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

October -- for sports fans, it may be the best time of year. What other month can you watch professional football, baseball, hockey, and basketball?

For others, October brings entertainment and fun in the manner of ghosts, goblins, witches, and vampires.

Halloween!

When you live in a city (Alexandria, VA) that has ghosts around every corner, Halloween is even that much more special.

Ghosts & Real Estate -- What You Need to Know:

Houses with ghosts or haunted houses fall under the category of stigmatized property. A stigmatized property is one where an event or condition (murder, suicide, or haunting) occurred that does not affect the physical nature of the property but which may affect its value to some people. In other words, knowing that a murder occurred in a house or that there may be a ghost can have a psychological effect on the homebuyer.

There is NO federal law or requirement to inspect for, investigate, disclose, or verify whether a property is stigmatized.

Similarly, Virginia exempts disclosures about stigmatized property.

A house can be haunted, in fact, it can be swarming with ghosts, and neither the seller, the listing agent, nor the buyer's agent is required to report that news to you.

Truly buyer beware.

CAUTION: Don't shop for a home right after watching the movie Poltergeist!

So, what to do if you want to ensure that your house-to-be is not occupied by floating departed souls?

You can ask your REALTOR. They are not under an obligation to disclose this, even if they've seen the ghost themselves. However, perhaps they can help.

The other year, I had some clients who were looking at historic homes in Old Town Alexandria. Historic means the house has a plaque and is over 100 years old. They very seriously told me that they did not want to purchase a home with a ghost. Not sure what to do, I did some research and sent them to this website: Haunted Virginia. I figured it was a start and they could continue with their own research.

To some people, a ghost may even be a selling point!

Did you know that Old Town Alexandria is fabled to have some ghosts living among the historic homes and cobblestone streets?

During the month of October, you can actually take a Ghost Tour or Ghosts & Graveyard Tour of Old Town Alexandria and learn what ghoulish spirits continue to haunt Northern Virginia.

Whether you want a home with or without a ghost, I'd be happy to help.

October's a great time to buy a house. You'll be settled in for the holidays.

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 September 2009. All information was obtained through MRIS.

Luxury home sales have been slowing down quite a bit during the last few months. The majority of the activity in Northern Virginia real estate is occurring with first-time buyers anxious to take advantage of the $8000 tax credit expiring on November 30th. Needless to say, most of these first-time buyers are not purchasing in the luxury price ranges.

Overall, there were 54 Northern Virginia home sales topping $1 million during the month of September 2009, down from 76 in August and 90 in July 2009.

Currently, there are 845 homes on the market in Northern Virginia with list prices topping $1 million.

SEPTEMBER'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 10447 New Ascot Drive, Great Falls, VA 22066 -- Sold on September 14th for $2,780,000.
  Think short sales are only for lower price ranges? Think again. This one was listed for sale at $3,499,999 and sold for a lot less. This 6 bedroom, 11,000 square foot home on 2 acres has a 4 car garage, an in-ground swimming pool, an elevator, home theater, and 2 wine cellars. It was built in 2008.
  
  
• 7624 Burford Drive, McLean, VA 22012 -- Sold on September 28th for $2,525,000.
  Built in 2008, this 6 bedroom home also has 7 full bathrooms and 3 half bathrooms. With a 3 car garage , an open floor plan and fully finished basement, this home spent nearly 2 years on the market before selling.
  
  
• 824 Whann Avenue, McLean, VA 22101 -- Sold on September 22nd for $2,251,000.
  Located in Langley Forest on one acre in McLean, this home was a foreclosure sale. Most of the home was completed, but it did not have fixtures and appliances. The home has 7 bedrooms and 8.5 bathrooms.
  
  
• 4701 N. 34th Street, Arlington, VA 22207 -- Sold September 29th for $2,200,000.
  In the Country Club Hills area of North Arlington, this 5 bedroom, 4.5 bathroom home was built in 1952 and has been renovated and expanded. It features a top of the line kitchen and sits on 1/3 acre of land.
  
