A local real estate brokerage that earlier this year returned to its longtime moniker has further repositioned itself within a commercial corridor brimming with competition.
Select Properties of Virginia, which in December cut ties with real estate brand Engel & Volkers after three years, has moved around the corner from its previous home at 5610 Grove Ave. to a smaller space at 411 Libbie Ave.
The brokerage is leasing Suite 2 in the back of the building that also houses Thistles gift shop, Chesapeake Asset Management and financial planning firm Wellford Partners.
Select Properties owner and broker Doug Dorsey said the move reflects changes in his business and the industry.
“Our new space is smaller, reflecting, like many businesses, the need for less floor space as technology changes how we do business and where,” Dorsey said in an email. “Our office is well appointed and works for us beautifully.”
Dorsey said the brokerage switched offices in June after selling its Grove Avenue building. City property records show that building sold in February for $625,000 to an entity called Grove Avenue LLC. The previous ownership group, Richmond Roselawn LLC, had paid $415,000 for the building in 2007.
The Libbie office is one of two for Select, which also has an outpost in Irvington. Its website lists a dozen agents operating out of the Richmond office.
Dorsey said business has been brisk in both markets. He did not specify revenues or numbers of homes listed or sold.
“We continue to see healthy sales growth both in Richmond activity as well as in our Irvington office near the Chesapeake Bay,” he said. “We see a steady market into Q1 2021, then tapering off. Hope we are wrong.”
The new office location is across the street from Long & Foster affiliate Virginia Properties, which is just doors down from another real estate office, Coldwell Banker Avenues. The space also is just doors away from the office for Maison Real Estate Boutique, a firm launched last year by Page George, previously an associate broker with Select.
Other real estate brands with outposts in the neighborhood include Joyner Fine Properties, Villani Real Estate, and Shaheen, Ruth, Martin & Fonville Real Estate, which opened its second office at The Grove building last year. Also on Grove, Long & Foster completed renovations this spring on its office in the Westhampton on Grove development.