August 28, 2008
McLean, VA (Photo credit)
- Potomac, MD and McLean, VA are nos. 7 and 8, respectively, on CNNMoney.com’s list of the 25 Top-Earning Towns. [CNNMoney.com]
- You are how you drive. [Salon.com]
- Am I the only one wondering when requiring a down payment for a home purchase became newsworthy? [WashingtonPost.com]
- We’ve added a Baltimore real estate blog to our blogroll. [Baltimore Housing Bubble]
- Here’s a list of the 10 most expensive properties sold in the Fairfax County area. [WashingtonPost.com]
Recent Sweet Digs Posts
The Three-Year Itch
Walk This Way: Mount Vernon Square (20001)
August 26, 2008
I wrote a few months ago that 2004 is the magic number for Loudoun. If you bought during or before 2004 and you need to sell your house now, you should still be able to walk away with a profit. Those of you (and by that, I also mean me) who bought in 2005 or later might want to sit tight for another year or so.
But for some homeowners, waiting another year could be problematic. Why? Because so many buyers in 2005 and beyond bought their homes at the peak of the market using a 3/1 ARM, and their mortgage clocks are running out. And even though mortgage rates are still very low, they are high enough now that those buyers might not be able to afford the reset mortgage payments.
It took me a while to piece this together. To be truthful, I can’t take credit for recognizing this trend, because a friend actually brought it to my attention. She had some friends who were putting their house up for sale after living there less than 3 years because they had decided the house was “just too big”. My friend laughed at this and said, “Right. I’m sure it has nothing to do with the fact that her 3/1 ARM is running out.” I didn’t think much about it at the time, and filed it away in the recesses of my overtired brain. Last month, however, I noticed that 7 houses on one street in my neighborhood came on the market on the same day. It was odd enough that it caught my attention, and when I did a past sales search, there it was: Every single one of those homes had been bought in mid-to late-2005. What was also noteworthy was that the list price of each home was way too high (by about $100,000), which usually means that the seller is trying to recoup at least some of the original sales price. Within weeks, each of the homes had gone into short sale.
What does this mean for Loudoun’s real estate market? I stand by what I’ve said recently, that there are definite signs the market is stabilizing and properties are starting to move again. But I also think that we won’t see a real shift until the middle of next year, when we’re another year out from the 2005 peak and the number of resetting 3/1 ARMs starts to dwindle. One compounding factor is the sense that the Fed may raise rates early next year, which might put a damper on a burgeoning real estate recovery. Let’s just hope that any increase isn’t significant enough to scare off those buyers who have been biding their time, waiting for the right time to invest in a home in Loudoun County.
August 26, 2008
“Mount Vernon Square is a city square in the Northwest quadrant of Washington, D.C.. It is located where the following streets would otherwise intersect: Massachusetts Avenue, New York Avenue, K Street, and 8th Street NW.
Mount Vernon Square is bounded on the east by 7th Street, N.W.; on the west by 9th Street, N.W.; on the north by Mount Vernon Place; and on the south by a two-block section of K Street that is slightly offset from the rest of K Street.
On the north side of the square is the new Walter E. Washington Convention Center, the largest building in the city. On the south side is the Techworld office development, and on the east, offices of National Public Radio. In the center of the square is the City Museum of Washington, D.C., which closed in November 2004 for lack of enough visitors. The white marble building, finished in 1903, was originally the District of Columbia Public Library, a gift of Andrew Carnegie. Washington’s Chinatown is centered two blocks to the south. The closest Metro station is Mt Vernon Sq/7th St-Convention Center. The giant marble Mount Vernon Place United Methodist Church is another landmark.
Mount Vernon Square is also a Washington neighborhood and historic district, named for the adjacent city square, bounded by 9th Street N.W. on the west, 1st St and NJ Ave N.W. on the east, N Street N.W. on the north, and Massachusetts Avenue N.W. to the south.” – Wikipedia
Mt. Vernon Square is number 6 on Walk Score’s DC list and has an overall score of 95 (walker’s paradise).
