get a divorce and that they are looking for a quick sale, and that they would be willing to accept a lower offer just to wrap up the sale as quickly as possible. My buyer/client would love to know this! It would provide him with leverage as to the final purchase price and terms of closing.

But I can't share this important information with him (and neither can my broker or anyone else in my firm) because.....

The duty of confidentiality supercedes my duty to tell my other client everything I know.

So, how does this translate into the real world?

I'm limited in my ability to fully represent both clients. I can't advise my buyer as to what to offer or my sellers as to what is an acceptable offer, etc. I* can only help put the transaction together by acting as a "mediator" for both clients. I can only present the offers and counter-offers, etc. of both sides, without offering opinions or advise, and let them decide for themselves.

* Whenever I refer to "I" or "me" or "my" when discussing dual agency, the same holds true for my broker (Century 21 Old Richmond Realty) and all the other agents affiliated with my firm.

Now, this arrangement can work out quite well, especially when I'm dealing with clients on both sides of the transaction who know what they want and how they want it and as long as both sides have some experience in buying and selling real estate and I'm confident that they know what they're doing.

However, there are many people in the market as first time home buyers. And there are many sellers who have never sold a house or haven't sold a house in a long time. What do I do if one or both parties really want and need my advise and guidance?

That's a tough one....

Wait!.....

I know what to do!.....

I'll go to my broker and ask her to "designate" another agent for one of my clients!

See my article on Designated Agency.

Buyer
Seller
Agency
Realtor

Diverse 50+ Market Drives Major Changes

Mon, 21 May 2012 23:05:04 +0000

Today’s diverse 50+ consumers are transforming the housing industry and changing the concept of active adult and traditional seniors housing communities. The newest architectural, design and marketing trends were highlighted at the National Association of Home Builders (NAHB) 2005 Best of Seniors Housing Awards ceremony, held Jan. 13 in conjunction with the International Builders’ Show in Orlando, Fla.

According to experts from the NAHB Seniors Housing Council, active adult communities have evolved greatly over the past decade. While site-built single-family attached and detached homes are still the preferred housing type, for-sale, age-qualified multifamily condominiums have emerged as a favorite among active adults. “Builders also seem to be building small or midsize communities and more of them in close-to-home locations,” said Bill Parks, a Scottsdale, Ariz.-based market researcher and a juror for the Best of Seniors Housing Awards Committee. “Almost three-quarters of the active adult communities built in 2004 were in states outside the Sun Belt. This is a trend that will continue to gain momentum.”

A growing number of consumers also want to live in communities closer to urban centers or that are connected to the surrounding community. “Many active adults want to be near a town center in a community with a diverse product mix of condominiums, villas and single-family detached homes,” said Mark Stemen, president of K. Hovnanian Homes’ Washington, D.C. active adult division in Chantilly, Va. “The idea of leaving the active adult community to walk to shops and be involved in the greater community appeals to many of them.”

The service-enriched side of the industry, which includes independent living and assisted living, has experienced major changes. Among the hottest trends for the service-enriched industry was the demand for communities in mid- to high-rise buildings in dense urban settings.

“In the past, builders created communities that were far from the urban core,” said Richard Rosen, a Silver Spring, Md.-based architect and chairman of the 2005 Best of Seniors Housing Awards Committee. “Placing seniors in greenfield sites away from the city or even their former suburban neighborhoods doesn’t meet the needs of today’s buyers. They want to take advantage of the city’s offerings as well as maintain contact with family and friends, attend their places of worship and continue to work.”

Other trends include communities that embrace regional and ethnic traditions, capitalize on natural surroundings and incorporate sustainable design. “Perhaps the most encouraging trend is the prevalence of universal design,” Rosen said. “Builders are including features like stepless entries, wider doorways and other features, not to mention providing more space in the kitchen and bath along with universal designed cabinets and fixtures. It appears that universal design is becoming part of the mainstream.”

