The Housing Interpreter March 2013.pdf

7/29/2019 The Housing Interpreter March 2013.pdf

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CURRENT TRENDS IN REAL ESTATE AND THE RICHMOND REGION

A PUBLICATION OF THE RICHMOND ASSOCIATION OF REALTORS

the

IN THIS ISSUE :

2013 ECONOMIC FORECAS T:AN OUTLOOK FROM

RICHMOND HOMEBUILDERS

PICK YOUR COLOR,NOT YOUR POISON

RIVER CITY PAINTERSBANISHES VOCs

HISTORIC GARDEN WEEKS

80th

ANNIVERSARY

NEW GREEN HOUSING FORSENIORS IN RICHMOND

WeAreTheR.com

THE

ISSUE

GREEN

InterpreteRHousingMARCH 2013
http://wearether.com/http://wearether.com/


2/9

Home BuildingAssociationof Richmond

2013 LocalForecastRecap

with special guest speakers:

Dr. David Crowe,National Associationof Home Builders

Lloyd Mason Poe,Lifestyle Builders & Developers, Inc

On February 7, 2013, the Home Building Association oRichmond held a local forecast seminar, featuring speakeDr. David Crowe, Chief Economist for the National Associatio

of Home Builders, and Lloyd Poe, of Lifestyle Builders

Developers, Inc.

Dr. Crowe offered a look back at the recent past state

the national and local housing market, an update on what

looks like today, and predictions on how it will shape up i

the near future.

A look at the past2012 marked the beginning of a consistent trend of hom

price increases. The latest figures report nearly a 6% annu

rate of national growth. The house price-to-income ratio

Richmond rose back to a more historically normal level of 3.

As housing prices increased, buyer demand increased an

construction responded to the demand. Both single-fami

and multifamily construction increased total productio

by more than 36% in the Richmond area last year. At th

end of 2012, the unemployment rate in Virginia was amon

the lower end of the national spectrum, at 5.5%. Mortgagrates reached a historically low level in December 2012, an

according to the Wells Fargo Housing Opportunity Inde

affordability is close to record highs. Buyers in Richmon

at median income levels can afford 84% of homes recent

sold in the area.

What the industry looks like today

The population growth in Virginia is currently outpacing th

overall U.S. population growth, and the population growt

in Richmond began to accelerate last year. The remodeling


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market index (RMI) has been up since the housing market decline. During

the downturn, remodeling accounted for half of the overall building industry

production. It is now back to the normal level seen in early 2005. Builders use

of sales incentives, including price discounts and upgrades, has substantially

fallen. Housings contribution to the economy revived in 2012 and continues

to grow. It contributed over 10% to growth in the last two quarters last year.

Mortgage interest rates remain at historical lows, providing some stimulation

to the market. Tightened underwriting criteria and mortgage access forqualified homebuyers remain concerns.

A glimpse at whats to come

With continued improvement of the economy and job prospects, and relatively

low mortgage interest rates, new home sales are predicted to grow by about

20% this yearsimilar to last years growth. 2014 is the year momentum is

expected to take effect and produce a more solid 30% growth. Richmond

simgle-family starts are predicted to reach 53% of normal by the end of 2013

and 70% of normal by the end of 2014. Richmond currently stands at about

42% of normal levels seen in the early 2000s.

Mr. Poe recently attended the 2013 International Builders Show in Las

Vegas, attended by 49,000 industry professionals and 976 vendors. He shared

a sneak peak at some up and coming products and trends that will likely be

making increased appearances in homes in the near future.

These trends included:

kitchens

faucets with square lines or color accents

faucets with SmartTouch technology

enameled cast iron sinks, and sinks with compartments for entertaining

large, industrial styled, or wave shaped pendant lighting

open shelving

quartz countertops

counter-height islands and bars

additional windows and more seating

painted cabinets in new colors and boldly painted accents

bathrooms

freestanding bathtubs; especially slipper tubs

audio technologies for bath and shower entertainment

remote controlled toilets, with integrated bidet and dryer

framed decorative mirrors

living and outdoor

high definition golf simulators

floor to ceiling windows that open entirely to outdoor spaces

hand-scraped vintage wood flooring

faux stone walls and interior accents

tall, sleek, and slender fireplaces, with minimalistic lines
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Real estate companies are starting to request better paint

their clients, because they know how valuable quality produ

are to long lasting relationships. Even latex paint, which

considered a safe alternative by most, contains detrimen

compounds. Volatile organic compounds (VOCs) might cont

the word organic, but they are in no way beneficial to y

health. Once airborne, many VOCs combine with each oth

or with other molecules in the air to create new chem

compounds. Healthier paints have been around since the 198

but affordability was a major deterrent to common applicati

It is very difficult for a consumer to buy this paint directly fro

home improvement store. Large volume purchasing reduces

price considerably.

