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

Northern Virginia 2020 Transportation Plan

IF you're buying sometime in the FY 2010 to 2020, learning the details on transportation planning slated for Northern Virginia, probably won't hurt. Just to make sure that the property you're buying is not going to ended up in some sort of eminent domain.

According to the 2020 transportation plan map, here are the eight major corridors:

1. Dulles/VA-7 corridor
2. Tri-County/ Loudoun County Parkway & VA 234/VA 659 corridor
3. VA 28 corridor
4. Prince William County Parkway (VA-3000) corridor
5. Fairfax County Parkway (VA 7100) corridor
6. I-66/US-29/US-50 corridor
7. I-495 beltway corridor
8. I-95/-395/ US 1 corridor

In addition to these corridors there are selected improvements and other improvements that include outside the corridors above. Mostly the plan involved some sorts of roads/ highways infrastructure - bypass, interchanges- whether new or widening existing roads. I'm not a big fan of more roads, I think other transportation mechanism is preferable, like light rail, small feeder buses that can connect some neighborhoods to the nearest metro stations, bike trails, pedestrian trails - anything that will help reduce road congestion. And get more people to use the mass transit.

NOVA 2020 Trans Plan Map

Highlights:

• For VA 28 corridor (Fairfax, Manassas), there's a transit plan slated for light rail from Manassas to Dulles Airport with a capital cost of $790 million. More likely for 2020 FY.

• FY 2010 selected improvements metrorail extension from Dulles corridor to VA 772 in Loudoun and metrorail extension from Vienna to Centreville. (the Centreville plan I haven't heard about it).

• 2020 improvements include metrorail from Dunn Loring to Tysons Corner to Maryland.

• Light rail in US 1 corridor from Alexandria to the Pentagon.

• 2010 FY and 2020 bicycle and pedestrian improvements.

2010 major improvements include Columbia Pike to Pentagon Trail, Springfield to Tysons Corner Bikeway

2020 major improvements include Light rail VA 7 -Tysons Corner to Baileys Crossroads; Columbia Pike corridor -Baileys Crossroads to Pentagon, VA-7 (4 to 6 lanes) Seven Corners to Baileys Crossroads.

Read the 2020 NOVA transportation report here.

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Correction: Headline should read not "Virginia" but Northern Virginia.

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Major Cities Transit Pattern in Art (DC included)

How do Americans get to work?  Among the 7 (correction: 8) major cities in this pattern (below) - Chicago, Los Angeles, New York City, Atlanta, San Fransisco, Houston, Washington DC and Seattle - New Yorkers by far use mass transit to and from work than any other cities. While Houston holds the trophy for the highest percentage of commuters who 'drive themselves.' At least, DC has proportional method of transit pattern, by public transport and drive.

Commuting patterns in major cities via Infrastructurist.

Artist Martha Kang McGill illustrates the commuting habits of eight major U.S. cities, illustrating just who is driving, walking, biking, or taking mass transit. All stats are based on the 2008 U.S. Census Bureau American Community Survey.

 

Pretty neat, huh?

DC Area Still Good for Business

Image via Wikipedia

That said, restaurants, groceries and electronic retailers interested in the area for potential expansion. The line up includes Fresh Market, Wakefern Food Corp., Brixx Wood-Fired Pizza, HhGregg, Burger Joint, and more. More business moving into the area or looking for expansion, good for the local economy.

$300 Million Cash for Appliances, $12+ Mill. for DC, MD, VA

If you are in the market for new'energy efficient' appliances, check this out. The Department of Energy recently allocated $300 million for cash for its Energy Star rated appliances. The funding is part of the Recovery package.

The states that already have the program in place, via Christian Science Monitor.

The program will start in several states over the next few months, with New York State’s program kicking off Friday. Eight states – Connecticut, Delaware, Illinois, Kansas, New Jersey, Oregon, Vermont, and Wisconsin – have already launched their programs. Other states will launch in coming months, many around Earth Day in April.

What's in the bag for the Greater Washington DC.

