Before the housing collapse, the Highland Park neighborhood of Richmond, VA was going through a makeover. One of six Richmond, VA area neighborhoods selected to be part of the Neighborhoods in Bloom program, Highland Park saw an extensive rise in property values. But as the collapse hit the rest of the country, Highland Park was hit exceptionally hard. Vacant homes with boarded windows began to rise as a foreclosure wave forced homeowners to flee. Investors to the Rescue But over the past few months...we are starting to see investors buying where no one else is. Buying to rent and buying to renovate and sell. Investors rarely get credit for the important role they play in the housing market and in the economy as a whole. Investors are helping banks clear their inventory of foreclosed homes...homes that otherwise would sit vacant, boarded and rotting. In the month of July there were 14 active foreclosures, 12 pending foreclosures and 5 sold in Highland Park. That's more than 50% of the vacant homes that were moved off the market last month...most primarily by investors. Highland Park Blooms After the Bust Here are a few homes recently renovated by investors....these are homes that were sitting vacant and ready for someone to bring them back to life...bringing the neighborhoods back to life.Investors to the Rescue: Highland Park Blooms After the Bust
This wonderful home directly across the street from Fifth Street Baptist Church had been vacant for several year. Obviously once a grand home, the home had fallen into sever disrepair, Windows were broken and boarded, the wrap porch was rotting and falling.
Today the home has been restored it's original grandeur. Renovations included: New Dual Zone heat pumps, new energy efficient windows, new kitchen(cabinets and appliances), 3 full baths with tub and shower, upgraded 200 amp electric service, all new plumbing, refinished original hardwood floors, new gutters, new paint outside and in...there really is too much to mention.
Other features include wrap-around porch, grand staircase with dustless corners, slate roof, stucco siding, 2 car detached garage and tons of storage space(basement and giant attic).
This great home North of Brookland Park Blvd, has been completely renovated. With four bedrooms, two full baths and large dining/living rooms...there is plenty of room to stretch out and enjoy your space.
All major systems have been upgraded or replaced..plumbing, electrical, heating/cooling, windows, vinyl siding...you name it...it's been done. There are even two decks to enjoy!
The original wood floors have been completely restored downstairs and new carpet has been added upstairs. Both bathrooms have been completely renovated with ceramic tile flooring and new fixtures. The kitchen features new countertops, hardwood floors, new appliances and ceramic tile backsplash. For features normally found in more expensive homes, you really need to see this home.
If you would like to see either of these homes or any other home in Highland Park or the greater Richmond Va area, please contact me via phone, email or Twitter.
A great indicator of the health of the localized housing market is the price per sq foot. This graph supports the findings of the chart above. 2010 is showing promise as the price per square foot has increased steadily. June proved to be another month of increasing prices and is yet another bullish sign for the overall market.
