Issuu

2017

G R E AT FA L L S • M C L E A N • O A K T O N • T Y S O N S • V I E N N A

REAL ESTATE GUIDE

9 9 0 M I L LW O O D L A NE | M cL E A N , VA

EXQUISITE HOME

1,899,900

OFFERED BY: CASEY MARGENAU CASEY MARGENAU FINE HOMES & ESTATES, INC.

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Celebrating 40 Years of Serving Your Real Estate Needs! Call us Today - 703-734-0192! ! CE

6520 Old Chesterbrook Road McLean

$838,000

S! AY NY! D N 5 IN JE D BY L SO YER BU

McLean

Washington, D.C.

McLean

A TR

$1,450,000

T US

$298,000

$938,000

McLean

Arlington

$2,900,000

7204 Farm Meadow Court McLean

A TR

$1,950,000

11293 Landy Lane

$2,698,000

L NE

N MU

D TE

6723 Tennyson Drive

7023 Enterprise Avenue

4024 N Stuart Street

ILD N! BUSOO W NE ING M CO

$899,000

ITY

1680 Westwind Way McLean

Vienna

! LD

9715 Spring Ridge Lane

! CE

McLean

$697,000

$1,000,000

1326 Skipwith Road

1281 Owen Place NE

6621 Claymore Court

W NE

S! AY CE! D 4 RI IN T P D S L LI SO ER V O

ON D C! O A O W OM RY OT R P ME HE T

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Great Falls

$948,000

4081 Ridgeview Circle McLean

$1,195,000

Our Mission is to Impact and Improve People's Lives We work with Sellers, Buyers, and Investors in All Price Ranges

Jenny McClintock

Bill Detty

Colleen Stoltz

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

Fast-Growing Communities Have Challenges, Too Frisco, Texas, and Kent, Wash., qualify as the two fastest growing cities in the nation, based on a comprehensive analysis of 15 key metrics by the online site Wallethub.com. More than 500 U.S. cities were analyzed not just for population growth, but also data points ranging from education level to employment. Rounding out the top five fastest growing were Lehigh Acres, Fla.; Meridian, Idaho; and Midland, Texas. Also in the top 10 were McKinney, Texas; Fort Myers, Fla.; Bend, Ore; Austin, Texas; and Pleasanton, Calif. Frisco was not only tops overall, but saw the highest job growth over the seven years surveyed, rising 5.8 percent, while Midland, Texas, experienced the highest growth in gross domestic product per capita over that stretch. San Marcos, Calif., had the highest increase in household income during the period, while Kent saw the highest population growth. While nearly all communities would like to see growth, there are some challenges that come along with it, said several experts. “Housing is key,” said Thomas Barrie, a professor of architecture and director of the Affordable Housing and Sustainable Communities Initiative at North Carolina State University.

“Maintaining and/or advancing a diversity of housing options is essential,” said Barrie, who also pointed to the need to develop and maintain a comprehensive, multi-modal transportation system. Stephen Conroy, a professor of economics at the University of San Diego, said communities experiencing a growth spurt must not only plan for the future, but ensure the present is covered, as well. “Demands on existing infrastructure – such as streets, sewers and electricity – can cause rapid degradation,” he cautioned. “Strains on fire/rescue and police services can result in more dangerous and volatile living conditions.” Communities have varying types of growth, said Noli Brazil, an assistant professor in the Department of Human Ecology at the University of California-Davis. “Population growth comes in different flavors,” he said. In cities like Phoenix, Las Vegas and San Antonio, housing prices were able to remain stable because there was plenty of open space on which to build, Brazil said, while in very dense areas, land is scarce and housing costs swell. And, he said, the types of new arrivals to a community will have an impact,

Madison of McLean

McLean House

ing landscape as they arrived. For full data and commentary on the report, see the Web site at www. wallethub.com.

Golf Club Manor

Swinks Mill Woods

pointing to the highly skilled, highly paid immigrants who have started to call places like San Jose (Calif.) and Austin (Texas) home – changing hous-

6663 Madison McLean Drive McLean, VA 22101

1101 Mill Ridge, McLean, VA 22102

4618 41st Street North, Arlington, VA 22207

6800 Fleetwood Road, Unit 319, McLean, VA 22101

Chic, contemporary and designed for functional easy living, this all brick 3 level townhome is in a superb location for everyone.

NEW PRICE!! Beautiful property, fantastic location! Large, custom home in great condition. Original owners say Sell and Make us anOoffer!! LD

New on market in Great location. Extensive renovation and move-in ready. Easy commute to DC/Tysons.

Nicely refreshed one bedroom, 1.5 bath in convenient McLean House. Neutral paint and neutral carpet, light and bright. Don't miss!

The Rotonda

Madison of McLean

$1,175,000

$1,652,000

8340 Greensboro Drive, Unit 1021/1023, McLean, VA 22102

$1,525,000

6622 Madison of McLean

McLean Hunt R DE CT UN TRA N CO

7701 Bridle Path Lane

$239,900

Madison Of McLean R DE CT UN TRA N CO

6642 Madison of McLean

$699,900

Excellent value in this pristine, large Unit (1021/1023), freshly painted, two balconies, unique floor plan. Minutes to Metro. Also for rent.

OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

About Half the Country Now Seeing Record Home Prices

“Looking for a Realtor® who truly understands every aspect of the home you’re buying or selling, from foundation to roof shingles?

Home values are setting new records in almost half of the country’s largest metros, and the national median home value is now $4,100 more than it was in April 2007, just before the market crashed, according to the Zillow Real Estate Market Report. Home values in Denver, Dallas and San Jose have appreciated most beyond the previous record-highs set at the peak of the housing bubble in the mid-2000s. Homes in Denver are almost 60 percent more valuable now than during the bubble, increasing from a median home value of $235,900 in April 2006 to a current median home value of $371,100. When the housing market crashed, home values plummeted and it has taken about 10 years for home values to reach new record highs. Strong labor markets and steady income growth have pushed up home values in the nation’s hottest markets more quickly than in others. Among the 35 largest housing markets, 15 have higher median home values than ever before. An abundance of well-paying jobs in Portland, San Francisco and Seattle has quickly driven up home values as job seekers flood these markets looking for new opportunities. In Portland,

Lou Sagatov does. In addition to being a great Realtor®, he’s a retired custom builder who was named NVBIA “Builder of the Year” in 2008. Lou’s approach was refreshing in today’s market — we never felt like he was trying to sell us on anything. Instead, Lou helped us make educated choices by providing detailed analysis and expert opinion as he guided us through the entire home buying process. We were able to nd and buy the home we wanted with Lou’s help. Even today, we still call him for Real Estate and building advice, and he’s always willing to chat. If you’re going to buy or sell real estate in Northern Virginia, call Lou!” - Chris and Susie, Arlington

Homes Sold by Lou Sagatov, Realtor®

Sold $1,949,000

Sold $1,695,000

Realtor®

Sold $545,000

I Also Have Buyers for Your Area So Call Me Today 571-305-2405 Sold $????

Lou Sagatov, Realtor® RE/MAX West End 710 West Broad Street Falls Church, VA 22046

P: 571-305-2405 E: Lou.Sagatov@gmail.com W: LouSagatov.com

the median home value is about 26 percent higher now than during peak bubble years, and about 20 percent higher in San Francisco and Seattle. Additionally, more than 48 percent of individual homes nationwide are currently worth more than they were prior to the onset of the Great Recession. In Denver, 99.5 percent of homes are worth more now than during the peak of the housing bubble, but in Las Vegas, less than 1 percent of homes are more valuable. “Home values are high, but affordability – while suffering a bit lately – is still OK, largely because of very low mortgage interest rates helping to keep monthly mortgage payments in check,” said Zillow chief economist Dr. Svenja Gudell. “The more pressing issue is abnormally low inventory, which is translating into an extremely competitive environment for home shoppers,” Gudell said. “Bidding wars and homes selling for over asking price have been common themes in many markets this summer,” and continued competition in the face of limited supply will only continue to push home values up going forward. Home shoppers that Continued on Page 38

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| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

703-340-7470 | www.lexlianos.com Lex Lianos & Associates

WOW! 445 Orchard St NW, Vienna Listed at $1,695,000

12025 New Dominion Pkwy, Reston Listed at $779,900

1030 Park St SE, Vienna

3119 Jerman Lane, Oakton

532 Nelson Dr NE, Vienna

9916 Rosewood Hill Circle, Vienna

346 Windover Ave NW, Vienna

2417 Stryker Ave, Vienna

Listed at $1,699,900

Sold at $2,575,000

Listed at $799,900

Sold at $1,650,000

Whether buying or selling, contact us for a free, no obligation consultation

Sold at $1,179,900

Sold at $1,255,00

Licensed in VA, MD, and DC | 156 Maple Ave East Vienna, VA 22180

[O] 703-938-6070 | [C] 703-340-7470

OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

Realtor Q&A: Getting Homes to Sell in the Slower Times DAVE FACINOLI Staff Writer If a house is not selling, what are the best tips for getting that property sold during slower times of the year? A number of top local Realtors provided some answers and advice, like proper photography, advertising and staging, and even getting advice from another agent or two. Here are their full answers: Casey Margenau, Casey Margenau Fine Homes and Estates: “One thing you have to find out is if you are accidentally invisible because you have miscued a database factor of

some kind. Make sure you have goodquality pictures to entice buyers, change your pictures and have a good Internet presence. Price, though, is the greatest equalizer. For higher-priced homes, it may just be a timing thing that you have to wait out, and you have to make sellers understand that.” Jack Shafran, Yeonas and Shafran Real Estate: “Staging and pricing are real important, but so is keeping the house clean inside and out. That means, in the fall, keep the walkways and decks free of leaves, keep the gutters clean and keep the grass cut. Also, make sure the home is easy to show and available for showing at a

Great Falls

$1,698,000

R DE

T EA GR

$1,298,000

$1,050,000

Great Falls

$625,000

$940,000

Great Falls

$849,000

Great Falls

$1,800,000

N TIO CA O TL EA R G

Great Falls

N IO AT C LO

Great Falls

RY L XUODE U L EM R

D OL

Great Falls

North Arlington

T ON

moment’s notice.” Vivian Lyons, Lyons McGuire Homes and Estates: “At certain times of the year, such as during the holidays, there may be fewer buyers looking, but those buyers tend to be very serious about finding a home. As a result, the best tip for getting your home sold during slower periods are the same as always: You want to be the shiniest apple on the tree. At a minimum, your home should be updated to the level of your competition. It should sparkle; it should be easy to show; and, most important, it should be priced appropriately.” Casey Samson, Samson Proper-

