Architectural detail
As with any home purchase, location, size and price are important. With a condominium you'll also want to understand the ownership scheme. This type of information is found in the "condo docs" or condominium documents. Most states, and the Commonwealth of Virginia, require condo doc disclosure before any purchase contract is finalized. The condo docs will contain detailed information on the ownership and property rights of the condo and its owners. The rules of the homeowners association are generally explained in the condo docs in plain English and not in legal jargon. It's important to read the condo documents to understand the annual maintenance and upkeep fees, as well as to obtain a full understanding of exactly how much control the association have over the regulation of the property.
Condominiums can be found all over the country, with more being developed each year. Condominiums are quite common in Northern Virginia and the National Capitol area. Some condos are new construction and a few are apartment buildings that were rental apartments before making the switch. In newly constructed condos, it's common to find a sales office onsite at the condominium.
Q. Oh my goodness! what
a mess! Ok here it goes. My husband and I moved to Las Vegas from WI,
and we were in contact with the landlord by email.Well she sent us pic and we looked at them it seemed good on "line" that is. Well in her emails she stated the house needed painting but she did not have the "money" as of yet " But she did say would paint "later" So my not so smart hubby, sent her $2600 and she faxed the lease .When we arrived 4 days later and she met us at the property @11pm! When we went in the house it was not at all what it was on line !!!!!!!!!!!!!!!!!!! I was so peeved! I TOLD HER I WANT THE $2600 BACK!She said she did not have it & I thought i was going to have a nervous breakdown! She had the nerve to say we were too picky at the moment I could have dropped kicked her!!! NO paint!, carpet coming up and dirty!holes in walls because of nails! dirty , and too top it off BIG ASS COCKROACHES!!!!!!!!!!!!!!!!!!!!! So my son & hubby took me aside to come me down!In the least we were to "maintain" the bug pest controll "Maintain" Not come into a house thats Infested! SO anyways to make a long story shorter... "LOL" we were mislead from the beggining , and she took off$700.00 and we painted only part of the interior... We did not look at the lease "date and she did not pro rate "She has march 1st
-april 1st . and we got there march 27th .So we have had nothing but
problems w/her and now our refrigerator does not work and we have told her time in and time out and she has never sprayed for bugs and she
never has painted and she has done absolutely nothing!!! And since
march we have been paying rent , its now aug and in july I got a hold
of legal aid and explained to them our situation .That told us STOP
PAYING RENT SEND HER A LETTER TELLING HER THIS NEEDS TO BE DONE!So we did and she came back with a nussinnce" letter of what we wanted done ! She said un authorized dogs which is a lie she knew about it!and refrigerator,and carpet. We went to court and the landlord started to talk about the rent &the judge said thats not what you have here!
Nothing about the rent! The judge said if you want the money you need
to sue! Then the judge said but it would be in your best interest not
to ,because there are alot of things you did not do!!! Then the judge
says to us why don't you just move.. And we said we are aug 21 2008. So
thats what we are doing. But now we were served small claims court! I
need to know what do i do now??
I won't attempt to answer this question in this blog, rather I submit the letter as a general lesson about what can happen when you choose to work without professionals.
The questioner is well aware of the many mistakes the landlord made,
but she is blind to the mistakes that she herself made. The landlord is
convinced that the tenant is the problem. The judge knows the truth:
both parties are in a mess, and both parties made serious mistakes. The
best thing would be for these two to part ways as quickly and
unceremoniously as possible. Small claims court will sort out the
left-overs to see what rent if any is due.
So what's the best/safest way to find a rental?
The goal is to find the rental that suits all of your needs, most of
your wants and fits your budget. What's the most effective choice to
realize that goal? You can: Do it yourself; or Enlist the services of a
rental agent.
If you do it yourself, then you are in effect your own rental agent.
That means you must rely on your own personal knowledge of the area and
your own contacts to find your perfect rental. Of course, you could
change your own oil, put in your own stitches and you could cut your
own hair, too. The only difference is that you have pay for these
services and a rental agent's services are totally free to the renter!
