Archive for August, 2007
You Just Never Know What the Cameraâ
August 28th, 2007 Categories: Pentagon City, The Road Less Taken
I was taking pictures in the metro on Friday while waiting to for the blue line downtown. I wanted to see just how good my new digital camera really was. The metro is known as a good photography subject because of all itâ
| Discussion: 1 Comment »
Busboys & Poets Opens in Shirlington- A Restaurant With A Voice- Great Food Too!
August 28th, 2007 Categories: Arlington Urban Villages, Around Arlington County, Blue Plate Specials, Shirlington, The Native Tourist
Busboys & Poets had a quiet opening
| Discussion: 3 Comments »
Hail To the Redskins But Please! Not From Mother Nature!
August 27th, 2007 Categories: Outside The Beltway, The Road Less Taken
Nothings points to the end of the summer better than the start of
| Discussion: No Comments »
Arlington Animal Welfare League Is Not All About Dogs & Cats
August 23rd, 2007 Categories: Around Arlington County, Shirlington, The Road Less Taken
Arlingtonâ
| Discussion: No Comments »
West Village of Shirlington: Take A Look, It Just Might Surprise You
August 22nd, 2007 Categories: Around Arlington County, Buyers, Condos, Shirlington
It certainly surprised me!
I’ll admit it, when I saw the sign go up for new condos on the corner of Four Mile Run and Walter Reed Drive down the block from Shirlington in late 2005 I had my doubts. Just another quick and dirty conversion project to take advantage of the growing market here in Shirlington. It’s across the street from the power plant-what are they thinking?
After all, these garden-style apartments turning condo looked like this:
I was pleasantly surprise that next spring when I went to their first broker’s open. They had two models open: a standard one bedroom, the second was a two bedroom incorporating many of the upgrades available to buyers. Everything else was still under construction.
My first surprise that you couldn’t see from the street: There are many more units than just those parallel to Four Mile Run! The property was going to be sold in three phases.
My next surprise: they weren’t just converting these garden apartments to condos, they completely gutted the buildings, gave the outside buildings a new fascade, came up with new floor plans, installed central air conditioning & full-size washer/dryers. So the new condos look like this:
The other standard features are:
- 42”Bruce Cabinetry
- Granite counter-tops
- GE stainless steel appliances, with gas cooking
- Bruce hardwood floors throughout
- Custom built-in walk-in closets
- Recessed lighting
- Balconies or sun rooms
- Ceramic flooring in bathrooms
There are upgrade options for the cabinetry, granite and other features available through Restoration Hardware.
In addition to the interior offerings, they took one of the buildings and created a club house surrounding the pool. There is a planned play area and picnic area. Each unit has either a patio, a balcony or a sun room. And- they’ve also managed to create some two bedroom “cottages” and some two level, three bedroom townhouses.
This property is one of the best values in Arlington. I don’t say that lightly. I’m a real estate agent. I see the new projects in Arlington.
In addition to the complete renaissance on the interior units, the development company, KSI created additional amenities:
- Fitness Club
- Business Center with high-speed Internet
- Library with coffee bar
- Sports pub with billiards
- Multi-media private screening room
- Great room with balcony overlooking pool
- Grilling area with built-in barbecue grill
- Outdoor pool with children’s pool
- Putting green
- Garden and picnic area
- Playground
- Concierge service provided by VIP Desk
The Location
This project is at the very edge of what is considered Shirlington. The W&OD Bike Path runs along Four Mile Run where you can also find the bus to the metro. West Village bookends another new development project at the other end of Shirlington along Four Mile Run: Shirlington Crest Garaged Townhouses by Stanley Martin and Bowman’s Hill Garaged Townhouses by McShay Companies in Nauck. The McShay Townhomes are further along than Shirlington Crest. The three projects together will put yet another new face on Shirlington.
The Parking
My main concern with the property is the parking situation. There is no garage parking– all surface parking. But that is standard for the condos in this area. At least one spot is included with your purchase. Guest parking would have to be street parking- which can get a little tight, but not impossible. I have visited the property over the weekend when everyone is home and it doesn’t seem to be a problem with the current residents. But the entire property is about at 30% occupancy right now. Although 99% of the completed units are occupied. And many of the spots are still unavailable because of ongoing construction. With all that going on- the parking still doesn’t seem to be a problem.
The Pricing
I have visited this property with various clients since it first opened. It was comforting to see that they adjusted their pricing to meet the market and didn’t cut and run like the Ed Peete Company. KSI seems committed to the neighborhood. I appreciate that in a developer. They are offering incentives to close in 30 days in Phase 2 and some lesser incentives to wait for Phase 3. They are not requiring that you use their lender. The condo fees are in line with the other condo communities in the area.
