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Condo Markets Remain Strong

Builders and developers are reporting growing optimism in the apartment and condominium market, according to the latest Multifamily Production Index, released by the National Association of Home Builders.
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Condo Alexandria is Northern VA's condo expert
"The apartment and condo markets continue to improve as new household formations generate demand," says W. Dean Henry, CEO of Legacy Partners Residential in Foster City, Calif., and chairman of NAHB's Multifamily Leadership Board. "However, there are certain issues facing builders and developers that may impede their ability to keep up with this demand, such as the rising cost of building materials, labor shortages, and the price of land." The Multifamily Production Index has been strengthening since the middle of 2010, and multifamily starts has been increasing since the end of 2010 to coincide with developers’ increased confidence, says NAHB Chief Economist David Crowe. NAHB is projecting a 30 percent increase in multifamily starts in 2013. Source: National Association of Home Builders condominiums in Northern VA Condo shoppers might want to check out these resources:

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  • 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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Are you purchasing a condo or home that needs work? Perhaps and FHA 203k is for you.

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Nesbitt Realty never makes any money from your loan. This frees us to make the most objective recommendation possible.

FHA 203K Loan - Eligible Property

To be eligible for the FHA 203k mortgage loan, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible. Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place. In addition to typical home improvement loan projects, the FHA 203-k mortgage loan program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit. An existing house (or modular unit) on another site can be moved onto the mortgaged property; however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation. health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.

What is the minimum amount of repairs required on a FHA 203k home improvement loan?

There is a minimum $5,000 requirement of eligible home improvement loan projects on the existing structure of the property. Minor or cosmetic repairs may be included after meeting the first $5,000 worth of repairs.

What are some of the repairs that qualify for the first $5,000?

  • Structural alterations and reconstruction: (Repair or replacement of structural damage, chimney repair, additions to the structure, installation of additional bath(s), skylights, finished attics and/or basements, repair of termite damage and the treatment against termites);
  • Elimination of health and safety hazards;
  • Changes for aesthetic appeal: (New siding, adding a dormer, covered porch, attached garage);
  • Air Conditioning or replacement: (plumbing, heating, air conditioning and electrical systems);
  • Installation of well, septic system or connection to public utilities;
  • Roofing, Gutter Downspouts, Flooring, Tiling and carpeting;
  • Major landscape and site improvement;
  • Improvements to improve accessibility and functions for the disabled.

What are the qualifications to be able to obtain a FHA 203-k loan?

The qualifications requirements are the same as a typical FHA mortgage loan. The only additional item that the borrower needs is either enough cash reserved to pay for materials and labor until they are reimbursed through a draw, or a credit card with an adequate available balance. If there is to be a contractor involved, the contractor may choose to cover these costs. The interest rate on a typical FHA 203k mortgage loan is a little higher than a standard FHA or conventional 30/15-year fixed-rate loan. The cash requirements are the same as an FHA loan, 3 percent to 5 percent, which is less than a typical conventional loan. There are a couple of additional fees which pertain to the construction aspects of the FHA 203k loan.

Can I pick my own contractor to do the work?

Dillon Lee You may decide on your own contractor, and they should be brought into the process in the beginning stage of the loan process. Check out the credentials of the contractor thoroughly, making sure he is knowledgeable in all aspects of rehabilitation work. The home improvements or repairs need not be made before moving into the property, depending on how extensive the repairs are and whether the house is habitable while the repairs are being made. The home improvement loan provides the ability to include up to 6 months of mortgage payments in the improvement escrow, should you not be able to occupy the property and have to pay rent during rehabilitation.

Can the FHA 203k loan be used to improve a condominium unit?

Yes, however, condominium rehabilitation is subject to the following conditions:
  • Owner/occupant and qualified non-profit borrowers only;
  • Rehabilitation is limited only to the interior of the unit. Mortgage proceeds are not to be used for the rehabilitation of exteriors or other areas which are the responsibility of the condominium association, except for the installation of firewalls in the attic for the unit;
  • Only the lesser of five units per condominium association, or 25 percent of the total number of units, can be undergoing rehabilitation at any one time;
  • The maximum mortgage amount cannot exceed 100 percent of after-improved value. After rehabilitation is complete, the individual buildings within the condominium must not contain more than four units.
By law, FHA 203k loans can only be used to rehabilitate units in one-to-four unit structures. However, this does not mean that the condominium project, as a whole, can only have four units or that all individual structures must be detached. Example: A project might consist of six buildings each containing four units, for a total of 24 units in the project and, thus, be eligible for an FHA 203k loan. Likewise, a project could contain a row of more than four attached townhouses and be eligible for a FHA 203k loan because HUD considers each townhouse as one structure, provided each unit is separated by a 1 1/2 hour firewall (from foundation up to the roof). Similar to a project with a condominium unit with a mortgage insured under Section 234(c) of the National Housing Act, the condominium project must be approved by HUD prior to the closing of any individual mortgages on the condominium units.