Worse still, if you don't have a professional doing the work, you may
have a botched hair-cut, engine problems or a tale like the lady with
the rental question.
What does a rental agent do?
A rental agent's job is to listen to your needs and then help you
identify rentals that meet your needs. Rental agents typically have in-
depth knowledge of the community, and they are often aware of market
rates. It's not uncommon for a "connected" rental agent to know of
rental opportunities that are quietly listed and generally unknown to
the public.
A rental agent's fees are paid by the landlord, so there is no expense to the renter. It really is in the renter's best interests to employ the services of a trustworthy rental agent.
Finding the right rental agent.
The problem is many rental agents really only work for one landlord
and thus only support their employer's building(s). Any agent at an
apartment complex will only show properties at that complex or at
another complex owned by the same landlord.
Further, many realtors and real estate agents won't deal with renters. Here's why.
After all the fees are paid, a rental agent generally makes about
one eighth of a single month's rent for a rental. For a typical one
bedroom apartment in the DC area the rental agent is often paid a
paltry $160. (No withholding and no benefits.) So it's tough to find a
rental agent who cares about your needs. Additionally, many renters are
oblivious to the benefits of professional assistance and don't really
take best advantage of the rental agent's expertise.
No charge to you ... but not FREE!
When you find a quality agent who is willing to help with your
search, it's a good idea to maximize your productivity before the agent
loses interest in your problems. Most rental agents (like most people)
are good people and they care about their client's needs. At the same
time, there comes a point where the rental agent has to consider
his/her own self-interests. Because the pay-off is so small for the
agent, even the best rental agent loses interest very quickly if the
renter has unrealistic expectations or if the renter isn't ready to
make a decision.
So, it's in the renter's best interest to take advantage of the rental agent's expertise, but it makes sense to budget your time with the rental agent. For example, rather than using the rental agent's gas or time to figure out what the renter wants, a smart renter approaches the rental agent with an idea of wants and needs, and then uses the rental agent's expertise to secure the best possible residence.
I personally have gotten to the point that I am very picky with
accepting rental clients. I make sure that I explain to them upfront
what my service is and is not. If you're looking for a rental in
Alexandria and parts of Arlington please give me a call.
It should be obvious, but start by choosing a selling agent that cares about you and your condominium. The agent you choose should also understand the benefits and challenges of the condominium lifestyle.
Halstead at the Meto
An agent who has never lived in a condo or owned property in a condo might not appreciate the benefits of life without guttering, lawn care or exterior maintenance issues. Your Condo Alexandria agent knows how a condo community functions and just how great it is to own a condominium. A Condo Alexandria agent understands why some units are more than others. A Condo Alexandria agent can help others understand what a great view you have or how nice it is to be close to the parking lot.
Each condo has its own benefits. We find your unit's benefits and make them obvious so that the buyer who wants your condominium can find it.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Nesbitt Realty sells real estate, fine homes & condominiums in Northern Virginia
I met a potential client who told me that she had been looking for two years for a condo. She called me because she wanted to see a particular property in Belle View. After establishing that she didn't have an agent, I showed her Belle View. I practically had to drag her to see a property I thought she would like based upon her input. That property was Montebello, and she absolutely loved it and was amazed because she wouldn't have had a clue that Montebello existed if it wasn't for me.
Shuttle bus
A few days later, she wanted me to tag along to another property that she had found at my property search site. That prompted me to "set the record straight" with some frank talk.
Obviously, I would love the opportunity to be of service to her. I appreciate and value each client and always need one more client. But there are limits to what I can and will do and this is for the protection of both the client and myself.
When I take on a client it is because I know I can add value to my client's end of the transaction. I add value by finding right property at the right price. As I have demonstrated to her and others, I know the condos of Northern Virginia very well. Additionally, I can be a pretty tough negotiator when the time calls.
