Archive for October, 2007
Come On In the Water’s Fine in Belmont Bay
October 31st, 2007 Categories: Featured Listings, Focus on Prince William
Are you ready to enjoy the resort lifestyle all year long? Then you want to check out this great new listing in Belmont Bay on the Occoquan River. From the minute you open the front door you will know this is a place you can call home. The gourmet kitchen features gas cooking, stainless steel appliances, granite counters and loads of cabinet space. Everything a cook could want. Worried about not having enough room for guests to dine? Choose between the eating space in the kitchen, the raised breakfast bar or huge dining room.
Enjoy the large living room with sliding glass doors to deck overlooking trees and water. No worries about closet space in the master bedroom with two huge closets. Great master bathroom with separate shower, custom mirrors over the soaking tub and double sinks. Step up your home office wired for high speed internet access and try not to be distracted by the view! Nice private 2nd bedroom and bath. This unit has two side by side parking spaces and a storage closet just outside the door of the unit. Walk the VRE station in the community, enjoy the 400 acre nature reserve just around the corner and grab a bite to eat at the golf club. This unit is a must see!
This unit is the lowest priced DRAKE model on the market at $495,000. Want to know more about what goes on in Belmont Bay?
Belmont Bay
Walking Tour of Belmont Bay
If you are interested in learning more about this great community or to view this condo give me a call at 703–346–2213.
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Now that our regional MLS is offering agents the opportunity to upload 30 free photos it will be interesting to see if more agents will take the leap and post multiple photos or in at least one! Believe it or not there are listings that don’t even get an exterior photo which can only mean that the agent has clicked the option to “upload all” and then doesn’t bother or has no clue. When the MLS was charging for uploading additional photos the price was so cheap that it wasn’t a big deal and agents who passed were just hurting their clients.
In a time when buyers are spending more time previewing homes on the internet before they even call an agent, listings without photos are quickly passed by in favor of those with photos. One of my current buyers is completely frustrated because most of the properties he is finding in his price range don’t have pictures and because he also is looking for a house with a place for a pool table so the lack of room sizes (which could be it’s own blog post) is driving both of us crazy.
As a seller in a market with significant competition for a buyer’s attention make sure your agent is maximizing the use of the MLS and other online resources for getting your home the most on-line exposure possible. There are so many tools available for agents to use to get your home noticed in today’s market that the excuse I’m waiting to get the film developed just doesn’t cut it anymore.
Example of New MLS Tour
Example of Virtual Tour attached to MLS Listing
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First Time Home Buyers and the 49 Page Addendum
October 25th, 2007 Categories: Real Estate Ramblings
I’m working with a great couple, first time buyers and newlyweds purchasing their new home in the Virginia Run subdivision in Fairfax County. We met a year ago at an open house and after looking at a few places last year they decided to wait until after their wedding to begin a serious search. Fast forward a year and lo and behold they found a home that will meet their needs for many years to come.
Of course buying your first home is scary enough but when you find the home you want and discover that it is owned by a relocation company the process gets even more complicated. In this case the complication is a 49 page contract addendum, all small print that needs to be signed and included with the already lengthy Virginia contract. Honestly it is 49 pages!
Fortunately the listing agent is fantastic to work with and despite both of us having out of town trips that coincided with this process we managed to put together a contract with only ONE minor issue that the relocation company asked us to revise. It shows why taking time to get to know the parties on the other side of the transaction important.
So many times in our business agents feel that they need to dominate and force a deal down your throat with threats. However, real estate is a business built on relationships, relationships with our clients, our lenders, our appraisers and most importantly our colleagues. Without the two of us putting our heads together to make this a win/win situation we would still be exchanging paperwork and everyone would be ready to rip their hair out. Instead she and I sat together and made sure that when the contract was presented that it had the best chance of being accepted by the relocation company.
In a market where we hear about the lack of cooperation among agents and deals falling through due to unrealistic expectations this contract has seemed like a breeze, despite that blooming 49 page addendum!
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Parkside of Alexandria Auction on Sunday
October 24th, 2007 Categories: Auctions & Foreclosures, Focus on Alexandria
Yesterday was my day to preview the townhouse condos coming up for auction at the Parkside of Alexandria. It appears that the marketing is working. The auction signs are all over the property so you can’t miss where you are supposed to go and while touring we ran into numerous other people previewing the property as well.
