Image default

Real estate in Church Hill (March)

A monthly update of the real estate market in Church Hill from Jeanne Bridgforth via ChurchHillStats.com.

[sep]

Screen Shot 2015-04-14 at 12.24.18 PM

[sep]

Screen Shot 2015-04-14 at 12.29.38 PM

[sep]

MARKET COMMENTARY / March 2015

Single Family Residences

11 new listing came on the market with the lowest list price of $18,000 and the highest, $524,950.

20 went under contract with an average list price of $214,965, average days on the market was 26

20 units closed. Minimum sale price was 18, 500 with highest sale price being $435,000

Condo/Townhouses

5 new listings came to market with an average list price of $216,670

4 units went under contract with an average list price of $190,575 with an average of 2 days on the market

2 units closed with an average sale price of $206,200 with an average of 16 days on the market.

[sep]

March Madness brought with it an explosion of activity on Church Hill, particularly Church Hill North.

A restoration project oon the 2500 block of O Street was unveiled in a presentation to the Historic Richmond’s Quoit Club in late March, over 100 members attended. The project, called, “Netherwoods” (TOP) consists of 8 attached historic brick structures and plans for one newly constructed home to round off the block towards N. 25th St. The project is named after James Netherwood, noted stone contractor who’s iconic works include: Old City Hall, the Mann-Netherwoods block on E. Broad Street, the Lee Monument and the Soldiers and Sailors Monument. Prices for the homes will range from $285,000-$325,000.

Netherwoods’ developer is DeWorth Restoration Associates and Deanna Lewis’ Heirloom Restorations is the contractor.

Sterling Bilder’s renovation of the historic East End Theatre is transforming the deteriorated structure into 22 residential units with ground floor commercial space. The project is projecting a June completion. The $4 million project will add fuel to the remarkable development North of Broad. Word is a restaurant with other locations throughout the city will occupy the commercial space.

Just two blocks away from the theatre, Sterling Bilder next plans to develop the Nolde Garage at 313 N. 24th St. Dubbed, “Patrick Henry Square,” Bilder plans on transforming the garage into 17 apartments, a commercial space on the first level, and a 2-story 1800 sf community center. St. Louis-based, Lawrence Group, and NY-based Sebastian Quinn, architect, are designer for both Sterling Bilder projects.

6 comments

Alex 04/15/2015 at 7:50 AM

The next bubble is coming! Buy now or get left behind!

Reply
Pierce 04/15/2015 at 10:56 AM

Notice how Sterling says nothing about the old “Tru-Aide” building…

Reply
UnionHillian 04/15/2015 at 8:25 PM

@ #1
Don’t you mean SELL NOW?

Reply
Alex 04/16/2015 at 2:09 PM

@3 – if you’re looking to sell your house right before a massive run-up in prices happens, let me know…

Reply
Lee 04/17/2015 at 10:18 AM

@3 and 4 – the idea is to sell as close to the top as possible. Also, Alex, if this is a bubble, eventually it will deflate or pop. Long term, that is nothing to be excited about, unless you intend to sell at a profit before it pops. Unfortunately, timing the exact price peak isn’t easy, and selling a house is more involved then selling a commodity, so it’s not unreasonable to try to sell a little bit before the highest price is reached if you don’t want to miss the chance to sell at all – especially if you aren’t prepared to wait out the price recovery

Reply
Church Hillian 04/17/2015 at 10:54 AM

People, I don’t really think this is a bubble. A bubble is when houses are selling way more than what they are worth. Housing around the area are actually starting to sell what they are worth, because the area is finally coming around. These are historic houses, in a historic district, in one of the oldest communities in Richmond. I mean shoot we live right where Patrick Henry gave his great speech.

Some of the large Victorian homes around are selling for near what the rebuild value is 400-500k. People are finally realizing you can get a heck of a house up here, with very unique detail, in a historic area, central to downtown for cheap!

Even if these houses are rebuilt, they won’t be built in the same manner they were a century ago.

The parks are awesome, the walkability is great, the restaurants are top notch, and we can walk to downtown AND the River!

When I bought my place, it was for around 65 a sq ft. Now houses are selling for 125 even up to 200 per sq ft. If a home is well taken care of and historic, getting 200 per sq ft only makes since. Getting 150-200 per sq ft near short pump mall in a cookie cutter house doesn’t make since!!

Reply

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.