Buy Alexandria Real Estate: April 2009

Recently (actually yesterday), I sold a two bedroom condo in Alexandria.  My client David lived in this particular condo for 8 years and 2 years ago after getting married, Dave and Lizzie extensively renovated the unit.  It looked and showed great and the new owners got a great deal on a great condo.

Last week after the home inspection, the buyers came back with a very long list of walkthrough items and home inspection issues.  13 items in total, which was a bit surprising since we're only talking about a 1309 square foot condo here!

Dave and I reviewed the list and discussed each item and prepared a strategy for responding to the buyers' inspection contingency requests.  While we felt that many of the items were justified and relatively easy to fix, there were a couple that were "nickel & dime" type of stuff.

The straw that broke the camel's back was this request "need to caulk in tub in hall bathroom."  Caulk where?  Around the tub?  On the tiles?  There was no explanation. 

That's when Dave e-mailed me THE line of the week:

"She's a homeowner now -- she can go to Home Depot and buy a caulking gun like the rest of us :)"

Ha! Ha! Ha!  How true!  Needless to say we crossed out this item on the home inspection list before faxing it back to the buyer's agent.

That begs the question:  What kinds of repairs can you ask for after a home inspection?

First, it's important to remember that in Virginia, there are two categories of repairs -- walkthrough items and home inspection items.  Walkthrough items are covered under Paragraph 7 of our Regional Sales Contract -- Please read Mighty Paragaph 7 of the Sales Contract for more explanation.  These items are basically non-negotiable and must be repaired by the seller.

Next, a buyer should realize that when buying a resale home, you are NOT asking the seller to rebuild the home into a brand new home for you.  You should ask for major repairs if there are serious problems.  Certain aesthetic things can sometimes be negotiated (i.e. dirty carpet, touch-up painting, etc.).  However, remember that you are asking for repairs, not a full renovation of the home.

There's an agent in my office dealing with a buyer right now who's expecting the sellers to have the house in 100% tip-top shape and they seem to be over-reaching.  Even brand new homes can have problems.

When negotiating home inspection items as a purchaser, you should usually ask for more than you'd expect the sellers to do.  After all if you don't ask, you won't get. 

Ask and ye shall receive.  Maybe...  If you're reasonable.

Had the new buyer used a RE/MAX Allegiance agent, a Bank of America loan officer, and settled at The Settlement Group, they would have received a $200 Home Depot gift card from our new promotion, certainly more than enough for a caulking gun!

There's a lot of buzz these days about "Enhanced Interrogation Techniques." What did CIA operatives do to get confessions and information from our terrorist enemies? What members of Congress knew about it?

Well, I'm not a member of the CIA (and if I were, do you think I'd tell you?), but I am a CRS -- a Certified Residential Specialist. So, today we're going to discuss...

Enhanced Interrogation Techniques for Real Estate.

The first vision that came to my mind upon hearing the phrase "Enhanced Interrogation Techniques" is the classic scene in the movie "Back to School" where Sam Kinison as history Professor Turguson attempts to get an answer from his students. Enjoy:

In real estate, whether you are buying or selling a home, the process is simple. You tell me what you want. What are your goals? What type of home are you looking to buy? Where do you want to live? How much do you want to spend on fixing up little problems around your house? When do you want to sell? How much money are you trying to walk away with? Do you like the home? What's wrong with the house? Etc. etc.

We're on the same team. We're not enemy combatants.

No Enhanced Interrogation Techniques are necessary in real estate.

Just tell me what you want and I'll help you get there.

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, Great Falls, Lorton, McLean, Springfield, Washington D.C., contact Brian today.

This morning while showing homes to a couple who's been searching for quite some time, we ran across this:

THE ABSOLUTELY COOLEST LITTLE BOY'S ROOM EVER!

My client's gasped -- "Honey, we wouldn't even have to repaint the room -- He'll LOVE it!"

It was so cool that I just had to snap a photo of Spidey to share with you.