The best units as far as community location are the 3 bedroom Jamestown models. Obviously the starting price point for these units at $275,000 is attractive but buyers need to remember that there is a monthly condo fee associated with the larger units is currently $312 per month. The smaller Hamilton models are cute and would work for first time buyers and with a starting price point of $225.000 have a lot going for them. The current monthly condo fee on these units is $220 per month. In talking with a couple of prospective buyers at the property yesterday the condo fee was not something they had considered as they were thinking about monthly expenses.
The nice thing about this auction versus the other auctions that have taken place recently is there is no buyer premium. Part of this is due to the fact that the developer is auctioning the properties themselves and they are only paying a 1% co-op fee to agents. The auction itself takes place on Sunday starting at 2PM at the Hilton at Mark Center on Seminary Road. There will be a practice auction at the units on Saturday afternoon between 5:30–6:30 pm for anyone who is thinking of bidding but is unfamiliar with the auction process.
You must be registered by Saturday at the Parkside of Alexandria sales office if you intend to bid and you must be pre-qualifed by a lender before the auction. Closings must take place 30 days after the auction so you will need to be ready to go if you place a winning bid.
As always don’t get auction fever and make sure you have done your homework before you make a bid!
Related Blogs on Northern Virginia Auctions:
The Fevered Pitch of Northern Virginia Auctions
Only the Name has been Changed to Protect the Innocent
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Star Trek Meets Dewey Decimal
October 22nd, 2007 Categories: Focus on Arlington, Green Living, Out and About
A few years ago a leaking hot water heater took a chunk out of my coveted book collection. Then another move made me realize that hauling around boxes of books was not very practical and added a lot to the moving bill. So after years of avoiding the public library it seemed like a good idea to check out how they might have changed. In the Northern Virginia area we are lucky to have a huge selection of libraries to choose from including a new state of the art library that opened recently in Shirlington.
As soon as you walk in the door you realize this is not a place were you are going to find rows of those pesky card catalogs but instead a sleek state of the art computerized facility. Offering 26 PC stations, total wireless access if you bring your own laptop, a 75 person meeting room with Smart Board and check out with a library card with built in RFD chip. There are comfortable chairs scattered throughout the library and you are allowed to bring in a cup of java!
This $225 million dollar facility replaces the old “temporary” library which was flooded in 2006. The building was built following “green” building principles including recycled-content carpeting, low VOC paints, a reflective roof and energy efficient systems. Arlington County is in the process of applying for LEED certification from the Green Building Council. Originally conceived as a one story building the project grew when the Signature Theater learned that it would need a new home as well. Known for taking risks with adaptations of overlooked theater products, the Signature Theater has won acclaim with 54 Helen Hayes Awards over the last 20 years.
With community art on display, an LED architectural light show which can you can see as soon as you enter Shirlington Village and a mosaic fountain designed by Martha Jackson-Jarvis a local sculpter you will see how this library is one step above ordinary.
So if you have been avoiding the library because of the fear of the dreaded SHHHHH then you need to take another look at what is happening in your local library. The new one in Shirlington gives you a great opportunity to avoid heavy lifting the next time you need to move.
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Home Auctions in Northern Virginia-Then and Now
October 18th, 2007 Categories: Auctions & Foreclosures
There is a lot of press swirling around the Northern Virginia Auctions that are popping up all over Northern Virginia. Mega ads are running in all of the papers, yellow signs line the streets and ballrooms are booked for multi-day events.
Let’s step back a couple of years and take a look at the home buying process in Northern Virginia. As a buyer you went out with your Realtor® (hopefully) or you made the Sunday rounds at Open Houses looking for just the right house. When you found it you frantically put together a contract in hopes that the house would be yours. Within hours you learn the house had multiple offers on it and if you wanted it you were going to have to “up your offer” in order to be the winning bid. Since you had no idea who your competition was or what they had offered you had to take a calculated risk and decide whether to pass or make a new offer. After days of negotiation you found out whether you had won the house or were going to have to wait for the next one.
