It is not a secret that Richmond VA is old.
As we still have many structures which predate the US, Richmond has many centuries of powerful history behind it helping to define the city. This rich, diverse (and quite often divisive) history helped shape the neighborhoods and consequently their property values as time passed. To truly understand the upper end market in Richmond, it is necessary for a buyer and their agent to understand Richmond’s history, geography and architecture.
Any buyer that is looking to purchase a luxury or upscale home in the Richmond area must first attach some sort of value to history. Many of Richmond’s most expensive neighborhoods are older and located within the city limits and thus, built during eras long gone. These older homes often still contain features and floor plans that are somehow less preferable than their newly constructed counterparts in suburbia. Much of ‘close-in’ Richmond’s most valued real estate was anywhere from 75-125 years ago. Windsor Farms, The Fan District, Westhampton and the homes along (and neighborhoods south of) Cary Street were all built before the market demanded open and flowing plans. These antiquated plans typically offer a choppier with smaller closets, baths and kitchens and generally give off an overall higher level of formality. While many have undergone significant renovation and/or additions, there is but so much a plan will allow. The buyers who select these older neighborhoods typically feel that the age and stability as well as the amenities inherent in a more urban setting overpower the less inviting elements in early 20th Century residential architecture.
– The chart shows the number of listings available between $800k and 2.5M –
As with most older cities, those from Richmond probably hold Richmond’s history in more regard than the non-natives. The newer neighborhoods that comprise River Road, Nuckols Road and Robious Road all generally feature a more casual version of luxury and often contain features designed to provide more creature comforts. Open kitchens with an abundance of space and light, closets that are the size of bedrooms and master suites with baths that rival many of the finest spas are more the norm in the suburban luxury market. Founders Bridge, Rosemon (Salisbury), Grey Oaks, Barrington, Riverlak Colony and a host of others target buyers that seek a new version of luxury. Proximity to upscale shopping, interstate and the region’s finest public schools are what drive suburban luxury values.
Neither suburban or urban luxury are better, rather, they are simply. Their respective marketplaces are driven by a differing set of circumstances and factors. An astute and self-aware buyer will inherently understand this and make the best decision.