Loudoun Stats - Loudoun County real estate market stats, info, resources

No Pix - No Problem....8 Townhouses in Countryside

Agents that list foreclosures for sale have a tendency to not upload any photo into the MLS or into internet listing sites.  This is frustrating for me and I know it is frustrating for many of the buyers looking at properties online.  So I have taken pictures of properties for houses that don't have any and will organize them by location.

The first group I have is townhouses in Countryside subdivision of Sterling.  There are 8 that have no pictures.  Here they are:

Of these eight townhouses, only one is priced in line with its value.  Detailed information about each house along with interior photos is available at Opensource RE.

Dulles Metrorail Project Revived, But Still Faces Hurdles

After previously scrapping plans to continue with the Dulles Corridor Metro Rail Project, the Federal Transit Administration (FTA) announced that they are reversing their stance and are proceeding forward.

The FTA said it will move the Dulles Rail Project into the Final Design stage of their New Starts Process. The FTA said they will commit $158.7 million to use toward completion of a financial plan, construction plans, detailed engineering specification and cost estimates, and other technical requirements.

This is a crucial step, but there is still not a definite "yes" to the $900M needed to complete the project. In a letter to Governor Tim Kaine,  Transportation Secretary Mary Peters expressed several concerns the FTA has about the project including this one:

"Additionally, with respect to the Project's cost and schedule, we appreciate the ongoing efforts to mitigate the risks to the public sector associated with the management and delivery of the Project. But we believe that the project still represents substantial risk to the taxpayers, and we urge you ton continue efforts to reduce public exposure and transfer risk from the public to the private sector."

One thing I noticed is that the letter starts off with:

"...the Federal Transit Administration...intends to advance the Dulles Corridor Metrorail Project - Extension to Wiehle Avenue into the Final Design stage..."

Notice that the letter only mentions the extension to Wiehle Avenue in Reston. There's no mention of the Final Design stage for the Loudoun part of the rail. It appears that the Loudoun part of the project is last on the list of priorities.

This is definitely great news, but we have a ways to go. Baby steps...

For more information, check out the follow articles/links:

"Dulles Metrorail gets FTA support" (U.S. Department of Transportation)

"Proposed Extension To Dulles Revived" (Washington Post)

"U.S. changes course on Dulles airport rail plan" (Reuters)

"Dulles Rail Project Faces Cuts as Costs Swell" (Washington Post)

-Danilo

Multiple Offers In Loudoun County Not As Rare As You'd Think

If you were to tell someone there are properties in Loudoun County that are getting multiple offers, they may look at you like you're crazy. But that's exactly what's happening in Loudoun County as well as across the country, especially over the past several months.

How is that possible? It's possible because all buyers are looking for the best deals. Once buyers find it, they pounce on it immediately.

It all comes down to value. If the property is priced well for the condition it's in and relative to comps/market value, it will attract a lot of buyers and sell quickly.

Take for example this listing Tony has in Sterling. It was priced extremely well and it received 7 offers in 6 days of being on the market.

In addition, both Tony and I, as well as other agents in Loudoun County have been involved in several multiple-offer situations with our buyers and sellers this year.

It's pretty much guaranteed that if you think you've found the best deal around, you won't be the only one who thought the same. If you decide to write an offer on it, be prepared to go up against other buyers and their offers.

If you are involved in a multiple-offer situation, have a game plan ready. Know what the most you'll pay for the property is before you write the offer. Be prepared to receive a notice from the seller asking for your "best and final offer". Know that once you offer your "best and final" the seller will decide on which offer to accept and you won't be able to go back and "up your offer".

So the next time someone looks at you funny when you utter the words "multiple offers", know that they're just not finding the best deals around. That's good for you...one less person to compete against!

-Danilo

All Of These Neighborhoods Are Not Like The Other

We all know that real estate markets are local in terms of prices and market conditions. But they're more than just that. Real estate markets are hyper-local. You can go just one neighborhood (or even street) over and find a totally different set of market conditions.

For example...If you were to look at town homes in Broadlands, you'd find that the town home market is quite balanced with inventory and prices pretty stable. But go around the corner to Faulkner's Landing and you'd see that the neighborhood is still getting hit extremely hard with foreclosures, inventory is still high and that prices (on both foreclosed  and traditional resale properites) are not that stable.

Another example...If you look at Shenstone Farm, you'd see that there is a manageable amount of supply and prices are more stable than in Beacon Hill,which is literally across the street from Shenstone.

Don't read this the wrong way though - It's important to look at Loudoun's overall market conditions. By doing so, you get an overall idea of what's going on and the general trend in the county.

But don't forget to analyze each individual neighborhood and community, even street, when determining market conditions in areas you're considering buying or selling in.

