Seeing is believing. Just read the remarks on MRIS for this listing. The tax record shows that property was sold in 2004 for $432,600. Now on market for almost half of that price ($259k). So, list price is below 2004 level?
Multiple contracts is back in full force..
Vienna is unique because it has two metro stops (Dunn Loring and Vienna), there's the Town of Vienna and there's the rest of it (including Merrifield). In April of 2009, Fairfax Board of Supervisors created a Community Development Authority for the proposed Mosaic-Merrifield development. This Merrifield redevelopment deserves a revisit.
Here's a little bit of history for Vienna, via Wiki.
The town was originally called Ayr Hill, after the name of the house built by early settler John Hunter, who named it after the place of his birth, Ayr, in Scotland. The name of the town was changed in the 1850s, when a doctor named William Hendrick offered to move there if the town would rename itself after his hometown, Vienna, New York.[5]
The three zip codes for Vienna are 22180, 22181 and 22182. Below is comps for the three zips for the month of May.
Zip code: 22180 2009 2008 %
Ave. sales price $520,835 $566,265 -8.02%
Median sales price $450,000 $529,950 -15.09%
Total units sold 23 26 -11.54%
Days on market 134 68
Ave. list price for solds $560,661 $611,798 -8.36%
Zip code: 22181
Ave. sales price $554,367 $603,329 -8.12%
Median sales price $557,500 $572,500 -2.62%
Total units sold 24 24
Days on market 75 58
Ave. list price for solds $587,321 $632,396 -7.31%
Zip code: 22182
Ave. sales price $672,560 $846,776 -20.57%
Median sales price $629,000 $795,000 -20.88%
Days on market 25 17
Ave. list price for solds $716,189 $920,553 -22.2%
Clearly data shows the higher priced market got hit the hardest. That is, zip code 22182. Like any other hoods in the Metro DC area, Vienna is not immune to foreclosures, short-sales - because in some pockets - you can still find distressed homes in the $200's range.
More info on Vienna's demographic, population, education, etc. here and here..
data: MRIS
A while back HUD announced that FHA will allow state housing finance arms to provide second mortgage so you can use the 'anticipated' $8,000 tax credit towards your downpayment and closing costs to buy homes with FHA-insured loans. (h/t NAHB)
The big question is "how do you do it?" Yup- that is how. Last weekend I was out with a client. We talked about this tax credit thing. (This client used to work for IRS). She says that "she is familiar about how tax credit works however, she found out that none of the lenders she talked to, know how to do it. If such thing is available, she would like to apply for one."
The thing with tax credit is, you have to file your income tax first before you can get the credit. So, if we're talking about the deadline for the credit, closing by November 30, 2009 - you have a problem here. Because technically, you can't access the credit before you file your taxes. See how it's complicate things a bit..
Don't worry now. We've got the the answer to this "how" can you access the credit for downpayment and closing. It is done through state housing agencies. According to NCSHA (Natl. Council Housing Agencies), a number of state housing agencies offer this kind of program: Colorado, Delaware, Idaho, Kentucky, Missouri, Nebraska, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, Tennesse and Virginia. (if it's not listed here, there's no such thing available in your state).
It's just because I do biz in Virginia, will talk about VHDA program. This is how the program works, via VHDA:
So the program is designed to fill the need of first-time buyers. Oh, not all FHA lenders work with this kind of program. Only VHDA approved lenders offer their products.
The catch: you have to take a "free" VHDA homeownership seminars. That's it. Here is where you find out about the classes..in Northern Virginia.
This is a bonus for Shirlington. Well, another reason to hang out around Shirlington hood - bring your laptop. It gets free public Wi-Fi for the hood, courtesy of Arlington County.
Users connect to the County’s wireless network by selecting the “ArlingtonWireless” network. After joining the wireless network, there’s also a link to The Village at Shirlington homepage for the latest information on what’s happening in the area.
Arlington offers public wireless. Yes, it's free. Other hotspots around the County: at Courthouse (along Wilson and Clarendon Blvd), between Veitch and Washington Blvd in Clarendon, at libraries - Central, Shirlington, Aurora Hills, Columbia Pike, and at Walter Reed Community Center.
There are two zip codes in McLean, 22101 and 22102. (Dolley Madison Blvd split up McLean into two). The zip code 22102 have larger lots and homes are 'typically' priced higher than in 22101. I am a little bit surprised to see the comparison between the two zip codes based on sales data from MRIS, that shows that the sales price for McLean 22102 in April were lower than the adjacent hood.
