Owner: Loudoun Stats URL:http://realdiablog.typepad.com/loudounstats Join Date: Thu, 13 Sep 2007 20:22:48 -0500 Rating:0 Site Description: Loudoun County, Virginia real estate market statistics, information and resources for buyers, sellers and real estate investors. Site statistics:Click here
Thursday Poll - Will the Fed Lower Rates? 2007-09-13 09:52:26 Next Tuesday the Federal Reserve Open Market Committee will meet to discuss the economy. It is widely anticipated that they will make a change to the Fed Funds Rate. What do you think they will do?
Read more:Lower
, Thursday
, Rates
Loudoun County set to Steal $45 Million from Residents in 2008 2007-09-13 09:41:14 In 2005, the Loudoun County
Assesors Office made an announcement that the goal of the county was to assess the homes in Loudoun County at 100% of their actual value. Previous to this proclamation the assessed values had lagged behind actual values by as much as 30 to 40%. This meant that a house that could safely sell for $400,000 was assessed at a value closer to $300,000.
According to the Fiscal Year 2008 Loudoun County Adopted Fiscal Plan Report, the tax assessor estimates that they will value the homes at 98.9% of their sales value in 2007. The plan also states that they project the ratio to be at 95.1% in 2008.
Let's see how accurate the estimate is for 2007 in 5 of the largest communities in Ashburn:
Ashburn Farm 97.4%
Ashburn Village 105.8%
Broadlands 105.5%
Brambleton &n Read more:Steal
The Carnival of Real Estate - Resources And Info About Real Estate From Top Real Estate Bloggers Across The World 2007-09-10 15:31:35 The Carnival
of Real Estate
(CoRE) was created in order to bring together the best real estate bloggers from around the country (and world) to share information about what we’re all passionate about: real estate. Each week, a different blog hosts the latest edition of CoRE and highlights the best posts submitted that week. The posts cover everything from market reviews and buyer/seller tips for consumers to web 2.0 tools and blogging advice for industry professionals.
The current (58th) edition of CoRE is being hosted by real/diaBlog (one of our other blogs also written by Tony and I) and the verdict is out on the best posts for this week. There were some really good posts for us to choose from - check them out when you have a chance.
If you're a real estate blogger or write about real estate in general and would like to submit a post to future CoRE editions, there are links to the submission form at the bottom of the post on real/diaBlog as well as on CoRE's blog.
Read more:Across
, World
, Resources
, Real Estate
IRS to Auction off House in Ashburn, Land in Great Falls 2007-09-08 07:02:07 According to a letter I received via snail mail and addressed to "Loudoun Stats", the IRS is "seeking to redeem and sell" a single family home in Ashburn. If anyone is interested in purchasing the property there is a phone number and a contact at the IRS that you need to call by September 10th, Monday.
The letter mentions the assessed value of the property at $598,600. Based on recent sales and the "as is" condition of sale, a closer market value of the property is in the low to mid 500's. The minimum bid for the auction has been set at $480,000.
In checking the with the IRS website, I could not find any additional information regarding this property. However, I did run across a piece of land in GreatFalls
going to auction on the 13th. It is close to 2 acres and the minimum bid is $496,263.
Let me know if you need any additional information or assistance regarding either of these properties or othe Read more:House
, Auction
Condo Owners-You Still Need Your Own Insurance 2007-09-07 07:00:00 If you're a condo owner and think that the master insurance policy provided by your condominium association provides you with all the protection you need, you may want to read the fine print. Master insurance policies cover "limited common elements" and "general common elements", but do not cover your personal belongings nor improvements. You still need your own insurance to protect your valuables and any improvements you've done within your home.
So what exactly does the master insurance policy cover? It covers problems and issues relating to "limited common elements" and "general common elements". Here's the definition of each:
"Limited common elements" refers to space outside your unit that is not accessible to everyone living in the condominium property, and is reserved exclusively for use by one or more, but less than all, of the unit owners in the condominium. Examples include balconies, roof decks, parking spaces and storage Read more:Condo
, Owners
Thursday Poll: Pick an Agent 2007-09-06 07:35:23 In the last 12 to 18 months, the Internet has surpassed print advertising as the number one source of real estate marketing in many areas of the country. Loudoun County is no exception. The print ads in the local papers keep dwindling and the number of websites offering listings to search keeps growing.
