Great Falls, McLean, Oakton and Vienna Gazette Fall Real Estate Section

2018

Fall

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

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Bill Detty

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FALL REAL ESTATE GUIDE | OCTOBER 2018

Anna Thronson

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6337 Georgetown Pike McLean

$629,500

Falls Church

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1525 Woodacre Drive

$1,950,000

7432 Westwood Park Lane

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634 Innsbruck Ave • Great Falls $7,175,000.00

9100 Eaton Park Road • Great Falls $1,399,000.00

The Signet • McLean $2,800,000.00 • Brought the Buyer

SOLD

SOLD

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

21841 Goodwood Terrace • Ashburn UNDER CONTRACT IN 7 DAYS

10970 Woodland Falls Drive • Great Falls $1,499,000.00 • POOL

42467 Malachite Terrace • Ashburn $436,000.00 • Brought the Buyer

JUST LISTED

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10121 Walker Lake Drive • Great Falls $1,195,000.00

10150 Akhtamar Drive • Great Falls $1,440,000.00

Chris Fraley

PRINCIPAL CHRIS FRALEY AND ASSOCIATES

Direct: 703.217.7600 chrisfraleyhomes@gmail.com 6820 Elm Street. McLean, Virginia 22101 Each office is independently owned and operated.

OCTOBER 2018 | FALL REAL ESTATE GUIDE

3

Q&A: Can Top Pros Guesstimate Prices Elsewhere?

DAVE FACINOLI Staff Writer

If shown a photo of a house for sale from a different part of the country, and given some basic information about the community in which it was located, could local real-estate professionals determine the price of that property within a reasonable margin of error?

The Sun Gazette queried a number of top agents across the local area.

Some were confident they could get close to the right price if they knew the location and some basic information; others said they could do it if they reached out to colleagues in that particular area for some help; and others suggested it would be difficult to do based on all the variables involved.

Here are the responses: Steve Wydler, Wydler Brothers Real Estate: “The short answer is, that actually is a game most Realtors do play. Like when you might be on vacation and see a home and wonder what it is selling for. There is no scientific method to find out the price, but it’s fun to see if similar-looking homes in this area, the South, Midwest or California fare in comparison of prices.

It’s always a challenge, and keeps our skills sharp, I guess.”

Karen Briscoe, Huckaby Briscoe Group: “It would be a challenge and

is kind of intuitive. I have a sense of value to actually pinpoint an accurate price. The availability of the Internet makes it easier, and it helps to rely on local professionals. Also, how close is the nearest Starbucks, mass transit and other things? That all helps understand value.”

Betsy Twigg, Washington Fine Properties: “By keeping up with different markets and having an overall sense of those markets, I could probably make a pretty good guesstimate. I saw a picture of Christine Blasey Ford’s house in Palo Alto, Calif., and guessed it went for around three million. That’s pretty much what it is worth.”

Mark Middendorf, Long and Foster: “Depending on the quality of the photo and where it came from, you can tell a lot from that. If the photo is taken above by a drone of a home in Hawaii, you know it’s probably worth a couple of million, minimum. You have to always take property taxes into account. But after being in the business for 30 years, you could look at the photo, take a wild guess and be in the ballpark nine out of 10 times.”

Donna Moseley, TTR Sotheby’s International Realty: “The ability to do out-of-area-analysis is dependent on the skill set of the agent. I am very comfortable that my business partner and I could correctly analyze information in almost any area of the world.

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Let’s play a little “how much is it worth?” game, using the above home, courtesy the Web site www.toptenrealestatedeals.com. It is a 1938 Colonial Revival located in the Westwood/Holmby Hills area of Los Angeles, between Beverly Hills and UCLA (and just two blocks from the Playboy Mansion). Owned at one time by Ronald Reagan and his first wife, Jane Wyman, the property features more than 6,100 square feet with five bedrooms and six baths, and retains most of the original design from “architect to the stars” Paul Williams. There is a pool, gazebo and terraces.

The home, which had not been on the market for 64 years, was listed by Christophe Choo and Joyce Essex Harvey of Coldwell Banker Residential Brokerage and sold just three months after listing for $_________ (insert your guess, find the answer elsewhere in this special section). For more on the property, see the Web site at www.littleholmbypaulwilliamscolonial.com/.

As a constant rule of thumb, we use every resource we can to benchmark value. However, we are smart enough to realize that it is much better to share information needs with an area specialist in real estate than to give the wrong guidance to a client. While the Internet offers many resources, it is only an information guideline.”

Debbie McGuire, Keller Williams: “The data is worldwide and robust for housing. I would look at sales price comparisons per square foot, months of inventory (supply-and-demand ratios) and days on the market to determine if prices are stable, appreciating or declining. I would look at the overall market and then zero in to the neighborhood. Using online portals, you can find out almost everything. You can even see the property on Google.

Then I would call a local professional in my extensive network for the real scoop.”

John Mentis, Long & Foster: “Doubtful that I could come up with a value, since all real estate is local, meaning the value is derived from each individual market and neighborhood or area. I could point out pros and cons of a property from a photo,

but that’s the only thing anyone would be able to reasonably do.”

Casey Samson, Samson Properties: “Easy, as long as we have access to local MLS and tax records. You have to compare the home to appraisalquality comps of similar size, age and amenities within a one-mile radius to come up with a base price. Condition and upgrades push the price up or down the range of value, so visual inspection is the key to final pricing.”

