Buy Alexandria Real Estate: July 2009

Today's high temperature is going to hit 91 degrees here in Northern Virginia.  Sure that's hot, but it's nothing compared to steamy Phoenix, Arizona where temps are expected to hit 114 today and remain above 105 the rest of the week.

If there's one thing that's hotter than the temperature, it's the Northern Virginia real estate market.  We're talking sales, absorption rates and housing inventory levels. 

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.

Everywhere I go these days, people keep saying "I hear the housing market is heating back up, isn't it?"  Heating back up?  It's HOT!  Take a look at the numbers that follow and draw your own conclusions.  The absorption rates were determined by taking the current inventory of homes and dividing by the number of sales in the last 30 days.

ARLINGTON, VIRGINIA

697 Homes on the Market

253 Homes sold in Last 30 Days

2.75 Months of Housing Inventory

ARLINGTON IS HOT!

ALEXANDRIA, VIRGINIA

532 Homes on the Market

180 Homes sold in Last 30 Days

2.95 Months of Housing Inventory

ALEXANDRIA IS HOT!

FAIRFAX COUNTY, VIRGINIA

3239 Homes on the Market

1326 Homes sold in Last 30 Days

2.44 Months of Housing Inventory

FAIRFAX COUNTY IS RED HOT!

PRINCE WILLIAM COUNTY, VIRGINIA

1260 Homes on the Market

577 Homes sold in Last 30 Days

2.18 Months of Housing Inventory

OUCH!  PRINCE WILLIAM COUNTY IS PIPING HOT!

 It's a red hot real estate market.  Whether you're buying or selling, you don't want to get burned. 

You need to choose the right REALTOR.

I Hate to Brag.  Really, I do.

That's why I have a loving, adoring, wonderful wife who does most of my bragging for me. 

She'll tout my latest accomplishments and make it sound like I climbed Mount Everest barefoot and without oxygen when all I did was sell another home or appear on national television.

(In the spirit of full disclosure, I'm also the biggest raving fan of my wife and tell everybody about her successful wedding dance business every chance I get).

However, sometimes, no matter how humble you are, it becomes necessary to toot your own horn.  In this case, it's not even my horn, but rather that of my real estate brokerage, RE/MAX Allegiance.

You see, REALTOR Magazine recently published its lists of the Top 100 real estate brokerages in the United States ranked by 2008 Sales Volume and by 2008 Transaction Sides.

Here's some interesting facts about RE/MAX Allegiance:

• RE/MAX Allegiance ranked 24th by transaction sides and 22nd by sales volume of all U.S. real estate brokerages.
  
  
• With only 800 agents, RE/MAX Allegiance is the smallest brokerage to make the Top 25 ranking by sales volume.
  
  
• RE/MAX Allegiance agents averaged 12 transactions sides in 2008.  Only 3 other brokerages in the Top 25 had more transactions per agent (and they were all other RE/MAX franchises!)  The top 9 brokerages on the list each had below 10 transactions per agent. 
  
  
• RE/MAX Allegiance averaged $3.95 million in sales volume per agent.  Only 1 company in the top 30 (Alain Pinel Inc. in Saratoga, CA) had a higher average sales volume per agent.  We had more than twice the average sales volume of our only local competitor (Long & Foster) to make the list.
  

Our lovely Director of Career Development for RE/MAX Allegiance, Ellen Ing wrote an insightful blog post that further analyzes the numbers on the REALTOR Magazine list. 

I'll let Ellen do the rest of the bragging.

When you're ready to work with the most successful bunch of REALTORS in Northern Virginia, feel free to give me a call at 703-626-0715.

From time to time I've had clients sincerely apologize to me for taking my time and causing me hassle for just "my small sale."

I always give them this same explanation:

There's No Such Thing as a "Small Sale" in Real Estate.

Sure, I've helped people purchase million dollar properties and I've helped people purchase a home for $79,000, and everywhere in between.  However, if you're planning to spend $100,000 on your home or $800,000, that's a big purchase for YOU.  The real estate process is the same on each property regardless of price, and you'll have the same questions whether purchasing that first condo or the dream estate on 2 acres with a pool.

