Buy Alexandria Real Estate: October 2008

As you know, Virginia is one of the battleground states this year in the Presidential Election.  With the election one week away and the expectations of record turnout around the state and indeed the country, many Alexandria Virginia residents are asking the question:

"Where Do I go to Vote?"

Whatever your political persuasion, it is important that you exercise your civic duty and go to a polling place next Tuesday, November 4th.  According to FYI Alexandria, the official resident newsletter for the city, Alexandria officials expect more voters than the record of 61,000 in 2004 -- perhaps as many as 10,000 more!

Whether this is your first time voting (congratulations!) or you've voted before, some polling places have changes since 2004.

There are 3 ways to confirm your voting location:

1. Check your voter card -- this lists your polling place and address. 
   
   
2. Call the Alexandria Office of Voter Registration and Elections at 703-838-4050

     3.  Visit www.alexandriavoter.org and 
          click on "Am I Registered and Where Do
          I Vote?"

The busiest times of day for voting in Alexandria are expected to be in the early morning and in the evening.

VOTE EARLY AND VOTE OFTEN!  JUST VOTE!

ATTENTION HOME SELLERS:  You are not going to like what you are about to read.  If you wish to hide your head in the sand and continue on in a state of denial, please click the following link and have fun: www.itsnotbadatall.com

If you are planning on selling your home or in the midst of doing so right now, then read on for the truth, if you can handle it.

The truth is that prices are coming down.  There's downward pressure on prices and if you plan to sell your home, you need to understand this and that signs are indicating that prices are continuing to drop.

Here's a few charts that tell the story in Alexandria, Virginia.  While the numbers are different in different areas, the story is pretty much the same across the board in Northern Virginia.

Of the 338 Alexandria Virginia condos currently on the market, the average listing price is $303,412.  There are 102 condos in Alexandria under contract and pending sale.  The average listing price for these is $245,187.  Over the last 30 days, there have been 63 Alexandria condos that have sold.  Their average listing price at the time of sale was $271,487, which represented a $14,500 reduction in price from their original average listing price.  The final net sales price was $260,561.

There's downward pressure indeed.  The pending sales listing prices are well below the list prices and net sales prices, so it's a sure bet that next month's actual sales price numbers in Alexandria will be significantly lower.  Those Alexandria condo sellers with their condos priced well above recent sales are now faced with the possibility of having to make drastic price reductions to get their Alexandria condo sold.

People trying to sell their townhouse in Alexandria are faced with a similar picture, except that the pricing gap between actively listed homes and those that are pending and sold is even wider.  In fact, while 157 Alexandria townhouses are on the market at an average price of $764,825, the 48 that are under contract had a listing price of $524,295.  That's a $240K difference! 

Additionally, the listing price for the pending sales is well below the most recently sold listing and sales prices, indicating a coming significant drop in prices in the next month.

There are 120 active Alexandria Virginia single family home listings priced at an average of $920,738.  Compared with the pending sales average listing price of $722,107, sellers of single family homes in Alexandria are facing a similar impending price drop.

ANALYSIS:  These three graphs clearly show the way that prices in Alexandria, and indeed through much of Northern Virginia, are heading.  If you are planning to sell your home, you need to take this information into serious consideration.  You need to discuss with your REALTOR pricing your home to place you in an advantageous position compared to the surrounding market.

On the flip side of the coin, if you are a buyer, this might be one of the most opportune times to enter the real estate market in Northern Virginia.  Will prices continue to go down?  Perhaps. 

Should you wait before buying? 

Consider the impact of a change in interest rates:

Buy a $400K home today at 6% interest rate and your monthly payment will be $2,398.50.

Wait and buy the same home for $375K at 7% interest rate and your payment will be $2,494.88.

Any Questions? 

Take advantage of professional, expert advice, with a free no-obligation real estate consultation.

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, Springfield, Washington D.C., contact Brian today.

