Archive for January, 2008
January 31, 2008
Things aren’t looking good for the plans to bring Metro out to Dulles. As reported by the Loudoun Times-Mirror (as well as a multitude of other news outlets), the Federal Transit Administration (FTA) revealed on Jan. 24 that it will not approve the existing design for the Dulles Rail Project. The design process was in its final stages, but this latest decision could be the unexpected nail in the coffin. Until a few days ago, the FTA had given no indication that it was considering withholding its funding.
But since the FTA’s surprise revelation, it seems as if cooler heads may have prevailed, even if only temporarily. According to WashingtonPost.com, the FTA has given the parties involved with the project another 30 days to address the issues and allay the organization’s concerns. The original deadline was Jan. 31 – just 7 days after the FTA’s first announcement. Given this new development, could there be a glimmer of hope? Maybe, but there’s still a pretty steep hill to climb to obtain the needed approval.
Whether or not the project comes to pass, it’s difficult to tell what the ramifications would be down the line for the housing market in Loudoun County. Generally speaking, anywhere you put a Metro station, home values rise. I’m not sure how true that would be in this case, however, because there are 3 mixed-use developments that would be built around the planned Metro stations, each comprising large numbers of new residential properties. Loudoun Station is preparing to build 1500 condos; One Loudoun has plans for 935 homes; and Moorefield Station is slated to build 6000(!). (What does it say about me that the most exciting piece of information I’ve encountered during my research for this article is that Moorefield Station is going to feature a P.F. Chang’s, opening in 2008?) It could very well be that any uptick that current homeowners are hoping for in the value of their homes might be offset by competition from the new construction. On the flip side, new construction will still be happening anyway, and not having the Metro to ease congestion could definitely pull house values down.
Optimistically, I don’t expect this recent setback to have any kind of meaningful impact on home prices in the near future. Sure, having the Metro so close by would be incredibly convenient, but it isn’t scheduled to start running until 2017. Anyone seriously house hunting in Loudoun right now will have already come to terms with the tradeoff: a potentially longer commute in exchange for excellent schools, new homes, tons of amenities, solid and active communities, etc. So, will the potential loss of the Metro deter the kinds of people who would be looking to buy here from, well, looking to buy here? I don’t think so.
What do you think?
January 30, 2008
Can’t afford Chevy Chase? How about a townhouse with traditional colonial style instead of a single family home? Have you heard of the Crescent Trail?
Chevy Chase is not usually associated with the word “affordable.” But there are a few wonderful townhouses tucked into older neighborhoods that can be a real find. For a lower price ($400k-$700k) these homes offer most of the same benefits as independent houses, such as quiet residential streets, green spaces for the kids or dogs, and good schools.
There are two such homes for sale on the same street right now on Hamlet Place in Chevy Chase Lake. One of them just reduced in price. The other is a corner unit. Try looking also in the Kenwood Forest development (more on that below).
If you’re a bicycle commuter, then TAKE NOTE: the Crescent Trail is nearby. This takes you through Chevy Chase and Bethesda to downtown DC, much of it through beautiful national park land (entering the forest while crossing Massachussets Ave., photo below). Just think - you could live in Chevy Chase while keeping your monthly commuter payments and gym membership fees down. That’s got to be worth - what? - maybe a point on your mortgage?
Other things to know about Chevy Chase Lake: this particular neighborhood is close to basic shopping on Connecticut Ave, and has great access to Bethesda, downtown DC, and the Beltway. You can get to Rockville in about 10 minutes if you have to do some evil but sometimes necessary “big box” shopping.
Kenwood Forest is an entire mini-neighborhood of nice condominium townhouses and large lawns, located south of Bradley Road. It is very close to downtown Bethesda, the Chevy Chase shopping area on Wisconsin Ave., and the Bethesda Pool (oh, and the Crescent Trail runs right through it.) If you can’t afford Neiman’s or Tiffany’s then you can head to Filene’s Basement, Loehmann’s and TJ Maxx.
A few properties are for sale now in Kenwood Forest, such as this 3 Bed/2.5 Bath colonial at $559,900. There is also a Web site for the area at www.kenwoodforest.com. I once visited a friend on Hillandale in this area. His house looked small from the front but had a large kitchen, a small deck off of the dining room, 3 good-sized bedrooms up and a walk-out basement with nanny room.
