Potomac Yard | Del Ray | Old Town Alexandria Real Estate News

Jan. 2, 2014

Things To Do In Alexandria VA - January 2014 Events

Things To Do In Alexandria VA - January 2014 Events

Are you stuffed from Christmas dinner, or all partied out from celebrating New Year's? Well, before you take a seat, plan to ring in the new year with some local concerts, plays, and other events to help get your mind off the daily grind.  Here's our event calender for January 2014:

Jan 2014 Calendar

  • ICE at the Gaylord Hotel is running until January 5, and since Christmas is officially over, maybe the lines won't be long.  Take a mini cruise aka the water taxi from Old Town Alexandria, and head to National Harbor.
  • If you haven't checked out Shirlington's Signature Theatre, go and see Gypsy after grabbing a bite at one of the fine restaurants.  Gypsy will be playing until January 26.
  • The legendary Stanley Clarke will be performing at The Birchmere on January 9
  • Sports fans can cheer on the Washington Capitals as they take on the Buffalo Sabres on January 12, and do the fan wave for the Wizards on January 15 when they host the Miami Heat

Whether it's one a week, or every other weekend, carve out some time to enjoy all there is to offer in the Alexandria area. Use the convenience methods of transportation to get out and get around and create memories all over the city!

 

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Dec. 20, 2013

Alexandria VA Homebuyers May Soon Feel The Effects of Tapering

Alexandria VA Homebuyers May Soon Feel The Effects of Tapering

Taper

Alexandria VA Real Estate News - The Alexandria VA real estate market has been on holding steady since January.  Fueled with low inventory and record low interest rates, spring arrived two months early in 2013 as buyers battled for homes and sellers enjoyed the financial payoffs that came from escalating sales prices and low days on market.  Now that the market has gained momentum, and the economy is recovering, the federal government will likely start to tapering asset purchases which will result in increased interest rates.

Tapering means the pulling back, or lessening of the bond purchases that has played a role in keeping interest rates low.  The past twelve months have been an optimal time, especially for move-up sellers.  Selling a current home that recently appreciated and moving up to a larger home with an interest rate below 4% is ideal for a low mortgage on a bigger house.  Not to mention the fact that a low mortgage payment makes the home more ideal for rental purposes (calling all investors).

Mortgage Rate ProjectionsAll of the stars are in alignment that we will see interest rates start to rise.  Take a look at what economists were projecting this time last year.  In October 2012, interest rates were projected to be at 4.4%.  According to Bankrate.com, today's interest rate for a 30-year fixed mortgage with zero points is 4.52%.  Even as more inventory starts to enter the market, the psychology of paying more than 4.0% will take some time to sink in for many Alexandria VA homebuyers.

The number of active listings in Alexandria VA was at its lowest point in January 2013, and that's when we began to see excitement back in the market. Inventory has been on a steady incline since January, but the number of closed home sales have been on a steady decline since May.

Any Alexandria VA homebuyer who is on the fence right now shouldn't be boggled down with trying to negotiate the price down so much, but understanding the fact that waiting to buy a home means a higher monthly mortgage payment.  Even if the rate at which prices have increased over the past twelve months slows down, the higher cost of borrowing could price some buyers out of their currently approved price range.

Take a look at the example below with regards to home pricing and monthly payments.  Considering a starter home for sale in Alexandria VA priced at $250,000, a mortgage with an interest rate of 4.3% results in a mortgage payment of $1237.18  But waiting until interest rates creep up, just by one point to 5.3% means an increase of over $160 per month in the mortgage payment.  Keep in mind that this is before taxes and insurance are added in, or month association fees.  Black Friday and Cyber Monday are over, but right now, the cost of real estate is still on sale.

The Cost of Waiting
 

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Posted in Buyers
Dec. 17, 2013

Another Pending Condo in Palazzo at Park Center - Top Floor

Another Pending Condo in Palazzo at Park Center - Top Floor

4551 Strutfield Ln 4436Palazzo at Park Center Condos For Sale - If you're in the market to buy a condo in Alexandria VA, then you've just missed an opportunity to pick up the home at 4551 Strutfield Lane Unit 4436; this unit is now under contract.  Perhaps it was the desire for a top floor home with vaulted ceilings.  Perhaps it was the lure of the gas fireplace as we're on the tail end of the season's first snow.  Perhaps it was the attractive covered garage space that's only four spaces away from the elevator.  Perhaps it was the uniqueness of having two balconies.  Perhaps it was the convenience of having a full sized washer and dryer in the unit, and not having to leave the building to do laundry.  Perhaps it was the large master bedroom with walk-in closet.