  • 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. 

    Read More

  • 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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Condo Considerations: Questions to Ask When Buying a Condo

Here are some common questions to ask your agent, your mortgage broker and yourself when you are thinking of buying a condo.
  • How much can I afford per month?
  • Is the condo is my price range?
  • Is the community that I like?
    • Where are the grocery stores, shopping malls, bars?
  • Is there enough space for my needs?
  • What is the condition of the condo unit?
  • Do the common areas need repairs, renovations?
  • How old is the condo?
  • Is there a parking facility?
    • Is parking assigned?
    • Is there a fee to park?
    • Is there guest parking and if so where?
  • Does the condominium have access to public transportation?
    • Metro or bus only?
    • Shuttle or Limo service?
  • What are the chances that this condo will increase in value?
  • What type of security system is in place?
  • Does the condominium association allow pets? If so how many and what type?
  • What are the condo fees and what they include?
  • What is the condo association policy about renters?
  • How much is in the reserve fund?
  • Does the condo association have a certificate of insurance?
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  • 6 Important Things That Most Home Buyers Regret Overlooking

    brick home
    It was the perfect home—until it wasn’t. Sadly a great number of buyers swoon over a home in Arlington, only to realize shortly after moving in that they overlooked something major, causing them serious buyers remorse.

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  • Finding your dream home

    To buy, sell, rent, or manage property dial Nesbitt Realty (703) 765 0300
    We аll wаnt tо find оur drеаm hоmе аnd wе thіnk іt іѕ easy. However, аftеr dоіng thе ѕеаrсh bу оurѕеlvеѕ, we ѕlоwlу bесоmе fruѕtrаtеd аnd tіrеd. When this hарреnѕ, wе ѕеttlе fоr ѕоmеthіng less. Finding thе rіght home fоr uѕ ѕhоuld nоt bе that difficult. Thеrе are simple wауѕ tо find them. First, wе…

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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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  • Relocating to Alexandria? Nesbitt Realty (703) 765-0300

    New in Alexandria? Nesbitt Realty (703) 765-0300 to buy, sell, rent, and property management
    Welcome to Alexandria.

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  • New Construction Buying Tip

    We help home buyers.
    If you're thinking of buying a newly-built condo or new house, you probably already know that every new development will have its own sales staff. These people are often friendly, helpful and very knowledgeable about the new development. However, these folks work to sell this property only, because the sale staff works for the builder.…

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Have your condo docs in order

In the Commonwealth of Virginia (and in other states) the buyer must be allowed an opportunity to review the condo docs.  From the time the condo docs are delivered, the buyer has 3 days to cancel the contract without cause, other than to say the condo docs contained information which caused the cancellation. The buyer doesn't have to explain why or what the problem was. Recently a client of mine was buying a condo and when he received the documents, the condo docs said that the unit did not pass architectural review.  The problem was that the clientdocuments had made changes to his unit without first seeking permission of the association and then never had the changes inspected. The change that the seller made?  The seller had installed an overhead microwave and changed a cabinet without seeking any approval from the association. This was indeed a minor change. Furthermore, the seller claimed that he didn't actually make the change. It was his claim that a previous owner made that change and that the seller had NEVER read his condo docs. My client, the buyer, was a very above-board and by-the-book type of character. It was his position that if this guy "hid this fact" who knows how much else he withheld?  Even if he believed the seller's story (he did not) then it would show that this is a very inattentive owner.  My client canceled the contract based on condo docs. At another location and with another buyer and seller, the property went under contract and the seller did not deliver the condo docs, because the seller didn't have condo docs. The seller didn't have the condo docs because the seller didn't order his condo docs. The selling agent explains that the law allows for 14 days for the delivery of condo docs.  I replied, "That's why you order docs when you list."  Because if you allow 14 days for preparation and 2 days for delivery and then 3 days for review, then the buyer can cancel the sale 22 days after the contract is signed. Here are the lessons for sellers:
  1. Order you condo docs when you list your condo for sale.
  2. Review your condo docs to make sure that your condo doesn't have any defects according to the association.
  3. Have your agent deliver your condo docs PROMPTLY once your contract is ratified.

