Northern Virginia Real Estate: Vienna, Oakton, McLean, Great Falls, Reston, Fairfax, and surrounding areas.

Wow! It’s December! Already! And winter is approaching…..

That means it’s time for an update on what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market.

VIENNA:

292 homes are for sale (almost the same as the last time we posted). The lowest priced listing is a condominium at Wilton House. It is an efficiency with one bath and is listed at $165,000. The highest priced listing is still the same resale on East Hunter Valley. It has 7 bedrooms, 9 full baths, 2 half baths, is sited on 6 acres and is listed at $4,250,000.  The average list price for homes on the market is $840,113 and homes are currently averaging 138 days on the market (slightly up from 131 days last month).

OAKTON:

92 homes are for sale (4 less than the last time we posted). The lowest priced listing is still a condominium in The Vistas. It has 1 bedroom and 1 bath and is listed at $156,900. The highest priced listing remains the same -a 2 year old home on 2 acres on Vale Road. It has 6 bedrooms, 8 full baths and 5 half baths. It’s over 19,000 sq ft and includes a gym with sauna, tanning booth, steam spa shower, pool, tennis, koi pond, state-of-the-art theatre & winetasting room! It’s listed at $16,500,000!  (Our prediction is that it will NOT sell for that!). The next highest priced listing is also still the same - an 18,000+ sq ft. home on Stuart Mill Rd. It has 5 bedrooms, 5 full baths, 3 half baths & 9 fireplaces and the price was reduced from $10,700,000 to $8,400,000! The average list price for homes on the market is $1,055,634 and homes are currently averaging 137 days on the market (slightly up from 127 days last month). 

If you have questions about the current market, buying or selling a home, what your home is worth, or anything else real-estate related - call The Belt Team at (703) 242-3975. 

 CLICK HERE TO Get a free comparative market analysis of your home’s value sent to you with no obligations.

Northern Virginia: October 2008

(reprinted from NVAR.com)

The Northern Virginia Association of Realtors® reports on October 2008 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

A total of 1,650 homes sold in October 2008, a 29.74 percent increase above October 2007 home sales of 1,123. At the end of October, there were 1,604 sales contracts pending in Northern Virginia, an increase over the 1,232 contracts pending in October 2007.

Active listings decreased by 15.02 percent from last year, with 8,806 active listings in October, compared with 10,363 homes available in October 2007.

Homes continue to take longer to sell in 2008, with the average home in October staying on the market for 94 days, compared with 89 days on the market (DOM) in October 2007. Sales prices continue to remain lower than those realized last year.

The average sales price in October fell by 17.92 percent from October 2007, to $427,502, compared with last October’s average of $520,829.The median price of homes sold in Northern Virginia in October was $359,000, which is a decline of 17.47 percent compared with October 2007´s median price of $435,000. 

NORTHERN VIRGINIA AREA*
HOME SALES REPORT
October 2008

* EDITOR’S NOTE: Figures are based on data extracted from the Metropolitan Regional Information System, Inc (MRIS). Figures include data collected from the counties of Fairfax and Arlington, and the cities of Alexandria, Falls Church, Fairfax, and the towns of Vienna, Herndon and Clifton. Ground Rent units are included in Condos & Co-ops. The information is deemed reliable but not guaranteed. Data maintained by MRIS may not reflect all real estate activity in the market.

If you need representation when buying or selling a home in Northern Virginia - don’t forget to contact The Belt Team. We are happy to provide you with a market analysis, housing market update, list of homes for sale in Vienna, McLean, Oakton, Great Falls or any other part of Northern Virginia…and more. Email Sales@TheBeltTeam.com or call (703) 242-3975.

1892 Beulah Road in Vienna - Sunday from 1PM to 4PM - $625,000

1505 Deer Point Way in Reston - Sunday from 1Pm to 4PM - $499,900

Lots of real estate opportunities exist in Vienna, Oakton and all of Northern Virginia. If you’d like to make the most of this opportunity - give The Belt Team a call: (703) 242-3975.

Q. The election has passed and the new administration and all their new people are headed to the DC area. Doesn’t this bode well for the Northern VA housing market?   

A. The Belt Team is often asked this question at Presidential Election time. The answer is that the truth belies the conventional wisdom. The fact is that our region is so large that the influx of politicos with a new administration does not have a meaningful statistical impact on the overall market in Northern Virginia. However, remember that real estate is local. This means certain local micro-markets will see a positive benefit. The neighborhoods with good access to Capitol Hill in areas like Arlington, close-in Alexandria & close-in Mclean will most likely see increased activity.   

