Brown Greer Goes Waterfront on Rocketts Landing

Five years ago, Rocketts Landing – the rural neighborhood of Richmond bordering Downtown and Churchill along the James River – was desolate, barren and considered as just a watering hole by local fisherman. It was pretty much unheard of by the general public.

Two years ago, that all changed with The Boathouse at Rocketts Landing opening in 2010 and The Conch Republic soon after in 2011. The area was completely transformed into an attractive, scenic stretch of restaurants along the James and tourists, visitors, locals, couples, families and Richmond-ers flocked like seagulls.

Today, Rockett’s Landing is making an even bigger splash. One of the Richmond area’s biggest law firms, Brown Greer, is relocating its headquarters to the 38,000-square-foot Cedar Works Building along the riverfront on Dock Street.

Although the building still needs to be renovated, there are major factors in favor of moving to Rocketts, according to Principal Orran Brown: convenient parking, the location, and the long-term prospects of what Rocketts Landing could develop into.

Rocketts Landing Memorial Day 2012 event

Check out these recent articles in the Times-Dispatch and Richmond BizSense, which give a more detailed look into Brown Greer’s latest urban development.

In the mean time, be sure to visit Rocket’s Landing on Sunday, May 27th for Rocketts Red Glare.  The event will feature the Kings of Swingband and a fireworks display to benefit the Neighborhood Resource Center of Greater Fulton.

“New” development north of Broad on Staples Mill

About once a month I get a question about the large, vacant property that borders Staples Mill Road that is just north of West Broad Street, right over the Henrico Count line. My answer is always that it was an old, rundown neighborhood that was purchased and cleared with the intention of rebuilding, and that the developer is the same group that is doing the project at Monument Avenue and Willow Lawn Drive — Gumenick Properties. As to why it hasn’t been started, well just look around at new building all around the country. The developer was obviously waiting until the economy turns around.

But, I always have to give that answer with the caveat that the last official word I had heard about it was a few years ago. I couldn’t even be sure that the same plans were in place. Thankfully I can point to this article on Richmond.com that gives us the lowdown on the current situation — which is pretty much as described as above. It sounds as though things are just on hold, but the same big plans are still on the books. In fact, this project is expected to take 10 years even once they finally get underway.

You need to go read the article to see all of the reported details, but I thought I would share a couple of details of the plans here:

What: Staples Mill Centre, proposed to include 1,096 apartments, 571 condominiums, 391 townhouses, 32 single-family homes, 60,000 square feet of offices, and 100,000 square feet of stores.

Where: About 80 acres between Staples Mill Road, Libbie Avenue and Bethlehem Road, near Interstate 64.

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Don’t try to fool the insurance company

Understanding Landlord Insurance

By: Dona DeZube

Published: September 1, 2010

Turning your home into a rental or buying an investment property? Expect to pay up to 20% more for the right insurance policy to protect your property.

 

Rental properties require their own type of coverage–landlord insurance, which is different than the homeowners policy you buy when you live in a house yourself. Landlord insurance protects you against losses from fire, lighting, falling trees, wind and hail, water damage, and injury to your tenants and their guests.

But it doesn’t cover the renters’ household goods. So encourage tenants to buy a renters policy to cover their stuff. You can even include a clause in your lease saying they have to buy renters insurance, so everyone is clear about what’s insured and what’s not.

Landlord insurance is expensive

You’ll pay 15% to 20% more for a landlord insurance policy than you will for a homeowners policy on the same house–and even more if you offer short-term rentals. Start your policy shopping by calling the company that sold you your homeowners insurance, then check with an independent insurance agent selling commercial and business policies.

Ask how you can get discounts if you have fire prevention devices, burglar alarms, or multiple properties.

What a landlord insurance policy probably will cover:

  • Lightning, windstorm, hail, explosion, riot and civil commotion, smoke, falling objects, snow, ice, sleet, vandalism, sonic boom, sprinkler leakage, frozen pipes, water damage, burglary, volcanoes, and sinkholes.
  • Things that belong to you that stay at the property, like appliances, furniture, or lawn care equipment. Keep an inventory of what’s on site.
  • Outbuildings, like sheds or garages, although this coverage will have its own limit (probably 10% of the overall insurance policy amount).
  • Costs to defend yourself against lawsuits filed by tenants or guests, as well as the costs awarded if you lose the case. Some policies cover medical bills for injuries; some don’t.
  • Lost rental income if the property is damaged and you can’t rent it.

