Falls Church News-Press Fall Real Estate Guide 2018

R EA L E STATE

FALLS CHURCH NEWS-PRESS | FCNP.COM

FALL 2018 | PAGE 21

Real Estate Fall 2018

Single Family Renting Rivals Home Buying as Benefits, Attitudes Shift

by Matt Delaney

there’s few strings attached to the home. Yes, there’s no equity to be reaped from the investment, but for more transient residents that was never on their radar to begin with.

According to Louise Molton, the principal broker at RE/MAX West End in the City, single family rentals in Falls Church have mostly appealed to families who know they’re going to be in the Washington, D.C. metro area for no more than three or four years.

Mainly because it usually takes more than three years for the home value to appreciate to a point where it can offset the closing costs on a purchase and then a subsequent sale, despite the City’s strong market.

Falls Church News-Press

A softer home buying market caused by rising interest rates and shifting attitudes on homeownership has led prospective residents to debate whether renting or buying a home in the City of Falls Church is their best bet. In response, many are settling on an atypical kind of rental in single family homes as a stopgap.

Think of single family rentals as the best of both worlds.

Tenants get the idyllic image of a home, but without the long-term commitment to a property. So if a new job opportunity becomes available out of state or an attachment to the neighborhood fades,

Will Rodgers, a real estate consultant at eXp Realty, supports Molton’s stance. Per Rodgers, most single family home rentals land a tenant in its first two months on the market. That claim is supported by looking at single family home rentals on Zillow.com. The City currently has eight single family dwellings available for rent, with an average of 36 days on the market and a median of 28 days — well within the two month range.

While not the primary determinant of a housing decision, the Tax Cuts and Jobs Act passed earlier this year did negate some of the unique benefits of buying a home, such as stripping the mortgage interest deduction for homes valued higher than $750,000 and

THIS SINGLE FAMILY HOME off Parker Street has only been on the market for five days, but expect it to land a tenant by November. (Photo: News-Press) putting a $10,000 cap on state and local tax (SALT) write offs. Add in that interest rates are reaching a seven year high for some 30-year fixed-rate mortgages and it’s reduced the buying power of pro-

spective residents and lubricated a turn toward renting, according to the City’s director of real estate assessment Ryan Davis.

Continued on Page 22

INSIDE: The ‘Uber’ of Lawn Care is Here page 23 | McLean’s Holiday Home Tour page 26 | F.C. Home Sales #s pages 27–28

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R EA L E STATE

PAGE 22 | FALL 2018

FALLS CHURCH NEWS-PRESS | FCNP.COM

A Short Shelf Life for Single Family Rentals Keeps the Market Hot Continued from Page 21

While Davis cautions that this analysis should be considered an educated guess since it won’t be until Thanksgiving that his department can crystallize how the market has shaken out in 2018, these are the trends he’s spotted so far.

It’s a reversal of how the housing market normally fares in the D.C. area.

“The D.C. market has always been tough for investors who want to rent out a property because rents would not always be what a mortgage payment would be — about 20 percent of a newly bought house,” Davis said.

“It’s getting to where rent would be closer to a mortgage payment and would disincentivize buying a property, especially in the City where the tax rate is so high and you’re losing the [SALT] write off.”

Though Ana Tolentino, a senior loan officer for Atlantic Coast Mortgage, notes that current high interest rates need to be kept in context.

“I remember doing a loan for a client at seven percent in 2007 and she was thrilled to get her home and didn’t make a fuss about the rate. As loan officers we need to educate the consumer of the history of rates and on the benefits of owning a home,” Tolentino said, before adding, “We haven’t seen a decline in buyers looking to purchase but I have seen buyers wishing they would have bought earlier. Rates have been gradually increasing which has helped ease the increases. At the same time unemployment has gone down and we have seen an increase in wages which has helped level things off. All these factor have continued to help fuel the market.”

The stronger economy has helped counterbalance the rise in interest rates, but it seems the higher rates are winning hearts and minds (and wallets) as of now.