I showed this photo on my camera to several agents in my office (agents who have little boys at home) and they all agreed:

This is THE ABSOLUTELY COOLEST LITTLE BOY'S ROOM EVER!

I've seen good paint jobs and really really bad paint jobs, but who would have thought that a paint job like this would help to sell a home?

Today's economy and real estate market has some people singing the blues.

Some sing better than others.

This fella's not bad.

Our job as REALTORS is to educate our clients and help them make informed decisions about their real estate purchases and sales.

The better we do our job, the less people who will be singing The Real Estate Blues.

While some homeowners who may have overreached or suffered from the downturn in the market can relate to this song, now's an ideal time for buyers to get into the market -- low interest rates, more affordable prices, and sellers willing to make a deal... It all adds up to a great time to buy.

When most of my clients purchase a home, they'll often spend the first few weeks practically living at Home Depot.  And, I'm not just talking about the ones that buy fixer-uppers.  When moving into a home, there are many things that will often need to be fixed, replaced, remodeled, renovated, etc.  Whether it's new lighting fixtures, outlet face plates that match your style, new cabinetry, paint, bulbs, or even plants and flowers, you can buy it at Home Depot.

I know that when my wife and I purchased our condo, we made many a trip to Home Depot (luckily we've got one less than 3/4 mile from home).

The Home Depot PR Department did not pay me for the preceding message.  Nor do I have anything against Lowe's or other do-it-yourself local hardware stores.

However, I am happy to announce a special new exclusive promotion.  If you're ready to buy a house in Northern Virginia, you can get a complimentary $200 Home Depot Gift Card through our newest deal.

Here's the details -- GET A COMPLIMENTARY $200 HOME DEPOT GIFT CARD!:

1.  You must have a contract to purchase a home with a RE/MAX Allegiance agent and RE/MAX Allegiance as the brokerage team prior to the termination of this promotion.  (It doesn't have to be me, but of course, that would be nice.)

2.  You must acquire your home with a loan from Bank of America and use a Bank of America "In-House" Loan Officer associated with the Annandale, Virginia office of Bank of America.

3.  You must close your home purchase at one of the offices of The Settlement Group.  You are not required to purchase title insurance through The Settlement Group to take advantage of this offer.  If you wish to obtain title insurance or if it is required by your lender, you are free to select your title insurance provider.

4.  This promotion is effective beginning April 1, 2009 and may be terminated at any time at the sole discretion of RE/MAX Allegiance.

Follow all the rules and you'll get a $200 Home Depot gift card at settlement.  That will go a ways towards helping you with projects in your new home.  As they say, every little bit helps.

For more information on this promotion, feel free to contact me, Crystal Jalali at The Settlement Group, or Ellen Wilson at Bank of America.

Absorption rates present a picture of how quickly properties are selling.  An absorption rate analysis examines the current inventory of homes and looks back 6 months to see how many sales there have been to determine a monthly rate of sales over the most recent time period.  Dividing the current inventory by the monthly rate of sales provides the number of months of inventory of homes.

Traditionally, 6 months of inventory is considered a balanced market.  More than 6 months of inventory means that the market favors buyers.  Less than 6 months of inventory and sellers are favored.

For the present analysis, I reviewed data on home sales for Alexandria City, Arlington County, Fairfax County, and Falls Church City (in other words, Northern Virginia). 

In some of the lower price ranges, buyers have been soaking up sales of home like a dry sponge, leaving inventory in very short supply.  For example, in the $200K - $400K price range, there's only 2.76 months of home inventory on the market.  Contrast that with the $3 million plus uber-luxury market which has a 49.2 month supply of homes.

The data in the chart below should be useful to you whether you are planning to buy or sell a home in Northern Virginia in the near future:

The sweet spot of sales is most certainly in the $200K-$400K price range.

While homes in the $800K-$1M price range and the $1M-$2M price range in Northern Virginia are selling at basically the same rate, there's almost 8 months of additional inventory of the higher priced homes.

