GRTC sells bus headquarters site to RRHA for $5.4 million | Richmond Times-Dispatch

GRTC sells Fan bus barn comlex to Housing Authority which in turn is supposed to sell to a private developer. Begs the question "Why not list and sell the property on the open market directly?"
GRTC sells bus headquarters site to RRHA for $5.4 million | Richmond Times-Dispatch

For Rent: Retail/Commercial Space for Rent in Manchester District Richmond, VA, $950/month

For Rent: Retail/Commercial Space for Rent in Richmond, VA, $950/month

New coffee shop in Fan to go green with bicycle deliveries

December 9, 2009 by Al Harris
An old brick service station on the southern edge of the Fan is being reborn as a coffee shop and roasting company.

Local owner Noelle Archibald says the Lamplighter Roasting Company should be open next week. The new business is located at 116. S. Addison St., one block south of Cary Street.

Earlier this week BizSense wrote about a new coffee shop in the Museum District that roasts coffee beans.
Lamplighter, too, is equipped with its own roaster. Archibald said the shop will roast green coffee and deliver beans by the pound by bicycle to homes and businesses throughout the city.

A one-time delivery of coffee beans will cost $12, said Archibald, but the shop is offering subscriptions where the cost drops to $10 a pound if you pay in advance for weekly deliveries. Wholesale prices are also available to businesses, and coffee beans will be delivered in reusable 5-gallon buckets. Archibald said she has already sold a few subscriptions, which has helped fund the venture.

In an increasingly common sign of the times for entrepreneurs, Archibald said she has embraced bartering as a way to keep start-up costs low.

“We are paying our accountant in beans, and some of the tradesmen are being paid partly in beans,” said Archibald.

Another sign of the times: Archibald said she received more than 75 applications after putting up an ad on Craigslist to find a couple of people to help out at the shop.

Archibald has partnered with roaster Jennifer Rawlings, who was previously the co-owner of 17.5 Ethos Café in Shockoe Bottom. That coffee shop was forced out of business by the flooding caused by tropical storm Gaston after only being open for a couple of months. Rawlings said the roaster can produce $25,000 worth of wholesale coffee a month.

Although the new shop is located off of the main street in a part of the neighborhood where there are a couple of boarded-up houses and the only other business presence is a salon, it is located one block away from the soon-to-be-vacated GRTC garage. The large tract of property in the Fan will likely see mixed-use development in the future.

Lamplighter is the latest addition to the list of local coffee roasting companies, which includes the Black Hand Coffee Company, Blanchard’s and Rostov’s.

A "Walkable" location for a home sells for more money

CHICAGO - Though housing values are still slow to rebound from the collapse of the real estate market, a new analysis from CEOs for Cities reveals that homes in more walkable neighborhoods are worth more than similar homes in less-walkable neighborhoods, pointing to a bright spot in the residential real estate market.

The report, “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities” by Joseph Cortright, analyzed data from 94,000 real estate transactions in 15 major markets provided by ZipRealty and found that in 13 of the 15 markets, higher levels of walkability, as measured by Walk Score, were directly linked to higher home values.

“Even in a turbulent economy, we know that walkability adds value to residential property just as additional square footage, bedrooms, bathrooms and other amenities do,” said Cortright. “It’s clear that consumers assign a tangible value to the convenience factor of living in more walkable places with access to a variety of destinations.”

Walkability is defined by the Walk Score algorithm (www.walkscore.com), which works by calculating the closest amenities – restaurants, coffee shops, schools, parks, stores, libraries, etc. – to any U.S. address. The algorithm then assigns a “Walk Score” from 0-100, with 100 being the most walkable and 0 being totally car-dependent. Walk Scores of 70+ indicate neighborhoods where it’s possible to get by without a car.

By the Walk Score measure, walkability is a direct function of how many destinations are located within a short distance (generally between one-quarter mile and one mile of a home). The study found that in the typical metropolitan area, a one-point increase in Walk Score was associated with an increase in value ranging from $700 to $3,000 depending on the market. The gains were larger in denser, urban areas like Chicago and San Francisco and smaller in less dense markets like Tucson and Fresno.

"These findings are significant for policy makers,” said Carol Coletta, President and CEO of CEOs for Cities, which commissioned the research. “They tell us that if urban leaders are intentional about developing and redeveloping their cities to make them more walkable, it will not only enhance the local tax base but will also contribute to individual wealth by increasing the value of what is, for most people, their biggest asset."

An example of the effect of walkability on housing values cited in the study is found in Charlotte, NC. In a neighborhood with a typical Walk Score of 54 called Ashley Park, the median home price was $280,000. In a neighborhood with an above average Walk Score – 71 – called Wilmore, an otherwise similar home would be valued at $314,000. Controlling for all other factors including size, number of bedrooms and bathrooms, age, neighborhood income levels, distance from the Central Business District and access to jobs, “if you were to pick up that house in Ashley Park, and place it in more walkable Wilmore, it would increase in value by $34,000 or 12 percent,” Cortright said.

In the typical metropolitan areas studied, the premium commanded for neighborhoods with above average Walk Scores compared to those with average Walk Scores ranged from about $4,000 to $34,000, depending on the metro area.

"Walking the Walk’ shows definitively what we’ve always believed – that homes in walkable neighborhoods continue to be a good investment, and are one of the simplest and most effective solutions to fight climate change, improve our health, and strengthen our communities,” said Walk Score founder Mike Mathieu. "Our vision is for every property listing to include a Walk Score: Beds: 3 Baths: 2 Walk Score: 84."

The study included 15 metropolitan areas, finding a statistically significant positive relationship between walkability and home values in 13 areas: Arlington, Virginia; Austin, Texas;; Charlotte, North Carolina; Chicago, Illinois; Dallas, Texas; Fresno, California; Jacksonville, Florida;; Phoenix, Arizona; Sacramento, California; San Francisco, California; Seattle, Washington; Stockton, California, and Tucson, Arizona. In one metro area, Las Vegas, walkability was correlated with lower housing values, and in Bakersfield, California, there was no statistically significant connection between walkability and housing values.

Kerry Riley has moved to new realty company

Kerry Riley is now affliated with One South Realty Group on Main Street in the Fan District as a sales associate. I made this change to be with the most aggressive, "out-of-the box", progressive firm in the area. I look forward to helping make positive changes the real estate market and community in Richmond. I appreciate your support.One city. One focus.
One unique realty group.
In January of 2008, the One South Realty Group opened its doors.

What had been an informal association of high producing agents and development teams finally became formalized and One South Realty was born.

With experienced agents who brought with them an extensive experience base rooted in construction, development, residential sales, commercial sales and leasing, OSRG has quickly become one of the premier brokerages in the entire Richmond Metro area.

While focusing on progressive marketing techniques to better deliver materials designed to create results, OSRG has grown quickly into the teeth of a market going through a fundamental change. Utilizing extensive “e” techniques and a powerful web presence and combining it with the Richmond Metro’s most knowledgeable agents, OSRG is already changing the way business is done in Richmond.

Each and every agent at OSRG brings a passion for Richmond and the many unique neighborhoods that define our fair city. Whether working with buyers or sellers both in the City of Richmond and in its suburban areas, OSRG can help buyers and sellers make the intelligent decisions that are required to help them achieve their goals.


Check out be link above and scroll through the site to see all the different projects in which we represent.

20 Tax Saving Tips before the Year End

Great tips courtesy of Grant Thornton:

1. Make up any estimated tax shortfall with increased withholding, not estimated tax payments
If you’re in danger of being penalized for not paying enough tax throughout the year, try to make up the shortfall through increased withholding on your salary or bonuses. Paying the shortfall through an increase in your last quarterly estimated tax payment can still leave you exposed to penalties for underpayments in previous quarters. But withholding is considered to have been paid ratably throughout the year. So a big bump in withholding on high year-end wages can save you in penalties when a similar increase in an estimated tax payment might not.