If you currently own a unit in the Palazzo at Park Center, click here to find out how much your unit is worth.  This is a sought-after community that is ideal for first-time homebuyers, and scale down buyers.  Floor plans include one- and two-bedrooms with dens.  The building has multiple elevators, covered garage parking, a community clubhouse with fitness center, and outdoor pool.

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Dec. 12, 2013

Another Pending Alexandria VA Short Sale In Sequoyah Condos

Another Pending Alexandria VA Short Sale In Sequoyah Condos

 

3901 Woodhue Place Alexandria VA

Avoid Foreclosure in Alexandria VA - The homeowners at 3901 Woodhue Place are one step closer to stopping foreclosure with a short sale.  The two level condo with three bedrooms and two full baths, listed for $170,000 is now under contract subject to lender approval.  There is one lienholder, which is Citi Mortgage, and the short sale process has already been started.

How long does the Alexandria VA short sale process take?

That depends on the number of loans/liens there are against the property and which bank is involved.  By now, most lenders have standard procedures in place for processing short sales, but there are some that still process short sales on a case-by-case basis.  A good rule of thumb is to allow a minimum of 60 days the for lender to process and approve the short sale.

Can I make a low offer on an Alexandria VA short sale?

That depends.  An experienced short sale listing agent will review the most recent sales in the neighborhood and recommend a list price.  My business philosophy is to recommend a list price that is in line with market value to increase the chances of the lender accepting the offer as submitted and without a counteroffer.  In my broker opinion, when the contract price is too low, the short sale lender will likely counter to a higher price, and at that time the buyer has an opportunity to walk, or cancel the sale, because the terms were not approved as submitted.  When I list your home as a short sale, it is my duty to give my seller clients every opportunity to get their short sale approved quickly so that they can begin rebuilding.  When a homeowner is facing a financial hardship, that last thing that they want is for the process to be dragged out or prolonged.

How do I find short sales in Alexandria VA?

Short sales are listed in the Multiple Listing Service, or MLS.  To see all short sales available in Alexandria VA and to receive an email whenever a new short sale comes on the market, just visit www.AlexandriaBankOwned.com to sign up for this free service.

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Posted in Condos, Short Sales
Dec. 10, 2013

Garage Condos For Sale In Alexandria VA

Garage Condos For Sale In Alexandria VA

snow coveredAlexandria VA Real Estate - We are preparing for a second round of winter weather in this second week of December.  Mother nature is wasting no time letting everyone know who's boss as the fall season winds down.  Traffic in the Washington DC metro area usually comes to a crawl, if not a complete stop with the winter precipitation of snow, sleet, and freezing rain.  One of the benefits of having a home with a garage, is not having to dig your car out from your parking space, or scrape ice off of your window.

There are several condos for sale in Alexandria VA that convey with garage parking:

  • Palazzo at Park Center condos which are located in Alexandria's West End, and around the corner from Shirlington, are one and two bedroom condos that offer covered garage spaces.
  • Liberty Row is a luxurious condo community that is just six blocks away from the Potomac River. Located in the northeast quadrant of Old Town, the building offers spacious floor plans over 1700 square feet.
  • The Exchange at Van Dorn, is not only walking distance to the Van Dorn metro station, but also includes covered garage parking. This newer building offers open floor plans in addition to clubhouse amenities and an outdoor pool.
  • If you're looking for a more elevated view of Alexandria City, then check out the condos at Carlyle Towers. Walking distance to the King Street metro, Carlyle Towers offers a resort lifestyle with a walkable neighborhood.  In the middle of the Carlyle district in Old Town, it's close to restaurants, AMC Hoffman movie theatre, the US Patent and Trademark Office, and more.
  • Closer to the river in Old Town Alexandria is Alexandria House condos that stand tall in the northeast quadrant of Old Town.  One of Alexandria's premier high-rises, it offers beautiful, scenic views of both Alexandria and Washington DC.

There are many more condo buildings on the list so click here to see a list of all garage condos for sale in Alexandria VA.

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Posted in Buyers, Condos
Dec. 1, 2013

Alexandria VA Short Sales - Report for October 2013

Alexandria VA Short Sales - Report for October 2013

The recovering real estate market in Alexandria VA continues to flush out the number of short sales.  A short sale requires the homeowner to receive written permission from the bank to sell the home for less than the total mortgage payoff.

 

In October 2013, there were 199 homes that sold in Alexandria, and only two of those were short sales.  Year to date, the month with the highest number of short sales was April, when 13 short sales were sold, then June with 11.

