Archive for the ‘Loudoun County’ Category
July 24, 2008
If you’re a real estate geek like I am, this is your lucky week. First, Walk Score revealed its list of the country’s most walkable neighborhoods and introduced us to the site’s real estate tile, where you can punch in any address and get a list of stores/restaurants/attractions within walking distance. Now, the Loudoun Times-Mirror is reporting that Piedmont Environmental Council (PEC) has released an incredibly helpful website (www.localdecisions.org) designed to help Loudoun residents figure out exactly where new residential and commercial properties are going to be built. You can search by type of property as well as its approval status (proposed, approved, rejected) or you can opt to see them all on one page. You can also search by zip. In addition, the website allows visitors to comment on specific projects, and provides links to supervisors’ emails in case there are further questions or concerns.
I have to admit, it’s a little scary seeing all the past, future, and proposed projects all at once (not to mention, it’s almost impossible to wade through). In case you hadn’t noticed, Loudoun has been pretty busy building itself. If you visit, be prepared to sift through all 38,000 projects, with more coming in the future since the site will be updated quarterly. A spokesman for the company said that PEC plans to add the 8 other counties in Virginia’s northern Piedmont region, so be sure to check back if you live somewhere that is not currently covered.
July 21, 2008
LoudounTimes.com is reporting that things are looking up for Loudoun’s real estate market. Here are the stats, as provided by the Dulles Area Association of Realtors (DAAR):
- 553 Loudoun homes sold in June, the highest number since December 2005 (Loudoun’s market peaked in 2005).
- Loudoun’s average sale price in June was $418,038, up from May’s average of $398,041.
The Times article also cites a report by Fulton Research and Consulting (a Fairfax County real estate analysis company) as evidence that things are improving. The highlights:
- Sterling Park, which has had the highest foreclosure numbers in Loudoun, experienced tremendous gains in June. In the 20164 ZIP, 101 homes sold; that’s a 94% increase over June 2007.
- The second-biggest increase was in Ashburn’s 20148 ZIP, which saw a 42% sales jump from a year earlier.
- The number of homes currently on the market in Loudoun has dropped 25% from last June.
- The average days on marked dipped below 100 days for the first time since August 2007.
Several readers downplayed the importance of the statistics presented in the article, commenting that the increases are due to the seasonal sales boost usually experienced at this time of year. Although I agree it’s smart to exercise caution before proclaiming the crisis is over, I think the commenters neglected to give proper credence to the fact that the number of homes sold was the highest since December 2005. We’ve had 2 summers since then where the number of homes sold in a month didn’t break 550, so the argument that the numbers are skewed by the summer selling season doesn’t really wash. I stand by my argument that buyers in Loudoun have simply been biding their time, making sure that they’re not going to lose money before they decide to take the plunge. Whether you like my version or not, you can be sure of this: The tighter, stricter, more rational lending practices that we’re seeing now means that the people buying in Loudoun this year are more likely to be able to keep their homes in the future. That’s something that all of us can feel good about.
July 18, 2008
A few weeks ago, I wrote a post about the noticeable increase in significant price reductions (significant being defined, by me, as being greater than $50k). As with all rules, this one has an exception: townhouses. The only thing worth noting about townhouse reductions this summer is that they have been mostly occurring in nearly imperceptible increments (i.e., $5k to $10k drops). Unless a buyer is really paying attention, is a $5k price reduction going to leap off the page? Probably not. My personal rule of thumb with price reductions is this: If a house is truly only overpriced by $5000 or $10,000, any serious buyer nowadays would have no problem shaving that much off of an offer price and the property would have already sold.
Now that I’ve gotten that off of my chest, let’s move on to this week’s townhouse price reductions. I did manage to find a few that were reduced by more than $10k, and they’re featured here. There were no reduced townhomes in Belmont Country Club this week. Happy hunting!
ASHBURN FARM
43229 Chestermill Ter, 20147
4 bd/3.5 ba; sq. ft. unavailable
Reduced from $349,000 to $329,000 (Original list price: $399,000)
Days on Redfin: 49
ASHBURN VILLAGE
43974 Choptank Ter, 20147
3 bd/2.5 ba; 1426 sq. ft.