River City Painters completed more than 300 interior paint jo

in 2012 alone, using 100% zero VOC paints, made by Benjam

Moore. By partnering with the Virginia Paint Company, R

City Painters has made this an affordable option. River C

Painters were recently honored as the number one regio

painting company by the R-Home Richmond Magazine read

and Angies List.

River City Painters remains committed to the safety of custom

and employees by staying ahead of the curve on new indus

innovations and eco-frien dly options. If you have any questio

or are interested in learning more about their services, visit:

www.rivercitypainters.com.

Most people know whether they like aolor or not. What many dont know is just

how dangerous interior finishes can be,

when not handled by an expert. Joshua

Marble, owner of Richmond based River

City Painters is serious about quality for his

lients. A second generation painter, he is

ery knowledgeable about the unfortunate

l-effects of low quality paint on health

nd home. Most paints contain chemicals

nd compounds that are harmful to the

nvironment, and potentially harmful

o families. So, it is important to be well

nformed and find a painter who truly cares.

American consumers have demanded aafer product for years; now it is accessible

nd affordable for use in residential and

ommercial environments.

The industry has come a long way in

reating environmentally safer paint at a

good price, said Joshua Marble, President

of River City Painters. Benjamin Moore has

been a pioneer in this regard. Im proud that

my children will grow up in a home free ofharmful paint-based VOCs. Im proud to be

ble to guarantee my customers and my

paint crews greater peace of mind.

Pick your color, not your

POISON.River City Painters

Banishes VOCs message from River City Painters

Im proud that my children will grow up in

home free of harmful paint-based VOCs.

Joshua Marble,President, River City Painters

If you have a message for Richmond REALTORS, homebuyers, or homeowners, please contact [email protected]
http://www.rivercitypainters.com/http://www.rivercitypainters.com/http://www.rivercitypainters.com/


5/9

On February 5, 2013, the VirginiaAssociation of REALTORS legislative advocacy

conference hosted speaker Bob Adams, for the

presentation Housing 2020: What is Shaping

the Future of Housing in Virginia?

Adams is the President and founder

of Housing & Development Advisors, whichprovides a wide range of consulting services

for non-profit, for profit, and public sector

organizations.

One factor he cited as a force shaping the future of housing in

Virginia is the population growth. Virginias population is expected to grow

from 8 million to 9.8 million within the next few decades, and 80% of that

growth is expected to locate within the golden crescent arearunning

from Northern Virginia through Richmond to Hampton Roads.

Another factor he cited is demographics. The Baby Boomers, justbeinning to reach retirement age, are increasingly rejecting the tradition of

aging in a retirement community. This increasing desire among seniors to

age in place will create the need for more walkable, villiage-like, mixed-

use communities. The Millenials, with their affinity for remaining socially

connected at all times, are leaning toward the same preference for urban

villages, with community gathering spots outside work and home.

Multi-generational households, seen more often in the 1940s and

1950s, are on the rise again. There are almost 50 million multi-generational

households in the country now. There has also been a dramatic increase in

single person household and single-headed household formations.

Economics is another factor shaping the future of housing. Home

prices have started to rise, bringing more people into the market. Student

debt is increasing, making recent graduates less financially able to purchase

a home. Interest rates are expected to remain low for the next couple of years,

but the mortgage product variety will be more limited and underwriting

criteria will be slow to expand. Government Sponsored Enterprises (GSEs)

arent expected to change during the Obama administration.

For more information on factors shaping the future of housing in

Virginia, visithousingvirginia.org

Housing

20 20
http://housingvirginia.org/http://housingvirginia.org/http://housingvirginia.org/http://www.royaldominionhomes.com/http://www.monarchmortgage.com/http://www.dulciehollandphotography.com/http://www.craftmaster-homes.com/?utm_source=RAR&utm_medium=Banner&utm_campaign=http://www.lifestylebuilders.com/?utm_source=housing-interpreter&utm_medium=banner&utm_campaign=button-ad


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The spectacle produces much more than just oohs and ahhProceeds help fund restoration projects at some of Virginias mcherished historic sites, such as Monticello, Poplar Forest, Maymoand Lewis Ginter.

