Loudoun County Real Estate Statistics and News

Big News Story for Loudoun County

The past couple of weeks have been filled with high profile news story regarding Loudoun County that will have an impact on real estate and homeowners.  There are plenty of big headlines that look pretty impressive (but really aren't) and a some others that don't seem all that impressive but really.  Let's take a look.

Raytheon to consolidate 1,500 jobs in Loudoun County.

This looks pretty impressive on the surface.  And some other reports put the number of jobs at 2000.  But a closer look shows that Raytheon is consolidating 3 offices in Fairfax County and moving them all to the AOL campus that has been shedding jobs for years.  The real story is that only 100 new jobs will be created over the next 3 years.  Although we like to get any new jobs in the current environment, the headlines are very misleading.  33 new jobs a year is barely a blip on the radar.

Loudoun County Tax Rate Increased to $1.245.

Now this was definitely news and has been for some time.  We all anticipated the increase but we didn't know how high it would be.  Initially the county officials were asking for $1.29 so it could have been worse.  But it is still the highest rate in the state.  But the interesting thing I take from this story is the bi-partisan atmosphere the budget created.  Read the comments section to the post and you will see what I mean.  And this is not just for our county, it is state wide, country wide and a huge bi-partisan issue in our federal government.  The election of President Obama was initially hailed as a vote for partisanship but that has never happened and in fact the partisanship in America is worse, if you ask me.

Case in point is this piece of news that has flown below the radar - N.Va. snubbed in first round of road funding  The fact that Northern Virginia doesn't get the lions share of any funding for transportation is beyond me.  We only contribute the majority of the tax dollars that fund the rest of the state but when we need money to help with our roads, we get nothing.  Pretty amazing.  Politicians at work.  But I guess nothing should surprise me since Tim Geithner was a self-confessed tax evader and was rewarded with running the IRS from his position as Treasury Secretary.

Planning Department Approves Broadlands Hospital

The Loudoun County Planning Department has approved the Broadlands Medical Center.  This is the first step in the approval process.  Next the Planning Commission must approve it and the final step is the Board of Supervisors.  Here is the full story on Loudoun Extra. 

On a side note, I found this story on Loudoun Extra's new twitter feed. 

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Driveway Resurfacing Scam in Loudoun County

Here is a story about a scam being pulled on homeowners in the Loudoun County area.  The group pulling the scam is know as the Travelers and they are offering to resurface driveways in their latest scheme.  Tell people to be on the lookout for this group.

Congratulations to Broadlands Triathlon Participants and Volunteers

The first ever Infinitive Triathlon at Broadlands was run on Saturday and by all accounts it was a success.  192 participants registered for the event and despite a steady rain and a chance of thunderstorms, we were at the Broadlands South competitive pool at 7am ready to go.  There was a steady rain but the thunder heard earlier in the morning stayed away and the organizers didn't have to cancel the swim. 

The bike course was hilly and challenging two loops around the Broadlands that was not too difficult.  The rain made it a little harder to handle the bike on the long downhill on Truro Parish.  The run was an out and back along the paths and was flat and fast.  The rain kept everyone cool and the volunteers were all cheerful and encouraging even though they were getting soaked. 

I have run in 10 different triathlons and the Broadlands Triathlon exceeded my expectations for a first time event.  It was well organized, the volunteers were very helpful and enthusiastic, the turnout was excellent, the transition area was well laid out, and the post-race food was great.  And the all important race schwag was top notch, a T-shirt and hat made of high quality wicking material. 

Congratulations and thank you to all the sponsors. 

Thanks to all the volunteers that braved the elements and help everyone get through the race without incident.  Thanks to all the fans that cheered us on along the course.  And congratulations to everyone that participated in the race including Jonathan Hinkle, Brian Albrecht, Daphne Gillie and Mary Beth Greason. 

I look forward to next years event.

Additional reading:  Real Estate and Triathlons Go Together

Dulles Area Association of REALTORS Unveils New Website

During the past six months, the Technology Committee of the Dulles Area Association of REALTORS has been working on a new website design that incorporates RE 2.0.  Ben Lizik of DAAR has been busy programming the site and the staff has been instumental in getting all the information on the old site converted to the new site.

