Millennials Home Preferences

The Millennial generation is about 90 million strong—forming the largest demographic wave in the country’s history—and some reports suggest they’re readying for home ownership.
Stuart at Porto Vecchio
Stuart Nesbitt, a chip off the old block
Millennials’ entrance into home ownership has been delayed due to the recession, high unemployment, and high student loan debt. They’ve been living in their parents’ homes, as well as delaying marriage and having children, surveys show. But the pent-up demand from this generation is starting to surface, says Fred Ehle, vice president for PulteGroup. Homebuilders, like PulteGroup and Better Homes and Gardens Real Estate, recently revealed surveys of what Millennials want in their future homes. In general, the surveys reveal that this generation isn’t wowed by luxury and prefers technology and flexible space. Pulte Homes found in its research that more than half of Millennials who decided to buy a home last year from the homebuilder said their main reason was to invest and build equity. As for what they’re looking for in a home, they appreciate an efficient use of space, an open layout for entertaining, ample storage space, and outdoor space that extends their living areas, according to the Pulte survey of 531 adult renters between the ages of 18 and 34. "What may be different about this buyer is that they may have more stuff," says Fred Ehle, vice president for PulteGroup. "It's different kind of stuff: technological gadgets, gaming. They also do work from home." The Better Homes and Gardens survey of 1,000 adults ages 18 to 35 found that Millennials don’t like traditional floor plans and prefer unique spaces. They like to do home improvements themselves and are “fix-it” types. One in five said that “home office” is a better suited name for their dining room, according to the Better Homes and Gardens survey. What’s more, 43 percent said they want to transform their living room into a home theater. The survey also showed they’d rather have extra space in their kitchen for a TV than a second oven. Nearly two-thirds of those surveyed say they wouldn’t purchase a home without up-to-date tech capabilities. Source: “GenY is finally in a mood to buy (houses),” USA Today (March 28, 2013)
  • Help With Down-Payment For First-Time Buyers For A Residence In 22304 In Alexandria

    Are you planning to buy a modest nice condo like this condo at 4862 Eisenhower Ave #164? Considering purchasing a home? Okay. Please rely on a professional like Nesbitt Realty to help.

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  • First-Time Home Buyer Credit In The City Of Falls Church

    Do you want a little help to purchase a $1,250,000 5-bedroom home in 22046? Has the time come to buy a your first home? Good. Nesbitt Realty am a resource that can assist.

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  • Does Nesbitt Realty Offer A Down-Payment Assistance For First-Time Home Buyers Of $28,428 On 8417 Brookewood Ct McLean VA 22102?

    Attaining your first home is an exciting milestone, and it's likely the biggest purchase you'll ever make. So don’t jump into it without doing your homework. You can count on a personable ace like me to assist.

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  • Can A First-Time Buyer Get A Rebate On A Luxury Detached Home Like 2510 N Columbus St?

    Attaining your first home is an exciting milestone, and it's likely the biggest purchase you'll ever make. So don’t jump into it without doing your homework. It's Nesbitt Realty's job to help. Do you want a very large luxury place in 22207 in Arlington County?

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  • Help With Down-Payment For First-Time Buyers In 22015 In Fairfax County

    Has the time come to purchase a a home? Alright! Nesbitt Realty is available help. Are you planning to buy a sprawling mid-market interior row/townhouse like this striking interior row/townhouse at 9514 Draycott Ct?

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‘Zombie’ Foreclosures Haunt Housing Market

A new study finds that 301,874 “zombie” homes—properties where home owners receive foreclosure notices and move out, leaving the home vacant and deteriorating—exist in the U.S. The state with the highest number of “zombie” properties is Florida, with 90,556 vacant homes in foreclosure, according to data by RealtyTrac, in their first analysis of “zombie” properties. Illinois ranks second with 31,668 “zombie” properties and California ranks third with 28,821. However, Kentucky leads overall in percentage of zombie properties; abandoned homes represent 54 percent of Kentucky’s total foreclosure inventory. Abandoned foreclosures also represent 50 percent or more of the properties in foreclosure in Washington, Indiana, Nevada, and Oregon, according to RealtyTrac. In January, Reuters reported a problem with “zombie” titles—home owners who received a foreclosure notice and walked away from their home but did not realize their names remained on the deed and they were still financially liable for the property. In some cases, the banks never ultimately pursued the foreclosure, but the home owners were unaware of that since they already had moved out. RealtyTrac counted any property that had been in foreclosure longer than the state average and that showed no significant recent activity on it as a “zombie” property in its report. "I think the empty foreclosures is less of a long-term threat but it certainly is affecting individual communities and neighborhoods," says Daren Blomquist, RealtyTrac’s vice president. Source: “More than 300,000 homes are foreclosed ‘zombies,’ study says,” Reuters (March 28, 2013)

Properties in

  • Home Prices In Arlington Continue To Hike

    Glendale
    The housing market in Arlington County is getting more and more expensive as potential buyers continue to have fewer homes and condos to choose from.

