Loudoun County Real Estate Statistics and News

Forbes Declares DC Best Place to Buy Real Estate in the WORLD!!!!

I have been saying that the Washington DC Metro area will be the best place to own property in the world during the foreseeable future.  Now I have confirmation from none other than Forbes that this is the case.

The article mentions the fact that the US Government is going to spend over $1Trillion in the immediate future on saving the country during the current economic crisis and that Washington DC will be the main beneficiary of this spending.

And for those of us in Loudoun County, we will more than certainly feel this surge in demand sooner rather than later as the Obama administration ramps up spending and programs focused on saving the economy.

Here is the complete list of the top 10 cities in the world:

1. Washington DC
2. London
3. New York
4. Tokyo
5. Shanghai
6. San Francisco
7. Los Angeles
8. Paris
9. Houston
10. Singapore

The Broadlands Subdivision in Ashburn Virginia

In the essence of full disclosure, I live in the Broadlands and have so for 4 plus years.  Because of this I am a little bias towards the Broadlands but I do believe it is one of the best neighborhoods to live in Loudoun County if not all of Northern Virginia.  That being said, here is a guide to the Broadlands subdivision of Ashburn, located almost entirely in the 20148 zip code (there is a small section called Overland Park that is just on the otherside of the Greenway in the 20147 zip).

The main reason I like living in the Broadlands is its central location and proximity to almost everything I need.  I can easily walk to the Broadlands Shopping Center and have lunch or dinner at Bonefish Grill or the Original Steakhouse (I am a sports junky and the Original Steakhouse is the best place to watch all the big games on their 10+ projection screens).  I frequently get a smoothie from Robeks or pizza from Sal's New York Pizza.  And just up the road is Clyde's Restaurant at Willow Creek.

There are no less than 4 shopping centers within minutes by foot, bike or car.  Just a couple years ago, there was a limited amount of retail stores in Ashburn, but several shopping centers have been built recently and you can now find pretty much any store or restaurant.  The same is true for banks, gyms, grocery stores, drug stores, coffee shops, churchs, etc. 

I can also easily ride my bike down to the W&OD trail and either head up to Purcellville or down to Reston.  Plus there are paths to run on all throughout Broadlands.  And if you are really into running and biking, this past year was the first year of the Broadlands Triathlon.

Of course, Loudoun County is renowned for its school system and continues to make it a focus of the community.  The elementary and secondary schools in Broadlands are no exception and the Briar Woods High School is a top notch facility that is just 3 years old.

One of the nice things about the Broadlands is that even though it is a relatively new subdivision and new homes continue to be built, the community feels like one that is much more mature.  The developers left many heavily treed areas undisturbed during the early development of the community.  These tree preserves, open spaces and green areas are reminiscent of older communities. 

Broadlands was mainly developed by the Van Metre Company and the majority of the homes are built by Van Metre.  There are also some homes built by Washington Homes which is now know as K. Hovnanian.  There are also a few Miller and Smith townhomes (thats what I live in).

There is an entire subsection of the Broadlands called Southern Walk at Broadlands.  This is a newer section of the Broadlands and is made up entirely of Van Metre homes.   

The Broadlands is located in a property owners association, also known as a Home Owners Association (HOA).  The fee is very reasonable and covers the cost of 3 pools, the nature center, trails, trash removal, recycling, common area maintenance and some other things.  The Broadlands HOA website has more details.

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Search for Broadlands Real Estate.

If you have any questions about the Broadlands, feel free to drop me a line.

Loudoun County Real Estate Price Declines Vary Wildly by Zip Code

Depending on where you lived in Loudoun County in 2008, the value of your house could have changed as little as 5.5% or as much as 36%.  Here are some interesting observations from the data:

The 20164 zip code was heavily impacted by foreclosures and the dramatic drop in sales prices is reflective of that.  And while prices dropped 36%, the number of homes sold increased 100% (231 vs 116).

The newer zip code of Ashburn (20148) saw half as much decline as the older zip code (20147).

The South Riding area of Loudoun County (20152) held up the best during the year.

The 20176 zip code of Leesburg had a 26% drop in prices even though it contains the River Creek, Lansdowne and Raspberry Falls communities.

With Loudoun County Tax Assessments be mailed out in February, this data can be used as a baseline by homeowners to guage how accurate their 2009 assessments are.  It will not tell you exactly how much your specific subdivision or community has changed during the last 12 months but it will let you know if a further analysis is warranted. 

Loudoun County Sales Price Changes
by Zip Code
	Q4 2008	Q4 2007	∆
20147	$337,548	$408,300	-17.3%
20148	$447,405	$481,850	-7.1%
20165	$343,178	$424,317	-19.1%
20164	$197,371	$307,785	-35.9%
20176	$339,230	$461,002	-26.4%
20175	$365,502	$415,864	-12.1%
20152	$452,520	$478,875	-5.5%

 

Loudoun County Real Estate Inventory Levels Down 38%

The current inventory of homes for sale in Loudoun County sits at 1471 as of today.  This is almost 1000 less than the same time last year when levels were around 2400.  This represents a drawdown in inventory levels of about 38% in the past 12 months.  This bodes well for prices going forward.

The real estate market in Loudoun County is stronger than almost every market in America when you look at inventory levels and current supply.  In December 360 homes went under contract.  That means we currently have a 4 month supply of homes on the market.  Depending on which source you read, national levels are almost 12 months of supply.

Also, prices here are holding up relatively well in most zip codes.  Homes in Indianapolis, Cleveland and Detroit are selling for as little as $3000.  In our area there are only a few areas that have homes below $100,000. 

Government Hiring Keeps Loudoun County, Washington Metro Area Recession Proof

The fact that Washington DC is the capital of the US and the fact that 1 out of every 10 government jobs is located in this area is the main reason Washington DC and the the surrounding areas including Loudoun County will remain much stronger than any other area of the country during this historic period of economic turmoil. 

With the anticipated increases in government spending already proposed by the Obama administration, government hiring will keep us from feeling most of the effects of a national recession.  As the government builds up over the next 4 years of democratic control, we will be the chief benefactors of that expansion.  And real estate prices will be one area that will see appreciation in the near future.

 

Just today the FBI announced their largest hiring push since the 9/11 tragedy.  They are looking to hire 850 agents and an additional 2100 support staff.  And where do you think the majority of those new hires will be located?  The J Edgar Hoover building, headquarters for the FBI, is in DC as well as one of the largest field offices in the country.

These types of hiring announcements will continue to bolster our local economy.  And don't be surprised if an entire new goverment agency is created to handle the new position of Washington DC as the financial center of the country if not the world.  The Treasury and the Federal Reserve have already made investments of over $2Trillion in the past 3 months.