Rentals and Sale at the Metro

Update December 14: there are 15 properties for rent at a radius of 0.5m within the Vienna metro station. One bedroom condo starting from $1,350/mo, 2 bedroom condo - from $1,650/mo and townhouse -from $2,000 to $2,795/mo. All the properties are within walking distance to the metro.

If you are smart and want to buy, you may find 1 bedroom condos in Acadia and Marquis from $229,000; 2 bedroom condos from $300,000 and townhouses from $324,000 to $665,000. There are no foreclosures next to the metro on the market, however 5 properties are short sale - and all just steps to the metro. 2 of them are 1 bedroom condos, 2 are 2-bedroom units and 1 - a townhouse. Needless to say, that short sales take longer and require a lot of processing. You have to be selective when chosing a realtor to work with. Get one who is knowledgeable in these transactions. And again if you are thinking of putting your property on the market while being "under water" - make sure to talk to a professional. Call me if you need help.

Godd luck!

August Sales

RISMEDIA, September 28, 2009—Existing-home sales in the USA in August 2009 gave back some of their strong gain in July but remain above year-ago levels, according to the National Association of Realtors®.

Existing-home sales- including single-family, townhomes, condominiums and co-ops- declined 2.7% to a seasonally adjusted annual rate of 5.10 million units in August from a pace of 5.24 million in July, but remain 3.4% above the 4.93 million-unit level in August 2008. In the previous four months, sales had risen a total of 15.2%.

Read more: http://rismedia.com/2009-09-27/existing-home-sales-ease-following-4-monthly-gains/#ixzz0SPBSt2Nr

Update - September 7

Today, there are 5 properties very close to the metro that are offered for short sale. 4 of them are condo units, and one is a townhouse. The townhouse is an end unit - for less than 450k. 3 bedrooms 2 full baths and 2 half-baths. In excellent condition! So, if you are prepared to wait for 3-4 months, and if you have an experienced short-sale agent - make an attempt. It is worth it. Need guidance? Call me.

Regular sales - there are 8 other properties for sale. Most of them are condo units : from $350k to $380k for a 2 bedroom unit. All of them are right across the street from the metro.
You can also buy townhouses - from $400k to $690 - depending on the size and age of the property. And a single family house for $795k - built in 2005; 4 bedrooms and 4 1/2 baths.

For people who are looking for a rental, there are quite a few units for rent: from $1,350/mo for 1 bedroom to $1,900/mo for 2 bedrooms. And several townhouses (all at walking distance to the metro) - from $2,000/mo to $3,100/mo.

Update - August 10

As of today, there are 18 properties for rent at a short walking distance to the metro. From $1,350/mo for a 1 bedroom condo to $2,900 for a 3 level 3 bedroom 3 full baths townhouse.

If you are looking to buy, then probably the best prices are those of short sales. You can get a 1 bedroom unit in the Marquis for as low as $230k and $325k for a 2 bedroom unit in Acadia. There is also a townhouse in Country Creek which is only $479k - 3 level, 3 bedrooms 2 full abths 2 half baths. And it is an end unit!!! However, you have to be careful. When buying a short sale property you should seek the help of a professional. Preferably, that of a Certified Distressed Property Expert.

Other properties offered for sale are condo units and townhouses with a price range of 370k for a 2 bedroom condo unit, 690k for a townhouse with a 2 car garage, and a detached house for almost 800k. The latter is built in 2005; has 4 bedrooms and 4 full baths and 1 half bath.
If you need help, call me or email me at kamaliaemerson@remax.net.

Update July 16

There are 7 short sales near the metro - 6 of them are condo units in Marquis and Acadia, and one is a townhouse in Country Creek. If you have time, you can try and make an offer. With some luck, you may end up buying a property at a low price. However, it is most important to deal with an agent (especially a listing agent) who is an experienced depressed property expert - otherwise, you will just lose time and get frustrated. If you need help, call or email me.