The pendings, or under contract short sales tell a different story.

 

In October 2013, there were 228 homes that went into contract, and 36 of those were short sales.  There is a larger volume of pending short sales than the number that are actually closing.

New Short Sale Listings In Alexandria VA

Even with the recovering real estate market, new short sale listings are still entering the market.

 

In October 2013, four new short sale listings out of the 255 total homes that went on the market between October 1 and October 31.

For a complete list of Alexandria VA short sales, click here or give me a call at 703-623-8759.  To sign up to receive email alerts whenever a new short sale comes on the market, click here.

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Posted in Short Sales
Nov. 25, 2013

Lorton VA Short Sale Approved and Just Sold in Lorton Valley

Lorton VA Short Sale Approved and Just Sold

8310 Middle Ruddings 8310 Middle Ruddings Drive, Lorton,VA 22079

Lorton VA Short Sales - Lorton VA short sale specialist Tamara Inzunza has facilitated the short sale for another home.  The home in Lorton Valley at 8310 Middle Ruddings Drive was a short sale and has just sold for $599,000.

Can I do a short sale on an investment property in Lorton VA?

Absolutely.  Short sales do not have to be restricted to primary residences.  If you currently own an investment property in Lorton, the first thing you should do is find out the value of the home to determine if you are upside down (negative equity), or 'right side up' with positive equity. The number of short sales in Lorton VA is small relative to the total sales, so make sure you hire a short sale listing agent who knows how to navigate the process.  If you owe more on your investment property than what is worth, you can still attempt a short sale, and the sale will be subject to the approval of your lender(s).

Can I do a short sale on my Lorton VA home if I am not behind on the mortgage payments?

Yes.  Contrary to popular belief, you do not have to be behind on your mortgage payments to qualify for a short sale.  If you have an immediate financial hardship, or your hardship is in the very near future, such as you have received notice that your employment is being terminated, that is grounds for a short sale. Late mortgage payments will negatively affect your credit rating, so don't wait until you've missed a payment to contact me.

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Posted in Just Sold, Short Sales
Nov. 24, 2013

Price Reduction in Palazzo at Park Center Condos in Alexandria VA

Price Reduction in Palazzo at Park Center Condos
in Alexandria VA

4551 Strutfield Ln 4436This lovely Alexandria VA condo for sale has just been reduced! Here is your opportunity to own a top floor, two bedroom condo in the Palazzo at Park Center for $270,000.

Located at 4551 Strutfield Lane - Unit 4436, you will find neutral colors, vaulted ceilings, a gas fireplace, all white kitchen two balconies, and a master bedroom with a large walk-in closet.

This inside-the-beltway located is sought after by commuters.  There is one covered garage parking space that conveys, and just off of I-395 and King Street, it is a quick trip to Pentagon City metro, and also close to Tysons Corner, Rosslyn, and Washington DC.

At this attractive price, you'll also benefit from a low monthly condo fee of $290, outdoor swimming pool, fitness center, and party room.  If you are wondering whether or not you should renew your lease, give me a call at 703-623-8759 to preview this home to see if it would be a good fit for you.  This garden-style condo for sale in Alexandria VA is approved for VA financing and conventional financing.

Want a peek before the showing, take a look at the video tour, and give me a call at 703-623-8759 to schedule an appointment.

Palazzo at Park Center Condos For Sale

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Nov. 24, 2013

Alexandria VA Real Estate and Community Guide

Alexandria VA Real Estate and Community Guide

The following is guide is brought to you by top Alexandria VA Realtor, Tamara Inzunza of RE/MAX Executives.  If you have questions about local market statistics, property taxes, or what your home may be worth in today's real estate market, please feel comfortable giving me a call as I have been helping people buy and sell homes since 1997.

AXSignThe City of Alexandria is it's own jurisdiction, an independent city located just six miles south of Washington DC and 'inside the beltway' in Virginia.  Home to multiple metro stations, this commuter-friendly city is well-known for its historic landmarks and pockets of pedestrian friendly communities. Neighboring counties are Arlington County and Fairfax County.

 

Facts About Alexandria VA

According to the US Census, the City of Alexandria consists of 15 square miles with a population of 146,000.  As one of the most educated cities in the country, 60% of Alexandria residents have completed a college degree or higher and the median household income was $82,899 during the years of 2007-2011.