Jennifer Thornett, Washington Fine Properties: “The Internet would certainly be helpful. Also, Washington Fine Properties has a vast network of agents throughout the country that I could lean on for information that I might not be able to find myself online.”

Bill Groom, Long & Foster: “I could probably take a good guess, if I were allowed to do some research.”

Natalie Roy, Keller Williams: “With the wide range of Internet market tools available, I could make a ballpark estimate. Any information I share, however, would be prefaced by a statement that I am not an expert in Continued on Page 32

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Compass is a licensed real estate brokerage that abides by Equal Housing Opportunity laws. Information is compiled from sources deemed reliable but is not guaranteed. All measurements and square footages are approximate. This is not intended to solicit property already listed. Compass is licensed as Compass Real Estate in DC and as Compass in Virginia and Maryland. 6849 Old Dominion Drive, Suite 360, McLean, VA 22101 | 703.310.6111

OCTOBER 2018 | FALL REAL ESTATE GUIDE

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Oktoberfest at Trilogy at Lake Frederick

®

We’re celebrating Oktoberfest at Trilogy® at Lake Frederick, and you’re invited!

Tomorrow from 12:00pm to 3:00pm, we’ll have live music and traditional German food (including bratwurst and beer, of course!) at the Lakeside Lawn at Shenandoah Lodge. Join us for a fun-filled afternoon with your future neighbors!

Good Times at the Shenandoah Lodge Oktoberfest will take place on the lawn of our ~36,000-square-foot Shenandoah Lodge. This amazing facility has a charming café, an educational culinary studio, a sports escape with poker and card tables, billiards, and flat screen TVs, a fitness center, and social and event spaces.

The Club also features an award-winning restaurant, Region’s 117, which offers a spectacular lake view and a regional menu of locally sourced ingredients curated within 117 miles of the Club.

Region’s 117 was recently awarded “BEST OF” in three categories: Best Dinner, Best Fine Dining, and Best Restaurant in Winchester/ Frederick County!

Gorgeous Homes Trilogy at Lake Frederick has seven beautiful floorplans that range from ~1,762 to 5,033 square feet, starting from the mid $300’s. You’ll love these open-concept homes, which have lots of incredible features: spacious living areas, stunning kitchens, great rooms, covered patios, luxurious owners suites, and more!

Can’t Make Oktoberfest? There’s More Coming Up! If you can’t make Oktoberfest, don’t worry. We have many other events on the calendar. On October 28th from 12:00pm to 3:00pm, we’re hosting a Cruise-in Car Show. Whenever you’re here, take a tour of our Model Homes, the Club, and our Quick Move-in Homes. We’re having a National Sales Event on all Quick Move-in Homes (through October 14th), so your timing couldn’t be better. Call to learn more!

55+ Trilogy ® at Lake Frederick TrilogyLife.com/LakeFrederick | 888.244.8063 Sales and Construction: Shea Homes® Limited Partnership (#2705152813). Homes at Trilogy® at Lake Frederick are intended for occupancy by at least one person 55 years or older, with certain exceptions for younger persons as provided by law and the governing covenants, conditions and restrictions. This is not an offer of real estate for sale, or a solicitation of an offer to buy, to residents of any state or province in which registration and other legal requirements have not been fulfilled. Trademarks are property of their respective owners. Equal Housing Opportunity. Region’s 117 won Best Of in September from the Northern VA Daily. This is a sales event. Offer valid for all guests who are not current residents or under contract. Must be qualified for occupancy in the community. Furniture not included or available for purchase (even upon the payment of an additional charge).

Base Price does not include closing costs, options, upgrades or lot premiums. Incentive available on inventory homes only and on contracts written between 9/21/18 and 10/14/18 which close before 12/29/18. Incentives vary and may be in the form of price reductions or credits toward the purchase of upgrades. In addition, a credit towards closing costs may be available but only for those financing their purchase with Shea Mortgage. Buyers are not required to use Shea Mortgage as their lender.

Buyers may select any lending institution of their choosing for the purpose of securing mortgage financing, are not limited to Shea Mortgage, and are free to decline any closing costs credits tied to the use of Shea Mortgage.

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FALL REAL ESTATE GUIDE | OCTOBER 2018

Resident-Curator Effort: Supervisors Set to OK Plan for Turner Farm Park

BRIAN TROMPETER Staff Writer

The Fairfax County Board of Supervisors on Oct. 16 at 5 p.m. will hold a public hearing to discuss a proposed 20-year lease for a resident curator at Turner Farm Park at 10609 Georgetown Pike in Great Falls.

As resident curator, Sarah Kirk would live at the property along with her family and a caregiver. The residents also would board horses at the site.

The residents would occupy a 3,200-square-foot Queen Anne-style farm house, built around 1905, which is sited on 5 acres within 52-acre Turner Farm Park. The house formerly was part of a dairy farm, a common use for land in Great Falls in the early 20th century, county officials said.

The property’s fair-market rental value over the two-decade lease is $672,000, officials said. In return for residing at the site rent-free, Kirk would oversee efforts to rehabilitate Turner Farm House as a residence, repair the site’s milk house, preserve and restore a corn crib, raze an equipment shed, take care of landscaping and renovate an existing garage into a retreat center.

Kirk would cover the site’s utility, tax and insurance costs and assume the risk for injuries to persons or property at the site.