And with that shift, there are many more online resources available for buyers and sellers of real estate to use in their search for a real estate agent. However, these resources are not as obvious or informative as some of the sites that show properties for sale. It takes a little more creativity and investigation to research a real estate agent. Unfortunately a photo of an agent isn't going to tell you what you want to know the way a photo of a kitchen will. And there is no single resource available that can give you answers to questions like expertise, marketing resources, neighborhood knowledge, negotiating skills, etc.
But there are ways to us Read more:Thursday
, Agent
14% of Homes Listed in Ashburn are Foreclosures 2007-09-04 16:53:18 A search of the 551 active listings in Ashburn showed 78 properties were either owned by a bank or lender, in pre-foreclosure or short-sale candidates. This represents 14% of the current homes available for sale in the local MLS. Of these 78 properties, 53 were townhouses, 15 were single family homes and 10 were condominiums.
Back in March of this year the percentage of homes that were foreclosures in the same area was 5%. From an absolute number and from a percentage, the percentage of the marketplace that could be considered distressed properties has risen dramatically.
Here are some interesting facts and statistics about these distressed properties:
Lowest priced property: $193,000
Highest priced property: $919,900
Average list price: $419,000
Median list price: $405,000
Average number of days on market: 84
Average age - 8 years old
Of the 84 homes sold in Ashburn during the month of August 11 distressed properties went under contact. Read more:Homes
, Foreclosures
Thursday Poll - The Solar Home 2007-08-30 13:48:44 There is no end to the number of articles, books and movies regarding the earths resources and how we are using up more than can be replenished. From Al Gore's "Inconvenient Truth" to Leonardo DiCaprio's "The 11th Hour", the issue of Global Warming is probably the single biggest concern for humans. We as Americans represent 5% of the world's population yet we consume 33% of the paper, 25% of the oil, 23% of the coal, 27% of the aluminum and 19% of the copper.
We read these statistics and they do not surprise us. But what can we do to not only reduce our consumption of these resources, but perhaps even save money doing it?
This is the question that leads us to today's poll:If you are interested in solar energy for your home, here is a great place to start - Solar
Home.org
Read more:Thursday
Home Improvements and Your Return On Investment 2007-08-30 13:08:18 So you've made some improvements and upgrades in/on your property within the last year. Now, you're going to sell your property and are curious as to what you'll get back in value from the improvements you've made. Or maybe you're thinking about selling your home in the future and are curious as to which improvements will bring you the greatest return on investment (ROI).
Well, according to the Cost vs. Value Report, here are the top 10 home improvement projects based on average ROI:
Project
Job Cost
Resale Value
Average ROI
Vinyl Siding Replacement
$9,134
$7,963
87.2%
Window Replacement (Wood)
$11,040
$9,416
85.3%
Minor Kitchen Remodel
$17,928
$15,278
85.2%
Bathroom Remodel
$12,918
$10,970
84.9%
Window Replacement (Vinyl)
$13,120
$11,109
84.7%
Two-Story Addition
$105,297
$87,654
83.2%
Major Kitchen Remodel
$54,241
$43,603
80.4%
Attic Bedroom Remodel
$44,073
$35,228
79.9%
Basement Remodel
$56,724
$44,685
78.8%
Deck Addition
$14,728 Read more:Return
, Home Improvements
Virginia Circuit Court Rules In Favor of NVTA and Increase In Grantor's Tax 2007-08-28 15:19:42 Based on a press release we obtained today from the Northern Virginia
Transportation Authority (NVTA), it looks like another hurdle has been cleared in order to increase the Grantor's Tax and other fees in the region. Today, Virginia CircuitCourt
Judge Benjamin N.A. Kendrick ruled in favor of the NVTA and the Commonwealth of Virginia on all counts of a suit filed on July 13, 2007. In doing so, he also denied the motions and counterclaims of the intervening defendants.
