Archive for December, 2010
November 2010 Real Estate Market Report for Del Ray, Rosemont and Temple Hills in Zip Code 22301
December 30th, 2010 Categories: Del Ray, Market Reports
In January we will be able to give you a much better look back at 2010 as a whole but for now, let’s take a look at the November 2010 Real Estate Market Report for Del Ray, Rosemont and Temple Hills in Zip Code 22301.
The number of sales was almost identical but there was a very slight drop, -1.5%, in the average home sale in November 2010 as compared to November 2009.
A closer look at the high list prices though shows two million dollar + houses on the market in November 2009 while the highest list price in November 2010 was well under the $900,000 mark.
Even better news comes with the average number of days on the market. In November 2009, the average was 75 but in 2010 it dropped to 35 – a great sign for both buyers and sellers.
| November Del Ray, Rosemont, Temple Hills (22301 zip) |
2009 |
2010 |
| Av. List Price |
$659,629 |
$623,587 |
| Av. Sold Price |
$623,309 |
$613,591 |
| Low List Price |
$209,000 |
$479,000 |
| Low Sold Price |
$209,000 |
$473,000 |
| High List Price |
$1,475,000 |
$849,000 |
| High Sold Price |
$1,175,000 |
$839,000 |
| # of Home Sales |
17 |
16 |
| Av. Days on Market |
75 |
35 |
As always, these numbers represent a wide variety of properties and locations within the 22301 zip code.
For more information and a free competitive market analysis that reflects your neighborhood and property, call me at 703.927.4554.
Michael
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Celebrate New Year’s Eve with First Night Alexandria 2010
December 29th, 2010 Categories: Old Town, Things to Do
- Want to go out on New Year’s Eve but stick close home?
- Want to celebrate New Year’s Eve but not dress up?
- Want to enjoy New Year’s Eve with friends, parents and children – all in the same place?
Then celebrate New Year’s Eve with First Night Alexandria.
Begun in Alexandria in 1994, First Night is a community celebration of the New Year through the experience of the performing arts that is family friendly, alcohol-free, safe, affordable and accessible to all.
Coffee shops, retail stores, hotels, museums and public building are turned into performance venues to showcase incredible local and regional talent.
This New Year’s Eve bash takes place all around Old Town Alexandria, with 100 live performances at 17 venues, the Second Annual Fun Hunt, plus childrens face painting and games and a multimedia midnight spectacular with fireworks, lasers, video, and music at the George Washington Masonic Memorial.
First Night was originated in 1976 by a group of civic minded artists in Boston. It’s popularity quickly spread as communities around the country now “celebrate the ancient traditions of marking the passage of time in a present day context.”
Performances start at 7 p.m. and conclude at 11:30 p.m. For more information, including event descriptions and ticket purchasing, visit www.FirstNightAlexandria.org.
Michael
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Northern Virginia Housing Prices Rise Against National Odds
December 28th, 2010 Categories: Real Estate News
The big – and unfortunate – news today was that housing prices are continuing to drop; the glut of foreclosures is growing; and there is a hefty inventory of unsold houses in 17 major metro areas across the country.
The good news? The Washington Metro area, including Northern Virginia, is one of three cities where housing prices are rising against national odds. The increase is modest, 3.7%, but we’ll take it any day of the week.
Source: Standard and Poor
For more, click here.
Michael
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November 2010 Real Estate Market Report for Old Town Alexandria in Zip Code 22314
December 27th, 2010 Categories: Real Estate News
With the New Year safely in our sights, it’s a pleasure to report that the real estate market in Alexandria is perking along nicely.
The November 2010 Real Estate Market Report for Old Town Alexandria in Zip Code 22314 held steady in the number of sales, 47, vs. 46 in 2009. In both years, 2009 and 2010, there was approximately a 5% difference in the list price and the sales price.
In this month’s figures it’s worth paying attention to the high list price and the low list price. Significant differences between the respective 2009 and 2010 numbers account for the 14% drop in the sales price year to date.
As always, these numbers represent a wide variety of properties and locations within the 22314 zip code.
| November Old Town Alexandria 22314 |
2009 |
2010 |
| Av. List Price |
$613,642 |
$524,674 |
| Av. Sold Price |
$586,685 |
$505,679 |
| Low List Price |
$227,205 |
$159,900 |
| Low Sold Price |
$190,000 |
$152,000 |
| High List Price |
$2,695,000 |
$1,799,000 |
| High Sold Price |
$2,450,000 |
$1,789,000 |
| # of Home Sales |
46 |
47 |
| Av. Days on Market |
53 |
71 |
For more information and a free competitive market analysis that reflects your neighborhood and property, call me at 703.927.4554.
Michael
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Giving Back is a Bergin Family Tradition
December 23rd, 2010 Categories: Real Estate News
Giving back is clearly a learned behavior and it’s never too early to start learning. It’s also part of our family DNA.
~This summer my daughter challenged herself to raise almost $10,000 for cancer research by climbing Half Dome in Yosemite National Park.
~My son, a Realtor in South Carolina, works with the Exchange Club on an annual carnival that contributes hundreds of thousands of dollars to local groups.