Before the lease would take effect on Nov. 1, the county would have to obtain an engineering design and install a septic system at the farm house, which Kirk then would have to maintain. That project would cost between $100,000 and $120,000.

“We’re in the final stages of selecting a contractor to install a septic system,” said David Buchta, manager of the Heritage Conservation Branch of the Fairfax County Park Authority.

“We’re on a really tight time frame to get that installed.”

Kirk will have to finance the septic system for the retreat center, Buchta added.

The county also has assessed, repaired and inspected the farm houses’s plumbing and electrical systems so they meet the standards for a residential-use permit. Kirk would be responsible for the same tasks at the retreat center.

The lease would expire on Oct. 31, 2038, but county officials would have the option to terminate it early after the first 15 years, provided they gave Kirk at least six months’ notice. Kirk also could end the lease early if the Board of Supervisors did not grant the necessary special exception for the retreat center within the first year of the lease’s commencement.

Under Kirk’s submitted business plan, renovations would occur according to this schedule: • In Phase 1, she would start efforts for design, permitting and construction at the farm house and Pony Farm fields and complete those improvements so she and the other residents could move into the house and horses could be boarded.

• In Phase 2, Kirk would finish the house’s treatment plan and the Pony Farm’s fencing and barns, plus other duties stipulated under the residentcurator program. She also would begin design, permitting and fund-raising efforts for restoration of the outbuildings and future retreat center.

• In Phase 3, Kirk would raise money and complete her program duties for the retreat center and outbuildings.

• In final Phase 4, Kirk would continue raising funds and maintain the property for the term of the lease.

The lease would require Kirk to plant a 15-foot-wide evergreen-shrub buffer along Georgetown Pike and offer public access to the property at least once per year for activities such as an open house at the farm house, tours of the Pony Farm or lectures, workshops on pasture or manure management, or other public activities.

Kirk also would be able to make Continued on Page 34

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An Homage to French Country Estates Custom ‘Villa Viana’ Showcases Craftsmanship in Franklin Park

O

ur featured property offers a combination that will be difficult to top, springing from the creative union of award-winning architect Glenn Fong and the superior construction and craftsmanship of the Galileo Group, set on a lovely lot in the always-in-fashion Franklin Park community that straddles the McLeanArlington border.

Inspired by some of France’s finest country estates, “Villa Viana” is elegance personified – in a dignified, understated way – on the outside, and inside, you will find exceptional finishes throughout and showstopper luxury that is equally adept at offering the backdrop for daily living and proffering the perfect setting for entertaining in style.

The property currently is on the market, listed at $5,900,000 by Pam Hazen, Donna Moseley and John McNamara of TTR Sotheby’s International Realty.

Our tour of this testament to classic elegance begins at the French-replica front door, hand-carved from Pennsylvania white oak and featuring Renaissance-inspirted knockers, hand-blown seeded glass and rosette pulls.

Exceptionality is around every corner, so to pick out the “best of the best” is a challenge, indeed. But here are some of our favorite spaces:

• The elegantly curved staircase features one-of-a-kind hand-forged iron rails for a superb look.

• The formal dining room is graced by a unique Niermann Weeks chandelier.

• The Great Room lives up to its name with a cast-stone fireplace, reclaimed-wood beamed cathedral ceiling and tripped French doors leading to the stone terrace.

• The kitchen echoes the ambiance of Renaissance-era Provence, and is ready to exceed expectations of the serious chefs among us.

• The family room perhaps is most evocative of the French-estate heritage of the home, with artisan ceiling, another cast-stone fireplace and a lounge.

• The master retreat is a beacon of serenity, with sitting room, spa bath (with Calcutta gold-medallion tile), plentiful storage and access to the terrace.

Each of the three en-suite upper-level bedrooms is uniquely appointed, with plentiful closet space. One of the bedrooms works well as a second master, with French doors leading to a balcony overlooking the grounds.

The lower level features high ceilings and an emphasis on informal fun, from the game area to the home theater (with arched beams fashioned after the

Chateau de Chenonceau) to a full bar and even a wine grotto. There also is an additional en-suite bedroom and glasswalled home gym.

The Travertine terrace runs the length of the home, seamlessly melding indoor and out. Mature plantings assure privacy and solitude, and are augmented by exceptional outdoor lighting.

Truly a standout in all areas.

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 hav-

ing a house reviewed, contact the Sun Gazette’s real estate advertising department at (703)738-2521.

DONNA MOSELEY & JOHN MCNAMARA, Vice Presidents Regardless of price or location, we have, and will continue the expectations of our valued clients.

Donna +1 703.623.5294 | dmoseley@ttrsir.com

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John +1 703.395.2908 | jmcnamara@ttrsir.com

FALL REAL ESTATE GUIDE | OCTOBER 2018

Facts for buyers

Address: 6126 Franklin Park Road, McLean (22101).

Listed at: $5,900,000 by Pam Hazen (703) 587-7300, Donna Moseley (703) 623-5294 and John McNamara (703) 395-2908, TTR Sotheby’s International Realty.

Schools: Chesterbrook Elementary, Longfellow Middle, McLean High School.

ttrsir.com

McLean Brokerage to strive to exceed 6723 Whitter Avenue McLean VA 22101 +1 703.319.3344 Pam + |703.587.7300 | phazen@ttrsir.com

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Survey: Record Number of Americans Believe Now Is a Good Time to Sell; Fewer Think It’s Good Time to Buy New findings from the National Association of Realtors show that a record high 77 percent of Americans believe that now is a good time to sell a house, while those that think now is a good time to buy continues to decline.