Among Northern Virginia communities, Old Town Alexandria is certainly one of the most popular areas for homebuyers and for people looking for old word charm amongst the convenience of modern day shopping, restaurants, and an easy commute to D.C. 

Old Town Alexandria occupies the Eastern part of the City of Alexandria starting at the Potomac River and comprising zip code 22314.

Old Town Alexandria Home Sales:

In recent MRIS statistics, home sales in Old Town Alexandria totaled 39 for September 2008, slightly down from the 42 sold in August 2008, and 6 fewer sales than the number of Old Town homes sold in September 2007.

The average sold price in Old Town Alexandria is mostly unchanged in September from August 2008.  The average sales price for all homes sold in Old Town Alexandria was $634,182 for September 2008. 

Here's a chart comparing September 2008 and August 2008 sales data in Old Town Alexandria:

There's some good news for Old Town Alexandria home sellers:  Homes have been selling at a much quicker clip -- an average of just over 10 weeks, compared to more than 3 months on the market in August.

Old Town Alexandria Homes on the Market:

There are currently 221 homes on the market in Old Town Alexandria ranging in price from $189,950 for a studio condo to $6.4 million for a 1794 hsitoric townhouse that has been completely renovated.  The average listing price as of October 21st in Old Town Alexandria is $829,518.

They don't call it Old Town Alexandria for nothing.  There are plenty of historic homes in this historic town.  In fact, of the homes on the market, 40 currently available Old Town Alexandria homes are over 100 years old, with 11 of those being over 200 years old. 

If you live history, you'll love Old Town.

The oldest house currently for sale is at  305 Cameron Street.  It was built in 1770 -- pre-dating the Declaration of Independence! 

On the flip side, do you prefer newer homes?  There are 67 homes and condos available in Old Town Alexandria that were built within the last 10 years.

CLICK HERE TO START YOUR SEARCH FOR AN OLD TOWN ALEXANDRIA HOME 

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Old Town Alexandria (or elsewhere in Northern Virginia or D.C.) contact Brian today.

Now that "Joe the Plumber" has become the central figure in this election season, it is time to introduce someone else, known in the Northern Virginia and D.C. area as

BRIAN the REALTOR

Yes, folks, that is me.  As debates go back and forth about success, taxes, spreading the wealth, politics, health care, tax cuts, and "Joe the Plumber," please remember that in this tough economy, it is important to support your local community.

WALMART and Target may have the lowest prices and make it tough to compete, but let us not forget:

Jim the Store Owner...

Sally the Pharmacist...

Fred the Baker...

John the Locksmith...

Susan the Waitress...

and yes, BRIAN the REALTOR.

As a REALTOR serving the community and helping people buy and sell homes throughout Northern Virginia and Washington D.C., I am proud to play my role in the local economy.  One of my passions besides helping you find the right home is helping you get acquainted with the area.  As such, I can introduce you to Jim, Sally, Fred, John, and Susan.  I know the best bakeries, stores, restaurants, and little known gems in the neighborhood.  Let me show you.

Oh, I just happen to know a few great plumbers as well.

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, Springfield, Washington D.C., contact Brian today.

With the stock market plunging 8% again today and making Monday's enormous bear rally appear as but a blip on the downward spiral, I thought it would be appropriate to repost this article that I wrote back in March 2008.  It is even more applicable today.

Bad economic news has dominated the news during the past few weeks.  One bright note that's been lost in the shuffle and pushed aside has been the $7,500 First Time Home Buyer's Tax Credit that became law through the HR3221 Housing and Economic Recovery Act of 2008.  This is a big benefit for 1st time homebuyers.  Feel free to contact me for more details.

Here's the original blog post:

FEAR

One of my martial arts instructors sent me the following quote a while back: 

    "Fear is your friend, panic is your enemy.  Fear will help you get to your goal faster.  Panic will either shut you down or send you down an inappropriate course of action for the situation.  Unfortunately 'fear' has a bad rap.  It has been confused with panic in many self-defense programs, and the resulting goal is to train for 'no fear', this is a mistake! Fear is a motivational message.  Even under frightening conditions, a person with enough experience and the proper training can act and accomplish complex processes."