$1,299,000

Great Falls

$435,000

ties: “Price it right, boost the heck out of it on social media, do open houses, review comments and traffic and reprice if necessary. It takes seven showings per week to generate a contract. If you are not getting that kind of traffic, chances are you are overpriced. Right now it is not an inventory issue, it is a pricing issue.” Lilian Jorgenson, Long & Foster: “Price is essential, and making sure sellers have the house in as perfect condition as can be to get it sold.” Archie Harders, Long & Foster: “The best way to get your home sold in an otherwise slow market is to make sure your listing agent markets the property to Realtors who do business in the area.” Karen Briscoe, Huckaby Briscoe Group: “It’s always a function of the price relative to the conditions of the market. There are buyers every time of the year, even holidays, because that’s when they might have more time. In 2009, we put our house on the market the day before Thanksgiving and it sold in a week.” Steve Wydler, Wydler Brothers Real Estate: “Make sure photos are seasonably appropriate and not stale. Pay attention to the wording in advertising and coordinate those words with the time of the year. Have a multipronged, aggressive marketing strategy.” Gail Belt, The Belt Team, Keller Williams: “Sellers in a market that is slower than peak times have an advantage, but also need to be savvy. Fewer active buyers means it’s as important as ever to implement the “three C’s”: Correctly priced, correctly staged and cooperate. Correctly priced and correctly staged means when they walk in the door they can envision it as their home. A cooperative seller is one willing to accommodate a buyer’s schedule, and a cooperative fellow agent understands the importance of working toward a win-win outcome.” John Mentis, Long & Foster: “Tips for slower times are the same as for hotter times, only amplified: show as well as you reasonably can and price accordingly. Try all the tools in your toolbox, including excellent and thorough photography, online advertising and public open houses.” Gloria Adams, TTR Sotheby’s International Realty: “Pricing is always important. Also, advertise on social media and maybe in different newspapers or media. Give a bonus or incentive to a selling agent, maybe, and give a decorative allowance. All of that can make a difference.” Dean Yeonas, Yeonas and Shafran Real Estate: “At the end of the day, the standard answer is you need to have it priced appropriately. The market is not stupid and reflects what the value of a home is supposed to be. SomeContinued on Page 38

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

“Changing peoples’ lives one client at a time.”

www.chrisfraleyhomes.com SOLD

JUST LISTED

REDUCED

4402 Mariner Lane • Fairfax $525,000.00

9100 Eaton Park Road • Great Falls $1,650,000.00

8007 Algarve Street • McLean

UNDER CONTRACT

FOR SALE

REDUCED

20735 Jersey Mills Place • Ashburn In 11 Days

9900 Phoenix Lane • Great Falls $1,625,000.00

789 Stephanie Circle • Great Falls $1,399,000.00

Chris Fraley

PRINCIPAL CHRIS FRALEY AND ASSOCIATES

$1,325,000.00

FOR SALE

Direct: 703.217.7600 chrisfraleyhomes@gmail.com 8108 Spruce Valley Lane • Clifton $1,049,000.00

6820 Elm Street. McLean, Virginia 22101 Each office is independently owned and operated.

Evan H. Dockser ASSOCIATE AGENT

LICENSED IN DC/VA

Phone: 301.332.8300 evandockser@gmail.com

OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

Enjoy Sun-Drenched Living Year Round Surrounded by Lush Landscaping, Great Falls Estate Home Stands Out

utumn is upon us, ready to enchant the senses with an extraordinary combination of Address: 10021 Park Royal Drive, marvelous weather and the Great Falls (22066). visual delights of a changing landscape. Listed at: $1,250,000 by Barbara Our featured property, set amid Lewis (703) 887-5000 and Diane verdant landscaping on a glorious lot Lewis (703) 973) 7001, The Lewis of more than an acre in the always-inTeam, Washington Fine Properties. fashion neighborhood of Park Royal in Schools: Colvin Run Elementary, Great Falls, is well-positioned to take Cooper Middle, Langley High. advantage of the change of seasons. Perfect for daily living, it truly stands home’s first fireplace, and behind it is tall when its flowing floorplan can be the large dining room, with wet bar and used for holiday entertaining in style. views over the rear and side yards. Meanwhile, there is still time to enjoy The kitchen occupies a strategic the coveted in-ground pool and spacious stronghold, with its own breakfast area deck area, or to admire the changing and access to the screened porch, and colors of the leaves from the screened nearby is the two-story family room, porch. with a fireplace and deck access. All this, plus the stellar location and a A home library is tucked away off the grand school pyramid come standard. main traffic flow, perfect for moments of The property currently is on the mar- quiet reflection or serious work. ket, listed at $1,250,000 by Barbara LewUpstairs, the master suite is a study is and Diane Lewis of The Lewis Team, in exemplary living, with a glorious Washington Fine Properties. bath and plentiful closet space. Three A visual treat from the outside, the additional bedrooms are on this level, home truly sparkles for those of us invit- and there are overlooks to the foyer and ed in to tour the domains. Cool elegance family room below. combines with a warmhearted nature in Informal fun is the hallmark of the a one-of-a-kind package. walk-out lower level, with amenities that The soaring foyer, with its stylish include the expansive recreation room; curved staircase, pocket-sized. sets the tone for all a bonus room that works for everything INSIDENOVA that will follow. To our immediate right from movie-viewing to exercising to arNow no matter where you are, is the exemplary room, with thenews, tistic pursuits; a bath; and copious storyouliving can get all your local INSIDENOVA pocket-sized. sports, and traffic.

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age space. In the rear yard, the standout pool area is nestled amond mature trees for

privacy and serenity, rounding out a truly divine experience. Articles are prepared by the Sun Gazette’s real estate advertising department on behalf of clients. For information on the home, contact the listing agent. For information on having a house reviewed, contact the Sun Gazette’s real estate advertising department at (703)738-2520.

Now no matter where you are, you can get all your local news, sports, and traffic. Download the InsideNoVa app, then follow all the news in Northern Virginia anywhere you go. DOWNLOAD YOUR FREE INSIDENOVA APP AT THE ITUNES STORE OR GOOGLE PLAY.

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

INCREDIBLE NEW PRICE! Alexandria $1,490,000

JUST LISTED McLean $2,999,995

INCREDIBLE NEW PRICE! Vienna $1,474,500

INCREDIBLE NEW PRICE! Vienna $775,000

JUST LISTED Great Falls $1,749,000

McLean Sales Office, 1355 Beverly Road, Suite 109 * 703-790-1990

OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

VIENNA/OAKTON Fetneh Schacht, CRB Broker/Vice President Licensed in VA, MD, DC

www.viennaoaktonsales.lnfre.com Vienna.va@longandfoster.com

703-938-4200

703-938-4200 or fetneh@lnf.com www.fetneh.lnf.com

309 Maple Avenue West, Vienna VA 22180

To join our winning Vienna/Oakton team, contact Fetneh today!

TRUST • FAMILY • EXCELLENCE

Missy Bell

McLean $1,325,000

Rare Opportunity on Hooking Road!

571-643-1052 missy.bell@longandfoster.com www.longandfoster.com/missybell

Meticulous contemporary on .43 acre in heart of McLean. Open floor plan great for entertaining. Kitchen w/ chef-grade appliances. Walkout RR w/ surround sound, wet bar & 400-bottle wine cave. Premium HVAC system installed 2016. Stunning private oasis nr Tysons & Metro.

Dee Murphy

COMING SOON 1015 Tapawingo Road Vienna, VA $595,000

(202) 669-5115 dee@deemurphy.com

RENOVATED 3BR/3BA town home with open floorplan and walkout basement. Screen Porch, Deck, 5 min walk to metro!

YOUR Realtor for Selling/Buying/Renting

SOLD 1605 Palm Springs Dr, Vienna, VA $1,332,500

Ready for your Next Move? Call Robyn!

UNDER CONTRACT IN 2 DAYS 3185 Pond Mist, Oak Hill List price $1,079,000

Robyn Nobert

Dorota Dyman

703-408-5524 Robyn@LNF.com

703-926-1217 Dorota@LNF.com UNDER CONTRACT www.DorotaDyman.com DEDICATED, RELIABLE, HONEST 2905 Taj Dr, Oakton, $1,050,000

SOLD IN 3 DAYS $5K OVER LIST PRICE

Joan Reimann

NVAR Top Producer Accredited Staging Professional 2017 Washingtonian Best Realtors 703-505-JOAN (5626) JustPhoneJoan@LNF.com www.JustPhoneJoan.com

3107 Dower House, Oak Hill List $679,900, Sold $685,000

RECENTLY SOLD

COMING SOON

2129 Freda Dr, Vienna, $725,000

5710 Lakeside Oak Ln, Burke, $435,000

Reston $825,000 1751 DRESSAGE DR Colonial on private 1.194 acre wooded lot in Equestrian Park. Terrific location, easy access to Toll Road, new Silver Line Metro, W&OD trail.

Carmen Perry 703-447-2481 carmenperry@lnf.com

COMING SOON 11250 Oakton Rd, Oakton

Remodeled modern farmhouse style on priv one acre wooded lot. Nr shops, 50 & 66. 4+ BR, 3 BA, c. 3000 sf. Shower for two. New roof, skylights, Pella windows. Lots of natural light! Lg back yard, space for pool. Oakton HS, Franklin MS, Waples Mill Elem.

Ines Carreno 703-629-8968 ines@lnf.com

Vienna $1,350,000 1763 Brookside Lane Gorgeous, priv lot on over an acre nr Tysons! Almost 7000 sf, updated kitchen, baths. 2-story FR, main lvl library & sunrm. Brick patio, walkout basement. Minutes to Metro!

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

Tana Keeffe 703-585-2161 tana@lnf.com

Vienna $1,500,000 436 Lewis St NW Beautiful Craftsman on 0.45 acre lot nr town center. 6 BR, 5.5 BA. Screened porch & deck off FR & kitchen. Fenced yard, 3-car garage. Over 6500 sq ft, LOADED w/ options!

