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Old 04-03-2010, 11:22 PM
 
1 posts, read 3,804 times
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I heard about the Miller and Rhodes apartments. Is that a good locations? Why is it that all the apartments are still empty? Why they have not bee able to sell them? new in town... need advice
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Old 04-04-2010, 07:02 AM
 
Location: Virginia Beach
486 posts, read 1,948,112 times
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The old Miller and Rhoads building doesn't have apartments. I know at one point they were talking about apartments going in there, but right now there are only condos (and the Hilton Garden Inn). The reason more haven't sold is because they are not approved for financing by Fannie Mae and Freddie Mac. Most large lenders will not provide mortgages on any project that is not Fannie or Freddie-approved. Some local lenders are now offering financing, but the rates are higher, of course.
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Old 04-04-2010, 09:34 AM
 
Location: Richmond, VA
1,799 posts, read 6,314,203 times
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Feel free to correct me - I think the issue is that the project came on line just after a change in federal lending practices towards condo projects - now, in order for a project to receive Freddie and Fannie, the project must already be something like 75% sold. Miller and Rhoads isn't alone - other projects around town have had the same problem since the new guidelines came out. It's a shame because there are some pretty cool units and amenities in the building, and it's in an area that is seeing drastic improvement and investment.
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Old 04-05-2010, 05:23 AM
 
Location: Virginia Beach
486 posts, read 1,948,112 times
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Correct. I haven't seen the units, but have heard they are very well built and have great ammenities (by other Realtors, not just the builder). The other problem in getting Fannie and Freddie approval is the condo's ties to the hotel.
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Old 04-06-2010, 05:14 PM
 
Location: Richmond VA metro area
383 posts, read 1,016,360 times
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I have been in the units many times and I am impressed with many of the floorplans and views...It is a tremendous concept and will add greatly to the downtown streetscape. They have fonancing options available and sales are taking off...
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Old 04-06-2010, 09:11 PM
 
Location: Richmond, VA
1,799 posts, read 6,314,203 times
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I'm bummed the commercial portion hasn't taken off. They had several LOI's out on the space before the sky fell in late '08. Since then it has appeared awfully quiet. Will be a great opportunity though given all the nearby momentum.
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Old 04-07-2010, 05:44 PM
 
Location: Richmond VA metro area
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There has been talks about the commercial space--promising talks, I hope!
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Old 07-12-2010, 08:10 PM
 
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I've been in to see these beautiful condos and think its time to bounce from the burbs into the lap of lux.
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Old 07-13-2010, 05:10 PM
 
Location: Richmond VA metro area
383 posts, read 1,016,360 times
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They are indeed very neat spaces --- and an incredible number of general floor plans to choose from -- the roof top terraces are just incredible!
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Old 07-13-2010, 05:37 PM
 
Location: Richmond, VA
1,799 posts, read 6,314,203 times
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Hopefully the street level retail sees some activity soon. They had some pretty awesome prospects in the works before the economy took the plunge.
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