Thus, if a client allows me to represent him or her, I think it's important that I go with the client whenever the client views properties (with the possible exception of open houses). So, to answer her first question, of course I want to go with a client when a client has interest in a property. But, when I see someone who has been looking for two years, three years, and has probably burned through a couple of agents who threw their hands up in frustration, I think it is important establish a few facts.
There are two primary reasons why a buyer takes a long time to select a property:
The buyer either has unrealistic expectations; or
The buyer does not have clearly defined goals.
When expectations are unrealistic, the best thing that I can do as an agent is to apprise buyers of reality and wish them well in their search. This is not because I'm a tough guy, but rather because it would ruin me a professional to chase the impossible.
To use a metaphor, maybe bigfoot exists. I've heard that people saw him. But if I made my living as a game hunter, I'm not going to spend my time (the only thing I really have) trying to catch bigfoot. I'll wish you well if you are looking for bigfoot, but I'll stick to game that I pull from the forest every single day.
In this case, the buyer had a reasonable assessment of reality but she didn't really know what she was looking for. In other words, she didn't have clearly defined goals.
The client's method for finding a condo was simple: she randomly searched the Internet and other media to identify prospects. She then visited the potential location and then moved on to something else. That method will use up a lot of time and energy. I'm not saying the random selection method NEVER works, but in this case the client had already spent two years and hadn't found the right property.
Obviously, a buyer needs to see some properties to get an idea of what is available. But what doesn't make sense is to randomly shop units to find what you want. Northern Virginia (Arlington, Alexandria, Fairfax County) is a huge metropolitan market. There are so many condominiums in Northern Virginia that a person won't be able to see them all. (Unless like me, the only thing you do is look at condos all day.)
I told this client gently but firmly, what I thought made the most sense. I told her the truth. That is, instead of the client leading me around and letting me open doors so she could find a condo, I would play the part of the expert.
As an expert, I would asked pointed questions and listen carefully to her replies. In this way, we can define exactly what it is that the buyer is looking for. Then, after we have established the goals, then it makes sense to begin touring the selections that I recommend. With each condominium we visit, I'll learn more about her needs and we'll get closer to the property that this client will eventually buy.
Define goals.
Refine goals.
Buy.
Simple, effective and good for the client and the agent.
With tighter inventories of homes for sale, buyers are finding increased competition through bidding wars. But the bidding may not be between only one or two other buyers -- more bidding wars are popping up where dozens or even hundreds of other buyers are all competing for the same property.
"The only question is not whether a new listing will get multiple bids but how many it will get," Kris Vogt, who manages Coldwell Banker offices in the Sacramento area, told CNNMoney.
For example, a home in Elk Grove, Calif., reportedly received 62 separate bids, with the final sales price more than $150,000 above its $129,000 asking price. In Cambridge, Mass., real estate brokers stopped accepting bids after the tally reached 250 bids for two condos listed at $800,000 each. The two condos ended up selling together for $2 million.
Seventy-five percent of real estate agents with the brokerage Redfin surveyed in March say their clients have faced multiple bid situations for properties -- up from 56 percent in late 2011.
Bidding wars appear to be most prevalent in California. Ninety percent of homes sold in San Francisco, Sacramento, and throughout Southern California saw multiple bids during the month, CNNMoney reports. What’s more, at least two-thirds of listings in Boston, Washington, D.C., Seattle, and New York had bidding wars for homes too.
Meanwhile, inventories of for-sale homes continues to be low. The National Association of REALTORS® reported a 19.2 percent drop in inventories year-over-year in February.
Source: “The home bidding wars are back!” CNNMoney (April 4, 2013)
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
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…
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…
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…
Marco: Question for you--if you had a choice between investing in a small house, or investing in a condo, which one would you choose?
Will Nesbitt: As a rental, I might do a condo, if it's a well-managed association, because there are few hassles. But it's more complicated than that. Feel free to call me if you want to download the full lecture.