For those who do not have time to waste, there are other properties at a regular sale:
condo units (2 bedroom 2 baths) from $355k to $390k and townhouses from $450k to $630k.

A lot of condo units and townhouses at a short walking distance to the metro are on the market for rent.

Need help? I am just a phone call away.

Update - July 3

If you are looking to buy:
There are 6 condo units for sale at a short walking distance to the metro. Price ranges from $324k for a 2 bedroom 2 bath unit in Acadia to $370k in Hunters Branch. A couple of them are foreclosures.
There are also 10 townhouses for sale in this area with a purchase price from $450k in the Townes of Moorefield to $640k in Virginia Center. Amazingly, the first one even has a two-car garage, and it is not a short sale! Hurry!

For those, who are still thinking of renting in close proximity to metro, there are a couple of apartment buildings where you can always find units. However, if you want to live in a condo with all the possible amenities, there are Acadia and Marquis and Hunters Branch - all the three subdivisions are 5 minute walk to the metro. One bedrooms go for $1,400/mo and 2 bedrooms for upto $2,000/mo. If you want to live in a townhouse, there are 10 available today: from $1,650/mo to $3,000/mo.

If you need real estate help during the holiday week-end, email or call me at 703-281-2873. Happy 4th of July!

Short Sales

There are three properties at walking distance to the metro that are offered for short sale.
A 3 level townhouse in Country Creek - $530,000; built in 1980 - 3 bed 2 full 2 half baths. In immaculate condition.
A townhouse in Townes of Moorefield with a 2 car garage!!! $450k - 3 bed 2 full 1 half baths. Updated.
A townhouse in Blake Tree Manor - $350k - built in 1980. 3 bed 2 full 1 half.
Before you write an offer, you should know how many banks are involved, how long the current owner has been keeping it for short sale, and many other details. And most importantly, be prepared to wait for 60-90 days before you get a response from the seller's bank... If you want to take a chance, call me. I will help you with the transaction.

Market Update - June 10

With the interest rates going up for more than 1/2 of a discount point, what do we see on the real estate market?
There are 16 properties for sale at walking distance to the Vienna metro. The average number of days before the property is under contract is 15, which is very low. Price range - $250k for a 1 bedroom condominium to $784k for a detached house. The latter is a bank foreclosure. Less than 5 years old 3 level 4 bedroom single family house.
With the gas prices going up and up, proximity to metro is a good alternative for many purchasers. Do not procrastinate. Looks like, interest rates will be going up since the $700bln dollars intended to purchase bonds may not be enough to keep the rates low.

June 3 - Market Update

If you are looking to rent a property at a walking distance to Vienna metro, there is a big choice today: 17 properties! The cheapest is a 1 bedroom condo for $1,400/mo and the most expensive is a townhouse for $3,200/mo. I believe it is best to get help of a realtor to view the rentals since you can see all of these and maybe some at farther locations in one day. And most likely, you will not pay for the service. I sometimes dedicate my time to tenants, too. If you need help, call me at 703-281-1000.
As for sale, we have started to see some short sales and foreclosures around the metro, too. For example, a new listing (detached house!) just came to the market. It is listed for 785k (it is obviously a foreclosure) and it is built in 2004.
There is also a short sale - a townhouse for $350k only. Built in 1986. If you are in no rush, this may be a good deal for you: very low priced, shows well, excellent location and good schools. What is there not to like? Hurry! Interest rates are creeping up, although they are still very low....

Update - May 27

There are 13 properties for rent at walking distance to the Vienna metro. The cheapest is $1,300/mo for a 1-bedroom condo and the most expensive is $3,200/mo for a townhouse.
As for sales of properties, there are at least twenty on sale today, all of them are just steps away from the metro. $240k you will pay for a 1 bedroom condo and as much as $640k for an end unit townhouse. This is still the best time to buy as the interest rates are very low and it is possible to bring the price down. Do not forget to get a preapproval letter before you start your search. Good luck!

