While convicted local Ponzi schemer Donald Lacey does his time in the big house, his $1 million big house in Mechanicsville is up for auction later this week.
Residential Real Estate
A tale of two subdivisions
Mount Hermon Farms and Hickory Hill offer two very different takes on the home-building business.
Latest chapter in development story is Chapter 11
An entity tied to residential real estate developments built by Tomac Homes declares bankruptcy.
Tomac lands in another lender’s lawsuit
The Midlothian-based homebuilder was sued last week by Regions Bank for money owed on a defaulted multimillion-dollar line of credit.
$5 million boost in battle against blight
House flipping is back, and this time local nonprofits want
in on the game.
Demand for construction begins to rebuild
Residential and commercial construction in Henrico and Chesterfield counties has rebounded from the nadir of 2009 but has not come close to regaining the steam of the go-go years, according to a BizSense analysis of building permit data.
BizSense Trends: ‘It’s like going from a Suburban down to a Ferrari’
In this first in a monthly series on emerging business trends, we find Richmond homebuyers aren’t cutting their budgets so much as they are focusing on quality. Relatively speaking, small, quaint and more efficient is the new standard for custom housing.
On Your Right, Foreclosure No. 3
For four weeks now, Brick Smith has been driving investors or other bargain-hunters to look at foreclosed homes. It’s a new niche for the 25-year veteran Realtor. On a cold Saturday last month, Brick had an investor in his 30s sitting shotgun in his Lincoln. This particular investor, who did not give Richmond BizSense permission… Read more »
Riverfront condos slow to catch on
The two riverfront condo towers are around 50% occupied, according to a BizSense count. Note: After we published this story, Jack Berry, Executive Director for Venture Richmond, got in touch with us to give us some hard numbers. There are no unsold units at Riverside, and 10 unsold units at Vistas. We would like to… Read more »
Home builders anxiously wait it out
Anyone who has anything to do with putting up a house – electricians, plumbers, flooring contractors, painters – have all reacted to slower demand by cutting capacity. A Q&A with Gray Stettinius, president of the Home Building Association of Richmond. Perhaps no industry in Richmond has slowed down as much as homebuilding. Without more sales,… Read more »