Per Davis, from Jan. 1 of this year up through Oct. 11, there have been 79 home sales that City has tracked through the Multiple Listing Service. In that same date range from 2017, 109 homes were sold. Median home prices have also dropped slightly, from $725,000 in 2017 to $720,000 in 2018. Most notably, homes that stayed on the market for more than 60 days increased by 800 percent, going from just two in 2017 to 16 in 2018.

However, it’s important to mention that single family rentals

ON THE OTHER END of the City’s single family rental market is this home off Ellison Street. Though just around the corner from the previously pictured home on Parker Street, this home has been on the market for nearly 100 days. It’s known that prospective tenants will accept older (yet refurbished) homes when deciding to rent a single family dwelling in the City, but so far this home hasn’t been able to make the grade and remains an outlier in an otherwise active market. (Photo: News-Press) and homes for sale aren’t direct competitors.

Most rentals are older homes that, though renovated on the inside, don’t match the quality or appeal of newly constructed homes that continuously pop up throughout the City.

As Molton points out, the price points for rentals and homes for sale are in different tiers.

It’s also not ideal for landlords to rent out a newly constructed or luxury home since they’ll get less return on their investment, per Rodgers.

Still, enthusiasm around buying a home just doesn’t appear to be materializing at a clip that’s reflective of the economy’s health — even as residents show an

enthusiasm for getting the single family home experience.

One reason may be a shortage of single family homes, specifically inventory of starter homes for aging millennials entering the market, according to Chris Salviati, a housing economist for Apartmentlist.com.

Salviati observes that the aforementioned transient nature of some area residents contributing to more rentals applies particularly to millennials, whose mobility in the labor market has affected their willingness to purchase a home.

But they’re also a generation who grew up during the Great Recession, caused by the housing bubble bursting, which has made

them skeptical of the value of owning a home in general.

“The traditional decision is that home buying is better than renting, but in recent years people are starting to question that conventional wisdom,” Salviati said. “Now they say, ‘If another housing bubble were to collapse again, do I want my assets tied up in my house or do I want to continue renting and have a more diversified portfolio of stocks?’”

Salviati does go on to note that things such as the Tax Cuts and Jobs Act aren’t dictating home buying decisions on their own.

Instead, the new law may be steering people to look at purchasing a slightly smaller home rather than one they originally

anticipated acquiring.

That jibes with another one of Davis’s observation that homes valued at over $1 million in the City are having trouble being sold for the time being.

Although it bears repeating that Davis’s observation remains more of an educated guess rather than a firm reality until his department can assess the market in full later this year It’s still too early to forecast if this is a hiccup in home buying or a harbinger of things to come for Falls Church. But in the here and now, residents in and around the City are comfortable living year-to-year if the costs associated with renting versus buying are a wash.

FALLS CHURCH NEWS-PRESS | FCNP.COM

R EA L E STATE

FALL, 2018 | PAGE 23

New App Brings Uber-Style Lawn Care Services to Falls Church & Beyond

BY PATRICIA LESLIE

FALLS CHURCH NEWS-PRESS

The so-called Uber of lawn care has arrived in Falls Church and Northern Virginia.

Lawn Love is a new service which enables customers to remotely schedule yard work by using a mobile app or website to connect to local lawn care specialists.

Users just need to enter an address, check off desired work from a menu, select frequency and up pops a price within two minutes.

Is that tree and bush trimming you want or just mowing?

Gutter cleanup? Snow removal or Christmas lights? These services and more are available.

Lawn Love’s founder and CEO, Jeremy Yamuguchi, explains in a press release that software application of high-resolution satellite imaging, data sets and human assessment generates a fast quote with payment, scheduling and service reviewing all on the company’s platform.

No work is scheduled until the customer agrees to the price

though based on a trial order, service in the immediate week following an order is not promised “due to high demand.”

But all work is guaranteed, Yamaguchi told the News-Press in an interview. He says Lawn Love has partnered with 2,500 local vendors throughout the U.S. to bring customers quickly together with lawn specialists who have had background checks and will supply proof of experience and their available equipment. In Falls Church, around 80 vendors are available for work through the app.

Unlike the past, Yamaguchi says, no one has to wait any more on a lawn service to come out, see a property and return a price which can take days (although several Falls Church services promise to deliver a price in 20 – 60 minutes).