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  • Inlet Cove is near Fort Belvoir and Potomac Mills

    Inlet Cove outside Belvoir
    Inlet Cove is alongside Route 1 This neighborhood of townhouses is near grocers and eateries Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge Interior to these properties are multilevel Inlet Cove is serene

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  • Pending Home Sales on an Upswing

    home inspector
    Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1…

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  • A Good Time to Buy a High-End Home

    Station Square
    Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient. Buyers with cash have the best opportunities. Buyers who need a mortgage should move…

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  • Who is today’s homebuyer and why are they buying?

    Nesbitt Realty 703 765 0300
    The National Association of Realtors recently did a study about the characteristics of home buyers. Some of the findings might surprise you. Thirteen percent of buyers purchased a home with one or more parents and grandparents together with adult children. There were several reasons given for purchasing a multi-generational home. Cost savings; Children over the…

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Condo Repairs: Who Pays for What?

Everything built by man requires some maintenance at some point.

Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance. Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters needn't worry about the expense maintaining a property. Many first time buyers aren't ready to take on the hassles and expenses of yard work, gutter cleaning, painting and so on, and for this reason condos are a viable and interesting alternative. In the case of a condo, maintenance can be separated into two categories: owner's responsibilities and association responsibilities. These exact nature of these duties and responsibilities will vary from condo to condo, but there are a few rules of thumb. For example, certain retirement communities provide maid service as part of the condo, but most often the condo owner is responsible for cleaning his own unit. In most cases, the condo owner must clean the condo interior, including all windows which are reachable from the interior. The condo owner must clean of his or her private balcony or patio. Most renters are accustomed to this type of arrangement already. Unlike renters, condo owners own the appliances in the unit. Thus, the condo owner cleans and maintains all the appliances, but the condo owner also pays for repairs and replacements as needed. A condo owner has the power to pick his own appliances, but with that benefit comes the duty of maintaining that unit. In most older condos, the association supplies the heating and cooling to the unit, and the condo owner owns the convector or radiator (heat transfer appliance) in the unit. In new condos, the owner typically owns the HVAC (heat pump / air conditioner) that heats and cools his unit. Plumbing and electrical concerns remain for owners of single family homes and townhouses, but in all but a few rare cases the condo owner need only worry about systems that are outside the walls. For example, the condo owner typically owns the bathroom vanity and the pipes supporting that vanity, but not the pipes which supply water and take sewage away from the bathroom. A condo owner owns his kitchen cabinets, but not the electrical wires inside the wall that bring power to his kitchen appliances. In general, the condominium owner is responsible for his personal space, but the condo association is responsible for all common areas.  This includes maintaining and operating the elevators and outside doors.  In most cases this includes the windows. Most always, the association maintains the lawns, flowers and shrubs. The condo association maintains the roof. While the owner of a single family home must maintain his own driveway, a condo parking lot is maintained by the condominium association. The parking garage can be private, common, or common with assignments.  If the parking garage is common, with or without assignments, the condo association will clean and maintain the parking. A private garage is the domain of the condominium owner.

Review your docs

Ultimately, you'll want review your condo documents, charter and by-law to determine exactly how your condo association interprets its domain.  Rest assured, a condo owner will have more to maintain than a renter, but significantly less responsibility than the owner of a single family residence or townhouse.

Properties in

For more information or to set up an appointment call Stuart at (703)765-0300.