We wanted a clean design that appealled to members of the association as well as the general public.  A built-in content management system will allow updates to the site to occur as they happen.  Visitors are able to provide feedback on the site and are encouraged to do so.  We hope that the site will be a valuable resource for real estate news and information in the Dulles Corridor which includes all or part of Loudoun, Fairfax and Prince William counties. 

Additions to the website will be added in the coming months that will add to the website's 2.0 functionality and reach.

We would love to know what you think of the new site and encourage any feedback.

Washington Post Runs Article On "Luxury Foreclosures" - Features Arko

The Washington Post ran a story on "luxury foreclosures" yesterday. It featured several local real estate agents, including myself. Check out the Post article here or the Loudoun Extra version here.

Foreclosure Auctions - Where Is Everyone?

If you've been to a real estate auction at the local courthouse steps recently, you may have found yourself to be the only one there aside from the auctioneer. Many people are wondering where all the bidders are especially since auctions used to be a good way to get a deal on a foreclosure property.

ABC 7 News (WJLA) was curious about this as well and ran a story on it earlier this month. Here's the video (couldn't get around the quick commercial intro, sorry):

Don't Fall Prey To "Quick-Fix" Foreclosure Scams

As a home owner facing foreclosure, you may be desparate to find a way out - a way to turn things around and get back on your feet. But don't let that desparation cloud your judgement or stop you from doing your homework when approached by someone promising to "fix everything" and "keep you out of foreclosure."

Here is the latest case involving scam artists preying on home owners facing foreclosure (via InmanNews):

"Federal officials announced the indictments of 20 people Thursday in two California-based foreclosure rescue and equity-stripping schemes that allegedly netted more than $12 million from more than 100 victims who were left without their homes.

Prosecutors said victims believed that they were making rental payments to "investors" whom they agreed to add to the title of their home. The "investors" were actually straw buyers who often replaced homeowners on the title. After taking out a new mortgage to extract the home's equity, the defendants would sell the victims' home, stop making the mortgage payments, or begin eviction proceedings against the victims, prosecutors said."

Be careful out there, do your homework and remember...there is no quick fix.

Our Broker, Simon Warner, Named "Realtor Of The Year"

We're proud to announce that our broker, Simon Warner (Market Advantage Real Estate in Sterling, Virginia), was named "2007 Realtor® Of The Year" by the Dulles Area Association of Realtors®. This honor is given to the one Realtor® that has demonstrated active involvement in the community; active participation in local, state and national Realtor® association events and functions; education; teaching; etc.

Continue reading the post on Loudoun Stats

U.S. Foreclosures Hit Record High; Virginia Below National Level

Just in case you haven't read or seen any news within the past 24 hours... Foreclosures in America have hit an all-time high. Here are links to some of the stories:

From The Washington Post: Home Foreclosures Hit Record High

"The spike was driven by declining home prices..."

From CNNMoney: Foreclosures hit all-time high

"Declining home prices are clearly the driving factor behind foreclosures, but the reasons and magnitude of the declines differ from state to state," said Doug Duncan, MBA's Chief Economist said in a prepared statement."

From AP: Home Foreclosures Hit Record High

"Clearly it's the worst it's been," chief association economist Doug Duncan said in an interview with The Associated Press. ... "We expect some increases in the next couple of quarters,"

From Bloomberg: U.S. Mortgage Foreclosures Rise as Owners "Give Up"

"U.S. mortgage foreclosures rose to an all-time high at the end of 2007 as borrowers with adjustable-rate loans walked away from properties before their payments rose, the Mortgage Bankers Association said today.

"We're seeing people give up even before they get to the reset because they couldn't afford the home in the first place,'' said Jay Brinkmann, vice president of research and economics for the Washington-based trade group."

From InmanNews: U.S. foreclosure starts hit new records

"Our general outlook is as long as house prices are declining, we expect to see some continued increase in delinquencies and foreclosures," Duncan said. With the continued seizure of credit markets and tightened underwriting standards, "we don't expect to see the peak (in foreclosures) until mid- to late-2008."

All of the articles/quotes hit on a few key points:

1. foreclosures are at all-time highs
2. falling prices is the driving force behind foreclosures
3. the foreclosure rate is expected to continue to rise
4. people are giving up/walking away before their rate resets

Despite all of this negative news, there is some good news for us in Loudoun County and the DC metro area. In the Washington region, foreclosure rates were below the national level: In the District, 1 percent of loans were in foreclosure; in Virginia, 1.01 percent; and in Maryland, 1.22 percent.