For more on Chevy Chase you can also visit the Chevy Chase Citizens Association.
Let me know if you have any other townhouse favorites in Chevy Chase and Bethesda.
Cheers, Allison
January 30, 2008
So, one of my guilty pleasures lately, which I happened upon purely by chance is watching the Bravo reality show The Real Housewives of Orange County. I don’t know why but I get a kick out watching the foibles of these overly botoxed women, with their ostentatious tastes, McMansions and dysfunctional relationships. Egad. Alas I digress, but the last episode focused on the marriage of Laurie and George, a gorgeous backyard affair which happened on their Coto, California estate. Reportedly the entire fete cost more than the President of the United States earns in a year.
Now I’ve written about many such estates and some of them have grounds which would have accommodated George and Laurie’s wedding.
You know that feeling you get when you view a property that’s really special (for me its a chill accompanied by a little tear) well this Franklin Park house in McLean gave me goosebumps. Its located on Rockingham street and lists for 1,697,000.
The ceilings on this house are reminiscent of those you might find in a historic chapel. And the gardens, pond and architectural details are simply sumptuous. This c.1935, 5 bedroom hilltop beauty was even recognized by the Virginia Society of the American Institute of Architects.
And unlike the ladies of the O.C. what makes this Fairfax county property spectacular is its quiet demure “genuine” beauty.
January 29, 2008
Sales are still happening in LoCo. Yes, really! Don’t believe me? Here’s the proof:
ASHBURN FARM
43999 URBANCREST CT, ASHBURN, VA 20147-3820
Closing Date: 12/28/2007
Sold For: $610,000
Sqft: 2287
ASHBURN VILLAGE
20138 CREW SQ, ASHBURN, VA 20147-3336
Closing Date: 12/21/2007
Sold For: $275,000
Sqft: 1,453
BELMONT COUNTRY CLUB
20141 BLACKWOLF RUN PL, ASHBURN, VA 20147-3182
Closing Date: 12/28/2007
Sold For: $740,000
Sqft: 3,666
BELMONT GREENE
20238 PORTSMOUTH BLVD #503, ASHBURN, VA 20147-7423
Closing Date: 12/17/2007
Sold For: $365,000
Sqft: 1,791
BRAMBLETON
42935 CONQUEST CIR, ASHBURN, VA 20148-7226
Closing Date: 12/27/2007
Sold For: $620,000
Sqft: 3,934
BROADLANDS
43115 ROYAL FERN TER, BROADLANDS, VA 20148-4573
Closing Date: 12/14/2007
Sold For: $405,000
Sqft: 2,256
42815 OATYER CT, BROADLANDS, VA 20148-5000
Closing Date: 12/28/2007
Sold For: $615,000
Sqft: 3,137
LANSDOWNE
43854 KITTIWAKE DR, Lansdowne, VA 20176-1634
Closing Date: 12/28/2007
Sold For: $750,000
Sqft: 4,538
43397 SPRING CELLAR CT, Lansdowne, VA 20176-3869
Closing Date: 12/18/2007
Sold For: $485,000
Sqft: 2,660
All of these sales closed within the past 6 weeks. Unfortunately, I don’t have enough background data to provide the number of days on the market or the original list price (although I hope to be able to in the near future). Also, the Loudoun County Real Estate Information Site does not provide information on the number of bedrooms a property has, just the bathrooms. I decided to leave the bathroom information out and provide the square footage instead. I vetted each property to make sure the sale on record was not to a bank, which would indicate it went into foreclosure.
Be sure to click on the property address; the hyperlink will take you to the sales record, which provides all kinds of nifty details. You’ll be able to see the sales history, appreciation data, the tax assessment, and the map location of the property. Let me know if you have any questions!
January 29, 2008
Ok so imagine that money isn’t a factor and you had your choice of neighborhoods in McLean, Va. Where would you choose to live? Would you choose a palatial subdivision like Ballantrae Farms, a cloistered enclave of mini-palaces in a bucolic setting just off route 123 across from the CIA. Or would you take the kids and head on over to Chesterbrook, a family oriented area of older colonials, renovated ramblers, and split levels with a community park, play area, old fashioned shopping plaza boasting a small town feel?
What makes McLean special is the wide gamut of home options which are available for the choosing. Lets say you’re an empty nester who doesn’t want the headache of maintaining a yard… a condo at the Rotunda might be the perfect fit.
