Fairfax, VA

I first entered real estate in 1988 (See bumper sticker from that era which read: "If you bought in '88, I CAN'T HELP YOU!") I was with Merrill Lynch at the time in the Fair Oaks office and I promise you they turned a pumpkin into a real brain. I remember going to several mortgage corporations for intense training as though I were becoming not a REALTOR but a loan officer. I knew just about everything the 10% of my working brain could hold. The Scarecrow and Dorothy were so proud of me! Subsequent to the 1980's blip in real estate, I was only too thrilled to hand the mortgage planning over to trusted loan officers with whom I work as the programs became more complex and personalized for each client's needs. Scroll down to the other day. I was in a continuing education course about the (GASP, NOT AGAIN) new regulations coming out in 2010 regarding good faith estimates and HUD-1 disclosures. The attorney who was teaching the course also had a trusted partner sitting in the classroom and the air was thick with genius - except me apparently. As he discussed how the closing statement will be uniform throughout the US better clarifying itemizations, I heard the term Yield Spread Premium. I was sucked up into the Kansas tornado vortex, knocked unconscious with my little dog - you know, the one the sellers say they don't have even though you can smell him despite the heavy masking of the heated potpourri oil. Let's say a mortgage broker has a fee of 1% of the loan amount which you pay to buy the loan, plus $500 processing fee on a $100,000 loan. In this case, the 1% is $1,000. If appraisal, lender's title insurance, and other costs to close the loan are $3,000, the total costs would be $4,300. The borrower can choose a rate of 4.875% with no yield spread premium (lender pays this). The borrower comes to closing with the $1,500 plus $3,000 or $4500.

The borrower can pay a slightly higher rate, 5.25% with 1% yield spread premium, paid by the lender to the mortgage broker (or bank). The borrower's fees will be $500 plus the costs of $3,000 or $3,500. The lender will pay the mortgage broker the remaining $1,000.

At an even higher rate of 5.65% with a 2% yield spread premium, paid by the lender, the mortgage broker keeps $1,500 and credits the remaining $3,000 from the yield spread premium to the borrower for all the fees.

Won't the mortgage payment be higher? OF COURSE. Why would a borrower pay a higher monthly payment when he qualifies for a lower rate? He can keep his cash in the bank and hopefully make more money in his investment portfolio.

Here's something the new HUD-1, GFE will clarify and force direct lenders to disclose - their profits. Today your bank doesn't have to disclose that profit to the borrower, whereas a mortgage broker will give you those three comparisons in writing. Are you on the Yellow Brick Road with me?

My PenderbrookHome.com

Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA

INTRODUCTION

We are your neighborhood specialist.

We had 5 new listings this week and 4 homes that sold. Our short sale listing in Penderbrook Square went under contract in 3 days !!

There is still alot of activity at Penderbrook. The TH are still overpriced but a few are starting to come down to market level. The new condo conversions are surprising in that they are selling for a lot more than they should, you can buy the same condo for 40k less. I dont know why anyone would want to pay more. But people are still doing it. The smaller TH are selling quickly and the Heights of Penderbrook.

We are continuing to help those whose home is below market value. They either cant afford their payments anymore, need to move, or just want to go back to renting. Contact us today to see what the best option for you is.

If you have any questions or would like to find out how much your home would sell for right now
Contact me

As of today (November 19, 2009 11 AM) there are 22 active homes in Penderbrook and 18 homes that are currently under contract and 4 homes that have sold in the last 30 days.

Here's the breakdown of all active listings in MLS:

Townhomes- 5 active

5 regular sales


Condos - 17 active

1 bedroom condos - 4

2 bedroom condos - 9

3 bedroom condos - 4

Heights at Penderbrook (Condo/Townhome) - 8 condos
Penderbrook Square (Condos)- 9 condos


NEW LISTINGS

According to MLS, there were 5 new listings this week.


UNDER CONTRACT

According to MLS, there are 14 Condos and 4 townhomes under contract.

