The Housing Interpreter March 2016

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Housing InterpreteR CURRENT TRENDS IN REAL ESTATE AND THE RICHMOND REGION A PUBLICATION OF THE RICHMOND ASSOCIATION OF REALTORS®

RVA GUIDES

MARCH 2016

Local REALTORS® Release Series of Free Artwork to the Public

IN THIS ISSUE: • RICHMOND ASSOCIATION OF REALTORS® RELEASES SERIES OF FREE ARTWORK TO THE PUBLIC • HOME BUILDING ASSOCIATION OF RICHMOND’S 2016 LOCAL FORECAST • RVA DOWNTOWN DEVELOPMENT: WHAT’S NEW AND WHAT’S COMING • GREEN AND ENERGY EFFICIENT HOUSING: TERMINOLOGY 101

WeAreTheR.com

CENTRAL VIRGINIA REGIONAL MLS RELEASES SERIES OF FREE ARTWORK TO THE PUBLIC

by Kate Landis, Marketing and Public Relations Manager, Richmond Association of REALTORS® and Central Virginia Regional MLS

As

part of an annual Realtor® brandstrengthening marketing campaign demonstrating the local expertise of Realtors, the Central Virginia Regional Multiple Listing Service has teamed up with local creative agency Punch this year to develop a series of posters in a modernized vintage travel poster style, each highlighting a specific attraction or locality of the Richmond or Tri-Cities region.

Headlines of these posters encourage the public to establish residency in these regions— mimicking those of retro airline posters, which encouraged regional tourism. The tagline on each poster is: “Realtors® are the expert local guides.”

By completion of the campaign in November 2016, nine pieces of original artwork will be released to the public and made available to download free at the campaign website WeAreTheR.com.

The Central Virginia Regional MLS offered its members a preview to this campaign last December with a special edition holiday poster, containing the headline: “Come Home to Richmond for the Holidays.”

The artwork depicted some of the most popular Richmond holiday traditions, including “Gardenfest of Lights” at Lewis Ginter Botanical Gardens, the “Tacky Lights Tour,” “It’s a Wonderful Life” at the Byrd Theater, and “Court End Christmas” at the Valentine.

Three new posters were released to the public on March 1, and on June 1 three more will be released.

Two new posters and a re-release of the holiday poster

will complete the series of nine in September. The three posters released on March 1 feature illustrations representing the James River park system, Richmond’s burgeoning craft brewing industry, and the region’s strong arts culture.

The campaign will include heavy use of social media to share the artwork and information on topics related to the region and home ownership, primarily through Pinterest and Facebook. The official hashtag is #RVAGuides.

“We look forward to sharing this beautiful artwork with the public, which highlights the many cultural amenities of our region,” said John Brockwell, 2016 President of the Central Virginia Regional MLS. “There has recently been an unprecedented swell of regional pride in the Richmond area. We really want to bolster that sense of pride, while reinforcing the message to consumers that Realtors are their expert local guides,” he added.

“We aren’t just selling homes—we’re selling the features and quality of life within the region where the homes are located. We’re often actively involved in civic and government affairs, so we have particularly extensive local knowledge and foresight. That’s an invaluable resource when buying and selling a home,” Brockwell concluded. ■

“We look forward to sharing this beautiful artwork with the public, which highlights the many cultural amenities of our region,” said John Brockwell, 2016 President of the Central Virginia Regional MLS. “There has recently been an unprecedented swell of regional pride in the Richmond area. We really want to bolster that sense of pride, while reinforcing the message to consumers that Realtors are their expert local guides,” he added.

HELP SPREAD THE RVA LOVE:

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RVA DOWNTOWN DEVELOPMENT: What’s New and What’s Coming

A recent downtown development forum

hosted by Venture Richmond at the Dominion Arts Center offered a glimpse into the scale of rapid redevelopment happening within the City of Richmond’s downtown districts.

