Richmond, VA

On November 6, 2009, the Department of Housing and Urban Development issued new guidance relaxing the financing requirements for condominiums. For condominium developers, listing agents for condominium projects, and condominium buyers, this is GREAT news. Basically, an individual buyer may now get FHA financing in a project that qualifies. What's so great about FHA financing? It allows the least amount of money down (3.5%), has lower credit score requirements, and allows a "non-owner occupant co-borrower," which is fancy HUD-speak for a cosigner on the loan.

So what does this mean practically? Someone starting out could buy a $200,000 property with $7,000 down (3.5% of the purchase price), a 620 credit score, and mom and dad co-signing on the loan. This someone would need to come up with another $7,000 or so dollars in closing costs, but most sellers in this market are willing to contribute at least some of the closing costs to get a deal done. So let's assume the closing costs were covered. Then, the buyer could amend his or her 2008 taxes to claim the 2009 First Time Home Buyer Tax Credit of $8,000, and could essentially end up getting PAID $1,000 to buy a condominium. If your monthly payment is the same or similar to your rent, why wouldn't you do this?

Sounds like a pretty good deal to me. And I've got some GREAT condos to sell, the Windsor Court Condominiums, in the heart of the Historic Fan District, located at 1608-1614 Grove Avenue. You can't buy a house in the Fan for $200,000 - an entry-level house is going to cost you about $300,000 minimum and will require work. I've got units priced from $194,900-$239,900 that have all new kitchens, granite, stainless steel appliances, refinished hardwood floors, the works. AND there is dedicated parking. There is even the option of a garage at no additional charge, available on a "first come, first served" basis.

Here's the website - www.windsorcourtcondominiums.com - check it out. There is a virtual tour on the website, for even more eye candy. If you see anything you like, give me a call at 804-986-3993, or drop me a line at melissasavenko@gmail.com. I'd be happy to show you around.

Folks, I thought about something today, while I was driving down Patterson looking at the fall foliage, smiling at the other Richmond commuters hurrying to their destinations; I love Richmond! I love it's history, architecture, restaurants, universities, nightlife, museums, communities and most notably the river. There has been a recent flood of attention to Richmond. One of my favorites is this youtube video created by a couple of local guys trying to put Richmond on the video map: The hilarity of the clip is matched only by the truth of the story told.

Another great example is this article written by Justin Bergman from the New York Times: The artist depicted in the first photograph is Amanda Robinson, the Executive Director of Gallery5. I really enjoyed this article and the spot light that the New York Times put on Richmond. What really brings it home for me, is the fact that Amanda and I went to high school together. That's Richmond for you! Isn't her little girl Azedha adorable? Someone asked me the other day, what didn't I like about Richmond? And this came to mind: Flying Squirrels. I don't want to gripe about this too much, but I am pretty sure that we could have come up with a better name than that, right? However, as a proud Richmonder, I will go to the games and I will have a collection of "Flying Squirrel" hats some day. You have to admit, this big-little-city really does have it all: history, big city life with a small town feel, the river, parks , schools, sports, nightlife, museums/attractions , culture, business and most importantly - the residents who make this "Cap City" such a great place to live. Please leave your comments below. Thanks for reading! But thank you even more for leaving a comment!!

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Virginia Aviation Museum

We just returned from a trip and flew from Richmond Virginia. We had a few extra minutes so we stopped at the Virginia Aviation Museum. They have over 30 historic vintage aircraft.

Including a reproduction of the Wright’s 1903 Flyer and a SR-71 spy plane!

They even have the luxurious 1936 Vultee V1-AD once owned by William Randolph Hearst.

Open daily, except Thanksgiving and Christmas!

Located in front of the Richmond Airport.

Well worth the trip if you are traveling this way!