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

Northern Virginia Employment Shortage

Good news on the employment front for Northern Virginia [WashingtonBizJournal].

The Virginia Employment Commission says Virginia's statewide jobless rate fell to 3.5 percent in July, down from 3.8 percent in June, according to the Virginia Employment Commission. In Northern Virginia, the unemployment rate was 2.5 percent, down from 2.8 percent. In Loudoun County, the jobless rate was just 2.1 percent.

Jobs with the most gains: 

Construction, professional and business services, and tourism industries saw the biggest gains in employment.

Read more...

Hurricane Katrina

It's so horrifying to see the damage in Biloxi, Gulfport and New Orleans. Biloxi and Gulfport were the last places I visit with my previous job before switching career in January of 2004. Now, the beautiful beach is littered with debris, people died, hundreds of people lost their homes, family members. It's so eery.. to look at the damage, reminiscence of what happened in my native country, Indonesia - the Tsunami.

I am sad to see what happened to these places. Pictures of post-Katrina from Flickr.

Here's how we can help. These organizations are collecting donation for hurricane victims. [Washington Post]

· American Red Cross, 800-HELP-NOW (435-7669) English, 800-257-7575 Spanish.

· America's Second Harvest, 800-344-8070.

· Adventist Community Services, 800-381-7171.

· Catholic Charities USA, 800-919-9338.

· Christian Disaster Response, 941-956-5183 or 941-551-9554.

· Christian Reformed World Relief Committee, 800-848-5818.

· Church World Service, 800-297-1516.

· Convoy of Hope, 417-823-8998.

· Lutheran Disaster Response, 800-638-3522.

· Mennonite Disaster Service, 717-859-2210.

· Nazarene Disaster Response, 888-256-5886.

· Operation Blessing, 800-436-6348.

· Presbyterian Disaster Assistance, 800-872-3283.

· Salvation Army, 800-SAL-ARMY (725-2769).

· Southern Baptist Convention Disaster Relief, 800-462-8657, Ext. 6440.

· United Methodist Committee on Relief, 800-554-8583.

New Trend: Condo in College Towns

What a great idea for investments! From RealEstateJournal.

Condominiums in university towns can be savvy investments and may also help to beat the high cost of housing for parents with college-age children. Often abounding with cultural and sports events, these locales are becoming popular choices for second homes.

Read more....

Market Going South Yet?

Fed Chairman, Greenspan, said Saturday in his speech that the housing market "will inevitably simmer down." [Read his prepared remarks]

According to MRIS data, the local market is actually experiencing a "blip" for the month of July. July home sales was down by 7% from the year before. I'm curious to know how the market data going to be come end of August. Will we see more drop in the market? From field observation, I have seen that the number of people who come to open houses drop dramatically. I wonder if this is because it's August, when most people are out of town vacationing or.. is this a "sign" that it's heading south?

Some of the current challenges according to Mr. Greenspan:

Some of the near-term uncertainties are the outlooks for the federal budget deficit and the housing market.

As the housing boom ends, housing prices "could even decrease," Greenspan said.

"As a consequence, home equity extraction will ease and with it some of the strength in personal consumption expenditures," Greenspan said.

"The estimates of how much differ widely," he said.

But the end in the housing boom could lead to "a significant rise in the personal savings rate, a decline in imports, and a corresponding improvement in the current account deficit," Greenspan said.

BRAC Voted Yes to Move Workers

Washington Post reported that BRAC commissioners voted yes to move about 18,000 of defense workers from Arlington- Alexandria offices to Ft. Belvoir corridor. The only agency that was allowed to stay is Defense Advanced Research Agency and the Office of Naval Research, which is in the process to move in to their new $12 million office in Ballston. [Update: BRAC also voted to close down Walter Reed Hospital in DC, Washington Post]

The transition might not create a drastic impact on the real estate market right away. But, it will definitely change the landscape in Arlington and Alexandria. It's going to be a six-year process to move all the workers from Arlington - Alexandria offices to Ft. Belvoir.

Read more......

Market Data is Confusing

The National Association of Realtors (NAR) just released their data that shows that home sales is down 2.6% for the month of June to July. Based on this data, analysts have predicted that the market is definitely going south.[Real Estate Journal]

The National Association of Realtors said sales of existing homes dropped 2.6% in July to a seasonally adjusted annual rate of 7.16 million units, down from 7.35 million in June. The decline was the largest one-month drop in 18 months, but the July figure was still the third-highest on record and 4.7% above the July 2004 pace.

Condominium sales slid 5% to a seasonally adjusted annual rate of 915,000 units, the first setback since February for a segment that has outpaced other housing types this year. Single-family home sales fell 2.3% to a rate of 6.24 million per year.

Meanwhile, according to the Washington Post, Department of Commerce released report that new home sales hit record high, up by 6.5% for the same period. Confused? I am.

Analysts who have been seeing darker clouds ahead, however, say the reports do not allay their fears. They cite not only the drop in sales of previously owned homes but also data showing an increase in inventory of such homes, to the highest level since 2003, and a 5 percent drop in sales of condos.

And they note that the Commerce Department yesterday found that median sales prices of new homes had fallen for the third time in a row, to the lowest since December 2003.

Bank Financing for First-Time Gas Buyers

"Banks are now offering Zero-Percent to First Time Gas Buyers", according to SF Chronicle.[cartoon]

Read more......

Pre-Construction Townhomes in Cameron Station

"A Rare Opportunity to Build Your Dream Home in the Area's Most Coveted Community", that's what the brochure said about the new community to be built at Cameron Station. There are two approved projects coming on the market for Cameron Station - new townhomes and condominium will be ready between the end of the year 2005 to 2007. This post will review the townhomes project.[Note: I will post information about the condo project as soon as I get a chance to gather information from developer]

The new development will co-exist with existing community of Cameron Station. There are many benefits living in this community: near major roads, close to shops (inside the community & outside) & Mall, short drive to DC and Old Town. It is suburban enough and yet it's urban!

Cameron Station is designed to offer more than simply an experience in suburban living. The most exceptional attribute of the community though  has proven to be the owners and residents whose spirit has turned the fine architecture and amenities into a true community. 

There are a number of limited availability of townhomes ready for delivery between December of 2005 to Spring of 2006. In fact, developer only will release a total of six homes between now and then. Three homes with 1907 sq.ft and another three homes with 2876 sq.ft. These homes come all the standards that we've recently seen become the staple features for many of the new construction projects.

New Development for N. Capitol St.

Washington BizJournal reported that a Rockville-based developer bought properties from one of the City's oldest community development groups. The plan is to redevelop the site on six properties along 1300 block stretch of North Capitol St. in Washington DC, and turn it into a mixed-use of retail space and condos.

Read more......

$3 Million Condo with View of Washington Monument

Out of 177 inventory of condos on the market in Arlington, this one definitely caught my attention - its the price tag. It is the most expensive condo on the market in Arlington today!

I know there's going to be new construction of luxury condominiums with price tags from the upper-$700s all the way to $4 million. But the new ones will not be ready until at least a couple of years from now in 2007.

"Three million dollars condo! What kind of a condo is that?" That's the reaction I got when I told my co-worker, who's working next to me.

According to the listing information, it is a two-level penthouse with breathtaking view from the Washington Monument-- from the Lincoln Memorial all the way to beyond the Capitol.... The centerpiece of this home is a two-story living room with back to back fireplaces.. bisecting the entertaining area. And there's 12' walls of glass frames your view from almost every room.