Archive for September, 2008
Young Virginia Couple Hits the Jackpot with Do It Yourself Enthusiasm
September 11th, 2008 Categories: Blog Watch
We are so intrigued by the do it yourself enthusiasm of a young Richmond, Virginia couple that we wanted to share it with our readers.
Sherry and John bought a 50 yr. old house in Richmond, VA that had, as we like to say in the real estate business, lots of potential. Fortunately Sherry and John not only saw the potential but tackled it head on. Armed with “with a little bit of know-how, a lot of enthusiasm and hundreds of hours of HGTV and design magazines to provide inspiration” the couple have become true do it yourself (DIY) experts.
Not only do they have an amazingly transformed house, they have created a business, This Young House, to help and inspire other intrepid DIY’s to realize their dreams. The site is filled with lots of before and after pictures, all of which attest to the fact that style is not about how much money you have.
Kudos’s to John and Sherry – we think they are great – and we’ve added them to our links so you can visit anytime.
Michael
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3 Reasons to Register for the Alexandria Citizens Academy
September 10th, 2008 Categories: Alexandria
There are 3 good reasons to register now for the fall session of the Alexandria Citizens Academy:
- Become part of a cadre of residents who will be trained in how to become more involved in community activities; Council appointed boards, and commissions;
- Learn, through first hand experience, about a wide range of city government functions, services, activities, and issues;
- Provide feedback on governmental programs and services.
The 8 week Academy is held once in the fall and again in the spring. Class size is limited to 15-20 people and is open to City residents over the age of 18 and/or business owners. The majority of the classes are held in the Council Workroom at City Hall but a few classes will be held at different locations throughout the city.
Curriculum includes
- Getting to Know Your City Government
- Community Development
- Transportation and Environmental Services
- Leisure and Cultural Activities
- Finances and Support Services
- Public Safety and the Criminal Justice System (two sessions)
- Healthy and Human Services
The deadline for applications is September 15. For more information call Elaine Scott, Office of Citizen Assistance at 703.838.4800.
I did a similar Academy with the Alexandria Police Department and it was an eye-opening experience. As a realtor I found it a great way to see the “insides” of my home town from a whole new perspective – and what great information to pass on to my clients.
Speaking of information, if you are beginning to think about buying or selling a house in Northern Virginia, give me a call at 703.927.4554 and let’s get the conversation started.
Michael
Michael
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90210 Is Right at Home in Old Town Alexandria’s 22314
September 9th, 2008 Categories: Alexandria
Now this has nothing to do with real estate or mortgage rates or how I can help you sell or buy a house but it does have something to do with a friend of mine and why, for at least one night, the Beverly Hills zip code 90210 will come home to Old Town Alexandria’s 22314.
Ever wonder what happens to actors when they decide to embark on another career? Do people still recognize them? Do they ever get calls to come back to the screen or stage? Well, for one actress who spent part of each of 10 seasons with the pop culture hit of the nineties, Beverly Hills 90210, it’s been an interesting journey.
So take a look at what “Kelly’s mom, Jackie Taylor” is doing now and why a quick trip to 90210 was just right for this 22314 resident.
Michael
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Pulitzer Prize Winner to Speak at Alexandria’s Historic Christ Church
September 9th, 2008 Categories: Alexandria
Debby Applegate, recipient of the 2007 Pulitzer Prize in Biography for “The Most Famous Man in America: a biography of Henry Ward Beecher” will speak on Saturday, September 13th at 5:30pm at Alexandria’s historic Christ Church.
Ms. Applegate’s appearance is the inaugural event in church’s new Second Saturday Community Speaker Series which will explore issues of faith and public life. A summa cum laude graduate of Amherst College and the holder of a Ph.D. in American Studies from Yale University, Applegate will speak about Beecher’s life and career and illustrate how the intersection of faith and public life has always been a topic of intense debate.
The parish home of George Washington and Robert E. Lee, Christ Church has long been at the center of religious and public life in the metropolitan area. Visitors have included Presidents Calvin Coolidge, Franklin Roosevelt, Lyndon Johnson, Jimmy Carter, Ronald Reagan, and George H.W. Bush, British Prime Minister Winston Churchill, Senator Elizabeth Dole, and former Archbishop of Canterbury George Carey.