In plain English, this is a fairly big blow to those opposed to the increase in the Virginia Grantor's Tax and the NVTA plan in general. And one of the only courses of action left is to file an appeal with the Virginia Supreme Court within 15 days.
In case you'd like to read the fine print, here's a copy of the press realease:
PRESS RELEASE
For Immediate Release
August 28, 2007
Read more:Rules
Thursday Poll - What did the Mortgage Crisis do to Loudoun County Home Prices? 2007-09-28 10:11:37 In the third quarter of this year, the biggest story in real estate was the MortgageCrisis
. And while the majority of the attention was given to sub-prime loans, the rates for jumbo loans (mortgages over $417,000) spiked up during this time period. And with the majority of homes in Loudoun County
priced in the Jumbo category, we are wondering what impact it will have on prices in Loudoun County.
So the Thursday
Poll this week asks the question:
We will publish a post giving the actual change in median prices in the beginning of January.
And yes, we forgot to publish the poll yesterday (Thursday). But better late than never.
Read more:Prices
, Home Prices
Preliminary Home Sales Data for September Very Weak for Loudoun County 2007-09-28 09:25:46 Loudoun County
home sales for the month of September
will more than likely be the lowest in almost 5 years. With only 2 days left in the month, total sales for Loudoun County stand at 215 and will finish somewhere near 250. Not since December of 2002 have sales for the county been below 300 for any month.
The liquidity crisis that shot interest rates up for jumbo loans, the rising foreclosures and the stubborn level of inventory have finally taken their toll on the demand side of the equation. We will probably see a decrease in median sales prices of 3-5% in the fourth quarter in order to stimulate flagging demand.
Here is a chart of the last 13 months of sales data for Loudoun County. It shows a trend of lower sales each month that started in May.
Read more:Preliminary
, Sales
Mortgage 101 - Closing Costs and Good Faith Estimates 2007-09-28 05:30:00 Home buyers who obtain a mortgage have to pay "closing costs". Closing costs is the general term used to describe the various fees and expenses paid in order to obtain a mortgage. As a general rule of thumb, closing costs are between 2 and 3 percent of the gross purchase price. In order to see a break down of closing costs, you need to get a "Good Faith
Estimate" (GFE) from the lender(s) you're working with or comparison shopping. A GFE shows all the closing costs line by line. It also shows you your estimated total monthly payment.
Here's a sample Good Faith Estimate (click on picture to enlarge):
Note: If a lender drags their feet or gives you a hard time about providing you with a GFE, do not work with that lender.
Once you get the GFE, ask your lender to go over it with you in detail. You may also want to go over the GFE with your real estate agent to make sure you didn't miss something and that the lender didn't hide any fees.
In order Read more:Mortgage
, Costs
, Estimates
One Loudoun, Future Home Of World Trade Center Dulles Airport, Breaks Ground 2007-09-25 23:50:13 Virginia Governor Tim Kaine and other government and business leaders broke ground this week on the "One Loudoun" project, which is the future home of the WorldTradeCenter
Dulles Airport. One Loudoun, a joint venture between Miller and Smith and Meridian Group, will be a mixed-use project similar in "feel" to Reston Town Center with commercial, retail and residential space. According to One Loudoun, first deliveries of commercial buildings will be 2009 with residential units delivering 2009/2010.
The developer has been working on the ground-breaking for 3 years now and has had to make changes to the original plans in order to get it done. Some of the changes include agreeing to upgrade the intersection of Ashburn Village Boulevard and Route 7, donating a 20-acre tract for an elementary school and reducing the number of residential units. But with 3 million square feet of office space, up to 700,000 square feet of upscale retail space and over 900 homes on 358 acr Read more:Future
, World Trade
, World Trade Center
Crash Course In Loudoun County Foreclosures, Short-Sales and REO 2007-09-17 10:09:00 As foreclosures, short sales and REO (Real Estate Owned/Bank Owned) properties increase, so do the number of investors. Loudoun County
has seen a sharp increase in "distressed" properties and more and more investors are popping up, as well as buyers trying to get a "great deal" on their new home by "buying a foreclosure". Before all you investors and buyers get too excited, make sure you understand exactly what's involved and whether it's really worth it.
