U r b a n T r e k k e r

Developments on Triangle-Quantico corridor

This week I ventured out to Stonewall Manor located in historic Triangle - Quantico area, about 28 miles south of DC. That was my first visit to Triangle area.  I'd never been out there so, I'm curious to check what's happening there. I've read it on different publications that Prince William County is the fastest growing county not only in VIrginia - but also in the Nation! Now, that's something that peek my interests to check it out.

As far as my eyes can see, the Triangle-Quantic corridor is booming. Land has been cleared for new homes. The big three developers - Stanley Martin, Craftsmark Homes and Edgemoor have already started selling homes there. That is amazing to see how the area changed so much from a sleepy town to a booming town just over the past few years. Many years ago, buyers won't go this far to search for their dream homes. However, because of low inventory and affordability around Northern Virginia corridor, they started looking in Prince William county for alternatives. You know what,, if buyers have expectations that properties in Prince William County are cheap, or they could buy new homes for under $500s - they're up for a surprise!

Bailey's Crossroads Makeover

Read it on WaPo, that a report commissioned by the county revitalization office, calls for an upgrade for Bailey's Crossroads area. The report looks at strategies to help redevelop the southeast section of Bailey's, a 32-acre area southeast of Columbia Pike and Route 7.

About Bailey's Crossroads.

The Bailey's Crossroads and Seven Corners area has emerged as a transit hub connecting Arlington, Alexandria, northern Fairfax County and Washington, D.C. The diversity of residential, commercial and retail areas here makes for a prosperous climate, and a great assortment of business and restaurants adds to a bustling community-rich environment. (source: Fairfax County Website)

To download the report, click here.

On the Market: Fairfax Ridge

The list of condo conversions on the market in greater Washington DC is growing by day. Here is another condo conversion in Fairfax: Fairfax Ridge. This condominium complex is located off intersection of Route 50 in Fairfax and I-66. A short commute from here to George Mason University, Reston, Chantilly, Fairfax City, and Annandale. The location is great for people who work around the technology corridor off Dulles toll road or commuters to DC.

Fairfax Ridge has one, two and three bedrooms condos with living area ranges from 732 square feet (the smallest) to 1332 square feet (the largest) with a variety of floor plans. Unlike other condominium complex, that sells only condos, they do have two bedroom townhomes. Prices -- start at upper-$200s to upper-$400s.

GuPpYs

Guppys are not new breed of aquarium fish. Instead it is a new term for Green Urban Young Professionals (average age 25-34 years old). They are the new urbanites who are interested in anything that are earth-friendly. And use earth-friendly or eco-friendly appliances, home materials to equip or build their new homes. Portland, OR, is THE place where a lot of guppys live.

"A lot of people move here seeking many things, not the least of which is life in a greener place," says Ethan Seltzer, professor of urban studies and planning at Portland State University. "Oregonians may not be getting the biggest paychecks, but they are getting access to a natural environment that provides them with a lot of benefits. So it's not surprising that you see more solar lighting and eco roofs here."

On another note, the National Association of Realtors' new headquarter in downtown DC, just blocks from Capitol Hill,  is a showcase of green building. It follows strict green building codes. Click here for more information on NAR's building project.

What makes a building green?

A  "green" building places a high priority on health, environmental and resource conservation performance over its life-cycle. These new priorities expand and complement the classical building design  concerns: economy, utility, durability, and delight.

For resources on Eco-friendly homes, click here.        

Read more about the trend.

On the Market: The Exchange at Van Dorn

Another condo conversion project is on the market: The Exchange at Van Dorn. The Exchange was built a few years ago. In real estate, it's about location, location and location. The location is perfect for urban dwellers who relies on Metro or have car and need quick access to major roads. It's easy access to the Beltway, I-395, a short drive to Old Town, DC, and Landmark shopping mall from here. What's more - Van Dorn Metro station is only half a mile walk from here.  I would say, when you are here, you feel that there's a mix life style here - kind of a mix between urban and suburbanize living.

Pricing starts at mid-$200s to low-$300s for a one bedroom condo with 593 square feet to 771 square feet of living area. The two bedroom starts at mid-$300s to mid-$400s.

This community is tot and pet friendly. Amenities include (from brochure) swimming pool, tot lot playgrounds and picnic areas on site, pet corner around every corner, the best of it -- ample parking for your visitors. Condo features include gas fireplace in select unit, crown molding, W&D in unit, and pre-wired for high speed internet.

Lastly, here's the kicker for the month of June 2005 only - you'll get incentive up to $7.5k toward closing costs or upgrade package from the developer (if you use their preferred lenders).

10 Most Priciest Neighborhoods in the World

Thought this is interesting to know. Interestingly, six of these priciest neighborhoods are located in the US and the rest is outside US. The home prices range from the lowest $1.2 million to the highest $85 million.

The 10 Most Priciest Neighborhoods are:

# 10
Seventh Arrondissement, Paris, France
Average home prices: $1.2 Million

# 9
La Jolla, San Diego, California
Average home prices: $1.7 Million

# 8
TriBeCa, New York City
Average home prices: $1.76 Million

# 7
Shibuya, Tokyo
Average home prices: $1.8 Million

Real Estate Boom

There has been a lot of discussions about the housing market recently. Most of the discussions were originated either from people in the industry or journalists. Here is a discussion paper that's been written up about "Why Housing Prices Have Gone Up?" coming from Harvard Institute of Economic Research.

Click here to read it.

Are you Missing the Real Estate Boom?

That's the title of a new book by David Lereah, NAR (Natl. Association of Realtors) Chief Economist.

Are you a first-time buyer? A current homeowner considering whether or not to trade up? There has never been a better time to do so, Lereah convincingly claims. In Are You Missing the Real Estate Boom?, Lereah explains what to look for when you’re buying a home; which improvements add the most value to your current home; what to consider when purchasing rental properties; how to evaluate real estate investment trusts (or REITs); and the pros and cons of second homes. Full of detailed information on how to work with a real estate agent and a mortgage lender, how to analyze local markets and regional fluctuations, and how to best finance your investment, Are You Missing the Real Estate Boom? offers readers the seasoned advice they need to invest with confidence and reap outsized rewards.

To buy this book from Amazon.com, click here.

Townhouse at Fairfax Gateway

Fairfax Gateway are the new townhouses built by one of the largest builders, Hovnanian Homes, located near historic downtown Fairfax City close to fine restaurants and boutiques.

The location is convenient to major roads Rt.123, Rt. 236, and I-66. Fairfax Gateway is a community of 47 townhomes.

Downtown Fairfax City soon will become the next urban village in Fairfax. A mixed use development will be built at the former site of the old Post Office off Main St.

These are 3 level full brick townhomes with 2 car garage, 3 bedrooms, 3 1/2 baths, gourmet kitchen with Corian counters, hardwood floors, deck, and including the option to have loft or 4th bedroom.

Last Opportunity: Sierra Condominium

Sierra Condominium is not a condo conversion, but rather a new condo development. Ninety-eight percent of the condos are sold, but - there are a few more left. The location is in Arlington, close to Columbia Pike, Route 7, Route 50, shopping centers, short drive to Ballston, Pentagon and Clarendon. The neighborhood around Columbia Pike corridor is part of Arlington Urban Villages. 

These are 2 BR 2 Bath condos with starting price at upper-$300s to low-$400s that include 1 space for underground garage. As far as pricing, they are undervalued - in comparison to the newly marketed condo conversions.. for the same number of bedrooms, features and square footage of living space. Comparison is based on data collected from condominium developers in the area.

UPDATE: one unit is back on the market due to financing! WaPo has a write up about the area. To read the article, click here.