Buy Alexandria Real Estate: January 2009

Whether you are a young single woman, a family with children, or even a supposedly tough guy, chances are a major consideration when deciding on a community in which to live is the following question:

IS IT SAFE?

I believe that every single client that I've helped purchase a home told me that one of their criteria was to have a home in a safe neighborhood.

Good news for Northern Virginia homebuyers (and current residents):  According to a just-released study from the University of Virginia,

NORTHERN VIRGINIA IS A SAFE PLACE TO LIVE!

UVA Professor William Lucy analyzed traffic fatalities and homicides by strangers in Virginia from 2003 through 2007 to produce his report.  Lucy stated that "Most people think about crime when they think about neighborhood safety. But the greatest danger of leaving home is from traffic injuries and fatalities. This research demonstrates that the danger of leaving home is much greater in low-density suburbs and exurbs than in higher-density cities and inner suburbs."

Falls Church City, the City of Alexandria, Arlington County, and Fairfax County all made the top ten list for safest jurisdictions in the Commonwealth of Virginia.

Of these Northern Virginia areas, the City of Alexandria was deemed the safest.

So, if safety concerns have been holding you back, put that fear to rest.

Sure... real estate might be much cheaper in Richmond, Virginia or other areas, but consider this, Richmond's combined homicide and traffic fatality rate is about 6 times greater than that of Alexandria!

And you can feel safe trusting your real estate needs to me...

Give me a call at 703-626-0715 and start your search for a Northern Virginia home.

Are you ready to start along the path to purchase a home? 

If so, it's likely that you'll hire a real estate broker to help you find the property, place an offer, negotiate the deal, and ultimately purchase your next home.

Before you sign the last page and place your initials on all the pages of the Buyer Broker Agreement (officially called "Exclusive Right to Represent Buyer Agreement" here in Virginia), make sure you familiarize yourself with the duties of the real estate broker whom you hire. 

Of course you expect that the buyer broker (or buyer agent) will help you find a home.  What else are they obligated to do when you sign the paperwork?

BUYER BROKER DUTIES:

• Seek property at a price and terms acceptable to the Buyer
  

By signing a Buyer Broker Agreement, the broker agrees to represent you and your interests.  The broker or agent should be showing you homes that interest you, not ones that interest him or her.  If you want 3 bedrooms, a fireplace, and a two car garage, and your agent spends a day showing you some 2 bedroom places without a garage or fireplace, it's time to fire that fellow and find someone who will listen to your needs.  Set your price range and give your broker a list of the amenities and features you want and need so that they can best help you.

• Assist in the drafting and negotiating of offers and counteroffers

Ultimately, you select the price and terms that you want to offer on any particular home.  The buyer agent will provide you the pricing data and other information to help you make an informed decision.  This may include data on other comparable homes that have sold, market conditions, and potentially any information the agent has about the neighborhood or sellers. 

Your offer, and subsequently the ratified contract, is a legal document.  Make sure you ask your broker any questions you have before signing and obtain legal counsel if you deem it necessary or if your broker does not know or is not able to provide an answer to your question.

Negotiations occur throughout the transaction.  Choosing a Good Negotiator for Your Real Estate Deal is crucial.

• Help establish strategies for accomplishing the Buyer's objectives

Your buyer broker represents YOU!  As such, they should discuss with you various strategies for getting the home you want at the price and terms that you want.  This may include assistance on determining an offering price, what contingencies to include, setting timeframes, and other strategies.

• Provide reasonable assistance to facilitate the settlement of the purchase contract
  

Throughout the process, your buyer broker should communicate with your lender, the listing agent, the settlement company, inspectors, and other people to make sure that they are all doing what they need to do in a timely manner to ensure you reach settlement.  Make sure to read Who Are the Players? The Team of Professionals Involved in Your Real Estate Deal

• Receive and present in a timely manner all written offers or counteroffers to and from the Buyer

Time is of the essence in all real estate deals.  Miss a deadline, or delay on submitting an offer and the whole deal can be shot.  Make sure that your buyer broker makes time for you!

• Disclose to the Buyer all material facts related to the property or concerning the transaction of which they have actual knowledge

Buyer brokers are required to disclose information about the property that they actually know which can be material in your making a decision about whether or not to purchase the home or what price to offer.  If they don't know it, they can't very well disclose it.  Virginia is still a caveat emptor state. 

• Account in a timely manner for all money and property received in which the Buyer has or may have an interest

You want to know where your money is and where it's going.  Ask your buyer broker what happens with your earnest money deposit.