NAR’s third quarter Housing Opportunities and Market Experience (HOME) survey also found that a majority of consumers believe prices have and will continue to rise, while the quality of schools is a critical factor in deciding whether or not to buy

EHO

PUBLISHER’S NOTICE

We are pledged to the letter and spirit of Virginia’s policy for achieving equal housing opportunity throughout the Commonwealth. We encourage and support advertising and marketing programs in which there are no barriers to obtaining housing because of race, color, religion, national origin, sex, elderliness, familial status or handicap.

All real estate advertised herein is subject to Virginia’s fair housing law which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, national origin, sex, elderliness, familial status or handicap or intention to make any such preference, limitation, or discrimination.”

This newspaper will not knowingly accept advertising for real estate that violates the fair housing law.

Our readers are hereby informed that all dwellings advertised in this newspaper are available on an equal opportunity basis. For more information or to file a housing complaint call the Virginia Fair Housing Office at (804) 367-9753. Email: fairhousing@dpor. virginia.gov. Web site: www.fairhousing.vipnet.org

a home.

Half of all Americans strongly believe now is a good time to sell (compared to 46 percent last quarter), while 27 percent moderately believe this is the right time (29 percent last quarter). Respondents in the West are the most likely to think now is a good time (85 percent) as are those who currently own a home (82 percent).

Only 22 percent believe that now is not a good time to sell, down from 29 percent in the second quarter.

Optimism that now is a good time to buy has declined slightly from last quarter. Sixty-three percent of respondents either strongly or moderately believe that now is a good time buy compared to 68 percent last quarter.

Among renters, positive feelings about purchasing continue to fall, dropping from 49 percent in the second quarter to 45 percent this quarter.

Optimism is highest among older U.S. households (65 or over) and those with a household income of more than $100,000 a year (70 and 68 percent respectively).

NAR Chief Economist Lawrence Yun says several consecutive years of strong home price growth are enticing homeowners to consider selling.

“Though the vast majority of consumers believe home prices will con-

tinue to increase or hold steady, they understand the days of easy, fast gains could be coming to an end,” he said.

“Therefore, more are indicating that it is a good time to sell, which is a healthy shift in the market.”

Respondents were also asked about their view of home prices in their neighborhoods. Seventy percent believe that home prices have gone up in their area in the last 12 months, up from 68 percent in the second quarter. Fifty-three percent also believe that home prices will continue to increase in their communities in the next six months; this is down from the last quarter (55 percent).

A near-record high of 60 percent of households believe that the economy is improving – up slightly from 58 percent last quarter and up significantly from 53 percent in the third quarter of 2017. People in a household income of over $100,000 are more likely to view the economy as improving (67 percent) compared with those with an income $50,000 to $100,000 (64 percent) and under $50,000 (49 percent).

The HOME survey’s monthly Personal Financial Outlook Index, showing respondents’ confidence that their personal financial situation will be better in six months, rose slightly from 62.1 in June to 62.6 in September. A

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year ago, the index was 62.0.

Among those who do not currently own a home, 28 percent of those surveyed believe that it would be very difficult to qualify for a mortgage and 31 percent believe that it would be somewhat difficult given their current financial situation (compared to 26 and 28 percent last month respectively).

“This is most likely a manifestation of the constantly rising prices,” said Yun. “As prices rise so do down payments, making the mortgage qualifying process more challenging.”

In this quarter’s survey, homeowners and non-homeowners were asked how important high rated schools are in their home buying decision. Over two-thirds of those surveyed said that highly rated schools were either very or somewhat important in their decision (47 percent and 23 percent).

When asked about what considerations were taken into account when choosing a new neighborhood, 25 percent of respondents ranked proximity to friends and family as most important, followed by proximity to their job and a short commute (24 percent).

Proximity to friends and family is most important to those in rural areas (31 percent) compared to suburban and urban (25 and 21 percent).

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First-Time Buyers: In D.C. Area, Move-In Will Cost $70,000-ish

Typical first-time home-buyers in home can also be pricey for the new the Washington area can expect to owners. Thumbtack data show that pay nearly $70,000 in up-front costs these projects – eight hours of local – more than 70 percent more than the moving, installing new locks, mountnational average – to move into their ing a TV and full interior and yard cleaning – cost $1,130 on average. next home, according to new data.

Add it all up in the Washington reBut the financial hit could be far worse: Those buying in San Francisco gion, and the average cost of moving will pay an average of $152,000 to in comes to $68,946.

If any of your high-achieving clients have been looking for a new Take a look at the competitive primary residence, second home or vacation property, I would be The one-time costs associated with move in, with those in nearby San features of our Premier Mortgage: honored to assist. SunTrust Mortgage offers exclusive advantages buying a new home are highest in Jose paying, on average, more than • Greater purchasing power – with our Premier Mortgage1 like high loan limits and low down the San Francisco Bay area, in large $200,000 – a figure that would pay the maximum amount of $3 million If any of your high-achieving clients have been looking for loan a new payment options, all while providing the dedicated, personal Take a look at the competitive part due to the high overall costs of entire cost of a home in a good number attention that will make the experience effortless.