Condos

12151 Penderview Ln #2027 - 1bd/1ba (638 DOMP)

3921 Penderview Dr #1805 - 1bd/1ba (3 DOMP)

3909 Penderview Dr #1932 - 1bd/ 1ba (9 DOMP)

3912 Penderview Dr #538 - 1bd/1ba (63 DOMP)

3903 Penderview Dr #1506 - 1bd/1ba (59 DOMP)

3904 Penderview Dr #735 - 1bd/1ba (15 DOMP)

3911 Penderview Dr #1905 - 2bd/1ba (57 DOMP)

3807 Green Ridge Ct #102 - 3bd/2ba (6 DOMP)

3904 Penderview Dr #708 -2bd/2ba (11 DOMP)

12005 Ridge Knoll Dr #2 - 2bd/2ba (6 DOMP)

12103 Green Ledge Ct #201 - 3bd/2ba (310 DOMP)

12104 Greenwood Ct #101 - 3bd/2ba (171 DOMP)

12005 Ridge Knoll Dr #12 - 2bd/3ba (4 DOMP)

3807 Green Ridge Ct #304 - 3bd/2ba (11 DOMP)


Townhomes

12138 Wedgeway Ct - 2bd/4ba (15 DOMP)

11728 Valley Ridge Cir - 4bd/4ba (40 DOMP)

3932 Valley Ridge Dr -3bd/3ba (11 DOMP)

3957 Valley Ridge Dr -3bd/3ba (73 DOMP)


I will have the final numbers for these once they close


SOLD

According to MLS, 4 homes have sold in the last 30 days .

12156 Penderview Ter #120 1bd/1ba (0 DOMP) - New Home

Asking Price -$174,900
Sales Price-$170,000
Seller Subsidy -$7,307

12101 Greenwood Ct #102 - 2bd/ 2ba (5 DOMP) - Regular Sale

Asking Price -$225,000
Sales Price -$230,000
Seller Subsidy -$8,000

3923 Green Look Ct - 3bd/3ba (153 DOMP) - Regular Sale

Asking Price -$439,250
Sales Price -$399,950
Seller Subsidy -$5,000

3914 Penderview Dr #504 - 2bd/1ba (148 DOMP) - Regular Sale

Asking Price-$239,900
Sales Price-$230,000
Seller Subsidy-0

12003# 7 Ridge Knoll Dr - 2bd / 2ba (6 DOMP) - Regular Sale

Asking Price - $249,900
Sales Price -$260,000
Seller Subsidy- $0

3940 Valley Ridge Dr - 3bd/3ba (8 DOMP) - Regular Sale

Asking Price - $380,000
Sales Price - $380,000
Seller Subsidy- $1,500

12103 Greenwood Ct #101 - 2bd/2ba (12 DOMP) - Regular Sale

Asking Price - $231,187
Sales Price -$231,187
Seller Subsidy -$0

3911 Penderview Dr #1907 - 1bd/1ba (62 DOMP) - Short Sale - Took 5 months to close

Asking Price - $130,000
Sales Price - $127,000
Seller Subsidy - $2,775

12102 Greenway Ct #202 - 2bd/2ba (0 DOMP) - Regular Sale

Asking Price - $219,000
Sales Price -$219,000
Seller Subsidy - $5,000

3900 Golf Tee Ct #201 - 3bd/2ba (9 DOMP) - Regular Sale

Asking Price -$249,500
Sales Price -$255,000
Seller Subsidy - $7,650

12009 Golf Ridge Ct #302 - 2bd/2ba (36 DOMP) - Regular Sale

Asking Price - $274,000
Sales Price -$255,000
Seller Subsidy -$9,000

3921 Penderview Dr #1806 - 1bd/1ba (286 DOMP) Short Sale - Took 286 days

Asking Price - $187,900
Sales Price - $147,500
Seller Subsidy - $4,355

3814 Inverness Rd - 3bd/4ba (24 DOMP) Regular Sale

Asking Price - $449,000
Sales Price - $434,977
Seller Subsidy -$10,000

3971 Valley Ridge Dr - 3bd/3ba (63 DOMP) Regular Sale

Asking Price - $439,900
Sales Price - $402,000
Seller Subsidy -$2,000



Click below for Penderbrook Home Sales for 2009
More Than 30 Days ago


22033

These stats are for all real estate in the 22033 zip code for the Month of August