Interested in the absorption rates for your zip code, style of home, or area?  Just click here and let me know and I'll be happy to provide you with this analysis that can play a big factor in pricing your home for sale or deciding upon an offer price for your next home.

It's the question that's on everyone's mind.

IS NOW A GOOD TIME TO BUY REAL ESTATE?

Let's see how that question would be answered on various classic game shows.

FAMILY FEUD

Cue up the music and my best Richard Dawson impression... "OUR SURVEY SAID":

According to the Pew Research Center's March 2009 report, 75% of respondents said that it was a good or very good time to buy a home. 

In case you need more confirmation, Forbes.com had an article on "Ten Things to Buy Before the Economy Improves."  Here's what they answered our question of the day, "At the top of the list: housing.  This may be the best time in a generation to buy a home."

THE PRICE IS RIGHT

Let's see... $8000 first time homebuyer tax credit.  Interest rates at historic lows.  Prices are down just about everywhere. 

What's the value of this showcase on the Showcase Showdown?

That's it -- THE PRICE IS RIGHT!

JEOPARDY!

Alex, I'll take housing market for $400.

Answer: Kiplinger's Personal Finance recent advice about buying a home.

What is "It's a good time to snag a bargain if you're confident in your job prospects and you don't plan to sell in the next five years?"

CORRECT!

Ready to take advantage of the opportunities in today's real estate market?  Don't PRESS YOUR LUCK.  Choose the right REALTOR and you won't be faced with any WHAMMIES!

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, Great Falls, Lorton, McLean, Springfield, Washington D.C., contact Brian today.

Another great condo at Alexandria Knolls West has just gone on the market today. Not only is the condo great, but so is the building.

How do I know? Well, I've lived there for over 6 years. Doesn't that add some credibility to the neighborhood when your real estate broker lives in the community?

One thing is for sure. Alexandria Knolls West has the biggest balconies around. And that's a big selling point at this time of the year with the weather getting warmer. In fact, my wife and I enjoy eating many of our meals in our own "Garden of Eden."

Check out the new listing:

Awesome in Alexandria -- Alexandria Knolls West Spacious 2 Bedroom Condo -- $265,000

Location: Alexandria Knolls West

Looking for a condo in Alexandria? Look no further!

Great 2 bedroom 2 bath condo in very popular and convenient Alexandria Knolls West.

You've got to see the stunning renovations in the two bathrooms.

Updated kitchen with great floors. Easy to do laundry with the front loading washer and dryer.

Lots of space & terrific view from huge 14th floor balcony. Condo fee includes all utilities. Close to 395, Beltway, Old Town, Pentagon, D.C.

Put this on your must view list of properties and see it today!

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Brian Block

brian@brianblock.com

703-626-0715

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Pricing

Price: $265,000

Condo Fees: $557/month

Property Location

6101 Edsall Road #1405
Alexandria, VA 22304
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Features

Bedrooms: 2

Bathrooms: 2

Parking Spaces: 1

Year Built: 1975

Subdivision: Alexandria Knolls West

Located on Floor #: 14

Floors in Bldg: 18

Square Footage: 1178

Agent Name: Brian Block

Broker: RE/MAX Allegiance

MLS #: AX7021322

Attributes

Appliances

Range/Oven

Full Refrigerator

Washer/Dryer

Dishwasher

Sink Disposal

Microwave

Interior Amenities

Wet Bar

Huge Balcony

Building Amenities

Swimming Pool

Guest Parking

Recreation Center

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VFLYER ID: 2393187

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 March 2009.  All information was obtained through MRIS.

Overall, there were 39 sales topping $1 million during the month of March 2009, a 50% increase from the number that sold in February!  What economic crisis?

MARCH'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 7020 Benjamin Street, McLean, VA 22101  -- Sold on March 17th for $3,400,000.
  This 2006-built home features over 11,000 square feet of living space in the Langley Forest community.  With 12 foot ceilings, 4 fireplaces, and 6 bedrooms and 6 bathrooms, all on one acre, this was the most expensive home sold in March in Northern Virginia.
  