There's a lot of fear out there right now among homebuyers, homesellers, and people sitting on the fence deciding what to do in the current real estate market.  Mortgage meltdown, liquidity crisis, Bear Stearns collapse, emergency interest rate drops, foreclosures, short sales, media reports -- all these things weigh on the psyche of those pondering the real estate market.

Don't let your fear turn into panic!  Fear is healthy.  It forces you to get educated.  Fear motivates you to find knowledgeable advisors, trusted friends, and to avoid scary situations like walking down a dark alley alone.  Fear puts you on guard and may entice you to learn a new skill.  Fear prevents you from doing stupid things.

We do live in a sometimes scary world.  My wife motivated, encouraged, begged and pleaded with me to learn martial arts to increase our combined confidence when walking down the streets.  Over two years of study has made me aware of my environment, confident that I can protect both of us should any compromising situation arise.  We are both more secure because I have diligently studied martial arts (in my case Krav Maga and Brazilian Jiu Jitsu).

Fear prevents panic.  Fear prevents irrational thought and actions.  As the quote cautions, don't confuse fear with panic.

Realize that it is not necessary to go it alone when navigating the sometimes scary and confusing complex world of real estate.  Real estate contracts are legal documents with 20 or more pages of small and detailed legal wording.  Buying or selling a home requires knowledge of a whole new vocabulary of jargon -- from appraisals and ARMs to warranties, zoning ordinances, and everything in between. 

You work a full-time job.  You don't need the added job of struggling on your own to buy or sell a home. 

My full-time career is helping people buy and sell real estate in Northern Virginia and Washington D.C.

Don't let fear turn into panic.  I'll help protect you when it comes to your biggest investment.  If you want, I'll even show you how to throw a mean right hook.

You've seen them. 

Those offices overflowing with plaques, frames, and fancy looking certificates and diplomas covering every square inch of wallspace. 

They're designed to impress and overwhelm clients who enter the office coaxing you into believing that the man or woman on the other side of the desk is more than qualified to assist you.  The diplomas, certificates, and awards are also conversation starters meant to elicit questions of "Where'd you get this one?" or "What did you do to win that?"

There's nothing wrong with awarding achievement and one should be proud of those accomplishments in life that took real effort.  I've got more than my share of plaques & frames -- some more impressive than others.

This diploma is written in Latin making it extra impressive!

This one says that I'm a member of the Northern Virginia Association of REALTORS.
As long as I pay my dues each year and conduct my business ethically, I can keep this one.

This big one says that I passed the Virginia Bar Exam.  After 3 years of law school and a grueling 2 day examination that I passed on the first try, this certificate has a prominent place in my home office.

A couple of my RE/MAX Awards

All of these awards, plaques and certificates are in my home office and my clients, friends, and colleagues rarely, if ever, see them. 

When I meet you at my real estate office, or at your home, I don't drag my awards and certificates with me to start a conversation or to impress.

I'd rather talk about:

• the recent client I helped negotiate an 11% discount on her new townhouse after a previous seller wouldn't budge on price
  
  
• the seller that's thankful for my help during an arduous short sale process dealing with his mortgage company and making sure that we didn't lose an anxious buyer
  
  
• the buyers who got a great deal on a foreclosure and are excite to move into their first home
  
  
• the important provisions of the real estate contract
  
  
• strategies for negotiating the best deal
  
  
• how I'll market your home online and get maximum exposure for your property

Plaques, diplomas, and certificates -- they're nice... But, they don't sell homes!

Remember when you prepared to go out on a first date?  You made darn sure your clothes were ironed, your shoes polished, your teeth brushed and flossed (maybe twice), and perhaps you dabbed on a bit of cologne or perfume.  In the middle of dinner, you might have even snuck into the bathroom for a spray of Binaca (do they still sell that?)

All of this was done in an attempt to impress your date, or at the very least to not turn them off.  First impressions matter.