Penderbrook Home Sales 2008 vs. 2009




Fairfax Condos Sold for 2007 vs. 2008 vs. 2009




Fairfax Townhomes Sold for 2007 vs 2008 vs 2009




EXPIRED or WITHDRAWN

There has been 1 listings that have been taken off the market in the last 30 days.


RENTALS

There is currently 4 townhomes for rent and 8 condos

5 townhomes and 3 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We also partner with a Property Management group that only charges 8%. They manage over 200 properties in the VA and MD area and are excellent. Ask us about this.


OBSERVATIONS

If you are thining about buying in the next 3 months you need to Contact us today !


Keep checking back each Thursday for more insight to what is going on at Penderbrook.







Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.

MyFairRidgeHome.com

Relevant Real Estate Information for the Fair Ridge Townhome Community

INTRODUCTION

Its been a while since we have had a bank owned or short sale here in the Fair Ridge community. This is helping the community out alot. Sales prices are starting to come up.

Days on the market are way down here at Fair Ridge and its usually only taking 1-2 weeks to sell your home if its priced right. If you are thinking about selling, contact us today so we can get you the most money for your home.

As of today (November 16, 2009 10 AM) there is 1 active home in Fair Ridge and 4 homes that are currently under contract and 1 homes that has sold in the last 30 days.

Here's the breakdown of all active listings in MLS:

Townhomes- 1


NEW LISTINGS

According to MLS, there was 1 new listing this week.


UNDER CONTRACT

4237 Fox Lake Dr - 3bd/4ba (9 DOMP)
12315 Field Lark Ct - 4bd/4ba (24DOMP)
12313 Field Lark Ct - 3bd/4ba (2DOMP)
4133 Meadow Field Ct - 3bd/4ba (2DOMP)

I will have the final numbers for these once they close


SOLD

According to MLS, 1 homes has sold in the last 30 days .

12307 Fox Lake Pl - 4bd/4ba (45DOMP) Regular Sale

Asking Price - $419,000
Sales Price - $422,000
Seller Subsidy - $10,000

Sold more than 30 days ago

4010 Rosemeade Dr - 3bd/4ba (27 DOMP) - Regular Sale
Asking Price -$489,000 / Sales Price -$489,000 / Seller Subsidy -$12,225

12316 Quiet Hollow Ct -4bd/4ba (7 DOMP) Regular Sale
Asking Price -$419,900 / Sales Price - $424,900 / Seller Subsidy -$0

4272 Sleepy Lake Dr - 3bd/3ba (12 DOMP) Regular Sale
Asking Price -$349,900 / Sales Price -$350,000 / Seller Subsidy - $5,000

12330 Field Lark Ct - 3bd/ 4ba (3 DOMP) Regular Sale
Asking Price - $315,000 / Sales Price - $317,000 / Seller Subsidy - $6,500



4006 Gregg Ct - 3bd/4ba (252 DOMP) Regular Sale
Asking Price - $429,000 / Sales Price - $417,000 / Seller Subsidy - $11,000

12336 Strong Ct #543 - 2bd/2ba (63 DOMP) Regular Sale
Asking Price - $249,950 / Sales Price - $240,000 / Seller Subsidy - $0

12203 Apple Orchard Ct - 4bd/4ba (5 DOMP) Regular Sale
Asking Price - $329,900 / Sales Price - $356,000 / Seller Subsidy - $10,500

12321 Field Lark Ct - 4bd/4ba (6 DOMP) Regular Sale
Asking Price -$379,900 / Sales Price -$375,000 / Seller Subsidy - $10000

12310 Fox Lake Pl -3bd/4ba (65 DOMP) Regular Sale
Asking Price - $410,000 / Sales Price - $400,000 / Seller Subsidy - $10000