Last year the National Association of Landscape Professionals estimated one million employees working for 500,000 businesses generated sales of $82 billion for the industry.

Statistics from Lawn Love and

the Association claim 80 percent of American households have lawns and half of them use lawn care services.

Although Yamaguchi says he has cut plenty of lawns in his time, it was not his experience outdoors which led to the creation of Lawn Love. Rather it was his experience in software development and the marketing skills in home services he gained after selling a business in 2013 before starting his lawn business the next year.

“I saw what a fragmented industry [lawn services] is, and I wanted to help improve the lives of contractors and elevate services for the customer,” he says.

The average lawn care company in the U.S. employs only two people and lacks resources to modernize business models. “We are trying to democratize innovative software for these small companies that will allow them to compete with larger lawn care providers such as TruGreen,” according to Yamaguchi.

Lawn Love, only four years old, now operates in 120 cities

THE WAIT IS OVER for residents seeking yard work services as Lawn Love connects customers with vendors and price estimates within an hour of registering on the app. (C������� P����) in 38 states, including Virginia, Maryland and the District of Columbia. It recently completed 300,000 jobs.

Lawn care may be the latest industry for entrepreneurs seeking opportunities since services exist to connect people with everything from medical professionals to helping hands.

Doctor home visits are making a comeback, and dental home treatments can easily be arranged.

Birthday and get well cards may be ordered online with your own signature and delivered by first

class mail. Security services by drones are at your fingertips. Even menial tasks such as babysitting, fish sitting and indoor plant sitting are being farmed out through independent services.

Lawn Love’s mission is to enable customers to save time and money and help lawn professionals be more efficient and grow their businesses.

By achieving these goals, Lawn Love believes it will “build the largest high-tech lawn service on planet earth.” The land is the limit.

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PAGE 24 |FALL 2018

R EA L E STATE A Falls Church News-Press Advertorial

FALLS CHURCH NEWS-PRESS | FCNP.COM

M e e t Fa l l s C h u rc h’ s Re a l E s t a t e E x p e r t s Bethany Ellis, Long and Foster

Anna Novak Real Estate, RE/MAX by invitation

Bethany Ellis is a full time and professional Residential Real Estate Agent serving the Northern Virginia area and more specifically Falls Church, Falls Church City, McLean, Arlington, Herndon, Reston and Great Falls. Bethany loves her job because she works with people and so many personalities.

Did you know there are typically 10 people in a transaction that Bethany has to work with and manage on her client’s behalf? She is excited to be able to help her clients smoothly transition through the buying or selling of a very precious commodity, their home! Bethany is tech savvy with a personal touch.

Using modern tech tools and the many advantages that the Internet has to offer, Bethany is a local marketing expert. She will also be present with you every step of the way. Bethany’s goal is to help guide you through the buying and selling process with expertise and experience while ensuring you are at ease.

Bethany has sold over $115 Million Dollars of Northern Virginia Real Estate and she can help you too! If you have Real Estate questions, Bethany has the answers. Call, email or text Bethany today for a free, confidential meeting. Bethany is always happy to help you buy, sell or invest in real estate.

Are you thinking of downsizing, or do you need to close out an estate? Reducing decades’ worth of belongings and putting a well-loved home on the market can be a huge project, even under the best conditions. My real estate business is focused on minimizing stress for empty nesters, seniors, and families who want to downsize their belongings and get top dollar for their homes.

I draw from a trusted team of organizers, estate and auction services, home improvement specialists and movers. Together, we’ll develop a manageable plan based on your budget, timeline and needs. I’ll tailor an approach that is specific to your unique situation, and personally see you through from start to finish.

In my 20+ years in Falls Church, I’ve earned a reputation as a collaborative, hardworking and creative problem solver. My goals are aligned with yours: an efficient, cost-saving move completed on schedule, and a successful real estate transaction without surprises. Regardless of the situation, your peace of mind is my top priority.

It’s never too soon to start your downsizing project; call for a free consultation today!