Previous speakers have included Rosa Parks, Nobel Laureate Archbishop Desmond Tutu, former Secretary of Veterans Affairs Togo West, former Chief of Staff of the Army Gordon Sullivan, former White House Press Secretary Ron Nessen, and former Assistant Secretary of State Hodding Carter.
Tickets for the event, which will be followed by a reception and book signing, will be available at the door for $20 (cash or check only). For more information, contact Jennifer McKenzie at 703.549.1450.
Michael
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August Market Figures for Northern Virginia and Alexandria
September 8th, 2008 Categories: Real Estate News
In the first half of this decade, Northern Virginia and Alexandria experienced a substantial increase in home prices. So far in the second half of the decade, most areas are experiencing a decrease in home prices due to the oversupply of houses on the market.
Let’s say someone purchased a house in 2000 for $300,000, and by 2005 it appreciated to a market value of $500,000. Today, after the recent decrease in the market, that house might sell for $400,000, and the seller would see $100,000 net appreciation. If this seller only remembers the $500,000 at the peak of the market, the seller may think they lost $100,000 instead of gaining $100,000 from the $300,000 originally paid.
In fact, homeowners who have purchased several houses over the years should look at the big picture, which in this instance is cumulative equity gains For example, let’s say you bought your first house 20 years ago for $150,000 and sold it for $250,000 to buy a $400,000 house. In turn that house appreciated and you sold it for $600,000 to buy an $800,000 house in 2005. Your total gross equity gain would be $100,000 for the first house and $200,000 for the second house for a total of $300,000 net appreciation. Read the rest of this entry »
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Foreclosure Effect on Home Prices Is Small According to Economists
September 7th, 2008 Categories: Real Estate News
Despite a report Friday from the Mortgage Bankers Association (MBA) that U.S. foreclosures hit a record high in the second quarter of this year, it doesn’t necessarily translate into big declines in home prices.
Reporting in a new and first-of-its-kind study from the National Bureau of Economic Research, The Foreclosure-House Price Nexus: Lessons from the 2007-2008 Housing Turmoil, a trio of economists note:
“Even in the face of an extreme foreclosure wave such as that experienced in 2007, our evidence indicates that foreclosure shocks have relatively small effects on U.S. house prices.”
The authors’ model incorporated MBA foreclosure and OFHEO* home price data from 1981 to 2007 and used home foreclosure forecasts for 2008 and 2009 from Economy.com. The model included data on unemployment, building permits and existing home sales. The authors, Charles Calomiris of Columbia University, and Stanley Longhofer and William Miles of Wichita State University, said the study was the first to estimate the effect of foreclosures on home prices for all of the U.S.
Even under “extreme” foreclosure shock scenario, with foreclosures up 75% compared to the baseline in 2008 and 2009, U.S. home prices may decline only about 5.5% between the second quarter of 2007 and the end of 2009 the authors estimated.
The authors emphasize that house-price declines vary across states and argue that headlines pointing to extreme circumstances in a few states can be misleading about the United States as a whole. Despite increased foreclosure rates throughout the country, only 12 states are projected to see foreclosure-induced price declines of 6 percent or more through 2009, led by Nevada, Florida, California, and Arizona.
“This suggests that home prices are quite sticky, and that fears of a major fall in house prices, with all of its attendant negative macroeconomic consequences, typically are not warranted even in extreme foreclosure circumstances.”
They go on to say, “We conclude that a reasonable estimate of the future path of U.S. housing market prices is that they will remain essentially flat, on average, for the next two year notwithstanding the large predicted increase in foreclosures.”
Bottom line – this is a good buyers market and will continue to be so for the next few years. Why not make your move now? Call me at 703.927.4554 and let’s make the market work for you.
Michael
***Office of Federal Housing Enterprise Oversight
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Drains May Not Be Sexy But A Dry Basement Sure Is
September 6th, 2008 Categories: Alexandria
Drains, even French drains, aren’t the least bit sexy but a dry basement in the midst of a hurricane – well, that is an incredible turn on!