Some people might make the mistake of thinking that Tyson’s Corner shopping mall is the best thing that McLean has to offer outside of the abundant Mcmansions. Well that’s only part of the sweet deal, historic Claude Moore Farms and the Dolly Madison Library (especially the children’s section) have enough activities to keep the entire family entertained.
Oh and should you prefer to forgo the subdivision, here’s one McLean property with a magnificent view of the Potomac river, a chef’s kitchen and private home theatre you won’t want to miss. Chances are the lucky new residents of this custom home will hardly ever see their neighbors. The cost for this little slice of heaven? $6,950,000. Just one look and you’ll agree its worth every cent.
January 27, 2008
Only a few properties reduced since Thursday night. One in Chevy Chase is down by $200,000. I have included Takoma Park as well. Check out the fixer-upper cape cod there if you like green space and know a good contractor. The one on Cedar St. in Silver Spring reduced late last night.
BETHESDA
Fort Sumner
5024 Westpath Ter (West of Sangamore Rd)
4 Bed, 3 Bath Rambler
New Price: $909,000
Old Price: $939,000
MLS#: MC6582763
Glenbrook Knolls
8314 North Brook Ln (East of Old Georgetown Rd)
3 Bed, 2.5 Bath Colonial Townhouse
New Price: $575,000
Old Price: $575,000
MLS#: MC6610431
CHEVY CHASE
The Hamlet/Section 5
7503 Glendale Rd (East of Connecticut Ave)
3 Bed, 3.5 Bath Colonial
New Price: $1,595,000
Old Price: $1,795,000
MLS#: MC6585967
SILVER SPRING
Downtown
8208 Cedar St (East of Colesville Rd)
3 Bed, 2.5 Bath Colonial
New Price: $700,000
Old Price: $725,000
MLS#: MC6621949
Indian Spring Park
321 University Blvd E (South of E. Franklin Ave)
3 Bed, 2.5 Bath Colonial
New Price: $539,900
Old Price $554,900
MLS#: MC6535204
North Hills
9414 Colesville Rd (Near Franklin Rd)
3 Bed, 3 Bath Colonial
New Price: $447,500
Old Price $450,000
MLS#: MC6629246
Woodside
2104 Hanover St (Between Brookville Rd and 16th St)
2 Bed, 1 Bath Bungalow
New Price: $460,000
Old Price $469,900
MLS#: MC6542276
TAKOMA PARK
8209 Roanoke Ave (West of Greenwood Ave)
5 Bed, 3 Bath Cape Cod
New price: $339,000
Old price: $349,000
MLS#: MC6532787
January 26, 2008
For years I have believed that parts of NW DC, Bethesda and Chevy Chase would be sheltered from downward, nationwide real estate price trends. Leafy neighborhoods, good schools, close to downtown – these things are always in demand in a growing city. Besides, how could we go from frenzied auction-style offers where people had to waive inspections and sell their first-born children just to get ANY house, to a price crash? At most, I could envision a leveling off of prices in these neighborhoods.
Prices Up in Bethesda, Chevy Chase – Falling in Silver Spring
So far my feeling has not been disproved. Advertised price reductions don’t mean that overall prices are falling – just that some greedy homeowner’s expectations are out of line. But …
Below is a trends comparison for Bethesda, Chevy Chase and Silver Spring, using Altos Research data. It is revealing, even if you consider Silver Spring to be a separate market. I remember asking a real estate agent about this kind of comparison last year and she was cagey – said it was “hard to come by.”
Median sales prices for single family homes have indeed continued to rise in Bethesda and Chevy Chase, but other indicators are showing a change in these markets. One major red flag: a more than doubling of average days on the market over the last six months. No more stampedes at the open houses!!! How refreshing. For those who appreciate the more reasonable price tags of Silver Spring, you should note that prices there have already started dropping.
This is what I found for single family homes, as of January 20, 2008.
Median Price
Bethesda - $1.2 million, rising from about $0.9 million in June. Could this be correct? I am going to check back with Altos Research just to be sure.
Chevy Chase - $1.4 million, rising from about $1.2 in June. Prices actually fell in the summer and then recovered.
Silver Spring - $463,000, down from a high of about $560,000 last Spring. Prices fell mostly before October and have been more level since then.