Nixon’s Western White House Is on the Market He won Virginia (including Northern Virginia, even Arlington!) three times, but Richard Nixon and his family were Californians who moved back and forth from Washington, D. C., depending on whether or not he was holding a political office such as senator, vice president to Dwight D. Eisenhower or as the 37th President of the United States. Nixon grew up dirt poor, but as he said, wasn’t aware of their poverty at the time, assuming everyone lived that way. During his political career, especially in his 1952 “Checkers” speech (which he gave to dispel allegations that he received gifts or used campaign money illegally), he emphasized his family’s modest lifestyle; that wife Pat owned no furs but instead wore a Republican cloth coat. However, he admitted to being given one gift which he would never return to the sender: a cocker spaniel puppy that his daughters had named Checkers and was by then a member of the family. The speech tugged at the heartstrings of at least some Americans, and Nixon retained his place on the Republican ticket. After becoming President, Nixon did buy a rather expensive waterfront house on Key Biscayne in Miami, which was to become his Southern

White House Other homes he owned after returning to public life were a Manhattan townhouse and their last home, located in New Jersey. But the most important property the Nixons owned in their lifetime was La Casa Pacifica in San Clemente, Calif. Referred to as Nixon’s Western White House, it was designed by Carl Lindbom and built in 1926 by financier Hamilton Cotton, who spared no expense in creating the stunning residence on one of the best locations on the California coastline known as Cotton’s Point. Cotton entertained often and lavContinued on Page 12

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OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

Richard Nixon’s Retreat in San Clemente Can Be Yours Continued from Page 11 ishly, but his most important guest was Franklin Roosevelt, who used the estate often as a retreat during his presidency in the 1930s. After Nixon purchased it in 1968, he and his family owned it for 12 years and also entertained heads of state and Hollywood stars. During his presidency he used it as his summer residence. After the Watergate scandal and his resignation, Nixon returned to La Casa Pacifica permanently until it was sold in 1980. Sited on a knoll of prime beachfront known for being a mecca for surfers, the estate is on 5.45 acres and is comprised of the main house of 9,000 square feet with four bedrooms and seven baths; a one-bedroom, onebath pool pavilion; a two-bedroom, one-bath guest house; and two guest apartments with an additional three bedrooms and three baths. The lushly landscaped grounds slope gently down to 450 feet of white-sand beach. Grounds also include formal and cutting gardens, vegetable gardens, exotic succulent gardens, a greenhouse, a catering facility with separate entrance, a lighted tennis court, pool and pool terrace, a gazebo on the bluff and great expanses of lawn. Listed for sale at $75 million two

years ago and again at $69 million a year back, Richard Nixon’s former Western White House is again on the market, priced at $63.5 million. Listing agents are Suzanne Perkins of Sotheby’s International (Montecito, California), Bill Fandel of Telluride Sotheby’s International (Telluride, Colo.) and Rob Giem of Compass Realty (Newport Beach, Calif.). – Article courtesy www.toptenrealestate.com. Photos courtesy Sotheby’s International.

Christés Properties is a close-knit group of real estate professionals all sharing the same passion: to design and build the ﬁnest quality homes in the Washington, DC area. We design and build the ﬁnest quality homes in the Washington, DC area. Christés Properties advisors are members of the Board of Directors of the Harvard Business School, international construction companies, and banks throughout the Washington DC area.

AVAILABLE

1125 Ormond Court McLean - Ormond Model

The Christés Properties "Ormond" model is the picture-perfect contemporary home. Located on a quiet cul-de-sac in the Langley school district of Mclean, this 7300 SqFt expansive home on a 16,100 SqFt corner lot has all the style and desirability of a true contemporary. The design features 6 bedrooms, 6 full baths, 2 half baths, open floor plan, with a full finished basement to a flagstone patio with optional pool in the backyard. Wine cellar, full wet bar, Chef’s kitchen, Wired media room are also some of the features that make this home perfect for the sophisticated buyer.

GO TO WWW.CHRISTESPROPERTIES.COM FOR ADDITIONAL INFORMATION, PICTURES, VIDEO'S AND FLOOR PLANS FOR THESE MODELS. CONTACT Christés Properties info@christesproperties.com or 571-295-8342 FOR ADDITIONAL LOTS AVAILABLE IN ARLINGTON & MCLEAN.

George Lodge Principal Broker Christés Properties 100 Washington St, Suite 400, Falls Church, VA 22046 571-295-8342 12

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

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Some Remodeling Projects Will Pay Out Major Dividends Homeowners who take on remodeling projects gain not only equity and more resale value in their home, they are also more likely to find satisfaction and enjoyment from their home, according to a new report from the National Association of Realtors, with insights from the National Association of the Remodeling Industry. The 2017 Remodeling Impact Report, the second of its kind, surveyed Realtors, consumers who have completed remodeling projects and members of the National Association of the Remodeling Industry. The report reveals the top remodeling projects, as well as well as the increased value – both financially and emotionally – that specific projects bring to homeowners once completed. After completing a remodeling project, 75 percent of owners have a greater desire to be in their home, 65 percent say they have increased enjoyment in their home, and 77 percent feel a major sense of accomplishment when thinking of their completed project. Fifty-six percent felt happy when they see their completed projects, and 39 percent say they feel satisfied. “Realtors understand which remodeling projects and home upgrades will bring the most value to homeowners, whether they are remodeling with the hope of impressing potential buyers, bringing in higher offers or gaining more equity in the home,” said NAR president William Brown, a Realtor from Alamo, Calif. “Realtors also understand that many of these projects are undertaken solely to get more enjoyment from spending time at home. No matter the objectives, Realtors have unique and invaluable insights into how renovations and remodeling will bring the most benefit to homeowners.” Interior projects: For owners looking to sell their home, Realtors named complete kitchen renovations, kitchen upgrades, bathroom renovations and new wood flooring as the interior projects that most appeal to potential buyers. When asked which interior projects yield the largest financial return upon resale, Realtors named hardwoodfloor refinishing (recovers 100 percent of project costs upon resale), new wood flooring (91 percent of costs recovered) and insulation upgrades (76 percent of costs recovered). Bathroom renovations and adding a new bathroom yielded the smallest financial return upon resale, recouping approximately 50 percent of project costs. Exterior projects: When it comes to exterior projects, Realtors said new roofing will recover 109 percent of costs upon resale, more than any other project in the report. New roofing

alswas o named the exterior project that most appeals to buyers, followed by new vinyl windows, a new garage door and new vinyl siding. Brown noted that exterior projects are just as, if not more, important than interior projects when it comes time to sell. “A home’s exterior is its first impression to potential buyers, so any project that improves curb appeal will yield plenty of bang for the buck,” he said. Satisfaction from projects: When it comes to the enjoyment homeowners get from projects, several projects received a perfect Joy Score of 10; Joy Scores range from 1 and 10, and higher figures indicate greater joy from the project. Projects with a perfect Joy Score of 10 included both interior and exterior project of all price ranges, such as a new master/owner’s suite, with an estimated cost of $125,000 for a full makeover, and new steel front doors, with an estimated cost of $2,000. While Americans spent $340 billion on home remodeling in 20151, many homeowners find the idea of attempting a remodeling project too overwhelming to take on. Thirty-five percent of homeowners in the U.S. said they would rather ADmove than7-11-2017.pdf reHBM SUN GAZETTE Flattened model their current home.

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OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

Want to Live Like a Rockefeller? It Can Be Done!

David Rockefeller died in March at the age of 101. He and his late wife, Peggy, who died in 1996, had been married 56 years and raised six children. David was the youngest and last surviving of the six children of John D. Rockefeller Jr. and grandson of the oil magnate John D. Rockefeller. During the years when he and Peggy were raising their family they spent their time between their 1924 Georgian-style townhouse on East 65th Street in East Side Manhattan and this stunning country home they called Hudson Pines in Pocantico Hills, in Westchester County, New York. At the beginning of summer, his Manhat-

tan home was put on the market for $32.5 million – and now, the 75-acre Hudson Pines farm is now also on the market, according to www.toptenrealestatedeals.com. The farm has been a family retreat and a breeding operation for Simmental cattle for decades and has been managed by their daughter. An important part of the family history, the farm abuts the Rockefeller State Park Preserve with its many walking and riding trails. Perfectly positioned to take in a long view of the Hudson River, the mansion was designed in 1938 by architect Mott B. Schmidt.

At 11,000 square feet, it includes 11 bedrooms and 15 baths. The entry is adorned with a floating staircase and formal rooms are large with high ceilings and tall windows that feature river, woodland and distant mountain views. Fireplaces and hardwood floors can be seen throughout the house. The Hudson Pines grounds include extensive gardens with orchards, Jeffersonian-style kitchen vegetables, greenhouses with rolling lawns, lush

pastures, barns and outbuildings, and a large garage that has housed Rockefeller’s extensive collection of horsedrawn carriages. David and Peggy Rockefeller’s beloved Hudson Pines farm on the Hudson River is for sale at $22 million. The listing agent is David Turner of Houlihan Lawrence in Bedford, New York. – Article courtesy www.toptenrealestateguide.com. Photos courtesy houlihanlawrence.com.

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OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

Va. Real Estate Market Takes Bit of a Summer Breather

The commonwealth’s real estate market took something of a mid-summer pause, with sales essentially flat and prices up slightly in August from a year before, according to new data. “Moving off the summer peak, we typically see the number and speed of transactions cool off. This year’s market has illustrated that buyers in every season are eager to get into homes with historically advantageous financing,” said Clare Forcier-Rowe, president of Virginia Realtors, which compiles sales data from around the state.

A total of 11,787 properties went to closing during the month, down slightly from the 11,795 in August 2016, according to figures reported Sept. 25 by Virginia Realtors. The flat market “reflects continued inventory challenges,” said the trade group. A tight inventory is pushing prices higher, with the median sales price of $280,000 for the month up 2.6 percent from $273,000 a year before. “Buyers are willing to tolerate premiums, illustrating strong demand,” the statewide Realtors said.

Another indicator of solid demand: The number of days between listing and ratified sales contract for homes that sold in August was 58, up from the May-JuneJuly period (a normal occurrence) but improved from the 60 days required for homes to sell in August 2016 and better than the average 69 days in August 2015 and 73 days in August 2014. Adding up the sales and prices, the overall sales volume for August of just over $4 billion was up 2.6 percent from a year ago. Prospective purchasers continue to

benefit from mortgage-interest rates that are on the low end of the historic spectrum. Though not as low as the under-3.5percent rates of mid-2016, the average 30-year mortgage rate of 3.88 percent in August was the lowest it has been all year, according to Freddie Mac. Year-to-date sales of 83,901 for the first eight months of 2017 were up 5 percent from a year before. Figures represent most, but not all, sales during the period. Figures from August 2017 are preliminary, and are subject to revision.