McLeanZip code: 22101 2009 2008
Ave. sold price $861,659 $1,113,396 (-22.61%)
Median sold price $741,750 $802,500 (-7.57%)
Total units sold 28 34 (-17.65%)
Days on market 150 148
Ave. list price for solds $946,423 $1,221,179 (-22.5%)
Zip code: 22102
Ave. sold price $551,906 $678,000 (-13.81%)
Median sold price $332,950 $470,000 (-18.6%)
Total units sold 18 17 (5.88%)
Days on market 113 83 (36.14%)
Ave. list price for solds $557,205 $737,988 (-21.79%)
Because zip code 22101 borders with Arlington, there are few condominiums. More condos are located in the other zip code. The sales data for the month of April, shows that more condos were sold on the other side.
More about McLean demographics, population, education, etc., here..
data: MRIS
Question: I have been looking for a house. I was driving in an area that I like and noticed a house I had long admired had just gone up for sale. I called the listing Realtor, viewed the house and made an offer which was accepted.
Price Slashed on 23.6% of Listed Homes
Nearly one in four US homes for sale today have had at least one price reduction, as sellers come to grips with the reality of a weakening economy and a housing market still groping along toward bottom.
In recent years, I've approached the summer with something resembling dread. Another three months of having to explain that, no, we won't be spending much time at our place on Cape Cod, seeing as how we don't have one.
Mortgage crisis robbing seniors of golden yearsHoward Weiss is 77 and scared. This year, the semiretired distributor from
8 'freebies' for new-home buyers
Rhonda Duffy, owner of Duffy Realty in Atlanta, says a builder's whole career could rest on whether he or she sells one house.
The Psychology of Short Sales by Tanta, April 2008
As CR mentions in his essay on housing supply in this issue, plenty of markets are seeing very large segments of for-sale inventory coming in the form of short sale listings. Yet completed short sales remain a small segment of actual “distressed sales” or final dispositions of “worked out” loans.
Programmable thermostats are no longer part of the federal Energy Star programThe U.S. Environmental Protection Agency recently announced that it will suspend its Energy Star specification for programmable thermostats effective December 31, 2009. Any models manufactured after that date cannot bear the Energy Star label; manufacturers will have several months to update their Web sites and promotional material.
FROM AROUND THE WASHINGTON DC REGION:
Some of my clients are very selective. They only wanted to see garage townhomes. You know why? Because garage townhomes are newer products and tend to have better layout than townhomes that were built without it. We find not too many options in DC, because of scarcity of land. However, it's a different story across the river over at Northern Virginia. There are plenty of choices, depending on the neighborhoods and prices. But at least, if your budget is limited to $500k, you still have some choices...
First, we got to take a look at the form of ownership for these townhouses.
Condo vs. Fee Simple
As far as the type of ownerships for these homes, in legalese terms, it's a mix between condo and fee simple. Condo is like condo, you pay monthly fee that covers basic maintenance of the building, master insurance policy, snow removal, and water. The association owns the land. What's inside your walls is yours, outside the wall you own partial ownership. On the other hand, fee simple is this: You own everything. Though, to complicates things further, some homeowners associations split up the maintenance fee into condo and HOA (homeowners association) fee for different kinds of service maintenance.
I know it's kind of confusing. But, that's the reality in the marketplace.
For example. At Cameron Station, you'll find stacked-townhomes with condo ownership. Stacked townhomes are 2-level condos. Unlike some the other townhomes in that hood, the stacked townhomes owners pay monthly condo fee for the items mentioned above. The difference comes down to: Prices. Prices of regular townhomes (not condo ownership) are much higher than the stacked ones. On the flip side, yeah, you pay more for the regular townhouses, but your monthly HOA fee is one-half or one-third of the condo fee.
So there's a trade off between buying condo vs. fee simple townhouse.
Here is a few examples that I can think of in Cameron Station, Alexandria.
Listing at 5004 Barbour #B (right pix), AX7056567. A three-level townhouse that has 3 bedrooms, 2.5 baths in 1924 s.f. of living space. This house is on the market for $479,000. Condo fee $260/ mo.
For the most part, condo townhouses at Cameron Stations are on the market from $419,000 to $499,000. While the 'other townhouse, townhouse' are on the market from $539,999 to $849,900. It's like there's a six degrees of 'price' separation there.
After tracking some of the hoods in Northern Virginia and DC that have garage townhomes for awhile, here are the subdivisions with their zipcodes, where you still can find garage townhomes under $500,000.
Northern Virginia
and in Washington DC: Capitol Gateway (20019), Fort Lincoln (20018), Dakota Crossing (20018).
For lower, lower end of the price spectrum, like under $200,000.. yup, you "still" can find them in Woodbridge, Manassas and Gainsville part in Prince William County.
images, data: Homes Database, MRIS
You can now get free energy efficient and healthy house plans from FreeGreen. Free. Seriously. No joke. The guys at FG offer two types of plans: 1) official house plans and 2) plans offer via the open source network. The official house plans have 9 product lines depending on the size ranges.