  
• 7837 Kent Road, Alexandria, VA 22308 -- Sold on September 28th for $2,050,000.
  A 1938 colonial home on over an acre of land with tall trees and mature plantings, this 1938 home features a pool, grand circular staircase, 4 fireplaces and 5 bedrooms and 5.5 bathrooms.
  

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA

Townhouses:

• 6 Keiths Lane, Alexandria, VA 22314 -- Sold on September 25th for $1,275,000.
  With views of the Potomac River in Old Town Alexandria, this Fords Landing townhouse was built in 1999 and featurs 3 bedrooms including a decadent master suite with a spa-like bathroom. the grourmet kitchen with granite counters enhances the open floor plan of the main level.
  
  
• 423N N. Columbus Street, Alexandria, VA 22314 -- Sold on September 15th for $957,000.
  Another Old Town Alexandria townhouse originally built in 1890 that has been totally renovated and remodeled but retained some period fixtures, antique chandeliers and transom lights and the original southern pine floors. It has 2,541 square feet of living space.
  
  
• 717 Potomac Street, Alexandria, VA 22314 -- Sold on September 15th for $875,000.
  This 1978-built townhouse in Old Town Alexandria features an off-street parking space and front and rear private brick patios. It has 3 bedrooms, 3.5 bathrooms which are newly renovated. There's also a separate au pair/in-law suite with an extra kitchen.
  
  
• 2044 Beacon Heights Drive, Reston, VA 20191 -- Sold on September 15th for $875,000.
  Built in 2003, this townhouse is on the waterfront at Lake Audubon. The townhouse has 5 levels with an elevator, gorumet kitchen and a Trex deck. With 3 bedrooms and 3.5 bathrooms, this large townhouse offers 3,237 square feet of space.

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums:

• 1600 Clarendon Blvd. #W303, Arlington, VA 22209 -- Sold on September 15th for $1,142,000.
  At the ever-popular and ever-expensive Wooster and Mercer Lofts, this 2 bedroom plus loft condo features 1,990 square feet of living space and ultra-high end appliances and finishes.
  
  
• 635 First Street #101, Alexandria, VA 22314 -- Sold on September 21st for $850,000.
  This condo at Liberty Row in Old Town Alexandria has 2,100 square feet of space spread throughout 3 bedrooms and 2.5 bathrooms. It features a gourmet kitchen, a custom sound system, and 2 underground parking spaces.
  
  
• 1781 Chain Bridge Road #208, McLean, VA 22102 -- Sold on September 9th for $792,380.
  Newly built, this condo at the Morgan at McLean is a corner unit with over 2,100 square feet of space in a 2 bedroom 2 bathroom unit. It is very close to the upcoming Tysons East Metro stop.
  
  
• 1600 Clarendon Blvd. #W311, Arlington, VA 22209 -- Sold on September 8th for $680,000.
  Another Wooster & Mercer Lofts gem, this one is a one bedroom unit with 2 full baths. The condo has 18 foot ceilings with walls of glass overlooking a park and measures in at 1,365 square feet.
  

SEE AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA

Contact Brian Block, Managing Broker, 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, Great Falls, Lorton, McLean, Springfield, Washington D.C., contact Brian today.

Thinking about Buying or Selling a Home in Northern Virginia?

How Much Do You Know about Real Estate and Your REALTOR?

TAKE THE REAL ESTATE QUIZ

Instructions: E-mail me at brian@brianblock.com with your answers by Monday, October 5th at 12 noon. Answers and Results will be announced on Tuesday, October 6th on this blog. (With some time spent researching, you can find the answers to all these questions on prior posts on the blog.)

One participant will be chosen at random to receive a $25 Gift Card.

Note: Real estate agents, mortgage lenders, inspectors, appraisers are not eligible to participate.

GOOD LUCK!