It’s Time to Get Our Homes Ready for the Winter (StatePoint) – Autumn is the perfect time to complete those pesky home maintenance projects left on your to do list. If you’ve been putting off these chores, you’re not alone, but it could cost you. In fact, a national survey from Erie Insurance shows many Americans are putting themselves and their homes at financial risk by delaying important home maintenance tasks. Make sure you’re protected by focusing on these five areas: The Roof. Twenty-three percent of homeowners admit they never inspect their roof or have it inspected unless there is a problem, according to the Erie Insurance survey. Unfortunately, replacing a roof is also one of the biggest expenses a homeowner may have if not maintained properly. Nationally, the average homeowner spends about $6,600 to install a new roof, but prices can soar upwards of $20,000. Don’t be stuck with a hefty roof-repair bill. Have it inspected to see if any shingles are damaged and need to be replaced. The fall season is the optimal time to do so, since roofing is best installed when temperatures are cooler. Plus, you’ll catch any problems before winter weather kicks in. The Gutters. Make sure downspouts drain away from the foundation and are clear of debris. Clogged

gutters can lead to major issues like uneven floors, cracks in walls and interior water damage. This type of claim, also known as seepage, is a maintenance issue and often not covered under your home insurance policy. To prevent any major issues, clean gutters at least twice a year in fall and spring. The Dryer Exhaust Duct. Does it

take you two to three cycles to dry a load of laundry? If so, you may need to clean your dryer vent. One in five (21 percent) admit they never clean their clothes dryer ducts, unless they have a problem. But lint build-up can catch fire easily. Over 15,000 dryer fires occurred nationwide from 2010-14, with the majority being ignited by dust, fiber and lint,

according to the National Fire Protection Association. Avoid this disaster with a thorough cleaning at least once a year. The Fireplace Chimney. Erie Insurance found nearly half (46 percent) of people who own a home with a fireplace never have their chimneys cleaned. However, uncleaned chimneys are a leading cause of structure fires, reports the National Fire Protection Association. So, get the chimney cleaned before the cold weather hits and you find yourself tossing logs in the hearth to keep the house toasty, and then have it cleaned annually. The Sump Pump and Pit. Sump pumps remove excess water from homes that would otherwise cause property damage. It’s important to clean a sump pump and its pit annually to keep basements dry and help prevent mold growth and water damage. Do this maintenance project in fall to help protect against heavy rainfalls and accumulated melting snow and ice of winter. Now that you have your checklist, it’s time to roll up your sleeves while it’s still nice outside. Whether you’re a DIYer or prefer hiring a professional, crossing these projects off your to-do list will help ensure you’re safe and secure before temperatures drop.

“Green” construction is rapidly gaining traction among both single-family and multi-family home builders, according to new research published in the “Green Multifamily and Single Family Homes 2017 SmartMarket Brief.” The latest in a series of studies conducted by Dodge Data & Analytics in partnership with the National Association of Home Builders (NAHB), the study shows that green homes are continuing to gain market share. At least one-third of single-family and multi-family builders who were surveyed said that green building is a significant portion of their overall activity (more than 60 percent of their portfolio). By 2022, this number

should increase to nearly one half in both the single-family and multifamily sectors. Within this group, nearly 30 percent of multifamily builders fall into the category of “dedicated‚“ green builders (more than 90 percent of their portfolio). On the single family side, the percentage of dedicated green builders is nearly 20 percent, but that share is expected to grow sizably by 2022. “These findings show that green building has become an established part of the residential construction landscape,” said NAHB chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. ‚“It is no longer a niche business; our members recognize the value of build-

ing green and are incorporating these elements into their standard business practices.” Increasing energy efficiency continues to be the most common method of improving the performance of a green home, followed by creating a healthy indoor-living environment. “As consumers become more familiar with the impact that their homes can have on their health and well-being, we wouldn’t be surprised to see the influence of this factor continue to grow,” said Steve Jones, Dodge’s senior director of industry insights research. “Homes are following the larger trend that Dodge has been tracking across commercial and institutional sectors for healthier buildings to become an

increasingly important part of being sustainable.” A considerable number of builders are developing net-zero homes or plan to build net-zero homes in the near future. Among those surveyed, 29 percent of single family home builders have built a net-zero home in the past two years, and 44 percent expect to do so in the next two years. Another reason for the rise in netzero homes is the increasing use of renewable technologies, especially solar photovoltaic panels. In two years, the percentage of builders who used these panels increased from 19 to 23 percent. Nearly half (43 percent) of the builders surveyed expect to use this technology in the future.

‘Green’ Building Continuing to Gain a Foothold Nationally

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

Report: U.S. Housing Rebound Has Been Uneven Median home values are reaching sive asset someone owns, the recovnew peaks in more than half of the na- ery contributes to the growing wealth tion’s largest housing markets, but a gap across the country. Household closer look at which homes are regain- incomes show a similar pattern of ining value reveals an uneven recovery equality, according to newly released Census datai. The median household in the biggest markets. More than 50 percent of U.S. homes income across the United States inhave reached or surpassed the value creased in 2016, but those in the top they reached during the housing 20 percent of earners took home more boom period, according to the most than half of the overall income. “The housing market as a whole recent Zillow Real Estate Market Report, but the types of homes that are is moving at a steady clip, with high recovering are not the same, particu- demand and low inventory combining to maintain strong home-value larly in the most populated places. In 24 of the nation’s largest 35 mar- appreciation,” said Zillow chief econokets, the homes in the bottom third of mist Dr. Svenja Gudell. “Most new conthe market are least likely to have recovered the value lost when the housEHO ing bubble burst. Detroit has seen one of the least PUBLISHER’S NOTICE balanced recoveries following the We are pledged to the letter and spirit of Virginia’s policy for achieving equal housing opportunity Great Recession. Nearly two-thirds of throughout the Commonwealth. We encourage and the most expensive homes in Detroit support advertising and marketing programs in which there are no barriers to obtaining housing because of have regained the value lost when the race, color, religion, national origin, sex, elderliness, market collapsed. familial status or handicap. The typical top-tier home value in All real estate advertised herein is subject to Virginia’s fair housing law which makes it illegal to advertise Detroit is $284,800, higher than it was “any preference, limitation, or discrimination because during the housing bubble. In comof race, color, religion, national origin, sex, elderliness, familial status or handicap or intention to make parison, homes in the bottom third any such preference, limitation, or discrimination.” have only regained 33.7 percent of This newspaper will not knowingly accept advertistheir lost value, and are now worth a ing for real estate that violates the fair housing law. O readers are hereby informed that all dwellings PE percent Our median of $53,000. Only 10.6 advertised in this newspaper are available on an equal N of these homes have fully returned SU to opportunity basis. For more information or to file housing complaint call the Virginia Fair Housing ND aOffice their peak values. at (804) 367-9753. Email: fairhousing@dpor. A Y As homes are often the most expen- 1 virginia.gov. Web site: www.fairhousing.vipnet.org

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struction has been at the higher end of the market, so demand for the limited supply of entry-level homes is pushing up their values, but these homes also lost more value when the bubble burst. Many of these homeowners are still waiting to see their homes come back to where they were about 10 years ago.” The median home value in the U.S. rose 6.9 percent over the last year to a Zillow Home Value Index of $201,900. Seattle is the only major U.S. market where home values rose at a doubledigit annual pace, up 12.4 percent since last August to a median home

value of $453,100. Tampa home values rose 9.3 percent, and the median home is worth $187,400. Annual rent appreciation grew for the fourth consecutive month, with rents increasing 1.9 percent from last August to a Zillow Rent Index of $1,430. Limited inventory leaves few options for buyers. Nationally there were 12.6 percent fewer homes available in August 2017 than there were in August 2016. San Jose and San Diego saw the biggest annual declines in inventory, down 59.4 percent and 37.2 percent respectively.

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Gracious Exceptionality Comes Standard

New A&G Homes Stunner in Great Falls Is Located on Lovely 2-Acre Lot

he creative minds at A&G Homes are responsible for an exceptional, ready-for-delivery property on two acres in Great Falls that elevates high-quality living to a new standard while also providing a fitting backdrop for exceptional entertaining this holiday season and long into the future. Three levels of extraordinary amenities await our inspection, with high-gloss finishes and attention to detail that will stand the test of time. The property currently is on the market, listed at $2,759,900 by Casey Margenau of Casey Margenau Fine Homes and Estates. The welcoming, soaring-skyward foyer with its creative curved staircase offers a fitting introduction to the home, with a modern layout that features the expansive living room straight ahead, with a marvelous fireplace and a wall of windows overlooking the rear yard as part of its ambiance. Flanking the foyer are a den and the sumptuous dining room, each amply proportioned and ready to impress. The kitchen area is worthy of all superlatives we can offer. Large and inviting, with a center island and breakfast room that opens up to the glorious sunroom, it’s truly a testament to 21st-century design techniques.

Facts for buyers Address: 11325 Fox Creek Farm Way, Great Falls (22066). Listed at: $2,759,900 by Casey Margenau, Casey Margenau Fine Homes and Estates (703) 827-5777. Schools: Forestville Elementary, Cooper Middle, Langley High School. A home office, with bay window overlooking the rear domains, rounds out the main level. Upstairs, the master retreat – which spans nearly the entire rear of the home – brings showstopper attributes to the fore. A large bedding area with wall of windows is complemented by a sitting room, large bath and two walk-in closets. Three additional bedroom suites are found on this level. On the walkout lower level, amenities include a grand recreation room (with wet bar) that shares a double-sided fireplace with a family room, plus a theater room, the home’s fifth bedroom and several bonus rooms to use as you see fit. Light and spacious, airy and gracious, this is new construction that already feels like home. Well worthy of consideration!

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The average and median square footage of new homes constructed across the nation in 2016 declined slightly but remained among the highest ever, according to new federal figures. The median square footage of new single-family homes completed during the year stood at 2,422, down from 2,467 in 2015, according to the U.S. Census Bureau. The average square footage of 2,640 was down from 2,687 a year before.

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Each figure represented the thirdhighest square footage since record-keeping began in 1973. When the survey started, the average square footage stood at 1,660. While there were occasional yearover-year declines, the trajectory toward more interior space moved generally upward, passing 2,000 square feet in 1990 and hitting 2,500 square feet in 2007. The recession of the late 2000s caused average and median sizes to fall, but the return to larger homes began by 2010. In 2016, the largest average square footage was reported in the Northeast, at 2,796, followed by the South (2,671), West (2,632) and Midwest (2,474). The average lot size of new homes was 43,348 square feet, or just over an acre, down slightly from a year before. The median lot size of 9,076 square feet also was down slightly. The largest average and median lot sizes were found in the Northeast and Midwest, with the smallest in the West and South.