REAL ESTATE STATS
20 homes for sale; 18 are condos
5 bank-listed foreclosures
4 FSBO
Average price: $440,900
Median price: $409,900
Average days on market: 87
It turns out that all of the properties at or near the average/median prices are to-be-built condos, so I chose to feature a condo at a slightly higher price point. 456 M St. NW, #1 is listed at $499,000, has 2 bedrooms, 2 baths, and 1240 square feet, and has been on the market for 46 days. It’s described as having “dramatic, open spaces with soaring ceilings” and includes a renovated gourmet kitchen, spa baths, 2 fireplaces, hardwoods and a washer/dryer.
Walk score: 89 (very walkable)
Walk to: Starbucks (0.05 mi); Food USA (0.06 mi); Johnny’s Half-Shell (0.17 mi); National Mall (0.65 mi)
You can view the entire list of nearby attractions here.
Next up: No. 5, Foggy Bottom
Photo credit: Schuminweb.com; Creative Commons license
August 25, 2008
Sen. Joe Biden lives here in Wilmington, Delaware.
- Sen. John McCain probably hasn’t forgotten that he owns this Crystal City condo. [DCMetrocentric.com]
- Nationwide, sales of existing homes increased in July, but so did the number of unsold homes. [AOL Money & Finance]
- The cost of staying warm is supposed to heat up this winter. [NYTimes.com]
- When it comes to house hunting, Joe Biden is just like us! [ZillowBlog.com]
- How would you celebrate winning 8 Olympic gold medals? Michael Phelps treated himself to a $1.6M harborfront condo…and a swim club/ice rink. [The Real Estalker]
Recent Sweet Digs Posts
Walk This Way: Adams Morgan (20009)
Loudoun News Round-Up, 8/25
August 25, 2008
Dulles Rail rises again; and this time, it looks like it’s going to stick. [WashingtonPost.com and Easterner.com]- High levels of bacteria in one of Raspberry Falls’ wells have led to voluntary watering restrictions. [LoudounExtra.com]
- Here’s a recent list of approved development projects in the county. [LoudounExtra.com]
- Loudoun County’s School Board seems to be more willing to look at changing to a 10-point grading system. [Our Loudoun Schools]
- Starting Sept. 2, Ashburn Farm residents will have the option of catching a shuttle to the Dulles North Transit Center park and ride lot. [Loudoun Times-Mirror]
- Loudoun’s Sheriff’s Office wants to help you have a smoother commute. [LoudounExtra.com]
Image: Passengers disembark at the Dulles North Transit Center park and ride lot in Ashburn. Photo courtesy of Loudoun Times-Mirror.
August 22, 2008
The Norris House Inn is on the market.
I can’t believe there are only two weekends left until school starts. (For those of us with kids, it is the most wonderful time of the year - or maybe that’s just me?). I’m actually surprised at the amount of open houses in 20148 and 20176 (11 and 10, respectively; 20147 only has 3), but maybe that’s just the result of a final push before Labor Day.
It looks like it’s going to be a beautiful (albeit, hot) weekend, but if you plan on using some of it to house hunt, you might find something below that peaks your interest. You can see all the open houses by clicking on the ZIP; I’ve pulled out the least and most expensive open houses for your perusal. If nothing else, be sure to check out the priciest property in 20176; it’s the Norris House Inn in historic Leesburg, a bed and breakfast that appears to be on the market as a residential. Have a great weekend!
20147 (ASHBURN)
21366 Twain Ter.
Price: $399,999
3 bd/3 ba; 2992 sq. ft.
Community: Farmwell Hunt in Ashburn Farm
Open: Sun. 8/24 from 1 to 4
19973 Hazeltine Pl.
Price: $794,900
5 bd/4.5 ba; sq. ft. unavailable
Community: Belmont Country Club
Open: Sun. 8/24 from 1 to 5
20148 (ASHBURN)
21388 Shady Wood Ter.
Price: $359,900
3 bd/3.5 ba; 2229 sq. ft.
Community: Broadlands
Open: Sun. 8/24 from 1 to 4
23077 Oglethorpe Ct.
Price: $1,180,000
7 b/6.5 ba; 7774 sq. ft.