1. What is the current minimum down payment on an FHA Mortgage?

A. 20%

B. 3.5%

C. 5.0%

D. 10%

2. The Settlement Statement that details the buyer and seller's costs is also known as:

A. HUD-1

B. 1099

C. W-9

D. Form 860

3. In Virginia, a real estate agent can represent both a buyer and a seller in the same transaction.

A. TRUE

B. FALSE

4. The First Time Homebuyer Tax Credit Expires on:

A. December 31, 2009

B. October 31, 2009

C. April 15, 2010

D. November 30, 2009

5. Which of the following can be contingencies of the real estate contract?

A. Home Inspection

B. Appraisal

C. Financing

D. All of the Above

6. Brian Block has appeared on this television show:

A. Neil Cavuto Show on Fox News

B. Designed to Sell on HGTV

C. The Early Show on CBS

D. Both A & C

7. What is a short sale?

A. A fast sale made in just a few days

B. A sale where the proceeds do not pay off the mortgage in full

C. A nightmare

D. A home sale that is done without a real estate agent

8. Brian Block has NOT attended this real estate conference in 2009:

A. Inman Real Estate Connect

B. RE/MAX Conference

C. Virginia Association of REALTORS Conference

D. National Association of REALTORS Mid-Year Conference

9. Which Zip Code is NOT in Northern Virginia?

A. 22304

B. 22904

C. 22201

D. 22151

10. Lead Based Paint Disclosures are required for homes built before:

A. 1976

B. 1982

C. 1978

D. 2001

REMEMBER: Send me your e-mail with your answers by Monday, October 5th at 12 noon to be eligible for the $25 Gift Card.

Here's a sign of a shift in the real estate market.

NOT A FORECLOSURE OR A SHORT SALE -- important to note that because they are typically priced below market.

Last Thursday, I placed this home on the market:

The 3 bedroom 1 bathroom home in the Sterling Park subdivision of Sterling, VA (out near Washington Dulles Airport) shows great and was priced at $225,000.

But, guess what, none of that matters here, since I'm no longer marketing the house. It's not necessary.

No sooner did I finish typing the information about the home into the MLS and uploading the photos at 11:30 a.m. on Thursday than I got a call at 2 p.m. from an agent who had shown the home and was ready to submit an offer.

By the next day we had a total of 3 offers (and about 8 other interested phone calls from agents!)

The sellers chose the best offer, and it was signed, sealed and delivered on Sunday.

LISTED AND UNDER CONTRACT IN 3 DAYS!

Give me a call at 703-626-0715. I can do the same with yours! * *

** Fine print: You must agree to price your home correctly. The home must show well. There's no guarantee that we will have 3 offers, let alone a ratified contract in 3 days, but we'll try our best.

• Dr. Michael Fratantoni
  Vice President, Single-Family Research & Policy Development, Mortgage Bankers Association
  
• Mr. Allen Jones
  Executive of Default Management Public Policy & Outreach, Servicing Division, Bank of America
  
• Dr. Frank Nothaft
  Chief Economist, FreddieMac
  
• Dr. Lawrence Yun
  Chief Economist & Senior Vice President of Research, National Association of Realtors®
  
• Dr. Stephen Fuller
  Director, Center for Regional Analysis, School of Public Policy, George Mason University

• Anticipate 10.2% unemployment peak early 2010
  
  
• No meaningful price rises in housing until 2011/2012 (note they did not exactly define meaningful)
  
  
• Government lending accounts for 45% of loans. Primarily b/c of higher FHA loan limits.
  
  
• Virginia doing better than Maryland or DC in terms of foreclosures.
  
  
• Option ARMs will not have a tidal wave problem on the market like subprime did because there are lots of modifications happening.
  
  
• Bank of America short sale department gets 80,000 phone calls per day! HOLY COW!
  
  
• Virginia one of sixteen states where unemployment has gone down. Fairfax County rate is 4.7%
  
  
• All 26 Fairfax County high schools in top 3% of Newsweek's report! If that's not a selling point for Fairfax County real estate, I don't know what is!
  
  
• Short sale frustration gets people to go straight for foreclosure sales leading to multiple contracts on REOs
  
  
• All cash purchases make up 20% of the real estate market nationwide
  
  
• One average home sale leads to additional $62k economic impact (furniture, carpeting, moving truck, etc.) -- very interesting!
  
  
• DC market lost 42K jobs in last year but that's the least of any major metro area in country.
  
  
• Northern Virginia has more entrepreneurial "juice" than suburban Maryland or DC - Dr. Stephen Fuller