Archive for October, 2007
Is it a Condo? Or is it a Townhouse? BOTH YOU SAY???
October 30th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Home Buying, Real Estate 101, Reston Dirt
It’s a condominium? It looks like a townhouse! Could it be both? What’s the difference? This is the #1 question I get asked about consistently -
Today I’d like to help de-mystify what exactly is a townhouse vs. a condominium. Often times buyers come to me and they are in a price range where they are struggling with whether to purchase a condo or a townhome. Well, guess what? It’s possible to find a townhome that’s a condo. Here’s what you have to know… condominium is an ownership definition; townhome is a building structure. So the answer is: it can be both!
What IS a condo?
Most of us, when we think of a condo, we think of a high-rise building 
with an elevator and a trash chute! Perhaps a nice lobby with mailboxes and a 24 hour concierge. Yes, these are some amenities that are offered in some high-rise style condos. There are also mid-rise buildings as well as garden-style condos – in which case you might have a direct access door (e.g., a door from the outside, right into your unit) – you might even have a little yard, if you’re on the ground level. BUT, here’s the kicker, you don’t own that land. Nor do you own the exterior of the structure – that’s what defines a condominium – your ownership is from the middle of the wall to the middle of the wall – same goes for the floor and ceiling.
You’re not responsible for exterior maintenance or the roof (or the underground garage or hallways) and sometimes even the doors and windows*. (*This depends on the Association) These maintenance costs are built into your condo fee – as is the maintenance of the common areas and insurance on the structure, management fees, etc… If you think about it, this “ownership” style could even apply to a single family home – and sometimes does – especially in the case of patio homes. All of the grounds are maintained by the association – as are the roofs and other exterior features like trim and gutters.
So What’s a Townhouse?
A townhouse is a style of building – generally multi-level, direct entry
door and 2 or 3 (sometimes even 4 or 5) levels and typically built in rows and attached in some way. Most of the time there are decks or yards outside either the front, back or both – but not always. I have seen townhouse communities that have rear alleys that lead to rear loading 2 car garages – no yards there. But I digress…
The point is, that *most* townhouses in the Northern Virginia area are what we would refer to as fee simple ownership – roughly defined that you own the air and ground and everything in between. There are lot lines that include the 2 sides of the townhome – assuming you’re not on an end in which case, your lot will most likely extend out quite a bit from the side and you therefore end up owning more land, and along the front and back, usually creating a rectangle. This also means that all exterior maintenance is the homeowner’s responsibility (roof, shutters, doors, trim, patios, decks, etc…) so keep that in mind when trying to decide which is best for you.
So Can it be both?
Sure — there are occasions where structures are townhouse style (e.g., multi-level, built in rows) but are condominium ownership. You could easily have 2 communities, side by side that appear the same – one is fee simple ownership, one is condominium ownership. You can’t tell the difference – but be sure you know what you’re looking at and what you’re considering purchasing. This information is easily obtained! There are obvious pros and cons to either ownership style, fee structures and layout options and it just needs to work for you.
I hope this helps to clear up this question a little bit! I’m always here if you have further questions about this or any other real estate related topic.
Happy Tuesday!
Jennifer
| Discussion: 2 Comments »
WOW - VA Loans - Welcome to the 21st Century!
October 29th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Real Estate Finance, Reston Dirt
The VA announced today that they will begin providing financing for eligible 
military personnel for loan amounts up to $1,000,000 — that’s right, ONE MILLION DOLLARS! This is a bold and impressive step for VA and of course, for a prospective borrower, will require a deeper understanding of the options this opens up for them.
VA Loans are still limited to $417,000 for 100% financing, but with a calculated down payment, they will now fund loans up to $1,000,000. Additionally, they will now allow the VA funding fee to be added on top of the max loan amount calculation – this is a new option for VA loans.
IF you have VA eligibility, this is a great time to look into what your options are. It’s also a great time to be a buyer, while inventories are high and prices are negotiable.
Call today to discuss it – I have some excellent lending partners who can get you through the VA loan process with ease!
Happy Monday!
Jennifer
| Discussion: 3 Comments »
Spooks, Goblins and ….. FEAR….
October 26th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Friday Fun, McLean Dirt, Reston Dirt
I wanted to write a post about the Halloween holiday and festivities right around the corner - you know, a cute little writeup about the different parades, parties, etc.. but the other day when I walked into my office building something frightened me and I’ve been afraid ever since.
I thought it only fitting to share that with you today. I’m not sure if you can read the sign on the door - but it says
“DANGER - NO SMOKING - NO OPEN FLAMES - NO SPARKS”
Do you know what I saw? A woman was sitting on the yellow and black striped barrier SMOKING A CIGARETTE!!! Now I’m not sure what was behind that door but there is NO WAY I’d want to be blown through that parking garage - there are quite a few large concrete pillars – wouldn’t be too much fun to see one of those coming at you 400 miles/hour.