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T��� M�K�����, K����� W������� Tori LOVES being a Realtor. And she loves her community. She and her family moved to Falls Church City 20 years ago. In 1998 as a new member of Falls Church City, Tori believed a sense of community would require active participation, and she has lead by example for the past two decades.

She actively supports: Falls Church City Schools, Falls Church Education Foundation, Falls Church Chamber of Commerce, FIRSTFriday/Art-a-Lot, Tinner Hill Blues Festival, Falls Church Arts, and Taste of Falls Church.

Tori served as Vice-Chair on the Housing Commission for 10 years, is a member of FCCPS Business in Education, and serves on the Board of Tinner Hill Heritage Foundation. Tori has often been recognized for her community involvement.

She was named Pillar of the Community by the Falls Church Chamber, named one of the Top Producing Real Estate Agents by Washingtonian Magazine, for six consecutive years, has been voted Best Real Estate Agent, and again in 2018 has been voted Best Real Estate Group in the Falls Church News Press ‘Best of Falls Church’.

As a tireless Falls Church advocate, Tori has helped countless families buy and sell homes over the past 14 years.

Tori puts her heart and soul into the Falls Church community, and she LOVES what she gets in return. When you’re ready to buy or sell your home, call Tori, your Falls Church expert for ROCK STAR Service.

Tori McKinney, ROCK STAR Realty, Keller Williams Realty 2101 Wilson Boulevard, Arlington, VA 22201 • 703-867-8674 • torirocksrealestate.com

L����� M�������, R�/M�� D���������� Leslie and her team are native Washingtonians and bring more than 20 years of sales, marketing, and negotiation experience to every client they serve. Why is this important? Because knowledge and experience doesn’t cost, it pays!

Leslie is also a real estate investor, and she and her team’s priorities are to maximize profits and minimize costs for clients while helping them meet their goals regarding: home ownership, selling quickly for top dollar/positive cash flow investment properties, and creating wealth through real estate.

Leslie is also a licensed skydiving instructor and knows that navigating the real estate market can be more frightening than jumping out of airplanes!

When you’re ready to sell or buy your home, the sky is NOT the limit. Call, email, or text Leslie for a confidential, no obligation consultation.

Leslie Mitchell, RE/MAX Distinctive 1307 Dolley Madison Blvd, McLean VA 22101 (703) 599-7333 (c)

Anna Novak Real Estate, RE/MAX by invitation 4784 Lee Highway, Arlington VA 22207 • 703-402-0471 • Anna@AnnaNovak.com

Chrissy O’Donnell & Lisa DuBois, RE/MAX by invitation Chrissy O’Donnell and Lisa DuBois exemplify a steadfast commitment to service, creativity and hard work. Their realtor partnership was founded in 2005 on the principles of exceptional service and excellent results; today they are a well-recognized team in Northern Virginia, Washington, DC and Maryland real estate markets. Chrissy and Lisa provide a full service, tailored plan for all clients and manage every step of the real estate transaction. Chrissy and Lisa have both achieved RE/ MAX Hall of Fame recognition, the Certified Residential Specialist (CRS) designation — a certification awarded to less than 5% of Realtors nationwide, as well as Accredited Buyer Representative (ABR) and Senior Real Estate Specialist (SRES) designation. They are active members of the Northern Virginia Association of Realtors, Virginia Association of Realtors, National Association of Realtors — where they consistently reach Top Producer status — and the RE/MAX International Referral Network. Chrissy and Lisa’s team approach ensures that you will receive: Honesty and dedication to client service Step-by-step management from start to finish, and close attention to each and every detail.

Knowledge of ever-changing laws and regulations governing local real estate markets.

Chrissy and Lisa’s combined sales volume has exceeded $500 million throughout their real estate careers, and they have an outstanding record of home sales in all price ranges.