-12204 Apple Orchard Ct - 4bd/4ba (6 DOMP) Regular Sale
Asking Price - $316,800 / Sales Price - $320,000 / Seller Subsidy - $0

-12218 Apple Orchard Ct - 16 (DOMP) 3bd/4ba - Regular Sale
Asking Price -$359,000 / Sales Price -$355,000 / Seller Subsidy -$10,000

-12319 FIELD LARK CT S #304 - 39 (DOMP) 3bd/4ba - Regular Sale
Asking Price -$360,000 / Sales Price -$350,000 / Seller Subsidy -$0

-4011 Rosemeade Dr - 3bd/4ba (230 DOMP) - Regular Sale
Asking Price -$475,000 / Sales Price -$462,500 / Seller Subsidy -$2,500

-4203 Fox Lake Dr -14 (DOMP) 4bd/4ba - Bank Owned
Asking Price - $324,900 / Sales Price - $341,000 / Seller Subsidy - 0

-12303 Fieldbrook Pl - 126 (DOMP) 3bd/4ba - Regular Sale
Asking Price - $500,000 / Sales Price - $465,000 / Seller Subsidy - $7,500

-12331 Quiet Hollow Ct - 15 (DOMP) 4 bd/4ba - Regular Sale
Asking Price - $439,900 /Sales Price - $429,900 /Seller Subsidy - $9000

-12301 Sleepy Lake Ct - (15 DOMP) 4bd/4ba (Bank Owned)
List Price - $339,000 / Sales Price - $318,000 / Seller Subsidy - $8,500

-12217 Apple Orchard Ct - (124 Days on Market) 3bd/4ba/1garage (Bank owned)
List Price - $359,000 / Sale Price - $335,000 / Seller Subsidy - $450

-12208 Apple Orchard Ct ( 9 DOMP) 3bd/3ba (Bank Owned)
List Price - $359,000 / Close Price - $359,000 / Seller Subsidy - $10,000


22033

These stats are for all real estate in the 22033 zip code for the Month of August




Fairfax Condos Sold for 2007 vs. 2008 vs. 2009




Fairfax Townhomes Sold for 2007 vs. 2008 vs. 2009





EXPIRED or WITHDRAWN

There has been 0 listing that has been taken off the market in the last 30 days.


RENTALS

There is currently 5 townhome for rent

3 townhomes has been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a fully licensed property management group also. Just ask us more about how this benefits you.


OBSERVATIONS

If you are thinking about buying within the next 3 months. Contact us

Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.

I remember being over my grandmother's house and smelling the black, moist, mushroomy scent of her earthen basement when she'd open the cellar doors out into the yard on a breezy day. She loved to bake coconut cake and I can still smell it as she toasted the white flakes before letting them rain through her fingers all over the icing. Marcel Proust would immediately recall his aunt's home in Combray, France the moment he'd savor a morsel of madeleine cake.

The scent of pine and chalk always reminds me of my early school days as I often slapped the board erasers together in the school yard for the teacher. When I smell lavender soap, I recall the craze of days gone by when everyone doused themselves in everything English when the Beatles were in their prime.

Sorry, but the scent of those little glass bulbs filled with liquid misery people plug into their homes today just don't evoke that same psycho-sensory elation. It's just a total turn off! It's like every buyer has told me repeatedly: "they must be trying to mask the smell of the kitty litter," or "NOTHING can erase that horrible musty smell rising from the basement, GAWD!"

Keep it simple when listing your home. There's an axiom in real estate: A clean home will always sell. Truer words were never spoken. If you believe in the new green, put some vinegar and water in a spray bottle and wipe down your counters in the kitchen and bath, and while you're at it, spray the mirrors. It will be a good reflection on you, sorry for the pun. If you want people to remember your home, why not let my buyer gush, "You know, - it was the one that smelled like Ivory soap."

Thomas Merical

http://www.mynvahomes.com/

http://www.findahomesellahomenow.com/

Blog@MyNvaHomes.com