I’m not listing the prices here- because they can changes according to demand. Contact me if you are interested. So, if you are looking for a condo and think that the Orange line condos are over-valued, come over to the south side. But don’t walk in without a buyer’s agent. Read my last post to understand why. Phase 3 units are for sale but still under construction- so you can’t see them yet. You have to buy it on faith. That’s not the way you buy real estate. Delivery is expected for Phase 3 starting in the 4th quarter this year– 2007.
Give me a call to find out what else is going on in the neighborhood. Shirlington is full of surprises.
Read my other posts about Shirlington.
| Discussion: 5 Comments »
Five Reasons To Use A Buyer Agent When Purchasing New Construction
August 21st, 2007 Categories: Buyers
We’ve all done it, you decided you want to buy a home. You don’t know a real estate agent and don’t think you are serious enough just yet. You think that a real estate agent will pressure you. So you start looking in the real estate section of the weekend newspaper and see all these great new properties with their teaser ads.
“No Money Down!”
“Starting in the low $300,000s”
“$10,000 in Closing Costs”
So you stop by the builder’s sales office. Just to take a look. Everything is new, everything is clean, everything is pretty– AND IT CAN ALL BE YOURS. The sales person takes you on a tour. Before you know it that sales person has taken your name, address and serial number (and has you sized up). And there just happens to be a place available for you.
Before you know it, you find yourself believing that you are getting a good deal. You dream about it. You talk to the people at work; because you know, the people at work always know everything about real estate. You may even talk to your family.
Next weekend rolls around, you revisit that builder in the shiny sales office with the bright and shiny sales people. Are those chocolate chip cookies she’s taking out of my new oven? Before you know it, you are signing papers. Papers you don’t read, and if you did, you don’t know what it all means. The sales person tells you everything will be fine, you can cancel if you want. You’re writing a check and meeting with their loan officer.
You just bought your new home and more times than most, a host of headaches.
Why?
Because you went into this purchase without any representation. Alone. No expert advice.
“But the sales person was nice & helpful.” you say.
Of course they are, they work for the builder and it’s their job to sell whatever the builder is building. THEY REPRESENT THE BUILDER.
WHO IS REPRESENTING YOU? NO ONE
And you think that’s not a big deal…it’s a new property what can go wrong?
Well let’s see:
-
The builder is more than a year late in delivery, interest rates have risen and you can’t buy this place anymore. Are you going to lose your deposit? More importantly- where are you going to live?
-
The unit you think you bought is no longer available, the builder tells you there was a mix up- that unit was already sold before you signed the papers, but there is another one just like it. Now you don’t have the unit with the great view- but something else. What are your options?
-
You didn’t get that nice fancy granite you wanted, but something else. The builder tells you its too late to change. What do you do?
-
The builder hands you a 500 page document that are the Condo documents or Home Owners Association Documents. You have 5 days to look them over. Where do you begin?
These are just some of the things that can happen and have happened to people buying new property.
Are you getting the picture? Buying real estate is like life: It never turns out like you expect.
I’m not saying you should never consider new construction. But when you do, make sure you bring along a buyer’s real estate agent. Someone who works for you and is looking out for your best interest.
Five Top Reasons To Use a Buyer Agent
1. You Are Represented In The Transaction
Having someone working for you will make all the difference in the world. You have a full-time job, how else could you afford this property? The agent will be there for you, when you can’t. She will explain the contract to you. She will point out where you are exposed and when you can lose your deposit. (I even waited in line for a client while he was at work. I called him to let him know when he should leave work to meet me at the sale office.) Your realtor will be there throughout the process. Your realtor may find another new construction project that you just may like even more.
2. The Sales Person Works for the Builder
The moment you walk into the sales office for that new construction project, the sales person (who may or may not be a REALTOR) will attempt to have you “sign-in.” Once you do that, you are giving up your right to having a REALTOR represent you as part of your sales price. (See #5 below) While that sales person will help you pick out upgrades and options, that sales person is still working for the builder. They are specifically trained to make the process smooth. Their goal is to sell the unit or lot you are interested in. They will introduce you to their loan officer and their title company when you can be getting a better loan from a company not affiliated with the builder.
3.
The Buyer Agent Advises You Along The Way
You will have many decisions to make during the process such as the grade and quality of your kitchen cabinets, bathroom tiles, flooring. Your agent will point out upgrades that will retain their resale value and not just the most expensive material. Things that you should have and things that are not important. And most importantly- things that you can afford. Also, your agent will explain when you get an independent home inspector.