Read this short, interesting  article about just this question:

 http://www.washingtonpost.com/wp-dyn/content/article/2008/11/07/AR2008110701635.html 

What we can tell you anecdotally from our experience over the years is that elections have a psychological impact and activity often slows down before an election as the market seems to be on the fence and holding its breath. . . . and that after an election, this deep breath is slowly released as people get on with their lives and pursue their dreams & goals. We have experienced that slow-down again this year and are already seeing activity increase since the election because prices have corrected  have corrected significantly and interest rates are low. First time and move up buyers have opportunities available to them not seen since the early 1990’s.  The savvy buyers are looking now. 

Lots of real estate opportunities exist in Vienna, Oakton and all of Northern Virginia. If you’d like to make the most of this opportunity - give The Belt Team a call: (703) 242-3975.

We have some wonderful listings that will be held open this weekend. Please stop by!*********************************************************************

Sunday from 1PM to 4PM 

Vienna - 8421 Cottage Street -Walk to Dunn Loring Metro!  $597,000

*********************************************************************

Saturday 12 Noon to 5PM AND Sunday 12 Noon to 5 PM

Fairfax/ Vienna Metro Area - 8881 & 8886 Olive Mae Circle - near Dunn Loring & Vienna Metro! $838,500 & $849,500

*********************************************************************

Now that Election Day has come & gone, let’s take another look at what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market. (Check back next week and we will have contract/sale statistics for Northern Virginia for October.)

VIENNA:

293 homes are for sale (down from 321 last time we posted). The lowest priced listing is a condominium at Mosby’s Landing. It has 3 bedrooms and 1 1/2 baths and is listed at $215,000. The highest priced listing is a re-sale on East Hunter Valley. It has 7 bedrooms, 9 full baths, 2 half baths, is sited on 6 acres and is listed at $4,250,000.  The average list price for homes on the market is $867,663 and homes are currently averaging 131 days on the market.

OAKTON:

96 homes are for sale (only 2 less than last time we posted). The lowest priced listing is still a condominium in The Vistas. It has 1 bedroom and 1 bath and is listed at $164,900. The highest priced listing remains the same -a 2 year old home on 2 acres on Vale Road. It has 6 bedrooms, 8 full baths and 5 half baths. It’s over 19,000 sq ft and includes a gym with sauna, tanning booth, steam spa shower, pool, tennis, koi pond, state-of-the-art theatre & winetasting room! It’s listed at $16,500,000!  (Our prediction is that it will NOT sell for that!). The next highest priced listing is also still the same - an 18,000+ sq ft. home on Stuart Mill Rd. It has 5 bedrooms, 5 full baths, 3 half baths & 9 fireplaces and is listed at $10,700,000! The average list price for homes on the market is $1,085,073 and homes are currently averaging 127 days on the market. 

If you have questions about the current market, buying or selling a home, what your home is worth, or anything else real-estate related - call The Belt Team at (703) 242-3975. 

 CLICK HERE TO Get a free comparative market analysis of your home’s value sent to you with no obligations.

Wow, when they called today’s real estate market a “shifting market,” they were right on target. It keeps shifting, and shifting, and shifting … Every time we turn on the news there’s a new development that affects our economy and therefore the ability of buyers to “buy” and the sellers to “sell.”

SHIFT, the most recent book by Gary Keller, co-founder and Chairman of Keller Williams Realty Inc., begins with the following paragraph: “The Real Estate Market has shifted drastically and dramatically. Sales volume and the number of transactions have dropped significantly. Inventory has reached an all-time high. Buyers have never been more reluctant. Fear is rampant, anxiety is high, and people are getting out of the business left and right. Sounds familiar? Sure it does. The year was 1979!”

Does it make us feel better to know that this has happened before? What did we learn from it in 1979? Fast forward to 1987 and it happened again. Changing tax laws this time had a disastrous affect again. Well guess what? History repeats itself. Now we are faced with this again, in 2008 but this time there are real differences.

In 1979 mortgage interest rates topped 18 percent. Last week buyers were still getting approved at under 6 percent through local lenders. That is a huge difference! Today’s sellers, with the help of their real estate agents, are becoming realistic with today’s pricing, bringing our market back on track.

The real estate business is “cyclical.” An experienced real estate agent and a mortgage lender will understand this and be prepared to give counsel that is in tune with the current market. Remember though, the news you heard last week is “old news,” so stay in touch with your local, trusted real estate team (The Belt Team!) for updates on this ever changing market.