Reduced from $279,900 to $259,900 (Original list price: $305,900)
Days on Redfin: 183
BRAMBLETON
42435 Greenside Dr, 20148
3 bd/2.5 ba; 3038 sq. ft.
Reduced from $419,000 to $400,000 (Original list price: $489,000)
Days on Redfin: 279
BROADLANDS
21388 Shady Wood Ter, 20148
3 bd/3.5 ba; 2229 sq. ft.
Reduced from $379,900 to $369,900 (Original list price: $384,900)
Days on Redfin: 18
LANSDOWNE
19099 Icehouse Ter, 20176
4 bd/3.5 ba; sq. ft. unavailable
Reduced from $434,888 to $408,888 (Original list price: $516,888)
Days on Redfin: 69
July 16, 2008
If you’ve been wondering how all the shenanigans in Richmond would impact Loudoun’s road projects, I’ve got an answer – and it’s not good. As reported by LoudounExtra.com, the $16-million, 44% drop in the County’s 6-year road-building plan will mainly affect Waxpool Rd., Edwards Ferry Rd., and Belmont Ridge Rd. The improvements to Waxpool and Edwards Ferry have been eliminated, and the work slated for Belmont Ridge has been significantly scaled back.
You can read details about the retooled improvements to Belmont Ridge here. Although I am all for eradicating the problem with the W&OD Trail crossing (it is a HUGE safety concern), I think the rest of the improvements will have little impact. Everyone who uses Belmont Ridge knows it is completely unequipped to handle the kind of traffic the new Belmont Greene Village Center is going to bring. (Click here to see what businesses will be setting up shop; Bloom is the anchor grocery store.) The original plan was to widen Belmont Ridge from Rt. 7 all the way to the Greenway, and I just don’t see how anything less will suffice. For more information on the setbacks and how they will affect area residents, check out local blog Leesburg Tomorrow. The blogger does a great job of covering local politics and other issues relevant to Loudoun residents.
Image: W&OD Trail near Belmont (Photo credit)
July 14, 2008
This is brilliant. I was checking the Loudoun Times-Mirror for neighborhood news when I came across this little tidbit about a local realty company offering foreclosure bus tours. As in, a bunch of homebuyers and investors get on a big ol’ bus and are chauffeured around Loudoun and right up to the doorsteps of select foreclosure properties for sale. Here’s a snippet from the website:
“It’s a little like real estate speed dating, you get to see a lot of properties in a short period of time. And now is a great time to invest in your future, first time home buyers, investors or just people with a vision are great matches for these homes. The tour is a rolling foreclosure seminar, we will educate you how these properties are purchased, evaluated and financed. On board will be lenders, attorneys, and home inspectors available to answer your questions. At the end of the tour, guests will be given the opportunity to schedule a private showing of any of the homes from the tour they have an interest in or to visit other homes that might better suit their needs.”
The tour takes about 3 hours, and the realtors running the tour advise attendees to dress lightly since many (if not most) of the homes will not have working AC. Riders are under no obligation to sign with the agents hosting the tour at any point, but anyone currently working with a buyer’s agent is not allowed to ride along. If I can get over the idea of a hot, sweaty, 3-hour bus ride, I might just go on the next one (scheduled for Sunday, June 20th). It’s got to be a great way to get a feel for the foreclosure landscape without making a major time commitment or having to sign with an agent. If I go, I’ll definitely report back.
July 11, 2008
It’s definitely July. Not only are fewer houses coming onto the market each week, I’m also seeing fewer price reductions. I guess sellers are attempting to wait out the slow summer months, but I’m not sure that’s the wisest decision. September is typically the busiest month for property sales, and there might be more competition at that time than current sellers think.
Another thing I am noticing is that despite the slowdown in overall reductions, there has been a steady increase in reductions on homes that have already been reduced at least once before. The Lansdowne house I’m featuring (a steal at $459,900) is a perfect example of that; it’s been reduced 4 times since the end of May, and the last price drop was a mere 7 days apart.