  • Julie Nesbitt

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

    Read More

  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

    Read More

  • 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

    Read More

  • 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…

    Read More

Condo Considerations — Is a condo right for you?

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.

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 places like Alexandria's Carlyle District, Arlington especially around Clarendon or Rosslyn, and in parts of Falls Church, 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 more. Someone 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.

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  • Julie Nesbitt

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

    Read More

  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

    Read More

  • Don’t take chances with real estate.

Condo Shortage on the Horizon?

Palomar
Hotel Palomar occupies the same building as the Waterview.
According to Tom Meyer of Condo 1, "Arlington is a boom town. Just look at the cranes in Courthouse, Clarendon, Ballston. New office buildings, new rental projects, new restaurants and retail. BUT .... New condos? Nope!" Real estate data seems indicate that condo and home prices in Arlington are about to rise.  Tom says, "We are about to enter a phase of economic recovery in which thousands of new Arlington residents will be paying lots of $$$ for rental apartments. Of course, they move in and immediately realize that they would be better off converting that money into home equity in their own condo. But there has been virtually no new supply built in the past five years. This bodes very well for future condo prices in the R-B Corridor."
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The Best Real Estate Deal in the History of Alexandria VA?

courthouse in the City of Alexandria
City of Alexandria Courthouse
In 1669 John Alexander bought the land that became Old Town Alexandria from an English ship captain. John Alexander paid the tidy sum of 6,000 pounds of tobacco. Almost twenty years later, the town of Alexandria was formally established in 1749. Today, visitors, tourists and travelers alike come to Alexandria VA to taste the quaint colonial and historical feel of this city not far from Washington DC. It's a place frequented by historical figures like George Washington and Robert E. Lee. Even for those like me, who were born in Fairfax and who have lived for many years in Alexandria, one never tires of the rich heritage of Alexandria. Maybe that's because there's always something to do in Alexandria. A bike ride or a stroll along the Potomac Waterfront is pleasant, or perhaps a boat ride on the river. There are more than a hundred restaurants in Old Town alone. Standard favorites such as seafood, steak or Italian are here, as well as ethnic cuisine from around the world. For a taste of the colonial try Gadsby's Tavern, where George ate. Alexandria is easily accessed by Metro and free trolley. The King St. trolley passes antiques shops, art galleries, boutiques and shops. Take a walking tour of Alexandria, or visit the Ramsay House to get a feel of Old Town.
King Street Trolley
Trolley at King Street
With the new US Patent & Trademark Office, Alexandria's proximity to the Pentagon and DC and it's easy access to Fort Belvoir and Bowling AFB, every day more people discover why this is such a great place to live and work. I work, play and live in and around Alexandria VA. I'd love to help you find a place but doubt I can top the deal that John Alexander got when he paid 6,000 pounds of tobacco for his homestead. Today, that much tobacco might set you back $9000! The good news is that 6,000 pounds of tobacco will cover your closing costs for most condos in Alexandria!
United States Patent and Trademark Office
United States Patent and Trademark Office as seen from Alexandria's Union Station

Real Estate for Sale in 22314

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What is the Purpose of Condominium Documents?

Entrance to Wooster Mercer
The Wooster Mercer Lofts are located in Rosslyn in Arlington County Virginia
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 has 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.
Farrington Condos at Huntington
The outside of the building during summer

Who pays to maintain your condo?

Historic Carlyle House in Old Town Alexandria is more than 250 years old.
The historic Carlyle House in Old Town Alexandria is more than 250 years old.

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.
kitchen
An updated kitchen in a Belle View condo.
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.
Parking Grounds at Montebello
Parking Grounds at Montebello

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.

What’s the Best Day of Week and Month to List?

Friday is the best day of the week to sell a home. Homes listed on Friday sell for 99.1 percent of their original asking price, a higher percentage than homes listed on any other day of the week, according to a study by real estate broker Redfin, which analyzed more than 500,000 home listings and sales records. The best month to sell? April, according to the analysis. Homes sold in April tended to sell closer to their asking price. In April, homes were found to sell for a 99.2 percent sale price-to-list ratio, compared to a 97.3 percent ratio of homes listed in December. Springtime is still a good time to sell for a higher price and also in the fastest time too, according to the study. Homes tended to sell within 90 days of being listed during March through June, according to the study. Redfin also found that pricing the home competitively from its debut is critical because that’s when it’ll receive the most traffic. During the first week a listing debuts on the market, it receives nearly four times more visits on real estate Web sites than it will a month later. Number of sold homes in Alexandria Source: Redfin