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A Tale of Two Short Sales

It was the best of times; it was the worst of times ...
In many parts of the country the economy is stalled. One indication of this condition is the many short-sales and foreclosures on the market.  But that means opportunity for savvy buyers.  This is a tale of two buyers, Amy and Edwin. Both are buyers. Both have short-sales under contract. Both have been waiting months to go forward.  
It was the age of wisdom; it was the age of foolishness ...
Short-sales often advertise ridiculously low prices.  In Northern Virginia, it's not difficult to find short-sales selling for $10,000, $20,000 even $50,000 or more less than than comparable homes available for sale.  This is the time of bargains, and lenders in up-side down loans are hurting. But that doesn't mean they're giving away free money in America.
It was the epoch of incredulity; it was the season of light ...
Here's a tip from one who knows: when you find a home for sale for much less than all of the comparables, you probably have not found a bargain; you've probably found a waste of time.  Oh sure, you should check it out, but don't get your hopes too high. Ask your realtor for the inside story.  If he or she tells you to walk away ... walk away.
It was the season of darkness, it was the spring of hope ...
Short sales are not. (Short.) Homes that sell for far less than any comparable homes don't. (Sell.) Now is a great time to buy.  But now more than ever, buyers need experienced realtors who will get a home ... not a contract and a hope.
it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to heaven, we were all going direct the other way--in short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only.
Amy and Edwin both put in contracts for short sales.  Amy is closing today on the home of her dreams.  She paid more than the asking price and less than the market value.  Months later, Edwin is still waiting for a decision.  He has contracted at a price much lower than the assessed value.  But that does not a bit of good if the bank will not sell the home.  Maybe Edwin will one day buy the home of his dreams.
He lowered the window, and looked out at the rising sun. There was a ridge of ploughed land, with a plough upon it where it had been left last night when the horses were unyoked; beyond, a quiet coppice-wood, in which many leaves of burning red and golden yellow still remained upon the trees. Though the earth was cold and wet, the sky was clear, and the sun rose bright, placid, and beautiful.  

Coming Attractions from the Torpedo Factory condos

Torpedo Factory Are you looking for two bedrooms in one of the most desirable neighborhoods in Northern Virginia? This is your "heads-up". We'll soon be offering a condominium for sale at the famed Torpedo Factory condos in Old Town Alexandria VA. porch There are a few details we're going to take care of before formally offering the place for sale, but one of the highlights of the home has to be the patio and sunroom. At the edge of the formal gardens in the courtyard of the Torpedo Factory condos, this home is just paces from all the many attractions and activities of Old Town. The restaurants, the waterfront and everything that is wonderful about Old Town Alexandria is at your doorstep when you live at the Torpedo Factory. Call 703 765 0300 to inquire about the availability of this home which promises to be priced right and delivered in top condition.
Will Nesbitt About the Author --- Will Nesbitt is the principal broker of Condo Alexandria and Nesbitt Realty. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

Washer and Dryer in the Unit?

This week I was in a condo selling for over a million dollars.  It was a beautiful condominium home with excellent views, a state of the art kitchen and all the upgrades one might expect ... except the unit didn't have a washer and dryer. the Representative Because my office is in River Towers, and we also serve Belle View, I often confront the question of a washer and dryer in the unit. (Neither River Towers nor Belle View has laundry in the unit.) I've talked to the older residents of River Towers about this and surprisingly many of them resist the idea of putting laundry in the unit. They like their laundry-rooms right where they are---thank you very much. This might seem baffling to some of the younger generation, but laundry rooms have a number of distinct advantages:
  • community --- You get to know your neighbors in the laundry room. This creates a sense of community and you know who belongs in the secured areas and who is a stranger.
  • maintenance --- You don't have to worry about buying a new washer when the old one breaks down. More importantly you don't have to worry about your personal laundry flooding a neighbor's condo.
  • square footage --- Laundry takes up space. You have more space in your unit if you have a community laundry room
  • more washers --- Many folks like to wait and do an entire week of laundry at one time. If you have a laundry room you're not limited to one small washer. You have many washers available.
In a luxury community, most people don't do their own laundry anyway, so they don't care if the laundry is outside the unit. My tip to folks who are shopping for homes in Northern Virginia: don't box yourself in. If you won't consider a unit with a laundry room, you're walking past some of the best neighborhoods in Northern VA.

The courtyard of the Olympus at Landmark

The building's unique curved shaped offers intriguing vistas and not just from the oversized curved balconies that each unit enjoys. The Olympus is located in the West End of Alexandria between I-495 and I-395 near Landmark Mall. The Sentinel of Landmark is across the street, but there are many condominiums in this area, including
West End real estate agents.
Nesbitt Realty can help you buy and sell real estate in West End.

Should I wait for prices to drop before purchasing?

National trends may be continuing to decline, but in Alexandria, Arlington, and nearby parts of Northern Virginia real estate is showing two signs of a comeback.  According to an MRIS Press Release: "Selling prices remain flat metro wide in the Greater Washington DC region, but the central jurisdictions---DC, Alexandria, and Arlington and Montgomery counties---continue to buck the trend." John McClain, Senior Fellow at George Mason University's School of Public Policy, was quoted by them as saying, "Prices continue to rise in the central jurisdictions. They're in a much better price position due to their premium location." The most dramatic is an increase in prices of home sales, but equally important is the shortening of time properties are on the market.  These two combine to reduce the available inventory available to buyers.  Waiting can be a shortcut to loss, so holding off in anticipation of falling prices can leave you kicking yourself for missing good deals.