It's important that you are treated equally.  For a REALTOR, every sale is important and they all add up.  Besides, my hope is to have clients for life, and I'd like to help you eventually sell your first home and buy your second and third ones.  If I treated your sale as a small insignificant matter, would you want to work with me again when it was time for your third home?

 Moreover, you may be purchasing a one bedroom condo, but perhaps you have friend, colleague, or fourth cousin twice removed that's ready to buy or sell that Great Falls mansion.  You'll want to pass my name along, won't you?

Please don't apologize.  Your sale is NOT small.  

I want to help you whether you're searching high or low.

Get started today on your Northern Virginia home search in all price ranges

Taxes.

Let's face it, they are a fact of life. 

Any economist will tell you that taxes play an important role in people's economic decisions.

Thus, those of you searching for homes in Northern Virginia need to be aware of the property tax rates in the various local jurisdictions.

The list below shows the current tax rates for the various areas of Northern Virginia (all rates are per $100 of assessed value):

AREA                                                          TAX RATE

City of Alexandria                             $0.903

Arlington County                               $0.865 + $0.01 sanitary district fee

Town of Clifton                                 $1.04 + $0.01 stormwater fee

City of Fairfax                                  $0.88

Fairfax County                                 $1.04 + $0.01 stormwater fee

City of Falls Church                          $1.07

Town of Herndon                             $1.30 + $0.01 stormwater fee

Loudoun County                              $1.245

City of Manassas                             $1.35

Manassas Park                                $1.65

Prince William County                      $1.212

Town of Vienna                               $1.2681 + $0.01 stormwater fee

Work hard.  Do a good job.  Close a deal.  Get referred to another buyer or seller.  Repeat.

That's the way it should, can, and does happen.  You can pay hundreds of dollars to hundreds of coaches who will all tell you the same thing: Try to build your business by referrals.

Last Thursday after finishing up settlement on a townhouse in Northern Virginia, my clients were thrilled.  As I handed them a stack of business cards and politely asked them to please spread the word about my services to their friends and colleagues, they said:

"Sure.  Oh by the way, we've already passed your name along to some friends, is that okay?"

Is that okay?

That's more than okay... That's music to any REALTOR's ears.

The week before, my wife and I were heading to dinner at Food Matters in Cameron Station when we bumped into some clients of mine who had purchased a home in that community a few years ago.  As we started talking, they laughed and said:

"Brian, we were just talking about you 30 minutes ago.  My brother is thinking about buying a condo in D.C. and I told him all about you."

We invited them to join us for dinner and the next day the brother called me and we plan to meet up soon.

You want to pass my name along.

Please do so. 

I'm open for business.

Send them to my website.

Send them to this blog.

Give'em my phone number (703-626-0715).

Just don't keep me a secret and keep me all to yourself. 

After all, you won't need another home for at least 5 or 6 years, right?

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 June 2009.  All information was obtained through MRIS.

Overall, there were 92 sales sales topping $1 million during the month of June 2009, a 50% increase from the 61 that sold in May and more than double the number (40) that sold in April.   The luxury market seems to be heating up a bit.  Or maybe it's just those Maryland Millionaires moving down our way to Virginia.

JUNE'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 816 Arcturus on the Potomac  -- Sold on June 25th for $3,700,000.
  This riverfront home came with a power boat!  On almost an acre, this gated home offers amazing views, an in-ground pool, a boat lift and dock, guest house, and more.  It was built in 1914 and has 3 bedroom and 4.5 bathrooms.  Sold for $600,000 below the $4.3 million asking price.
  
  
• 10005 Windy Hollow Road, Great Falls, VA 22066  -- Sold on June 23rd for $3,695,350.
  Built in 2000, this 8,250 square foot home on 1.72 acres also features a 2 car garage Carriage House with a full apartment.  The main home in the Falcon Ridge community has a state of the art kitchen and butler's pantry, a terraced swimming pool and a lower level with media, game, and exercise rooms.
  