Anyway, I hurried inside hoping that the building didn’t blow. It’s been on my mind ever since – and it frightens me way more than goblins or ghosts!
BOO!
Happy Friday
Jennifer
| Discussion: No Comments »
Keller Williams Makes a Big Splash into the Luxury Home Market
October 19th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia News, Reston Dirt
On October 1, 2007, Keller Williams launched the highly anticipated Luxury 
Homes Division and I, yours truly, is so proud to be a charter member of this great new program. I think it goes without saying that this is a HUGE win for those buying and selling high-end luxury homes across the country. This is a members only program, populated ONLY by those agents who have the expertise in this market segment. The training component of this program will be provided by industry heavyweight The Institute for Luxury Home Marketing, as part of a new partnership between the Institute and Keller Williams.
As a charter member of this exciting new division, I will be able to bring yet another marketing avenue to the table to successfully market high end homes to the right market, both locally AND around the country. I will also have a top notch referral network of other high-end professionals across the country to help with all of your real estate needs, whether they are here in Northern Virginia or elsewhere. You will receive the expertise, knowledge and experience that you deserve for a smooth transaction wherever that might be! Whether you’re looking for a second home or relocating – you deserve the best!
I am so excited to be a part of this and it’s yet another confirmation that I work for the greatest real estate company EVER! Keller Williams ROCKS!
Happy Friday!
Jennifer
| Discussion: 2 Comments »
One Month Does Not a Trend Make - OR Does It???
October 18th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Market Stats, McLean Dirt, Northern Virginia Real Estate Dirt, Reston Dirt
Most of us, whether we’re in the real estate business or not, everyone is tuned in to what I’ll call the State of the Market. Right? Everywhere I go, once someone realizes I’m an agent, 999 times out of 1000, the question posed to me is “How’s the Market?”
Well, our Multiple Listing Service, MRIS, just released some interesting regional statistics for September, 2007. They state that while the selling prices are flat throughout the GREATER Washington DC Metro and GREATER Baltimore Metro Regions, guess what??? We in Virginia are holding our own, actually “bucking the trend” reporting positive numbers. In some cases, these are the highest increases some markets have seen in well over a year!
In fact, looking at the percentage increases JUST for the close-in DC Metro areas, look at the table below:
(you can click on it to enlarge)
One item to note: Falls Church City seems to be crushing the whole area! Really, it’s such a small community that 1 sale can affect huge swings in the numbers… so don’t pay too close attention to that.
Really, I’m not sure what all of this means; however, it can’t be bad news! Of course, our sales volumes aren’t what they were last year, and days on market have certainly increased, but we may have reached a point where we’re starting to balance out seller and buyer expectations in terms of price.
If you have any questions or would like to talk numbers, I always welcome your comments and questions!
Happy Thursday!
Jennifer
| Discussion: No Comments »
Arlington County Goes GREEN - Blog Action Day October 15, 2007
October 15th, 2007 Categories: Arlington Dirt, Local News
Today is Blog Action Day! It’s ONE day where bloggers around the world have pledged to devote their blog to matters of the environment. Here in Arlington County, we have a wonderful building project called Green Home Choice Program.
I’m sure you’ve heard all about the “green movement” – as it relates to the 
housing industry, it involves updating processes and materials to build (or renovate) a more environmentally friendly home. Arlington County has created a program called the Green Home Choice Program. The program deals with everything from minimizing the amount and types of construction waste, to eco-friendly products and energy efficient (Energy Star) systems. Having an energy efficient home can not only save you money each month on your energy bills, but also save in the long term on the use of natural resources, like water and gas. Green homes can also help reduce the allergens and pollutants sometimes found in building materials.
One of the great side benefits of participating in this program is that the “green home” builder moves to the front of the permit approval line often saving measurable time in the building process.
In order to qualify as a certified builder in the Green Home Choice Program, an application is required through the county outlining the project intent – a special inspector will then be assigned who will keep a scorecard for the project to ensure that the project remains in the acceptable scores for the program. Arlington County maintains a great list of resources for green home architects, builders and suppliers.
In the end, going green is kind to our environment, saves the homeowner money each month AND might even be completed a little more quickly with the help of Arlington County! So if you’re considering going green, check out the benefits and go for it!
Happy Monday
Jennifer
| Discussion: 1 Comment »
Arlington Home Sales for September 2007
October 7th, 2007 Categories: Arlington Dirt, Market Stats
It’s that time again – time to report numbers. Frankly, we’re seeing a steady market. No huge swings in any direction. Condos are still moving quite well, average sales prices are remaining steady or are experiencing slight increases and, has been the case all year, days on market (on average) are longer this year than last.