If you’re going house hunting this weekend, it’s a great opportunity to see if the air conditioning in any given property is working; it’s supposed to be in the mid-90s through Sunday. Stay cool!
ASHBURN FARM
20958 Huntland Ct, Ashburn, 20147
5 bd/3.5 ba; 3856 sq. ft.
Reduced from $564,900 to $554,900
Days on Redfin: 99
ASHBURN VILLAGE
21411 Clearfork Ct, Ashburn, 20147
4 bd/4.5 ba; 4290 sq. ft.
Reduced from $619,500 to $589,900
Days on Redfin: 42
BRAMBLETON
42450 Meridian Hill Dr, Ashburn, 20148
4 bd/4.5 ba; 3970 sq. ft.
Reduced from $609,900 to $584,900
Days on Redfin: 58
BROADLANDS
43328 Markham Pl, Ashburn, 20147
4 bd/3.5 ba; sq. ft. unavailable
Reduced from $619,000 to $585,000
Days on Redfin: 80
LANSDOWNE
19230 Coton Holdings Ct, Leesburg, 20176
4 bd/3.5 ba; 3630 sq. ft.
Reduced from $474,900 to $459,900 (Original list price: $519,900)
Days on Redfin: 41
July 9, 2008
Loudoun County voters should be pretty pleased with the current Board of Supervisors (and with themselves, for voting them in). Not only are they following through with their campaign promises to curb the crazy growth the county has been subjected to for the past decade, they also just voted to refuse campaign contributions from any outfits (including developers) with proposals before the board. That’s right: Politicians are actually going to refuse money from the big guys in order to regain lost trust with the little guys. Hard to believe, but true. You can read all about it on WashingtonPost.com.
While you’re at it, take a look at this article (also from the Post) about the backlash the Board is experiencing as it’s trying to build up services and infrastructure such as schools and a hospital. The Post article doesn’t do a great job of thoroughly explaining all sides of the hospital issue; it neglects to mention that the new hospital will be a mere 5 miles from INOVA Loudoun, which currently is the county’s only hospital. But the article does rightfully point out that anti-growth residents aren’t necessarily being terribly realistic, and that there has to be some middle ground between no-growth and the previous path the county was on. The fact is that we have some catching up to do in terms of services and infrastructure, and we need to start figuring out how to do that before the next wave of growth starts. We might be enjoying a nice little growth lull now, but once you add in the World Trade Center and the Dulles Rail, it’s going to be a whole new ballgame. Let’s not get caught unprepared again.
Images: Rural farmland and traffic in Loudoun; courtesy of www.smartergrowth.net.
July 8, 2008
I’ve posted several times since mid-spring that I could see that the market was beginning to move again. Foreclosures were being snapped up and properties that looked good and were priced right were selling within a matter of days. At times, I’m sure I sounded like I thought wishing it would make it so. But it’s obvious to me now that I wasn’t imagining things, and the proof is in the number 594.
There is no hidden meaning to 594; it’s the number of properties on the market in Leesburg’s 20176 zip as of today. But it’s significant because that number reached as high as 656 in May and stayed in that range for at least a month. I’ve been watching the zips I cover (20147, 20148, 20176) carefully since March (checking at least every other day), and mostly what I saw was that the numbers would drop after the weekend but then spike up past the previous Friday’s number by Thursday. Some weeks, there was no drop after the weekend at all. For a while, it seemed like one house would find a buyer, but three more properties for sale would take its place. Over the past few weeks, I’ve watched the numbers steadily decline but have waited to post my findings because I didn’t want to jump the gun. The fact that the numbers continue to go down even in July, which is typically one of the worst months to sell a home, is telling to me. I’m sure some of the decline is attributable to sellers taking their homes off the market, but I spend a lot of time driving around Eastern Loudoun and have been heartened by the number of “Sold” signs I’ve seen. Regardless of the reason(s), fewer properties on the market in Eastern Loudoun is definitely not a bad thing.