Today was all about Hurricane Hannah. Ordinarily we would have spent the day monitoring our sump pump, anxiously checking drains in the basement well and waiting for the inevitable wet carpet in the downstairs den. Instead, I was busy with clients and Virginia was off at a writers conference.
Why the luxury of not worrying? French drains. Like most homes build it Northern Virginia, we are mired in marine clay. Already heavy, mucky, and damp , marine clay can undermine any foundation unless proper precautions are taken.
Enter the French drain. We finally capitulated some five years ago and completely disrupted our life for a week or so. Our French drains were done on the interior of the house, saving our hard won foundation plants and perennial gardens, but adding a layer of dust that took weeks to eliminate.
No matter, the work comes with a life time guarantee (it even conveys to new owners when that day comes) and enormous piece of mind. Ummmmmmmm, maybe drains are sexy after all!
Want to know more about the company we used and the work it entailed? Call me at 703.927.4554 or drop me a line and I’ll be glad to share more about our experience.
Michael
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First Thursday in Alexandria’s Del Ray Neighborhood Is All About the Food
September 4th, 2008 Categories: Del Ray, Things to Do
Tonight Del Ray’s First Thursday celebration was all about food. Restaurants and businesses alike had a little something for everyone. We had wine at the Daily Planet, spring rolls from Thai Peppers, UPS truck cookies from the Mailbox store, sausage samples from Let’s Meat on the Avenue, etc. etc.
There was a contest for the best entree with local establishments offering their finest. We didn’t hear the winner but we do know that new kid on the block La Strada was winning some votes with a mouth watering stuffed pork loin.
And because, or perhaps in spite of the fact that it is an election year, U.S. Congressman Jim Moran was on hand to help judge the cookie contest. Donated by friends and neighbors alike, they were still judging when we needed to slip away but my vote was for the oatmeal heath bar cookies . . . .Is there anyone who can tell us who the winners are?
Strolling down the Avenue, you might have seen Elena and her “puppy” Cheby by way of Texas A&M,
or a row of baby carriages for sale at Why the Rooster Crows,
diners at Cheestique,
U.S. Senator Jim Moran,
a musical lemonade stand,
and maybe our favorite, a representative from the Children’s Society Against Whaling.
Next month signals the end of First Thursday for 2008, so be sure and mark your calendars for October 2nd and we’ll see you on the Avenue.
Michael
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One Great Way to Get a Free Room Makeover in Northern Virginia
September 4th, 2008 Categories: Blog Watch
One of our favorite weekly features in the Washington Post is “House Calls”. The Post invites Northern Virginia residents (well, really anyone in the greater metropolitan area) to submit photos, room dimensions, and information about a particularly challenging room.
In return, the Post recruits a local designer to do a free virtual room makeover for one lucky homeowner. The results are published every Thursday in the Home section of the Post.
The designers change every week but the idea is the same. The homeowners describe what they want to accomplish and the challenges they have encountered. They can even declare certain pieces of furniture, wall colors, carpeting that they need or want to keep.
Then the designer gets to work. Suggestions include paint colors, furniture, lighting, accessories, draperies and, what I think is most interesting – furniture placement. It’s amazing how just rearranging furniture can completely re-energize a room. The proof is in the before and after pictures.
One thing I really like is that prices and sources are listed for everything and most of the products are available in local retail stores or on line. Crate and Barrel, Pottery Barn, and Ikea are notable favorites. This makeover is not about breaking the bank!
You may not always like the suggestions or agree with the color choices but just seeing what could be done is an inspiration. It’s also a great way to get a tiny glimpse at new construction designs or room sizes in older homes.
Take a peek at today’s makeover room and maybe you’ll be inspired to submit your own problem space. This week’s designer is Elizabeth Krial of Elizabeth Krial Design in Reston and the homeowner is Debra Long in Haymarket, VA.
Hope you enjoy this as much as I do,
Virginia
Thanks to my spouse and managing partner for introducing this new weekly feature.
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