Kingstowne development plans

Kingstowne is a planned community and one of my favorites in Northern Virginia. The Fairfax County Department of Zoning works directly with land developers to coordinate projects and regulate land development in and around the 12,000 acres that make up the Kingstowne community. There are several projects slated to complete the master plan for Kingstowne. In addition, the U.S. Department of Defense is reorganizing military installations to adapt to changing circumstances under a plan called BRAC.   Between 14,000 to 19,000 jobs are slated for transfer to Fort Belvoir by September 2011.  This transition will affect transportation systems, the natural environment and the quality of life in the Alexandria near Kingstowne.  At least one community has proposed an amendment to the comprehensive plan to better serve the needs of BRAC. Here are a few of the changes expected because of BRAC and adherence to the original plan for Kingstowne.

Kingstowne Towne Center

The Kingstowne Towne Center will remain true to the original master plan by constructing four office buildings at a site on the Kingstowne Village Parkway where parking pads are currently located.  Planners believe that additional office space makes Kingstowne more vibrant and economically strong by attracting desirable retailers, restaurants, etc.

Springfield Mall Revitalization

In addition to the Towne Center projects, the nearby Springfield Mall will become a mixed-use town center that will include retail shops, a hotel, residential buildings and office space.  The project will be phased in over the course of the next eight to ten years.

Hilltop Village Center

Wegmen's Grocery Store in Kingstowne? Perhaps soon. The Hilltop Sand and Gravel Company owns of 150 acres at the intersection of Beulah St and Telegraph Rd. They have proposed a complex of office, retail and residential uses.The project is to include recreation facilities: two soccer fields, a tot lot and parking.

Regional Library/Lee Village at Silver Lake

Now under construction along Beulah Street near Manchester Lakes Boulevard, a regional library and mixed use housing development is expected to provide housing for the elderly and county essential professionals, such as teachers and nurses.

Veteran's of Foreign Wars (VFW) Meeting Facility

Along Beulah, the VFW is building a two-story edifice with administrative offices, a bingo hall and as a meeting and recreational place for VFW members.

Fire Department responds to a call in Belle View

Belle View 2nd story unit Units from the Fairfax County and Alexandria City Fire and Rescue Departments responded to a call yesterday from Belle View condominiums in New Alexandria VA. New Alexandria has an Alexandria postal address, but is actually part of Fairfax County. police and rescue at Belle View Fire and rescue units from Fairfax County's nearby Sherwood Hall station arrived before units from the City of Alexandria. Fairfax County officials responded with fire trucks, an ambulance and police cruisers. Police blocked off westbound Belle View Boulevard in front of the Belle View Shopping Center to give rescuers room to work. By the time Alexandria responders arrived it appeared that Fairfax County had the problem well in hand. firefighters at Belle View condos By the time these pictures were taken the fire was under control and/or extinguished, but smoke and burnt plastic could still be smelled in the streets. Residents and witnesses said they believed the fire was from a second story unit and may have been a kitchen fire. At least 1 person was taken to the hospital for further examination, but there were no apparent injuries other than smoke inhalation. after action report at Belle View condos The Incident Commander wrapped up with an after-action report and life soon returned to normal in Belle View.
Will Nesbitt is the Principal Broker of Condo Alexandria and serves home buyers, sellers and landlords throughout Northern Virginia.

Sailing the Potomac in late spring

Julie and I went sailing again. This time we put in at the Belle Haven Marina near Belle View condos and New Alexandria. boat launch at Belle Haven Marina The marina has plenty of sailboats, canoes and kayaks for rent. They also offer lessons. Check out the spelling on the sign. sailing Julie sailing We had a great time on the Potomac. The winds were steady and fairly strong. sailing We were on the river until nearly sundown. Potomac River
Will Nesbitt About the Author --- Will Nesbitt is the principal broker of Nesbitt Realty and maintains Condo Alexandria. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

I rang the bell at the Hume School!

Arlington Historical Society The oldest school building in Arlington County houses the Arlington Historical Museum. The Arlington Historical Museum is owned and operated by the Arlington Historical Society, a group of concerned local citizens that conduct research and to preserve and disseminate knowledge relating to the history, archaeology, material culture, and geographical and socio-economic development of Arlington County, Virginia. I recently stopped by the Arlington Historical Museum and took a quick tour of the exhibits therein. The museum is located at 1805 South Arlington Ridge Road. The location is relatively close to the Pentagon City and Crystal City metrorail stations but sits up on the ridge overlooking Crystal City. The setting is very pleasant and the views here toward Crystal City are very pleasant. skyline of Crystal City from Arlington Ridge The building itself was the Hume School, named for Frank Hume who gave some of the property for the school. The museum features a working classroom as it might have appeared when the building was used as a school. The building is designated a Virginia State Historical Landmark and is also on the National Register of Historic Sites. Millstone The museum is open to the public only on Saturdays and Sundays from 1 - 4 p.m. If you enjoy local history this is a worthwhile stop. The society's phone number is 703-892-4204. Arlington Historical Society I didn't take any pictures inside the building ... for a reason. I wanted to tempt you to come in and take a look around. As I was about to leave one of the members of the historical society invited me to ring the school bell before I left! I can proudly say that I have rang the bell at the Hume School. Hume School
Will Nesbitt About the Author --- Will Nesbitt is the principal broker of Nesbitt Realty and maintains Condo Alexandria. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.