Community: Brambleton
Open: Sun. 8/24 from 1 to 4
20176/20175 (LEESBURG)
18290 Tupelo Ridge Ter.
Price: $385,000
3 bd/3.5 ba; sq. ft. unavailable
Community: Northlake
Open: Sun. 8/24 from 1 to 4
108 Loudoun St. SW
Price: $1,750,000
6 bd/6.5 ba; sq. ft. unavailable
Community: Historic Leesburg
Open: Sun. 8/24 from 12 to 4
August 22, 2008
Wikipedia says:
“Adams Morgan is a culturally diverse neighborhood in Northwest Washington, D.C., centered at the intersection of 18th Street NW and Columbia Road NW. Adams Morgan is considered the heart of Washington’s Latino community, and is a major night life area with many bars and restaurants, particularly along 18th Street, the main commercial street. Much of the neighborhood is composed of 19th- and early 20th-century row houses and apartment buildings. Despite recent improvements in public safety and revitalization efforts, crime remains a significant problem in the neighborhood.
Dupont Circle is located to the south of Adams Morgan, while Mount Pleasant is to the north, and Columbia Heights is to the east. The neighborhood is bounded by Connecticut Avenue NW to the west, Rock Creek Park to the northwest, Harvard Street to the north, 16th Street to the east, and U Street and Florida Avenue NW to the south.”
Regardless of any crime issues, Walk Score is a big fan of Adams Morgan, and gave the overall neighborhood a score of 93. As of today, there are 30 properties on the market in that ZIP (20009), and the average price is $630,116. Average days on market is 87. Of the 30 available properties, all but two are condos. So, what do you get for the money there? I figured looking at a home near or at the average price would be a good place to start.
1632 Beekman Pl. NW, unit B is listed at $629,900 and has only been on the market for 8 days. It’s a 2-bedroom, 2.5-bath upper unit condo townhouse in the gated community of Beekman Place. The property has been freshly painted throughout and features a balcony, city views, and an upgraded kitchen with new cabinets and maple floors. The rest of the home has parquet floors. Two unassigned parking passes are also part of the deal.
Walk Score: 97 (walker’s paradise)
Close to: Virginia Market (0.15 mi); Bourbon (0.19 mi); Starbucks (0.16 mi); Meridian Hill Park (0.29 mi)
You can find the complete list of nearby attractions here.
Beekman Place comprises 216 townhomes and is situated between Florida Avenue and Belmont Street. You can find out more about the community by clicking here.
Image: The Seneca brownstone wall that runs along 16th Street is all that remains of the famous Henderson “Castle”.
Next up: Mount Vernon Square
Recent Sweet Digs Posts
A Little Discount in Metro DC, But Not Much
More Reasons Why Redfin Rocks
August 21, 2008
Last night more than 60 people turned out to Redfin’s McLean office to get the latest on pricing trends and commune with others diving and dipping into the Metro DC real estate market. Thanks to all who attended, especially those in the standing-room only section.
Like always, we has some food and some market data, both of which were consumed hungrily. You can download the slides here, or read on for sale-to-list price data.
Notable is that, despite the market, in Fairfax and Montgomery counties and in DC, prices are holding up. Buyers are getting a slight discount, but for the most part sale-to-list price was 95% and up, meaning the discount is smaller than 5%. McLean, Great Falls VA and Potomac MD show larger discounts to list, but that’s normal for higher-priced homes.
Next Class in Northwest DC on October 1
And I’m happy to say that after many requests, we’re going to do the next class in the district, close to the Metro. No more of the burbs! (Until November, that is.) We’ll be at Buffalo Billiards, 1330 19th Street in DC. We’ll even play you a game, but keep in mind that Redfin agents negotiate better than they play billiards.