• Maintain the confidentiality of your personal and financial information

Anything you tell your buyer broker will be kept confidential (unless of course, you confess to murder or treason).  Even after the transaction is over or the brokerage relationship is terminated.  This duty is very important.  Don't be afraid to discuss important details of your personal and financial information with your buyer agent.  This information will be very important for them to assist you fully in purchasing a home.

To inquire about buying a Northern Virginia or D.C. home, please call me at 703-626-0715 or e-mail me at brian@brianblock.com for a confidential appointment to discuss your needs.

Everyone knows that Sex Sells! 

Old Town Alexandria:

Known for historic homes, cobblestone streets, the Potomac River, vibrant tourism, and a busy real estate market Old Town Alexandria just got a whole lot sexier!

Last year, I reported that Alexandria was selected as the "Most Romantic City in the U.S.A." -- read Proud to Be the Most Romantic City in the U.S.A.

What better way to live up to that reputation than the opening of a brand new sex store in the center of

Old Town Alexandria!

According to ABC7 News, the new store "Let Tashe" is French for "the spot" and is already causing some controversy around town.  The store, located at 210 King Street sells high-end lingerie, sex toys, DVDs, and other adult pleasures.

While some Old Town Alexandria residents and other local shop owners have complained to the City of Alexandria about Let Tashe, Channel 8 News reported that John Kenney, the owner stated "if couples are coming here walking around and kissing, I think our products will serve the neighborhood well."

With Valentine's Day just 5 weeks from now, the timing couldn't have been better.

Trying to cook up something extra sexy for your loved one this year?  You may want to stop by Let Tashe in Old Town Alexandria!  Tell'em I sent you. 

Oh yeah, and whatever you decide to buy, please make sure you make use of it within the privacy of your own house...

Don't own a house?  You've come to the right place.  I sell those.

Brian Block         RE/MAX Allegiance         703-626-0715

It goes without saying that when you sell your home, you want to sell it for the highest price in the quickest amount of time.  The current environment of the real estate market already favors buyers and makes it more difficult than in past years to sell your home.

Don't make it even harder!

If you overprice your home, you'll face the daunting reality of losing out on up to $54,528 after your home languishes on the market for 9 months or more.

Yikes!

How did I come up with this figure?  I thoroughly analyzed the sales of all homes in Alexandria, Virginia that came on the market and sold during the past 365 days.

Let's look at the good news:

• 1,460 homes that were listed for sale in Alexandria between January 6, 2008 and January 6, 2009 have actually SOLD!
  
  
• Most homes sold quickly in Alexandria: 1,125 of these homes sold in 90 days or less, or 77% of all the sales.  Of those, 682 were sold in 30 days or less -- that's 46.7% of all the sales.  Alexandria and Arlington are still hot markets.
  
  
• Only 37 homes that sold took over 9 months to sell.

Here's the bad news:

• 3,192 total homes came on the market during this time and only 1,460 sold.
  
  
• Almost 550 of these homes are still on the market (though most of those came on the market in the last 6 months).
  
  
• That leaves around 1,100 homes that did not sell -- they were either withdrawn from the market or expired.
  
  
• Only 48.5% of homes listed for sale in the past year actually sold or are currently under contract for sale.

Now, here's the Guaranteed Way to Lose $54,528 When You Sell Your Home:

Examine the following chart.

                  ALEXANDRIA, VIRGINIA HOME SALES – PAST 365 DAYS

As you can see, the faster the sale, the higher the sales price as a percentage of the original listing price.  The longer a home is on the market, the less chance of the seller getting close to the asking price.

The difference between a sale that occurs in 30 days or less and one that takes more than 9 months is a whopping 8.52%.  With the average sales price of a single family home in Alexandria around $640,000, this equates to a $54,528 loss.

Further analysis shows that $30,975 of that $54,528 loss is due to price reductions that happened over time as the seller tried to chase the market down.  The rest of the loss is due to buyers offering significantly less than asking price as they perceive more seller desperation the longer the home stays on the market.

Even homes that sold in a relatively quick 61-90 day timeframe suffered a significant decline in sales price/original list price ratio -- almost a full 5% loss.  This would equate to $31,808 lost on an average single family home in Alexandria.

There's one very important lesson to learn from this, if you want to sell your home for top dollar, make sure you and your Alexandria real estate professional price it right from the start.

Here's some additional blog posts that I've written to get you started on the right foot when it comes to pricing your home for sale:

If you want my love then take my advice... Adjust Your Price

Will the Sellers Come Down on the Price?

Come on Down! You're the Next Contestant on The Price is Right

Inauguration Week is less than 2 weeks away.  For people who supported Barack Obama, January 20th will bring exhiliration, excitement and optimism.  For those who voted for McCain/Palin, this month's Inauguration will likely bring about different feelings. 