Marco: Here's the situation: My parents are retiring and need a place to live. They'd like to live in Northern Virginia. They have a sizable down payment but bad credit, so we have offered to buy them a little house. We're somewhat limited in what we can get because of Mom's health issues---they need a place that has at least 2 bedrooms, 2 baths, all on one level and wide hallways because she will eventually be in a wheelchair. I think they'd be happier in a house because they haven't lived in an apartment ever. But we're having a hard time finding the "right" house and they're on a deadline to move out of the parsonage they're in. They were looking at a condo in an outlying suburb, but Paul doesn't want to buy a condo. He doesn't feel like it will keep its value.
Will: That's something that comes up from time to time when you talk about purchasing a condo. There are no hard and fast rules that apply to all condos everywhere, but I'll share a few of the lessons of my experience.
Why are you buying a condo? The Location or tbe price?
Location. Yes, we've all heard "location, location, location" when it comes to real estate, and of course most of what you've heard is probably true. But here's my take on it when it comes to valuing a condominium property: if the property is in a highly desirable location the property will hold its value. There are only so many places to live within walking distance of a Metro in Northern Virginia. Until the day people stop using the Metro those properties will retain a measure of demand. Condos on the perimeter, condos at the periphery, condos that entice the buyer with a low price, won't keep pace with increases in other communities and worse yet, can lose value. So ask yourself is, is the appeal of this condo that has a fantastic location or is the appeal that the condo is cheap?
Lesson: If the price and not the location is the primary driver in the purchase, then this condo might not be a good investment.
Management. Condos are managed by an all-volunteer board of directors elected by the community. Some boards are thoughtful, logical, practical and deliberate. Some boards are incompetent, petty, well-intentioned or corrupt. Take a hard look at the condominium documents before you buy your condominium. If you see that the board has repeatedly directed large amounts of funds to the same contractor you might want to dig a little deeper. If you see that the board has repeatedly spent money on frivolous expenses, that might give you reason to pause. If the board has just authorized a large contract for debt to pay for bills the association cannot afford, that might give you reason to move on to the next opportunity.
Lesson: The condominium management can make or break the community.
Condo Fee. Let's start with this premise: every property owner everywhere pays a condo fee. This is true once you realize that utilities and building maintenance are condo fees. An owner of a single-family home might pay zero condo fees for 10 months and then pay a $15,000 condo fee for a roof repair. But a well-managed condo association puts money in reserves to prepare for future problems when they arise. A condo owner doesn't get bogged down in details of property management, but a home owner usually spends money more efficiently than a democratically elected board.
Lesson: Condo fees are not a problem. Poor management of maintenance and utilities is a problem no matter if you have 1 member or 1500 members in your association.
Bottom Line. "Location. Location. Management." If your property is located in a less than desirable neighborhood, don't expect the property to appreciate. (That doesn't means the property is a bad-buy for you or for some people, it just means don't count on appreciation from this investment.) You can minimize your exposure by picking properties that are in highly desirable locations, even if they are smaller or more costly per square-foot.
But when it comes to condos, property management is almost as important as location. A poorly management property can deteriorates or can have high condo fees, or worst of all, a poorly managed property can have both a poor condition and high fees. Nothing will kill your value faster than condo fees which are not justifiable. You can minimize your exposure to the risk of management incompetence by purchasing in condominiums with minimal amenites, no elevators, common areas that are open to the elements, etc.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
There are many types of condominiums, some condos look like houses or townhouses, most look like high-rises or garden-style apartments. Even though a condo can look look like a townhouse or house, owning a condo differs from owing a fee simple property in many ways. There are aspects of condo living that some may view as advantages or disadvantages, and you should be aware of these before you buy.
Here are a few basic benefits and considerations of condo living to help you make your decision.
5901 Mt Eagle
The City
Busy folk who love being close to the action often choose a condominium because condo developments most often occur in the city. In the Carlyle District, in Arlington and places like Skyline Square, land is at a premium. But in all these examples, your condo is well served by public transportation. These condos are also close to the culture and opportunities of the city.