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2. Bunch itemized deductions to get over AGI floors
Bunching deductible expenses into a single year can help you get over AGI floors for itemized deductions, such as the two-percent AGI floor for miscellaneous expenses and the 7.5-percent floor for medical expenses. Miscellaneous expenses you may be able to accelerate and pay now include:

•deductible investment expenses, such as investment advisory fees, custodial fees, safe deposit box rentals and investment publications;
•professional fees, such as tax planning and preparation, accounting and certain legal fees; and
•unreimbursed employee business expenses, such as travel, meals, entertainment, vehicle costs and publications — all exclusive of personal use.
Bunching medical expenses is often easier than bunching miscellaneous itemized deductions. Consider scheduling your non-urgent medical procedures and other controllable expenses into one year to take advantage of the deductions. Deductible medical expenses include:

•health insurance premiums,
•prescription drugs, and
•medical and dental costs and services.
In extreme cases, and assuming you are not subject to AMT, it may even be possible to claim a standard deduction in one year, while bunching two years’ worth of itemized deductions in another.

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3. Take full advantage of above-the-line deductions
Above-the-line deductions are especially valuable. They aren’t reduced by AGI floors like many itemized deductions and have the enormous benefit of actually reducing AGI. Nearly all of the tax benefits that phase out at high income levels are tied to AGI. The list includes personal exemptions and itemized deductions, education incentives, charitable giving deductions, the alternative minimum tax exemption, some retirement accounts and real estate loss deductions. Above-the-line deductions that reduce AGI could increase your chances of enjoying other tax preferences. Common above-the-line deductions include traditional Individual Retirement Account (IRA) and Health Savings Account (HSA) contributions, moving expenses, self-employed health insurance costs and alimony payments.

Take full advantage of these deductions by contributing as much as possible to retirement vehicles that provide them, such as IRAs and SEP IRAs. Don’t skimp on HSA contributions either. When possible, give the maximum amount allowed. And don’t forget that if you’re self-employed, the cost of the high deductible health plan tied to your HSA is also an above-the-line deduction.

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4. Accelerate income to “zero out” the AMT
You have to pay the AMT when it results in more tax than your regular income tax calculation, typically because the AMT has taken away key deductions. The silver lining is that the top AMT tax rate is only 28 percent. So you can “zero out” the AMT by accelerating income into the AMT year until the tax you calculate for regular tax and AMT are the same.

Although you will have paid tax sooner, you will have paid at an effective tax rate of only 26 percent or 28 percent on the accelerated income, which is less than the top rate of 35 percent that is paid in a year you’re not subject to the AMT. If the income you accelerate would otherwise be taxed in a future year with a potential top rate of 39.6 percent, the savings could be even greater. But be careful. If the additional income falls in the AMT exemption phaseout range, the effective rate may be a higher 31.5 percent. The additional income may also reduce itemized deductions and exemptions, so you need to consider the overall tax impact.

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5. Avoid the wash sale rule with a bond swap
Bond swaps are a way to maintain your investment position while recognizing a loss. With a bond swap, you sell a bond, take a capital loss and then immediately buy another bond of similar quality from a different issuer. You’ll avoid the wash sale rule because the bonds are not considered substantially identical.

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6. Don’t fear the wash sale rule to accelerate gains
Remember, there is no wash sale rule for gains, only losses. You can recognize gains anytime by selling your stock and repurchasing it immediately. This may be helpful if you have a large net capital loss you don’t want to carry forward or want to take advantage of today’s low rates. Waiting until after 2010 to pay tax on unrealized gains could result in a larger tax bill, if rates do indeed go up.

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7. Defer investment interest for a bigger deduction
Unused investment interest expense can be carried forward indefinitely and may be usable in later years. It could make sense to carry forward your unused investment interest until after 2010, when tax rates are scheduled to go up and the 15-percent rate on long-term capital gains and dividends is scheduled to disappear. The deduction could save you more at that time if rates do go up.

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8. Consider an 83(b) election on your restricted stock
With an 83(b) election, you immediately recognize the value of the restricted stock as ordinary income when the stock is granted. In exchange, you don’t recognize any income when the stock actually vests. You only recognize gain when the stock is eventually sold.

So why make an 83(b) election and recognize income now, when you could wait to recognize income when the stock actually vests? Because the value of the stock may be much higher when it vests. The election may make sense if the income at the grant date is negligible or the stock is likely to appreciate significantly before income would otherwise be recognized. In these cases, the election allows you to convert future appreciation from ordinary income to long-term capital gains income. The biggest drawback may be that any taxes you pay because of the election can’t be refunded if you eventually forfeit the stock or the stock’s value decreases. But if the stock’s value decreases, you’ll be able to report a capital loss when you sell the stock.

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9. Set salary wisely if you’re a corporate employee-shareholder
If you are an owner of a corporation who works in the business, you need to consider employment taxes in your salary structure. The 2.9-percent Medicare tax is not capped and will be levied against all income received as salary. S corporation shareholder-employees may want to keep their salaries reasonably low and increase their distributions of company income in order to avoid the Medicare tax. But C corporation owners may prefer to take more salary (which is deductible at the corporate level), because the Medicare tax rate is typically lower than the 15-percent tax rate they would pay personally on dividends.

But remember to tread carefully. You must take a reasonable salary to avoid potential back taxes and penalties, and the IRS is cracking down on misclassification of corporate payments to shareholder-employees.

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10. Give directly from an IRA if 70½ or older
Congress just extended a helpful tax provision that allows taxpayers 70½ and older to make tax-free charitable distributions from individual retirement accounts (IRAs). Using your IRA distributions for charitable giving could save you more than taking a charitable deduction on a normal gift. That’s because these IRA distributions for charitable giving won’t be included in income at all, lowering your AGI. You’ll see the difference in many AGI-based computations where the below-the-line deduction for charitable giving doesn’t have any effect.

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11. Give appreciated property to enhance savings
Think about giving property that has appreciated to charity. You avoid paying the capital gains taxes you would incur if you sold the property, so donating property with a lot of built-in gain can lighten your tax bill. But don’t donate depreciated property. Sell it first and give the proceeds to charity so you can take the capital loss and the charitable deduction.

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12. Make payments directly to educational institutions
If you have children or grandchildren in private school or college, consider making direct payments of tuition to their educational institutions. Your payments will be gift-tax free, and they will not count against the annual exclusion amount of $13,000 (for 2009) or your $1 million lifetime gift tax exemption. Just make sure the payments are made directly to the educational institution and not given to children or grandchildren to cover the cost.

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13. Plan around gift taxes with your 529 plan
A 529 plan can be a powerful estate planning tool for parents or grandparents. Contributions to 529 plans are eligible for the $13,000 per beneficiary annual gift tax exclusion, so you can also avoid any generation-skipping transfer (GST) tax when you fund a 529 plan for a grandchild — without using up any of your $3.5 million GST tax exemption. Plus, a special break for 529 plans allows you to front-load five years’ worth of annual exclusion gifts ($65,000) in one year, and married couples splitting gifts can double this amount to $130,000. And that’s per beneficiary.

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14. Wait to make your retirement account withdrawals
Taxpayers have no choice but to begin making distributions from IRAs, 401(k) and 403(b) plans, and some 457(b) plans, once they reach 70½. (Learn about the temporary reprieve from required minimum distributions in 2009). But many taxpayers want to know whether they should begin making distributions earlier or wait and make only the required distributions.

If your account is appreciating and you don’t need the money immediately, consider waiting to make withdrawals until required. Your assets will continue growing tax-free. Not only will your account balance likely be larger if you wait, but if you live long enough, your total distributions should also be greater.