• Cash management primary residence, second home or vacation property, I would beflexibility – homes and labor there. It would cost of areas around the country. down payments as low as 10.01% features of our Premier Mortgage: ts have been for new honored to SunTrust advantages any ofaassist. your high-achieving been looking for a new Youlooking haveIfyour client’s best interests at heart,Mortgage and weclients asoffers well.have Take adolook at exclusive the competitive buyers in San Jose nearly $203,000 on A new analysis fromcompetitive RealEstate.com Take a look at the • Their choice – fixed rate mortgages 1 achieve their home work together to helpbe them confidently or vacation We’ll property, • Greater purchasing power – 2down like high loan limits and low with ourI would Premier Mortgage primary residence, second home or vacation property, I would be or ARMs (a Zillow brand) and Thumbpack finds average in one-time payments alone, features of our Premier Mortgage: financing goals. features of our Premier Mortgage: age offers exclusive advantages maximum loan amount of $3across million payment options, all while providing the dedicated, personal More manageable monthly the typical homeowner the U.S. which is more than the median home honored to assist.

SunTrust Mortgage offers•exclusive advantages payments – with no required • Greater purchasing power – gh loan limits attention andwith lowour down value in 11 major markets. will spend just a tad more than $40,000 1 that will make the experience effortless.

• Greater purchasing power – andinsurance low down Premier Mortgage like high loan limits • Cash management flexibility – mortgage “Buying a home, especially for the to transact the sale, with most of that maximum loan amount of $3 million ing the dedicated,payment personaloptions, all while maximum amount of $3 million first time, is an exciting but stressful providing the dedicated, personal downgoing payments asloan low as 10.01% toward a down payment. rience effortless.

Youattention have yourthat client’s at heart,effortless. andflexibility we do as–well.

• the Cash management will best makeinterests experience “The –management typical first-time buyer– puts experience,” said Justin LaJoie, RealCash flexibility • Their •choice fixed rate mortgages We’ll work together them confidently home down paymentsachieve as low their as 10.01% Let’s get together to developtoa help plan for your client.

Estate.com’s general manager. “Some down 2 15 percent as a down payment,” or ARMsdown payments as low as 10.01% sts at heart, and we doKathy as well.

L. Neal financing goals. of that stress can be eased by makaccording to the Zillow Group Report SVP, Loan Officer client’s best • Their choice at – fixed mortgages You have your interests heart,rate and we do as well.

• Moreon manageable monthly confidently achieve theirSunTrust home Mortgage Consumer Housing Trends 2018. ing sure you know all of the costs • Their choice – fixed rate mortgages 2 703.906.7039 Office or them ARMsconfidently achieve their home We’ll work together to help “That would berequired $32,700 for the typical that come with buying and owning payments – with2 no kathy.neal@suntrust.com or ARMs www.suntrust.com/kathy.neal financing goals. a home, so you can budget approU.S. home, worth • More manageable monthly NMLSR# 169588 mortgage insurance $218,000 in July.”

• More manageable monthly priately and not get caught off guard Closing costs add thousands more payments – with no required to payments the total –amount buyers should well into the buying process.” with no required mortgage insurance “It’s imperative first-time homebemortgage preparedinsurance to pay. These costs frequently include the origination fee, buyers do their research around unnew Let’s getatogether to develop a plan for your client. appraisal, transfer taxes, the first year expected home-ownership costs, Take look at the competitive of homeowners’ insurance, title insur- including projects that help them preKathy L. Neal d be ance and ancillary items. These add pare for the big move,” said Thumbfeatures of our Premier Mortgage: p a plan for your client. SVP, Loan Officer tages about $6,250 to buyers’ expenses on tack lead economist Lucas Puente.

SunTrust Mortgage Let’s get together toOffice develop ahave plan for looking your client.

If any of your high-achieving clients been for a new 703.906.7039 the home purchase the median “While there may be some initial stick• Greater purchasing power – Take a look at theforcompetitive n kathy.neal@suntrust.com Kathy L. Neal primary residence, second home or vacation property, I would be er shock, these projects can help get a home. maximum loan amount of $3 million features ofand ourmoving Premier Mortgage: www.suntrust.com/kathy.neal al SVP, Loan Officer house move-in ready.”

Preparing into a new honored to assist. SunTrust Mortgage offers exclusive advantages

We’ll treat your clients with distinction.

We’ll treat your clients with distinction. clients with We’lldistinction. treat your clients with distinction.

distinction.

com athy.neal

well. ome

1 Premier Mortgage requires minimum $100,000 in liquid assets. Loans under $1 million require $150,000 per year in income; loans over $1 million require $250,000 in income. This product is not available in some states. Please ask your loan officer for details.

2 Adjustable Rate Mortgage (ARM) products have interest rates that may increase after consummation.

We’ll treat your clients with distinction.

The information contained herein is intended as informational material for the sole and exclusive use of the business entities to which it was distributed and is subject to change without written notice.

Equal Housing Lender. SunTrust Bank - NMLS #93471. SunTrust Mortgage is a tradename of SunTrust Bank and loans are made by SunTrust Bank. ©2018. SunTrust Banks, Inc. SUNTRUST MORTGAGE and the SunTrust Mortgage logo are trademarks of SunTrust Banks, Inc. All rights reserved. REV080618KM-R

NMLSR# 169588 SunTrust Mortgage

1 with our Premier Mortgage like high • Cash management flexibility – loan limits and low down 703.906.7039 Office kathy.neal@suntrust.com payment all as while downoptions, payments lowproviding as 10.01%the dedicated, personal www.suntrust.com/kathy.neal attention that will make experience effortless.