Pros
You can get a 5 to 15 percent discount, possibly more on the property
Your choices and opportunities increase daily as the number of distressed properties increases every day
If you are a handyman or contractor or have a connection to one, you can do all the needed work at much less than the market value of your improvements and potentially sell the property for a profit or have equity built in
Cons
You must know how to search for them
You have to be very patient - banks can take up Read more:Sales
, Foreclosures
, Short
, Crash Course
How To Save 30 Percent on Title Insurance When Buying A Home or Refinancing 2007-09-15 13:49:34 All home buyers have fees to pay associated with the purchase of property of which Title
Insurance is a part. And it's expensive. Based on a $450,000 property (the median sales price of a home in Ashburn, Virginia), the cost is around $2,000 (about $1300 for the lender's policy and $700 for the owner's policy).
Would you like to keep some of that $2,000 in your pocket? You may be able to if you can get the re-issue rate on the owner's policy, which is 30 percent less than the regular cost.
In order to get the re-issue rate, the Owner's Title Insurance policy that the current owner has can not have been issued more than 10 years ago. If seller doesn't have an Owner's Title Insurance policy or if it's more than 10 years old, you're out of luck.
To make sure that you don't lose out on the savings, write it into the purchase offer. If you're in Northern Virginia and using the "Regional Sales Contract"*, you can add the appropriate verbage in "Other Terms&quo Read more:Percent
, Buying
, Refinancing
Warning To Sellers: Having A Ratified Contract Does Not Mean You'll Actually Sell Your House 2007-09-14 10:05:00 If you're a home seller in Loudoun County who has a ratified contract on their property, you're probably elated. Buyers are getting harder and harder to come by, let alone getting one to buy your particular house. But don't rejoice quite yet. Just because you have a ratified contract, even if all the contingencies are removed, don't be shocked if your prospective buyer(s) walks away from the deal even if it means possibly losing their earnest money deposit.
In fact, according to a recent survey of mortgage brokers, one-third of home buyers who had signed a purchase agreement (aka ratified contract) in August ended up cancelling. At the top of the list of why - mortgage related problems.
To help avoid this happening to you, make sure you do your homework prior to accepting an offer. For starters, you and/or your real estate agent should check out these 3 things:
Does the loan officer they're using work for a retailer, wholesaler or correspondent lender? Make sure that t Read more:Sellers
, Having
, Actually
, House
"Local Explorer" Good Source Of Info About Loudoun County Area, Schools, Home Sales, Crime 2007-10-13 14:01:03 If you're moving to or new to Loudoun County
and don't know where many things are or want information about the area in general, check out The Washington Post's LocalExplorer
. Type in a specific address such as "43330 Junction Plaza Ashburn, VA" or just "Ashburn, VA" and you can find information on places in the area, schools, recent home sales and crime, all on a map. Local Explorer also has facts and figures, local news, classifieds and upcoming events that will help take you further inside area communities. It's a good tool for anyone moving or new to Loudoun County as well as those already in the area looking for information.
Related Articles:
Links To Loudoun County Communities And Home Owner's Associations
Resources (Other Than Real Estate) For Loudoun County, Virginia
Moving To Loudoun County, Virginia? How Far Will Your Salary Go?
Sorry, I Can't Tell You That
Read more:Source
, Schools
, Sales
Dulles Area Association Of Realtors September Loudoun County Homes Sales Data Dismal 2007-10-09 23:01:00 According to the Dulles Area Association of Realtors
housing numbers (and everyone you ask for that matter), Loudoun County
home sales volume and median prices were down in September
. And not just by a little - by 30 percent from the previous month. Loudoun County had 411 homes sell in August compared to 288 in September. This is a 24 percent decrease from September 2006 in which Loudoun County had 383 homes sell.
