Archive for November, 2008
Ft. Belvoir Set to Become Northern Virginia’s Next “Small City” - Part 2
November 30th, 2008 Categories: Alexandria, Real Estate News
Ft. Belvoir in Fairfax County is experiencing a growth spurt that will take it from being a large town to Northern Virginia’s next small city as part of the Defense Department’s 2005 Base Realignment and Closure Process (BRAC).
As I noted in Part 1, traffic congestion is a major concern and to reduce traffic, officials have divided the new development into three sites:
- the main post which occupies 12.25 acres on the banks of the Potomac;
- the Engineer Proving ground several miles inland;
- and the newly announced, yet-to-be-built office complex off Seminary Road at I-95.
The main post will take in 3,400 new workers, 8,500 will go to the Proving Ground and another 6,400 will to the new office complex. Thousands of additional visitors will flock to the post’s new hospital which will serve active and retired service members. The $800 million hospital at Ft. Belvoir is designed to replace Walter Reed Medical Center which will be closed after Belvoir is completed.
The new hospital will have 120 beds and five buildings. Soldiers wounded in Iraq and Afghanistan will recuperate in a nearby Warrior in Transition Unit.
Another major draw is the widely anticipated Army Museum which is scheduled to open in 2013. The museum is not part of BRAC and its $160 million cost comes primarily from private donations.
By law the BRAC development must be completed by September 2011 and is “going to take place regardless of what’s happening in the economy,” noted Gerald L. Gordon, president and chief executive of the Fairfax County Economic Development Corporation.
Whether for your primary use or as an investment property, this area of Fairfax is one to watch. Call me at 703.927.4554 to find out more.
Michael
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Sales in Alexandria Zip Code 22314 UP in October
November 21st, 2008 Categories: Real Estate News
Home sales in Alexandria’s 22314 zip code were up 8 percent in October 2008 as compared to sales in October 2007. At the same time, the average list price and the average sales price were down 21 percent, highlighting the fact that buyers still have the upper hand in today’s market.
The 22314 zip code takes in all of Old Town Alexandria, extending north along the GW Parkway to include Potomac Green and west on King St to include the Carlyle complex.
Homes highlighted in blue were on the market 30 days or less.
For more information on these or other properties in the 22314 area, call me at 703.927.4554.
Thanks for stopping by,
Michael
Sales are taken from the Metropolitan Regional Information System (MRIS) and do not include For Sale by Owner transactions or (for the purposes of this report) condominium sales.
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October 2008 Sales are Up Year to Date for Northern Virginia Real Estate
November 20th, 2008 Categories: Real Estate News
As we move towards a new year and what is often considered a ’slow time’ for realtors, there are several positive indicators for the Northern Virginia real estate market. Most significantly, October 2008 sales were up over October 2007 sales. At the same time, October 2008 listings were down from October 2007 listings.
Why is this important? One of the strongest indicators of whether the real estate market is going up or coming down is comparing the number of homes coming on the market versus the number of homes going under contract.
If homes are selling faster than homes are coming on the market, then prices have to go up. If more homes are coming on the market than homes going under contract, then prices have to go down.
For more information about Washington, DC and the close in Virginia counties of Alexandria, Arlington and Fairfax, click on any of the links for a chart showing the number of homes under contract versus the number of homes just listed and inventory activity.
It’s still a great market for buyers, especially with the $7500 credit for first time home owners still available. Don’t wait, call me at 703.927.4554 and let’s make the market work for you.
Thanks for stopping by,
Michael
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