Real Life and Real Estate – Joe Estabrooks

This beautiful home is located in the sought after Waynewood neighborhood of Alexandria, VA.  Featuring a remodeled kitchen with stainless steel appliances and ceramic tile flooring, the floorplan is open and inviting.  The fenced in backyard and quiet neighborhood feel make this a great home to live in.

This property has been thoroughly updated and is in move-in condition.

Location is very close to GW Parkway and less than a couple of blocks to the elementary school and the community swimming pool.

More information can be found at: http://www.1112WaynewoodBlvd.com/

As of this posting, 1112 Waynewood Blvd is offered for sale at $559,900

Parkfairfax is located right off 395 in Alexandria, VA.  It is a large neighborhood of nearly 1,700 condos in a quiet wooded setting.  Originally built in 1940′s, it was later converted to condominium ownership.  Community ammeniiteis include swimming pools, tennis courts, and many walking trails.  Residents of Parkfairfax enjoy easy access to Shirlignton Village (http://www.villageatshirlington.com/), transportateion, as well as other area attractions.

3528 Martha Custis Dr has been thoroughly updated and remodeled.  Old parquet flooring has been replaced.  The kitchen remodeled with top of the line cabinets and granite counters.  Windows have been replaced with double pane energy efficient windows.  The bathroom was also updated.  This particular home has a washer and dryer in the unit, so relying on the community laundry room in the building is not necessary.  The backyard patio is private and the patio furniture will convey with an acceptable offer.

More information on this great Parkfairfax listing can be found at – http://www.3528MarthaCustisDr.com/ .  Here is the high def virtual tour – http://www.justsnooping.com/tours/2600937/?preview=true

As of this posting, property is currently offered for sale at $249,750

This might not come as a surprise to anyone active in real estate right now… the market  is improving.  According to the Northern Virginia Association of Realtors, total sales in Northern Virginia in June compared to the same time last year are up nearly 14%.  2,169 sales were reported compared to 1,900 in 2008.  Additionally, pending sales are up 17% which means that we will see this uptrend continue.  What is really making things interesting out there is the total inventory of homes for sale is DOWN 27%.  More buyers, less inventory, and great interest rates has led to bidding wars and multiple contract on many well priced homes.  Bad news?  The average sales price is down and distressed sales continute to depress values in many neighborhoods.

Link to stats.

Here is an article I was sent by a client about this new legislation:

New Rules on Home Appraisals End Up Thwarting Many Sales by Diana Olick, CNBC REal Estate Reporter
Concerns from many Realtors include:

* The use of appraisers not familiar with local markets because the “management” companies are assigning non-local appraisers

* Increased costs to the borrower, lower pay to the appraisers (perhaps the more experienced appraisers won’t accept the lower rates and don’t get used)

* Increased turn around time on the actual reports possibly delaying settlements

The National Association of Realtors has definitely taken notice and we’ll be interested to see how this story develops.

Bad Appraisal! Ahhhhhh!