Are Andresen

Archive for May, 2011

Overcrowding in Fairfax County – When Is One More Tenant One Too Many?

Last year I spoke to an older couple in Pimmit Hills that said they had raised 4 children in one of the standard 3br/1ba ramblers. To them it didn’t seem like a big deal – but it must have been tight with 6 people in 3 bedrooms and 1 bath (spread over 884 square feet…)

Times change. A 5,000 sq/ft home with 5 bedrooms and 5 baths may seem just right for a family of 3 or 4 nowadays. It is not uncommon to want to have extra space for family and guests as well as rooms for a home office, a play room and a media rooms etc.

Still, even with larger homes the question of overcrowding and occupancy limits keeps causing controversy. This is particularly true in regards to homes used as boarding homes with the individual rooms rented out. Having a few roommates to make ends meet seems reasonable to most – subdividing living, dining and basement to make 10-15 extra “bedrooms” may not. In most cases, neighbors and communities start to suffer and property values follow. And that is not even gettin ginto safety concerns with doors and windows being locked and blocked.

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Community Gardens – Give Your Condo A Backyard!

While it may seem like something from the 40′s and their “Victory Gardens”, the idea of community gardening is still going strong in Fairfax County. There are more than 650 garden plots available in nine different locations. Plots are typically 30′x20′ and rents for $60/year. The garden plots are very desirable and there are wait lists for most, if not all, locations. 

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MetroWest Townhomes By Vienna Metro Pricing

As I was catching up with old friends on Facebook today an ad popped up on the screen that peaked my interest. I have been trying to find out more details on the MetroWest project near Vienna Metro for a while but the information available has been sparse.

So, to my delight, I looked at the ad and got an idea of the pricing for MetroWest – “from the $500s”. Not really a big surprise as VanMetre sold new town homes last year in the $500′s nearby last year (near Blake Lane /Kingsbridge Dr intersection.)

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Loan Limits Expiring – Jumbo Loans Are Back!

I received a reminder this morning from a lender friend of mine at SunTrust (www.suntrustmortgage.com/jgray.) In his email he reminded me that the temporary loan limits for conventional mortgages will expire this fall.

The loan limits were increased when financing was tough during the credit crisis for conventional, FHA and VA loans. In our area, the temporary loan limit was increased to $729,750. Any loan above that limit would be considered a “jumbo” loan with subsequent higher interest rates and stricter loan qualification guidelines.

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Is your Lawn Green?

Keeping your lawn well nourished and green can be a challenge in our area. Apart from giving it enough water in the summer, fertilizing is a hit or miss for most people. Many  just pick up what fertilizer is in stock at Home Depot and distribute the sack of 10-30-40 or 10-10-10 or whatever on their lawn and forget about it. 

Unfortunately, in many cases much of that fertilizer gets washed right into the Chesapeake Bay messing up the nutrient balance there. So, what is one to do?

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I Won’t Pay Above The Tax Assessed Value For That Fairfax County Home!

Spring is here and so are the yearly tax assessments. The assessment values were mailed to homeowners in Fairfax County back in February – however the final tax bill was just recently decided.

The tax value is one of the factors used when determining your property taxes. The other part of the equation is the tax rate. With increasing tax assessments, the tax rate was reduced from $1.23 in 2002 to just 89 cents in 2006 in Fairfax County. With falling home values, the tax rate has climbed steadily ever since.

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Virginia Exempts Qualifying Disabled Veterans From Local Real Estate Tax

from the Fairfax County website

Notice to Fairfax County Disabled Veterans/Property Owners

On April 6, 2011 the Virginia General Assembly approved and the Governor signed into law an authorizing statute to exempt certain disabled veterans and their surviving spouses from local real estate tax on their principal residence. This legislation implements the Virginia Constitutional amendment approved by the electorate in November 2010.

Certain requirements must be met in order to qualify for the exemption and an application link is provided below. Generally the application is a one-time process and does not need to be submitted annually, unless there is a change in circumstances such as if the veteran’s principal place of residence changes.

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What Types Of Loans Are Popular In Fairfax County?

The availability of credit impacts the real estate even more than the interest rates do. After all, a low interest rate is not of much use if only a small portion of potential home buyers can qualify for it…

Back in the rolling 2005-2006 years credit was plentiful and 100% and even 110% financing was available to anyone with a pulse. After the market peaked sometimes in 2006, prices rapidly started declining with foreclosures soaring in the following years.

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Metro West At Vienna Metro Update

As we wrote about in the earlier article, “What Happened To The MetroWest Town Center”, the plans for Metro West has changed from when the community was first planned. However, site work is progressing these days and you can really get a feeling for the scope of the project. In the image above from early May you can see Hunters Branch in the background to the left and the metro garages in front in the distance.

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Woodburn Village in Annandale Sold In 2011

Woodburn Village units keep selling quickly this year. Prices have remained pretty stable with foreclosures and short sales still keeping prices low.

So far this year, 9 homes have sold. Of those, two were foreclosures and three were shortsales. The highest priced sale was a 3br at $195,000. Two bedrooms sold in the $137,000-$160,000 range.

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