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15. Get kids started with a Roth IRA
It’s never too early to start saving, and a Roth IRA can offer your children unique benefits. For one, Roth IRA contributions can be withdrawn tax- and penalty-free at any time and for any reason. Early withdrawals are subject to tax and a 10-percent early withdrawal penalty only when they exceed contributions. Additionally, if a Roth IRA has been open for five years, there are two exceptions to early withdrawal penalties that can be particularly helpful to young IRA owners:

•Withdrawals in excess of contributions used to pay qualified higher education expenses are penalty-free, but they’re subject to income tax.
•Withdrawals up to $10,000 in excess of contributions used for a first-time home purchase are both tax- and penalty-free.
To make IRA contributions, children must have earned income. If your children or grandchildren don’t want to invest their hard-earned money, consider giving them the amount they’re eligible to contribute — but keep the gift tax in mind.

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16. Roll yourself over into a Roth IRA
It’s time to prepare for a unique opportunity in 2010 to roll your traditional IRA into a Roth IRA. Starting next year, there will no longer be a $100,000 AGI limit on this option. And it couldn’t have come at a better time. This type of rollover requires you to pay taxes on the investments in your IRA immediately in exchange for no taxes at withdrawal. So why pay taxes now instead of later?

•Tax rates are likely to go up. The current top individual tax rate is scheduled to increase from 35 percent to 39.6 percent in 2011.
•Your account may also be at its weakest thanks to a downturn that has battered stocks. The upside is that less value in your account means less tax you have to pay on the rollover. Taxes could be a lot higher when your account recovers.
•You pay the tax on your rollover from money outside the account. This too has a silver lining. Your full account balance after the rollover becomes tax-free, effectively increasing the amount of your tax-preferred investment.
•There are no required minimum distributions for a Roth IRA. So you can take your money out if and when you want to, and whatever is left over can be left to your heirs.
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17. Review and update your estate plan
Estate planning is an ongoing process. You should review your plan regularly to ensure it fits in with any changes in tax law or in your circumstances. Family changes like marriages, divorces, births, adoptions, disabilities and deaths can all lead to the need for estate plan modifications. Geographic moves also matter. Different states have different estate planning regulations. Any time you move from one state to another, you should review your estate plan. It’s especially important if you’re married and move into or out of a community property state.

Stay mindful of increases in income and net worth. What may have been an appropriate estate plan when your income and net worth were much lower may no longer be effective today. Remember that estate planning is about more than just reducing taxes. It’s about ensuring that your family is provided for and that you leave the legacy you desire.

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18. Exhaust your gift-tax exemption
Consider exhausting your lifetime gift tax exemption. Using all of the $1 million exemption to give away assets now can save you in the long run. That’s because giving away an asset not only removes it from your estate, but also lowers future estate tax by removing future appreciation and any annual earnings. Assuming modest five-percent after-tax growth, $1 million can easily turn into almost $2.7 million over 20 years. If you gave away the assets during your life, only the original $1 million gift will be added to your estate for estate tax purposes — not the larger value created by the appreciation of the gifted assets.

To maximize tax benefits, choose your gifts wisely. Give property with the greatest potential to appreciate. Don’t give property that has declined in value. Instead, sell the property so you can take the tax loss, and then give the sale proceeds. Be aware that giving assets to children under 24 may have unexpected income tax consequences because of the “kiddie tax.”

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19. Use second-to-die life insurance for extra liquidity
Because a properly structured estate plan can defer all estate taxes on the first spouse’s death, some families find they do not need any life insurance at that point. But significant estate taxes may be due on the second spouse’s death, and a second-to-die policy can be the perfect vehicle for providing cash to pay those taxes. A second-to-die policy also has other advantages over insurance on a single life: Premiums are typically lower than those on two individual policies, and a second-to-die policy will generally permit an otherwise uninsurable spouse to be covered. Work with a Grant Thornton estate planner to determine whether a second-to-die policy should be part of your planning strategy.

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20. Zero out your GRAT to save more
Grantor retained annuity trusts (GRATs) allow you to remove assets from your taxable estate at a reduced value for gift tax purposes while you receive payments from the trust. The income you receive from the trust is an annuity based on the assets’ value on the date the trust is formed. At the end of the term, the principal may pass to the beneficiaries. It’s possible to plan the trust term and payouts to avoid a taxable gift by zeroing out the GRAT. A GRAT is “zeroed out” when it is structured so the value of the remainder interest at the time the GRAT is created is at or just above zero. So, the remainder’s value for gift tax purposes is zero or close to zero.

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This website supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the subject of this document we encourage you to contact us or an independent tax advisor to discuss the potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this document may be considered to contain written tax advice, any written advice contained in, forwarded with, or attached to this document is not intended by Grant Thornton to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

Watch out for getting boxed in traffic this weekend due to the marathon

Here are the street closings for this weekend. I'll never forget taking a wrong turn one weekend when my girlfriend told me the right way to go and got stuck and had to eat crow :(



TRAFFIC PATTERN CHANGES
Saturday, November 14, 2009
· Cary Street will be closed between 3rd and 12th Streets from 4am to 5pm. The recommended detour is southbound 2nd Street to Byrd Street. Byrd Street will bear left and intersect Canal Street. Follow Canal east to 14th Street.

· Broad Street (both eastbound and westbound) between 5th and 11th Streets will be closed to traffic from 4 to 9am. Westbound traffic will be detoured north onto 11th Street and west on Leigh Street to the Boulevard.

· Broad Street (both eastbound and westbound) between 5th Street and N. Boulevard will be closed from 6 to 9am. Eastbound traffic will be detoured north on Sheppard Street, east on Marshall Street, north on the Boulevard, east on Leigh Street, south on 10th Street, east on Marshall Street, south on 12th Street back to Broad Street.

· Grace Street from Allen Ave. to 3rd Street will be closed from 6am to 3pm.

· 3rd Street from Broad Street to Cary Street will be closed from 6am to 3pm.

· Mulberry Street between Broad St. and Monument Ave. will be closed from 6 to 9am for the HCA Virginia 8K.

· Grace Street will be closed between Boulevard and Allen Ave. from 6 to 9am for the HCA Virginia 8K.

· Lombardy Street between Brook Rd. and Monument Ave will be closed from 7am to 3pm.

· North Boulevard northbound from Broad St. to Hermitage Rd. will be closed from 7 to 10am for the McDonald’s Half Marathon.

· Hermitage Road northbound from Boulevard to Pope Ave will be closed from 7 to 10am for the McDonalds Half Marathon.

· Brookland Parkway eastbound from Hermitage Rd. to Lamont St. will be closed from 7 to 10am for the McDonald’s Half Marathon

· Bellvue Avenue from Hermitage Rd to Bryan Park entrance will be closed from 7AM to 10AM for the McDonald’s Half Marathon.

· Monument Avenue westbound between Mulberry and Westmoreland will be closed from 7:30 to 9:30am.

· Grove Avenue westbound between Commonwealth and Maple will be closed from 7:30 to 10:00am.

· Maple Avenue from Grove to Cary Street will be closed from 7:30am to 10:00am

· Riverside Dr. will be closed from the Huguenot Bridge to Scottview Drive from 6am to Noon.

· Forest Hill Ave. westbound from Roanoke St. to W. 47th St. will be closed from 8 to 11:30am.

· Belvidere Street northbound at Grace Street will be closed from 7am to 3pm. The recommended detour will be east on Byrd Street to the Downtown Expressway eastbound to I-95 northbound.

· Belvidere Street southbound between Broad and Grace Streets will be closed from 7am to 3pm. The recommended detour for southbound Belvidere Street will be onto I-95 southbound just north of Leigh Street

· The Huguenot Bridge will be closed to northbound traffic from 8am to approximately 11am. Northbound traffic on Huguenot Road will be detoured north from Huguenot Road onto Chippenham Parkway to the Willey Bridge

· The southbound exit ramp from the Powhite Parkway to Forest Hill Avenue and the northbound entrance ramp from westbound Forest Hill Avenue onto the Powhite Parkway will be closed to traffic from 8am until approximately 11am.

