Buy Alexandria Real Estate: May 2009

Just over a year ago, Maryland, which borders my home state of Virginia, decided to raise the taxes on its residents who earn over $1 million per year -- the so-called "Millionaire Tax."

I decided to use this as the perfect opportunity to encourage Maryland millionaires to consider moving down to Virginia! Here's my blog post from April 9, 2008: Virginia Welcomes Migration of Maryland Millionaires

A couple of weeks ago, the state of Maryland reported that state tax revenues were down. 1/3 less Maryland taxpayers reporting incomes over $1 million from a year prior. Where'd they go? As this news was spreading, the producers of the Neil Cavuto Show on Fox News researched the story and called me in to discuss the effects of the Maryland Millionaire Tax.

Watch below from my appearance on Fox News national television on May 14, 2009. As you can see, I'd be happy to have more millionaires moving down to Virginia and buying homes here.

Here's some advice that I always give to my clients.  It usually turns out to be true.

"Your Third House is Your Dream House" 

Your 1st House is the one that helps you stop renting.  Your 1st House transitions you into being a homeowner. Your 1st House helps you start building equity.  Your 1st House gets you into the market.

Your 2nd House is for when you're ready to move up.  You buy your 2nd House when your family is getting larger, you've got a job promotion, etc.  You need more room and can afford more house -- that's your 2nd House.

Your 3rd House is Your Dream House.  You've arrived.  This is the house you've always wanted.  You're gonna stay here for a while.  Maybe forever.

Some of my clients skip the 1st House and go right to the 2nd House.

I joke around with first time buyers and tell them that one day while I'm driving around the million dollar homes in McLean, I'm going to call them and say "Hey, I found your 3rd House.  Now we just have to wait 15 years until you're ready to buy it."

Are you ready to buy your 1st, 2nd, or 3rd House?  I'll be happy to help in any case.

Start Your Northern Virginia Home Search

For purchasers of condominiums, the ever-present condo fees weigh heavily on their minds in making the decision about which condo to choose and whether to purchase a condo at all or avoid the fee by buying a townhouse or single family home.  Condominiums have condo associations which set budgets and rules for the condo.  Fees for maintenance of the building or buildings within the complex often include such items as elevators, janitorial services, snow and trash removal, security systems, and amenities (pool, tennis court, gym, party room, etc.).

These fees are typically divided between the owners based on the square footage of the unit.  People looking to buy a condo in Northern Virginia should take notice of the condo fees in each condo community they consider to purchase as these fees can vary widely from building to building.  Usually highrise buildings will have higher fees than garden style and low rise condos because the upkeep costs are higher and typically utilities (heat, gas, water, and electric) are wrapped in to the condo fee.

ALEXANDRIA VIRGINIA AVERAGE CONDO FEES

Here's some information about the 2009 average condo fees at some of the more popular condominium communities in Alexandria (based on units currently on the market):

** START YOUR ALEXANDRIA CONDO SEARCH TODAY **

Typically, unless the buyer is committed to condo living, I don't advise the purchase of a high-rise 3 bedroom condo.  As you can see from the chart above, the condo fees are quite steep.  If the potential buyer used that condo fee amount (on a mortgage monthly payment basis), it would provide them (at today's interest rates) with a whole lot extra purchasing power.  With the average 3 bedroom condo price in Alexandria, the buyer could afford to purchase a townhouse or single family home in a higher price range instead.

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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 April 2009.  All information was obtained through MRIS.

Overall, there were 40 sales topping $1 million during the month of April 2009 continuing the pace  from the 39 sold during March.

APRIL'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 7837 Westmont Lane, McLean, VA 22102  -- Sold on April 24th for $2,450,000.
  This one's a whopper of a foreclosure sale!  Bought brand new 4 years ago for $3.1 million, the 2009 tax assessment on this 7 bedroom, almost 8,000 square foot home is $2.6 million.  It lasted only 18 days on the market before it was scooped up by a lucky buyer.
  