Four garden clubs in Richmond: James River, Three ChoTuckahoe, and Boxwood join forces to coordinate the open housgarden tours, and other events in the Richmond area. Far in advaof garden weekoften years in advance, a committee selects a variof Richmond neighborhoods to feature for tours. The Richmoneighborhoods featured this year are:

Chatham HillsChatham Hills, on the south side of River Road near the Country ClubVirginias Westhampton Clubhouse, is a bucolic residenal area that was ofarmland. Most of these gracious homes were built in the 1920s on seveacre lots, and many of the properes reached down to the Kanawha Canaselect few were designed by prominent architects, including Duncan Lee, bknown for the historic preservaon of many major Richmond landmarks.

Windsor on the JamesWindsor on the James is a beaufully planned subdivision o River RoadHenrico County developed in the late 1980s. It is dened by large maniculots and custom homes, many of which have panoramic views of the JamRiver and park-like sengs.

Laburnum ParkThe Laburnum Park neighborhood is listed on the Naonal Register of HistPlaces and comprises approximately 116 acres northwest of downtoRichmond. It was one of Richmonds streetcar suburbs which began todeveloped in 1919 by the heirs of Joseph Bryan, an important and wealbusinessman whose estate was mostly completed in the early 1930s. houses are dominated by the Colonial Revival style and the inuence of Aand Cras and the Mediterranean styles.

Windsor Farms/Rothesay Circle/Loch Lomond LaneHistoric Windsor Farms was designed in 1926 to resemble an English villagGracious homes in a myriad of styles from Colonial Revival to English Tudto Cape Cod retain much of their original character and are situated

ample lots with manicured lawns, well-tended gardens, and mature trees.

Attention flora lovers,history buffs, architecture andnterior design enthusiasts, andlassy looky-loos: this April markshe 80th celebration of Virginias

Historic Garden Week.

Each year, the event touteds Americas largest open house,onsists of 32 tours throughouthe state, produced by 47 Garden

Club of Virginia clubs and 3,300olunteers.

Virginias 80th

Historic Garden WeekAmericas Largest Open House


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Rothesay Circle is nestled behind Windsor Farms along a stretch overlooking theJames River. With its diverse architectural styles, sweeping lawns and ornategardens, this neighborhood was previously a place where homeowners hunted quailand rode horses in their backyards. Adjacent Loch Lomond Lane is a unique cul desac that overlooks the James River and the Philadelphia Quarry. Both neighborhoodsare so well hidden that they defy their very urban address.

{Neighborhood descripons provided by the Garden Club of Virginia. For descriponsof all featuredproperes in the state, visitvagardenweek.org/tours.}

In addition to tours of the gardens, visitors receive tours of the homes,which are filled with fresh arrangements of flowers cut directly from thegardens of the home and arranged by club volunteers.

Each room in every house has a host or hostess in it to inform visitorsabout characteristics of the architecture and furnishings, and to answerquestions, said Mary Frediani, Co-Chair of the event. Throughout somehomes, architects, landscapers, and other professionals are also available toanswer questions, she added.

Adding to the significance of this years milestone for Garden Week,an additional series of unprecedented events will coincide with the homeand garden toursseveral occurring in the Richmond area. These events

include a botanical artwork show in community art galleries; a marketplaceat the Tuckahoe Womens Club; and three days of tours, discussions, anddemonstrations at Tuckahoe Plantation, Thomas Jeffersons boyhood home.The plantation will also host an heirloom plant sale, featuring plants ofhistoric merit available for purchase. The Valentine Richmond History Centerwill also offer programs never before held during Garden Week; including anheirloom dress exhibit, with costumes typical of those worn by the foundersof Garden Week, and a Women in Richmond tour, highlighting women whohave made a significant impact on the area.

Whether youre a perennial participant, or you have yet to experienceHistoric Garden Week, this year is a particularly compelling time to attend.
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The term green, as it refers to housingand building materials, means different thingsto different people; and because it has been

floating around for years, this term has becomesomewhat overused. In an effort to help nurturea deeper understanding of what green trulymeans, this series will begin with an overview ofthe concept, and continue with suggestions forapplying its principles to everyday living.

Green building (also known as greenconstrucon or sustainable building) refersto a structure and methods of its use that areenvironmentally responsible and resource-

efficient throughout a buildings life-cycle:design, construction, operation, maintenance,renovation, and demolition.