Some other statistics:
September saw a sales-price-to-list price of 92 percent, the second lowest all year (February was the lowest at 91.38%)
average Days On Market increased to 111, though it was still not as high as Januray at 138
median price decreased to $425,500, but still not as low as January at $419,500
inventory has remained about the same since June hovering inbetween 3700 and 3800
With all this talk about slowing sales, lower prices, interest rates and the "mortgage crisis", it's interesting to see what people's reactions are. To share your react Read more:Sales
, Homes
How Will AOL's Massive Layoffs Affect Loudoun County Real Estate? 2007-10-09 13:38:13 AOL may lay off between 2000 and 3000 workers next week due to a decline in subscriptions because of AOL's new ad-based business model (similar to Google). AOL's massive layoffs could further hurt the Loudoun County
real estate market by causing fear, uncertainty and doubt for all those facing being fired as well as all real estate buyers and sellers watching the situation unfold.
The Loudoun County real estate market has already come to a crawl with buyer's sitting on the sidelines. Now we also have to factor in all those at AOL who were going to sell and/or buy that have put those plans on hold. The prospect of not having a job shortly is not condusive to moving forward with a home purchase or home sale. Perhaps the general consensus that real estate prices in Loudoun County may decrease between now and the end of the year is right on.
Make sure to check back in next Tuesday for more on this situation.
Further Reading:
At AOL's Dulles HQ, Preparations For Massive Layoffs - Read more:Affect
, Estate
Granite Countertops worth $85,000 in Loudoun County 2007-10-08 18:02:44 One question I get asked frequently by sellers of single family homes is whether or not to upgrade the kitchen countertops to granite. The answer is yes if you want to sell your home for more money. In fact, an analysis of the sales prices of similar homes shows that the average sales price of a home with granite countertops sells for $80,000+ more than a home without the granite countertops. The following graph illustrates the price differences for three different age groups of single family homes sold in the past 6 months in Loudoun County
.
Unbelievable!!?? I thought so too. Maybe all the homes with granite countertops are all significantly larger or have larger lots or are in more expensive neighborhoods. So I looked at the sales price of the homes compared to their assessed values. This should put all the homes on a level playing field since the assessed value algorithm takes into account lot size, finished square footage and compa Read more:Granite
Buyers On The Sidelines Hurt Home Prices In Loudoun County 2007-10-06 16:19:37 According to a Bank of America survey of agents, the Washington, DC area (including Loudoun County
) was one of the 5 real estate markets (AZ/CA/FL/NV/DC) that saw the most significant price declines and greatest deterioration in traffic in September. Buyer traffic fell further below expectations in September as buyers returned to the sidelines after witnessing continued price declines and fearing even more.
The survey found that:
74 percent of agents said that buyer activity was less than expected
71 percent said home prices decreased
70 percent said the time it took to sell a home increased
These results tie in to the preliminary sales numbers we ran on 9/28, which showed Loudoun County home sales in September being at their lowest point since 2002.
But there is good news - inventory in Loudoun County has remained relatively the same for several months now. This is in contrast to most markets in the US which have seen inventory increase putting even more downward pressure on p Read more:Buyers
, Prices
Thursday Poll - The Fed's Rate Cut and Your Decision To Buy A House 2007-10-03 23:01:00 The Fed recently cut their rate by 50 basis points and the cut has had mixed reviews. Although many say that the cut wasn't due to slowing buyer demand, we're curious as to whether it has had any impact on your decision to buy a house.
Read more:Thursday
, House
Loudoun County Public Schools Don't Make List Of Most Challenging To Students 2007-10-03 10:05:20 Sixteen schools in the DC/MD/VA area made the Top 100 list of the 2007 Washington Post Challenge Index, but none were from Loudoun County
. The index measures a public high school's effort to challenge its students. The rating is not a measurement of the overall quality of the school, but illuminates one factor that many educators consider important.
According the Washington Post, "the formula is simple":"Divide the number of Advanced Placement, International Baccalaureate or Cambridge tests a school gave by the number of seniors who graduated in June. Tests taken by all students, not just seniors, are counted. Magnet or charter schools with SAT combined verbal and math averages higher than 1300, or ACT average scores above 27, are not included, since they do not have enough average students who need a challenge."All of the schools on the list have an index of at least 1.000 and are in the top 5 percent of public schools measured this way. If you have 2006 data s Read more:Schools
, Public
, Public Schools
A Million Dollar Home Sells every 3 days in Loudoun County 2007-10-19 13:11:53
As of today, October 19th, exactly 100 homes have sold or gone under contract that were listed at or above $1,000,000 in Loudoun County
since January 1st. That is one home every
2.92 days. Since the mortgage crisis occurred in mid-July, there have been 29 Million Dollar
homes go under contract. This is the same rate as prior to the meltdown.
