Brian Block -- Northern Virginia & D.C. Real Estate

It's been about 6 weeks since I last posted about the condo inventory in Alexandria, Virginia.

Since then, available condominium inventory has decreased by 14% to 306 currently available Alexandria condos as of November 25, 2008. This represents about 47% of all inventory of homes available in the City of Alexandria. During the month of October there were 58 condo sales in Alexandria.

Based on the October rate of sales, there is a 5.275 month supply of condos in Alexandria. This decrease in inventory over the last 6 weeks is a welcome sign for condo owners looking to sell their property.

The chart below shows the inventory of condos at the 8 communities with the most current inventory on the market in Alexandria:

Here are the current average prices in Alexandria:

Studio Condos -- 9 available, average price $171,511

1 BR Condos -- 105 available, average price $231,369 (Oct. 2008 avg. price - $245,226)

2 BR Condos -- 158 available, average price $316,119 (Oct. 2008 avg. price - $334,374)

3 BR Condos -- 33 available, average price $384,464 (Oct. 2008 avg. price - $348,737)

Click here to SEARCH FOR A CONDO IN ALEXANDRIA

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, Springfield, Washington D.C., contact Brian today.

"You are in real estate. I feel sorry for you these days."

I've lost count of how many times someone has said something along these lines to me in the past few weeks and months.

What with the daily news of the economy, devastating media reports about the real estate market, foreclosures, prices taking nosedives, etc. -- what should people be thinking?

"You must have a lot of time on your hands these days."

"Have you thought about a back-up plan or a part-time job?"

Is the real estate market really that bad? The market presents challenges, for sure, but there are also opportunities. It is not a bad market, but a changed one here in Northern Virginia and D.C.

After my $970,000 settlement on a luxury townhouse in Arlington on November 7th, I've had a new answer to this barrage of questioning for the last 10 days:

"Actually I just closed my biggest sale about a week ago -- almost $1 million."

Jaws drop. Bewilderment ensues. Misperceptions are shattered. Maybe the market really ain't that bad.

Or maybe this guy Brian Block is doing something right.

While other REALTORS spend their last days hanging on in the business complaining about the market around the water cooler waiting for their phone to ring, the strong agents and brokers are surviving, even thriving.

Action and attitude win out every day over media hype and complaining whining.

And while I continue to enjoy the afterglow of a big sale, I'm not bragging about it around a water cooler... I'm too busy this week with 3 new buyers.

Good thing I never got that part-time job...

I still have time for you!

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, Springfield, Washington D.C., contact Brian today.

Last weekend, I attended the Green Festival held at the Washington D.C. Convention Center. While I don't consider myself a tree-hugger or an "environmental whacko," I certainly believe that everyone can do their part to make the world a cleaner place, use less chemicals and pollutants in our own homes, and live life in a more sustainable way.

So, it was time to learn for this REALTOR & Green Newbie .

Not to mention, my sister was in town because her company, Pangea Organics was a sponsorship partner at the Green Festival. Pangea Organics makes wonderful, organic, hygiene and beauty products, including lip balms, facial cleansers and toners, shampoos, body lotions, and bar soaps. The stuff is great! My sister's the national sales director, and no she didn't pay me for this plug.

After learning about all types of natural foods, organic pillows, green grassroots groups, herbal teas, recycled elephant poo paper, and yes, organic beer, there was one exhibit which really struck a chord:

Casey Trees

"Plant a Tree in D.C. Earn a $50 rebate."

What a great idea!

Casey Trees and the District Department of the Environment teamed up to offer rebates up to $50 to D.C. homeowners who plant a tree on their private property in the District of Columbia.

What better way to spruce up your home, help the environment, and get a cash-back rebate?

All you've got to do is the following:

1. Purchase an eligible tree (no invasives or ash).

2. Plant it a residence in D.C.

3. Go to the CaseyTrees.org website, print, complete and sign the coupon

4. Mail the coupon and your tree purchase receipt to Casey Trees Rebate, 1123 11th Street NW #3, Washington, DC 20001 by May 31, 2009.

5. Receive your rebate in 3-5 weeks.

Oh, and you've also got to pledge to care for the tree for at least 2 years.