With about 450 in attendance, a total of 18 developers presented on 55 projects recently completed or in progress.

Lucy B. Meade, Director of Marketing and Development for Venture Richmond, emceed the annual event. Meade noted that each year the momentum of revitalization projects continues to increase exponentially.

The old Signet Bank building has been converted into upscale loft apartments, with a rooftop pool.

A common theme of the evening’s presentations was an emphasis on river and city skyline views. Meade quipped that each developer seemed to be competing for the best view of the city from their properties.

Some of the projects highlighted during the presentation included:

Completed Quirk Hotel

A boutique hotel in Richmond’s Arts district, adapted from the Italian renaissance style former J.B. Mosby Dry Goods building built in 1916, opened last fall to a great deal of media fanfare. It was announced that the hotel’s highly anticipated rooftop bar will open this spring.

8th & Main

HI Richmond Richmond’s first hostel opened last summer, inside a revitalized historic building previously used as offices for Otis Elevator Company and a women’s detention center.

Terraces at Manchester

A multifamily residential project, with generous-sized balconies in individual units, answered a demand for high-end apartment living downtown.

Virginia Capital Trail

A 29-mile bike and pedestrian trail along the James River, connecting Richmond with Jamestown, has largely contributed to Richmond’s acclaim as a major destination for cyclists.

Gateway Plaza

Almost Completed

Central National Bank Building (opening this spring as Deco at CNB)

A 19-story tower fronting Canal Street, between Eighth and Ninth streets, is now home to McGuire Woods.

A long vacant 23-story story Richmond

skyscraper, built in 1929 at North 3rd and East Broad Streets, has been converted into 200 apartment units with expansive views of the city.

Black History Museum and Cultural Center of Virginia

The historic Leigh Street Armory in Jackson Ward, built in 1895 and once home to the First Battalion Virginia Infantry (Richmond’s first African American regiment), is being transformed into a new Black History Museum and Cultural Center of Virginia.

Hatcher Tobacco Flats

These affordable apartments in Manchester’s warehouse district are 95 percent completed and 70 percent leased.

City View Landing

Apartments in the first phase of this Manchester mixed-use development, on the property of a former 17-acre Reynolds South plant, are slated for completion in July.

7West

These12 luxury riverfront townhomes on the south bank fall-line of the James River will have attached garages, storefront glass skyline views, and private rooftop patios. Units will start in the $700,000s.

New CarMax digital and technology center

The Goochland-based automotive retailer is renovating the Lady Byrd Hat building along the Canal Walk, and plans to open a new digital and technology arm of its corporate offices there this summer.

In Development Main Street Station

Construction on the 114-year-old train shed at Main Street Station has reached its third and final phase. Upon completion, slated for this fall, the shed will offer two floors of mixed-use space, totalling close to 100,000 square feet. Its glass walls will be illuminated at night, making it highly visible from Interstate 95. Intended uses are in discussion.

GRTC Pulse

The semi-final design phase has been completed, and construction on Richmond’s newly named bus rapid transit project is expected to begin this April. Public informational meetings will continue to be held throughout the year, and details regarding these meetings can be found at ridegrtc.com/brt.

Manchester Park

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A project with 12 townhouses and 12 apartment units with retail and office space at McDonough Street is slated for completion this fall.

VCU Institute for Contemporary Art

The 41,000 square foot ICA building will host dynamic exhibitions, performances, and special programs, while providing local and international collaborative opportunities. Opening is slated for late 2017.

The large mix of recent and continuing commercial and residential development, with a focus on revitalizing many of Richmond’s historic buildings with a modern twist on their former glory, signifies a bright and prosperous future for downtown Richmond. ■

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Home Builders Association of Richmond Presents its 2016 Local Forecast Trends in the Local Market and Home Design Features

The Home Building Association of

Richmond (HBAR) recently held its annual local market forecast seminar to review trends in local home building over the previous year and provide some insights on what to expect this year.