What a landlord insurance policy probably won’t cover:

  • The tenants’ belongings.
  • Your rental property if it’s vacant for more than 30 days. Seek an exemption in advance from your landlord insurance company as soon as you know the property is going to be vacant.
  • War and nuclear, biological, chemical, or radiological attacks.

Optional coverage you might want to buy:

  • Flood
  • Earthquake
  • Vandalism (if the policy you buy excludes it)
  • Pool and tennis court insurance
  • Liability for personal injury, wrongful eviction, wrongful entry, libel, and slander

Don’t forget liability coverage

To cover yourself in case you lose a big court case filed by an injured tenant, buy anumbrella insurance policy that gives you liability protection for $1 million to $5 million or more if you have a lot of assets to protect.

Don’t file a claim unless you absolutely have to

There’s a limit to how many claims you can file before insurance companies start charging you more or canceling your policies. Claims can quickly add up as you buy more rental properties.

One time you always want to file a claim is when someone says they’ve been injured on your property. One claim you’ll want to avoid filing: water damage for less than $10,000 because worries about mold growing in water-damaged properties will lead some insurers to immediately cancel your insurance policy.

More from HouseLogic

How to Correct Your Clue Insurance Report

Improve Your Insurance Score

Other web resources

Renters Insurance Brochure to Share with Your Tenants

Dona DeZube, HouseLogic’s News Editor, has been writing about real estate for over two decades. She lives in a suburban Baltimore 1970s rancher on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound.

 

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Small rental property owners breathe a sigh of relief

There is always a lot of new legislation passed every year that sounds like a good idea at the time and generally goes unnoticed, and every once in a while the consequences of that legislation become horrifyingly apparent afterwards.

This past year, the legislation that was causing so much heartburn for small property owners was a new IRS requirement that anyone with rental property file a 1099 for any repairs that add up to $600+ over the course of the year. (see my post about it here, from December 2010)

Good news — the provision was repealed before it could take effect!! (here is the actual legislation that was passed to repeal the IRS provision, in case you would like to read it)

Hats off to the Realtor community for standing against this for the good of the mom-and-pop investors, who are the ones would be most affected by those proposed requirements — and for Realtor Magazine’s blog for bringing the repeal to my attention. From their description of how everything unfolded, it seems as though everyone understood that this was good to do:

When the provision was included in the small business bill, REALTORS® were among the first and firmest opponents of it, helping to ensure that Congress understood the provision was an example of over-reach that was never intended to burden mom and pop property owners. Members of Congress and President Obama got the message and, in a rare example of agreement between not only Republicans, Democrats, and independents, but also between House and Senate chambers and between the legislative and executive branches, lawmakers agreed the provision needed to come out.

Nice to know that we don’t have this provision coming up to haunt us over the next few years, isn’t it?

 

How to make zoning easier to understand

Government regulations are typically so complicated that not only can the lay-person not understand what they mean, but they are written in such a way that even people that think they know what is meant are left arguing completely different interpretations.  Zoning regulations are no exception.

In fact, in NYC the zoning regulations are so convoluted that “In a recent case, a judge said the word “development,” which appears at least 2,500 times in the [zoning] resolution, did not mean what the city said.” (source: New York Times article — we’ll see more about that article in just a minute)

The Planning Commissioner for NYC, Amanda Burden, is attempting to make the zoning regulations a little more accessible to the general public by issuing a new city handbook with plain explanations and cartoon drawings that illustrate what particular zoning designations look like and what they mean.  Check out the coverage in the New York Times about what she has been doing to bridge that gap.

While this may not be the right approach for every locality, the idea is one that every local government should take to heart:  Start building tools that puts control of the government back into the hands of the people.  Sure, we elect officials to represent us and we should not be ruled by mob mentality (see: California), but the people also need to be able to understand what is being done — especially when we are expected to interpret these rules and abide by them.

I have seen far too many business and property owners try to follow the rules that have been laid out, only to find a health inspector or building inspector come in with a totally different understanding and cost the owner thousands of dollars in hard cost and lost business because the rules were not clear enough.

What do you think, Richmond? Have you had any issues with the local zoning regulations (city or county)? What would you suggest could be done to make the rules more clear?