Get your shovels and hoses ready and help the D.C. community and environment.

You just might add that extra curb appeal to your home as well.

Are you wondering about Northern Virginia real estate and pondering what has sold recently?

Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for October 2008. All information was obtained through MRIS.

Overall, there were 53 sales topping $1 million during the month of October 2008 (10 more than in September 2008). It appears that despite the financial crisis, there are still plenty of people in the D.C. metropolitan area with money to purchase their dream homes.

OCTOBER'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 1402 Kirby Road, McLean, VA 22101 -- Sold on October 10th for $3,997,500.
  Brand new in 2008, this 11,500 square foot home on 1.45 acres features 3 leavels, 6 fireplaces and 360 degree views of the surrounding woods. With 6 bedrooms, 7 full bathrooms and 2 half bathrooms, this home has room for anyone and lots of space for entertaining.
  
  
• 925 Mackall Avenue, McLean, VA 22101 -- Sold on October 27th for $3,300,000.
  This 7500 square foot manor home was built in 2004 with a gourmet chef's kitchen, a dramatic 2 story foyer, 3 car garage, pond and waterfall on a beautifully landscaped lot.
  
  
• 8604 Dixie Place, McLean, VA 22102 -- Sold on October 27th for $3,205,000.
  Located in the Woodside Estates area of McLean, this "to be built home" is situated on a 2 acre cul-de-sac. It will include all the high end finishes and provid either 5200 square feet of space on 2 levels or 8000 sq. ft. on 3 levels.
  
  
• 8200 Sparger Street, McLean, VA 22102 -- Sold on October 27th for $2,688,000.
  Featuring a heated pool and waterfalls, this large home has state of the art amenities, 6 bedrooms, 5 full bathrooms, 3 half bathrooms, 4 levels and 7 fireplaces... oh my! Located on an almost 1 acre gated lot.
  
  
• 2403 Hunter Mill Road, Vienna, VA 22181 -- Sold on October 24th for $2,150,000.
  This was a foreclosure property! The home in this bank-owned sale was built in 2006 and features 10,177 square feet of living space on 3 levels and 1.9 acres. The home has a wine bar, media room, exercise room, and elevator.
  

SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA

Townhouses:

• 1425 Harvest Crossing Drive, McLean, VA 22101 -- Sold on October 1st for $1,625,000.
  This townhouse in the Evans Farm community of McLean was built in 2003 with lots of great features. There are 6 bedrooms and 5.5 bathrooms. The centerpiece of this 4,916 square foot townhouse is the kitchen with SubZero, Viking, and Asko appliances. There's also a "rough-in" for an elevator in case the new owner gets tired of the townhouse stairs.
  
  
• 1202 N. Jackson Street, Arlington, VA 22201 -- Sold on October 21st for $1,092,500.
  Located in popular Lyon Village in Arlington, this home built in 2001 is only a 5 minute walk to the Clarendon Metro, making one wonder whether they'll ever use the 2 car garage. With over 3500 square feet of space, this large townhouse/semi-detached home features high ceilings, granite counters, and custom moldings.
  

• 4210 N. 11th Street, Arlington, VA 22201 -- Sold on October 16th for $1,035,000.
  This Bromptons at Ballston townhouse is located just one block from the Ballston metro. With 3 bedrooms, 2.5 bathrooms and over 3,000 square feet of living space, this townhouse also features a 2 car garage, hardwood floors, cherry cabinets and granite counters.
  
  
• 1511 N. 22nd Street, Arlington, VA 22209 -- Sold on October 28th for $880,000.
  Near Rosslyn and just across the Potomac River from Georgetown, this Palisades Park townhouse with a gourmet kitchen, 4 levels, 4 bedrooms and 4.5 bathrooms was built in 1995 with 2,250 square feet of living space. It's an end-unit townhouse and larger than many in the community.
  

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums:

• 1300 Crystal Drive, Penthouse 04, Arlington, VA 22202 -- Sold on October 26th for $1,050,00
  The penthouse! Amazing views of D.C., the Potomac River and the airport from the 40 foot glass-enclosed balcony. This two story penthouse in Crystal Gateway features wood floors, a lavish marble bath and 2,780 square feet of space. By the way, Senator John McCain's condo is in the same building!
  