• District of Columbia receives $568,000. Program expected to start in April 2010.
• Maryland receives $5,405,000. Rebates expected to start in March 2010.
• Virginia receives $7,445,000. Program expected to start in April 2010.

 
 

Links to the states rebate program websites: DC rebate, Maryland rebate program, VIrginia rebate program.

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Smackdown: Fairfax vs. Montgomery county

In politics, this is what you call opposition research. By looking outside, Montgomery county assigned 2 staffs to do a comparative data report. (Because Fairfax "snatched" a couple of big businesses relocating to the area - I think Hilton is one of them- instead of Montgomery county). The report released by Office of Legislative Oversight Montgomery counties gives Fairfax county the bragging rights for the number of jobs, income, and crime rate. Though, Montgomery county is ahead in terms of percentage of land preserved for open space/ parkland. In terms of population, Fairfax has more population density per square miles, 2,570 persons/sq.mi vs. 1,912 persons/sq.mi for Montgomery.

Comparative data, via Office of Legislative Oversight Montgomery county.

                                                   Montgomery County                 Fairfax County

Land area                                     497 miles                                    395 miles

% of land preserve as open space    38%                                            15%

Population (2008)                         950,980 people                          1,015,302 people

Budget approved FY10                  $4.47 billion                                $4.34 billion

Expenditure per resident               $4,706                                       $4,316

Sources of revenue:

Property tax                                32%                                             57%

Income tax                                  27%                                            none

Other tax                                     7%                                               11%

All non tax revenue                      34%                                              32%

Tax rate:

Residential (per $100 assessed)  from $0.975 to $2.835                from $1.066 to $1.113

Commercial  - ditto                    from $0.975 to $2.835                from $1.176 to $1.443

No. of jobs  (2007)                     654,728                                       855,842

Unemployment                            5.2%                                            4.7%

Housing:

Total housing units                    365,083 units                                393,365 units

Median housing price ('08)         $489,400                                       $523,300

Foreclosure rate                        2.4%                                              3.3%   

Sure, jobs attracted more people to move to Fairfax. Fairfax has 200,000 more jobs than Montgomery! However, there's other things to consider when it comes to choosing where you want to live, work and play. Fairfax spend less per resident as oppose to Montgomery. On the other hand, taxes higher in Montgomery county than Fairfax. What about schools? Oh well.. you can continue digging in the data...       

Read full report, here.

Washington DC-Arlington-Alexandria Foreclosure Rates Up

Data from First American Logic shows that foreclosure rate for the same period for November 2009 was 2.46%, which was an increase of 1.08 percent from 1.38 percent in '08. However, when you look at the REO or bank-owned foreclosure, that measure the percentage of loans not sold at auction but back to the lender, the rate stays flat in '09. What does this tell us? 1) Investors grabbing bank foreclosures left and right, or 2) the loan modification works or 3) bank haven't released much of their inventories (still in the shadow). The trend seems to show that in reached peak in February '09. Then slightly coming down after that.

So, if you have inside knowledge, let me know.  Because HousingWire reports that the big guns (Bank of America, JPM Morgan Chase, Citigroup, Fannie and Freddie) - all suspend foreclosure through the holiday season. The other thing is, there's some 2.4 million foreclosure in the shadow inventory, that is supply of homes that are seriously in delinquent or in the foreclosure process. Look at the data below for DC region. Do we see shadow there?

Washington-Arlington-Alexandria, DC				90+ Day Delinquency Rate	Foreclosure Rate	REO Rate
November 2009				7.71%	2.46%	0.64%
October 2009				7.38%	2.34%	0.65%
September 2009				7.08%	2.23%	0.67%
August 2009				6.73%	2.23%	0.59%
July 2009				6.40%	2.19%	0.60%
June 2009				6.28%	2.16%	0.66%
May 2009				6.08%	2.13%	0.67%
April 2009				5.90%	2.05%	0.67%
March 2009				5.69%	1.90%	0.72%
February 2009				5.62%	1.69%	0.89%

Source: First American CoreLogic.