  
• 7607 Southdown Road, Alexandria, VA 22308  -- Sold on March 27th for $2,625,000.
  Right on the Potomac River!  This home has its own dock.  All the main entertaining and living areas of the home overlook the river.  Situated on 1/2 an acre and built in 1996, this home has 3 bedrooms and 3.5 bathrooms.
  
  
• 7033 Elizabeth Drive, McLean, VA 22101  -- Sold on March 30th for $1,995,000.
  This new home with a 3 car garage, outdoor fireplace on a covered patio, and 6 bedrooms also features a 2nd floor media room and 3rd floor suite.  After 304 days on the market, it sold for $150K less than the asking price.
  
  
• 1210 Corbin Court, McLean, VA 22101  -- Sold on March 16th for $1,925,000.
  On almost an acre, this 55 year old home in Elmwood Estates has a carriage house, 3 car garage, maids quarters, 5 fireplaces, and an au-pair loft.  There's even a custom audio system throughout the entire house.
  
  
• 11802 Yates Ford Road, Fairfax Station, VA 22039 -- Sold on March 6th for $1,747,000.
  Though built in 1985, this home for all intents and purposes is only about 5 years old.  Everything was completely updated with superb materials -- over $500,000 worth of improvements since being built  Situated on 5 acres, this 9,346 square foot home is impressive.

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA 

Townhouses: 

• 1431 Harvest Crossing Drive, McLean, VA 22101 -- Sold on March 11th for $1,275,000.
  This elevator townhouse was built in 2003 in the Evans Farm community of McLean and has 4 bedrooms and 4.5 bathrooms.
  
  
• 125 Queen Street, Alexandria, VA 22314 -- Sold on March 23rd for $1,265,000.
  Close to the Potomac River, this Old Town Alexandria townhome features a master suite with dressing room, luxurious bathroom with jacuzzi, steam shower, and bidet (is that a selling point?).  This home was built in 1971.
  

• 1537 N. 22nd Street, Arlington, VA 22209 -- Sold on March 17th for $1,100,000.
  Located in Palisades Park, this townhouse has panoramic views of Georgetown and the Potomac River.  With a 2 car garage and four levels, the townhouse also features a designer kitchen.T
  
  
• 700 Lyles Lane, Alexandria, VA 22314  -- Sold on March 2nd for $935,000.
  Sold for $65K under the $1 million asking price, this Potomac Greens townhouse with 2 car garage has a great roof terrace with views of the Potomac River.
  

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums: 

• 1830 Fountain Drive #1502, Reston, VA 20190 -- Sold on March 5th for $1,100,000.
  Penthouse in the Paramount! Located in Reston Town Center, this huge 3,065 square foot 3 bedroom condo is larger than most single family homes!  It features a marble foyer, sunset views, hardwood floors, 3 garage spaces, and more.
  
  
• 888 Quincy Street #1812, Arlington, VA 22203 -- Sold on March 30th for $726,000.
  With a panormaic view of the entire DC area from the 18th floor, this 1,258 square foot condo features a 24 foot balcony.  The Residences at Liberty Center condos were built in 2008 and remain a prime address in North Arlington.
  
  
• 400 Madison Street #1603, Alexandria, VA 22314 -- Sold on March 30th for $680,000.
  In Old Town Alexandria, this condo at Alexandria House has views of the city, Potomac River, and the Masonic Temple.  With marble bathroom,s, mahogany closets, wood floors, Viking appliances, and granite counters, the 1,298 square feet of space in this 2 bedroom condo is remarkable.
  
  
• 901 N. Monroe Street #205, Arlington, VA 22201 -- Sold on March 20th for $660,000.
  Right on top of the Virginia Square metro stop, this 1,538 square foot condo has 2 balconies, 2 garage spaces, a gas fireplace, and a great location.
  

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, Great Falls, Lorton, McLean, Springfield, Washington D.C., contact Brian today.