· There will also be numerous and frequent lane closures along the Marathon, Half Marathon & 8k routes, including closures on: Broad Street, North Boulevard, Monument Avenue, Grove Avenue, Maple Avenue, Cary Street Road, River Road, Scottview Drive, Forest Hill Avenue, Semmes Avenue, the Lee Bridge, Belvidere Street, West Main Street, Hermitage Road, Fauqier Avenue, Brook Road. Motorists are advised to use extreme caution when entering these roadways or making turns across the runners' paths along these roadways

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Breaking News

President Barack Obama inked his approval of the bill extending and expanding the homebuyer tax credit incentive Friday morning.



The housing tax break, which was initially set to expire at the end of this month, is now available to buyers who sign a contract by April 30, 2010, and close by June 30.

The credit amount is based on 10 percent of the home’s purchase price. The maximum available to first-time buyers is $8,000. Other buyers, who’ve lived in their current residence for at least five years but want to relocate to a new primary residence can receive a credit of up to $6,500 – the incentive for these so-called “step-up” buyers will begin on December 1 of this year.
The income limits for both first-timers and step-up buyers is $125,000 for individuals and $225,000 for couples – up significantly from the current first-time buyer thresholds of $75,000 per individual and $150,000 per couple.

The tax break is only available on primary residences priced at $800,000 or less. Vacation or investment properties are not eligible. Beneficiaries who sell the home or stop using it as their primary residence within three years would be required to repay the credit.

“The rebound in the housing market was one of the big factors that contributed to the growth of the economy last quarter,” President Obama said at a national address in the White House Rose Garden Friday. “We want to give even more families the chance to own their own home.”

The expansion of the homebuyer tax benefit received widespread support from lawmakers, despite concerns over what it might cost the government in lost taxes.

The measure passed unanimously in the Senate earlier this week and cleared the House with a vote of 403 to 12.

President Obama assured the American people this morning that the homebuyer tax credit measure, which was attached to a larger bill extending unemployment benefits, would not increase the national deficit.

U S House may vote as early as today to extend tax credit

By Brian Faler

Nov. 5 (Bloomberg) -- The U.S. House may vote as soon as today on a $45 billion plan to expand a tax credit for first- time homebuyers, extend jobless benefits and provide tax refunds to money-losing companies.

The measure won Senate approval yesterday on a 98-0 vote, and House passage would send it to President Barack Obama for his signature into law. House Majority Leader Steny Hoyer, a Maryland Democrat, said the chamber may act on it today.

The plan would be the first major extension of provisions in February’s economic stimulus plan. The $8,000 homebuyers’ tax credit, slated to expire this month, would continue until April 30, and be expanded to include people with higher incomes and some who already own homes. That would cost about $10 billion in the fiscal year that began Oct. 1, according to Congress’s Joint Committee on Taxation.

The measure includes $2.4 billion to extend unemployment benefits for as many as 20 weeks, enough to aid the jobless through the holiday season. It would also loosen tax rules for homebuilders and other money-losing companies to allow them to claim this year an estimated $33 billion in tax refunds.

The legislation had been delayed for weeks in the Senate by Republican demands for votes on amendments to the plan.

“Republicans used every trick in the book to slow and stall and ensure we can’t do important work,” said Senate Majority Leader Harry Reid, a Nevada Democrat.

Senate Minority Leader Mitch McConnell, a Kentucky Republican, has said the legislation could have been approved last week if Democrats had agreed to his colleagues’ demands. Republicans unsuccessfully sought votes on several amendments, including one to ensure the end of the Treasury Department’s Troubled Asset Relief Program.

Other Measures

Lawmakers are still considering whether to extend several other elements of the stimulus package, including subsidies to help the jobless buy health insurance and increased funds for food stamps. Obama has called for sending seniors $250 checks because they won’t get a cost-of-living increase next year in their Social Security payments.

Michael Mundaca, nominated to be assistant secretary for tax policy at the U.S. Treasury Department, said the administration may seek to extend the interest-subsidized Build America Bonds created as part of the stimulus package. Mundaca told the Senate Finance Committee yesterday the initiative is “too successful to allow to go away.”

The Treasury Department estimates that more than 1.4 million Americans have taken advantage of the homebuyer credit at a cost so far of about $10 billion.

Increased Limits

Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify for the credit. That is up from the current $75,000 limit for individuals and $150,000 for couples. The Senate plan also would allow homebuyers who have lived in a residence they own at least five years to receive a $6,500 credit.

Those buying homes worth more than $800,000 wouldn’t be eligible for the credit; those who sell their new home or stop using it as their main residence within three years would have to repay the credit.

The credit “really does provide some economic lift in the country at a time when we desperately need economic lift,” said Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat.

He said expanding the credit to those who already own homes would help create jobs because “the move-up buyer is more inclined and capable of buying that furniture, maybe building a porch, putting a garage on, a new roof” and making the “kinds of investments I think is going to be a job-creator across the country.”

Waste of Money

Senator Christopher Bond, a Missouri Republican, called the tax credit a waste of money, saying studies show that most of those claiming the break would have bought homes anyway.

“For the vast majority of cases, the homebuyer credit amounted to a free gift since it did not affect their decision to purchase,” he said on the floor this week. “The homebuyer tax credit is a terribly inefficient, irresponsible and poor use of scarce taxpayer resources.”

Goldman Sachs Group Inc. said in a Nov. 3 research note that the credit probably spurred 200,000 home sales that otherwise wouldn’t have occurred.

Extending the credit to people who own homes wouldn’t reduce the excess housing blamed for the slump because “every buyer taking advantage of the move-up credit would necessarily be a seller,” Goldman Sachs said. It said the plan may increase housing prices by 1 percent because “sellers are likely to incorporate a fraction of the credit amount in their sale prices.”

Republican Sweep in Virginia

McDonnell leads GOP sweep of statewide races

By Tyler Whitley
Published: November 4, 2009
Updated: November 4, 2009

Bob McDonnell led a Republican sweep of Virginia’s statewide races yesterday, restoring the GOP to power after eight years out of the governor’s office.

The double-digit victories by McDonnell, Lt. Gov. Bill Bolling and Ken Cuccinelli, the party’s nominee for attorney general, reversed a recent string of defeats for Republicans, who lost races for the U.S. Senate in 2006 and 2008 and the presidential election in Virginia in 2008 for the first time in 44 years.

The coattails of the statewide candidates also resulted in net GOP gains in the House of Delegates of at least three seats and possibly as many as six.

Republicans also won the governor’s race in New Jersey, another rebuff to President Barack Obama and Gov. Timothy M. Kaine, the president’s hand-picked chairman of the Democratic National Committee.

The two elections, along with a special election for a congressional seat in upstate New York, drew national attention because they were the first significant contests since Obama won the presidency.

McDonnell, 56, took the stage before hundreds of cheering supporters at the Richmond Marriott and thanked the people who helped him win. He also asked those who didn’t to give him a chance.

“For those of you that did not support me, I say to you: Give me a chance to earn your trust to work with you for the betterment of the commonwealth of Virginia,“ he said.

McDonnell said he will leave Virginia better than he found it.

“Working together as Virginians, we will find those new ways to solve the problems that face us and to create more jobs and new opportunities,“ McDonnell said.

The new governor will face tough budgetary decisions spawned by the recession.

McDonnell called Deeds a “good public servant” and said he looks forward to working with the Democrat, who continues to serve in the state Senate.

Deeds conceded at 9 p.m., shortly after he called McDonnell to congratulate him.

“Just because we didn’t get the right results tonight doesn’t mean we get to go home and whine,“ an emotional Deeds said at the Westin Hotel in Henrico County.

“We still have fight. We still have spirit. We still have something to say,“ he added.