Thats the Websters style description,but what does all that mean and why is itimportant? All the parts and pieces that gointo building a home have some intrinsic costassociated with them from the moment they arecreated or harvested, to their destruction at theend of their usefulness. That cost, both in dollarsand in impact to the earth, is what determines a

products efficiency and sustainability. A productis considered to be green when that intrinsic costis low or offset completely during its life-cycle.

Lets take a typical 2 X 4 framing boardand examine its life-cycle and associated costs:It begins as a tree and has to be logged, milled,dried and shipped to a lumber yard; then it isshipped again to the retail outlet that will sell it.Whoever buys that board has to get it to theirjobsite, so it is shipped again; then it is installed

to potentially become a semi-permanent part of

the structure. It will likely last as long as the structurso, judging by the average life of a house, that woube about 50 years. Once the home is demolishe

the board must be hauled to a landfill to eventuadecompose with all the other trash. It takes many yeafor the impact of just one board to be removed frothe planet. Plus, all the transporting of it creates carboemissions from vehicle exhaust. So the intrinsic cost this board that was sold for a little over $2.00 is mantimes greater than that, and makes wood studs notvery green material.

The renewable aspect of a product is also a factin how green a product is considered to be. Bamboo

a grass and renews (grows) very quickly. Any trees cfor lumber have to grow back over a long time periomaking them less green. Also, when time to discarbamboo breaks down and decomposes quickly. Theare more and more companies getting into the recyclinof building materials, but there is plenty of room fimprovement in that area.

It is easy to see from this example how large aimpact housing has on the environment. An averaghome has over 300 two-by-fours in its framing systemwhich is just the beginning of the hundreds of oth

products that go into each home. A truly green homwill incorporate those materials which have the leanegative impact on the earth and its limited resourceand it will contain energy-efficient systems for thheating, cooling, water and electricity usage.

As we continue this series, we will examine suctopics as Energy Star appliances and home classificatiohome energy audits, solar energy systems and solgenerators, geothermal HVAC units, and sustainabmaterial choiceseveryday items that consumers ca

switch out to make their current homes more green.

THE GREEN SERIES

WHAT IS

GREEN?By Guest Columnist,REALTOR Tim Dunkum

All the parts and pieces that ginto building a home have somintrinsic cost associated with themfrom the moment they are create

or harvested, to their destruction athe end of their usefulness. That cosboth in dollars and in impact to thearth, is what determines a productefficiency and sustainability.


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This April, the first net-zero energy apartments for low-income seniorswill open in Richmond,the most extreme green development so far fromthe Better Housing Coalition. Located on N. 28th St. in Church Hill, the sevennet-zero energy apartments will complement 32 apartments for seniors in anEarthCraft certified building across the street.

The concept behind the development of these apartment homes isthat building with high standards of efficiency and sustainability will not onlybe beneficial for the environment, but will also cut the costs associated withmaintaining the residencesthrerefore maximizing their affordability. Clickbelow to play the video and learn more.

Special green features of the building include: solar hot water heaters;Photovoltaic (PV) panels; energy recovery ventilation to bring in fresh air and

remove stale air; ductless mini-split HVAC systems; high-quality StyrofoamSIS insulation, made from 94% recycled materials and taking the place ofplastic sheathing and insulation; high-performance double-glazed windows;and Energy Star appliances.

The development of this property is a product of the BHCs $10 millionChurch Hill Awakening capital campaignaiming to reclaim the historicChurch Hill neighborhood, increase its stock of quality workforce housing,deconcentrate poverty, and create new opportunities for residents and thecommunity to succeed.

For more information on this development, and other communities of

the Better Housing Coalition visit www betterhousingcoalition org

THE BETTER HOUSING COALITION BRINGS

GREEN HOUSINGF O R S E N I O R ST O R I C H M O N D S C H U R C H H I L L
http://betterhousingcoalition.org/http://betterhousingcoalition.org/http://youtu.be/bPme4I_3Qbwhttp://betterhousingcoalition.org/http://www.royaldominionhomes.com/http://www.monarchmortgage.com/http://www.dulciehollandphotography.com/http://www.craftmaster-homes.com/?utm_source=RAR&utm_medium=Banner&utm_campaign=http://www.lifestylebuilders.com/?utm_source=housing-interpreter&utm_medium=banner&utm_campaign=button-ad

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The Housing Interpreter March 2013.pdf