Buyer’s or Seller’s Market?
Altos Research has created a Housing Market Conditions index based on supply and demand to estimate whether each area is a buyer’s or seller’s market. All three neighborhoods are now considered buyer’s markets but this is only recent in Bethesda.
Bethesda - Until 3 months ago it was considered a seller’s market. No more.
Chevy Chase - Has been a buyer’s market for longer but it fluctuates and does not seem as weighted towards buyers as in Bethesda.
Silver Spring - Has been a clear buyer’s market since the summer.
How Long on the Market?
Bethesda - Average 80 days, compared to about 35 in June 2007.
Chevy Chase – Average 65 days, with a steady rise from less than 20 days in June 2007.
Silver Spring – Average of 95 days, compared to 35-40 in June 2007.
Number of Homes for Sale (on Jan. 20)
Bethesda – Over 230. Down from September when there were over 300 at times. I think this is typical for winter time. But compare this to only about 100 on the market last Spring. So – is the market stronger than last Spring or are people over-extended and selling out?
Chevy Chase – Over 65. The numbers peaked at about 100 properties on sale at any one time over last summer, dropping since then. Last May there were about 75 on sale.
Silver Spring – Over 970. Following the Bethesda pattern, in September there were about 1260 and about 250 last May.
So what does all this mean? No one can time when the market will bottom out. If you’re a buyer, at least you can wait around until you really find that dream house. Visiting open houses is no longer a blood sport! And low-ball offers may actually receive consideration as Bethesda and Chevy Chase owners get more nervous about this new situation.
Cheers,
Allison
January 25, 2008
Here are a few price drops that I thought were worth noting as we head into the weekend. I’ve broken them out by subdivision for easier perusing. Each week, I’ll try to feature a luxury home, a few mid-priced homes, and at least one home that I think is a steal.
Would any of these be incentive enough to prod you out of your nice, warm house and into the cold?
BELMONT COUNTRY CLUB
19973 AUGUSTA VILLAGE PL, ASHBURN, VA 20147
4 br/4.5 ba (sq. ft. unavailable)
Reduced from $1,095,000 to $1,050,000
Days on Refin: 97
MLS: LO6570788
LANSDOWNE
19368 MILL DAM PL, LEESBURG, VA 20176
4 br/4.5 ba (sq. ft. unavailable)
Reduced from $899,000 to $849,000
Days on Redfin: 269
MLS: LO6391868
BROADLANDS
21419 BASIL CT, BROADLANDS, VA 20148
4 br/4.5 ba, 5090 sq. ft.
Reduced from $779,900 to $749,900
Days on Redfin: 138
MLS: LO6530691
ASHBURN FARM
21270 SMOKEHOUSE CT, ASHBURN, VA 20147
5 br/3.5 ba, 4590 sq. ft.
Reduced from $729,900 to $699,900
Days on Redfin: 90
MLS: LO6577059
ASHBURN VILLAGE
43991 DOWNINGTON CT, ASHBURN, VA 20147
4 br/2.5 ba (sq. ft. unavailable)
Reduced from $550,000 to $519,000
Days on Redfin: 87
MLS: LO6609998
And the “Steal of the Week” award goes to…
BRAMBLETON
42559 GOOD HOPE LN, ASHBURN, VA 20148
4 br/4.5 ba, 3591 sq. ft.
Reduced from $539,900 to $534,900
Days on Redfin: 15
MLS: LO6629316
Comments: Check out the floorplan on this one, and you’ll see why I think it’s an absolute steal. On the main floor, this model features a study, good-sized living and dining rooms, and a large kitchen that opens onto the family room. The upstairs features a luxury master suite with a sitting room and a walk-in closet that goes on for days, a jack-and-jill bathroom, and a princess suite. Another super-cool feature: an attic that can be finished off and used as bonus living space. And since it’s a short sale, you’ll pay significantly less than if you built it new; new build prices start at $599,990.
Happy hunting!
January 24, 2008
Well there’s one thing for sure, the next President of the United States won’t hail from McLean.
By now you’ve heard that former TN senator Fred Thompson has dropped out of the race for the Republican Presidential nomination. Thompson and his lovely wife Jeri Khen call McLean home but this isn’t the first time a McLean resident has thrown in the towel when considering a run for the highest office in the land. You may remember former Secretary of State General Colin Powell (also a McLean resident) once had his eye on the presidency, but then thought better of it.
