5 things to think about as we head into 2010!

As you know, the real estate environment has changed and we are charting new territory everyday with new lending regulations, never-before available tax credits and historic levels of affordability. As we close out 2009, here are 5 things to keep in mind as we enter a new decade!

1. Historic Interest Rates - There has never been a better time to buy a house. The mortgage interest rate is a key determining factor in what the home will cost you over the term of the loan. That is why, even though prices may still recede another 10%, a person should probably buy now instead of waiting and trying to time the bottom of the housing market. If prices drop another 10%, but interest rates increase by 1% point, that would mean the same monthly payment today versus waiting. If you have a steady job, good credit and money for a down payment, you are truly being offered a gift of a lifetime!
2. Homebuyer Tax Credits - Up to $8000 for first-time homebuyers and up to $6500 for current homeowners having lived in their current residence for the last 5 out of 8 years. But don't wait too long - you must be under contract by April 30th and close by June 30th.
3. Changes in the Settlement Process - No more last-minute changes to the HUD statement and certain changes will necessitate closing 3 days later. How does this affect you? Your closing date may be a moving target and back-to-back closings on separate properties may be a thing of the past. More to come on these new restrictions next month.
4. Real Estate as an Investment - Wealth is built by purchasing real estate at the right time, right price and right terms. While your current house may have lost value, keep in mind that your dream house may have lost a similar percentage of value as well - thus making it more attainable. In the future, when prices begin to appreciate again, the additional equity in the larger home will increase the family's net worth.
5. Use the Davenport Plageman Team for all your real estate transactions!

Extended and Expanded Home Buyer Tax Credit

~ Up to $8000 credit for First-Time Buyers and up to $6500 for Current Homeowners.~


The First-Time Homebuyer Tax Credit has been expanded to include current homeowners. As of September, over 1.4 million first-time homebuyers have taken advantage of the credit since its introduction and locally, we have seen increased sales activity in the under $300,000 price range. Now that the credit is being offered to current homeowners, we anticipate an increase in sales in all price ranges. If you have been thinking about "moving up" or downsizing - there is no better time than the present to make that next home purchase.

Key points of the legislation include:

• Current homeowners must have owned their current home consecutively for 5 of the last 8 years.


• First-time homebuyers cannot have owned a principal residence for past 3 years.


• New home purchase price is limited to $800,000.


• Home must be under contract by April 30,2010 and must close by July 1, 2010.

For detailed information and restrictions, please visit the NAR web site.

River City or Festival City

I often think that Richmond should be called “Festival City”. We seem to have a festival to celebrate everything – folk music, wine, chocolate, watermelon, beer, bbq, hanover tomatoes, and a host of nationalities and cultures.
This Saturday, get outside and meander downtown to the Brunswick Stew Festival at 17th Street Farmer’s Market. Sample a few different varieties of stew, listen to live music and enjoy the downtown scene. Nothing like a full tummy and a little toe-tapping to make you appreciate our great city.

Are Buyers and Sellers getting on the same page?

About a year ago, we saw buyers test the market with "low-ball" purchase offers in hopes that a Seller might be in a distressed financial position and would sell their home below market value. Today, these same offers that were considered a "low ball" have become fair market value. For several months, Realtors have worked hard to convince Sellers that if they want to sell their home they must "shrink the gap" between Buyers and Sellers. If both parties are realistic about price, DEALS ARE BEING MADE!
We are seeing a behavioral shift in Buyers - they are exhibiting a renewed confidence and interest in real estate. The uptick in activity that started in the late Spring/Summer has carried over into Fall, and a new batch of closed sales are providing more accurate information so both Buyers and Sellers can gain a clearer understanding of their property's value.
Make no mistake: these transactions are trading at lower prices than last year but if all parties get on the same page, we will see more accepted offers come within 2-5% of the list price instead of 15-20%. If Sellers continue to align with the market, properties that have languished for months will begin to move and the inventory levels will SHRINK, thus helping us all get back to a more stable market!

Spotlight on the City of Richmond Tax Abatement Program

With the current real estate market adjustment, we have not only seen downward adjustments related to sales prices but also to real estate tax assessments. Lower taxes is always a good thing, right?!