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Green Tune-up: Location of Thermostat is Key

Image by pdxjmorris via Flickr

So, where you put your programmable thermostat, apparently is key to cut down your utility bills. Thermostat is the low hanging fruit in energy efficiency. However, where you put thermostat, is important in helping you meeting the goals of keeping your energy bills down, via New York Times.

“If you have the right thermostat in place but the temperature sensor is in the wrong place, that can have a huge impact on energy performance,” said Jeffrey Perlman, the president of Bright Power, an energy consulting group.

Thermostat is so efficient that it gives you the fastest payback to savings energy and the environment, in comparison to other gadgets, when in comes to green tune-up your home. It's 'right' on the money. For a small investment of around $115, you can get money back for the return on investment (ROI) in the neighborhood of 0.6 year or 7.2 months, at an annual savings of approximately $180 in energy costs. According to GreenandSave, your payback or ROI would be 1.5 times (156.5%) of cost.

It's like real estate. Location, location, location. Where you put it, gives you the most bang! Via GreenandSave:

The height on the wall (optimal between chest and eye level) and the location in a room near exterior doors or windows can impact the readings. As well, proximity to supply and return ducts can impact the reading and cause inefficient cycling. (emphasis mine)

Consult your HVAC contractor and ask to give you a couple zone locations around the house, so you can get the most bang for your buck.

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For the purpose of full disclosure: I am a Realtor Outreach for GreenandSave, a company that has 20 year legacy in the 'Green' energy saving market. The National Association of Realtors (NAR), uses the GreenandSave data for their green education curriculum. Click here and enter promo "Realtor2," and GreenandSave will donate $10 of proceed to a local realtor association. 

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Stumbling Blocks to Condo Purchase

Today's buyers market is very populated with either investors or first time home buyers. The two groups are bidding each other out in some transactions, especially in buying distressed properties, i.e. foreclosure.

Here are two big stumbling blocks to condo purchase:

1. Down-payment.

Most investors got an advantage in terms of funding. Often times, they come in with cash. So, they will have no problem with down-payment. However, on the downside for investors, they are not really 'welcome' in condo developments that have already higher ratios of investor to owner-occupied.

Solution: if you live and work in Virginia, VHDA can help you 'bridge' that. (if your finances fall within their limits).

2. Financing.

Banks are reluctant to lend to condo borrowers since foreclosure and short-sales tend to be concentrated in the lower priced homes. Unless condominium building is FHA-approved, which requires only a minimum 3.5% down-payment. It will be a big challenge for first-time buyers, if condo is not on the approved list. Sometime your lender can do on the spot loan, but, that is kinda up in the air. 

A write-up from Lisa Fowler with GMU Center for Regional Analysis:

It has become increasingly difficult for condominium buyers to find financing. Since foreclosure rates nationally have been higher for condominiums, lenders have been more hesitant to lend. Also, Fannie Mae and Freddie Mac have been more cautious about insuring loans made to potential condominium buyers. Compounding that, Fannie Mae now requires up to 30 percent down to avoid an interest rate surcharge on a loan for a condominium, and it will only insure loans to people buying new condominiums in projects where at least 70 percent of the units are sold or under contract to owners.

The FHA, which is one of the only alternatives for buyers without a 20 percent down payment, will provide loans only to condominium buyers purchasing a home in an FHA-approved condominium project. (emphasis added)

The 70/30 ratio is a big, big challenge for new condo projects unless they can get FHA to approved their projects. Velocity condo in DC told reservation holders, who are using either VA or FHA, "..to ante up their DP to 20% for it's extremely difficult to find a mortgage lender until building is 51% sold." (building is less than half sold).

Resale condos might not have problem with the 70/30 ratio, though it might have another challenge, which is the investor to owner ratio...

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Solar Home Tours for September and October

Image via Wikipedia

SAVE  THE DATE. It's back-to-back weekend solar tours slated for this month and next. These tours are free. Good ways to learn more eco-living and greening your home using solar technology.

September 12: Green Homes Eco Tour and Green Your Home Expo.

