Melissa Loughridge Savenko

Here is a really interesting article from MSN Real Estate, reporting on a study that finds a higher "walkability" index translates into higher home values in 13 out of 15 metropolitan areas. The data supports what we real estate agent who represent certain City of Richmond neighborhoods have known, without being able to quantify - walkable urban neighborhoods are more and more desirable, and therefore more and more valuable.

The two exceptions to the rule: Bakersfield, California, which showed no correlation between walkability and higher property values, and Las Vegas, Nevada, which showed a NEGATIVE correlation between walkability and property values.

Really? Being within walking distance of all those casinos, strip clubs, and T-shirt stores doesn't increase property values? I'm shocked. Shocked, I say.

Folks that follow my blog (hi Mom!) know that I have posted in the past about the first-time home buyer tax credit. The credit gives eligible individuals $8,000 in a bottom line CREDIT on your 2009 tax return. In fact, you can even amend the 2008 tax return to get that money sooner.

I've continued to hit this topic ad nauseaum because many people do not seem to know that the credit expires November 30, 2009. What that means is any eligible first-time home buyer must have CLOSED on the purchase of a home by November 30, 2009 in order to receive what is basically free money from the federal government.

Practically, what that means is you need to have a house under contract by no later than September 30, 2009, IMHO, to give yourself enough time to clear all contingencies, finalize financing, and close and record the Deed by November 30, 2009. That date is pretty fast approaching, so if you know you want to buy, but you've been putting it off, get out there and start looking NOW.

If you need some ideas, here are a few different listings of mine that might fit the bill [:)]:

SINGLE FAMILY HOMES:

1. 806 S. Meadow Street: In the Byrd Park/Maymont area,this 4 bedroom, 1.5 bath stucco and slate home has a superstar kitchen with new cabinets, ceramic tile floor, Zodiac quartz counters, and pass-through to the living room. There is a "man cave" basement with loads of potential, and a great yard and garage. MLS #2917551. Offered at $209,000.

2. 604 N. 30th Street: Located in Church Hill, this 3 bedroom, 2.5 bath home is BRAND NEW, with off-street parking, a full front porch, the open plan living area + kitchen that people want, and three spacious bedrooms upstairs. The master suite has a walk-in closet, a separate shower and jetted tub, and a double vanity with granite counter. MLS #2916489. Offered at $239,500.

CONDOMINIUMS:

3. Windsor Court Condominiums, 1608-1614 Grove Avenue: Located in the Historic Fan District, this 3 building, 24-unit Neoclassical complex has been COMPLETELY renovated, with new ceramic and granite kitchens with stainless steel appliances, new bathrooms, refinished hardwood floors, and dedicated off-street parking. Come see one of the most beautiful common areas in the Fan. Walk to restaurants, stores, parks, and VCU. Offered at $194,900-$234,900.

More to come shortly...

It just so happens I wrote a bit yesterday about a Zillow poll that ranked Richmond, Virginia as the 7th best place in the United States to buy a home. And in that post, I alluded to the fact that I typically disdain Zillow data because I have found it to be ridiculously inaccurate in certain sub-markets, and especially with historic properties. Here's a blog post I wrote on the topic back in March 2009, "The Zillow Rant OR Why Zillow Zucks."

Well, d*mned if an e-mail from Zillow didn't turn up in my e-mail inbox today. The e-mail header is "How Accurate Are Zillow's Zestimates?" Then, within the e-mail there is a whole bunch of different information to dig through, including videos, website information, charts, etc.

I wish I could figure out how to attach the entire e-mail, but that's beyond my technological skill set. I'll settle right now for attaching a link to the web page within the Zillow site titled "Data Coverage and Zestimate Accuracy." I'm going to take a little time to play around with the information and see what I can see, but in light of yesterday's post, I wanted to share it sooner rather than later.

So, more on this will come later, but here's some basic information. If you click on "States and Counties," and then "Virginia" and then finally get to the specific data on the City of Richmond's Zestimate accuracy, what you find is only 61% of the Zestimates are within 20% of the ultimate sales price of properties. I think that's a pretty cruddy record. And this accuracy data includes those areas, such as subdivisions, where the Zestimate tends to be more accurate. In other words, I bet in certain City sub-markets, the Zestimate isn't even within 20% of the sales price anywhere NEAR 61% of the time.

But again, more on this topic later. Lord knows, websites like Zillow and Trulia are not going away anytime soon. So we're all going to have to learn to play nice together. As much as I'd like to take all my toys and go home.

Man, it sure is hard coming back from vacation! I spent last week in picturesque Bath County at Nimrod Hall, one of my favorite places in the world. I was pretty much unplugged - limited phone, limited e-mail, limited computer access. I have to say, it was heaven.

BUT....I have to get back to real life, and jump back into work. At least until my rich uncle gets out of the poorhouse. Or I win the $139M lottery. Or I marry an heir to some little-known European principality. Sigh. A girl can dream, right?

While I was gone my business partner did some major heavy lifting and negotiated and ratified four - yes, FOUR - contracts for the Windsor Court Condominiums. Right before I left - oops! - we reduced the prices to the $195,000-$240,000 price range, for brand new units in the heart of the Fan with off-street dedicated parking, and BOOM! Four contracts. This tells me the market is picking up, particularly in the first time buyer price range, as the clock runs out on that $8,000 first time home buyer tax credit.

Maybe it's a sign. I mean, we don't want to break the streak. Maybe I should just STAY on vacation...

Take THAT, all you naysayers and doom-and-gloomers! Zillow has ranked Richmond No. 7 in the NATION in "Best Places to Buy a Home." Now, I will admit I usually think Zillow super-sucks, but if I have to deal with all the negative stuff that comes with them - like oftentimes EXTREMELY inaccurate assessments of home values - I'm daggone well going to take the good stuff!

Here is a link to a "Good Morning America" piece that cited the Zillow data.

I am so thrilled. I'm really, really, REALLY tired of folks who constantly refer to the national or regional data, and talk about how awful the Richmond housing market is, based on that. Real estate is local, people. So all you potential buyers, ESPECIALLY you first-time-home buyers, get off the fence and buy a house!