David Bruce

Real Estate News and Statistics Category

February 2nd, 2012

Thinking of Remodeling Your Richmond Home? Which Remodeling Projects Pay Off the Most?

When tackling home remodeling projects, you’ll find some projects pay off more than others at times of resale. Remodeling Magazine, in conjunction with REALTOR® Magazine, recently released findings of its annual Cost vs. Value report for 2011-2012, revealing which remodeling projects offer the biggest bang for your buck.

Overall, the trend right now is replacement over remodeling–swapping out the old for the new rather than doing a total gut job, which can be much more costly.

This year’s Cost vs. Value report found that exterior replacement projects–such as new garage doors and a new entry door–offer some of the best returns at resale, allowing home owners to recoup close to 70 percent or more of the costs of the project at times of resale.

The following are the top, mid-range projects from this year’s report, based on what home owners stand to recoup at time of resale.  Contact Skye Bruce Properties for a complete copy of the latest Cost VS Value Report!

1. Replacing the entry door to steel

Estimated cost: $1,238

Cost recouped at resale: 73%

2. Attic bedroom (converting unfinished attic space into a bedroom with bathroom and shower)

Estimated cost: $50,148

Cost recouped at resale: 72.5%

3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)

Estimated cost: $19,588

Cost recouped at resale: 72.1%

4. Garage door replacement

Estimated cost: $1,512

Cost recouped at resale: 71.9%

5. Deck addition (wood)

Estimated cost: $10,350

Cost recouped at resale: 70.1%

6. Siding replacement (vinyl)

Estimated cost: $11,729

Cost recouped at resale: 69.5%

Content courtesy of  Melissa Dittmann Tracey, REALTOR® Magazine

January 18th, 2012

Henrico County Foreclosures Drop in 2011

Henrico County foreclosures dropped by nearly 20% in 2011.  There were 786 foreclosures in Henrico in 2011 compared to 971 in 2010.

There had been a steady increase in foreclosures each year dating back to 2006.

The market continues to improve as inventories of homes are down in many neighborhoods and pending sales are up!

 Questions about the Richmond area real estate market?  Contact Skye Bruce Properties, one of the Top 10 Volume Real Estate Teams in all of Central Virginia!

January 2nd, 2012

Most Expensive Richmond Homes SOLD in 2011

This time of year it’s always interesting to look back and review the most expensive homes sold in the Richmond area. According to data reported by the Central Virginia Multiple Listing Service there were 31 single family homes which sold for $1,000,000 or more in the Richmond area. The City of Richmond had the most with 15, followed by Henrico (7), Goochland (6) Chesterfield (2) and Hanover (1).

The most expensive was a stately 10000 square foot home located near the Country Club of Virginia in Richmond. The home sold for $2,514,500 and featured 7 bedrooms, 8 full baths and 2 half baths. Built around 1860 the home sits on over 3 acres and has a pool.

Here is a Top 10 summary of the most expensive homes sold in the Richmond area in 2011. (Richmond, Hanover, Henrico, Chesterfield, Goochland and Powhatan) Read the rest of this entry »

October 25th, 2011

Time To Buy That House!

Great article below from WSJ.com posted in 10/15/11. Now is the time for sure to buy. Prices in the Richmond area are close to bottom and interest rates are below 4 percent. The moment we reach bottom and there is the slightest improvement,interest rates will jump quickly to 5 1/2 – 6 percent.  ~~Skye Bruce Properties

U.S. house prices have plunged by nearly a third since 2006, and homeownership rates are falling at the fastest pace since the Great Depression.

The good news? Two key measures now suggest it’s an excellent time to buy a house, either to live in for the long term or for investment income (but not for a quick flip). First, the nation’s ratio of house prices to yearly rents is nearly restored to its prebubble average. Second, when mortgage rates are taken into consideration, houses are the most affordable they have been in decades.

Two of the silliest mantras during the real-estate bubble were that a house is the best investment you will ever make and that a renter “throws money down the drain.” Whether buying is a better deal than renting isn’t a stagnant fact but a changing condition that depends on the relationship between prices and rents, the cost of financing and other factors. Read the rest of this entry »

June 24th, 2011

Homeownership Still A Priority For Most

The National Association of Home Builders recently conducted a survey and found the vast majority of Americans still consider a home to be a good investment.