Just because I’ve focused on 20176 doesn’t mean that 20147 and 20148 also aren’t doing better. I found the decline in 20176 to be more noteworthy because 20176 has 2 to 3 times as many houses on the market as either of the other zips, the drop in properties for sale was more dramatic, and 20176 hadn’t been performing as well as the other 2 zips in terms of days on market and number of properties sold. I’m going to be analyzing sales stats next week for all 3 zips, and I’ll be interested to see how each performed. Be sure to check back.
Image: Aerial view of Leesburg. Photo courtesy of Loudoun Convention and Visitors Association.
July 4, 2008
Due to the holiday weekend, the open house selection is fairly sparse. I’ve pulled out a few that are noteworthy, but click on the zip code to get the full list for each area.
20147
This property in Ashburn Farm is the least expensive single family home open this weekend.
20520 Deerwatch Pl
Price: $439,900
4 bd/2.5 ba; sq. ft. unavailable
Open: Sat. 7/5 from 12 to 3
20148
Brambleton is featuring both the least expensive (a condo) and the most expensive (a McMansion on more than 1/3 of an acre) open houses of the week.
Image: Part of Brambleton’s appeal is its newly built Town Center, which includes a state-of-the-art movie theatre. (Photo credit: Loudoun Times)
22664 Blue Elder Ter, #104
Price: $179,000
2 bd/2 ba; 848 sq. ft.
Open: Sun. 7/6 from 1 to 4
23077 Oglethorpe Ct
Price: $1,180,000
7 bd/6.5 ba; 7774 sq. ft.
Open: Sun. 7/6 from 1 to 4
20176
The only listed open house in all of 20176 this weekend is in Lansdowne.
43261 Overview Pl
Price: $1,150,000
5 bd/6 ba; Sq. ft. unavailable
Open: Sat. 7/5 & Sun. 7/6 from 1 to 5
July 3, 2008
One thing I love about living in Loudoun is that there is no shortage of fun things to do on the 4th of July. In the mood for a parade? Try Purcellville, Lovettsville, Round Hill or downtown Leesburg. If it’s fireworks you’re after, Leesburg’s show last year rivaled anything I’ve ever seen on the mall in DC (that’s no exaggeration – the show is phenomenal), and I can’t imagine that this year will be any different. Ashburn Village puts on a fireworks show over the waters of Lake Ashburn, and Lansdowne Resort puts on a private show for patrons of its hotel or restaurants.
Image: Leesburg’s 2007 July 4th parade. Photo credit.
For more information about celebrations in Loudoun, click here, here or here. I’ve included a few highlights below (event descriptions were pulled from WashingtonPost.com).
Have a happy and safe Independence Day!
IDA LEE CELEBRATION: A parade down King Street will start at 10 a.m. tomorrow at Ida Lee Park, 50 Ida Lee Dr., Leesburg, and head to Fairfax and South King streets. The Reverend Hookems band and Marna and Macy will perform beginning at 7 p.m. at Ida Lee Park; gates open at 6 p.m. There will be a fireworks display at 9:30 p.m. Food will be available for purchase. No pets, glass bottles, personal fireworks or alcohol will be permitted. Free. Information, 703-777-1368; cancellation line, 703-737-7166. http://www.idalee.org.
PURCELLVILLE CELEBRATION: The Pride of Purcellville parade will start at noon tomorrow at Emerick Elementary School, 440 S. Nursery Ave., and end at Loudoun Valley High School, 340 N. Maple Ave. Rides, booths and food will be available for purchase, and there will be entertainment at the high school from 1 to 6 p.m. Free. 540-338-7421. http://www.prideofpurcellville.org. Musical entertainment and Blue Ridge Thunder Cloggers from 6:15 to 9 p.m.; fireworks display will start at dusk at Franklin Park, Business Route 7, between Purcellville and Round Hill. $5, per vehicle. 540-338-7603.
OLD-FASHIONED FOURTH: A festival from 10:30 a.m. to 3 p.m. tomorrow in Sterling will feature nature activities, crafts, face-painting, pony rides, hayrides, games, tours of Lanesville Ordinary and a reptile show at Claude Moore Park, 21544 Old Vestal’s Gap Rd. Enter the park at Loudoun Park Lane. Food will be available for purchase. $5 a carload. 571-258-3700.
