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Planners looking at State Route 5 in Richmond, Henrico

Officials are taking a long look at State Route 5, which they say will likely need improvements due to expected growth in the areas it connects. A state-funded study is underway of the corridor from Seventh Street in downtown Richmond to state Route 895 in eastern Henrico.

The area has historically been primarily low-density residential, industrial and rural, but that is expected to change. "In 15 to 20 years, you are going to have a ton of development there, and you are going to need to address traffic," said Lee Yolton, principal planner at the Richmond Regional Planning District Commission. 

The goal is for infrastructure improvements to keep pace with development, heading off potential problems with heavy traffic. Area homeowners will benefit from any improvements, which will make commuting more convenient for them and make their homes more attractive to future homebuyers -- helping to boost property values.

Posted on Wednesday, July 28, 2010 - 7:56pm

Program funds additional Richmond-Washington train

Richmond-area residents will have another option for travelling to Washington starting July 20, when a new commonwealth-funded train will begin operating. The train will leave Richmond at 7 a.m. and stop at Ashland, Fredericksburg, Quantico, Woodbridge, and Alexandria before arriving in Washington at 9:30 a.m. The return train will leave Washington's Union Station at 3:55 p.m.

The train will benefit homeowners who live near the planned stopping points, offering them another option to move around the often heavily congested Richmond-Washington corridor.

Read more in The Washington Post....

Posted on Friday, July 9, 2010 - 6:52pm

Richmond homeowners learning to reduce polluted runoff

photo by tinyfrogletThe Alliance for the Chesapeake Bay is working with the Reedy Creek Coalition, a grass-roots group in Richmond, to help homeowners in the creek's watershed to reduce polluted runoff from their properties.

Volunteers are performing audits of homes in and around the watershed that feeds Reedy Creek, which is one of the five biggest tributaries of the James in Richmond. Homeowners are given concrete suggestions -- such as breaking up clay or adding strategic beds of plants -- that can help them reduce runoff and keep polluted water out of the waterways.

Reducing runoff helps keep flooding and erosion in check, and can help prevent expensive water damage.

Read more in the Richmond Times-Dispatch....

Posted on Wednesday, July 7, 2010 - 8:54pm

Officials hope for "Lynchburg-like success" for Norfolk-Richmond rail line

photo by netdog1103Thelma Drake, director of the Virginia Department of Rail and Public Transportation, hopes that the Richmond-Norfolk passenger train, slated to start running in three years, will be as successful as the new Lynchburg-Washington service. The Commonwealth Transportation Board has approved $93 million to fund needed track upgrades. "We think it's money well spent," said Drake, "And we think we'll have Lynchburg-like success."

The number of passengers using the Amtrak service launched in October out of Lynchburg has far exceeded expectations, topping its annual ridership goal in just six months.

Increased transportation options between metropolitan areas benefit homeowners by making commuting and recreational travel easier and more pleasant. Prospective homebuyers take such options into consideration, and homes close to transportation hubs may see a bump in value as a result.

Read more in The Virginian-Pilot....

Posted on Monday, June 28, 2010 - 4:08pm

Richmond foreclosures comparatively low

Compared to the rest of the country, Richmond homeowners are more likely to be able to make their mortgage payments, according to RealtyTrac, a company that bills itself as an online foreclosure marketplace. Nationwide, one in every 400 households received a foreclosure filing (such as a default notice, scheduled auction sale, or bank repossession) last month.

Even so, more Richmond homeowners are more in danger of foreclosure than they were a year ago. Area foreclosure activity rose 84% in May from the same month in 2009, with one foreclosure filing  for every 445 households.

Posted on Friday, June 18, 2010 - 2:13pm

Funding in place for Norfolk-Richmond train

photo by reivaxThe Commonwealth Transportation Board has approved $93 million to re-establish passenger rail in South Hampton Roads. Passenger trains stopped running in South Hampton Roads in 1977.

The plan calls for Norfolk Southern's tracks that roughly parallel U.S. 460 and CSX's tracks from Petersburg to Richmond to be upgraded, allowing one passenger train a day to make the trip from Norfolk to Richmond. 

Homeowners may benefit from improved transportation infrastructure. It provides commuters with more options, and opens the door to general improvements in the local economy.

Read more in The Virginian-Pilot....

Posted on Thursday, June 17, 2010 - 9:11am

Hampton Roads officials decry lack of local hearings on rail proposal

photo by kevindooleyOfficials in Hampton Roads are concerned because no public hearings are scheduled locally for discussion of a study on a proposed high speed passenger train between Richmond and Raleigh, N.C. They worry that Hampton Roads could be left out as the nation's rail network continues to grow.

Eight hearings will be held in July along the 162-mile rail corridor. The closest to Hampton Roads are in Petersburg and Richmond. The line is expected to cost $2.1 billion to $2.3 billion.

"This is our moment to stand up and demand to be heard on rail issues," said Norfolk Mayor Paul Fraim, who has championed regional high speed rail efforts. "We're just not going to have some bureaucracy back-burner the Hampton Roads issues."

Major transportation initiatives can have a big impact on local economies, and by extension local property values. Homes near transportation corridors that serve metropolitan areas are attractive to commuters.

Read more in The Virginian-Pilot....

Posted on Monday, June 7, 2010 - 6:36am

Series of meetings planned on Richmond's East End revitalization

photo by taberandrewRichmond city officials will hold a series of public meetings next month to discuss the revitalization of the 25th Street/Nine Mile Road corridor. The goal is to develop specific proposals for design, housing and business opportunities for the East End.

Homeowners can benefit from revitalization projects. If well-planned and carried out, such projects lift the values of properties within and near the renovated areas.

The sessions:

  • June 2 at 5 p.m. at the Robinson Theatre, 2903 Q St.
  • June 5 (Children's session) from 11 a.m. to 1 p.m. at the Family Resource Center, 2405 Jefferson Ave.
  • June 7 at 5 p.m., at the Robinson Theatre. (Closing Session)

Read more in the Richmond Times-Dispatch....

Posted on Thursday, May 20, 2010 - 9:09am

Richmond foreclosure activity up, but still lower than national average

Foreclosure activity in the Richmond area rose nearly 28% over this time last year, according to a report to be released by RealtyTrac. One in every 202 households in the Richmond area -- 2,557 properties -- received a foreclosure filing such as notice of default or auction sale in the first three months of 2010.

Nationwide, one in every 138 households -- or 932,234 properties -- received a foreclosure filing during the first quarter of 2010. Foreclosure activity nationwide rose 16% from the first quarter of 2009.

Read more in the Richmond Times-Dispatch....

Posted on Thursday, April 29, 2010 - 3:21pm

Homeowners at risk for foreclosure offered free counseling in Richmond

The Federal Reserve Bank of Richmond, Housing Opportunities Made Equal of Virginia Inc., and the city of Richmond will co-sponsor a clinic for homeowners who may be at risk of foreclosure. Free foreclosure and fraud-prevention counseling will be offered, and homeowners will get to meet with a HUD-approved counseling agency to work on solutions to help them stay in their homes.

According to February data from McDash Analytics, 5.85% of the loans in Richmond area were more than 90 days past due. The average for Virginia is 4.92%.

Read more in the Richmond Times-Dispatch....

Posted on Thursday, April 22, 2010 - 8:27pm