The subdivision leading the way in $1,000,000 sales is River Creek Country Club with 10, followed by Lansdowne with 8 and Beacon Hill with 6.
The highest priced home to sell this year was a 463 acre estate in Middleburg that was listed for $14,500,000 and sold for $12,500,000 in 42 days.
Read more:Million Dollar
Looking For Loudoun County Foreclosures, REO, Short-Sales, Other Deals? 2007-10-19 12:07:35 If you're looking for foreclosures, REO, short-sales, distressed properties and other great real estate deals in Loudoun County
, Virginia you'll want to check out Loudoun Foreclosures
. This new blog brings your attention to the best real estate deals in Loudoun County, Virginia regardless of who the agent, broker or home builder is. You can find basic information about the featured properties along with the reasons why they're such a great deal.
Related Articles:
Crash Course In Loudoun County Foreclosures, Short
-sales and REO
Read more:Sales
AOL Layoffs Increased to 4000 2007-10-15 19:42:08 Some of the employees at AOL were informed today that the total number of layoffs for AOL was going to be 4000. This is double the 2000 that was announced by the CEO last week and reported by most news organizations. All the layoffs that will affect employees at the Dulles campus were started on Monday and will be be completed by Tuesday at 11am.
Many of the AOLers will be gathering throughout the day at Clydes in Broadlands. Rumor has it that management has decided to open at 9:30am instead of the usual 11am on Tuesday to accomodate the AOL employees that want to commisserate with each other.
Further Reading:
A Day at AOL - Layoff Roundup by Tammi Marcoullier at Living in LoCo/LoudounExtra.com/The Washington Post
How Will AOL's Massive Layoffs Affect Loudoun County Real Estate - Loudoun Stats
"AOL's Falco Says 2000 Layoffs" (perhaps he left out a few) by Tammy Marcoullier - Living In LoCo/The Washington Post
Thursday Poll - What's Your Opinion On Lenders Bailing Out Borrowers? 2007-10-25 17:08:18 If you've looked at properties for sale in Loudoun County lately, you would have noticed that the number of foreclosure properties is on the rise. This is not just a local phenomenon, it's across the board. As the number of borrowers facing foreclosure continues to rise, lenders and advocacy groups such as Countrywide and NACA are coming up with programs aimed at helping borrowers avoid foreclosure. These programs were orginally aimed at those who have adjusting ARMs. But some of the new initiatives and programs are going to cover anyone facing foreclosure, whether they have a prime, subprime, fixed or adjustable rate mortgage.
There are is definitely a difference of opinion when it comes to what should or should not be done about those facing foreclosure as evident in a Washington Post article entitled "Dueling Approaches to Foreclosure Relief". That brings us to today's poll:
Read more:Thursday
, Lenders
, Bailing
, Borrowers
Loudoun County Homeless Shelter Causes Stir - Community Meeting Nov 1st 2007-10-25 16:25:31 Loudoun County
's new 7,000 square-foot homeless shelter is causing quite a stir in the community. The Good Shepherd Alliance's new "Center of Hope" facility, located at 20684 Ashburn Rd next to the Ashburn Volunteer Fire and Rescue station, officially broke ground on Monday and has generated numerous responses throughout Loudoun County, especially in Ashburn.
Some residents say that the Good Shepherd Alliance facility "is actually providing a wonderful and greatly needed service" while others say that a homeless shelter in the area is "completely unacceptable". To view responses or leave a comment of your own, check out Tammi Marcoullier's post on Living in LoCo, which also has a copy of the letter from Broad Run District Supervisor Lori Waters to residents in the community regarding the issue.
If you are interested in voicing your opinion on the shelter/facility or just listening in to the discussions, you can attend the community meeting on November Read more:Shelter
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