The first speaker, Dr. David Crowe, Chief Economist and Senior Vice President for the National Association of Home Builders (NAHB), provided an overview of the national new home market trends for 2015. According to his NAHB “Economic and Housing Outlook” presentation, the rate of local homebuilding market growth in 2015 should continue through 2016.

He noted that the housing market in the Richmond region is performing well next to the state and national markets, and that local average population growth is exceeding national growth, (although still experiencing a similar slowdown as the national population). According to NAHB research, the region’s median household income growth outperformed the state last year by 9.2 percent and the national growth rate by 10.1 percent.

Crowe also shared the prediction that mortgage rates will climb to 4.4 percent this year and 5.2 percent by 2017—a rate higher than in previous years, but amounting to a level that is still historically low.

The Richmond Metro area has returned to a

little over half the new construction levels considered “normal,” which is on par with the U.S. collectively, and 5 percent better than the state.

By next year, single-family housing starts are predicted to climb to 81 percent of “normal” for the region, and multifamily housing starts are predicted to climb to 92 percent of precedented levels.

Rob Carter, of Southern Traditions and Katherine Story, of Ferguson Enterprises, presented the latest architectual and design trends of the past year for the region.

Craftsman style architecture continues to be prominent in residential construction, but local builders have been blending this style with other styles, like Farmhouse, Traditional, and Arts and Crafts. The facades of these style homes are often given siding in bold colors and stone veneers.

Open floorplans with flexible spaces are dominating architectual design in the region’s new construction.

A great deal of emphasis has been placed recently on extending living space outdoors. Elegant trasitions from indoor to outdoor spaces are made with the incorporation of folding glass walls, like NanaWall.

Popular outdoor living elements include kitchens, firepits, and screened porches. Front porches are also becoming increasingly popular.

The Richmond Metro area has returned to a little over half the new construction levels considered “normal,” which is on par with the U.S. collectively, and 5 percent better than the state.

Contemporary kitchen design is anchored by “showpiece” islands, serving several practical functions—like seating hidden appliances, housing prep sinks, and providing additional storage.

Across the perimeter of the kitchen, some emerging trends include open shelving, an emphasis on drawers, and incorporation of creative storage solutions and niche appliances.

In bathrooms, showers are growing in size and features. A trench drain system is accomodating a demand for zero entry showers, and demand has also increased for multiple shower heads. Where bathtubs are incorporated, the popular choice is a free standing tub. More homeowners are beginning to gravitate toward toilet/bidet combinations, and matte gold fixtures, as well as tile that looks like wood, have become popular design choices. Heated flooring has been requested with increasing frequency.

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Recent trends in home lighting include exposed decorative bulbs; “pendaliers” (a hybrid of a pendant light and a chandelier); industrial style fixtures; reflective, jewelry-like adornments; and decorative, as well as architectural LED lighting.

Some of the latest home technology trends include a kitchen faucet that carbinates the water; deadbolts with Bluetooth control; affordable home security cameras; and USB combination outlets.

Other residential design trends noted were linear fireplaces, barnlike doors, and the incorporation of reclaimed wood pieces. ■

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GREEN AND ENERGY EFFICIENT HOUSING: TERMINOLOGY 101

by EarthCraft Virginia

What about radon?

While not correlated with green and energy efficient housing, we receive lots of questions around radon in Virginia.

Here’s the deal: Radon is an odorless radioactive gas that derives from uranium and radium deposits found in natural soils. It results from the radioactive decay of uranium to radium which then forms radon gas. This ground gas can become concentrated in homes where it poses a health threat to occupants.

According to the Virginia Department of Health, radon is thought to be the second leading cause of lung cancer in smokers and the number one leading cause of lung cancer in non-smokers - an estimated 21,000 deaths annually (700 in Virginia).