Figures come from the 2016 Characteristics of new housing, funded by the Census Bureau and U.S. Department of Housing and Urban Development. Also from the report: • Ten percent of new single-family homes completed nationally in 2016 had one or two bedrooms; 45 percent had three bedrooms; and 46 percent had three or more bedrooms. The figures were roughly on par with the previous year. • Thirty-seven percent of new homes completed in 2016 had three or more baths; 60 percent had 2 or 2.5 baths; and 3 percent had 1 or 1.5 baths. • Ninety-three percent of new homes were completed with air-conditioning systems, unchanged from a year before. Until the mid-1970s, most new homes did not have central air, but the figure accelerated in the 1980s and 1990s. • Just over half (52 percent) of new homes came without a fireplace, while 43 percent had one and 5 percent had two or more.

Flipping Remains Popular Home flips in 2016 accounted for 5.7 percent of all single-family home and condos sales during the year, up from 5.5 percent in 2015 to a threeyear high but still well below the peak in 2005, when 338,207 single family homes and condos were flipped representing 8.2 percent of all sales. ATTOM Data Solutions, curator of the nation’s largest fused property database, has released its 2016 Year-End U.S. Home Flipping Report, which shows that 193,009 single family homes and condos were flipped – sold in an arms-length transfer for the second time within a 12-month period. Homes flipped in 2016 sold for a median price of $189,900, a gross flipping profit of $62,624 above the median purchase price of $127,276 and representing a gross flipping return on investment (ROI) of 49.2 percent. Both the gross flipping dollar amount and ROI were the highest going back to 2000. “Home flipping was hot in 2016, fueled by low inventory of homes in sellable or rentable condition along with a flood of capital, both foreign and domestic, searching for the returns and stability available with U.S. real estate,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “The combination of more home flips and a greater share of financing for flip purchases resulted in a 18 percent jump in the estimated dollar volume of financing for home flip purchases,

up to $12.2 billion for the flips completed in 2016 – a nine-year high.” The report also shows that 126,256 entities — including both individuals and institutions — flipped homes in 2016, up less than 1 percent from 2015 to the highest number since 2007, when 143,266 entities flipped properties. Meanwhile, the share of flipped homes that were purchased by the flipper with financing increased to an eight-year high of 31.5 percent in 2016 while the median age of homes flipped increased to 37 years, a new high going back to 2000, and the median square footage of homes flipped decreased to 1,422 – a new record low going back to 2000. “Investors in search of flipping returns are increasingly willing to move to secondary and tertiary housing markets and neighborhoods with older, smaller properties that are available at a deeper discount,” Blomquist said. Among 117 metropolitan statistical areas with at least 250 home flips in 2016, there were 11 with an average gross flipping profit of $100,000 or more in 2016. “I believe flipping serves as a negative for any housing market because it further erodes housing affordability, but if there’s a demand for it in the market, it’s a trend we will continue to see,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market.

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703.406.9009 lyonsmcguire.com 774-A Walker Road Great Falls Virginia 22066

Each office independently owned and operated. This is not intended as a solicitation if your home is currently listed with another broker.

OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

Oakton | 5/4.5 | $1,325,000 Joyce Sheftic / 703.981.9494 11685 Heinz Court Oakton, VA 22124 MLS# FX10055509

Manassas | 5/5 | $559,998 Michael Huling / 703.409.8296 8396 Spruce St, Manassas, VA MLS# PW9990124

IC PR

Vienna | 6/4/3.5 | $1,695,000 Annie 850.758.5164 / Kay 703.725.5276 1403 Wynhurst LN, Vienna, VA MLS# FX9994343

Clifton | 4/4.5 | $924,000 Mike DeCarlo / 703.772.7323 7425 Dunquin Ct. MLS# FX10066184

IC PR

Bowie | 5/3.5 | $548,900 Nesha Khargie / 703.867.0259 7307 Gosling Place, MD MLS# PG10052550

Fairfax | 4/3 | $674,998 Michael Huling / 703.409.8296 3825 Hill St, Fairfax, VA MLS# FC9982742

Fairfax | 4/3.5 | $449,000 Frank Lattanzi / 703.855.7630 3153 Ellenwood Dr., Fairfax, VA MLS# FX10066196

IC PR

McLean | 5/4.5 | $1,625,000 Lisa Moffett / 703.517.6708 7430 Old Maple Square, VA MLS# FX9957064

Alexandria | 2/2 | $295,000 Annie 850.758.5164; Kay 703.725.5276 6103 Wigmore LN #D, VA MLS# FX10050104

Lake Anna | 5/3 | $700,000 Michael Huling / 703.409.8296 110 Trevor Run, Mineral, VA MLS# FX10016754

Annandale | 4/3 | $799,750 Annie 850.758.5164; Kay 703.725.5276 7410 Masonville Dr, Annandale, VA MLS# FX10055504

IC PR

Fairfax | 3/2/2.5 | $479,900 Nesha Khargie / 703.867.0259 3193 Stonehurst Drive MLS# FX10003042

IC PR

Alexandria | 4/3 | $549,900 Kelly Martinez / 571.839.2852 8532 Springman Street, VA MLS# FX10054421

IC PR

Vienna | 5/3.5 | $1,049,900 Jim Vincent / 703.887.4302 405 Berry St., SE MLS# FX100221411

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

Reston | 2/1.5 | $319,900 Christine Clark / 571.722.6788 1954 Belmont Ridge CT. VA MLS# FX10073976

McLean | 6/6/2 | $2,689,890 Bron Davis/ 703.987.0656 1111 Towlston Rd, McLean, VA 22102 MLS# FX9638969

2016 Home Purchases: Millennials Post Decline, Gen X Rises An improving economy, multiple years of strong job growth and the notable increase in home values in most markets fueled a greater share of purchases from Generation X households over the past year. This is according to the National Association of Realtors 2017 Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent buyers and sellers. The survey additionally found that a growing number of Millennials and younger Boomer buyers have children living at home; student debt is common among Gen X and boomer households; more Millennials are buying outside the city; and younger generations are more likely to use a real estate agent. Much of the spotlight in recent years has focused on the several challenges Millennials are enduring on their journey to homeownership. According to Lawrence Yun, NAR’s chief economist, lost in this discussion are the numerous Generation X households who bought their first home, started a family and entered the middle part of their careers only to be rattled by job losses, falling home values and overall economic uncertainty during and after the Great Recession. This year’s survey reveals that debt and little or no equity in their home slowed many Gen X households from buying sooner. Recent Gen X buyers delayed buying longer than Millennials because of debt, were the most likely generation to have previously sold a distressed property and were the generation most likely to want to sell earlier but couldn’t because their home was worth less than their mortgage. Furthermore, Gen X buyers indicated they had the most student loan debt ($30,000). “Gen X sellers’ median tenure in their previous home was 10 years, which puts many of them selling a property they bought right around the time home values were on the precipice of declining,” said Yun. “Fortunately, the much stronger job market and 41 percent cumulative rise in home prices since 2011 have helped a growing number build enough equity to finally sell and trade up to a larger home. More Gen X sellers are expected this year and are definitely needed to ease the inventory shortages in much of the country.” The uptick in purchases from Gen X buyers this year (28 percent) was the highest since 2014 and up from 26 percent in 2016. Millennials were the largest group of recent buyers for the fourth consecutive year (34 percent), but their overall share was down slightly from a year ago (35 percent). Baby Boomers were 30 percent of buyers, and the Silent Generation made up 8 percent. Younger Boomers increasingly

consider adult children when buying: This year’s survey also brought to light how the soaring cost of rent in many areas is likely influencing the decision of middle-aged parents to buy a home with their young adult children in mind. Younger Boomers were the most likely to purchase a multi-generational home (20 percent; 16 percent in 2016), and the top reason for doing so was that children over 18 years old either moved back home or never left (30 percent; 27 percent in 2016). “The job market is very healthy for young adults with a college education, but repaying student debt and

dealing with ever-increasing rents on an entry-level salary are forcing many to either shack-up with several roommates or move back home,” said Yun. “This growing trend of delayed household formation is one of the main contributors to the nation’s low homeownership rate.” Student debt is not just a Millennial problem: Debt, particularly from student loans, appears to be a portion of the household budget of buyers in every generation. While Millennials were the most likely to have student debt (46 percent), their typical balance ($25,000) was lower than Gen X buyers ($30,000).

GREAT FALLS

A combined 16 percent of younger and older boomer buyers also had student debt, with a median balance of over $10,000 for each group. Among the share of buyers who said saving for a down payment was the most difficult task, Millennials were most likely to cite student loans as the debt that delayed saving (55 percent), followed by Gen X (29 percent) and younger boomers (9 percent). “Repaying student debt also appears to be slowing some current homeowners who went to graduate school and now can no longer afford to sell and trade up because of their loans,” added Yun.

$3,885,000

GREAT FALLS

$1,500,000

GREAT FALLS

SOLD

GREAT FALLS

$799,000

GREAT FALLS

$1,150,000

PERF

CRE

.1 A CT 2

LOT

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OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

New Life for a Classic in Bellevue Forest

1950s Property Is Updated, Expanded to Meet Modern-Living Standards

he enchanting and alwaysin-fashion neighborhood of Bellevue Forest is where we stop for this featured property, which built on the classic, 1950s-era Cape Cod home and reimagined, reconstructed and expanded it expertly with top-quality materials, turning it into a better-than-new showplace. Built with integrity and quality by 4Square LLC and Paton & Miles Construction, the home features the amenities of urban-village living with a closein but still bucolic locale. From the solid doors to the oversized (and heated) two-car garage, this is a home that pays homage to the past while having its feet pointed squarely toward the future. The property currently is on the market, listed at $1,595,000 by Carole Schweitzer and Sarah Race of Weichert Realtors. The top-to-bottom effort focused both on structural improvements (the mechanical systems all have been replaced) as well as putting attention to detail on livability and style. The result is an abode where all are welcomed and made to truly feel at home. Classic curb appeal offers a wonderful first impression, and from the moment we are welcomed into the large foyer, the tone is set for understated elegance. Natural sunlight streams through win-

Facts for buyers

Address: 3114 North Pollard Street, Arlington (22207). Listed at: $1,595,000 by Carole Schweitzer (703) 475-8494 and Sarah Race (703) 732-1848, Weichert Realtors. Schools: Jamestown Elementary, Williamsburg Middle, Yorktown High School. dows that have been enlarged and filled with premium Andersen panes. Sizing of the formal rooms – living and dining – are ample, perfect both for entertaining and daily living. The kitchen (with skylight) is a visual delight, as well as awaiting duties as assigned by the serious chefs among us. There is copious eat-in space adjacent, as well. Two bedroom suites can be found on the main level, perfect for today’s on-the-go lifestyle and equally adept at handling aging-in-place issues. Additional bedrooms are located both on the upper and lower levels, totaling five throughout the home, while the sunlit lower level also plays host to a lovely family room. Mature trees out back work to complement the rear patio, a perfect spot for relaxation as the seasons change. Born in the era of “I Love Lucy” and “Ozzie and Harriet,” this is a home that

Sarah Race sarahrace703@gmail.com

703-732-1033 28

has retained all its classic provenance and character, while being readied for future generations to enjoy. Well worthy of consideration. Articles are prepared by the Sun Gazette’s real estate advertising depart-

We make it Easy! Weichert® Arlington 4701 Old Dominion Drive 703-527-3300

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

ment on behalf of clients. For information on the home, contact the listing agent. For information on having a house reviewed, contact the Sun Gazette’s real estate advertising department at (571) 333-6272.

