Monthly Archives: August 2012

Local Richmond

The Westwood Neighborhood of Richmond, VA

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Westwood: “a neighborhood that began in ‘the golden era of postwar expansion’”

The “Home” section of the Richmond Times-Dispatch and Doug Childers wrote a lovely article on this little neighborhood located off of Libbie Avenue between Monument Avenue and Broad Street on Saturday, August 18th, just this past weekend. It is part of their popular series about the many of the neighborhoods in and around Richmond that have captured the attention of casual readers and historians alike. Corbin Ryland and I have a shared listing here, and as a result our good fortunes were able to garner a bit of free advertizing for us.

The article describes the expansion befalling Short Pump during the boom of the eighties and nineties, but in comparison was nothing to that of near western Henrico at the conclusion of the Second World War. Baby Boomers were exploding and building homes close to where Saint Mary’s Hospital is located. It was “the county’s largest residential expansion” during those years. It is popular again today for much of the same reasons it developed back then.

The history of the neighborhood briefly touches on the fact that Westwood was established on the former golf course once belonging to what is now The Westwood Club, currently a racket and swim club. Prior to the Great Depression, The Westwood Officer’s Club was on the fringe of the sticks, mostly agricultural land, and they owned much of the property from Monument Avenue to Broad Street and all the way to Willow Lawn. The Great Depression resulted in selling off the land in order to keep the club from completely disappearing, and it remains a popular feature there today.

While Westwood is a shining example of beautiful near west end, post-war homes, in a matured neighborhood, I can’t help imagining how differently it may have evolved if the Great Depression didn’t come along and vastly change the landscape in this area of town. Nevertheless, it now continues to attract buyers because of its mutual approximation to the far west end, and to down town. It appeals to those downsizing as well as to various types of families who still want a yard and a solidly built home without sacrificing convenience for time spent traveling in the car.

The RTD article is well worth the read, but if you would like additional information about this area or have questions about Real Estate, please contacts us. We will be happy to assist you!

John VanderSyde is a Licensed Real Estate Broker and a Licensed Architect. He has been in construction, development and building since 1986, and a licensed Realtor since 2002. He and his wife Ann are team partners at Virginia Properties, a Long & Foster Company in Richmond, VA.

Market Conditions

Foot Traffic Relates to Home Sales

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Richmond Real Estate Foot-traffic in August Can Be a Test in Patience

Typically August is one of the slowest months of the year for real estate activity, followed closely by December.  Vacations and back to school activities obviously rival the December holidays. As a result, less foot traffic means less activity.

Understanding that we know the people who are out looking for homes is going to be fewer in August, you would think we would be prepared for the resulting activity. This lack of activity is reflected in the number of people actually out searching for homes this time of year. We would like to believe that those folks out searching for homes are very serious about purchasing one. Unfortunately it doesn’t always translate into website hits or open house traffic or home sales. Therefore, patience is the key.

According to SentriLock, LLC, Foot traffic and future home sales have a strong correlation. NAR research with monthly data on the number of showings supports this notion. Just try relating such figures to the sellers whose listings you have on the market and see how supportive your clients suddenly become. Nevertheless, it is a fact.

Foot traffic from this year to last year in August will likely be the same for our area of Richmond, VA. The Richmond Association of Realtors will support this idea once their figures come out in September. Although foot traffic will be slow, the sales activity will likely be up slightly this year. The market slump is behind us and mortgage rates remain low. There are still deals to be made and it remains a buyer’s market – for now.

So keep being patient, the fall market in Richmond is almost upon us, and foot traffic will be on the increase. Low mortgage rates and tightening inventories are drawing more potential buyers into the market as confidence in price stability and stable employment grows. Keep your hat on; real estate and new-homes construction are going to experience significant change in the coming year. Tell that to your clients!

 

John VanderSyde is a Licensed Real Estate Broker and a Licensed Architect. He has been in construction, development and building since 1986, and a Realtor since 2002. He and his wife Ann are team partners at Virginia Properties, a Long & Foster Company in Richmond, VA.