Why is being hyper-local so important? Because market conditions directly affect your strategy as a buyer or seller. As a buyer, you may be able to get away being more aggressive with your offer on a property in Faulkner's Landing than in Broadlands. As a seller, you will have to be more agressive with your list price in Beacon Hill than you would in Shenstone.

This is why it's so important to look at the hyper-local as well as the overall picture. If you don't, you could be selling yourself short.

-Danilo

Beacon Hill - Large Supply Makes For A Buyer's Delight

If you're a buyer considering the Beacon Hill community of Loudoun County, the market conditions are definitely on your side. Beacon Hill, located just outside of Leesburg city limits off of Route 7, has a total of 24 properties for sale as of this afternoon. The asking prices range from $900,000 to $5,200,000.

Beacon Hill has had 3 properties sell so far this year (1/1/08 through 4/29), all because they were great deals. That's .75 sales per month. With 24 properties for sale, that's a 32 month supply of inventory. (As a reference, a "balanced" market is one with 6 month's worth of inventory)

What does this mean to you as a buyer?

1. You have plenty of properties to choose from
2. The market conditions are on your side
3. Deals are few and far between, but they're definitely out there

What does this mean to you as a seller in Beacon Hill?

1. Price your property competitively
2. Make sure the entire property "shows" as best as possible
3. Pay close attention to what your competitors are doing and stay ahead of the game

For more information about Beacon Hill or available properties in the area, don't hesitate to email or call me - 703.582.6900.

-Danilo

Loudoun County Real Estate Showing Signs of Strength

During the month of April, the Loudoun County real estate market has showed signs of strengthening on both sides of the supply and demand equation.

Listings have remained steady at or near the 2600 mark for the entire month.  Currently at 2626, this shows that there hasn't been the usual spike in new listings that outstrip the number of sales.  That was the case for 2005, 2006 and 2007 but not this year.

Demand has been very good for the month with 555 homes going under contract this month in Loudoun County with 2 more days left in the month.  In 2007 there were only 491 sales in the month of April.

Several new home builders left the area in the last couple of months including KB Homes.  This has decreased the supply of new homes in the area. 

Houses that are priced agressively are being greated by multiple contracts from buyers looking for good values.  There are a tremendous amount of buyers that have been on the sidelines for quite some time that are starting to jump into the market.   This listing in Sterling Park had 7 offers in 6 days.

We might not be at the very bottom but these four signs show that we are no longer in a freefall here in Loudoun County.

The 2008 Guide To Loudoun County

The folks over at LoudounExtra.com (Washington Post) just released "The Guide 2008: Where We Live". It's an online guide to Loudoun County that covers everything from neighborhoods and attractions to schools and transportation.

To check it out, click here.

-Danilo

Tax Rates May Be Eroding Loudoun's Appeal To Home Owners

The Loudoun County Board of Supervisors recently approved a tax rate increase of 19 percent setting a tax rate of $1.14 per $100 in property value. Fairfax County announced today that the tax rate will only increase by 3 percent to 92 cents per $100 in property value. This means that Loudoun's tax rate is 20 percent higher than Fairfax's.

Perhaps the Loudoun County Board of Supervisors raised the tax rate to help curb budget short-falls, something they perceive as important to Loudoun's short-term survival. But, by doing so, they may be eroding Loudoun's appeal to home owners, a serious long-term issue.

Let's not forget that two of the big reasons Loudoun County grew so quickly were lower taxes and the ability to get more house for your money. At least one of those two is still true today - more house for your money. As for the other - not so much.

With taxes being as high as they are, a huge chunk has been taken out of the overall appeal of Loudoun County. If people start looking to Fairfax or surrounding counties rather than Loudoun, then we'll have more than just one year's worth of budget short-falls. That's a viscious cycle that none of us want to see start.

-Danilo

The Longer The Commute, The Harder Home Values Were Hit?

National Public Radio (NPR) ran a story today that suggests that areas with longer commutes and the lack of a good mass transit system are getting harder hit than those areas closer in with a proper mass transit system. This story hits very close to those in Loudoun County considering the sharp decrease in home values and the proposed Dulles Rail project being dead in the water.

To listen to and/or read the story, click here.

Further Reading:

"Update On Dulles Rail Project and Proffer System - Straight From Richmond"

-Danilo

HOA and Condo Associations Passing The Buck To Residents

Many home owner and condo associations are running into issues collecting money due to people not being able to afford (or not wanting to pay) their monthly dues. Some home owners just turned in the keys, moved and can't even be found.

So what are the home owner and condo associations doing as result of the lost revenue? They have to either lower expenses or replace the missing revenue. This could mean a cut in services or raising dues. Basically, they're passing the buck to the residents who are paying their dues every month like they're supposed to.

So has anyone experienced any of the following because their HOA is having issues collecting dues?

• Cut services
• Raised dues
• Forced residents to do maintenance on their own
• Association went bankrupt

-Danilo