Carole Schweitzer carolesw@aol.com

caroleschweitzer.ismyreagent.com

703-525-7568

DONNAMOSELEY & JOHNMCNAMARA COMMUNITY LEADERSHIP. WORLD CLASS SERVICE. John McNamara +1 703 395 2908 jmcnamara@ttrsir.com

Donna Moseley +1 703 623 5294 dmoseley@ttrsir.com

SEE OUR FILMS AT donnamoseley.ttrsir.com & johnmcnamara.ttrsir.com

FALL IN LOVE WITH A BEAUTIFUL NEW HOME

COMING SOON 7849 Westmont Rd, McLean $2,799,900 Renovated & Updated Home in Reserve

FOR SALE 8270 Trailwood Court, Tysons $1,450,000 Designer Appointments & Updates

FOR SALE 2826 Cedarest Rd, Fairfax $979,900 1 Acre Private Retreat with Pool

FOR SALE 8144 Madrillon Court, Vienna $824,900 Updated for the discerning buyer

UNDER CONTRACT 2633 Sledding Hill, Oakton $1,499,000 Stunning Custom Home on 1 Acre

SOLD 621 Welles, Vienna $1,700,000 Represented the Buyer

SOLD 6617 Jill Court, McLean $1,379,000 Represented the Buyer

SOLD 8254 Trailwood Ct, Tysons $1,345,000 Sold off Market in 0 days

SOLD 1387 Northwyck Ct, McLean $1,325,000 8 Days on the Market

SOLD 205 Courthouse Rd, Vienna $1,060,000 In-town home Sold in 14 Days

TTR Sotheby’s International Realty +1 703 319 3344 6723 Whittier Avenue, Suite 101 McLean, VA ©2017 TTR Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered service marks used with permission. Each Ofﬁce Is Independently Owned And Operated. Equal housing opportunity. All information deemed reliable but not guaranteed. Price and availability subject to change.

OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

October is FREE WINDOWS MONTH at 1 Renewal by Andersen. Why is October one of the best times to replace your windows? Because if you call us now, you can get your more energy-efficient windows installed before the cold weather is here. Our exclusive High-Performance™ Low E-4® SmartSun™ glass is up to 70% more energy efficient†. It’s engineered to make your home more comfortable in the colder months.

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1 DETAILS OF OFFER – Offer expires 10/31/2017. Not valid with other offers or prior purchases. Get $325 off each window and $700 off each patio door and 12 months no payments, no interest when you purchase four (4) or more windows or patio doors between 10/1/2017 & 10/31/2017 with approved credit. APR of 16.68% as of 6/1/2015, subject to change. Interest accrues from date of purchase but is waived if paid in full within 12 months. Savings comparison based on purchase of a single unit at list price. Available only at participating locations. See your local Renewal by Andersen location for details. MHIC #121441. VA License #2705155684. DC License #420215000125. Some Renewal by Andersen locations are independently owned and operated. “Renewal by Andersen” and all other marks where denoted are trademarks of Andersen Corporation. ©2017 Andersen Corporation. All rights reserved. ©2017 Lead Surge LLC. All rights reserved. †Summer values are based on comparison of Renewal by Andersen Insert double-hung window SHGC to the SHGC for clear dual pane glass non-metal frame default values from the 2006, 2009 and 2012 International Energy Conservation Code “Glazed Fenestration” Default Tables. *See limited warranty for details.

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

World’s Biggest Cities Have Evolved Over Centuries If we’re to trust Wikipedia – and when has it steered us wrong? – then Shanghai, China, is the world’s largest city, with a population of more than 24.3 million, followed by Karachi, Pakistan (23.5 million) and Beijing, China (21.5 million). (These count only the cities themselves; if counting an entire metropolitan area, Shanghai at 34 million inhabitants is No. 2 behind Tokyo, with a metro-area population of nearly 37 million.) But take a dip back in the history books, and the largest cities have evolved significantly over time. While the data is not always conclusive, or even available, author Tertius Chandler in 1987 went to the source material for “Four Thousand Years of Urban Growth: An Historical Census” (St. David’s University Press). What did the effort uncover? An ever-evolving shift in concentrations of large population centers, including some once-massive cities that no longer exist or are mere shadows of their one-time bigness. Here we go, with figures largely representing the city proper and surrounding areas: 100 A.D.: With a population of about 450,000, Rome appears to have been the world’s largest city, followed by Luoyang, China (420,000). No other

city came close, although both Seleucia in Iraq and Alexandria in Egypt boasted populations estimated at 250,000. 1000 A.D.: Cordova, Spain, was tops on the list, with a population estimated at 450,000, followed by Kaifeng, China (400,000). Constantinople, now known as Istanbul, was third with an estimated population of 300,000, followed by Ankor, Cambodia (200,000); Kyoto, Japan (175,000); and Cairo (135,000). 1500 A.D.: Beijing had moved to the top of the list, with an estimated population of 672,000, followed by Vijayanagar, India (500,000); Cairo (400,000); Hangzhou, China (250,000); and Tabriz, Iran (250,000). Interestingly, the population of Constantinople had declined by a third, to 200,000. Moving onto the list in eighth position was Paris, with an estimated population of 185,000. 1800 A.D.: Beijing becomes the first city in the ranking to break the million-resident mark, with an estimated population of 1.1 million. London shoots up to second place at 861,000, followed by Guangzhou, China (800,000). Edo, today known as Tokyo, ranks fourth at 685,000, and Constantinople bounces back with 570,000. Paris is sixth at 547,000, and – interestingly – Naples joins the rank-

ing in seventh place at 430,000. 1900 A.D.: The huge urbanization of the previous century, particularly in the West, is evident both in some changing rankings and a massive increase in population totals. London tops the ranking with a population of 6.5 million, followed by New York (4.2 million), Paris (3.3 million), Berlin (2.7 million), Chicago (1.7 million) and Vienna (just under 1.7 million). Rounding out the top 10 were Tokyo (1.5 million), St. Petersburg (1.44 million), Manchester (1.44 million) and Philadelphia (1.42 million). 1950 A.D.: The New York metropol-

itan area was the world’s largest by far, with an estimated population of 12.5 million. It was followed by London (8.6 million), Tokyo (7 million), Paris (5.9 million) and Shanghai (4.51 million). Also near the top were Moscow (5.1 million), Buenos Aires (5 million) and Chicago (4.9 million). The Future: Where will the largest cities be in the future? Growth rates suggest they won’t be in Europe or North America, but could be in Asia of Africa, where population growth remains solid. Only one way to be sure: Hang in there and see what transpires!

New Price $1,749,000

9212 White Chimney Lane Great Falls, VA 22066 A rare gem on the McLean border, this classically elegant estate offers 6800 square feet with extensive architectural details including 2 landscaped acres with a boxwood garden. Among the amenities are a marble foyer with double staircase, spacious living and dining rooms with fireplaces, gourmet kitchen, cherry paneled library and a lightfilled great room with high coffered ceiling and 7 sets of French doors that lead to a terrace and garden. From the backyard enjoy expansive views over bucolic grounds. Minutes to Tyson's. Open Sunday October 15, 1-4.

Connie MacMurray 703.282.6393 cmacmurray@weichert.com

The Belt Team’s Mission Statement is

“Changing Lives For The Better”

If it’s time to change yours, call (703) 242-3975

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Arlington ~ $365,000

Vienna ~ Coming Soon!

Alexandria ~ $465,000

Reston ~ $719,000

Vienna ~ $978,000

Vienna ~ $1,275,000

Vienna ~ $789,000

Arlington ~ $2,500,000

FREE Instant Online Home Valuation at NorthernVirginiaHouseValues.com Belt Team listings sell FASTER & for MORE MONEY than average.

See Our Listings: BeltTeamRealEstate.com

Seller Site: TheBeltTeam.com

OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

Give Your Home Décor an Update This Fall Season (StatePoint) – With the shorter days and cooler nights of fall can come the urge to hibernate. But first prepare yourself and your home for the season with these cozy and warm accents that will make time spent indoors cozier. Incorporate metallic décor. While you’re breaking out the pumpkins, cornstalks and cornucopias, take a different approach this season and incorporate copper or brass accents. These metallic items will elevate décor, and the orange and yellow tones will complement the changing leaves outside. Try picking out a unique candelabra or vase or small decorative pieces to style the room. Makeover the fireplace. Fireplace season is on the horizon, so start thinking about new ways to make it the focal point of a room. Try painting it with a subtle whitewash for a look that will instantly revive brick and brighten the space. Before you get started, prep the fireplace by scrubbing brick with a wire brush to remove any residue. Layer, layer, layer. Bare floors can make your home feel chilly. Warm up a space by layering area rugs on hardwood floors or to an already carpeted area. Not only will this add color and texture to a room, the extra cushioning will ensure feet avoid the cold, so you can keep your slippers tucked

away. Update the guest bedroom. With the holidays on the horizon, there’s no better time to give your guest bedroom a cozy update. Surprise overnight guests by painting the room a moody green or blue that is on trend and sets a relaxing tone. Don’t forget to incorporate little touches like books or a plant on the nightstand to make them feel at home. Update window coverings. Heavy drapes keep out drafts and make a

room feel luxurious. Switch out summer sheers for curtains with a heavier weight, or layer drapes for an elegant look. Don’t underestimate the power of white paint. Vibrant doesn’t always have to mean using bold colors. Make a space feel brand new again by repainting wood trim a crisp white color. It may seem like a tedious task, but with a little effort, you can completely transform a room. Start by filling in any imperfections,

sanding and cleaning the surfaces to be painted. Then, you’ll want to tape off the wall next to the trim so your handiwork looks like that of a professional. When painting trim, opt for a semi-gloss paint to make elements stand out. Grab your pumpkin spice latte and start adding little touches like these to your home, for a cozy and stylish season. For different project inspirations, visit FrogTape.com.