Gadsby’s Tavern in Old Town Alexandria

Old Town Alexandria is famed for its quaint historical atmosphere. Englishman John Gadsby operated a tavern here from 1796 to 1808. In those days, the tavern was the hub of political, business and social circles in Alexandria. Thus, Gadsby's Tavern is an important part of the 18th Century heritage of today's Old Town Alexandria.
tavern
Gadsby's has been a landmark in Alexandria since colonial days.
Today Gadsby's Tavern Museum is located on Royal Street, a few blocks from route of the King St. trolley. Admission is only $4 for adults and $2 for children. Children under 11 are FREE when accompanied by a paying adult. The museum consists of two buildings, a ca. 1785 tavern and the 1792 City Hotel. While in operation, the tavern was the setting for dancing assemblies, theatrical and musical performances, and meetings of local organizations. Prominent patrons such as George Washington, John Adams, Thomas Jefferson, James Madison, and the Marquis de Lafayette are part of the history of Gadsby's. At the tavern you can journey back to the 18th-century in a place where famous historical figures and everyday people dined and slept. The museum helps educate today's generations about the history, architecture, decorative arts, social customs, food, and clothing of the 1700's. There is a restaurant still in operation in the building. The tavern can be rented for weddings, banquets and any meeting where linen tablecloths and a post-colonial setting are appreciated. Please note some tour times are not available due to special events at the museum.  Please call in advance or check the online calendar for more information.

Can a Federal income tax lien prevent the sale of real estate?

The short answer is most probably not. Liens of all types must be paid by the seller when property changes hands. Real estate tax liens have
Northern VA realtor
A real estate brokerage serving Alexandria, Arlington and Fairfax County
priority over all others. First mortgages usually come next. Then come mechanic's liens, second mortgages, water bills and other encumbrances. Federal and State income tax liens must get in line just like the others. A deed MUST be recorded before property can be pledged. For more information or to set up an appointment call Julie at (703)765-0300.

What happens when zoning laws change the value of a property?

An imaginary developer named Harold Dumas owns a 100-acre tract of land along a major river. Harold plans to build a river front community on this property. However, just before Harold applied for his building permit, he learns that the County has changed the zoning on his land. He is now prohibited from building residential development on this property. His property currently used as farmland, can only be used as farmland or for light industrial usage. Can Harold expect compensation from the county for the loss he thinks he has suffered? Harold could expect compensation for his property if the land was physically taken by the government. This is not the case.  He could also expect compensation for his property if the county overly regulated the property so that all economic value is lost. Both of these case would be described in legal terms as "inverse condemnation". Unfortunately for Harold, inverse condemnation presents a very high standard to meet. His property can't be used as a residential subdivision, but the the property is not useless. Thus Harold could expect no compensation. Can a lender deny credit to a crime ridden neighborhood? Harold the Developer (from above) has made quite a bit of money redeveloping apartment buildings. He has excellent credit and has a great relationship with his bank.  But the lender turns down his latest project because they feel the neighborhood is a crime risk.  Is this legal? If the bank turned down the loan because the area is occupied by members of a protected class, this could be considered redlining.  But if the bank has just cause to believe that crime will doom the project, it is permissible to turn down Harold's loan. The Fair Housing Act serves protected classes, but criminals are not a protected class. For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

Hallmark condo association information

If  you have any questions about condo documents, insurance or maintenance, please contact the office below:

Hallmark Condominiums

200 N. Pickett St. Alexandria, VA, 22304 703-751-0777 If you would like to buy a condo, give us a call at Condo Alexandria. For more information or to set up an appointment call Julie at (703)765-0300.  

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Great Falls Library

Great Falls Library is located at 9830 Georgetown Pike, Great Falls VA.  The library houses a collection of more than 70,000 items and has 9 Internet stations available for public use.  The library provides free wireless Internet access. The library has the following services:
  • Access Services --- Large-print books, magnifier, and ZoomText. Audio Loop available in the meeting room.
  • Display Cases --- 2 Children's Display Cases; one Community Display
  • Book Sale --- Ongoing, plus semi-annual sales in October and February.
  • Meeting Areas --- Meeting Room: capacity 155 (seated 72) Conference Room: capacity 8
  • Quiet Study Room --- 9 capacity

Live Near Lake Anne in Reston VA

Lake Anne in Reston is surrounded by wooded lots filled with peaceful homes and condos in Reston VA. In summer paddle boaters, canoers and others enjoy the calm waters of Lake Anne while others walk the many trails surrounding the water.
  • Julie Nesbitt

    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

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  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

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  • Don’t take chances with real estate.

  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000

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  • Good Shepherd Housing and Family Services

    Fairfax County
    Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…

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Cascade at Landmark condo association information

If you have any questions regarding condo documents, maintenance or insurance, please call the office, below:
serving condo owners, sellers and buyers in Northern VA
Nothern Virginia Condo Experts

Cascade at Landmark Condo

300 Yoakum Pkwy. Alexandria, VA, 22304 703-461-3636 If you would like to buy a condo, Condo Alexandria would be glad to help. For more information or to set up an appointment call Julie at (703)765-0300.