  
• 1020 Founders Ridge Lane, McLean, VA 22102  -- Sold on June 29th for $3,000,000.
  Located in The Reserve in McLean, this 5 bedroom, 6 full and 2 half bathroom home has a hand laid stone and stucco exterior.  The home has a four car garage and built-in European antiques!
  
  
• 1133 Basil Road, McLean, VA 22101  -- Sold on May 15th for $2,200,000.
  Even though this home sold for $395,000 below its asking price, it was simply advertised as the best value in McLean -- PERIOD.
  
  
• 8644 Old Dominion Drive, McLean, VA 22102 -- Sold on June 10th for $1,925,000.
  On 3 private acres with a gated entrance, this 6000+ square foot home features a gourmet kitchen, indoor pool and sauna.  This McLean home was sold by an agent in my McLean RE/MAX Allegiance office.
  

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA 

Note: Over 27% of the million dollar plus single family homes that sold in June were sold in McLean.  It's a Great Place to Have a Real Estate Office, I Can Tell You That.

Townhouses: 

• 104 Queen Street, Alexandria, VA 22314 -- Sold on June 30th for $1,200,000.
  This townhouse on Queens Row has views of the Potomac River and a riverfront park.  It also has assigned parking for 2 cars -- a premium in Old Town Alexandria.  The townhouse was built in 1998 and has 3 bedrooms and 3 full bathrooms.
  
  
• 314 S. Fairfax Street, Alexandria, VA 22314 -- Sold on June 10th for $1,100,000.
  Built originally in 1820, this townhouse has front and rear staircases, large rooms and hardwood floors.  With 3 bedrooms and 3 bathrooms, this million dollar plus townhouse also has 4 fireplaces.
  

• 712 Potomac Street, Alexandria, VA 22314 -- Sold on June 15th for $1,025,000.
  The newest million dollar townhouse on this month's list, this one was built in 2002.  It features stainless steel appliances, granite counters, 2 fireplaces and a 2 car garage.  There are 3 bedrooms and 4.5 bathrooms.
  
  
• 810 Rivergate Place, Alexandria, VA 22314  -- Sold on June 30th for $1,020,000.
  Selling for close to the asking price of $1,049,000, this townhouse has 3 bedrooms and 4.5 bathrooms on 4 levels.  It was built in 1995 and comprises 2,446 square feet of space in Old Town Alexandria.
  

As you can see, Old Town Alexandria is the "King of the $1M townhouse!"

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums: 

• 11776 Stratford House Place #1404, Reston, VA 20190 -- Sold on June 26th for $1,000,000.
  Located near the Reston Town Center, this was the only condo in June to hit the million dollar mark!  From the 2330 spacious square feet of this high rise condo, there's a view of the Reston Town Center.  3 bedrooms, 3 bathrooms, a large eat in kitchen and elegant entrance made this one tops.
  
  
• 1250 S. Washington Street #311, Alexandria, VA 22314 -- Sold on June 30th for $975,000.
  Over 2500 square feet, this condo at Porto Vecchio is a corner unit with views of both the Potomac River and a country club.  This condo features 4 bedrooms, 3.5 bathrooms and a formal living room and dining room.  The building was built in 1985.
  
  
• 1600 N. Oak Street #1110, Arlington, VA 22209 -- Sold on June 30th for $875,000.
  Located in Rosslyn at the Belvedere condos, this unit is 2,060 square feet large and has a full view of the Washington D.C. memorials.  With 2 underground parking spaces and a glass enclosed balcony, this one sold for just $75K off the asking price.
  
  
• 11990 Market Street #1602, Reston, VA 20190 -- Sold on June 25th for $865,000.
  Another Reston condo, this one at the Midtown at Reston.  It measurees 2,111 square feet with 3 bedrooms and 3 bathrooms and was built in 2006.
  

SEE AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA 

Contact Brian Block, Managing Broker, 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.