Published by: The National Association of Home Builders

January 14, 2005 Senior

Active Adult Communities

Mon, 21 May 2012 23:05:04 +0000

Rose Pollard, 55, had enough of caring for her lawn in the summer, shoveling snow in the winter and maintaining a home year-round. After a lifetime of working as a computer operator for Westinghouse, she decided it was time to play. That was the case with Joan and Pete Ferger as well. They sought relief from Beltway rush-hour traffic by moving to Ocean City. But they encountered beach-goer traffic jams and a year-round vacation atmosphere.

So they packed their home again and, like Pollard, settled in an active-adult community on the Eastern Shore. Pollard and the Fergers are part of a nationwide trend of baby boomers (those who are now 40 to 58 years old) and older adults who are buying into active-adult communities even though many of them aren't ready to hang up their business suits for good.

The real estate industry has been moving to meet an expected growing demand for communities catering to the baby boomers and others. Now that the kids aren't around to be persuaded to mow the lawn or clean the gutters, builders are finding that more buyers want maintenance-free communities. And with the recent price appreciation of most homes, many older homeowners can afford luxury communities.

Builders enjoy dealing with sophisticated buyers who can afford to add several amenities to their homes. A recent survey by builder Del Webb, which constructs communities nationwide for older Americans, found that customers for this kind of housing are getting younger and continuing to work.

The survey, conducted in April and May, showed that 36 percent of boomers will move to a new home once their children move out. Another 26 percent are considering purchasing a home in an active-adult community, which in most cases requires one resident to be older than 55 and doesn't allow anyone younger than 19 to live there. The survey polled 1,174 residents age 40 to 70 and had a error rate of plus or minus 3 percentage points.

Active-adult communities don't have assisted-living programs and have a sweeter ring to them than the term "retirement community," according to builders. Residents pay monthly maintenance or homeowners association fees, which usually are less than $200 a month. "When you think of a retirement community, you're there to retire and die -- that's the mentality," said Joan Ferger. "With an active-adult community, you're moving into a community where there's a lot of socializing." A clubhouse, monthly newsletter and activities director keeps residents informed and busy at the Fergers' community.

Not having to deal with maintenance lets residents put their jobs and activities on the top of their priority list. However, Del Webb, which has a community in Easton, where the Fergers reside, and is opening one in Taneytown, also found that many boomers' nests will be only half-empty. The builder's survey found that 24 percent of boomers expect their parents or in-laws to move in with them eventually, and 25 percent expect their grown children to move back home.

So although boomers want a resort-like lifestyle, many want it without having to move to Florida or Arizona, according to the survey. They want proximity to metropolitan regions and the grandchildren. Developers are responding by building communities on the outskirts of big cities.

One such new community is Symphony Village at Centreville on the Eastern Shore, where the house styles are named after the likes of Mozart and Vivaldi and where residents cruise through Harmony Way and Encore Court. Pollard, the first to buy a home in the development, opted for the Strauss model, paying $250,000. She moved in April.

Bob Karen, president of Symphony Development Group LLC, has been building active-adult homes for 30 years, and Symphony Village is his newest project. He said the community's proximity to Washington and Annapolis makes it attractive to boomers who want a recreational lifestyle but still have to make it to the office once or twice a week. "A lot of our customers want to be easily accessible to their grandchildren," Karen said. "They have many social ties to the area and don't want to go far away from it."

Pollard is 40 minutes away from her grandchild and two children who live in Anne Arundel County. Her children were supportive of her move from a home in Gambrills to Symphony Village at Centreville. "They thought it would suit my lifestyle because I like to travel, and this way I can leave my house, I can lock it up and take off and not worry about it," she said.

Andy Cochera, an AARP spokesman, said the organization has found that the rate of moving for those over 55 is minimal -- 5 percent. But the strong housing market gives the impression that everyone is moving. "We don't necessarily know if boomers have, as a generation, made this move to active-adult retirement communities," Cochera said. "Part of the problem is that we've had a very active housing market over the past few years."

The Fergers were attracted to an active-adult community where Pete, 62, is in full retirement from his job in procurement and inventory control. Joan, 58, wasn't ready to retire fully and has found a job as design coordinator for Del Webb's Easton community. There is plenty of room for the kids to visit, Joan Ferger said. But she and her husband swore never to climb another step to get to their bedroom and bathroom. And with the design of homes in active-adult communities -- where most include first-floor master suites -- they don't have to.

