A Richmond-based real estate brokerage is furthering its reach toward the Bay with the opening of its river country affiliate’s second office.
One South Realty Group’s Bay Properties recently opened an outpost in White Stone in Virginia’s Northern Neck, expanding its footprint across the Rappahannock River from the affiliate’s Matthews headquarters in the Middle Peninsula.
One South founder Rick Jarvis said the expansion is reflective of Bay Properties’ activity in the area, accounting for about 5 percent of One South’s total sales volume, which he said is on track to end up with about 600 transactions closed by the end of this year.
“That percentage is on the rise,” Jarvis said, adding that when One South acquired it in 2013, Bay Properties – now branded with the tagline “…a One South company” – was among brokerages selling about 290 waterfront homes in Northumberland, Lancaster, Middlesex, Mathews and Gloucester counties.
So far this year, Jarvis said, the region is upwards of 300 waterfront homes closed or under contract.
“The Bay market is actually experiencing many of the same conditions as Richmond with inventory along the water dropping significantly, especially at the lower price points,” he said. “For some properties, we are also seeing the occasional multiple-bid scenario, which is pretty rare in the Bay market.”
He attributed the seven-agent Bay Properties’ sales to increased digital marketing to prospective buyers from outside the market.
“We ended up creating an entire protocol around cultivating those opportunities for our agents,” Jarvis said. “It is working extremely well and one of the primary reasons we have expanded into the Northern Neck.”
The White Stone office is led by Susan Bowman, sister of One South principal broker Sarah Jarvis, Rick’s wife. The 2,000-square-foot office, a renovated former Victorian-style residence, is located at 85 First St. in the heart of the town.
Before joining Bay Properties, Bowman, whose daughter Emily also is an agent, was president of Silver Construction Capital, a private equity lender in Richmond and Fredericksburg that was sold in 2007.
“Her background is pretty atypical for an agent,” Rick Jarvis said of Susan. “She has built houses, managed properties, and even led a private mortgage company that, at the time of its sale, had a loan portfolio in excess of $250 million.”
The connections between the brokerages go further, as Bay Properties’ founder, Sonny Richardson, is the father of One South managing broker Laura Waite.
Based in Richmond’s Fan District, One South totals about 80 agents on the residential side. Companywide, the brokerage totals about 100 agents and support staff in its residential and commercial divisions.
The company isn’t alone in extending its business between Richmond and the Bay area. Pillar & Peacock, an interior design firm with an office in Irvington, recently opened a Richmond studio in the Libbie and Grove area.
Correction: The waterfront-home sales presented in this article are regional totals. An earlier version of this story incorrectly attributed the numbers to Bay Properties individually.