Act Now to Maximize Space Availability in Your Garage (StatePoint) – Most people are pressed for garage space, regardless of the size of their house, from DIYers overwhelmed with tools to moms searching for places to store holiday decorations. Toter, a leading manufacturer of carts, cans and containers for use in a wide range of home and work waste management and storage solutions, is offering the following tips for making more of precious garage space. Keep trash in its place: To keep trash and odors contained, select a mobile trash cart with a tight-fitting lid that’s compatible with your haulers’ pickup requirements and comes with a warranty. Some manufacturers also offer cart and can liners and deodorizers to keep your garage smelling fresh. Invest in a multi-purpose job box: Most people tend to have the wrong size toolbox for their needs. Consider the shape, capacity and compartments needed for your tools. Rolling options are great for work done only at home, while a job box may be better for those who do work elsewhere. If portability is important, look at lighter-weight options. Build up, not out: Ceiling-storage racks are an excellent way to use what would otherwise be dead space. Many racks are designed to fit directly above the area where an automatic 32

door goes up and down. Peg boards for tools and stackable totes are also good choices. Choose multipurpose storage: Needs can change over time, so invest in storage that can be used for a variety of items in multiple ways. For example, large, durable totes can hold lawn gear, tools or camping equipment. Think mobility: Being able to move containers within the garage is important. However, the ability to move them into your vehicle and hit the road quickly also makes life a lot easier. According to Jeniffer Coates, direc-

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

tor of product development and warranty for Toter, “heavy metal containers are difficult to move, and cheap plastic bins are often too flimsy to stand up to long-term or outdoor use. Consumers will get the most mileage from durable, impact-resistant plastic containers.” These can cost a bit more upfront, but will stand the test of time. Protect items: Moisture and pests cause problems in even the cleanest garage. Look for durable storage containers with tight-fitting, critter-resistant lids. Categorize: Assign and color-code dedicated areas for each type of item

-- tools, decorations, lawn equipment, etc. -- to avoid the hassle of searching. Allow room to grow: While it can be tempting to stuff every square inch, try to leave room for future additions. To ensure everything deserves the space it’s occupying, you can do a yearly purge of unneeded or unused items. Keeping the garage in order is a necessary evil, but with a solid game plan and the right equipment, it’s easier than you think. For more information on finding the right storage solutions for your needs, visit toter.com/storage-solutions.

Buying

Selling

•

Mortgage

•

Title

•

Realto

Insurance

Marianne Sipple,

Reston

Realtor® 703-200-2681 Direct Marianne@SippleRealEstate.com www.SippleRealEstate.com

$272,500

Beautifully redone 3 bedroom/2bath condo. New carpet, hardwood floors and paint. Walk out the oversized sliding glass doors to your own private patio. Shows like a model!!

McLean: The Fall Market is Here and sales are brisk, call Jenifer today!

SOLD

ALEXANDRIA

COMING SOON

$375,000

SOLD

claudette schwaRtz, aBR,GRi 1456 Cedar Avenue $1,250,000

JENIFER JUSTICE, ABR, GRI associate BRokeR

Near Metro,Lg Colonial with great potential Cul de sac, Few miles from DC, Old Town, Fort Belvior, Across the Bridge from National Harbor 5 br, 3 ba

7017 Hector Road $870,000

Direct (703) 623-8373

email: justicehom@aol.com www.jeniferjustice.com

Land in Langley Forest

McLean

FALLS CHURCH

N SU

Rare opportunity to$840,000 build Privacy & serenity your dream home on a prevail at this1 beautiful, beautiful over acre lot in contemporary coveted Langley colonial Forest. with open floor plan. Enjoy this serene and private The FR w/fpls, opens setting, just minutes away to a wonderful deck. from Tysonsmaster Corner, the Spacious Capital Beltway, DC, and suite with 2 additional bedrooms upstairs Washington’s airports.&Public gleaming hardwood sewer and gas are available.

floors. The lower level For additional information and to make an appointment call 2nd family offers a large Margaret Gilboa 703-629-0828. room, wet at bar, 3rd full bath & den. At the end of a cul-de-sac, convenient to shopping, schools, key commuting routes. Within two miles of the WFC Metro & new Mosaic District.

Life Member, NVAR Top Producer

703 309 HOME (4663) homeccs@aol.com www.claudetteschwartz.com

MIDDLEBURG PERFECT LOT $450,000

Blanche Raff Certified Buyer’s Agent Licensed MD, DC, & VA

MARGARET Margaret Gilboa GILBOA GRI, CRS, ABR

Top 1% Nationwide GRI, CRS, ABR > 28 yrs margaret.gilboa@gmail.com 703-629-0828 Top 1% Nationwide > 28 yrs margaret.gilboa@gmail.com

Build your dream home on this gorgeous 9+ ac. lot. Rt. 50 road 202-365-1575 C frontage insures easy access in all weather conditions. Gently 703-760-8880 O rolling terrain provides ideal building site. Percs for 4 BR. www.raffrealestate.com

OWNER FINANCING POSSIBLE.

blaraff@aol.com

FALLS CHURCH CITY

MCLEAN ***COMING SOON***

Building lot in McLean *** on quiet street *** just minutes to D. C.

CECELIA LOFTON GRI, SRES

703 508-3968

cecelialofton2@outlook.com homesbycecelialofton.com

Falls Church D OL

STUNNING PENTHOUSE WITH WALL OF WINDOWS! SPACIOUS AND GRACIOUS CITY LIVING.. GOURMET KITCHEN.. 2 MASTER BDR + DEN..HIGH CEILINGS..APPROX. 2200 SQ. FEET!

502 W. Broad Street, Unit #505

Chairman of the Board #2 Producer, Company-Wide

703-615-0116 (C) patderwinski@hotmail.com

$515,000 Beautifully updated 4 level TH. 4 BRs, 3.5 BAs, 2 car garage, gas fireplace, HW floors refinished, all new SS appliances, new lights, bathrooms redone, new carpet, freshly painted, 2 zoned unit, HMS Warranty included. Great for commuting.

Maintain width of dot/marks with base of i

Cap Height

1/32 cap height gap

X Height

dschweinhaut@gmail.com

PAT DERWINSKI

Cell: 703.675.1253

7/64 cap height even with top arm of t

DEBBIE SCHWEINHAUT GRI, ASP 1/4 Cap Height

R E A L T O R S

McLean Office | 703-760-8880 R E A L T O R S

OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE | R E A L T O R S

Millennials Finding Both Challenges and Opportunities as They Begin to Move Into the Real-Estate Marketplace Millennials poured some $514 billion into the U.S. housing market over the last year as the largest generation of home buyers. But new survey data shows their home-ownership aspirations are stymied by affordability issues, frustration with the buying and selling process, and a cutthroat housing market. More than half of young buyers (53 percent) make multiple offers to buy their first home, and only two in five Millennials (39 percent) are able to make the recommended 20 percent or more down payment. The results of the Zillow Group Report on Consumer Housing Trends 2017 show how the nation’s highly competitive housing market is changing the way a new generation approaches buying a home. The second annual report is the largest and most comprehensive survey of real estate consumers ever conducted. More than half of Millennials (62 percent) shop for a rental while they’re looking to buy a home, indicating they accept the fact that buying a home is not a sure thing. They are more likely to say they struggled to find a home in their price range and on their time frame, and over one-third (37 percent) of Millennial buyers say they went

over their budget, compared to 29 percent of all buyers. Coming up with a down payment is one of the biggest hurdles young buyers face, and the Zillow Group Report sheds light on previously unknown statistics about how Millennials are pulling together enough cash. Less than half (39 percent) of Millennials put down the recommended 20 percent or more on their home purchase, while one in four (21 percent) put down the bare minimum – 5 percent or less – in order to secure a home loan. One in three (29 percent) Millennial buyers now gets financial help from friends or family to make a down payment, and one in three (31 percent) Millennial buyers cobbles together a down payment from multiple sources. “In many cities across the U.S., the housing market is extremely competitive, especially for first-time buyers who are looking to purchase a starter home,” said Zillow chief economist Dr. Svenja Gudell. “Young buyers often start their careers in fast-growing cities in which the market is particularly tough – and they’re trying to save for a down payment while making recordhigh rent payments.”

$79 DOWN / $79 MONTH! “It is nice to know that I will not have to go up a ladder to clean the gutters any more.” - John H.

WATER

The Sun Gazette is your one-stop shop for complete coverage not just of the real-estate market across Northern Virginia, but for all the other issues that are of importance to your daily life. Count on us to keep you in the know, both in print and online!

“Gen Z” – those born between 1995 and 2010 – already makes up more than 21 percent of the U.S. population, and is the most ethnically and racially diverse generation in U.S. history. They are beginning to enter the housing market as renters. The Zillow Group Report reveals that those in Gen Z are just as likely as those in older generations to say owning a home is a key component of the American Dream; 57 percent say they considered buying a home when they

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looked for their last rental. Generation Z renters work hard to win a home and end up submitting more rental applications than any other generation (3.1 applications compared to 2.5 for all renters), yet they also move quickly through the process, spending the least amount of time searching (less than one month, compared to 26 percent of all renters). “It’s encouraging to see that Generation Z is inheriting the same notion of what home means as their parents and Millennial siblings,” said Jeremy Wacksman, Zillow Group chief marketing officer. “These tech-savvy yet risk-averse renters . . . prefer living with others to living alone, and they put their vast social networks to work during every step of the rental-search process. As they mature and look toward home-ownership, it will be interesting to see how their aspirations and preferences will shape the housing market.” The 2017 Zillow Group Report is the 2nd annual largest-ever survey of U.S. home buyers, sellers, owners and renters, and surveyed more than 13,000 U.S. residents aged 18 to 75. The full report is available for free to the public at www.zillow.com/report.