  
• 1200 Crystal Drive #513, Arlington, VA 22202 -- Sold on October 26th for $915,000.
  This 3 bedroom, 3 bahtroom condo at Waterford House in Crystal City features 1,772 square feet of space and great views of the sunrise and D.C. Monuments The 51 foot balcony is warpped by floor to ceiling windows. Other features includ Italian crafted light fixtures, 2 walk-in closets and new Bosch appliances.
  
  
• 1600 Clarendon Boulevard #W410, Arlington, VA 22209 -- Sold on October 29th for $906,000.
  $906,000 for a 1 bedroom condo? You better believe it! At the Wooster and Mercer Lofts, this penthouse with 22 foot ceilings and a private rooftop terrace sold for that price. It's quite large for a one bedroom condo at 1,252 square feet.
  
  
• 1600 Clarendon Boulevard #M403, Arlington, VA 22209 -- Sold on October 28th for $900,000.
  Another Wooster & Mercer Lofts condo -- actually larger than the one above at 1,490 square feet. This one features 10 foot ceilings, 1 bedroom and 2 full baths.
  
  
• 1220 N. Fillmore Street #704, Arlington, VA 22201 -- Sold on October 29th for $850,000.
  At the popular Station Square condos, this 1,761 square foot unit with 2 bedrooms and 2.5 bathrooms is the largest unit in the development and was the first one ever offered for resale. It has custom built-ins, an open floor plan and panoramic D.C. skyline views. Located just one block from the Clarendon Metro, shops and restaurants.

North Arlington dominated this month's list of highest priced condo sales.

SEE AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA

Contact Brian Block, REALTOR/Attorney: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, Springfield, Washington D.C., contact Brian today.

Short Sales.

Just the mere mention of the word conjures up nightmares. Almost everyone involved with a short sale tosses and turns under the sheets at some point during the transaction. Short sales are certainly a nightmare for the seller who never expected to be in this situation. Short sales can be a nightmare for buyers waiting endlessly for bank approval of a deal and wondering whether and when they'll actually purchase the home. For REALTORS on both sides of the sale, short sales equal repeated phone calls to bank negotiators, endless faxes, addendums, hardship letters, and waiting, waiting, and more waiting.

Contrary to media hype, not every short sale (or foreclosure) occurs because of a subprime loan or risky mortgage. Sometimes, an unfortunate seller just bought at the wrong time (like at the peak) and now is forced to sell at or near the bottom. Along the way, some other hardships may have occurred making the situation even more difficult for the seller.

First things first.

What is short sale? A short sale occurs when the proceeds from the sale of the home will not be enough to pay off the existing mortgage or mortgages. However, this is not enough. There must additionally be a hardship that makes the payoff of the loan impractical or impossible. If the seller has money in the bank or other significant assets, the bank will want to get their hands on these, and the seller will have to bring a check to the settlement table. That is why all banks require detailed information about a seller's financial situation prior to approving the short sale. The bank will request a seller provide tax returns, bank and brokerage statements, W-2s, paycheck stubs, and other financial information.

Many short sales fall through, whether because of the long waiting period for the bank to make a decision or some other reason.

This week, I successfully brought a short sale listing to settlement. In the process, I helped my client out of a tough situation. While working short sales can be challenging, it is rewarding when you can help people out of tough situations.

A career miltary guy transferred to work at the Pentagon, he unfortunately purchased his Manassas condo in February 2006, at the height of the market. Since that time, in the last two years, he's suffered a divorce, serious knee surgery, and was passed over for a promotion, thus requiring he retire this coming Spring from the military after 20 years of service.

While he never missed a mortgage payment, the monthly bill was certainly becoming a hardship. Oh, and the condo's value fell by over $100,000 in just 2 years time!

After many, many phone calls and e-mails back and forth with my client's mortgage company, and over 2 month's of waiting, we finally got final approval for the sale -- and just in time, since the anxious buyers were almost getting ready to give up on the deal and search for other homes.

On Monday, we went to settlement.

My client is thankful to be out of his hardship and to no longer get monthly mortgage bills.

The buyers got a great price and are thrilled with the condo.

I helped someone out of a tough situation and that feels great.