NMLSR#the 169588

• Their choice – fixed rate mortgages or ARMs have your bestratesinterests at consummation. heart, and we do as well.

2You Adjustable Rate Mortgage (ARM)client’s products have interest that may increase after

Moving: Rate of Renters • Cash management flexibility – Going Elsewhere Is Low down payments as low as 10.01% • Greater purchasing power – maximum loan amount of $3 million

1 Premier Mortgage requires minimum $100,000 in liquid assets. Loans under $1 million require $150,000 per year in income; loans over $1 million require $250,000 in income. This product is not available in some states. Please ask your loan officer for details. 2

The mover rate for U.S. residents at which moved • The Theirrate choice – fixedrenters rate mortgages We’ll work together to help them confidently achieve their home 1-year-old and over was 11 percent in 2017 was at a historic low of 21.7 2 • More manageable monthly ARMsMORTGAGE Equal Housing Lender. SunTrust Bank - NMLS #93471. SunTrust Mortgage is a tradename of SunTrust Bank and loans are made by SunTrust Bank. ©2018. SunTrust Banks, or Inc. SUNTRUST and the SunTrust Mortgage logo may increase after consummation.

(34.9 million), which remained statispercent, compared to 35.2 percent in We’ll treat your clients with distinction. financing goals. are trademarks SunTrust requires Banks, Inc. All rights$100,000 reserved. REV080618KM-R 1 PremierofMortgage in liquid assets. Loans under $1 million require $150,000 per year in income; loans over $1 million require $250,000 in income. This product is not available in some states. Please ask –minimum with no required your loan officer for details. ial for the sole and exclusive use of thepayments business entities to which it was distributed and is subject to change without written notice. tically unchanged from last year’s all1988, according to new U.S. Census • More manageable monthly If any of your high-achieving clients have been looking for a new Takeand a look at the competitive ortgage is a tradename of SunTrust Bank and loans made by(ARM) SunTrust Bank. ©2018.

SunTrustrates Banks, SUNTRUST MORTGAGE the SunTrust Mortgage logo 2 Adjustable Rateare Mortgage products have interest thatInc. may increase after consummation. time low of 11.2 percent (35.1 million), Bureau data. mortgage primary residence, second insurance home or vacation property, I would be payments – with no required 8KM-R features our Premier Thetoinformation contained Mortgage herein is intended informational material for the sole and exclusive use of of the business entitiesMortgage: to which it was distributed and However, is subject to change without written notice. honored assist. SunTrust offersas exclusive advantages according to the new data. renters still moved at a mortgage insurance • Greater purchasing power – by SunTrust Bank. ©2018. SunTrust with our Premier Mortgage like high loan limits and SunTrust low down Equal Housing Lender. SunTrust Bank - NMLS #93471.

Mortgage is a tradename of SunTrust Bank and loans are made Banks, Inc. SUNTRUST MORTGAGE and the SunTrust Mortgage logo

ans under $1 million require The $150,000 per year in income; loansis over $1 million require $250,000 in for income.

Thisand product is not available in some entities states. Please askit was distributed and is subject to change without written notice. information contained herein intended as informational material the sole exclusive use of the business to which

The lowest mover rate by region in higher rate than owners (21.7 percent 2017 was the Northeast (8.3 percent), compared with 5.5 percent, respec• Cash management flexibility – followed by the Midwest (11.4 pertively), according to the new data. down payments as low as 10.01% You have your client’s best interests at heart, and we do as well.

“Although renters continued to cent), West (11.5 percent) and then • Their choice – fixed rate mortgages We’ll work together to help them confidently achieve their home or ARMs2 move at higher rates compared to the South (11.8 percent). The Midwest, financing goals.

Let’s get together to develop a plan for your client.

• More manageable monthly owners, the decrease in the overall West and South were not statistically payments – with no required Kathy L. Neal mover rate was partially driven by de- different from one another. mortgage insurance SVP, Loan Officer The highest mover rates by race clining mover rates for renters,‚“ said SunTrust Mortgage were the African-American population Charlynn Burd, a geographer with the 703.906.7039 Office Social, Economic and Housing Statis- (13.1 percent) and the Asian populaLet’s get together to develop a plan for your client. kathy.neal@suntrust.com Kathy L. Neal tics Division of the U.S. Census Bureau. tion (12.1 percent). The white populawww.suntrust.com/kathy.neal SVP, Loan Officer “Housing reasons continued to be the tion moved at a rate of 10.3 percent.

SunTrust MortgageNMLSR# 169588 703.906.7039 Office The Hispanic or Latino population most often cited reason for moving.“ kathy.neal@suntrust.com www.suntrust.com/kathy.neal In 2017, 43 percent of movers re- (11.7 percent) had a higher mover rate NMLSR# 169588 ported moving for a housing-related than the non-Hispanic white populareason. In comparison, 27.9 percent tion (10 percent).

1 Premier Mortgage requires minimum $100,000 in liquid assets. Loans under $1 million require $150,000 per year in income; loans over $1 million require $250,000 in income. This product is not available in some states. Please ask In 2015, 99.8 million people 5 years said they moved for a family-related your loan officer for details. me; loans over $1 million require $250,000 income.(ARM) This product is not some states.