Kaine, at the Westin to support the Democratic ticket, said: “The Virginia Democratic Party is strong.“ He congratulated the Republican ticket for running “a good campaign.“

Sen. Mark R. Warner, D-Va., who also attended the Democratic gathering, said of McDonnell: “I hope he will govern as he campaigned—someone who wants to find the bipartisan, practical solutions.“

Deeds, 51, was unable to duplicate the enthusiasm of Obama’s 2008 campaign in Virginia, which drew hundreds of thousands of new voters to the polls.

Despite sunny weather, turnout appeared to be low yesterday, with only about 40 percent of the state’s 5 million registered voters going to the polls. Four years ago, 45 percent of registered voters cast ballots in the election for governor.

National news media packed into the ballroom of the Marriott to cover the GOP victory party. The Associated Press called McDonnell’s win at 7:55 p.m., less than an hour after the polls closed.

Michael Steele, the chairman of the Republican National Committee, who came down from Maryland for the victory party, said the result “will serve as a nice springboard for 2010,“ when all seats in the House of Representatives and more than 35 in the U.S. Senate are up for election.

He attributed the McDonnell victory to a convergence of two forces: “the national debate over health care and the candidate’s attention to transportation” and other state issues.

Former Sen. and Gov. George Allen, who also attended the victory party, was asked whether McDonnell’s win would make him a new star in the GOP.

“Bob will be a star because of the campaign he ran and the person that he is,“ Allen said.

McDonnell’s victory continued a remarkable political phenomenon. Since 1976, Virginians have followed every presidential election by electing a governor from the opposing party a year later.

Exit polls by the AP showed that independents, who narrowly backed Obama in Virginia last year, voted 2-to-1 for McDonnell. In addition, exit polls showed Democrats had trouble getting their base to the polls.

Yesterday’s Virginia electorate included more voters who supported Republican John McCain in 2008 than Obama.

Pundits said that in capturing Virginia, McDonnell created a model for other Republican candidates. The former state attorney general and former Virginia Beach delegate emphasized jobs creation and de-emphasized social issues.

Ralph Reed, a former director of the Christian Coalition, attended the GOP victory party.

“If the national conservative movement and the national Republican Party want to find out how to win, they need to come to Virginia and see what happened here,“ he said.

Obama came to Virginia twice to campaign for Deeds. But the president’s appearance with Deeds in Norfolk a week before the election appeared to do the Virginia Democrat little good. Polls showed Deeds losing ground in Hampton Roads in the campaign’s final days.

Both political parties poured millions of dollars into the Virginia race. McDonnell had a clear fundraising edge: He raised more than $21 million, while Deeds raised $10 million in the general election and $6 million in a Democratic primary. They also received significant support from party committees.

Deeds’ upset victory over two better-funded rivals in the June 9 Democratic primary gave him a lift in the polls but left his treasury empty. Deeds spent the summer raising money while McDonnell, who was unopposed for the GOP nomination, was on television defining himself as a moderate and a jobs creator.

Throughout the fall, Deeds spent much of his money on ads attacking McDonnell.

On Aug. 30, The Washington Post reported on a graduate thesis that McDonnell wrote 20 years ago while attending Regent University in Virginia Beach. In the thesis, McDonnell appeared to demean working women. He disavowed those views.

The thesis seemed to give Deeds momentum, and the polls tightened, albeit briefly, before McDonnell extended his lead.

McDonnell and Deeds agreed the state needs more and better transportation, but they offered different prescriptions. McDonnell, who opposes tax increases, offered a dozen funding mechanisms. He would sell bonds, impose tolls to be paid by motorists entering Virginia from North Carolina on Interstates 85 and 95, and privatize the state-run ABC stores.

McDonnell also spent much of the campaign trying to tie Deeds to cap-and-trade environmental legislation and pro-union legislation on Capitol Hill that is unpopular with many Virginia voters.

Hippodrome in Jackson Ward to be Revitalized

Great news for the City the renaisance is continuing in Jackson Ward with the renovation of the historic Hippodrome Theatre. It's good to be Ron Stallings.See article below by the Richmond Times Dispatch:

By Will Jones

nowBuzz up!The long-awaited revival of the Hippodrome Theater in Richmond’s Jackson Ward neighborhood could begin soon, with a $600,000 boost from Richmond taxpayers.

The historic theater and adjoining Taylor Mansion on North Second Street—once the center of African-American nightlife and entertainment in segregated Rich mond—would open by April 2011 as a live-music venue and theater known as The Hipp, according to a proposal submitted to the City Council.

The $12 million restoration project has been approved by the Virginia Department of Historic Resources and would also provide residential and retail space, a restaurant and audio-video production facilities.

Though it was not clear last week who would operate the venue, Mayor Dwight C. Jones has proposed a development agreement that would provide $600,000 over two years to the property owner and developer, Hippodrome-Taylor Mansion LLC.

Jackson Ward developer Ronald Stallings, with Hippodrome-Taylor Mansion, did not respond to several messages. City administration officials also would not discuss the project, but Deputy Chief Administrative Officer Peter H. Chapman emphasized its importance in a memo to council members.

“The Jackson Ward community is rich in African-American history and material culture and is strategically located as an economic gateway in downtown Richmond,“ he said. “The Hippodrome Theater is a significant icon in that African-American cultural and economic heritage.“

City officials have been talking with Stallings for years about reviving the Hippodrome, which was built in 1904 and rebuilt after a fire in 1945. James Brown, Ella Fitzgerald, Ray Charles and other black entertainers graced the stage during the theater’s heyday in segregated Richmond.

The Taylor Mansion was designed by architect John Lankford and built in 1907 for the Rev. W.L. Taylor, a leader of the United Order of True Reformers. The home was credited at the time with being the largest home of a black American in the United States, and it later became an Elks lodge.

In 2004, the council committed $800,000 to a plan that called for converting the theater and Taylor Mansion into a live-music venue and production facility similar to the Apollo Theater in New York’s Harlem. That deal never materialized, but last year the council set aside $300,000 in fiscal 2009-10 and $300,000 in fiscal 2010-11 for the Hippodrome project, described at the time as a blues club similar to ones named after guitarist B.B. King.

Councilman Charles R. Samuels, whose 2nd District includes part of Jackson Ward, said he’s unfamiliar with the current plan but is tentatively supportive. “It really could serve as a base or anchor for pulling development from Broad” Street.

The proposed agreement calls for the city grant to be released in installments through 2010 as the project meets construction milestones. A certificate of occupancy would be required by March 30, 2011. The city would be entitled to a reimbursement if the project isn’t finished by Sept. 1, 2011.

In addition to the city funding, the project would be financed with $2.8 million in state and federal tax credits, $4.7 million from investors and $3.8 million in debt financing, according to Chapman’s memo.

The project is expected to generate 42 full-time and 40 part-time jobs, and $300,000 annually in real estate and business taxes once it’s fully operating. The council could vote on the agreement as early as Nov. 23. It’s requested for the council’s consent agenda, meaning it could be approved with little or no discussion.

Senate Panel passes tax credit extension

Senate panel OKs extension for home buyers' credit
By Alan J. Heavens

Inquirer Real Estate Writer

A Senate committee reached a compromise yesterday to extend the $8,000 tax credit for first-time home buyers, a boost the housing industry expects will help it pull out of its two-year-old downturn.

Lawmakers in Washington also added a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, housing-industry sources said.

Under the Senate panel compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still faces votes in the full Senate and the House.

The current tax credit did little for the new-home market in September, the Commerce Department reported yesterday - news that took many industry analysts by surprise. Sales fell 3.6 percent from August and 7.8 percent from September 2008.

Industry observers had expected a fifth consecutive monthly increase in new-home sales, believing that the tax incentive for qualified first-time buyers - credited with 357,000 sales of previously owned homes so far this year - would do the trick.

10 inexpensive ways to add value and appeal to your home

Click on the above link for 10 great ways to improve your home without spending allot of money courtesy of the National Association of Realtors.