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| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

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OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

National Real Estate Market Remains in Something of a ‘Funk’ Due to Challenges with Affordability and Availability Existing-home sales have retreated in four of the past five months, but new survey findings from the National Association of Realtors (NAR) indicate it is not because of a lack of confidence from consumers about buying and selling a home, or based on their views about the direction of the economy and their finances. That’s according to NAR’s third quarter Housing Opportunities and Market Experience (HOME) survey , which also found that two-thirds of households think saving for a down payment is challenging, and roughly half of renters expect to pay more in rent next year. This quarter, there appears to be a revival from renters that now is a good time to buy a home. After dipping to roughly half of renters last quarter (52 percent), the share who believe now is a good time climbed to 62 percent (60 percent a year ago). Overall, current homeowners (80 percent), households with higher incomes and those living in the more affordable Midwest and South regions are the most optimistic about buying right now. Amid the steady gains in home values seen in many parts of the country, the share of homeowners that believe

now is a good time to sell is also inching higher. Eighty percent of homeowners think now is a good time to list their home for sale (a new survey high), which is up from last quarter (75 percent) and even more so than a year ago (67 percent). Lawrence Yun, NAR’s chief economist, says it is great news that homebuyer and seller optimism is advancing, but it remains unclear if it will actually translate to more sales. “The housing market has been in a funk since early spring because of the ongoing scarcity of new and existing homes for sale,” Yun said. “The pace of new home construction has not meaningfully broken out this year, and not enough homeowners at this point have followed through with their belief that now is a good time to sell. As a result, home shoppers have seen limited options, stiff competition and weakening affordability conditions.“ More households this quarter (57 percent) believe the economy is improving compared to the second quarter (54 percent) and a year ago (48 percent). Continuing the complete reversal from a year ago, those living in rural and suburban areas were more optimistic about the economy than respondents residing in urban areas.

August Was Flat in D.C., Inner Core A slight upward tick in average prices helped to offset relatively flat year-over-year sales in the inner D.C. core in August, leading the real estate market to a very slight increase in total sales volume for the month. A total of 5,073 properties went to closing last month, down 0.3 percent from 5,089 a year before, according to RealEstate Business Intelligence, based on data from Bright MLS and reported Sept. 12. Figures represent sales in the District of Columbia; Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church in Virginia; and Montgomery and Prince George’s counties in Maryland. The average sales price was up 0.4 percent to $520,954, but that was due largely to a bigger mix of single-family homes in the overall sales total. A majority of homeowners and those with incomes above $50,000 also had a positive outlook on the economy.

The rebound in economic confidence this quarter are also giving households increased assurances about their financial situation. Those expressing confidence that their financial situation will be better in six months jumped from 57.2 in June to 62.0 in September. A year ago, the index was 58.6. “Jobs are plentiful, wage growth is finally showing signs of life, home values are up considerably in the past five years and the stock market is at record highs,” Yun said. “The economy is not perfect, and growth overall is still sluggish, but the financial health of the typical household looks as healthy as it has since the recession.” Headwinds persist for those attempting to get into the market. Even though the typical down payment of a first-time buyer has been 6 percent for three straight years, two-thirds of respondents indicated that saving for one is difficult right now, and data suggest it could be getting worse, not better. “Heading into next year, higher home prices and limited inventory in the affordable price range will likely continue to hold back a share of renters who would prefer to be homeowners,” Yun said.

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| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

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OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

About Half the Country Now Seeing Record Home Prices, Yet Home Inventory Remains Problematic for Purchasers Continued from Page 4

were hoping to buy this summer but haven’t yet found their dream home may have better luck once September and October roll around, when we can expect to see more homes coming online and less competition.” The median home value across the U.S. rose 6.8 percent over the past year, to a Zillow Home Value Index of $200,700, which is $4,100 more than in April 2007 when home values were at their previous peak. Seattle, Dallas and Tampa reported

the greatest year-over-year home value appreciation between July 2016 and July 2017 among the 35 largest U.S. metros. In Seattle, home values rose almost 13 percent over the past year to a median home value of $450,900. Median rent across the nation rose 1.6 percent since last July, the fastest pace of appreciation since December 2016, to a median payment of $1,427 per month. Seattle, Sacramento, Calif. and Los Angeles reported the greatest rent growth over the past year. In Seattle and Sacramento, rents rose

about 5 percent since last July. In Los Angeles, rents rose just over 4 percent to a Zillow Rent Index of $2,696. One of the greatest hurdles for home shoppers this summer has been low inventory. There are 13 percent fewer homes on the market now than a year ago, the greatest drop in inventory since June 2013. In San Jose, there are 51 percent fewer homes for sale now than last July, and 36 percent fewer in San Diego. Mortgage rates were slightly lower on average in July than in June, mak-

ing it easier for home shoppers to afford rising prices. Mortgage rates on Zillow ended the month of July at 3.74 percent, the lowest month-ending rate since May 2017. Mortgage rates hit a high of 3.84 percent in the first few weeks of the month with the month low at 3.72 percent. Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

Realtor Q&A: Pricing, Staging Are Key Components in Quest to Ensure Homes Sell During Slower Autumn, Winter Months Continued from Page 6 times minor fix-ups cosmetically are helpful, like painting or finishing the floors. Staging is important and pays for itself.” Dawn Wilson, TTR Sotheby’s International Realty: “Price it right for the market. Then make it beautiful and move-in-ready to make it easy for buyers. That may include a fresh coat of paint, new carpeting, refinishing the hardwood floors and making sure nothing is broken. You also want to choose colors and fixtures that will appeal to a majority of buyers.” Terry Belt, The Belt Team, Keller Williams: “Tips for selling a home during slower times of the year are the same as any other time. Consult with and hire a hyperlocal Realtor expert and follow their advice to properly prepare, stage, price and market your home so your home stands out from the competition as a unique value and opportunity. Sellers who follow this strategy will have the ultimate success in good times as well as slow times.” Laura Fall, McEnearney Associates: “Know your competition and market value. Compare square footage, upgrades and curb appeal. Have an outstanding online presence. Include professional photography, exposure on multiple Web sites and have easy access to open-house details. Deep-clean each room, groom the yard and pay special attention to the front door. Consult a professional stager. Don’t restrict showing days/ times. Have exterior lights on for safety and appeal.” Rob Ferguson, Re/Max Allegiance: “The biggest thing is price, of course. You might need to clean up the presentation or make it a little bit different. Take away any objections potential buyers might have, whether its painting or carpeting.” Lori Shafran, Yeonas and Shafran Real Estate: “Re-evaluate the property to be in conjunction with where 38

the market is, and get property in the condition that fits the market. Sometimes it might be appropriate to make a price reduction. Look at alternative sources of advertising, and expose the property to people who otherwise wouldn’t look at it. Maybe get a second opinion about how to present the property.” Ann Wilson, Keller Williams: “The No. 1 thing is staging. Hire a professional photographer to take great photos to put online. The prettier the house, the better chance it will sell. Have open houses and package the house perfectly to make it most attractive.” Craig Mastrangelo, Re/Max Allegiance: “I am a firm believer in stressing to sellers the importance of putting in the proper thought on preparing a home for market and how a seller presents their home to the buying public. To that end, I believe strongly in doing whatever routine contracting work that will make a house look fresh: new interior paint, new carpets and/or flooring and professionally staging. As my partner, Kristin Kelly, has said: “Buyers buy what they can see, not what they believe can be.” Barbara Lewis, Washington Fine Properties: “During slower times, it is especially important to have the best house on the market in your price range. That means the house needs to be in excellent condition so, when buyers come, they will be excited. Fresh paint, bright light bulbs, fresh flowers are just a few of the things that will attract a buyer. The right price and the right condition will cause a home to sell in any market. For older homes, especially, condition is extremely important.” Jennifer Harper Thornett, Washington Fine Properties: “When it comes to selling a home during the slower times of the year, or specifically the late fall and winter season, most see it as a challenge – but it can also be an opportunity. Add extra lighting

| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

with brighter bulbs or more lamps, as the days are shorter and homes naturally feel darker. Refresh your exterior pictures as the seasons change. Skip all holiday decor, if possible.” Natalie Roy, Keller Williams: “Respond to the market quickly, be creative and ensure everyone has realistic expectations. Creative marketing could include open houses with holiday themes, since the market tends to be slower around the holidays and winter months, fun riders that grab prospective buyers’ attention and, most important, competitive pricing.” Adam Gallegos, Arbour Realty: “The best thing you can do to sell your home during a slower time of year is make it stand out. Make sure it shows better than the competing properties and is priced reasonably.” Karen Close, Century 21: “Every house has a buyer, but you can’t manufacture them as much as you might want to. If you put the right price on a house and present it properly, and have the right handler, you may not need any tips to help it sell. In a slow market, sometimes you just have to wait.” Mark Middendorf, Long and Foster: “Sometimes you have to assess the whole picture. Maybe take the bull by the horns, think way outside the box and start over, or look what you can do differently. Any attention to a house is good attention. Sometimes you need to do things to get people talking about a property.” Carol Temple, Coldwell Banker: “Don’t handicap the process. Don’t be misled by the chatter about low inventory making this a seller’s market, as it definitely is not a seller’s market in some price ranges and some products. Do establish the right asking price from day one. Do everything possible to show the property at its very best. Do listen to your agent that you are trusting to manage the process for you.” Mike Highman, Acquest Realty:

“Pricing: Know your neighborhood market by having hard data. With this, one can estimate an analytical price versus a seller’s myopic wishful sales price. Property presentation: This means sellers have another part-time job of keeping the exterior and interior constantly neat and clutter-free. Accommodating: Availability to have the property shown at buyer’s reasonable time. Open to any discussion with buyer’s questions and concerns.” Carol Ellickson, TTR Sotheby’s International: “Pricing is the key. It overcomes all objections. There are pockets that are stubborn, but overall I think the fall is not a bad time to list.” Betsy Twigg, Washington Fine Properties: “It always comes down to pricing, and some clients are resistant to lowering the price. Sellers have expectations. If a house is not selling and the client doesn’t want to lower the price, they should considering renting, putting it back on the market at a later time, or offer to pay some of the closing costs.” Billy Buck, Buck & Associates: “If a seller wants to put a house on the market in the winter, suggest they do a photo shoot now.” David Howell, McEnearney Associates “It really is a matter of doing the same things for what is perceived as a faster time of the year: price it right and put it in the best possible condition. For detached homes and townhomes, spruce up the exterior with attractive fall plantings and making sure the yard is in top shape. The single most important consideration is price.” Diane Lewis, Washington Fine Properties: “Selling homes during slower times of the year make price and condition even more important. Homes that are move-in-ready and priced correctly will still sell. Fresh paint, landscaping and staging really make a difference, along with great photography and a good marketing plan.”

OCTOBER 2017 | SUN GAZETTE | FALL REAL ESTATE GUIDE |

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| FALL REAL ESTATE GUIDE | SUN GAZETTE | OCTOBER 2017

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