Just One Short Sale

It is interesting to notice that there is only one short sale and no foreclosures in the radius of 0.5 miles of the Vienna metro. As of today there are 20 active listings. The cheapest is 250k for a 1 bedroom condo and the most expensive - almost 640k for an end unit townhouse. The most days on the market (above 200 days) are those of 1st floor units in Marquis. Not surprisingly, it takes in average about 10 days from the date a property near the metro is listed till it gets under contract... Location, location, location...

Radius - 0.5 m

Today, there are 20 active properties for sale at walking distance to the Vienna Metro; 10 under contract; and 4 were closed since April 1, 2009. If we just look at the ones that were sold, it is interesting to notice that the difference between the listing and the sale price is relatively small. Two of them were sold at the listing price and the two others -lower than the asking price: one 19k lower (originally priced at 689,500) and the other - 8k less (listed at 350k).
Out of 20 active listings 1 is a foreclosure and 1 is a short sale.
All of them (with the exclusion of 5 properties) have been on the market less than 30 days...

Current Market

Today, there are 16 properties for sale which are at a walking distance to Vienna metro, the cheapest being 270k (for 1 bedroom and 1 full bath) and the most expensive 639k (townhouse with 3 bedrooms 3 1/2 baths). If a property is priced right, updated or as a minimum in a meticulous condition, during the first 3 -4 days there are multiple offers. AS LONG AS IT IS IN A SOUGHT-AFTER LOCATION! It is very important for sellers to realize that it is still not their market. Buyers should prequalify first before rushing into the market. Be prepared for escalation clauses if you really like a property and still want to make a lower offer. Need help? Let me know.

Take advantage of low interest rates!

As of today, the treasury has bought about $250 billion in mortgage backed securities under their program that is causing these low interest rates. They just started this about three weeks ago. There was a total of $750 billion allocated for this program, meaning that 1/3rd is already used up just a few weeks into it. Once it is gone rates will rise up again. This means that people have another 6 weeks at this pace before the short is over and rates could rise after that.
Hurry! Take advantage of these low interest rates, decreased cost of properties and still a wide choice of houses on the market!!!
If you need help to find info about a property, email or call me at 703-937-0328.

Is it worth trying to Modify your Loan?

Loan modification allows homeowners to change the terms of a loan in order to help the borrower stay in the home and avoid foreclosure. So, from this point of view, of course it is worth trying to speak to your lender. What can you achieve: reduction of the interest rate; fixing the rate; extending the time for loan repayment; even decreasing principal and getting rid of the second mortgage altogether. This is all Great! But, you should also know that it will take a lot of time and effort, and patience on your part. Most likely, if your home value has decreased by more than 5%, you are not even eligible.... Talk to the lender. Do not waste time. And do not be late in payments. This is important.

Metro Tweets!

Metro has expanded its use of social networking tools with a new Twitter page where riders can sign up to get information about Metrorail service disruptions. Check it out http://www.wmata.com/about_metro/news/PressReleaseDetail.cfm?ReleaseID=2512

0.5 m of the Metro

There are 14 properties on sale - all within 5 to 10 minutes walk to the Vienna metro station. The price ranges from $270k to $400k for condominiums and $485k to $700k for townhouses. There are also properties for rent - from $1,350/mo to $2,900/mo. Should you have any questions, please call - 703-937-0328.

New listing for sale

A new listing came to the market. This is a condo unit (1 bedroom 1 bath) for $280k. It is a good size unit - about 780 sq.ft and in very good shape. Want to see it? Call me at 703-937-0328.

Rentals - 2 and 3 bedrooms

There are 3 new rentals on the market today: $1,700 and $1,900 a month for 2 bedrooms 2 full baths and $,2900 for a townhouse which has 3 bedrooms and 3 1/2 baths. Altogether there are 23 units for rent today, and only 3 townhouses with a garage.