Well, here is a cautionary note for homeowners who currently own a property that is currently registered with the City of Richmond’s Tax Exemption for Rehabilitated Structures program. Assessments are based on the total of your improvement value and the land value. The final value used to determine the amount of your abatement was based on real estate values at the time the property was renovated and accepted into the Rehab program. If the total value of your improvements has decreased from that amount shown as the “Rehab Final Improvement Value” (FIV), the abatement will also decrease by a proportionate amount until such time as the assessment of the “improvements” again equals or exceeds the “FIV”.

The tax abatement cannot be applied toward land value so ensure that you review both the improvement value and the land value when you receive your tax assessment notice in January.
A tax abatement is transferable to new homeowners so home buyers should be aware that a tax abatement may be adjusted downward -- especially if you are purchasing a house that has decreased in value since the time of its rehabilitation.

The good news? If real estate values increase (and assessments increase as well), then you are still eligible for the total value of the abatement as determined when your house was entered into the program.

If you have questions regarding the tax abatement program, please contact Kristy Davis at 804-646-5227 at or Richard Woodson at 804-646-5198 with the City of Richmond Assessor's Office.

Balliceaux - A Local Escape

Well, you have probably read the rave reviews, and here is one more to add to the others that have been pouring in. We both have had the pleasure of dining at Balliceaux, located in the Fan District on Lombardy, on separate occasions. Visually and gastronomically, it is truly like nothing else in Richmond.


The decor: Simply amazing. Lofty ceilings, "porthole" dioramas, concrete walls and warm wood accents.

The ambience: A true departure from the Bogart's of yesteryear. Modern and urban, yet accessible and comfortable at the same time. We were there on a beautiful night and the front windows were opened up to the outside.

The food: Inventive yet delicious. Choose from a variety of "small plates" or entrees. The portions are more than ample; and better still, the prices are fairly affordable with most entrees priced at less than $15. Favorites at our table: golden gazpacho and PEI mussels tom yum soup for starters, hot lacquered tuna and hangar steak for dinner, and icebox lemon pie and churros with coffee sauce for dessert. We were slightly disappointed that several items were not available - either because they are not yet in season or the kitchen had already run out by our 7:30 p.m. reservation. We'll chalk that up to a new restaurant working the "kinks" out...


Escape to Balliceaux when you have a chance - you won't be disappointed.

Need Last-Minute Staycation Plans?

We have both enjoyed traveling around the state this summer taking time to visit some of the fun places right in our backyard. Between the two of us, we have visited Cape Charles, Mathews County, Charlottesville, Lake Anna, Crabtree Falls and Washington, D.C.

Bill Lohmann, a favorite local columnist, just published this article in the Richmond Times Dispatch about his recent staycation. Check it out for a few close-to-home adventures.

The Virginia is for Lovers web site has a wealth of information as well.

Enjoy the dog days of summer - it will be gone before you know it!

Hooray for Rural Varina

Hats off to the Henrico Board of Supervisors for voting to preserve rural farmland in eastern Henrico County. It’s not that we oppose development, but rather that we support smart, well-planned development that preserves the unique character of our communities. Route 5 serves as an important gateway into our city center and its scenic beauty is such a treat for tourists and Richmonders alike. It certainly would be a shame if it became a victim of urban sprawl due to overdevelopment. So as you enjoy your dinner tonight, think of the Varina farmer and be grateful that your local produce may have come from just down the road rather than from across state lines.



For complete coverage, read the Richmond Times Dispatch article here.

Sizing up Housing Web Sites

We found this recent article in Smart Money magazine and thought we would include a few excerpts that we found particularly interesting. Housing sites are a helpful resource to buyers and sellers but are not always accurate and reliable.

Inaccurate Public Data: "Data used by home evaluation sites are often wrong. They're really at the mercy of public record, and public record is flawed." These sites have no actual knowledge of interior condition, recent improvements, upgrades or local nuances such as how one neighborhood may differ from another.

Local Knowledge: "With homes in many markets lingering unsold for months, recent sales of neighboring properties are hardly the accurate indicator they once were. And in areas where the majority of recent sales are foreclosures snatched at atttractive discounts, potential buyers often get the wrong idea of just how of a low-ball they can convince an owner to accept." Just because one neighbor fell upon hard times does not equate to a neighborhood in distress! However, one must must be aware that an appraiser will take a holistic approach to valuing your home and will make note of short sales, foreclosures, third-party REOs,etc.

Consult a Professional: "There are too many things you just can't know -- and the only way to know them is to talk to a real estate agent."

Summer Market Lingers....

The Summer market or late arriving Spring market continues to tick along!
To prove it, we have updated our month -to-month analysis for the months of May through July 2009 of pending and sold statistics for Metro Richmond and surrounding counties. You will see below, houses are SELLING! In latter 2008 and early 2009 ,the local market was stagnant. Consumers are jumping back into the real estate market as prices continue to decline and come more in line with incomes and competitve inventory. Plus, interest rates are still at an ALL TIME LOW !
We are seeing a behavioral shift in Buyers - No more purchasing for appreciation, rather they are purchasing what they can afford. The affordability index is key to buyers - so again, pricing is critical!
In addition, we now have to sell a house twice - first to a willing purchaser and second, to an able BANK!

Sales Activity Up for 2nd Quarter 2009...
Metro Richmond sales activity for the second quarter of 2009 is trending upward year over year. The number of sales transactions for April - June of 2009 versus same period 2008 is up 3%. Transactions for May and June are up 5-7%. And July is trending flat year over year to date. Price affordability and LOW interest rates are stilll driving this movement of Buyers.

January 539
February 633
March 825
April 1028
May 1033
June 1003
July to date 412


Keep in mind, an increase in sales activity does not necessarily equate to higher sales prices. The key to selling your house is pricing it at fair market value based on recently sold comparable properties. Feel free to call us for a realistic and honest analysis about the value of your home.

Thoroughly Modern Millie

We're very fortunate to have a thriving performing arts community in Richmond which is certain to become even better with the opening of CenterStage in September. I am a big fan of Broadway musicals but, sadly, I can't make it to the Great White Way as often as I would like. Even so, I can often get my "fix" by attending a local theatre production whether it is Theatre IV's Annie, or more recently, the Barksdale Theatre's production of Thoroughly Modern Millie. I never cease to be amazed by the talent in Richmond and this toe-tapping musical certainly does not disappoint. So if you are looking for a change of pace this summer, go out and catch a show...

Richmond's Shakespeare Festival at Agecroft Hall, Hamlet
Barksdale Theatre's Driving Miss Daisy, Thoroughly Modern Millie or Fully Committed
Swift Creek Mill Theatre's Arsenic and Old Lace

A Greek-American Perspective on The Greek Festival

Every Sunday afternoon of my childhood was spent visiting my Yia’Yia (Grandmother) and Papou’ (Grandfather) and extended Greek family. After church, of course, my Papou’ would enter his house and head straight to the record player to turn on the Greek music full blast. My Yia’Yia had spent all morning cooking a huge lunch for everyone to share. We would all gather, talking over one another at decibel levels that would make your ears burn - to eat, dance and eat some more. After lunch, my Papou’ would lead the dances holding a white napkin, cigar in mouth and beer in hand. He would perform the Zembekiko or (sailors dance) over and over again with my uncles. Believe it or not…..those are happy memories for me and traditions that I hold dearly. So every year when The Greek Festival rolls around, I make an effort to take my children to the festival to enjoy the customs, traditions and food of our heritage.

The Greeks are hard-working people and someone in most families has usually owned a restaurant or two. So cooking and eating food is in our blood! All of the dishes are terrific at the festival but some of my favorites I have listed below….try them out!

I love going to the Greek festival not only for the food, but also, to watch and encourage my children to dance. I learned the Zembekiko (sailors dance) from my Papou’ at an early age and still enjoy dancing it with my family. I could go on and on with more memories but choose not to bore you. Get out this weekend and enjoy what the Greek festival has to offer….a gathering of warm people celebrating great food, customs and dance! Can you think of a better way to spend and afternoon or evening?

Dolmades pronounced (dol-ma-this) – stuffed grape leaves with seasoned rice.
Spanikopeta pronounced (span-a-koh-pee-ta) a blend of spinach, cheeses and herbs mixed together and baked in buttered filo dough.
Tiropitas pronounced (tee-roh-pee-ta) a blend of cheeses baked in buttered filo dough.
Loukoumades pronounced (louh-ko-mah-this) fluffy and light pastry puffs served warm with honey syrup and cinnamon.
Galaktoboureko pronounced (gha-lak-toh-boo-ree-ko) flavored custard baked in filo dough.