Changes in Local housing market

Local housing market improving?
September 18, 2009 by Al Harris
Move over, McMansion.
The home-building industry is starting to emerge from deep hibernation. And some builders around town say it’s the smaller homes that people will want to buy.
Between June and August, Chesterfield County issued 236 permits for single-family homes, only three less than was issued during the same three months in 2008.
That is in stark contrast to the previous three months, March through May, when activity was half of what it was in 2008, suggesting that the market might be starting to turn.
Still, for the year to date (excluding September) Chesterfield issued 456 single-family permits, compared with 691 issued through the same time last year, or a 34 percent decline.
And for the most recent months, new home permits in Chesterfield fell from 93 in July to 75 in August. Both months were better than 2008, when 77 permits were issued in July and 61 in August. That is still way off from three years ago, when 155 new home permits were issued in August 2006.
Across the river in Henrico, there were 51 single-family permits issued in August, down 29 percent from July, when 72 permits were issued.
Both months were a vast improvement from April, when only 37 were issued.
And yesterday the U.S. Department of Commerce released improved figures for the nation — in August, new construction of homes and apartments rose 1.5 percent nationwide from July, a total of 598,000 homes, the highest level in nine months.
But the construction of single-family homes fell in August, reaching a total of 479,000. Compared with last August, single-family home construction is down more than 29 percent.
So what’s behind the new activity?
David Reel, the executive vice president of the Home Building Association of Richmond, said that it got so bad it really had no where else to go but up.
“Inventory had been drawn down, nothing was being built for the longest time,” said Reel. “Eventually the supply and demand curve started catching up with itself.”
He said housing is poised to make a comeback, but he envisions major changes in how and where homes are built.
“What people will be building and developing will change dramatically,” said Reel. “You’ve got the tail end of the baby boom generation downsizing, and you have echo boomers coming in who either don’t have children may not ever have children. Both of those groups are simultaneously looking for much different housing than we have seen in the past.”
Reel anticipates a mix of housing that has smaller floor plans, single stories and locations closer to the urban core.
Vernon McClure, owner of Main Street Homes, said he is starting to see some of that shift.
“We’ve had to bring out the 2,400-square-foot plans and dust them off and not build as many of the 4,000-square-foot plans,” McClure said.
Building smaller houses has shaved about $100,000 from the average sales price of McClure’s homes. He said the demand for smaller houses is also tied to consumers being thriftier since the economic downturn began.
“Homebuyers are asking ‘Do I need five bedrooms, or is four enough?’ or thinking, ‘Maybe I don’t need a study and a living room,” McClure said.
McClure, who estimates building about 70 homes in Chesterfield this year, said several factors are leading sales including low interest rates, lower prices, and the federal $8,000 first time buyer tax credit.
The credit expires at the end of the year, McClure said about 10 percent of his homes sales this year have been driven by the tax incentive. But now that program is drawing to an end, McClure and other homebuilders are concerned that demand could fall again.
“There is concern that it may have pulled some of the demand forward. If it goes that way, we’ll hit another slow period,” said McClure.

Time Running Out on Buying with Federal Tax Credit

To be eligible for a tax credit of up to $8,000, first-time homebuyers have until the end of business on November 30, 2009, to close their loans. There has been discussion that some members of Congress want to extend and increase the homebuyer tax credit. It remains to be seen if an extension or enhancements will be made.
Historically, it has taken 45 to 60 days to close a loan. However, new appraisal and disclosure requirements that recently took effect may add extra time to the closing process. To be certain homebuyers can take advantage of the tax benefit – as the law stands today – interested buyers should apply for their loan no later than the beginning of October to be able to close the loan prior to the deadline.

Kerry Riley
Kerry@kerryriley.com

Encouraging signs in the housing market

It's nice to finally be able to report some concrete good news about the sales trend in the housing market. The National Association of Realtors reported that there pending housing update was up for the fifth straight months in a row.

This is an index of how many homes have gone under contract in a given month. They reported a gain over the previous month's sales for five consecutive months. Just one or two months is not a reliable predictor, but five months is a solid indicator.

Inventories are still at higher levels, but the buying activity is picking up especially with first time buyers taking advantage if the $8,000 federal tax credit.

Kerryriley.com, kerry@kerryriley.com, Riley Real Estate of Richmond

Buying a Condo in the Richmond Market

In the current Richmond market lenders have become more conservative in lending for condos. Most lenders are requiring a minumum of ten percent down on condo loan because of the gut of units available.

The best way to finance a condo is using an FHA loan which only requires a three and one-half percent downpayment. Not all condos are eligible for FHA. Only those that have sold over fifty percent of the units and meet other requirements are eligible.

The link below details all of the Richmond area condos that are currently eligible for an FHA loan: https://entp.hud.gov/idapp/html/condo1.cfm. Enter Richmond or any city that interests you.

Buying a home using an FHA loan is a great deal in this market. If you can put down just 3 1/2%, get the seller to pay your closing costs, and get an $ 8,000 tax credit for first time buyers (must close before 11/30/09) you could actually buy with no net cash out of pocket and own your own home instead of renting.

Kerry Riley. http://kerryriley.com/. Kerry@kerryriley.com.

How walkable is your nieghborhood

I found this great site that was listed in the latest issue of Fanfare newsletter about Walkable Neighborhoods. I was attracted to my current neighborhood for this every reason. I drive so much as a real estate agent it's so nice to just park the car and be able to walk during my time off from work.

Check out this site http://walkscore.com to see how you address score as "walkable". Great selling point for home. Also it lists all nearby grocery stores, restaurants, coffee shops, movie theaters, schools, parks, libraries, book stores, fitness centers, drug stores, hardware stores, and clothing & music stores.

Below is an excerpt from Walkscore.com's definition of what is "walkable":

Picture a walkable neighborhood. You lose weight each time you walk to the grocery store. You stumble home from last call without waiting for a cab. You spend less money on your car—or you don't own a car. When you shop, you support your local economy. You talk to your neighbors.
What makes a neighborhood walkable?

A center: Walkable neighborhoods have a discernable center, whether it's a shopping district, a main street, or a public space.

Density: The neighborhood is compact enough for local businesses to flourish and for public transportation to run frequently.

Mixed income, mixed use: Housing is provided for everyone who works in the neighborhood: young and old, singles and families, rich and poor. Businesses and residences are located near each other.

Parks and public space: There are plenty of public places to gather and play.
Pedestrian-centric design: Buildings are placed close to the street to cater to foot traffic, with parking lots relegated to the back.

Nearby schools and workplaces: Schools and workplaces are close enough that most residents can walk from their homes.

Streets Designed for Everyone
Complete Streets are roads are designed for everyone who uses them, including bicyclists, pedestrians of all ages and abilities, and people getting on and off transit vehicles.

These streets are:
Accessible: There are wheelchair ramps, plenty of benches with shade, sidewalks on all streets, etc.
Well-connected: Streets form a connected grid that improves traffic by providing many routes to any destination.

Built for the right speed:
Lanes are narrow or traffic calming is in place to control speed.

Comfortable: Pedestrian medians at intersections, count-down crosswalk timers, bicycle lanes, protected bus shelters, etc. make the street work better for those outside of a car.

Kerry Riley can be found at www.kerryriley.com.

Absorbtion Rates for Richmond (i.e. how are houses selling?)

I am including the absorbtion rate numbers for the first half of 2009 (developed by Jackie Theil of Long and Foster Realtors) in this blog entry. These are important numbers to watch because they predict the strength of the market and whether we are in an environment of rising or falling prices.

We professionals use the absorbtion rate as the most important information in gauging the real estate market. It basically answers the questions; How are homes selling? and how long will it take the existing home inventory to sell off given the rate of sales over the past six months?