They matter when you are selling your home too.  Not everyone owns the most beautiful move-in ready home with granite counters, stainless steel appliances, a perfect paintjob, and clean, stain-free carpets.  So, while you may not be able to sweep every potential buyer off their feet, at a minimum, you can most certainly avoid the following

5 SUREFIRE WAYS TO TURN OFF A BUYER:

Ferocious Dogs:  Nothing against pets.  To many people, their dogs and cats are a part of the family.  However, when you're trying to sell your home, Mr. Pit Bull or Mr. Rottweiler may make potential buyers skip your home.  There have been times that I've been with clients who wouldn't even allow me to open the door when they heard loud barking inside.

When you are selling your home, it's often best to take the pets with you while your your home is being shown, leave the animals with friends or family while your home is on the market, or put Fido in a cage in the basement.

Outdated furniture and decorations:  You may love the flowery wallpaper and pink carpeting, but it's unlikely that the new buyer of your home will.  Most buyers understand that they'll redecorate after they buy your home, but strange colors and ugly appliances or furniture and bizarre wallhangings can certainly be a turnoff.  Rooms overstuffed with clutter can also make it hard for a buyer to imagine the home without "all the stuff"

You may consider some quick, simple and inexpensive fixes such as repainted with neutral colors, storing excess clutter in a garage or storage facility.  Another option is to hire a professional stager to really make your home shine.

Smelly!:  There's a reason you put on cologne or perfume before that first date.  Our sense of smell is very strong.  Can you imagine walking into a beautiful home only to turn around after catching the first whiff?  Pet odors, mildew, strong cooking smells, cigarette smoke can be the strongest odor offenders. 

Take some time to thoroughly clean your home.  Air fresheners can help but don't fully cover up these    scents.  Additionally, overdoing the air fresheners can make potential buyers suspicious of lingering    odors.

Darkness:  Darkness was one of the Ten Plagues that were inflicted upon the Egyptians in the Bible.  Don't plague your home sale -- "Let There Be Light!"  Dimly lit rooms appear gloomy.  Buyers are attracted to homes and rooms with lots of natural light.  Darkness may work for haunted houses, but it doens't work to help sell your house.

Make sure you replace or repair lights that don't work, keep the shades up, and clean the windows to let in the maximum amount of light into your home.

Wet Basements:  In Florida, there's no such thing as a basement -- it's called a pool!  In Virginia and D.C., many, if not most, homes have basements.  Signs of current or past water damage are a certain turnoff for homebuyers.  I've had some clients who only want to view homes after a big rainstorm to make sure that the basements do not get wet.

If you get water in your basement, get your foundation inspected for damage.  You may also need to install a dehumidifier or sump pump.

If a homebuyer is going to make it past the first date and enter into a relationship with your home, you've got to make sure that your home makes a good first impression and doesn't turn them off.

As a busy real estate professional and long-time Northern Virginia resident, I've been in and out of houses and neighborhoods throughout the region.  There are many communities where I'd feel safe carrying wads of cash and walking around in my pajamas on the street at 2 a.m.  However there are others neighborhoods where I wouldn't want to be caught without a bullet-proof vest, mace and a taser in broad daylight for fear that the 32 cents in my pocket and the clothes off my back would be stolen.  Okay, that might be a tad bit of exaggeration -- in my opinion, while most Northern Virginia & D.C. areas are relatively safe, some are safer than others.

The problem is that by federal law, I am unable to provide my honest opinions about a neighborhood to clients who inevitably ask "How's the Neighborhood?"  Most clients, no doubt, are asking this question innocently with a serious intent to determine whether a particular community suits their needs.

However, I have no way of knowing whether such clients have a discriminatory reason in mind, whether they are making their neighborhood choice because of racial, age, family status, sexual preferences, gender, or other reasons.  Thus, federal law makes it illegal for me (and other REALTORS) to answer "How's the Neighborhood" in a direct manner.