For anyone who lives in the D.C. area, one thing is for certain, Inauguration Week will bring frustration, confusion, and traffic jams!

Top and center, today's Washington Times reported that for security measures, the Secret Service made the unprecedented announcement that they will shut down all bridges crossing from Virginia into the District of Columbia and establish a "security perimeter that closes or limits vehicular access on 100 city streets."

In addition, on Inauguration Day, "only authorized vehicles will be permitted to travel north on Interstate 395 and east on Interstate 66 inside the Capital Beltway."

With the expectations of millions of people coming to town for the celebrations, this will make everyday life, travel, and commuting difficult.  For those of us who sell real estate within the Capital Beltway (that's me) this will be impossible.

So, what's the solution?  Personally, I'm skipping town.  This is the perfect time for a vacation to somewhere warm.  So I'm heading down for a week in Puerto Vallarta, Mexico -- away from the cold and away from the traffic.

Don't worry.  Before I leave next Friday and after I return on the 23rd of January, I'll be around to help you with all of your real estate needs in Northern Virginia or D.C.

If you want to skip town too, check out LastMinute.com and see if you can find any travel deals.

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 December 2008.  All information was obtained through MRIS.

Overall, there were 50 sales topping $1 million during the month of December 2008.  Despite the economy, there are still people in the D.C. metropolitan area with money to purchase their dream homes.

DECEMBER'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 10015 High Hill Place, Great Falls, VA 22066  -- Sold on December 2nd for $3,625,000.
  In the Falcon Ridge neighborhood of Great Falls, this Tudor home on 2 acres features an amazing wine cellar, home theater, 5 bedrooms and 5 full bathrooms on 4 levels.  It was built in 1990.
  
  
• 1009 Crest Lane, McLean, VA 22101  -- Sold on December 12th for $3,550,000.
  Sold for $700K under the asking price, this 6 bedroom, 7 full bathroom home with 3 car garage features a fee-form pool with spa and waterfall.  The home has an elevator and sits on nearly an acre.
  
  
• 6455 Kedleston Court, McLean, VA 22101  -- Sold on December 1st for $3,300,000.
  Built in 1988, this McLean homes with 5 bedrooms and 6 bathrooms includes a gourmet kitchen, billiards room, home theater, pool and pool house.  It sold for $550,000 below asking price.
  
  
• 854 Nicholas Run Drive, Great Falls, VA 22066  -- Sold on December 19th for $2,950,000.
  On almost 2 acres in Great Falls, this 12,000 square foot home has a 4 car garage, 7 bedrooms, 8 full bathrooms and was just built in 2007.  It sold for over $800,000 below the asking price.
  
  
• 1909 Macarthur Drive, McLean, VA 22101 -- Sold on December 2nd for $2,315,000.
  Newly built in 2008, this 5 bedroom 5 bathroom home on a 1/2 acre features a wrap around porch, high end appliances, and an outdoor living space with a stone fireplace and built-in grill.

Homes in this luxury price range are generally selling for quite a discount from asking price.

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA 

Townhouses: 

• 1421 N. Nash Street, Arlington, VA 22209 -- Sold on December 5th for $1,775,000.
  If overlooking the D.C. monuments is where you want to be, the new owner of this Arlington townhouse at Bromptons at Monument Place will be delighted.  This 5 level townhouse with an elevator features a marble foyer, gourmet kitchen on the 5th floor with panoramic city views and a rooftop terrace.  It is within a convenient distance to the Rosslyn Metro stop.
  
  
• 101 Quay Street, Alexandria, VA 22314 -- Sold on December 30th for $1,350,000.
  This brick end townhouse in Old Town Alexandria overlooks the Potomac River and has 3 bedrooms, 2 full and 2 half bathrooms on 4 levels.  It was built in 1971.
  

• 310 N. Fairfax Street, Alexandria, VA 22314 -- Sold on December 19th for $1,250,000.
  With 4 bedrooms, 3 full and 2 half bathrooms, this townhouse built in 1998 is right in the heart of Old Town Alexandria and came with 2 off-street parking spaces (a premium in Old Town Alexandria).
  
  
• 2209 12th Court North, Arlington, VA 22201  -- Sold on December 18th for $966,600.
  In the Courthouse area of Arlington, this brand new townhouse has a large outdoor terrace, Viking stainless steel appliances and has over 2,600 square feet of living space.
  