At any rate, McLean, one of the more affluent areas in the Washington Metro area now has some really affordable condominiums. Here’s a secret: There are even a few condos under $300,000. http://washingtondc.craigslist.org/nva/rfs/547572648.html
January 23, 2008
There used to be a tagline on Technorati that went, “55 million blogs, some of them have to be good.” We were somewhat comforted by that statement as we began to expand Sweet Digs, our local real estate blog, from Seattle to the Bay Area to Los Angeles, Orange County and San Diego. In only a year and a half, Sweet Digs had produced over 4,500 posts covering the West Coast. Some of them had to be good – and they were (so our readers tell us). Now we’re bringing Sweet Digs clear across the country to see if some of that New England win streak rubs off on us.
So we’ve hired a motley crew of real estate addicts to start covering Boston and Washington, D.C. neighborhoods. They are IT professionals, college professors, and broadcast journalists who moonlight as Redfin bloggers so they can write about whether prices have gotten out of hand or not.
One blogger is certain that when it comes to neighborhoods, up-and-coming is preferable to old-money-stagnant. I mean, who would want to live next to John Kerry or Jack Welch?
Another blogger beckons, no, dares you to abandon D.C.’s city life for the suburbs of Maryland.
It’s a good start and we promise it will get better. Get Sweet Digs delivered to your inbox by subscribing to the newsletter. If you have any feedback for us or tips on properties that you’d like our bloggers to cover send a message to tips(at)redfin(dot)com. We can even promote your open house on our blog, whether you’re a Redfin customer or not.
Let’s meet the Sweet Digs D.C. team.
Tavia Evans-Gilchrist
Two years after schlepping across the country to marry her Prince Charming, the St. Louis, Missouri, native now calls Washington DC home.
Tavia’s current hobbies include discovering affordable and chic neighborhoods in the city, where normal working class people can still “put down roots” – places that don’t always appear on the city’s maps and usually eludes the popular press.
And when she’s not longing for an affordable single family home of her own, she loves exploring the corridor neighborhoods, people and architecture of The Capitol and getting lost in the heart of the city, only to find out that at some point, she actually crossed into Maryland.
Tracey Gold Bennett
Tracey Gold Bennett has worked as a broadcast journalist (network television news) for more than a decade. Bennett, a former columnist and freelance reporter for the Washington Examiner newspaper, is the author of two books on African American history in Washington, D.C. The Washington Post Kids-Post hailed her first book as the Book of the Week for February 25, 2007. Gold Bennett’s second book was released in March of 2007. Gold Bennett has written and produced news for television and radio stations in New York , Washington , DC, North Carolina , Maryland and Virginia.
In October 2007, The Washington Post broke news of Tracey Gold Bennett’s new book in progress “The Ben’s Chili Bowl Book,” which will be released in 2008.
Kira Mayrides
Kira Mayrides is an indentured serv…errr, stay-at-home-mom to 2 delightful! glorious! perfect! (no, really) children. Prior to stepping out of the workforce, she served as a writer and editor for a variety of scientific and technical organizations. She and her family live in Lansdowne on the Potomac in Leesburg. Kira began observing (stalking) the real estate market in 2003, when she traded in her townhouse for a fixer-upper single family in Reston, Va. After spending 2 and 1/2 long, painful years preparing the second house to be flipped, and after much research, Kira and her husband found the deal of a lifetime on a new build in Lansdowne and pounced on it. Since then, Kira has become a true Loudoun County convert and continues to obsess over the real estate market in Leesburg and the surrounding areas. Kira is also a big believer in (and has dabbled in) home staging, and hopes to share (but will try not to lecture about) what she’s learned about staging and its benefits for both buyers and sellers.
Allison Scuriatti
Allison Scuriatti has lived in Washington, D.C. since 1996. She is a former corporate communications executive but “on an open-ended sabbatical” from corporate life to focus on family, her local community and various creative pursuits. Allison claims to have missed her true calling to be a residential architect. She makes up for it in her spare time by studying the real estate market and dreaming up remodeling plans for all the houses in her neighborhood, including her own 1938 brick colonial. She also has a penchant for creating highly edible scale-model gingerbread buildings, where a bit of sugary frosting can cure any structural maintenance woe.