Earlier this year, some clients and I were at a stoplight after leaving a house we viewed.  As we looked over at the neighboring house, my client shouted out in surprise "She Just Hit Him With a Stick!"  Sure enough, the mother, grandmother, housekeeper (whoever it was), hit a young child with a stick.  That was enough for my clients.  They were able to make their own determination about the neighborhood.  They decided to move on and find some other neighborhoods to consider for their house purchase.

There have been other times that I've been with clients in a neighborhood and seen lots of police action, including one time when we saw police helicopters hovering overhead.

It's not always this cut and dry.

Here's what I suggest when you are trying to determine whether a neighborhood is right for you:

• Read my post Safe Neighborhoods in Northern Virginia & D.C.: Find Area Crime Statistics Online where I provide links to online crime statistics in each major jurisdiction.
  
  
• Call the local police station and ask about crime in the area.
  
  
• You can look up demographic information online.  The best source is probably the United States Census site.  There are also various sites like ZipSkinny and ZipCodeStats that provide thorough demographic information about areas by zipcode. 
  
  
• Simply drive around the neighborhood on your own and observe at different times.  Feel free to strike up a conversation with the neighbors.  While your REALTOR can't tell you everything about a neighborhood, be sure that most neighbors will be happy to divulge everything (just think about all the Wisteria Lane gossip a la Desperate Housewives!)

• Virginia, like all other states maintains a Sex Offender Registry through the Virginia State Police with information about sex offenders and where they live.
  
• You can get lots of information about local schools on my website School Information section.

So, next time you're in my car and ask me about the neighborhood, please don't be offended if I refer you to this blog post.

Are you wondering about Northern Virginia real estate and pondering what has sold recently?

Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for September 2008.  All information was obtained through MRIS.

Overall, there were 43 sales topping $1 million during the month of September 2008 (less than 1/2 of the $1M+ sales in August)

SEPTEMBER'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 8322 Woodlea Mill Road, McLean, VA 22102 -- Sold on September 12th for $2,850,000.
  Built in 1995, this 5 bedroom 5 1/2 bathroom home in the Woodlea Mill enclave of luxury homes features tray ceilings, a walnut library and a large private backyard.
  
  
• 1200 Janneys Lane, Alexandria, VA 22302 -- Sold on September 25th for $2,500,000.
  On almost an acre in Alexandria, this 4 bedroom 2 1/2 bath home was completely renovated in 2003.  It features an outdoor pool, spa, waterfall and flagstone terraces.  The home was originally built in 1938.
  
  
• 11553 Tralee Drive, Great Falls, VA 22066  -- Sold on September 26th for  $1,950,000.
  More than 8,000 square feet of living space in this 6 bedroom home that sits on 1.77 acres in Great Falls.  The property backs to trees and an equestrial trail.  Many architectural details elight in this home including arched portals, octagonal turret wings, and 2 sideed fireplaces.
  
  
• 2605 Geneva Hill Court, Oakton, VA 22124  -- Sold on September 19th for $1,750,000.
  Located in the Hannah Hills area of Oakton, this 9,000 square foot home on a cul de sac features extnsive renovations including new cabinetry, granite and stainless steel appliance.  The three car garage ath the end of a circular driveway completes the picture of this home built in 1994.
  
  
• 1511 Spring Vale Avenue, McLean, VA 22101 -- Sold on September 9th for $1,745,000.
  Completed in 2007, this custom home is a green one!  It's energy-efficient and environmentally-friendly with top of the line amenties.  It even has an elevator to all 3 levels of the 5 bedroom 4 1/2 bathroom house.
  

SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA 

Townhouses: 

• 608 Fords Landing Way, Alexandria, VA 22314 -- Sold on September 19th for $2,100,000.
  For the 2nd month in a row, the most expensive townhouse sale was in Fords Landing on the water in Old Town Alexandria.  This end unit townhome features great views and a waterfront terrrace, two car garage and two fireplaces.
  