The Residences at Miller & Rhoads

I recently toured the Residences at Miller & Rhoads and while it may not have met with my preconceived visual expectations - no Tea Room, no grand escalators and no Santa - the concept itself is definitely appealing and the urban views are pretty spectacular. The mixed-use project has transformed a historic landmark into a 250 room hotel - the Hilton Garden Inn, 133 residential condominium units and 21,000 sq. ft of street level commerical space. And no matter if you are visiting or living downtown- you have access to business, dining and entertainment right out your front door.


I found myself reminiscing about my life 15 years ago - pre-kids - and thinking how unfortunate it is that I missed the boat on this "lock and leave" lifestyle. At the time, we owned our first house in the Malvern area of the city and we commuted to work for 10-hour work days, drove to our fitness center and travelled downtown nearly every weekend for Friday Cheers or to explore nightlife in Shockoe Bottom. In contrast, the lucky owners at the new M & R will be able to walk to work, exercise in the fitness center or swim a few laps in their own building and then grab a bite to eat followed by a concert at The National or the future CenterStage, or maybe even a ballgame in an eventual Shockoe Center. Had a tough day at work? Why not pack it in early after picking up dinner from the hotel restaurant. Oh - and they will likely be exploring the riverfront area or heading out of town for the weekend because there won't be any pesky yardwork to keep them at home. Sound enticing? You bet. Call me in 15 years - once the kids are launched - I just might trade in the house and yard for urban living.

Grace Street Home Additions

We had the pleasure of meeting with Scott Ukrop at Grace Street Home Additions this morning in his super-cool office space in Old Manchester. We were familiar with Grace Street but today's meeting not only shed new light on their design process but also dispelled a few preconceived notions of our own. Previously, when we heard the name Grace Street in conversations revolving around remodeling or renovations/additions, phrases such as "high quality", "well-designed" and "innovative approach" came to mind. Admittedly, words such as "high-end" and "expensive" also came to mind because it often seems that quality work comes hand-in-hand with a high price tag.

What we learned today is that Grace Street is developing new ideas about making the home addition process less daunting for homeowners and more importantly, "attainable and affordable". They are committed to delivering a home addition that blends seamlessly with the current architecture of the home but also meets the needs of the homeowner in terms of the desired living space. They pride themselves on simplifying the design and construction process while being mindful of the homeowner's budget, time investment and the surrounding real estate values of the neighborhood. If you are considering an addition to your current home, or thinking about purchasing a house in need of renovation and/or an addition, add Grace Street to your short list of design/build firms. We think you will be just as impressed as we were with their innovative approach.

Spring Market Ticks Upward.....

The Spring Market is finally here!!! To prove it we have provided below a month to month analysis January through April 2009 of pending and sold statistics for Metro Richmond and surrounding counties. You will see below, houses priced at or above $500,000 are now SELLING! In latter 2008 and early 2009 ,this market was stagnant. Consumers are becoming more optimistic about purchasing real estate as prices come more in line with income and real-money savings become a reality through attractive interest rates.
Real estate if purchased correctly and with proper guidance isn't just a good investment; it's a great investment!

Sales Activity: Year-to-date 2009

In January, 539 houses in Metro Richmond pended or sold. In February, we saw a 17% increase and in March, a 30% increase with 633 and 825 homes selling. And April is on track for a similar increase with 984 houses under contract thus far. Price affordability and LOW interest rates are triggering this movement of inventory. Hopefully this upward trend of sales will continue and healthier markets lie ahead.

January
Metro Richmond 539
Homes $500K+ 25

February
Metro Richmond 633
Homes $500K+ 33

March
Metro Richmond 825
Homes $500K+ 53

April
Metro Richmond 984
Homes $500K+ 67

Keep in mind, an increase in sales activity does not necessarily equate to higher sales prices. The key to selling your house is pricing it at fair market value based on recently sold comparable properties. Feel free to call us for a realistic and honest analysis about the value of your home.

"Move Up" Math

What better way to explain how you can benefit from purchasing a home in today's market than a real life example?

Subject property:5 beds/4 baths and 3600 sq. ft.
Location: Henrico County, 23229
Days on market: 180+ days.

The following scenario assumes good credit and minimum 20% down payment.