The resulting number is "Months of supply of home inventory". Six months supply is ideal. At that level the housing market is stable. A number lower than six months would indicate more demand than supply and home prices rise. The opposite is true with a number greater than six months supply indicating supply greater than demand and prices fall.

Here are the numbers for June 30, 2009 stratified by price range:

Sales price range: Absorbtion rate:
< $150,000 8.48 month(s) $150,000-$300,000 10.30 month(s) $300,001-$450,000 12.47 month(s) $450,001 - $600,000 17.85 month(s) > $600,000 26.36 month(s)

In looking at these numbers you can tell that homes in the lower prices ranges are selling much better than higher priced homes. We are seeing this as a result of more first time buyers entering the market and taking advantage of the $ 8000 first time buyer tax credit.

This is good news for home sellers that what to move up to a higher priced home because the first time buyers are buying their homes and in turn those higher priced home sellers that selling to them and on up the chain.

Although the numbers indicate a greater than six month supply of homes in all price ranges, this is a marked improvement over prior periods. Some parts of the country have rates as high as 25 to 30 months of inventory overall.

It is a relief to see the numbers improving. Note that the buyers market will not last, so get out there and buy a home while prices are still affordable, especially if you are a first time buyer. Remember the tax credit expires December 1, 2009 and it could take more that sixty days to close, so get a home under contract before the end of September or earlier!

Kerry@kerryriley.com
http://www.kerryriley.com/
Kerry Riley of Long and Foster Realtors
409 Strawberry Street, Richmond VA 2322o
(804) 432-2688

Redevelopment at GRTC Maintenance Site in Fan District

This is a reprint of the Times Dispatch article today
WILL JONES AND MICHAEL MARTZ TIMES-DISPATCH STAFF WRITERPublished: July 15, 2009
Richmond Mayor Dwight C. Jones wants the city to buy the coveted site of GRTC Transit System next to the Fan District and to guide private development of the property.
Tammy D. Hawley, press secretary to Jones, confirmed the city's interest in the property, currently assessed at $3 million, and said the issue is being discussed by the boards of GRTC and the Richmond Redevelopment and Housing Authority. She said it is unclear what type of development might be planned and whether a sale to the city will occur.
"As I understand it, the idea would be . . . you'd go through a process of issuing a [request for proposals] for a particular type of development," she said. "No RFPs have been shaped for the type of development that would be pursued."
Officials at the housing authority did not return repeated calls for comment.
John M. Lewis Jr., chief executive officer of GRTC, deferred questions about a potential sale and development to the city, which is half owner of the transit system with Chesterfield County. However, he said any deal ultimately would have to satisfy the federal government, which has a financial stake in the transit system property.
"I must get market value," said Lewis, who expects the transit system to move to its new headquarters and operations center in South Richmond at the end of this year.
The Fan-area property, almost 7 acres along West Cary Street between Robinson Street and Stafford Avenue, has been viewed as a prime development site for a mixture of residences, businesses and offices ever since GRTC announced more than two years ago its plan to move.
"Even with today's difficult economy . . . it's still going to be a high demand for that site," said C. Lee Warfield, executive director of Thalhimer/Cushman & Wakefield, a commercial real estate brokerage in Richmond.
Warfield said the best option for making the most of the site would be a sale to a private developer.
"The best opportunity to get the highest quality project . . . would be to have an open process to look at all development opportunities instead of having the public sector develop it," he said.
Hawley emphasized that the city would be seeking private development of the property. She also said the city believes it should play an active role in the process because the site has significant potential.
"The mayor has said he wants the city to grow by design, not by default," she said.
The RRHA's potential involvement would not necessarily be a sign that low-income housing is envisioned, Hawley said. The authority manages public-housing units and a subsidized housing program, but it also routinely holds property for the city, including the Miller & Rhoads building downtown before it was developed as a Hilton Garden Inn and condominiums.
"It's not a foregone conclusion that it's low-income housing when RRHA is involved," Hawley said.
Second District Councilman Charles R. Samuels, whose district includes the Fan, said whatever happens to the property will have a major influence on surrounding neighborhoods. He expects to work closely with Councilman E. Martin Jewell, whose adjoining 5th District includes the GRTC site.
"That's a huge parcel of land, and there's a lot of potential for what may come out of it," Samuels said.
The Fan District Association hasn't been briefed on any potential sale or plan for development of the property, President Barbara Hartung said.

Good News for over-mortgaged homes with adjusting rate loans

July 01, 2009
HUD SECRETARY DONOVAN ANNOUNCES EXPANDED ELIGIBILITY FOR MAKING HOME AFFORDABLE REFINANCINGAnnounces eligibility for borrowers up to 125% underwater in Las Vegas with Senate Majority Leader Harry Reid and Congresswoman Dina Titus
WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration's Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage. Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.

Visit this site http://www.makinghomeaffordable.gov/ and click on "Eligibility" tab to see if you qualify.

Kerryriley.com

More good news for first-time buyers

By Kerry Riley, Long and Foster Realtors, www.kerryriley.com

I have told you in the past about getting an $8,000 federal tax credit for first time buyers (hurry! This law expires Dec. 1, 2009), and VHDA monetizing the credit so you can apply to credit at closing.

I learned today that for those first time buyers (also people that have not owned in the past three years) who don't qualify for VHDA (for example if you earn more than $62,000) you can still get the tax credit soon by filing an amended 2008 tax return.

This way you can get back your cash very soon after closing.

Call Kerry Riley at (804) 432-2688 with questions and if you qualify and have not bought your home yet NOW is the time to act. Don't let this great buying envirnment pass you by...

Finding a job in a tight ecomony

I am sharing this great article by By Anthony Balderrama, CareerBuilder.com writer because so many of my friends are in transition right now. Check this out...

The same rules apply
The way you conduct a job search isn't going to change dramatically this year. If you're currently employed and plan to change jobs soon, don't up and quit without a plan. You don't want to find yourself jobless with no prospects if you can help it -- regardless of the economy. Employed or not, be aggressive in your tactics.

"The market is tougher:
There are fewer jobs, more candidates and hiring authorities are being more careful," says Tony Beshara, author of "Acing the Interview." "So a candidate has to really distinguish himself or herself even more from the competition. He or she [must] go above and beyond the average interview."

Job hunting is about getting noticed by employers. You don't want to blend in with every other person who responds to a job posting or walks into an interview. That's as true now as it was a decade ago. If you're a good employee, you'll be a good addition to the team -- but they'll never know that if you're just another faceless name in a pile of résumés.

To stay ahead of the pack, Beshara encourages you to research the hiring manager online -- use a search engine and social networking sites. If you have mutual contacts, drop their names during conversation so you become memorable. If you're lucky enough to get an interview, be just as prepared.

"Carry a portfolio of reports you have written demonstrating your skills or a 30-60-90 day plan as to what you would do the first 90 days of your employment. Do extra research on the company and the person you are interviewing, and maybe speak to their customers and find out how they are perceived," Beshara suggests.

No room for errorBecause companies don't have the budgets they had a year or two ago, they can't afford to waste time or money on finding a replacement who's anything less than perfect -- or at least close to perfect. Many employers aren't replacing vacation positions that aren't vital to operations. If they're willing to spend on a new hire, they want a qualified candidate who will stick around for a while. They also know that they have many job seekers for far fewer positions. The pressure is on you to be the best potential employee they'll come across in the hiring process.

"Everything, and I mean everything, in your interview matters -- your dress, your speech, your manners -- and employers can be very unforgiving in this market, especially when they still have plenty of candidates to choose from," Beshara warns. "It simply takes lots more practice and, since you can expect fewer interviews in the current market, practice really makes a difference."

A résumé with typos or unprofessional attire in an interview rarely bodes well for a job seeker. In 2009 such a misstep is guaranteed to get your name crossed off the list of potential candidates. Here are some things to consider during your 2009 job hunt.