Of course the downside to being in town is that you're in the city---that means traffic, hustle and bustle and other disadvantages of living downtown. For example, the USPTO is crawling with people during rush hour. Crystal City is a pass-thru for many many commuters. Most homes and townhomes have a lawn or yard of some kind, but few condo owners have a yard or personal green space.
Community Living
A condominium owner is part of a community. The community lifestyle has many advantages. For example, the owner of a condo can leave things on a whim. There is no yard to worry about and the building is secure. Neighbors and condo staff will watch the property while you're on travel or vacation. Most condos in Alexandria, Arlington, Crystal City and Falls Church have security features such as buzzers, a concierge or a guard service. If you travel often for business or pleasure (or if this is a second home), there are no worries while you're out of pocket. Many condos have clubs, activities and the opportunity to socialize with neighbors.
But, shared walls and common areas mean that you are more likely to hear your neighbors. If you need your home to be a hideaway where you can escape from people, you have to deal with the fact that you might encounter neighbors in the hallway. Nosy neighbors are found everywhere, but it's a lot easier for them to keep tabs on you as you come and go in a condo. The community will set standards and make decisions about common areas. For example, many condo association have rules about pets so that the common areas are not over-run with pets and pet debris.
The Association
You can take part in the decision making (by voting or by being a board member), but you must abide by the rules of the community. As you may know, condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include restrictions on noise levels, pet ownership, renovations, and even what kind of curtains you can put in your windows.
Every unit owner is a member of the condo association, which also has an elected board. The association serves to enforce bylaws, handles maintenance and repair issues, etc.Because the condo association is made up of homeowners rather than property-management professionals, the association may be weak and inefficient. Most associations oversee a paid management firm.
Also, if you want to make renovations to your unit or rent your unit out, you may have to get approval from the condo association.This purpose of this oversight is most usually designed to make sure that you don't remove any load bearing walls or short circuit community electricity.
Maintenance
Homeowners have a lot to worry about, but condo owners on the other hand ...
Condo owners generally don't mow lawns. They don't clean gutters. They don't even have to hire or pay landscapers. In a condominium someone else takes care of the exterior, the common areas, the snow removal and moreSomeone else makes sure there's money enough to pay for the new roof.
Of course, that service comes at a price: the monthly condo fees. The association collects these fees to pay for maintenance and repair of the common areas. All homeowners pay for maintenance, but the owner of a single family residence can save money by mowing his own lawn. The owner of a single family home can defer payment a little longer if money is tight. Of course, by aggregating the fees of maintenance, condominium owners often have enough money to pay for amenities that are not common in a single family residence. For example, a swimming pool is pretty standard in a condo.
Affordability
Some condos in Northern Virginia list are every bit as expensive as single family houses elsewhere. Condos in Crystal City, condos in Arlington and condos in Alexandria (especially in the Carlyle District) can be quite pricey. But some condos are surprisingly affordable. This makes a great option for first-time buyers and singles who may find single-family houses unaffordable. Condominiums are more sensitive to trends in the real estate market than single-family homes. Now that the prices have dropped there are some tremendous bargains for shoppers.
Amenities
Most condominium developments offer a range of amenities in the common areas. It's pretty standard in Northern Virginia to have access to a swimming pool, gym or tennis courts in most condo complexes.
DASH (Driving Alexandrians Safely Home) buses are seen around, across and near the city of Alexandria, Virginia. The City of Alexandria wholly owns the DASH bus system and operates the system as a non-profit public service cooperation. But day to day management of the system is provided by Alexandria Transit Company.
If you're new to the area, you'll soon find out what others already know. The DASH buses are a clean, safe and effective way to get about the city. Boarding the bus is simple and easy. When the bus arrives, just step into the bus and then deposit the exact fare or use your WMATA SmarTrip card.If you have any questions about routes or transfers ask the driver and then take a seat. On some of the most popular routes or during rush hours, there might not be any available seats. In that case just move as far to the rear of the bus as possible. This makes it easier for others to board easily.
