Real Estate

Ned Oliver
Nov 17, 2022 - Real Estate

The biggest winners of Richmond's real estate tax rebate

Illustration of a one hundred dollar bill with a returned to sender stamp on it

Illustration: Sarah Grillo/Axios

A one-time real estate tax rebate is poised to sail through Richmond City Council, with seven of nine members now officially on board with the plan.

What’s happening: The rebate amounts to just over a 4% reduction on this year’s tax bill, which means the average homeowner can expect a check for about $175 in the mail.

Buying a house in Richmond is finally easier, but not cheaper

Data: Freddie Mac; Chart: Madison Dong/Axios Visuals

The Richmond metro area's real estate market is starting to level off, according to the latest data from Redfin/MLS.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, buyers have waited a long time for a little relief.

Who lives here: The Locks Tower

Locks Tower
The Locks Tower first opened in 2019. Photo: Fadel Allassan/Axios

👋 Fadel here, with an installment of our series about all the new apartments popping up in Richmond. Who’s moving into them? Where’d they come from? What do they do?

When Ned kicked off the series a couple weeks ago, it got me thinking of my home in the business district along East Byrd Street.

Ned Oliver
Oct 31, 2022 - Real Estate

A record week for evictions

Data: Central Virginia Legal Aid Society; Chart: Axios Visuals
Data: Central Virginia Legal Aid Society; Chart: Axios Visuals

The Richmond City Sheriff's Office is scheduled to execute 126 evictions this week, the largest number on record since statewide eviction protections ended earlier this year.

Why it matters: The number of eviction filings has been increasing for months, but tenants who can't pay their rent typically end up leaving well before the sheriff knocks on the door to forcibly remove them.

Virginia's home price forecast: Costs will go up, but only slightly

Illustration of a dollar sign made out of house keys.

Illustration: Brendan Lynch/Axios

Overall home sales across Virginia are expected to fall next year due to higher interest rates, but prices will continue to climb, according to a new forecast from Virginia Realtors.

Why it matters: Prospective buyers hopeful that a slowdown in home sales would translate into lower prices likely won't find it in 2023.

Ned Oliver
Oct 21, 2022 - Real Estate

Richmond apartment complex files to evict half of tenants

Illustration of a hand about to pick up the last house surrounded by leftover imprints of other long gone houses. 

Illustration: Aïda Amer/Axios

Four months after buying a 500-unit apartment complex in South Richmond, a New York City–based investment company has filed eviction lawsuits against half of its tenants.

What’s happening: A total of 255 residents of James River Pointe were scheduled to appear in court for eviction hearings this week.

Richmonders bought that pirate ship houseboat, and it’s now an Airbnb

a pirate ship

The pirate ship houseboat is now on Airbnb. Image: Courtesy of Lauren DeMarco

The pirate ship houseboat that went viral in August when a Northern Neck man listed it for sale was snapped up by a Richmond couple — and it's now available to rent via Airbnb.

Why it matters: Richmonders know a good pirate ship houseboat when they see one.

Ned Oliver
Oct 5, 2022 - Real Estate

Study links violence in Richmond to delinquent landlords

Illustration of boarded up homes, broken windows, and chain link fence in the shape of a firearm

Illustration: Sarah Grillo/Axios

The best predictor of violence in Richmond neighborhoods is the number of landlords delinquent on their property taxes, researchers at VCU found.

What they found: The link between violence and dilapidated rental buildings was stronger than every other factor studied, including income levels and population density, per the study.

Richmondpostcard

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