4. The Buyer Agent Knows the Local Real Estate Market
Your agent has worked with builders before. They know which ones are dependable and which projects are a good value. They can tell if that $5,000 credit the builder is giving you for closing or “free” upgrades is really the best deal for you. In most cases, that $5,000 is tacked on somewhere else along the way without you realizing it- either with higher lender fees or title insurance costs.
5. You Are Already Paying For It
Especially in this buyer’s market, the builder has already budgeted into the sales price the cost of paying a buyer’s agent. Most buyers don’t know this. So what happens when the buyer does not have a buyer’s agent when buying the property? That builder has just made more money in the sale of your home. If you have not negotiated the price minus the amount of the agent’s fee, the builder will keep it for themselves. But they haven’t told you that. So, if you are already paying for it, why wouldn’t you want to hire a real estate agent to represent you? Most importantly, you need to have your agent with you BEFORE you make that first visit to a sales office. If you decide you need a buyer’s agent after you have “registered” with the builder, any buyer’s agents fees will come out of your pocket.
Virginia is a buyer beware state. It is up to the buyer to protect themselves in any real estate transaction. If it’s not the seller’s fault, its the buyer’s fault. Sounds simple. What it really means is that the buyer is responsible for finding anything wrong with a property. The builder doesn’t have to tell you most things unless you ASK! They also don’t have to tell you about the new interstate that’s going to built behind your property or anything else that is not related about your specific unit or lot you are buying.
Read what some other Bloggers have to say on the subject:
Elizabeth Weintrub : Brand New Homes-Buying New Construction from the Builder
Chronicles of a Tucson Home Inspector: Why oh why inspect a new construction home???
Teresa Boardman: Mortgage And Title: You Always Have a Choice.
Read also:
FAQ #3: What is a Buyer’s Agent and Why Should I Hire One?
| Discussion: 20 Comments »
Can You Catch A Fluttering Butterfly?
August 20th, 2007 Categories: The Road Less Taken
| Discussion: No Comments »
FAQ #3: What is a Buyer’s Agent & Why Should I Hire One?
August 18th, 2007 Categories: Buyers, Frequently Asked Questions, The Native Tourist
A buyer’s agent is a REALTOR that represents you, the buyer throughout your home buying experience.
A buyer’s agent may be certified by the Real Estate Buyer’s Council or a real estate agent that prefers to work with buyers. Any real estate agent can work with a buyer.
Why Should I Hire A Buyer’s Agent?
In the real estate process you will meet a real estate agent that is listing the property (Listing Agent) or, in the case of new construction, a sales agent.
A listing agent represents the seller of the property and is hired to negotiated conditions favorable to the seller in order to sell their property.
Similarly, when you walk into the sales office for a new construction project, the sales person you meet, who may or may not be a REALTOR, is working for the builder.
Who is working for you? or looking out for your best interest? NO ONE
When you hire a buyer’s agent, you hire someone who represents you and you alone.
A accredited buyer’s agent owes certain fiduciary responsibilities to the buyer. They will:
- Locate and show you property,
- Provide Market Value information,
- Structure your purchase offer to the seller,
- Negotiate with the seller,
- Handle all the details up to and at closing.
The average person buys real estate a few times in their lives. A real estate agent does this for a living. They can tell you the latest market conditions, issues to look for with different types of properties or neighborhoods and things you will never think about. They will guide you through the process.
How Does A Buyer Agent Get Paid?
This issue is spelled out in your Buyer Agreement. Most buyer’s agents will accept the commission that is offered in the MLS from the listing agent, others will require a determine percentage. Commissions are always negotiable. You should always discuss this with your buyer agent to make sure you understand how your agent is getting paid.
Most real estate agents are independant contractors who associate themselves with a broker. This is how they make thier living. They are professionals and shouldn’t shy away from answering any of your questions about your business relationship.
Buying a home is not like buying a car. You are making the largest single investment in your lifetime. You are going to live in your next home for years to come and can’t just trade it in if you don’t like it. Make sure you take the steps available to you to protect your investment.
For more information about real estate agency, read:
| Discussion: 4 Comments »
IO Piazza: The Luxury Shirlington Condo Didn’t Make It. Now For Rent
August 13th, 2007 Categories: Around Arlington County, Buyers, Condos, Shirlington
After months of rumors and no official announcement, IO Piazza, the second condo built in Shirlington is now for rent under Windsor Management.
I pass this building every day on my way into my office. I watched itâ
| Discussion: 4 Comments »
Ballston Arts & Craft Market: Support Your Local Artist
August 12th, 2007 Categories: Ballston, Blue Plate Specials, The Road Less Taken
We had a break in the weather around here in DC this weekend. It was a perfect time to enjoy some outdoor events.
Itâ
| Discussion: 4 Comments »