Scenario #1 - October 2008
Original list price: $689,000
30 yr. fixed rate: 7.875%
Monthly P&I payment: $3,997

Scenario #2 - April 2009
Current price: $619,995
30 yr. fixed rate: 4.75%
Monthly P&I payment: $2,587

Real Money Savings =
$69,005 on purchase price
$13,801 on down payment
$16,920 $1,410 savings per month x 12
$99,726 REAL MONEY SAVINGS

Impressive, huh? Remember, it is impossible to predict the bottom of the market and many local experts are predicting that we are near or currently there. As soon as we hit bottom, home prices and interest rates will begin to tick upward and you may have lost your opportunity. Bottom line: ACT NOW!

Lizards, Turtles and Snakes, Oh My!

It never ceases to amaze me how you can have the downtown skyline of Richmond in your rearview mirror one second and then be surrounded by tall pine trees and open parkland a mere twenty minutes later. I am talking about the 7600+ acres that make up Pocahontas State Park in Chesterfield County.

Wanting to take advantage of the sunny 70 degree weather this past weekend, we decided to go for a hike around Beaver Lake. While the trail is about 2.5 miles long, it is pretty family-friendly with wide paths and fairly even terrain. And it certainly is picturesque with water cascading over a beautiful stone spillway, beaver dams and footbridges throughout. We were on the lookout for wildlife and were pleasantly surprised to find a baby turtle bathing on a rock, a few lizards, a blue heron and well, a couple of snakes as well. And even though I did shriek when I realized my hand was just inches away from a water mocassin, it was a healthy reminder that we were the interlopers in his environment and not the other way around!

Looking for a great guide to hiking in and around Richmond? Check out 60 Hikes within 60 Miles: Richmond by Nathan Lott.

Countdown to Hanover Tomatoes

Reading about Michelle Obama planting an 1100 sq. ft vegetable garden on the White House grounds, made me yearn for locally grown tomatoes and sweet corn from 17th Street Farmer's Market. Sadly, opening day at the market is not until April 22nd and we're several months
away from those delicious Hanover tomatoes.

Spending a morning at a farmer's market not only provides a nice diversion from your grocery shopping routine but also reminds us that "buying local" supports our local farmers, our state economy and reduces our individual carbon footprint. You can locate a farmer's market near you at Local Harvest and read more about the local community garden movement in this article from Richmond BizSense.

Preserving the James River Park System

Well, it may be counter-intuitive for a real estate agent to promote conservation and oppose development, but I applaud the Richmond City Council for approving the conservation easement of the James River Park System. Open access to the James, the parks and trails, and historical areas such as Belle Isle and the Shiplock Park, not only contributes to the intrinsic character of our city but it also adds to our quality of life.

From InRich.com on February 24,2009:

Richmond City Council "approved a conservation easement on 280 acres of the James River Park System. The easement, which attracted support from dozens of residents at last night's meeting, is structured to ensure that the parkland, including Belle Isle and Great Shiplock Park, will never be sold or developed, even by the city, with ballfields, concessions, playgrounds or cell-phone towers. "In our knowledge, this is the first urban conservation in the state of Virginia and maybe in the country," council President Kathy C. Graziano said.
The easement is co-held by the Capital Region Land Conservancy, the Richmond Recreation and Parks Foundation and the Virginia Department of Conservation and Recreation."

The New and Improved Homebuyer Tax Credit

The new American Recovery and Reinvestment Act provides an $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

Who is eligible? First time home buyers or anyone who has not owned a home in the last 3 years with income of $75,000 or less if filing as a single or $150,000 for married couples filing jointly.

What type of property qualifies? Any home purchased as a principal residence between January 1, 2009 and December 1, 2009.

How does it work? The $8,000 tax credit would be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount is unused, then the unused amount would be refunded as a check to the purchaser.

How is this credit different than the one offered in 2008? First of all, it is $8000, not $7500. Secondly, and more importantly, the credit is a "true" credit, with no requirement to repay the government back as long as you maintain the property as a principal residence during the first three years.

"What's in it for me?" Well, it's pretty obvious if you are someone classified as a first-time home buyer. The government has just given you an $8,000 carrot to buy a home now. Tack that onto the already low interest rates, and there has never been a better time to buy house.

And for those of you who are not first-time homebuyers? Well, hopefully, we will begin to see people jumping off the proverbial fence and into the housing market. In essence, we would have a "domino effect" with housing inventory beginning to move again which can only help all home sellers and buyers.