  
• 1313 N. 14th Street, Arlington, VA 22209 -- Sold on September 26th for $1,525,000.
  The selling point here was the roof-top views of Washington D.C., the monuments and the Potomac River.  The townhouse has an elevator that services all 5 floors.  At this Monument Place townhouse near Rosslyn, you can leave your 2 cars in the garage and walk to Georgetown, Rosslyn, Courthouse, and Clarendon.
  

• 426 S. Fairfax Street, Alexandria, VA 22314 -- Sold on September 15th for $1,415,000.
  Originally built in 1797, this historic home was restored since 2004.  The home features 5 woodburning fireplaces, a large eat-in kitchen and top of the line appliances.  From here, the new owner can enjoy all the sights and pleasures of Old Town Alexandria.
  
  
• 309 Prince Street, Alexandria, VA 22314  -- Sold on September 26th for $1,236,250.
  Another historic home in Old Town Alexandria, this one was built in 1770 and has a swimming pool in the backyard!  With 5 fireplaces, an updated kitchen, and lots of historic charm, this 4 level 3 bedroom townhouse was an easy sale.
  
  
• 2210 Scott Street, Arlington, VA 22209 -- Sold on September 2nd for $1,050,000.
  On a private cul-de-sac, this 2,800 square feet home with 3 bedrooms, 3 full bathrooms 2 half bathrooms is conveniently located near the metro, Georgetown, shops and restaurants.  This is the largest model townhouse in the Palisades Park development.
  

If it's a townhouse for more than a million, you've got to be talking about Old Town Alexandria!

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums: 

• 1111 N. 19th Street #2601, Arlington, VA 22209 -- Sold on September 5th for $2,451,300!
  Can you believe it?  A condo for over $2 million and it's not even on a beach!  This 26th floor penthouse at Waterview had panoramic views of Georgetown, D.C., and monuments from every window.  At 2,165 square feet, this newly built condo sits above the Hotel Palomar in Rosslyn.
  
  
• 702 Prince Street #2, Alexandria, VA 22314 -- Sold on September 15th for $871,000.
  A distant second in sales price, this 2 bedroom condo features 12 foot ceilings in the heart of Old Town Alexandria.
  
  
• 1300 Crystal Drive #1706S, Arlington, VA 22202 -- Sold on September 22nd for $850,000.
  The new owner of this Crystal City condo lives just down the hall from John McCain's condo on the same floor.  With 3 bedrooms, 2 1/2 bathrooms, this 2,139 square foot condo features cherry cabinets, granite countertops, and Brazilian cherry wood floors.  It also has panoramic views.
  
  
• 635 First Street #405, Alexandria, VA 22314 -- Sold on September 15th for $805,250.
  This Old Town Alexandria condo features 1,780 square feet of living space in 2 bedrooms and a den.  The kitchen features granite counters, Jenn Air stainless steel appliances and a Thermador stove.  The condo also has two parking spaces.
  
  
• 1600 Clarendon Blvd. #402, Arlington, VA 22209 -- Sold on September 12th for $700,000.
  This one bedroom Penthouse at Wooster and Mercer Lofts in Arlington features 22 foot ceilings and a 300 square foot private roof top terrace.  The appliances are all top of the line and this unit is just over 1,000 square feet.
  

SEE AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA 

Contact Brian Block, REALTOR/Attorney: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, Springfield, Washington D.C., contact Brian today.

Has walking up and down stairs in your townhouse or home got you down? (okay, you can at least chuckle)

Whether you're young or old, have a stride like Usain Bolt, or praise the invention of the t.v. remote control, stairs can sometimes become a nuisance. 

Especially in townhouses, where it is necessary to go up and down, up and down, just to carry out your daily life.

What are your options?

You can buy a Rambler.

How about a condo in Alexandria or Arlington?

There's even a few townhouses available with elevators -- though you'll pay a pretty penny for one of those.

When you're ready to get rid of the stairs in your life, let me help you move on to the joys of one level living.

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, Springfield, Washington D.C., contact Brian today.