Once they decided to downsize, the Fergers had the trying task of sorting through all the stuff they had accumulated over the years. They moved in April 2003. "We had to discipline ourselves to let go," Joan Ferger said.

The National Association of Realtors recognized the difficulty people face when downsizing from a residence they've called home for so long. To help with the transition, the association created a "senior specialists" designation for real estate agents who undergo courses to sensitize them to the needs of relocating seniors. With so many seniors expected to move during the coming years, the industry is working to accommodate them.

David McIlvaine, an agent with Coldwell Banker Residential Brokerage in Ellicott City, has a senior real estate specialist designation. Dealing with seniors who are downsizing means working with concerned sons and daughters who don't want their parents to move. It also means helping to weed through piles of items that have accumulated through the years. "There's an emotional tie," McIlvaine said. "This is the next stage of their life and there is a genuine concern, 'Am I doing the right thing, am I not? Is this going to reduce my independence?'"

McIlvaine said he sees a growing trend of the younger boomers who want to move into a retirement community or condominium so they can travel more and spend less time maintaining their homes and yards. The maintenance-free aspect of living in such a community and abundant social activities ease the transition by baby boomers to the next stage in their lives, experts said.

Karen said a former customer of his compared living in an active-adult community to the playful, worry-free days of summer camp. "They used to send their children to sleepover camp," Karen said. "Now they have it 365 days a year."

Author: Beth Bresnahan

Publishing date: 08/04/04

Senior

Understanding Real Estate Agency

Mon, 21 May 2012 23:05:04 +0000

Who Does "Your" Agent Work For?

A real estate agent works for:

the Seller
the Buyer
Both the Seller and the Buyer
Neither the Seller or the Buyer

Which is the right answer? Well, it depends! Not so long ago, in a neighborhood near you,

This was the way it was:

The listing agent obtained the listing from the seller and represented that seller. A second agent, the "selling agent," brought the buyer to the table, but was acting as a subagent (an agent of the listing agent) often unbeknownst to the buyer .

In this situation, even though the selling agent may have never met the seller, he or she still had a legal obligation to report to the seller any information the buyer revealed, or any information the agent found out about the buyer's situation that would help the seller's negotiating position. That makes the agents sound evil, but in fact, if they had not communicated the information to the seller, they would have been breaking the law. Both agents had a fiduciary obligation -- a legal and moral obligation to work toward the best interests of the beneficiary. The seller was the client for whom agents were working. The buyer was merely the customer. This was and still is commonly known as SELLER AGENCY .

In 1983, a study conducted by the Federal Trade Commission found that:

80% of buyers stated that the agent played a major role in negotiations with the seller
71% of buyers working with selling subagents felt that the agent represented them
73% of the buyers claimed they told "their" agent the maximum price they could afford
82% of buyers thought whatever they told "their" agent was confidential and
74% of sellers thought that the selling subagent was representing the buyer.

That meant that the vast majority of buyers were "spilling their guts" to agents who were representing someone else, i.e., the seller. And the seller, for the most part, didn't realize that the agent who brought the buyer was actually working for them. In short, it was quite confusing for everyone involved.

The report fueled a nationwide legislative agenda that, in the end, required the real estate industry to disclose who the broker or licensee represents in every situation. By 1988, most states had disclosure laws in place. By the end of 2003, some form of required agency disclosure law or regulation had been adopted in all 50 states.

This is the way it is:

AGENCY DISCLOSURE

The requirement placed on the agent to inform you who he/she is working for. If you are not represented by a real estate agent (selling or buying), expect to be asked to sign an Agency Disclosure Form by the agent on the other side of the transaction. Expect to hear the agent make this disclosure upon having a substantive discussion about a specific property.

SELLER AGENCY

The traditional form of seller agency still exists. Today, the seller's agent, also known as the listing agent, represents the seller. Subagency also still exists, but is now optional - sellers can now chose is they wish to offer subagency or not.