Chrissy O’Donnell, RE/MAX by invitation • 703-626-8374 • chrissy @chrissyandlisa.com Lisa DuBois, RE/MAX by invitation • 703-350-9595 • lisa@chrissyandlisa.com 4784 Lee Highway, Arlington, VA 22207 • 703-677-8730 • www.chrissyandlisa.com

K�� T������, TTR S������’� I������������ R����� Named as one of Washington, DC’s Top Producing Agents (Washingtonian, 2018), Ken specializes in showcasing and selling Falls Church homes. By preparing a custom marketing plan for each listing, Ken’s listings have been featured in the FCNP, as well as The Washington Post, Washington Business Journal, Curbed DC, and DC Magazine. Ken’s custom marketing strategies have resulted in his listings selling for Top Dollar and setting sales records in the Falls Church area.

Prior to becoming a top producing Realtor®, Ken was a successful litigation attorney in Washington, DC, and draws frequently from that experience in his real estate career, saying: “The skills to be a successful Realtor® are the same skills it takes to be a successful lawyer. I focus on making my clients’ interests my sole priority and zealously strive to achieve the best results for each client.” Ken also hosts the homerelated video series, “Home Trends with Ken”, featuring tips to help homeowners create a home that inspires them while adding value. View episodes of the series on Ken’s blog at KenTrotterHomes.com.

Finally, when it comes time to sell your home, give yourself the Ken Trotter Advantage.

For more information about the Ken Trotter Advantage, reach out to him directly.

Ken Trotter, J.D., Realtor, TTR Sotheby’s International Realty 703-863-0650 (c) 745-1212 (o) • KenTrotterHomes.com

FALLS CHURCH NEWS-PRESS | FCNP.COM

We reach some of the

OCTOBER 18 - 24, 2018 | PAGE 25

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PEOPLE IN THE NATION. DO YOU? The City of Falls Church: #1 Healthiest Community in America, 2018 U.S. News & World Report #2 Richest County in America, 2017 Forbes 80%+ F.C. residents 25 years+ with Bachelor’s Degrees or Higher, U.S. Census Bureau Also... #1 Best County in the U.S. to Live In, 2018 USA TODAY #1 Fastest Growing County in America, U.S. Census Bureau #1 Tradi�onal High School in Virginia (George Mason H.S.), 2018 U.S. News & World Report

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PAGE 26 | FALL 2018

McLean Holiday Home Tour Coming Dec. 6

The McLean’s Woman’s Club will hold its 52nd annual Holiday Homes Tour this December with a focus on four homes in sought-after neighborhoods.

From 10 a.m. – 3 p.m on Thursday, Dec. 6, the tour will pass through four elegant homes in conservative but varied styles on large lots in the neighborhoods of Langley Forest, River Oaks, Odrick’s Corner and McLean Hamlet.

In addition, the tour house in River Oaks will host a holidaythemed boutique with jewelry, handmade wreaths, gift baskets and commercial products. An auction will also be held featuring gift certificates from First Stage, J. Gilbert’s, Ruth’s Chris Steak House, Clyde’s, Fleming’s, Smith’s of Bermuda, The Village Grill, Lebanese Taverna and other local businesses.

All proceeds from the tour will benefit local charities such as Share, Inc, Second Story, Capital Caring, The McLean Project for the Arts, Claude Moore Colonial Farm, Fisher House and the McLean Volunteer Fire Department, as well scholarships and education.

Ticket booklets ($30 in advace,

$35 day of) for the tour are now on sale at Mesmeralda’s of McLean, Karin’s Florist in Vienna and Great Dogs of Great Falls. Tickets will also be available at the tour houses on tour day. The ticket booklet contains house addresses and descriptions, plus an area map. Ample street parking is available near all houses.

H���� 1 (L������ F�����) This 6,800-square-foot Colonial was built in 1986 and has had several additions. It has five fireplaces, six bedrooms, five full baths and one half-bath, an attached garage, a wood deck, a large pool and an open porch. The lower level walk-out contains a theater room, an exercise room and wet and dry bars.

H���� 2 (R���� O���) This residence, custom-built in 2014, sits on a flat, half-acre lot in an area known for its pastoral environment. The 10,000-sq. ft. home has an open floor plan with two kitchens, a morning room and a formal living room. Ceilings on the main level are 10 feet, and those on the second and lower levels are nine feet. There are six bedrooms, a multifunction lower level and an oversized deck and screened patio.