Résumés
The incessant warning to avoid typos probably gets annoying and seems like redundant advice, but hiring managers repeatedly cite typographical errors as a top pet peeve. Think about it this way: You can't control whether the hiring manager ever picks up your résumé, whether your personality clicks with his or hers and whether you ultimately get the job. Conversely, your résumé is your creation. You went out of your way to type it up and send it to the company. What kind of message are you sending if you don't take responsibility for one of the few factors entirely within your control?

Interviews
The interview is a two-way street, where you need to sell yourself to the hiring manager and he or she needs to sell the company to you. Let the company do its part and focus on yours. You always want to prove to the employer that you're looking for longevity -- in a competitive job market, it's vital. Explain that a position where you can learn, grow and be a team member for longer than a few months is your ideal situation. If the hiring manager gets the feeling that you're desperate to find any job just to earn a paycheck, you'll be out the door before you set your bag down. Employers don't want to spend the money training someone they'll be replacing in four months.

Don't get lazy
Browse job boards, search the classifieds, walk around the neighborhood -- look for jobs wherever you can. Some employers don't want to spend a lot of money advertising a job opening, so reach out to companies that might not have a job opening listed, as they might be quietly searching for new employees.

Network
Your connections, both social and professional, are invaluable resources during a job hunt. Even friends of friends you've only met at a cocktail party are worth touching base with during a job hunt. When you let people know that you're looking for a new job, they'll keep you in mind if they run across an open position at their workplaces or if they hear about one at a friend's company. You can cover more ground than if you search alone.

FHA loans are the best deal at the moment for cash strapped buyers

The government backed FHA loan is currently one the best options available to most buyers who can't put 10-20% down on a home purchase. The Federal Home Adminstration (FHA) offers a loan program administered by banks and mortgage companies with just a 3.5% downpayment requirement.

This is the lowest down-payment option available in the current lending environment and you don't have to perfect credit to qualify. A credit score of 580 or above is necessary for FHA. The closer your score is to 720 or higher then the better the rate.

These loans are available on single family and approved condos up to a sales price of 535,900 in Richmond.

Here are the basic requirements:

Two Years of steady employment, preferably with same employer.

Last two years Income should be the same or increasing.

Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 580 or higher or no credit score at all.

Bankruptcy's must be at least two years old, with perfect credit since discharge.

Foreclosure's must be at least three years old, with perfect credit since.

Your new mortgage payment should be approximately 30% of your gross (before taxes) income

I have a good mortgage lender in my office if you would like more information or would like to apply. Now is a great time to buy with a high inventory of homes available, low interest rates, an $ 8,000 federal tax credit for first time buyers and sellers that are more negotiable in paying closing costs.

Call Kerry Riley at 804-432-2688 for more information.

Signs of recovery starting to show in Virgina according to Brookings Institution

Signs of a recovering economy in Virginia
Brookings Institute study says Va headed for economic recoveryby Ben Martin, blogmaster emeritus on June 17, 2009

Research from the Brookings Institute on the economic conditions in the country’s 100 largest metro areas released this month indicates that Virginia may already be recovering from the nation’s economic downturn.Brookings ranked the 100 metros on overall economic health. Washington DC ranked 14th, Norfolk-Virginia Beach-Newport News ranked 16th, and Richmond ranked 46th.

In the report, all three Virginia-area metros are cited as showing signs of economic recovery: Richmond, Washington DC, and Virginia Beach each showed growth in employment and output in the first quarter of 2009.Virginia Beach-Norfolk-Newport News, Washington DC, and Richmond were ranked three, four and five respectively for percent change in Gross Metropolitan Product from Q4 2008 to Q1 2009.

One significant blemish for Virginia: The DC area is still showing 6.49 REOs per 1000 mortgageable properties, making it the 11th worst performer in that category.A strong government and/or military employment presence in all three of Virginia’s major metro areas bodes well for economic recovery the Commonwealth, as these employment sectors tend to be insulated from large employment declines.

Standing in stark contrast to the gloomy Case-Schiller index, the Brookings Institute report shows that 38 of the top 100 metro areas saw no decline in home prices over the past 12 months.We have seen a decrease in the inventory of homes for sale for the month of May.

Glad to pass on good news! Call Kerry Riley with specific questions about market conditions in your neighborhood at (804) 432-2688.

Great Option for VCU/MCV students - 212 N 29th Street Church Hill

Buying that first home can be daunting for the first time buyer. Luckily today there is some relief. First is the economic downturn and credit crisis which has slowed the real estate market. This is good news for first time buyers because of the big inventory of homes for sale.

This increases the affordablity of homes. Also the $8000 first time tax credit allows a first time buyer or anyone who has not owned a home in the last three years to get an $ 8000 credit on their next federal tax return filing.

MEANING that if you can get the seller to cover the closing cost, the $8000 federal tax credit will cover the downpayment assuming an FHA loan up a sales price of $ 228,571. That's a no out of pocket cost to a first time buyer (after credit is applied at tax time). A golden opportunity for a first time buyer.Also a parent can take advantage of the first time buyer tax credit if their child is occupying a home near college.

The student must have a qualifying credit score and occupy the property. We call this the "Kiddie condo" and is a great tax shelter and investment for the parent. Especially when they can rent a room or two to a roomate.

Which brings me around to 212 N 29th Street at Churh Hill. It's a charming turn of the century townhouse in great shape with a separate downstairs apartment included for just $219,900. So the upstairs owner can rent the downstairs to another student for probably $700/mo. or so.Throw in an $8000 federal tax credit and you have got a sweet deal for a parent or anyone wanting a home close to VCU Medical Center.

Call Kerry Riley for the details at (804) 432-2688 or check out at http://www.kerryriley.com

$8,000 Tax credit to be applied at closing through VHDA

Big News! VHDA will loan $8,000 tax credit at closing for qualified first time buyers
Here are the details... Call me at (804) 432-2688 to sign up..

VHDA to Launch Homebuyer Tax Credit PlusThe Virginia Housing Development Authority (VHDA) is launching a new program to allow first time homebuyers to use the Federal First Time Homebuyer Tax Credit to finance downpayment and closing costs on a VHDA mortgage.This loan has a built in second mortgage with zero interest and no payments for the first 12 months.

Eligible buyers have the following three payment options:1. Pay off the second mortgage with the Federal First Time Homebuyer Tax Credit. 2. Pay off the second mortgage over 29 years - and save the tax credit to pay for future emergencies, make home improvements, or pay off/pay down existing debt.3. Make principal payments on the second mortgage before the repayment period begins; this will reduce the required monthly payments for the remaining 29 years on the second mortgage.

The maximum loan amount for the first mortgage is the maximum FHA mortgage, and the maximum loan amount for the second mortgage is up to 5% of the sales price (no cash back). VHDA does not guarantee borrowers' eligibility for the Federal First Time Homebuyer Tax Credit. Borrowers can file an amended tax return after closing, and should consult a tax advisor or the IRS for complete eligibility criteria.

Information is available at http://www.irs.gov/.If borrowers are not eligible for the First Time Homebuyer Tax Credit, or the tax refund (if any) is not enough to repay the First Time Homebuyer Tax Credit plus loan, borrowers are still obligated to repay the second mortgage, plus all applicable interest.For more information, click here or call 877-VHDA-123.

The release of VHDA's program follows HUD's May 12 announcement that FHA approved lenders are permitted to "monetize" the Federal First Time Homebuyer Tax Credit through short-term bridge loans.HUD's program DOES NOT allow a buyer to use a conventional lender to monetize the tax credit to reach the 3.5% downpayment, although they CAN use it for closing costs and prepaids.

The only way a homebuyer can use the tax credit for downpayment (to reach the FHA 3.5%) is if the buyer uses an FHA-approved non-profit or instrumentality of government. For more information, click here to read HUD's mortgagee letter.\

Call Kerry Riley at (804)432-2688 for more details and pre-qualification.