New listings on the market

There are two new townhouses on the market. The first one (for $690k) is an end unit with a two-car garage; 4 bedrooms and 3 1/2 baths. It was built in 2000.
The second is older (built in 1980) and is priced at about $493k. It has 3 bedrooms and 2 1/2 baths. It is a beautifully updated end unit.
Both townhouses are about 3-5 min walk to the metro. They are both worth looking at. Need help? Call me.

Rentals

If you are thinking of renting at a walking distance to the Vienna metro (since you are not so sure that you can buy a property today), there are at least 20 properties. There are condo units for rent ranging from $1,400/mo for a 1 bedroom unit and $2,200 for a two-bedroom 2 bath unit. You can also rent a townhouse with or without a garage. As of today, there 5 tonwhouses for rent (1 of them is with a garage) from $1,650/mo to almost $2,400/mo. Need help? Call me

New listings

There are a couple of condo units that I would like to mention. One is offering seller financing as well as rent with an option to purchase. $367,500 for 2 bedrooms and 2 FB. Another unit just came to the market - it is an approved short sale - $330,000 - for 2 bedrooms and 2 FB.
A townhouse just came to the market - for $689,500 in excellent condition. And it is an end unit. It is worth looking at... Let me know if you need help to view any property. THe best way to reach me at is call my cell.

Vienna Metro - Sales and Rentals

4 townhouses and 7 condo units are on sale. Price ranges between $484,500 and $650k for townhouses; and $237 to $390 for condos. 7 properties are under contract. Two units have been sold since the first of January. One of them was a short sale. It had been on the market for more than 200 days...

Condos at the Metro

There are 7 condo units for sale and 5 for rent at walking distance to the Vienna metro. The prices are from 237k to 509k. Some are priced below assessed value.
As for the rentals, there are 3 one-bedroom units for $1,400/mo each, 1 one-bedroom unit for $1,650/mo ,and a two-bedroom unit for $1,950/mo.
Any interest?

What townhouses are available near the Vienna metro today?

As of today, there are 3 townhouses for sale: $500k, $550k and $650k. The cheapest one is the oldest of the three (30 y.old), and the youngest is about 9 y.old. These are not short sale or foreclosure.
For those who cannot buy just yet, there are 4 townhouses for rent: $1,900/mo; $2,100/mo; $2,450/mo, and $2,500/mo. (The last two have a garage). They are all three level TH, with fully finished basements. Each of them has 3 bedrooms.Three of the four have 3 full baths, and one has 2 full baths.
Let me know if you are not working with a realtor and need help to view any of these...

CONDOS ACROSS THE ROAD

Right across the road from the metro, there are two young subdivisions (one next to the other): Arcadia and Marquis at Vienna Metro. They are only 5-6 years old. A fabulous community with lots of amenities: recreation and sports center; in-door basketball court, billliards room; simulated gold range; pool; cyber cafe; business center, etc, etc. Very convenient.
As of today, there are two 1-bedroom units and seven 2-bedroom units for sale, with the price ranging from $237k to $509k. (One is a short sale).
2 units are under contract. And 2 were just sold.
There are also 3 units for rent.
If you need to know the details, please get in touch with me. I will be happy to help.

Townhouses near the Vienna Metro

There are several subdivisions near the metro. The closest ones are Virginia Center (150 houses+ built after 1993); Country Creek (more than 450: most built in 1979; others in 1995); Fairfax Metro Square (80+ built after 1994); IVY Square (25+ built after 1981); and Vienna Metro II (40+; built after 1999). These are just steps away from the metro.
As of today, there are two houses for sale:
one for $649,900 - 3 bedrooms 3 full baths; 1 half bath
and the other for $549,900 - 3 bedrooms, 2 full baths, 1 half bath.
2 townhouses are under contract.
And on 30 December one property was sold having stayed on the market for only 11 days.
If you want to get more info about these or other properties, just let me know.