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums: 

• 1401 N. Oak Street #910, Arlington, VA 22209 -- Sold on December 30th for $1,650,000.
  This penthouse at The Weslie features a magnificent view of D.C. and the monuments.  Built in 1981, The Weslie condominiums have a 24 hour concierge.  This condo has a spacious 2,154 divided between 3 bedrooms and 2 1/2 bathrooms.
  
  
• 1600 Clarendon Blvd. #W406, Arlington, VA 22209 -- Sold on December 3rd for $1,050,000.
  The first of the three Wooster and Mercer Lofts to make the list this month.  This 1 bedroom and den penthouse has 22 foot ceilings and a 600 square foot rooftop terrace.  All the finest finishes and appliances adorn this 1,642 square foot condo.
  
  
• 1600 Clarendon Blvd. #W404, Arlington, VA 22209 -- Sold on December 11th for $833,000.
  Another penthouse at Wooster & Mercer Lofts.  This one is slightly smaller at 1,269 square feet and the private rooftop terrace is 400 square feet. 
  
  
• 1600 Clarendon Blvd. #M503, Arlington, VA 22209 -- Sold on December 5th for $825,000.
  This 1,488 square foot unit has a huge kitchen island with enough room for 6 barstools.  With hardwood floors, Subzero and Wolf appliances, this 1 bedroom and den with 2 bathrooms rounds out the condo list for December.
  

SEE AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA 

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.

HAPPY NEW YEAR!

Before looking ahead, it's important to take a look back at real estate sales for 2008.  At the start of 2008, inventory of homes on the market was very high and it certainly looked like home sales were going to be tough.  What we ended up with is a mixed bag.  In a few jurisdictions (Alexandria, Arlington) the volume of home sales was down significantly.  Yet in other areas, like Loudoun County and especially Prince William County, sales of homes were brisk and far exceeded the number of homes sold in 2007.

Whether you are planning to sell your home in 2008 are are interested in purchasing a home this year (I know it's on some of your New Year's resolutions lists), it's necessary to understand some numbers -- the number of sales and the amount of inventory available.

How many homes sold in Northern Virginia in 2008?

                                                                                                                   % Change from 2007
ALEXANDRIA CITY                 1,784 Homes Sold in 2008                     -19.2%
ARLINGTON COUNTY              2,320 Homes Sold in 2008                     -22.0%
FAIRFAX COUNTY                 13,705 Homes Sold in 2008                    + 3.0%
FALLS CHURCH CITY                   130 Homes Sold in 2008                     - 7.8%
LOUDOUN COUNTY                   5,321 Homes Sold in 2008                    +7.2%
PRINCE WILLIAM COUNTY    8,869 Homes Sold in 2008                   +81.1%

Wow!  Are we talking about 2008?  The tough real estate market in 2008?  What explains the gargantuan 81% increase in sales in Prince William County?  It all comes down to price!  Foreclosures, short sales, and otherwise low and lower prices made Prince William County deals hard to resist for homebuyers in 2008.  Closer in to D.C., Alexandria, Arlington, and Falls Church were not hit as hard by the credit crunch/mortgage crisis and did not suffer the significant price drops of the further out suburbs.  As a result, sales were down significantly during the 2008 real estate market.

How many Northern Virginia homes will sell in 2009?  Pull out your crystal balls.  There's a ton of variables this year and the experts and prognosticators vary widely on their predictions of a real estate recovery, the economy, and what effect low interest rates and the new presidential administration will have on the market.

As of the start of 2009, here are the inventories of resale homes listed for sale on the Multiple Listing Service:

                                                                                        % Change from 1/1/08
ALEXANDRIA CITY                    535 Homes Available                                 -19.5%
ARLINGTON COUNTY                 668 Homes Available                                 -  0.9%
FAIRFAX COUNTY                   4,466 Homes Available                                -23.9%
FALLS CHURCH CITY                     51 Homes Available                                 +6.3%
LOUDOUN COUNTY                  1,814 Homes Available                                -35.3%
PRINCE WILLIAM COUNTY   2,585 Homes Available                                -45.7%

Overall, inventory numbers are way down from what they were one year ago today.  This could be very good news if you are planning to sell your home this year.  If 2009 home sales continue at the 2008 pace, some jurisdictions currently have just around 3 months of inventory supply!  What a change from January 2008 when there were almost as many homes on the market in Prince William County as sold in the entire previous year!

IMPORTANT MESSAGE TO NORTHERN VIRGINIA BUYERS AND SELLERS:

You can't control the market.  You can't control the prices or the number of sales. 

The market is changing. 

2009 IS THE TIME to get expert advice, a skilled negotiator, and a savvy real estate broker who knows how to navigate this market to help you with your real estate goals.

Brian Block         RE/MAX Allegiance         703-626-0715