~And now my four year old grandson is stepping right up and ringing that bright red bell for the Salvation Army.
Any wonder I’m a proud papa?
Giving back, it’s never to early – or too late - to start.
Michael
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Luxury Hotels in Virginia and Maryland for a Holiday Get Away
December 21st, 2010 Categories: Things to Do
photo courtesy of the Inn and Jordan Wright
Our friend Jordon Wright, a chef, writer and entrepreneur who brings a certain ‘je ne sais quoi‘ to everything she does, has written a terrific review of luxury hotels in Virginia and Maryland – just perfect for a holiday get away.
Whether you want a last minute Christmas get away or you’re still looking for a special New Year’s celebration, Jordon has done all the research.
From Richmond, Charlottesville and the Piedmont to Maryland’s Eastern Shore and Virginia’s Northern Neck, this list of luxury inns and hotels will have you packing in no time.
For the complete story, click here.
Michael
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Real Estate Market Report for Alexandria and Northern Virginia November 2010
December 19th, 2010 Categories: Market Reports, Real Estate News
The Real Estate Market Report for Alexandria and Northern Virginia for November 2010 reflects a not unusual downturn in the number of sales as we move away from the hot summer months.
At the same time, prices continue to climb, reflecting a stability in the Alexandria/Northern Virginia housing market.
Let’s look at what is happening in Alexandria:
- The number of November sales (143) were down 24.7 percent from October 2009 (190) but 16.3 percent higher than the 123 sales in October 2010. November YTD sales of 1,729 are running 6.4 percent behind last year’s year-to-date sales of 1,847.
- The November median sales price of $445,000 was up 10.6 percent from the $402,500 in November 2009 and up 2.3 percent from October 2010.
- The average sales price in November was $469,315, up 7.1 percent from $438,386 in November 2009 and up 1.5 percent from $462,439 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
For similar information reflecting sales in your neighborhood or development, give me a call at 703.927.4554 for a free, no obligation report.
Michael
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VA Loan Limits Increase in Northern Virginia on January 1, 2011
December 14th, 2010 Categories: Mortgage Update
On January 1, 2011, the VA loan limits will increase in Northern Virginia and the greater DC area.
The maximum no money down VA loan is increasing to $818,750 from the current limit of $768,750, assuming the borrower has full eligibility.
It’s worth remembering that veterans can have more than one VA loan at a time. Veterans can do the second loan with no down payment if they meet eligibility requirements.
Questions? Call me at 703.927.4554.
Michael
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New Mortgage Guidelines to Favor Personal Income Over Personal Assets
December 13th, 2010 Categories: Mortgage Update
One of our favorite business related blogs is The Mortgage Report by loan officer Dan Green. In addition to his blog, Dan is often seen and heard on national TV and radio shows. We thought a recent topic – New Mortgage Guidelines to Favor Personal Income Over Personal Assets - was particularly interesting.
Starting today, Dec. 13, Fannie Mae will look at loan applications through a new set of standards. Dan says
“Guidelines are changing across 9 separate areas of the mortgage approval process. Collectively, the updates figure to impact nearly everyone in want of a conforming home loan. They run the gamut from income and assets to documentation and reporting.
A few of the more major changes:
- The 97% “Flexible Mortgage” is eliminated, replaced by a standard 97% loan subject to loan-level pricing adjustments
- Borrower “minimum contributions” are eliminated for 1-unit purchases with at least 3% down. Gifts and grants are permissible sources for a down payment.
- ll revolving debt must be included in debt-to-income ratios, regardless of whether there’s “10 Payments Or Less”. If there’s debt, it must be counted.
- A 5% monthly payment against the balance must be assumed when no minimum monthly payment can be verified via the creditor, or the credit bureaus.
Furthermore, the new guidelines contain a note that former homeowners with a foreclosure on record must wait 7 years before re-applying for a conforming mortgage. . . .
For buyers with little or no money of their own, the looser gifting guidelines will be a boon.
For buyers with car payments or student loans, however, the new debt requirements may preclude an approval. Fannie’s new guidelines favor personal income over personal assets; it’s not what you have, it’s what you earn.
Self-employed persons and those with “good accountants” are especially susceptible.”
These new mortgage guidelines make pre-approval even more important for potential homeowners.
If you are in the process now or just starting to look for a home in Northern Virginia, call me at 703.927.4554.
Michael
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Good News for Condominium Owners and Buyers
December 9th, 2010 Categories: Real Estate News
In the past few months, our go-to-mortgage guy, Rob Clark, has warned us that FHA approvals were going to expire on a number of condominium projects. This “approval” is mandatory for anyone looking to use an FHA loan to purchase a condominium.
Basically, approval means that the condominium project meets the owner to renter ratio required by the FHA. This is good news for both condominium owners and buyers and will speed the loan process.
The extensions were granted to reduce the impact of processing and reviewing the number of projects expiring at the same time while recognizing current housing market conditions.
Lenders and/or other interested parties are encouraged to begin the re-approval or re-certification process as early as possible as no further extensions of project approvals will be issued.
Questions? Buying or selling a condominium? Give me a call at 703.927.4554 for more details.
Michael
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