Have more questions? Read all about it here.

Stronghill Dining Company

I will be the first to admit that I am not a food critic...but I do like to try new restaurants -- and preferably those that are not attached to a local shopping mall. A positive dining experience all boils down to three things: atmosphere, service and of course, the food.
Last Friday night, we ventured out to Stronghill Dining Company, a relatively new restaurant located on the Boulevard. It is located directly across the street from the new Movieland and is owned by the folks at River City Tattoo. Their chef has worked at some of Richmond's favorite restaurants including The Track, Helen's and Bacchus. So we knew, although new, Stronghill had a pedigree.
The look: Sophisticated and hip yet inviting with exposed brick walls, lofty ceilings, moravian star pendant lighting over the bar and honey-colored wooden booths. The bar area is slightly separated from the dining area and there is also a more dimly-lit "lounge" area in the back of the restaurant.
The service: The restaurant was packed but we were seated on time and our server could not have been more friendly and helpful.
The food: One of my dining companions had heard that Stronghill offered Southern "comfort food". Banish all thoughts of gravy-laden meatloaf and instead think of upscale seasonal offerings with Southern influences. Among the dishes on our table: deviled eggs with jalepeno tomato relish, pan-seared rockfish topped with beer-battered onion rings and served over bok choy and a zucchini pancake and a rib-eye steak served with kale, macaroni and cheese and to-die-for hush puppies. Dessert could not be ignored - and we were quick to share and enjoy the homemade bourbon pecan pie and apple pie.
Overall, I couldn't be more pleased with one of the newer entries to the Richmond dining scene and look forward to repeat visits.

Fear vs. Control

The real estate market for 2009 has people exhibiting new behaviors. Many people are perplexed as how to best navigate in this adjusting market and we have found that some are operating from a stance of fear - rather than a stance of control. As we all know, information is power so whether you are looking to buy or sell, you must rethink your steps and consider the following:

Do you currently own a home?

Will you need to sell your home in order to trade up or down?

Do you have equity in your house and how much?

Can you qualify for a bridge loan?

Could you carry two mortgages and for how long?

These are all valid questions to ask yourself and to discuss with your realtor before you set out to purchase or sell a home.

For the past six years if you were considering purchasing a new home, you may have gone “shopping” for a new house, successfully negotiated a contract and then listed your house for sale. You weren't fearful about selling your home because real estate was exchanging at a rapid pace. Now that the market has adjusted, and homes are selling at a considerably slower, yet more normal pace, you may have lost your confidence. Now is the time to attack your fear and reposition your expectations.

Instead of “purchasing first”, consider placing your home on the market in combination with your search for a new home. It will allow you to obtain the pertinent information regarding the true value of your home as well as help you get a better handle on the net proceeds from the sale of your house. Because homes are taking longer to sell, you will most likely have the time to find a new home before you must move. There are several terms and conditions that can be added to a purchase contract to protect you during this period of transition. More importantly, selling first and buying later just might remove the knot in your stomach over the question, "What if I can't sell my house?" Remember all houses sell, so arm yourself with the current information so you can make an educated decision.

The current market is tricky...and your position will be stronger the more you control the process! Do not get caught up in the fear. Plan ahead and realize that real estate will always trade because families will outgrow their current home, people will relocate and empty nesters will no longer need the “big house”. Get in front of your anxiety and drive yourself into a new home!

Evaluating Home Improvement Projects

Recently, we have had several clients ask for our opinion about making improvements to their houses. These projects have ranged from converting an attic to a finished bedroom to enclosing a porch to enlarge a family room. You may be faced with a similar dilemma and wondering if you will see a return on your investment. As you ponder your project in these challenging economic conditions, consider the following:

How long have you lived in your current house and how long do you intend to remain there? With the recent downturn in the real estate market, you must make sure that the cost of your project and the subsequent resale value of your home does not outpace the current real estate market.

Are your improvements in keeping with the other homes in your neighborhood? Does it make sense to add 1000 sq. ft. to a 1500 sq. ft starter home or should you consider purchasing a larger house in another area where the amenities you desire are already in place? Similarly, while those sleek professional kitchen appliances will surely transform you into the next Food Network TV star, will your prospective buyer be willing to pay for those upgrades or have you "overimproved" your kitchen for your current neighborhood?

