Archive for the 'Real Estate News' Category
Real Estate Word of the Day – Imperative Necessity
July 10th, 2011 Categories: Real Estate News
Imperative Necessity - the ability of an (real estate) agent to take initiative in times of emergency, including disregarding instructions from the principal, when it is clearly in the interest of that principal.
Example: When one of John’s listings was damaged by flooding, he quickly employed a crew to fix the damage and get the home ready for showing. Although there was nothing in the listing contract that authorized this, the owner was not available, so he employed the doctrine of imperative necessity to justify his actions.
Michael
*Dictionary of Real Estate Terms
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Alexandria and Northern Virginia in Top Ten Highest Rental Markets in the US
July 5th, 2011 Categories: Real Estate News
In a article published today by MSN Real Estate, Alexandria and Northern Virginia were cited as being in the top ten highest rental markets in the US.
The government and a higher than average employment rate in the greater Washington area puts landlords firmly in the drivers seat when it comes to rents.
Just a year and a half ago, the national rental-vacancy rate sat at a peak of 8%, its highest level in nearly a decade, with economic conditions driving tenants to move in with family or friends.
“The apartment market really turned around though in 2010,” says Axiometrics* President Ron Johnsey, who expects rents to continue to rise through 2013 at a national average of 5% to 7% a year. “In some markets, you’re seeing double-digit increases in rent.”
What does this mean for you? If you are looking to invest in rental property the signs point to excellent opportunities for solid rental income.
If, on the other hand, you are tired of paying as much for a rental as you could be paying on a mortgage then this is a perfect time to start looking. In particular, the condominium market in Northern Virginia is where you might want to start.
In either case, I’m here to help you find the perfect solution for your pocket book. Give me a call at 703.927.4554 and let’s make it happen.
Michael
*Axiometrics is an apartment research firm
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Family Memories Come Together in The Fourth of July, Iceland and the Chesapeake Bay
July 3rd, 2011 Categories: Real Estate News
The Fourth of July, Iceland and the Chesapeake Bay may seem like disparate elements for family memories so let me give you a bit of background.
1 – After my father retired from the military he and my mother moved to Scientist’s Cliffs, a small private community on the Chesapeake Bay. The community is composed of some 300 cabins and sits on 276 acres of the Calvert Cliffs, which rim 25 miles of the Bay’s western shore.
2 – My mother was from Iceland. She and my father met and married when he was stationed in Reykjavik and my brother and I were born there. (Yes, I have dual citizenship.) My sister, who came a bit later, was born in Richmond, VA.
3 – My mother was born on the Fourth of July!
Now, put those three things together – plus my mother’s unabashed love of this country – and you have the beginning of a long, wonderful family memory.
For as many years as I can remember, the entire family gathered at Scientist’s Cliffs every Fourth of July to celebrate my mother’s birthday and the official birthday of the United States of America. The day started early with games – sack races, an egg toss, turtle races, softball – and ended with the all important scavenger hunt. It should be noted that the Bergin family took first place in the hunt at least 6 years in a row.
After lunch it was off to the beach or, if the jelly fish were too bad, straight to the swimming pool. But the main event, and the one everyone waited for, was dinner that night.
Sitting on the back deck overlooking a glen filled with azaleas, rhododendrons and towering trees, the picnic table spread with newspaper, we tucked into bushels and bushels of steamed blue crabs. It didn’t matter what else we had, the crabs were all anyone cared about. It didn’t matter how hot it was or how annoying the mosquitoes, the crabs were irresistible and we picked until the last one was gone.
By then it was dark and it was time for sparklers, birthday cake, tucking little ones into bed and talking long into the night. Even today, with family scattered to California, North and South Carolina and even Europe, the memory of our very special Fourth of July celebration lives on.
Thanks to my daughter Taite, who with a simple entry on her Facebook page, sparked the reminder of what we all shared. If I left anything out, or if any of you have spent time at Scientist’s Cliff, I’d love to hear from you.
Celebrate, enjoy and be thankful. Happy Fourth of July everyone!
Michael
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Celebrate the Fourth of July with a Dress Rehearsal
July 2nd, 2011 Categories: Real Estate News, Things to Do
New to the Washington, D.C. area?
By now you’ve probably heard all about the grand Fourth of July celebration on the Mall – you know, the one that is televised every year, the one they call a “Capitol Fourth“.
The one that ends with the William Tell Overture and fireworks to beat the band. The one that attracts hundreds of thousands of folks to the mall.
But have you heard about the dress rehearsal on the Third of July? Same time, same music, same performers*, same security checkpoints but with much smaller crowds. The only thing missing is the fireworks – that is a one night only event.
It’s a great way to experience Washington. Give it a try.
Michael
***A caveat – some of the performers choose not to be present at the rehearsal and a staffer lip synchs instead. Jimmy Smits is always there though and pokes gentle fun at those artists who pass on this fun tradition.
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Homeownership is Still a Priority According to New Poll
June 29th, 2011 Categories: Real Estate News
Despite continued bad news about foreclosures and the job market, homeownership is still a priority according to a new poll commissioned by the New York Times/CBS News.
Here are some of the highlights of the poll:
“Nearly nine in 10 Americans say homeownership is an important part of the American dream, according to the latest New York Times/CBS News poll. And they are keen on making sure it stays that way, for themselves and everyone else.
Support for helping people in financial distress over housing is higher than support for helping those without a job for many months.
