Archive for the 'Urban Living' Category

This is a little story about Buyers and Sellers in Reston. First the buyers. This young couple is hoping to buy their first home. After viewing hundreds of homes online and researching different communities they selected Reston as being a great place to start their life together. They were impressed with the amenities, loved the urban vibe of the Town Center, the unique charm and beauty of the Lake Anne area, they were sold on the community. They had a good sense of what was going to be available in their price range, they had already spoken to their lender, and they are ready to buy! We looked at 10 properties that were within $25,000.00 of top of their price range.

Now for the Sellers. Sometimes it is hard to make your house stand out from the crowd, sometimes it’s easy. Sometimes it’s easy but it’s for all the wrong reasons! Let me start this by saying that I called and spoke to either the listing agents or the homeowners on all of these properties except for the one or two that were vacant, so everyone knew we were coming. Having sold my own home this past year I know how hard it is to leave your home in showing condition EVERY SINGLE DAY. I got so sick of trying to channel Martha Stewart

Stage your home Martha Stewart style and watch you home fly off the market!

I thought I was going to scream, but honestly Sellers, it’s what you have to do.

Two of the houses I showed on Saturday were in the same townhouse cluster. One was extravagantly over improved but had dishes in the sink, unmade beds, toothpaste in the sink, and half way into the showing the home security system went off with an eardrum piercing noise that defies description. The other house on the same street, was in a slightly closer to the main road, which is typically considered less desirable, and it had no significant or showy up grades; but oh what a difference. The second house was an oasis of serenity. It was immaculate, it was uncluttered, and it was neutral. Everything about the house said “I have been cared for.” My buyers were reassured, nothing felt scary, they could see themselves living there.

Tonight the Buyers are going back to take a second look at the tidy little townhouse; the listing agent called me earlier today to say that he has received one contract (after 8 days on the market), so if my buyers are ready to write a contract we’ll have to scramble, hopefully it will fall in their favor because they are in a position to write a nice clean offer, but the moral of this story? We all need to take a clue from the Boy Scouts…we all need to be prepared.

Eve Thompson

New Year’s Resolution: All Reston Real Estate all the time.  I’ve always loved the New Year. I love clearing out the old and making way for the new. This year feels especially important because it’s the end of a decade. I’m making some changes. Most of them will be transparent to you but for me they represent all that is near and dear to my heart.

On the business front I’ve decided that I’m no longer taking listings outside of Reston, VA. For years I’ve tried to be a lot of things to a lot of people and I’ve finally decided…ENOUGH! Reston is what I know, it’s what I love and it’s where I add the most value to my clients. (If you were just getting ready to call me to have me list your Arlington bungalow give me a call and I will put you in touch with the absolute best agent in Arlington!)

For my buyers of course it’s knowing the neighborhoods; from the quiet stately homes of south Reston to the urban feel of Reston Town Center or the sleek contemporaries of North Reston knowing where to find what the buyer is looking for is all about really knowing the neighborhoods.

For my sellers…well I’d like to think that really loving Reston makes me better at selling Reston.

So for the New Year I have a new look and a new website address. www.AllRestonRealEstate.com You’ll be getting the same great service, including this blog which will continue to have all kinds of interesting neighborhood news and information throughout the year.

If you live in a condo where the fees haven’t gone up for years, or if you are looking to buy a condo where they are advertising a low condo fee as a “feature” take a closer look. It’s likely that the costs of goods and services have not gone down. Try to determine if something isn’t happening that should be happening?

When evaluating the financial position of a condominium there are some cost-of-ownership items that don’t apply in single-family home ownership. One glaring item is the cost of delinquencies. In today’s world of upside down mortgages and foreclosures many condominiums are struggling with a loss of operating revenue (monthly condo fees), due to delinquent condo fee accounts.

Well-managed condos will actually provide an allowance for some percentage of delinquent accounts to insure that they have adequate operating cushion. When looking at a condominium’s resale package be sure to look at the dollar amount of delinquent accounts and ask what that number represents as a percentage of the whole.

So what’s the upside of condo ownership? In a well-run, well-managed condominium where the Board of Directors takes its responsibility seriously, property values are protected through active maintenance and enhancement of the property. You not only get to enjoy a well maintained property while you live there and you can feel confident about the condition of your property when you go to sell.

In a condominium, the fees fund two categories: operating expense and reserve funds. The operating expenses are the monthly costs required for trash, grounds maintenance, and snow removal, administration and condo management.

The reserve funds represent the anticipated cost of replacing and repairing common elements of the property like roofs, sidewalks, and elevators. The amount of money needed in the reserve fund is determined by a study which by law, is undertaken at least every 5 years for the purpose of determining how much money is needed to repair, replace and restore the capital components of the property. Every year condominiums (in Virginia) are required to review their study results and confirm that they are reserving enough money to repair, replace and maintain the property.

Before you choose this form own ownership consider:

• Condo life involves a lot of governance
• Well-run condos always include an active membership
• Some leadership decisions might be unpopular, but ultimately protect the membership from unplanned assessments by insuring that reserves are adequate to meet the expected and unexpected repairs

When looking at condominium ownership, you will have a chance to review a  Resale Package that will include the condominium bylaws, rules and regulations, current financial reports, and audited financial reports. Review these carefully looking for potential problems.Questions to ask should include:

• What do the audited financial statements say about the reserve funds? Are they adequate?
• What major projects/repairs are anticipated for the upcoming year?
• What projects were completed in the prior year?

The other thing to consider is what type of condo environment are you looking at? Is there a Doorman, a Concierge? The cost of people always go up, so if you are looking at a condo with these types of amenities you should expect a slow steady rise in condo fees.

Next week: Are you condo fees too low?