Please ask reason, 18.5 percent said they moved and older had moved within the previ2 Adjustable Rate in Mortgage products haveavailable interest in rates that may increase after consummation. for reason, ous five years – not statistically differThe information contained herein is intended as informational material for the sole and exclusive use of the business entities to which it was distributed and isan subjectemployment-related to change without written notice. andSunTrust 10.6Banks, percent said they and moved for Equal Housing Lender. SunTrust Bank - NMLS #93471. SunTrust Mortgage is a tradename of SunTrust Bank and loans are made by SunTrust Bank. ©2018.

Inc. SUNTRUST MORTGAGE the SunTrust Mortgageent logo from the 100.2 million who moved are trademarks of SunTrust Banks, Inc. written All rightsnotice. reserved. REV080618KM-R ies to which it was distributed and is subject to change without within the previous five years in 2010. some other reason.

1

payment options, all while providing the dedicated, personal are trademarks of SunTrust Banks, Inc. All rights reserved. REV080618KM-R attention that will make the experience effortless.

maximum loan amount of $3 million

1 Premier Mortgage requires minimum $100,000 in liquid assets. Loans under $1 million require $150,000 per year in income; loans over $1 million require $250,000 in income. This product is not available in some states. Please ask your loan officer for details.

2 Adjustable Rate Mortgage (ARM) products have interest rates that may increase after consummation.

The information contained herein is intended as informational material for the sole and exclusive use of the business entities to which it was distributed and is subject to change without written notice.

Equal Housing Lender. SunTrust Bank - NMLS #93471. SunTrust Mortgage is a tradename of SunTrust Bank and loans are made by SunTrust Bank. ©2018. SunTrust Banks, Inc. SUNTRUST MORTGAGE and the SunTrust Mortgage logo are trademarks of SunTrust Banks, Inc. All rights reserved. REV080618KM-R

e made by SunTrust Bank. ©2018. SunTrust Banks, Inc. SUNTRUST MORTGAGE and the SunTrust Mortgage logo

12

FALL REAL ESTATE GUIDE | OCTOBER 2018

OCTOBER 2018 | FALL REAL ESTATE GUIDE

13

Region: Median Sales Price Up 3.4% Over 2017 The year-over-year median sales price of single-family homes selling across the Washington metropolitan area in the second quarter of 2018 rose 3.4 percent to $443,100, according to new data, a healthy rate of growth but still lagging the national home-appreciation rate.

The D.C. region ranked 14th nationally among metro areas in median sales price for the quarter, according to data reported by the National Association of Realtors, and was well above the median single-family sales price of $269,000 for the quarter.

The national median price has been rising at a greater rate than the D.C. region’s for most of the period of economic recovery – in part, at least, because the Washington area did

not take as large a tumble during the depths of the recession.

Among other major Virginia metro areas, Richmond saw its median sales price rise 5.1 percent to $267,000 from the second quarter of 2017 to the same period in 2018, while the Hampton Roads area saw its median price decline 2 percent to $235,000.

While prices across the nation were up in the second quarter, sales were tepid. A lack of available inventory was one reason.

“Solid economic growth, a healthy labor market and the large Millennial population should be driving home sales much higher,” Lawrence Yun, chief economist of the National Association of Realtors.

Could there be rebound in coming

months? Maybe, Yun said.

“As long as economic conditions maintain current levels, there’s still a chance for sales to break out this year,” he said. “However, with mortgage rates trending higher, it will only happen if supply levels improve enough to cool the speedy price growth in a majority of the country.”

In the second quarter, the San Francisco metro area ($1,070,000) joined the San Jose metro ($1,405,000) in having median sales prices above seven figures.

Rounding out the five most pricey communities were Anaheim-Santa Ana-Irvine, Calif., $830,000; urban Honolulu, $795,200; and San DiegoCarlsbad, $645,000.

“The unaffordable conditions in

many of the largest metro areas – especially in the West – continue to be a growing concern for many middleclass households aspiring to buy a home,” Yun said. “Homebuilders, facing higher costs and labor shortages, are simply not producing enough affordable homes to satisfy demand.”

That national trend is mirrored in the local area, where the rate of building-permit issuance is about one-third the average that was seen from the mid-1980s through 2000.

That’s a more substantial drop than has been seen nationally, where the permits being issued are about half what they had been between 1985 and 2000.

Second-quarter 2018 data are preliminary.

Millennials are the segment of sellers real-estate market most likely to make concessions, change the date of their closing and have an offer fall through, according to the third annual Zillow Group Report on Consumer Housing Trends – one of a number of early signs of a softening market, after years of sellers having overwhelming control.

The 2018 Zillow Group Report reveals that sellers are finding it difficult

to sell their home on the timeline their life demands and examines why Millennials (those ages 24 to 38) are the least satisfied with the process.

Millennials are more likely to be experiencing major life events such as marriage, childbirth, changing jobs or relocating for work than any older generation. For 69 percent of Millennial sellers, the expense and stress of moving, making improvements or repairs to sell, selecting an agent and

uprooting their family is compound- prices and home values are starting to ed by the pressures of buying a new grow at a less frenetic pace,” said Zillow chief economist Svenja Gudell. home at the same time.

Millennials are the quickest to de- “Whether this tilt in the balance is just cide to sell, making that decision an a pause or the earliest signal of an average of 3 months faster than older emerging buyers market will detergenerations. Fifty-eight percent of mine the extent to which buyers and them experience an offer fall through sellers and their agent-partners recali(compared with 41 percent of all sell- brate their strategies to adapt.”