Here’s how September looked:
And here’s how we stand year-to-date compared with 2006:
As for absorption rates, we’re still looking pretty good:
So, with that done – the message is this: IF you’re considering a purchase, it’s a great time to be a buyer. There is more inventory and the rates are still relatively good! AND, conversely, if you’re considering getting your home ready to market, if priced right, and properly prepared, there are buyers out there! So, whatever your real estate needs might be, feel free to give me a call to discuss.
Happy Sunday!
Jennifer
| Discussion: 1 Comment »
St. Michaels - A Charming Weekend Getaway
October 6th, 2007 Categories: Area Attractions, Northern Virginia Real Estate Dirt
I must admit, I rarely take a day off – maybe one here or there, but generally I’m at it 7 days a week – just ask my family! This week, I had a rare treat! A very close family friend built a home there on the water a few years ago and literally, for 3 years we’ve been trying to get a date on the calendar for me to head out to visit. I can’t believe it took 3 years, but this Thursday/Friday, the calendar cleared and out we went. Here are some great photos from the quaint town just on the other side of the Bay Bridge.
A quaint row of very old (but restored) homes.
This is the St. Michaels Gazebo
Right outside the Maritime Museum
A great shed
Another great shed – right next door to the red shed above
This is the Hooper Strait Lighthouse which was relocated here to the St. Michaels Maritime Museum
So after a day and a half with my feet up - I’m back to work!
There are many homes listed for sale there, too. If you’d like information on any of them, let me know and I will get you in touch with an excellent, local resource.
I hope you enjoyed my brief photo tour of St. Michaels. We’re so fortunate here in the Washington DC area to have such great getaways less than 2 hours away! Maybe if I ever get another few days of R&R, I’ll show you some others!
Happy Saturday
Jennifer
| Discussion: 7 Comments »
The Surprising Truth about Jury Duty in Arlington County
October 2nd, 2007 Categories: Arlington Dirt, Local News
Yes, I have been called upon to serve Jury Duty by Arlington County. At first – I think my first thought was, “I can’t serve Jury Duty now - I’ve got too much going on!” C’mon, let’s be truthful – isn’t that the most natural response?
So for a month, I’ve been preparing my strategies, listening to other wise souls tell stories of how they narrowly escaped, or what tactics I should use in order to be excused. So, as requested, Monday morning, October 1, I showed up to see what was in store for me. Oh, and by the way, the hardest part about being there yesterday morning was that we couldn’t have our cell phones… WHAT? No CELL PHONE??? Crazy – so after I got over that…
I looked around the room and saw folks from all walks of life enter that room; all ages, many interesting dress styles, etc… all reading the pamphlet the nice officer handed us in the hallway about what to expect during Jury Duty. We were all escorted to one of the 10th Floor Courtrooms to await Jury Orientation…. so far, so good. I’m preparing my speech which includes the fact that I’m self employed and if I don’t work, I don’t eat, etc…
Then, Mr. David Bell comes in – he’s the Clerk of the Court for Arlington County Circuit Court – a delightful man, along with Sheriff Beth Arthur – they both welcomed us and thanked us for doing our civic duties! Then Mr. Bell told stories and we all chuckled, and overall, he did a wonderful job of making all of us comfortable. Then something funny happened – I actually began to look forward to my time there with the Arlington County Circuit Court — looking forward to seeing justice in action, and being a part of it! So when he asked folks to come up (form a line) to discuss any issues (health issues, travel plans, etc..) that may prevent them from serving (and by the way, there is a long list of legitimate reasons why one can be relieved of their duty)… I just sat there – just sat there.
One thing Mr. Bell had told us during our orientation was that here in Arlington County they realize that people have lives – and from time to time, something prevents a juror from being able to serve on a particular day – so guess what – THEY EXCUSE YOU!!! How reasonable is that? So, all of a sudden, I was feeling much better. I got excused for the few occasions that I already had appointments and then looked forward to getting down to business.
I was called to be a juror in a case yesterday morning - right out of the gate… but was then excused by 1pm. I was called in to duty this morning, but was not called for the case – out by 11:30. I’m excused for the next 2 days for business reasons, and jury trials do not begin on Fridays. I also lucked out because Monday is a holiday. So I’ll report in for duty (if called) Tuesday morning… 
oh, and if you are called in for the day, you only need arrive by 9:50! Very civil, indeed!
So, fine residents of Arlington County, when you receive that notice in the mail – know that you will have some amount of flexibility, and you will be performing a civic duty to ensure someone’s constitutional right to a jury trial to determine their fate. I encourage you to embrace the opportunity to see the wheels of justice in motion! You might just enjoy it!
Happy Tuesday
Jennifer
| Discussion: 2 Comments »
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