  
• 912 Clifton Drive, Alexandria, VA 22308  -- Sold on April 9th for $2,300,000.
  This brand new home with 6 bedrooms, 6 full and 3 half bathrooms features a theater, fitenss room, library and a main level bedroom.  On 3/4 of an acre in Alexandria, the home delights with over 9,000 square feet of space.
  
  
• 3111 N. Monroe Street, Arlington, VA 22207  -- Sold on April 27th for $2,116,000.
  In the Bellevue Forest community, this 6 bedroom, 5.5 bathroom home sits on about .8 acre of wooded property.  There's a multi-tiered heated pool and spa.
  
  
• 1575 Maddux Lane, McLean, VA  22101  -- Sold on April 22nd for $2,104,800.
  Brand new house in Chalice Crest of McLean -- a community of 13 distinctive residences by Sekas Homes.  This model has over 7500 square feet of space in 5 bedrooms, 5.5 bathrooms on 1/2 acre.
  
  
• 9610 Atwood Road, Vienna, VA 22182 -- Sold on April 10th for $1,800,000.
  This mansion featured an inground poool with hot tub, a covered rear Lanai, and over 9,000 square feet of space on over an acre.  Built in 2002, this home also features a phenomenal kitchen, an exercise room, media room, wine tasting room, and sauna, not to mention a circular drive and fountain!
  

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA 

Townhouses: 

• 5 Potomac Court, Alexandria, VA 22314 -- Sold on April 30th for $1,225,000.
  Built in 1967, this 4 bedroom 3.5 bathroom townhouse has Potomac River views from every level.  Two fireplaces, two gardens and a fully finsihed lower level complete the picture.
  
  
• 2211 N. Oak Court, Arlington, VA 22209 -- Sold on April 3rd for $1,120,000.
  Sporting amazing year-round views of the Potomac River and Georgetown, this Palisades Park townhouse features 5 fireplaces, 3 bedrooms and 2.5 bathrooms on 4 levels.  Oh, and it was sold by my friend, D.C. REALTOR Pat Kennedy!  Yeah Pat!
  

• 2235 Fairfax Drive #8, Arlington, VA 2201 -- Sold on April 7th for $1,043,270.
  Now there's an interesting sales price!  This Vista on Courthouse townhouse in North Arlington is only 2 blocks away from the metro and has garage parking for 2 cars.  The home has 3 bedrooms and 2.5 bathrooms and a large outdoor terrace.
  
  
• 649 First Street #61, Alexandria, VA 22314  -- Sold on April 29th for $975,000.
  On Liberty Row in Old Town Alexandria, this 4 bedroom, 3,500 square foot town house features a master suite that uses the entire 2nd floor.  The 3rd floor bedroom has a private roof garden.  Cool!
  

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums: 

• 2001 N. 15th Street #1105, Arlington, VA 22201 -- Sold on April 17th  for $920,000.
  While it sold for $130,000 under the listing price, this Odyssey Condo in Arlington was the top condo sale of the month.  This 2 beroom and den condo is just blocks from the Courthouse Metro and features unobstructed views of the Washington Monument and U.S. Capitol.
  
  
• 1600 Clarendon Blvd #W206, Arlington, VA 22209 -- Sold on April 9th for $845,400.
  Condos at the Wooster and Mercer Lofts repeatedly make the list.  This open loft with 1 master bedroom suite, 2 bathrooms and 10 foot ceilings has 1,650 square feet of living space.  All the high end finishes.
  
  
• 1111 N. 19th Street #1701, Arlington, VA 22209 -- Sold on April 29th for $740,000.
  In the brand new Waterview condo building in Rosslyn, this unit features views of the Potomac River, Key Bridge and Georgetown through floor to ceiling windows.  The condo is located above the new Hotel Palomar and condo owners can enjoy hotel services including room service!  How do you like that?
  
  
• 2151 Jamieson Avenue #1407, Alexandria, VA 22314 -- Sold on April 28th for $730,000.
  This 3 bedroom 3 bathroom condo includes a 40 foot glass enclosed balcony with southern exposure.  The new kitchen has top-end appliances and a built-in wine bar/cooler.  This Carlyle Towers condo has 2 parking spaces and all the amenities, including a short stroll to the King Street metro.
  

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.