The great thing about Richmond, Virginia is the amount of housing we have available in the Richmond area! I work with many buyers who are either looking to make the move from apartment living to home ownership and want to be in particular areas, but single family home prices have gone way up! Or they are really not ready to do all the maintenance that goes along with single family home ownership! Or perhaps they have been living in a single family home, and now want to downsize into something with a lot less maintenance! The answer for these buyers? Condos and townhomes!
And Richmond has many options in both condos and townhomes for these home buyers! I will be profiling some of these neighborhoods throughout 2023! Hopefully, by getting to know the neighborhoods and communities, when the time comes for you to buy a condo or townhome, you will know which community is there that best suits your needs!
5100 Monument Ave. Condos – Then & Now!
5100 Monument Ave. is a high rise condo building in western Henrico County, just west of the city/county line, with the address of – you guessed it – 5100 Monument Ave.! It is next door to the Willow Lawn shopping center, which has seen great resurgence, with Kroger grocery store as well as restaurants & bars! The building was built in 1961 as high rise apartments and in 1985, the building was converted to 184 owner occupant units! There are many things the owners in this building love – the proximity to downtown Richmond as well as the Far West End and Short Pump areas, public transportation available, near St. Mary’s Hospital as well as the Jewish Community Center and so much more! During the year, there will be holiday parties, book and author events, coffee get togethers – all of which helps to foster a sense of community here!
5100 Monument Ave. Condos – The Association Fees!
5100 Monument Ave. has pretty steep association fees by Richmond standards, and the monthly amount is determined by the size of the unit and the square footage of the unit. For instance, in 2022, the monthly fee for a 1 bedroom, 1 bath unit with 740 SF was $461/month; while the association fee for a 3 bedroom, 2 bath unit with 1,604 SF was $978/month! Although the association fees may seem pretty high, owners of the units get a lot for the money! The fee includes all utilities (except phone and cable) – that includes the natural gas heating, hot water, cooking and electric central air! The building has controlled access as well as a maintenance staff, and there are elevators in the building! Although there are no washer and dryer connections in the individual units, there is a common laundry on each floor! In addition to the utilities, the recreation facilities are also included with the monthly fee – swimming pool, library, fitness center, card room! One note, however, this complex does not allow pets!
5100 Monument Ave. Condos – Sales!
For the year ended 13/31/2022, there were 11 units sold in 5100 Monument Ave. Condos. These units ranged in price from $150,000 to $283,000 – with the average sales price at $227,391. Units in this condo community were on the market an average of 44 days before going under contract.
You should also know that this complex is not FHA approved – which means if you do wish to purchase a unit here, you would need to go with a conventional loan or with cash.
One of the things I find interesting when looking at condo communities is how prices have risen and fallen in the community. For instance, in 1985 when these units were converted from apartments to condos, you could have purchased a 2 bedroom, 2 bath unit with 1260 SF for just over $115,000! A unit which sold in 2022 for $205,000 with 2 bedrooms, 2 baths and 1295 SF originally sold for $111,500 in 1986! This unit that sold for $205,000 in 2022 had had a kitchen renovation done at some point in time, but it was not recent and did not have the high end renovations you see with many condo units throughout the other neighborhoods in the Richmond area – and the baths had not been renovated!
Want more information on homes for sale in 5100 Monument Ave. Condos? Want information on other condos and townhomes in the Richmond area? Thinking of buying a condo or townhome? Call me – I live in a townhome, and I specialize in the Richmond townhome and condo market and would be happy to answer any questions you may have! Have a great day!