It's a two hours bike tours of Ward 3 environmentally friendly sites. There are 3 time slots: 10AM, 12PM, or 2PM. Tour will start at Univ. of District Columbia campus from the Green Home Expo. Tour will showcase environmentally sustainable features such as energy efficiency, recycled construction materials, storm water system, organic or butterfly gardens, natural habitat and green landscaping. For additional info contact: Andrea Limauro of the Office of Planning at 202-442-7638 or andrea.limauro@dc.gov.

September 19: Mt. Pleasant Solar Homes Tour and Eco Living Fair

Mt. Pleasant Coop kicks off this event at Bancroft Elementary School, 1800 Newton St. NW, DC. Forty-eight homes in Mt. Pleasant hood either already online or in the process of installing solar PV. The second wave of installation is on the pipeline. You can tour the neighborhood's solar and LEED-certified homes between 10AM and 1PM. Tour guide will be available on site. For more info, contact Rob Robinson at 202-387-5956 or check out here.

October 3-4: DC Metro Area Solar Homes Tour

The DC Sierra Club along with Virginia Solar Council and Potomac Region Solar Industry Association volunteers are hosting their 19th annual DC tour from 11AM to 5PM. Over sixty solar-powered homes will be part of the tour. (post from 2007 tour) These homes highlight a variety of passive design, technology, sustainable living concepts, including photovoltaics, solar hot water systems, radiant heat, energy-efficient appliances and energy-saving building construction techniques. A self-guided bike tours is planned for some homes in Frederick and Washington counties. You can find more details here. (map will be available online after 9/13).

October 9-18: 2009 Solar Decathlon

If you are a solar enthusiast, or interested in creative sustainable design, Solar Decathlon is a must-see event. My take on the 2007 Decathlon, here and here. (The Univ of Maryland team took second place).

For three weeks in October 2009, the U.S. Department of Energy will host the Solar Decathlon—a competition in which 20 teams of college and university students compete to design, build, and operate the most attractive, effective, and energy-efficient solar-powered house. The Solar Decathlon is also an event to which the public is invited to observe the powerful combination of solar energy, energy efficiency, and the best in home design.

Though the US DOE hosted the event for three weeks, houses are open to the public on Oct 9-13 and Oct 15-18. The solar houses will be open for tours 11 a.m. - 3 p.m. Monday to Friday and 10 a.m. - 5 p.m. Saturdays and Sundays. For more info here.

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Twelve Percent of N.Va. New Listings Under $200,000 in First Half 2009

Lisa Fowler from Center for Regional Analysis GMU penned in a report on the state of housing for Northern Virginia Association of Realtors’ Update (NVAR) September issue.

“..there is a shift to lower-priced homes across all types in the region. In the first half of 2009, about 40% of condominiums sold for less than $200,000, compared with only 19 percent of condominiums sold during the same period in 2008. Similarly, 44 percent of single-family attached/townhomes sold for under $300,000 in 2009, compared to 24 percent in 2008. And among single-family detached homes, 34 percent of those sold in the first six months of 2009 sold for less than $400,000..”

These trends are pretty obvious because of lower-priced listings set the direction for the first half of 2009. In the first half of 2009, there were nearly 2,000 listings priced under $200k. I checked the MLS listings to see where we are. As of today (9/9) there are 331 listings for all types of homes in NVAR jurisdiction price under $200,000 or 8 percent of the total listings. A huge drop from 2,000 to only 331 listings in 3 months! Maybe this is a sign that soon buyers will be in the $300,000 range since the 200k homes supply have depleted. Even then between $300,000 to $400,000 range, there aren't too many homes on the market. Only 538 listings currently on the market. Compare that to 2,773 listings, which is four times the inventory of homes price over the $400,000 mark.

 

image: GMU-CRA

Here's the thing. The stumbling block to purchase higher price home is: down payment. Yes, the supposedly move-up buyers, who could push for the purchase nowadays need 20 percent down to to move up, as per Fannie Mae. That’s why the market for higher price home is moving really slow..

Go there to read the rest of the story..

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