So sign up, and come get fresh pricing data and meet the Redfin DC Agent Team, standing by at the ready:
Washington DC Home Prices by Area, June 17 - August 17, 2008
| Area |
# Deals |
Final v. List |
Average Price |
| Northwest DC |
343 |
97.8% |
$628,903 |
| Northeast DC |
83 |
97.4% |
$382,417 |
| Southwest DC |
51 |
96.6% |
$401,783 |
| Southeast DC |
11 |
95.2% |
$400,273 |
Washington DC Home Prices by Home Type, June 17 - August 17, 2008
| Type |
# Deals |
Final v. List |
Average Price |
| Attach/Row Hse |
136 |
97.3% |
$521,419 |
| Detached |
84 |
96.8% |
$985,835 |
| Garden 1-4 Floors |
60 |
98.2% |
$335,940 |
| Hi-Rise 9+ Floors |
53 |
97.8% |
$387,745 |
| Mid-Rise 5-8 Floors |
76 |
98.6% |
$448,781 |
| Semi-Detached |
38 |
96.8% |
$573,425 |
| Townhouse |
41 |
97.6% |
$537,094 |
Montgomery County Home Prices, June 17 - August 17, 2008
| City |
# Deals |
Final v. List |
Average Price |
| Bethesda |
48 |
97.2% |
$859,076 |
| Boyds |
4 |
99.1% |
$388,357 |
| Chevy Chase |
6 |
96.9% |
$858,500 |
| Clarksburg |
9 |
98.1% |
$509,797 |
| Damascus |
3 |
98.6% |
$354,964 |
| Gaithersburg |
55 |
97.3% |
$356,465 |
| Germantown |
45 |
98.1% |
$322,097 |
| Kensington |
4 |
98.1% |
$463,000 |
| Montgomery Village |
9 |
97.4% |
$261,089 |
| North Bethesda |
4 |
98.3% |
$739,500 |
| Olney |
16 |
96.5% |
$463,681 |
| Rockville |
53 |
95.8% |
$516,019 |
| Silver Spring |
93 |
96.7% |
$379,651 |
| Takoma Park |
7 |
99.0% |
$469,286 |
| Burtonsville |
7 |
97.3% |
$316,700 |
| Derwood |
4 |
94.2% |
$458,750 |
| North Potomac |
7 |
96.9% |
$469,129 |
| Potomac |
23 |
94.6% |
$1,187,370 |
Fairfax County Home Prices, June 17 - August 17, 2008
| City |
# Deals |
Final v. List |
Average Price |
| Alexandria |
242 |
97.2% |
$405,202 |
| Annandale |
79 |
98.2% |
$341,086 |
| Burke |
65 |
97.7% |
$407,912 |
| Centreville |
108 |
98.2% |
$364,926 |
| Chantilly |
27 |
98.7% |
$410,371 |
| Fairfax |
120 |
97.0% |
$459,455 |
| Falls Church |
126 |
96.8% |
$397,655 |
| Herndon |
120 |
98.3% |
$330,202 |
| Lorton |
47 |
98.5% |
$356,367 |
| Mclean |
72 |
95.3% |
$1,061,279 |
| Oakton |
34 |
97.5% |
$708,478 |
| Reston |
83 |
96.9% |
$411,189 |
| Springfield |
151 |
97.2% |
$371,794 |
| Vienna |
88 |
97.3% |
$651,039 |
| Oak Hill |
14 |
97.2% |
$591,071 |
| Clifton |
10 |
96.4% |
$651,235 |
| Fairfax Station |
14 |
97.7% |
$732,464 |
| Great Falls |
20 |
94.7% |
$1,011,500 |
August 21, 2008
The town of Leesburg has made it easy for you to check the status of development and construction in and around town. [Leesburg Tomorrow]- Loudoun has the second highest foreclosure rate in the state. [Loudoun Times-Mirror]
- Once again, GMU is looking to establish a campus in Loudoun; this time, in Brambleton. [Ashburn Today]
- Here are the latest sales stats for all of Loudoun. [Loudoun Extra]
- Play to Win Sports is moving full steam ahead with its plans to build a sports complex on Belmont Ridge Rd. [Ashburn Today]
George Mason enjoys the scenery at GMU.
August 20, 2008
Anacostia waterfront.
- Nationwide, housing hasn’t been this affordable since 2004. [CNN Money]
- Anacostia is set to be the next Dupont Circle, Logan Circle, or Clarendon. [And Now, Anacostia]
- SmartBike DC is on a roll. [DCist.com]
- What you get for $500,000 across the country. [NY Times]
- What you need to know about the latest change in mortgage loan fees. [Washington Post]
Recent Sweet Digs Posts
DC United Coming to Loudoun?
Walk This Way: Kalorama (20008)