BUYER AGENCY

Once it became clear how confused everyone was about the agent/client/customer relationship, many in the real estate industry experienced a Wow-Why-Didn't-We-Think-Of-This-Before moment. And so, the practice of buyer agency was born - now buyers can employ a real estate agent to represent them exclusively.

So now we have seller's agents (listing agents) and buyer's agents (selling agents) who act exclusively on behalf of their respective clients:

performing in accordance with the agreement with their clients
acting in their best interests
maintaining confidentiality
exercising a level of care and service in line with industry standards and
obeying the law and regulations.....

And Everyone Lived Happily Ever After!

Hold on.....

Wait just one second.....

Is that a......wrinkle?

See the wrinkle explained in my reports on Dual and Designated Agency.

Buyer
Seller
Agency
Realtor

Understanding Your Credit

Mon, 21 May 2012 23:05:04 +0000

Understanding Your Credit

Commercial Mortgage Funding

Mon, 21 May 2012 23:05:04 +0000

Commercial Mortgage Funding

Credit Scoring

Mon, 21 May 2012 23:05:04 +0000

Credit Scoring

FICO Scores Affect Purchasing

Mon, 21 May 2012 23:05:04 +0000

FICO Scores Affect Purchasing

Property Rights

Mon, 21 May 2012 23:05:04 +0000

Property Rights

Real Property Definition

Mon, 21 May 2012 23:05:04 +0000

Real Property Definition

Property Investment

Mon, 21 May 2012 23:05:04 +0000

Property Investment

Property Trust(s)

Mon, 21 May 2012 23:05:04 +0000

Property Trust(s)

Negotiating a Contract

Mon, 21 May 2012 23:05:04 +0000

Negotiating a Contract

Dont Let It Fall Through

Mon, 21 May 2012 23:05:04 +0000

Dont Let It Fall Through

Sell Your Home Fast

Mon, 21 May 2012 23:05:04 +0000

Sell Your Home Fast

Property Inspection

Mon, 21 May 2012 23:05:04 +0000

Property Inspection

Pick An Offer

Mon, 21 May 2012 23:05:04 +0000

Pick An Offer

Open House Expectations

Mon, 21 May 2012 23:05:04 +0000

Open House Expectations

Your Open House

Mon, 21 May 2012 23:05:04 +0000

Your Open House

Marketing Info

Mon, 21 May 2012 23:05:04 +0000

Marketing Info

Listing Real Estate

Mon, 21 May 2012 23:05:04 +0000

Listing Real Estate

Selling My Property

Mon, 21 May 2012 23:05:04 +0000

Selling My Property

Multiple Offers

Mon, 21 May 2012 23:05:04 +0000

Multiple Offers

Getting Real Estate Ready

Mon, 21 May 2012 23:05:04 +0000

Getting Real Estate Ready

List to Sell

Mon, 21 May 2012 23:05:04 +0000

List to Sell

Housing Market Info

Mon, 21 May 2012 23:05:04 +0000

Housing Market Info

Pricing Your Property

Mon, 21 May 2012 23:05:04 +0000

Pricing Your Property

Property Appraisal

Mon, 21 May 2012 23:05:04 +0000

Property Appraisal

More Tax Advice

Mon, 21 May 2012 23:05:04 +0000

More Tax Advice

Real Estate Agent

Mon, 21 May 2012 23:05:04 +0000

Real Estate Agent

Real Estate FSBO Advice

Mon, 21 May 2012 23:05:04 +0000

Real Estate FSBO Advice

Real Estate Appraisal

Mon, 21 May 2012 23:05:04 +0000

You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods, offer more ambiance, and have lower property tax rates. People who buy older homes, however, shouldn't mind maintaining their home and making some repairs. Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs.

Only an appraiser can give a real home value, but one thing your real estate agent can help you with, is determining the 'sold' value of homes around the area . This is especially important when writing an offer!