Now fast forward to today. A house is listed as an auction property. Whether it is at the home itself or in the ballroom the auctioneer picks a starting price and bidding begins. Some homes bring a flurry of activity and others sit quietly on the sidelines. The crowds get anxious checking out their competition and everyone is figuring out their strategy to decide whether they are going to be able to outbid the competition for the home they want.
So what is the difference between the two processes? No matter how you spin it the market a few years ago was an auction market. The primary difference was that the earlier auctions were “silent” auctions. You didn’t know what the other bids were, you didn’t see the competition and you had to wait to find out whether you had the winning bid or not. Today’s auctions are out in the open. If it is an absolute auction (few are) you know as soon as the auctioneer says SOLD that they house is yours. If it isn’t then you are waiting for the bank to decide whether they will accept your bid or not.
So when you read about the housing auctions being new phenomenon in Northern Virginia real estate don’t be fooled. No one screamed this house is going up for AUCTION TODAY a few years ago but houses were being auctioned to the highest bidder. The major differences are in the marketing strategy and the hype. So if you are thinking about buying a house in today’s Northern Virginia market realize that there are plenty of good deals that don’t require you to make decisions under the pressure of an auction.
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Rental Watch-Are the Mortgage Payments Being Made?
October 16th, 2007 Categories: Auctions & Foreclosures
This week a call came from a former Northern Virginia client asking for help for his co-worker. The sheriff had turned up at the door of their rental property with orders to evict them from the premises. The renters a US Army Major and his family had moved in to the property in early June and had been paying their rent on time. Unfortunately the owners of the home had not been paying the mortgage. Instead it appears that they had been cashing the rent checks and using those funds for other expenses. Now the bank is foreclosing on the property and wants the tenants OUT!
Fortunately for the tenants when the sheriff arrived he was sympathetic to their plight and helped make arrangements for them to stay for another 2 weeks while we locate another property for them to move to. As it turns out the bank had no idea that there were tenants in the property and not the owners. With the plethora of rental properties available in the area finding them a new place to live is not a concern. They have little hope of being able to recover their security deposit and will have the expense, hassle and trauma of having to move in a hurry.
It turns out that this is not an isolated event. Speaking with other agents in my office it turns out there are others who have faced this same situation, some with literally an overnight notice to pack the van. Investors who have properties with a negative cash flow find that they no longer have the ability to come up with the extra cash needed every month. In some cases it may be rising mortgage payments from an adjustable rate loan and in others it may be just a rental scam. No matter what the family who is living the house are the ones who end up taking the brunt of the issue as they now pay for a move they hadn’t planned on making.
This family is “lucky” in finding officials who are willing to help them but it made me take a look through the MLS at newer properties around Northern Virginia listed for rent. It was easy to find a number of properties both listed for rent and sale where the comments in the sale information clearly stated “third-party approval” or “short sale.” This should be an immediate red flag to anyone who works with renters. Move on. The bank isn’t going to let a renter stay when they foreclose. There were also properties currently rented that say “Investors Only-currently rented-Short Sale”. If an investor doesn’t step up to the plate my guess would be the current renters are going to find themself on the street as well.
So for anyone who works with rental clients in Northern Virginia make sure you look closely at the MLS and tax information to help your clients avoid what this family is facing-an unexpected and traumatic move.
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In today’s market when buyers have multiple choices in a neighborhood how do you make you home stand out? Certainly every Realtor® will talk to you about pricing your home to sell and talk to you about making sure your home is free of clutter. A good agent will make sure that your home has the best quality photos in the MLS and your agent may even bring in a professional stager for a consultation if it is necessary.
We hear the commercials for the high end car dealers talking about the benefits of buying a “certified pre-owned” car. They lure you to the lot with guarantees of 32 point inspections or free vehicle reports to show you the car wasn’t salvaged from a flood. So why don’t you make your home a “certified pre-owned home”? Instead of waiting for a buyer to conduct a home inspection, after you have already negotiated what you thought was the sales price of your home, take the first step and have the inspection before you list your home for sale!
When we live in our homes we tend to overlook some of what we think may be cute quirks and don’t realize that the next owner of the home may consider them to be a excuse to ask you to lower the sales price even further or jump through hoops to make repairs. So the fan in the attic quit working at the end of the summer and the shower valve leaks, no big deal right? Wrong according to the Virginia sales contract all electric and plumbing must be in working order. Both of those items would fall under the category of MUST FIX.