R EA L E STATE

FALLS CHURCH NEWS-PRESS | FCNP.COM

THE HOLIDAY HOME tour from the McLean’s Woman’s Club include houses in (top right, clockwise) Langley Forest, River Oaks, Odrick’s Corner and McLean Hamlet. (P�����: M�L���’� W����’� C���) H���� 3 (O�����’� C�����) This homesite is connected historically to an 1872 farm owned by Alfred Odrick, a former slave. This imposing home was built in 2003 as the model for the Bellmeade subdivision. It has seven bedrooms and six and one-half baths. Visitors enter through handmade, bronze double

doors to white marble flooring and four chandeliers in the foyer and dining room. The house will be extensively decorated, in keeping with family and Christmas traditions.

H���� 4 (M�L��� H�����) This traditional Colonial is in a neighborhood of varied home styles along tree-lined, winding

streets. Since built in 1967, the home has been altered, redecorated and upgraded numerous times.

A master bathroom suite, fourth bedroom, bathroom and playroom were added, plus a sun room that overlooks a landscaped backyard with patio. The home has a spacious lower level and an attached garage.

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REALTOR® LONG & FOSTER REAL ESTATE

Bethany Ellis

Realtor, SRES, e-PRO Corporate Relocation Specialist NVAR Lifetime Top Producer & Multi-Million Dollar Sales Club Cell: 703-307-7003 Office: 703-790-1990 McLean Sales Office 1355 Beverly Rd., #109 McLean, VA 22101 bethany.ellis@longandfoster.com

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Ken Trotter, J.D., Realtor® m +1 703 863 0650 KenTrotterHomes.com

R EA L E STATE

FALLS CHURCH NEWS-PRESS | FCNP.COM

FALL 2018 | PAGE 27

Real Estate

Top Falls Church Home Sales

July-September

#2 $1,695,000

#1 $2,025,000

#4 $1,665,000 #3 $1,679,875 Top 5 F.C. Home Sales July 1 – September 30, 2018 Address

#1 3120 Beechwood Ln. #2 6467 Rochester St. #3 2140 Haycock Rd. #4 6541 Placid St. #5 2146 Hilltop Pl.

BR

6 5 6 6 6

FB

5 5 5 5 5

HB 2 1 1 1 1

List Price

$2,249,000 $1,695,000 $1,599,900 $1,675,000 $1,644,395

Sale Price

$2,025,000 $1,695,000 $1,679,875 $1,665,000 $1,644,395

Zip

22042 22043 22043 22043 22043

Date Sold 8/9/18 7/5/18 8/16/18 8/17/18 7/31/18

Source: MRIS, Inc.; Photos: MRIS, Falls Church News-Press

#5 $1,644,395

R EA L E STATE

PAGE 28 | FALL 2018

FALLS CHURCH NEWS-PRESS | FCNP.COM

Falls Church Area Housing Market — 2nd Quarter 2018 Report Zip Code

Area

Average Price

Number of Homes Sold

Average Days on Market

22046

Falls Church City

$756,438

89

34

22041

Bailey’s Crossroads

$400,681

101

37

22042

Sleepy Hollow

$504,325

150

26

22043

Pimmit Hills

$739,297

103

35

22044

Lake Barcroft

$484,169

38

29

Home Sales Vs. 1 Year Ago

Home Prices Vs. 1 Year Ago

Change in # of Homes Sold: 1Q ‘18 vs 1Q ‘17

Change in Average Home Price: 1Q ‘18 vs 1Q ‘17

-11.88%

Change in Falls Church City (22046)

-6.60%

Change in Falls Church City (22046)

+12.22%

Change in Bailey’s X-roads (22041)

+10.75%

Change in Bailey’s X-roads (22041)

+3.45%

Change in Sleepy Hollow (22042)

-2.51%

Change in Sleepy Hollow (22042)

-6.36%

Change in Pimmit Hills (22043)

+7.46%

Change in Pimmit Hills (22043)

-20.83%

Change in Lake Barcroft (22044)

-12.97%

Change in Lake Barcroft (22044)

Source: Metropolitan Regional Information Systems, Inc. Copyright © 2018 Metropolitan Regional Information Systems, Inc.