The apparent resolution of a yearslong legal battle that’s rocked the U.S. real estate industry is expected to have impacts on agents in metro Richmond, though to what extent remains to be seen, local observers say.
The transaction clears the way for the nearly 800-home development east of where Route 5 crosses over Pocahontas Parkway.
The 7,100-square-foot house in Henrico’s Henley neighborhood was one of three that topped the list and sold below asking price.
Sales started and ended in January for South Bank Ridge, an eight-home development along Riverside Drive that was halted last summer by a court-ordered injunction.
The developers said the change of plans was driven in part by financing and said it’s easier to make the numbers work on for-sale townhome projects.
The Real Brokerage, a 10-year-old publicly traded firm, has upped its local presence with the addition of Mission Realty and several other teams previously tied to EXP Realty.
Hank Wilton is planning Patriot Glenn, a mixed-use development with 131 residential units and commercial space on a 60-acre site where East Patrick Henry and Providence Church roads meet, just off I-95.
The sellers include the CEO of a publicly traded company, a former insurance brokerage president and a trust for Richmond’s late “father of the riverfront.”
Avery Point, which at completion will span up to 1,400 residential units on a 94-acre campus in West Creek, expects to open a 103-unit apartment building called Wilton Crossing this summer.
The latest rankings put two out-of-town firms, both from Northern Virginia, in the top three of the Richmond region’s most productive homebuilders.
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