The May 3-9 telephone survey found that 75 believe “that owning a home is the best long-term investment they can make and is worth the risk of ups and downs in the housing market.”

Survey feedback on home ownership was very positive….

• 95 percent of the home owners said they are happy with their decision to own a home
• Of non-homeowners, 73 percent said owning a home is one of their goals
• 80% of home owners would advise a close friend or family member just starting out to buy a home

Good signs for a still struggling national real estate market!  Considering buying or selling a home in the Richmond area?  Contact Skye Bruce Properties for detailed information about the area real estate market and specific neighborhoods.

 

 

 

May 18th, 2011

Living in a Planned Community like Wyndham

A well-planned community like Wyndham in the Glen Allen suburb of Richmond offers a variety of benefits and housing choices. For many homeowners, it’s the perfect choice for today’s 24/7 lifestyles. So how do you decide which community is best? One of the biggest considerations facing any potential homebuyer is location. Is where you live convenient for work? Are there quality schools nearby? What’s the community like? Is it attractive? What about recreation — like a pool, parks, or a golf course?  Wyndham is certainly a popular choice.

Compare the neighborhoods you like, keeping in mind the advantages of living in a planned community. There are many more questions to ask, since location is a matter of personal preference, but the following basics will get you started as you begin your home search… Read the rest of this entry »

May 13th, 2011

Twin Hickory, Richmond’s Most Convenient Neighborhood!

Picture a neighborhood with an elementary, middle and high school in walking distance.  Picture a neighborhood with a grocery store, restaurants, ice cream shop, cleaners, pharmacy and other shops in walking distance.  Picture a neighborhood with a YMCA and public library in walking distance.  Picture a neighborhood with sidewalks, walking paths, playgrounds and pools. Sound to good to be true?  Not if you live in Twin Hickory!  Twin Hickory offers all this plus easy access to all area interstates, a 5 minute drive to Short Pump Town Center and West Broad Village, 3 minutes to Innsbrook, 5 minutes to 2 championship golf courses, 15 minutes to downtown Richmond and a straight shot down I-295 to Richmond International Airport. This planned development in the Richmond suburb of Glen Allen is a wonderful community and offers a wide range of homes. Check out these homes featured by Skye Bruce Properties! Read the rest of this entry »

May 5th, 2011

Maintenance-Free Homes in Richmond are a Popular Alternative for Busy Lifestyles

The American Dream: A two-story house with a yard, picket fence, 2.5 children and a golden retriever, RIGHT?  The challenge: Someone has to mow the lawn, weed the beds, paint the fence, replace the roof etc, etc.

For many homeowners the notion of home maintenance is overwhelming. They grew up watching their parents spend weekends with honey-do lists, and they are not going to follow in their footsteps. They don’t want to do that stuff. They want to be watching the kids on the soccer field Saturday morning, they want to hang out at the local Starbucks Sunday morning with the paper or their i-pad! Read the rest of this entry »

May 4th, 2011

Richmond Home Sales Up so far in 2011

Overall, home sales for the first quarter of 2011 were up in the Richmond region as compared to the first quarter of 2010 according to the Central Virginia MLS, but the persistent inventory of foreclosures and short sales continues to put downward pressure on prices, making it necessary to sell off this inventory for the market to continue to heal. 

National and Local Economic Overview
The national economy continued to show strength by several measures as 2011 has begun, and the Central Virginia region appears to be gaining some economic momentum as well. At the national level, the economy would be gaining even more traction were it not for the problems in the Middle East and subsequent increases in oil prices, and the continued malaise of thehousing market at the national level. After a very weak job market in Central Virginia, it appears that the region is turning the corner and is now adding jobs and should show growth in 2011. Read the rest of this entry »

April 25th, 2011

Housing Starts, Permits Rise in all 4 Regions Nationally!

Positive news in real estate for new home starts from YAHOO Real Estate! We are seeing a similar rise in the Richmond area.  Local builders are reporting more starts and an increase in activity in Central Virginia. 

Housing Starts rose in March to a seasonally adjusted annual rate of 549,000 from 512,000 in February, an increase of 7.2%. Also, the February numbers were revised sharply higher from 479,000, so it is possible to see the increase as 70,000, or 14.6%. Relative to a year ago they are down 13.4%. Quite frankly, a year ago was also a pretty lousy time for homebuilders, so the fall is off a pretty easy comp. Read the rest of this entry »