For example, the Modern Cube design, is targeted for lot in urban places, sloped and narrow, with size ranges from 2,700 to 3,200 s.f. Estimated price to build this kind of home is between $260k to $360k.
The intent of the Modern Cube House Plans is to mix function and aesthetics with simplistic, easy to build forms. These House Plans modern exteriors fit well with their semi-open floor plans and unique 3-story roof deck options. The Modern Cube House Plans can be clad in a variety of different materials. Natural wood siding gives this home a clean Scandinavian feel. Fiber cement paneling is a durable budget friendly option that can be painted for a more colorful fresh look. Corrugated galvanized metal is another option and would give the home an industrial modern aesthetic. With their R-Control SIPs and Wolfers Lighting plan pre-packaged in, these house plans are some of the most energy efficient FreeGreen has ever created.
Using this house plan, you have two design options where design 1 uses cedar siding and the other design is more on industrial look uses corrugated metal and concrete. From here, you can customized the plan to your taste or simply download the plan.
Modern Cube Design 1 (Cedar Siding)
Modern Cube Design 2 (Corrugated metal and concrete)
Furthermore, the plans give you the R control SIP layout, lighting ideas, open floor plan living room, ideas for kitchen, and annual energy savings performance if - you build your house with this plan.
living room
Click on images for (+) larger view
When you customize the house plan, it gives you also sample of customization and prices. So, you can figure it out if you want to use the freebie plan or customize it.
I love the idea that people have choices available out there without breaking their bank, if one day they decided to build their own energy efficient and healthy homes. My favorite among the 9 plans, is Suburban Loft. With the low housing prices in our area, it's possible to find lot under $300k (tear down distressed properties) close-in. If we stick to the cube design, expect to spend approximately somewhere in the hood of $500k building this type of home from the ground up.
By the way, if you are into home design, you can spend the whole day on the site just playing around with the plans imagining of what could be... (at least I warn you).
images: FreeGreen
You think doing short-sale is a good exit strategy? Now, get this. Homeowners who have sold their homes free-and-clear and not worrying about the signing promissory note to pay the remaining balance - be very thankful - that they're out of the situation. According to Wall Street Journal, "a growing number of cases holders of mortgages or home equity loans are requiring borrowers to sign promissory note."
Banks and lenders, are so mad with homeowners, who simply walk away because their home values have gone down. And not because of 'financial hardship!' Maybe that's why they're not letting these guys off the hook.
Okay, chasing after home owners for the mortgage difference is one thing. Here's another thing a short-sale seller has to deal with: Taxes.
The three tax scenarios for short-sale properties, via MarketWatch:
Continue reading "Short-Sale With Strings Attached and Tax Rams.." »
Arlington has five farmers market that covers the whole county. The markets open at different schedule. The biggest and most popular is the one located in Courthouse. This is the place where politicians rub elbows with their voters during election year. This year, happens to be election year in Virginia (I know Virginia is the one state that has election every year!) for state and local officials.
The five farmers markets:
1. Arlington Farmers Market Courthouse
Located across the street from the Courthouse at intersection of N. Courthouse Road and N. 14th St. Open every Saturday from 8am to 12pm on regular season (mid April through end of December). And from 9am to noon in winter (January to mid April). You'll find more than 30 vendors serving the market. Vendors include Atwater Breads that sells organic, hand shape, heart baked breads. Full list of vendors here. You can also the type of vegetables in season here.
2. Ballston Farmers Market
The market is located at Welburn Square at N. 9th and Stuart Streets. Open Fridays from the 29th of May to October 13 from 11am to 3pm. There are 12 vendors serving the market. Vendors include Baguette Republic, like the name implies make baguettes, boules, challah, focacia and rolls. Full list of participants here.
3. Columbia Pike Farmers Market
It's located at Pike Park in front of Rite Aid store at the corner of Columbia Pike and S. Walter Reed. St. There are 19 vendors serving the market. Vendors include Virginia Chocolate Company from Falls Church that sells chocolate truffles and candy. Full list of vendors here.
4. Clarendon Farmers Market
You don't have to go that far. It's at Clarendon metro station. Open every Wednesday with seasonal hours: May through October 12-7pm and November through April 2-7pm. Perfect time to catch commuters. The place is small, so you'll find only few vendors here peddling organic produce, baked goods, plants, herbs, homemade soaps, and other items.
5. Rosslyn Farmers Market
Every Thursday from May 14 to October 22. Seasonal hours 11:45am to 3pm. Located between Wilson Boulevard and N. Oak Street. Five vendors selling their produce here from pastries to fresh fruits, vegetable, gourmet tea, and herbs. Full list of vendors here.
So eat local. Shop local. It keeps the local economy going..
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