Points of Interest

Rich in history, the Alexandria VA area has an abundance of historic homes, monuments, and churches. Many of the historic homes can be found in Old Town Alexandria. There are tours of Robert E. Lee's boyhood home.  The most famous monument would be the Washington Masonic Memorial Temple.  At the very top is a breathtaking view of the City and Washington DC.  African American museum.

Employment in Alexandria VA

In 2013, Forbes Magazine ranked Virginia #1 for the Best State for Business.  As a suburb of Washington DC, there are thousands of federal employees who call Alexandria home, but there are some companies who have headquarters in Alexandria VA.  Companies like the US Patent and Trademark Office (USPTO)Windows Catering Company, VIPDesk, Belvoir Federal Credit Union, Pentagon Federal Credit Union, Mandiant, Oxford Finance Corporation, and the Motley Fool to name a few.

Alexandria VA Real Estate

Del Ray BungalowThere are housing options for all stages of the homebuying process in Alexandria VA.  You'll find different types of condominiums, including garden-styled, mid-rise, and luxury high-rise buildings.  There are two-unit duplexes, which have the benefit of yard space without monthly association fees.  Alexandria also has townhome, single-family, and luxury home communities. The real estate market has improved dramatically in 2013, and there have not been a large number of foreclosures and short sales.  According to the sales data taken during the month of September 2013, the median sales price for a home in Alexandria VA is $480,000, and on average a home stayed on the market for 37 days and was sold at 97% of it's original asking price.

Commuting and Transportation

While it is recorded that the average commuting time for an Alexandria VA resident is 30 minutes, it's also worth noting that the Washington DC metro area was ranked #1 for the worst traffic in the nation.  Many residents are able to walk, bike, or carpool to jobs.  Alexandria VA does have the convenience of having four metro stations along and yellow and blue lines.  Residents who are looking to live near metro can choose from the Van Dorn, Eisenhower Avenue, Braddock Road, or King Street stations.  The City recently adopted the bike share program, and other public transportation includes the DASH bus which provides access to the metro stations and Pentagon metro.

Public Schools

Alexandria City Public Schools spends $17,603 per student.  There are 12 elementary schools, 1 Pre K-8 school, 5 middle schools, and one high school, T.C. Williams with two campuses.  The T.C. Williams Titans were featured in the Hollywood movie "Remember the Titans" about the football team who was adapting when the school was desegregated.

 Nearby Colleges and Universities

  • Northern Virginia Community College
  • Strayer University
  • Devry University
  • Virginia Theological Seminary
  • Marymount University
  • George Mason University

Nearby Hospitals and Medical Centers

  • Inova Alexandria Hospital
  • Inova Mount Vernon Hospital
  • Virginia Hospital Center
  • Inova Fairfax Hospital

Parks in Alexandria VA

There is never a shortage of trails and paths in Alexandria VA.  Bikers and joggers can ride or run across bridges directly into Washington DC and Maryland.  There are several parks in Alexandria including 18 dog parks.  For a complete list of parks and recreational facilities, please click here.

Homes Just Listed For Sale and Newest Listings In Alexandria VA

 

Posted in Uncategorized
Nov. 22, 2013

Another Townhome Just Sold In Woodbridge - 6197 Trident Lane

Another Townhome Just Sold In Woodbridge - 6197 Trident Lane

6197 Trident LaneSometimes when a homeowner sees a successful sale, the timing is right and they want to see the same thing happen for themselves.  After selling the end unit townhome in Trentdale at 6191 Trident Lane earlier this year, the homeowner a few doors down at 6197 Trident Lane contacted me to sell his home.

He had seen some of the elements of my marketing plan, including a postcard announcing the sale and the Take One property flyer.  He contacted me to find out the value of his home in Woodbridge VA, and when I arrived, he had my marketing materials on the kitchen table.  As a top listing agent, marketing my seller's home is top priority.  While the statistics say that 90% of homebuyers start their home search online, it's important to cast a wide web of possible buyers.  The buyer could be on their computer in another city, or they could be living in the same neighborhood.  This is why I include web, local, and social marketing when you hire me to sell your home.

The biggest advantage of pricing and marketing is that it often results in multiple offers.  This was the case with the home at 6197 Trident Lane.  When sellers receive multiple offers, they have the opportunity to choose the best one, and not necessarily have the worry about going back and forth with an offer that is not so attractive.

When sellers review an offer, it's not always about the price.  Sellers take into account the closing date, amount of the down payment the buyer is making, and the type of financing that will be used.  As a listing agent, it's always a good feeling to call my sellers to inform them that I have multiple offers to present, as opposed to asking them for a price reduction.

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Posted in Just Sold