Testing your home, workplace or other normally occupied area is the only way to know for sure if an indoor radon problem exists. Indoor radon usually reaches its maximum concentration during the coldest winter months. The lowest livable level of the structure should always be tested because that is where the highest radon levels in the structure are typically found. Self-test kits may be obtained from commercial vendors or may be ordered. For more information, visit the Virginia Department of Health’s website: www.vdh.virginia.gov/epidemiology/ radiologicalhealth/radon/index.htm.

A t EarthCraft Virginia, we understand that a home acts as a system with all components working together. Much of what

makes a home green and energy efficient is behind the walls, but here is a crash course on some of the features you might see inside the house.

Conditioned Crawlspace

A conditioned crawlspace has a vapor barrier on the floor, insulation on the foundation walls, no vents to the outside and a slight supply of conditioned air. This strategy offers moisture control for significant improvement in energy efficiency and warm floors.

Building Tightness The sealing of seams in exterior sheathing, base plate framing members to subfloor and exterior penetrations, helps tighten the building envelope. This prevents drafts and moisture leakage creating a home that is more comfortable, durable and cost effective to heat and cool.

Our EarthCraft program has always included building tightness requirements that are verified by a blower door test on every home, and building tightness in new construction.

Duct System Tightness

Tight ducts improve energy efficiency of the air handler and the comfort of the residents by delivering conditioned air to its intended destination.

Our EarthCraft program has always included duct system tightness requirements that are verified by a duct blaster test on every home.

Windows

Low-E, energy efficient windows block ultraviolet waves, as well as summer heat gain and winter heat loss.

New windows have performance labels by the National Fenestration Rating Council, but without a label, look for double pane windows and tightly fitting sashes with no drafts.

Lights

Due to lighting advancements, compact fluorescent and LED light fixtures offer high quality light, last longer than their incandescent predecessors, are more effective at utilizing energy to light (versus heat byproduct) and are cost effective as it relates to energy savings and lifetime.

Appliances Look for the Energy Star blue label on kitchen refrigerators, dishwashers, clothes washers and dryers. These ratings help consumers know energy efficient options within each product class.

Insulation

While most insulation is found behind the walls, some may still be visible in flat attics, rooflines and/or crawlspaces. Insulation is only effective when it’s installed against an air barrier. Look to be sure that insulation is aligned with an air barrier and coverage is complete.

Low-flow water fixtures Water saving fixtures help conserve water and hot water heating costs. Sometimes ratings can be found on faucets, showerheads and toilets; look for toilets with 1.28 gal/flush, lavatory faucets with 1.5gpm, and showerheads with 2.25 gpm, or better.

How Can EarthCraft Help?

The EarthCraft House program, offered statewide in Virginia and throughout the Southeast, offers builders third party verification and compliance with both Home Energy Rating System (HERS) Index Score and EarthCraft certification. Comprehensive verification and testing ensures that all EarthCraft homes are top quality and a cut above the norm. By incorporating energy and resource efficient designs and systems, all EarthCraft homes demonstrate lowered energy costs, directly translating to monthly utility savings for the homeowners, while lessening the home’s impact on the environment.

With energy efficiency at its core, EarthCraft Virginia’s average HERS is 65, and can even get down to single digits on some homes. This means that EarthCraft certified homes are often 35%+ more energy efficient than a standard new home on the market today. Coupling the HERS Index Score and EarthCraft certification. Coupling the HERS Index Score with high quality, sustainable construction, EarthCraft builders are bringing the next generation of housing to Virginia homeowners.

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You can expect more from your home with EarthCraft. You’ll notice the difference with these benefits: • • • •

Significant savings on operating and maintenance costs Conservation of energy, water, and natural resources A healthier living environment with improved air quality A quieter home with increased comport and enhanced durability

For more information on EarthCraft Virginia and the EarthCraft family of programs, green appraisals and their application on high performance housing, or realtor training opportunities, contact us at: admin@earthcraftvirginia.org. ■

Learn how you can advocate for affordable housing in the region.

AffordableHousingRichmond.com