Be aware that the bus driver doesn't always stop at all bus stops! To signal to the driver that your stop is approaching, press the yellow signal strip or pull the bell cord. It's best to do this about a block from your destination so the driver has timely notice to stop at the next bus stop. When exiting the bus the rear door is easiest because others may be waiting to board through the front door.
DASH has great service because it has great employees but also because area passengers observe a few simple rules of safety and courtesy:
There is no smoking, eating, or drinking allowed on the bus.
Radios, I-pods and other devices may only be used if they cannot be heard by others
There are a limited number of priority seats that are reserved for senior citizens and disable persons. You may sit in these seats, but riders are expected to volunteer that seat if the seat is needed by a senior citizen or disabled person. If the bus is full, riders are expected to volunteer seats as needed.
All passengers keep feet off passengers' seats.
To maintain the high level of quality offered by DASH, drivers may refuse service to anyone who does not observe these rules or to anyone whose behavior is disruptive or hazardous to vehicle or passenger safety.
For more information or to set up an appointment call Stuart at (703)765-0300.
Property management is a business in and of itself. If you want to invest in real estate, but you don't want to be a property manager, the solution is really quite simple: employ the services of Nesbitt Realty. Our property managers are experienced individuals who will manage the day-to-day operations of your property. We manage residential properties, multi-family properties and even homeowners and condo associations.
Amin & Will in Lowes
A big value-add provided by your Nesbitt Realty property manager is "separation". This to say, your Nesbitt Realty property manager maintains a level of separation between the landlord and the tenants and the property. As you may already know, it's important to invest in real estate without emotionally investing in tenants or property. Your Nesbitt Realty property manager helps ensure that you always make the best decision for your family, rather than making the best decision for the tenant's family.
So, your Nesbitt Realty rental property manager serves as a buffer between the owner and his tenants. Nesbitt Realty can help you find tenants, handling repair projects and maintenance, oversee improvements, collect rent, and even pay some expenses and taxes. The specific tasks we handle vary based upon upon the needs and wishes of the property owner.
Nesbitt Realty Property Management also handles commercial properties such as office buildings, freeing the owners from the day to day responsibilities. Additionally, a competent Nesbitt Realty property manager gives you protection from certain liabilities.
Crunch-time processing rents!
Nesbitt Realty usually charges a percentage of the rents collected. Every aspect of Nesbitt Realty property manager's responsibilities will be outlined in a contract signed by both Nesbitt Realty and the landlord. This agreement details financial responsibilities and specifies the types of financial reports the landlord can expect.
Your Nesbitt Realty property manager will stay current on new laws and condo regulations which may be relevant to your situation. Nesbitt Realty Property Management takes a lot of the burden off of owning rental real estate. Most Nesbitt Realty property managers are themselves landlords. They know your needs.
Few people know that property management is a business both in and of itself. If you are interested in investing in real estate, and you do not know how to be or want to be a property manager in {Location_Name}, there is a rather simple solution: employ Nesbitt Realty services.
The Nesbitt Realty family-run business is very experienced with the management of day-to-day operations of properties like yours. We manage residential properties including homes, condos, and townhouses.
[Learn more now.]
Why not use a small, local company that cares about your needs to find real estate?Julie and Will Nesbitt pause from property management to take a quick picture.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
If you're new to the area, you'll soon find out what others already know. The DASH buses are a clean, safe and effective way to get about the city. Boarding the bus is simple and easy. When the bus arrives, just step into the bus and then deposit the exact fare or use your WMATA SmarTrip card.If you have any questions about routes or transfers ask the driver and then take a seat. On some of the most popular routes or during rush hours, there might not be any available seats. In that case just move as far to the rear of the bus as possible. This makes it easier for others to board easily.
Be aware that the bus driver doesn't always stop at all bus stops! To signal to the driver that your stop is approaching, press the yellow signal strip or pull the bell cord. It's best to do this about a block from your destination so the driver has timely notice to stop at the next bus stop. When exiting the bus the rear door is easiest because others may be waiting to board through the front door.
DASH has great service because it has great employees but also because area passengers observe a few simple rules of safety and courtesy:
