Archive for November, 2010
October 2010 Real Estate Market Report for Zip Code 22301 in Alexandria
November 16th, 2010 Categories: Del Ray, Market Reports, Real Estate News
Today’s market report reflects October 2010 real estate sales for zip code 22301 in Alexandria.
Covering the neighborhoods of Temple Park, Rosemont and Del Ray, the October figures show a decrease in the number of sales, a modest gain in prices and a dramatic drop in the number of days on the market from October 2009 to October 2010.
As always, these numbers must be seen in context. There were no million dollar sales in October 2010. In fact, only two of the homes sold in October were above $600,000 yet properties moved at a brisk pace, averaging just 37 days on the market. Well priced properties sell – period.
| October Del Ray, Rosemont, Temple Hills (22301 zip) |
2009 |
2010 |
| Av. List Price |
$513,964 |
$515,575 |
| Av. Sold Price |
$509,386 |
$510,563 |
| Low List Price |
$214,900 |
$195,000 |
| Low Sold Price |
$225,000 |
$187,000 |
| High List Price |
$829,000 |
$744,900 |
| High Sold Price |
$817,500 |
$745,000 |
| # of Home Sales |
14 |
8 |
| Av. Days on Market |
65 |
37 |
For more information on these numbers or your specific neighborhood, give me a call today at 703.927.4554 for a free market analysis.
Michael
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The Mosby – A Luxury Condominium in Alexandria’s Del Ray Neighborhood Part Three
November 15th, 2010 Categories: Alexandria, Del Ray, Real Estate News
Back in August we introduced you to The Mosby, a luxury condominium in Alexandria’s popular Del Ray neighborhood.
In fact, the Mosby sits right on Mt. Vernon Avenue in the very heart of Del Ray.
Like most things construction, developer Brian Thomas lost a few weeks because of errors in shipping, coordinating workmen and, well, there was a new baby too!
All that is behind him now and not only is the Mosby officially on the market, the first unit has been sold. The penthouse is waiting for a few finishing touches but the units on the bottom are open and available for viewing.
Watching the Mosby turn from a dream into a reality has been a real treat for us. The finished product is exactly what Brian promised – a unique quality development – that is an absolute asset for Del Ray.
From the original hardwood floors to the refinished claw foot tubs to high end appliances, the Mosby is urban living at its best. Interested in making the Mosby your home? Give me a call at 703.927.4554 and let’s make it happen.
Michael
The Mosby – A Luxury, Boutique Condominium in Alexandria’s Del Ray Neighborhood Part One
The Mosby – A Luxury, Boutique Condominium in Alexandria’s Del Ray Neighborhood Part Two
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Getting Ready for a Home Inspection
November 11th, 2010 Categories: Real Estate News
I did a home inspection with some clients this morning and it reminded me that buyers need to get ready for a home inspection just like sellers do.
While sellers need to attend to annoying caulking or loose wires or faulty plumbing, buyers need to educate themselves – and stand up for what they want. A recent discussion on our neighborhood list serv is a good example of what can go wrong when you do
Neighbor “X” noted that although they wanted, and offered to pay for a separate chimney inspection, both their Realtor® and the home inspector talked them out of it. BAD MOVE. An inspection without a fiber optic camera , relying only on a visual inspection, is challenging.
In this case, the inspector missed over $10,000 worth of damage to the flues because he relied on a visual inspection. The damage was confirmed by three independent chimney inspection firms, all of whom used a fiber optic camera. Unfortunately the house had already gone to closing by the time the new homeowners found out the true price of their inspection.
This couple also received misinformation about the use of saddle valves (most often used in ice makers). The home inspector said the valve was fine. It wasn’t. Saddle valves are in violation of the Standard Building Code*** and if an existing saddle valve wears out it may NOT be replaced with another saddle valve. Again, the home owner learned this after it was too late to resolve it in the home sale. ***Saddle valves continue to be used in ice makers despite code law.
Radon (an invisible, odorless, tasteless radioactive gas) is another area of testing that you may have to ask for. Inhalation in high levels, over a long time period, can cause lung cancer.
A final word of warning, home inspectors in Virginia are not formally liscensed. They have an association (ASHI) and it establishes some standards for them but has no authority for enforcement. Work with your Realtor to find someone who understands your concerns. Ask for references. Do your homework.
Michael
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October 2010 Real Estate Market Report for Old Town Alexandria in Zip Code 22314
November 10th, 2010 Categories: Market Reports, Old Town, Real Estate News
We haven’t done specific zip code market reports in a few months but it seems like a good time to revive the practice. The October 2010 Real Estate Market Report for Old Town Alexandria in Zip Code 22314 shows gains in sales prices and a dramatic decrease in the number of days on the market.
October 2009 had 47 sales while October 2010 had a decrease of 22 percent with 37 sales. At the same time the average sales price in October 2010 increased 9 percent over sales in October 2009.
The biggest change was in days on the market with a 33 percent decrease (this is a good thing!) from October 2009 to October 2010.
| October Old Town Alexandria 22314 |
2009 |
2010 |
| Av. List Price |
$588,123 |
$648,254 |
| Av. Sold Price |
$575,012 |
$628,194 |
| Low List Price |
$239,000 |
$279,000 |
| Low Sold Price |
$215,000 |
$269,000 |
| High List Price |
$1,149,000 |
$1,970,000 |
| High Sold Price |
$1,149,000 |
$1,900,000 |
| # of Home Sales |
47 |
37 |
| Av. Days on Market |
92 |
60 |
For more details about what the market is doing in zip code 22314 or for a customized CMA (comparative market analysis), call me at 703.927.4554.
Michael
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Bike Accessibility Is a New Standard for Some Homeowners
November 9th, 2010 Categories: Real Estate News
Here on GW, we have talked a lot about walkability and the impact on potential homeowners. But now a new standard for homeowners – bike accessibility – is demanding attention too.
Washington, DC leads the way in the number of local bike commuters – helped in no small part by the city’s 45 miles of bike lanes including a dedicated stretch on Pennsylvania Avenue.
Arlington and Alexandria residents however can take advantage of the Mt. Vernon Bike Path and Four Mile Run, both of which connect to bike commuter routes in the District. Just last April, Alexandria installed some of the first “bike boxes” in the area, a safety move for both cyclists and motorists.
Developers are looking at the trend and installing bike racks in local communities like Ford’s Landing and Old Town Village in Alexandria.
The City of Alexandria adopted a master Pedestrian and Bicycle Mobility Plan in 2008 to decrease reliance on automobiles and increase the ease of biking and walking in the City.
Some of the highlights of that plan include:
- 13 new and 2 reconstructed pedestrian and bicycle overpasses/underpasses
- 10.1 miles of new shared-use paths and 3.54 miles of reconstructed shared-use paths
- Removal of 68 shared-use path surface obstructions and 10 clear width obstructions
- 16.3 roadway centerline miles of new bicycle lanes
- 3.7 roadway centerline miles of new climbing lanes for bicycles
- 16.4 roadway centerline miles of new shared lane markings for bicycles
- 12.31 miles of shared use pathways alongside roads
In addition, the City has installed a bike signal on the Mt. Vernon Bike Path at the driveway of the Porto Vecchio condominiums.
It’s great exercise, relatively inexpensive and uses no carbon fuels – hey, there’s a lot to be said for this bike accessibility!
Michael
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Real Estate Market Report for Alexandria and Northern Virginia October 2010
November 8th, 2010 Categories: Market Reports, Real Estate News
The Real Estate Market Report for Alexandria and Northern Virginia for October 2010 was released yesterday along with the annual Housing Opportunity Pulse Survey from the National Association of Realtors (NAR).
The survey questioned Americans from across the nation on their attitudes towards homeownership.
The results? Homeownership still figures prominently in the American dream with nearly 8 out of 10 respondents believing that buying a home is a good financial decision.
According to NAR, pending home sales have increased for the second consecutive month, rising 4.3 percent to 82.3 based on contracts signed in August.
The data reflects contracts, not closings. A sale is listed as pending when the contract is signed but the transaction has not closed, though sales are usually finalized within 60 to 90 days from signing.
Those surveyed also agreed that job insecurity and the lack of jobs continue to be the primary obstacle to home ownership and market recovery in the near future.
For those in a position to buy, it is a prime opportunity with historically low interest rates and a wide selection of homes that are more affordable than ever. NAR’s survey respondents agreed, with more than two-thirds of respondents (68 percent) saying that now is a good time to buy a home.
If you are currently in the market to purchase a home, be aware that industry insiders are watching inflation rates closely right now. If inflation rates begin to rise, then so will mortgage rates. If mortgage rates rise, it could price many buyers out of their dream home.
Let’s look at what is happening in Alexandria:
- The number of October sales (116) were down 33.3 percent from October 2009 (174) and down 0.9 percent from September 2010. October YTD sales are running 4.9 percent behind last year’s year-to-date sales of 1,657.
- The October median sales price of $437,000 was up 16.9 percent from the $417,662 in October 2009 but down 5.0 percent from September 2010.
- The average sales price in October was $471,910, up 13.0 percent from $438,356 in October 2009 but down 1.6 percent from $480,335 last month.
For a more detailed look at the October 2010 real estate market reports for Alexandria and Northern Virginia, check out the specific locations below:
Alexandria
Arlington
Fairfax Country
Faquier County
Loudoun County
Prince William
Washington, DC
So what’s the real deal? How should this data impact your home buying or selling decisions? Is the market stabilizing or flailing?
It’s times like these that I can provide you with the solid facts that are relevant to you, in your neighborhood.
I not only have the experience and knowledge to assist you, but I am in the local marketplace everyday and have access to pertinent local data that can help you make sound home buying and selling decisions.
Whether you are a home seller who needs professional guidance to price a property appropriately, or a home
buyer who needs a responsible representative who will lead you through the process, I can advise you, dissect those national headlines, and give you the right kind of information to help you make the decisions that are right for you.
For help navigating the local real estate landscape, call me at 703.927.4554. I’m here for you.
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Mission San Juan Capistrano in Southern California
November 7th, 2010 Categories: Things to Do
On a recent trip to Southern California to see our daughter, we took in the Mission San Juan Capistrano.
The only mission in Orange County and one of the oldest in California, San Juan Capistrano is know for the swallows who return every year on March 19, St. Joseph’s Day.
The return of the swallows is widely celebrated and visitors come from around the world to witness this annual migration. On October 23, the Day of San Juan, the swallows begin their return flight to Argentina.
The mission was founded in 1775 and was, for years, the social and economic center of the town. Long time residents recall the bells that tolled every morning, noon and evening. Run as an independent not-for-profit, although still owned by the Catholic Church, Mass is still said every morning at 7am in the Serra Chapel.
For history and garden buffs alike, the Mission San Juan Capistrano in Southern California is a terrific visit.
Michael
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Classic Del Ray Townhouse at 516 East Alexandria Avenue
November 6th, 2010 Categories: Del Ray, Real Estate News
This classic Del Ray town house at 516 East Alexandria Ave features a fully finished lower level with built in book shelves, full bath and walk out to a fenced/decked yard.
Off street parking, hardwood floors and neutral colors are perfect for new home owners – and it’s all just three blocks from the heart of Del Ray, Mt. Vernon Avenue.
For more information about 516 East Alexandria, call me at 703.927.4554.
Michael
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22 Old Glebe Road for First Time or Investment Buyers
November 5th, 2010 Categories: Real Estate News
This light filled one bedroom condominium at 22 Old Glebe Road is a great opportunity for first time or investment buyers. A Murphy bed optimizes space in the bedroom, allowing for multiple uses and tasteful splashes of color highlight designated living areas.
This unit is also the only one in the entire building with a interior door to the outside common space.
Want to see more of 22 Old Glebe Road? Call me at 703.927.4554 for a showing.
Michael
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Bourbon and Oysters at Historic Woodlawn Plantation
November 2nd, 2010 Categories: Alexandria, Things to Do
Historic Woodlawn Plantation will host a rolicking afternoon of bourbon, oysters, cigars and bluegrass on Saturday, Nov. 6 from 4-7pm in celebration of the “very vices that made Virginia great.”
This is a rare opportunity to rediscover Woodlawn’s historic reputation as the home of Virginia’s finest food, drink and entertainment - along with a cadre of chefs from the Neighborhood Restaurant Group.
Wrap your appetite around these menu highlights:
• OYSTERS ON THE HALF SHELL
• FRIED OYSTERS
• ROASTED OYSTERS
• DEVILED OYSTERS
• PIG ROAST
• BEER-BRAISED BISON SHORT RIBS
• CIDER-GLAZED DUCK
• PORK JOWLS
• BRUNSWICK STEW
• VIRGINIA HAM CARBONARA
• BACON & CORN SPOON BREAD
• OVEN-ROASTED ROOTS
• REGIONAL ARTISANAL CHEESES
• BRÛLÉED PEARS
• OLD FASHIONED PIES, CRUMBLES, COBBLERS & BUCKLES
Guest chefs include Chef Nathan Anda of Red Apron Butchery; Tony Chittum of Vermillion; Will Artley of the Evening Star Cafe; Steve Mannino of Rustico, Barry Koslow of Tullula, Kyle Bailey of Birch & Barley and Tiffany MacIsaac of Buzz Bakery.
A live auction, tours of the mansion and gardens and live Bluegrass will also be featured.
All proceeds will benefit the Historic Woodlawn Foundation and the non-profit Arcadia Center for Sustainable Food and Agriculture. Tickets may be purchased online and attendees MUST BE 21 years or older.
Bourbon and oysters – they’re calling my name . . .
Michael
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