Will the project add any livable square footage to your house? Adding space is an easy way to add value to your house. However, keep in mind that an appraiser does not assign the same value to the square footage in a basement as the square footage on the first or second floor.

Is there a way to update my house so that it is more attractive for resale but won't "break the bank"? If you aren't planning to live in your house for the long term and simply want to improve your surroundings for personal enjoyment, there are a myriad of things you can do to give your home a face lift. New appliances, new light fixtures, a fresh coat of paint and new cabinet hardware can transform an outdated bathroom or kitchen without depleting your nest egg!

Support your City & Shop Local

With the economy being so shaky and many retailers threatening to go out of business, I decided that I wanted to support my local retailers and shop local. I did not buy one present over the internet and I made a conscious effort to find trinkets and gifts from our many unique boutiques! If you have not ventured into the shops I mention below ….you are missing out! Take a morning off and check out the local goods. I found great ornaments and stocking stuffers at Tinkers, trendy Michael Stars shirts at The Phoenix, men’s bright & preppy ties at Peter Blair, knickknacks that smack, pop, smell & smoke at World of Mirth, great imported wines at recession prices at River City Cellars and of course my “J-Lo” necklace was bought at Coplons!

It was a great Christmas and it felt good to help our local entrepreneurs. I hope this encourages you to do so too! Happy New Year.

The Bow Tie Cinemas

I am a movie girl. I love going to the movies – everything from summer blockbusters to small independent films. My perfect date night is – you guessed it, dinner and a movie. As a teenager, I spent many weekends at the nearby Ridge Cinema, a beloved 7 screen theatre that existed where you will now find a large Kroger. I saw Grease seven times there, scared myself silly at Halloween and remember thinking “What is the Rocky Horror Picture Show and why do they show it every weekend at midnight?”

Sadly, the Ridge Cinema closed about 7 years ago and there are only 2 neighborhood theaters in the City of Richmond. The Westhampton Theatre on Grove Avenue and the Byrd in Carytown. These are both wonderful, iconic theaters that are very special in their own right – the first showing great independent and foreign films and the other offering the cheapest date night with $2 ticket prices for second-run movies. But if you want to see the latest Harry Potter or Bond movie on opening weekend, then you might have to drive for 15-20 minutes to Short Pump, Glen Allen or Chesterfield if you live in the city.

So I am thrilled – (perhaps slightly giddy with anticipation) for the opening of the new 17-screen multiplex, Movieland at Boulevard Square, in February 2009. As a city dweller and movie enthusiast, I cannot believe that our city has endured more than a decade without a genuine multiplex. And I love the location on Boulevard and Leigh – so centrally located for city residents yet its proximity to both I64 and I95 might just encourage a few suburbanites to come into the city for -- you guessed it, dinner and a movie!

About Us

JILL: As a lifelong Richmonder, I remember the days when the “new” mall in town was Regency Square, the Landmark Theatre was called the Mosque and attracted the likes of both Dave Matthews and Frank Sinatra and it was cool to hang out with your friends on a Saturday shopping and eating lunch at 6th Street Marketplace. I can now appreciate the wonderful quality of life that Richmond offers for raising a family, and how its close proximity to the mountains, beach, and the nation’s capital allow for spontaneous local adventures. I love our city’s history but relish the efforts made to push forward with the rejuvenation of the riverfront district and the Broad Street corridor, the expansion of VCU and the BioTech park and appreciate how the surrounding counties enhance our lives on a daily basis.

MARY: I’m a native of Savannah, GA, but I have spent many years living and working in New York, NY, Columbus, Ohio, Jacksonville, Florida and Roanoke, VA. I feel that I bring a newcomers perspective and I love sharing the many architecturally distinctive and interesting communities that Richmond has to offer. Before making a decision on location, let’s explore and find the neighborhood that best fits your lifestyle….that’s what I did!
I currently live in the Fan and love the urban-feel. Walking my kids to school or strolling to Kuba Kuba for dinner is a luxury that I choose not to give up. My kids have a “posse” of friends and love the immediate play dates that our close-knit neighborhood offers. If you like the outdoors and are looking for things to do with your family- check out the exercise course at Byrd Park or trek across the James River to Belle Isle for a picnic or swim in the James. And if that’s not exciting enough…drive to Charles City for a civil war re-enactment complete with costumes and camping!