Forty-five percent of the respondents say the government should be doing more to improve the housing market, while 16 percent say it should be doing less. On the politically contentious issue of direct financial assistance to those having trouble paying their mortgages, slightly more than half of those polled, 53 percent, say the government should help.
Happy homeowners
And almost no one favors discontinuing the mortgage tax deduction, a prized middle-class benefit that has been featured on some budget-cutting proposals.”
To read the complete article, click here.
To start looking for your new home, call me at 703.927.4554.
Michael
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Old Fashioned Swimming Holes in Northern Virginia
June 27th, 2011 Categories: Real Estate News, Things to Do
This is a “rerun” from last July but with the Fourth rapidly approaching and summer weekends in full swing, it seemed like a good time to offer this information again:
I don’t know about you but with these 100 degree days, I’m ready for a good old fashioned swimming hole. Clear, cold water, not many folks around, maybe even a waterfall or a few rapids and no chlorine. Doesn’t that sound good?
We did a bit of scouting around and came up with a great site for swimming holes created by someone right here in Alexandria, Virginia – Tom Hillegass.
Tom and his Website partner, Dave Hajdasz of Connecticut, focus on fresh water spots with moving water – creeks, rivers, springs and waterfalls. We’re happy to say that there are 80 swimming holes right here in Virginia.
There are also selected hot springs and lakes, quarries or bays with unique features that make them especially beautiful or fun for swimming.
I talked to Tom about how he got started on this project. After a childhood in Philadelphia where there were no ‘natural’ places to swim, Tom moved to Oregon and fell in love with swimming in local rivers. A final move brought him to Alexandria and it was then that he began collecting information about swimming holes in Virginia.
Sugar Hollow, VA
He and his daughter built the Web site in 1996 and listed 35 swimming holes. Now he has hundreds of listings, many of which have been sent by faithful fans of the site.
Tom tells me, “I get lots of emails . . . and the ones I especially like are from parents who took their kids (to a swimming hole) and opened them to a whole new/old world of delight. People used to know where the local swimming holes were, but today we travel all over the world yet don’t know what’s in our back yard. Young people, especially, have no idea but are discovering them as a result of my site.”
Tom’s site is utilitarian but includes important tips around water temperature, currents, underwater rocks and in some cases, very detailed instructions on how to find some of the more out of the way swimming holes.
Safety tips are another big part of Tom’s site and they are well worth reading.
There’s still some traveling time, and plenty of hot weather, before school starts so pull out your map and plan your next adventure – to a swimming hole in Virginia.
Michael
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Real Estate Word of the Day – Energy Efficient Mortgage
June 26th, 2011 Categories: Real Estate News, Word of the Day
Energy Efficient Mortgage (EEM) - Mortgage loan that allows a homeowner to finance the cost of improvements that will reduce the future cost of utilities.
Example: The FHA has an energy efficient mortgage program that insures loans used to purchase energy-saving features in a house.*
Michael
*Dictionary of Real Estate Terms
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What If Your Dream Home is Overpriced?
June 21st, 2011 Categories: Real Estate News
It’s not unusual in the course of house hunting to find that perfect, everything you have ever wanted house that is both over priced and out of your price range. What to do?
You can’t get it out of your mind, nothing else compares, it haunts your dreams at night. What to do?
You don’t want to look at more houses, you want the the overpriced dream house. What to do?
Here are three things you might try:
- Watch the house closely and ask your Realtor to let you know if the price is going to be reduced.
- Make an offer for what you think the house is worth – and be prepared for a counter offer.
- If your research shows that the house really is overpriced for the neighborhood, offer to buy it for the value assessed by an independent appraiser. With this approach, an third party sets the price, taking the emotion out of both sides.
Now it’s not a guarantee that any of these approaches will get you your overpriced dream house but it’s always worth a try. Talk with your real estate agent and see if one of these options works for you.
Don’t have a real estate agent? Call me at 703.927.4554, I’m here.
Michael
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Real Estate Market Report for Alexandria and Northern Virginia May 2011
June 15th, 2011 Categories: Market Reports, Real Estate News
The recent Case-Shiller report noted that, “In the midst of all these falling prices and record lows, [the metro] Washington DC was the only city where home prices increased on both a monthly (+1.1%) and annual (+4.3%) basis.”
That is GREAT news for our market.
The Case-Shiller Home Price Indicies tracks 20 cities in the United States, including New York, Boston, Chicago, Los Angeles and many others. This report is highly regarded as the most influential report published about the nation’s real estate market.
Take a look for yourself:
Alexandria
Arlington
Fairfax Country
Faquier County
Loudoun County
Prince William
Washington, DC
And for a free comparative market analysis of your neighborhood, give me a call at 703.927.4554.
It’s a great time to buy a home!
Michael
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East Braddock Road Renovation
June 12th, 2011 Categories: Real Estate News
We love to chronicle changes in the neighborhood, especially houses that are getting a face lift.
Front view, East Braddock Road
This renovation on East Braddock Road between Mt. Vernon and Commonwealth Avenue caught our eye just the other day.
Concrete Stoop
A small two story brick home with a small concrete front stoop, the renovation seems to include an addition to the side as well as a front porch.
A new front porch?
Local architect Lori Quill tells us that a front porch can make a huge difference both in looks and in the value of the home.
Porches are welcoming, encourage neighborly interaction and, like a well done garden and patio, literally create another “living space”.
Side addition
We’ll come back in a few weeks to check on the progress on this East Braddock Road renovation.
Michael
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