Not only have we assisted our clients in navigating the markets of the 1979 & 1987, but we are participating in seminars, conference calls, webinars, and many other training events to stay on top of the game to better assist you.

Real estate remains your single most valuable asset if handled correctly. Please don’t hesitate to call The Belt Team for all of your real estate needs. (703) 242-3975

Your real estate experts,

Terry Belt & The Belt Team

Now that it’s almost Election day (finally!), let’s take a look at what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market.

VIENNA:

321 homes are for sale. The lowest priced listing is a bank-owned condominium at the Vienna Villager Apts. It has 2 bedrooms and 1 bath and is listed at $169,900. The highest priced listing is still a new home to be built on Polo Pointe. It is listed at $4,299,000.  The average list price for homes on the market is $884,306 and homes are currently averaging 133 days on the market.

OAKTON:

98 homes are for sale. The lowest priced listing is a condominium in The Vistas. It has 1 bedroom and 1 bath and is listed at $164,900. The highest priced listing is a 2 year old home on 2 acres on Vale Road (pictured above). It has 6 bedrooms, 8 full baths and 5 half baths. It’s over 19,000 sq ft and includes a gym with sauna, tanning booth, steam spa shower, pool, tennis, koi pond, state-of-the-art theatre & winetasting room! It’s listed at $16,500,000!  (Our prediction is that it will NOT sell for that!). The next highest priced listing is an 18,000+ sq ft. home on Stuart Mill Rd. It has 5 bedrooms, 5 full baths, 3 half baths & 9 fireplaces and is listed at $10,700,000! The average list price for homes on the market is $1,088,868 and homes are currently averaging 131 days on the market. 

BELT TEAM LISTINGS:

$1,575,000 in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_328.html

$1,245,500 - NEW HOME - in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_255.html

$1,200,000 - NEW HOME UNDER CONSTRUCTION - in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_316.html

$1,075,000  - NEW HOME UNDER CONSTRUCTION - in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_320.html

$699,500 - on 1/2 acre in Vienna - walk to Wolftrap ES!

http://www.thebeltteam.com/northern-virginia-real-estate/listing_327.html 

$539,500 in Vienna NEAR METRO

http://www.thebeltteam.com/northern-virginia-real-estate/listing_319.html

For more information on buying or selling homes, contact The Belt Team at (703) 242-3975.

Now that Fall has arrived, let’s take a look at what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market.

VIENNA:

316 homes are for sale. The lowest priced listing is a condominium at Wilton House. It has 1 bedroom and 1 bath and is listed at $195,900. The highest priced listing is a new home to be built on Polo Pointe. It is listed at $4,299,000.  The average list price for homes on the market is $898,079 and homes are currently averaging 127 days on the market.

OAKTON:

88 homes are for sale. The lowest priced listing is a condominium at The Oakton. It has 1 bedroom and 1 bath and is listed at $224,900. The highest priced listing is a 2 year old home on 2 acres on Vale Road (pictured above). It has 6 bedrooms, 8 full baths and 5 half baths. It’s over 19,000 sq ft and includes a gym with sauna, tanning booth, steam spa shower, pool, tennis, koi pond, state-of-the-art theatre & winetasting room! It’s listed at $16,500,000!  The average list price for homes on the market is $1,190,644 and homes are currently averaging 129 days on the market. 

For more information on buying or selling homes, contact The Belt Team at (703) 242-3975.

While recently reading an article in Inman News (http://www.inman.com/news/2008/08/27/study-sets-benchmarks-customer-service) about our company’s top ranking in a recent home buyer -seller study (yeah Keller Williams!), I came upon the following quote: “…study found that it took sellers an average of six months to close a deal, and that 23 percent of sellers had listed their home with another agent before having success with the broker evaluated…”

Boy did this give me pause. 23% of sellers had to use more than one agent to get their home sold. Wow! I knew that our personal statistics were much better than average, but I had no idea how much better.

I am proud to say that The Belt Team sells 99% of our listings. We have kept this record in both sellers’ markets & buyers’ markets….from 1972 all the way through 2008. Our expert skills & local, long-term experience allow us to get the job done for our sellers….whether they are selling a large house or a small condo, a home in Vienna or a home in Arlington, land in Oakton or a mansion in McLean. This means a lot less stress for our Sellers!

Thanks Inman News. You made my day!