Real Estate Tax Shelter(s)

Mon, 21 May 2012 23:05:04 +0000

Real Estate Tax Shelter(s)

Tax Benefits of Home Ownership

Mon, 21 May 2012 23:05:04 +0000

Tax Benefits of Home Ownership

Closing Costs

Mon, 21 May 2012 23:05:04 +0000

Closing Costs

Escrow Advice

Mon, 21 May 2012 23:05:04 +0000

Escrow Advice

Choose the Right Home Loan

Mon, 21 May 2012 23:05:04 +0000

Choose the Right Home Loan

Closing Costs

Mon, 21 May 2012 23:05:04 +0000

Closing Costs

Review A Closing

Mon, 21 May 2012 23:05:04 +0000

Review A Closing

Walk Through Prior to Closing

Mon, 21 May 2012 23:05:04 +0000

Walk Through Prior to Closing

After The Loan

Mon, 21 May 2012 23:05:04 +0000

After The Loan

FHA and Your Credit History

Mon, 21 May 2012 23:05:04 +0000

FHA and Your Credit History

Negotiating Tips

Mon, 21 May 2012 23:05:04 +0000

Negotiating Tips

Property Negotiation

Mon, 21 May 2012 23:05:04 +0000

Property Negotiation

Safety Inspection

Mon, 21 May 2012 23:05:04 +0000

Safety Inspection

Home Inspector Worksheet

Mon, 21 May 2012 23:05:04 +0000

Home Inspector Worksheet

Home Insurance

Mon, 21 May 2012 23:05:04 +0000

Home Insurance

Home Inspection

Mon, 21 May 2012 23:05:04 +0000

Home Inspection

Debt To Income Ratio

Mon, 21 May 2012 23:05:04 +0000

Debt To Income Ratio

Apply for a Mortgage

Mon, 21 May 2012 23:05:04 +0000

Apply for a Mortgage

Select a Mortgage

Mon, 21 May 2012 23:05:04 +0000

Select a Mortgage

Mortgage Alternatives

Mon, 21 May 2012 23:05:04 +0000

Mortgage Alternatives

Basic Mortgage

Mon, 21 May 2012 23:05:04 +0000

Basic Mortgage

Mortgage Loan Types

Mon, 21 May 2012 23:05:04 +0000

Mortgage Loan Types

Effective Offer Writing

Mon, 21 May 2012 23:05:04 +0000

Effective Offer Writing

Control Your Emotions

Mon, 21 May 2012 23:05:04 +0000

Control Your Emotions

Comparison Shopping

Mon, 21 May 2012 23:05:04 +0000

Comparison Shopping

Home Selection

Mon, 21 May 2012 23:05:04 +0000

Home Selection

Choose Your Neighborhoods

Mon, 21 May 2012 23:05:04 +0000

Choose Your Neighborhoods

Approval Letters

Mon, 21 May 2012 23:05:04 +0000

Approval Letters

Real Estate Ads

Mon, 21 May 2012 23:05:04 +0000

Real Estate Ads

House Search

Mon, 21 May 2012 23:05:04 +0000

House Search

Your Wish List

Mon, 21 May 2012 23:05:04 +0000

Your Wish List

Find your Dream

Mon, 21 May 2012 23:05:04 +0000

Find your Dream

A REALTOR Can Help

Mon, 21 May 2012 23:05:04 +0000

A REALTOR Can Help

Confidence and Experience

Mon, 21 May 2012 23:05:04 +0000

Confidence and Experience

Ownership Advice

Mon, 21 May 2012 23:05:04 +0000

Ownership Advice

Young Buyer

Mon, 21 May 2012 23:05:04 +0000

Young Buyer

Home Ownership: Are You Prepared?

Mon, 21 May 2012 23:05:04 +0000

Home Ownership: Are You Prepared?

Buying an Affordable Home

Mon, 21 May 2012 23:05:04 +0000

Buying an Affordable Home

Home Ownership : How To

Mon, 21 May 2012 23:05:04 +0000

Home Ownership : How To

Buy vs Rent

Mon, 21 May 2012 23:05:04 +0000

Buy vs Rent

Checklist for Home Buyers

Mon, 21 May 2012 23:05:04 +0000

Checklist for Home Buyers