How about the rotting trim around the back door, loose roof shingles and wobbly stair railing? The new buyers are going to ask you to fix them or credit them with some cash to have them fixed themselves. Do you see where this is going? If you are pro-active and have the home inspection conducted on your own and find out what issues there are you can fix them on your terms or be prepared to set your price accordingly. If you have an older home and haven’t had a termite protection plan in place go ahead and have the termite company come by too.
The next part of being a “certified-pre owned home” is to provide a home warranty for the buyers. They are going to ask for one anyway so buy it when you list the home and SURPRISE if anything breaks during the listing process you are covered by the warranty as well. The final part of the process is to consider an upfront property appraisal. No matter how many ways you look at the competitive properties in your neighborhood the bottom line is going to be what the bank says your home is worth. Appraisers take a different approach to valuing your home than a Realtor®. They are the final word on pricing no matter whether we like it or not.
So of course you are thinking how much is all of this going to cost me? Home inspections prices are generally based on the price, size and type of the home so for a mid range let’s say $500. A termite inspection will be another $50. Home warranty will be around $400 and the appraisal will be around $350. So for less than $1500 you can put a different spin on your home. The $1500 you spend up front to become a “certified pre-owned home” will save you more in time, hassle and aggravation than waiting to re-negotiate your home sale after the fact.
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While working with some first time home buyers this week they asked if a title insurance policy was different than the home owners insurance policy their loan officer had told them they would need to get before they went to closing.
It was easy to understand their confusion as the terms do sound very familiar. The simple answer to the question is YES and you need both but for different reasons.
Home owners insurance is designed to protect you should your home is hit by lightening or a tree fall through the roof. You renew and pay for the policy every year. Depending on the type of coverage you decide to buy it will cover not only damages to the structure of your home but also can cover personal property within your home as well. There is usually a deductible that is not covered when you file a claim and the rest of the damage is covered by your policy.
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The Fevered Pitch of Northern Virginia Housing Auctions
October 11th, 2007 Categories: Auctions & Foreclosures
The ballrooms were packed with prospective buyers and their agents. Bankers and representatives lined the front rows. The auction book contained all of the homes that were going to be auctioned over the two day period. Auctioneers called a house number from the catalog and the bidding started…or not…depending on the property. If a bid wasn’t forthcoming the auctioneer named a starting price to stir the crowd to action. Some of the homes were being sold absolute and it took a few rounds of bidding to finally figure out how the auctioneers were distinguishing the properties that would be SOLD that day no matter what the bid.
Once we figured out the phrase “WILL SELL TODAY” was the key to an absolute sales it made it easier for bidders to know if they were going to walk away with a home or not. For everyone else it will be a couple of days of waiting to find out if the bank accepts their offer. We have seen the growing number of yellow auction signs in the front yard of individual properties in Northern Virginia and so far most of these auctions have fallen flat if for no other reason than the 10% buyer’s premium tied to them. This weekend’s auction had a 5% buyer’s premium tied to it which is a bit more reasonable but still bidders have to take the additional cost into consideration.
So are the auctioned homes a good deal? It will take a few weeks of studying the auction book with all of the auctions in Northern Virginiafinal prices notated and checking against the MLS records to see who got a good deal. At first glance it appears that some of the properties offered and purchased as “absolute” may have been a good deal. The thing to consider is that all of these properties are offered “as is” so any issues that the buyer finds after the auction are their’s to deal with.
So what is next? A condo conversion project called Parkside of Alexandria is about to auction 30 condos. The development has sold 300 plus units in the past two years but the developer is ready to move on. They are headed to the auction block on October 28th at the Hilton Mark Center in Alexandria.
So were last weekends auction of REO properties and the upcoming auction at the Parkside of Alexandria one time events? Considering the growing inventory of homes both new and resale my suspicion is Northern Virginia will see more of these events scheduled throughout the area during the upcoming 
months.
As always if you are a buyer thinking of attending and bidding on an auction make sure you pre-view the property with a Realtor and know what a reasonable price for the property would be. Don’t get caught up in auction fever. It could cost you big time!
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