Among other facets of the report: ers), and 89 percent make concessions • Nearly half (42 percent) of today’s to complete a deal, such as including appliances, lowering the price or pay- buyers are between the ages of 24 to ing some of the closing costs (com- 38, and their younger cohort “Generation Z,” ages 18-23, already make up pared with 83 percent of all sellers).

Perhaps then it’s no surprise that 86 three percent of home buyers.

• Nearly a third of Millennial and percent of Millennial sellers say they would do at least one thing differently Generation-Z buyers (31 percent comif they could start over (compared to bined) end up living in an area they 67 percent of all sellers), with 29 per- hadn’t initially considered, as a result cent saying they would have listed of challenges relating to affordabiltheir home at a different price. With ity and inventory constraints: 37 percentare combined say there aren’tbreakfast many so many moving parts and the poten- We hosting a free tial for setbacks, many sellers say they homes for sale in their preferred area, seminar at the Washington Golf wish they had started the process while 33 percent combined are priced &out.

Country Club to introduce you sooner. to experts, and strat• Millennialsresources, are more likely than “These seller challenges don’t indiegies that can help you simplify cate we’re suddenly in a buyers’ market older generations to rely on family life and move.

Come and friends for helpyour cobbling together – we don’t expect market conditions your bringtoyour questions! the funds buy a home, and are the to shift decidedly in favor of buyers and until 2020 or later. But buyers certainly generation most likely to exceed their budget. are starting balk at the rapid rise in on Thistoevent is being held Wednesday, October 24th from

Survey: Millennials See More Deals Fall Through

Thinking of

downsizing?

We can help.

We are hosting a free breakfast seminar at the Washington Golf & Country Club to introduce you to experts, resources, and strategies that can help you simplify your life and your move. Come and bring your questions!

This event is being held on Wednesday, October 24th from 10:30am-1:30pm. Attendance is limited to 35 guests so participants will have an opportunity to meet the panel and ask questions. A Continental Breakfast will be served.

Sponsored by Dick Nathan & Cody Chance of Long & Foster

Our panelists will include:

Bill Fralin, Esq., Elder Law Attorney — Phil Grisdela, Wells Fargo Home Mortgage — Lynn Tenbrink, Goodwin House — Tim Wesling and Carol May, Wesling Financial Planning Services— Wendy Donohue, Wendy Donohue Solutions — Jay Eskovitz, Esq., Key Title — Russ Adams, Esq., RGS Title

More to be announced!

Space is limited—RSVP required. For details and to reserve your place, please call Dick Nathan at (703) 284-9318 or email dick.nathan@longandfoster.com Long & Foster Realtors // 4600 Lee Highway, Arlington, VA 22207 // (703) 522-0500 // Dick Nathan Real Estate, LLC

14

FALL REAL ESTATE GUIDE | OCTOBER 2018

Thinking of

downsizing?

We can help.

10:30am-1:30pm. Attendance is limited to 35 guests so participants will have an opportunity to meet the panel and ask questions. A Continental Breakfast will be served.

BUSINESS OWNERS/

MANAGERS

Sponsored by Dick Nathan & Cody Chance of Long & Foster

Our panelists willtoinclude: Want be among the

Bill Fralin, Esq., Elder Law Attorney — Phil Grisdela, Wells firstTenbrink, to get updates Fargo Home Mortgage — Lynn Goodwinon House — Tim Wesling and Carol May,the Wesling Financial Planning Sun Gazette?

Services— Wendy Donohue, Wendy Donohue Solutions — Jay Eskovitz, Esq., Key TitleSign — up Russ RGS Title for ourAdams, marketing Esq., e-newsletter by sending your email address, name and More to be announced! business to mlester@sungazette.net.

Space is limited—RSVP required. For details and to reserve your place, Onlyat1-2(703) newsletters will be sent month and please call Dick Nathan 284-9318 orperemail you can unsubscribe at any time. dick.nathan@longandfoster.com Long & Foster Realtors // 4600 Lee Highway, Arlington, VA 22207 // (703) 522-0500 // Dick Nathan Real Estate, LLC

0

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Hdwd flrs Metro, on main Mosaic, & updated upper lvls, Gourmet areas with “The Right Motivation” $900,team, 000 $1,125,000 and Maryland and Maryland Vienna/Oakton 703-965-2685 Call Shannon Today! Call Hdwd flrs on main & I66/I495 upper lvls, to Gourmet Helping BuyersShannon and Sellers Today! kit w/SS app & custom cabinetry.

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Cell: 703.408.5524 703-938-4200 Cell: 703.408.5524 Metro, I66/I495 Mosaic, Tysons,downtown Vienna, CallCall Shannon Today! since 1999 Licensed in Virginia www.saritarealtor.com Shannon Today!

I66/I495 Email: Robyn@LNF.com Email: Robyn@LNF.com 703-565-6410 and Maryland beautifully updated from top to bottom!

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center! to town center!

Hdwd flrs on main & upper lvls, Gourmet $839,000 Monica Hugie kit w/SS app & custom cabinetry.

Close to $1,125,000 Metro, Mosaic, Tysons,downtown Vienna, 8606 Cottage St, Vienna, VA 22182 703-625-1870 I66/I495 4BR/2.5BA, 3355 sqft on .3 acre lot, monicahugie@lnf.com beautifully updated from top to bottom!

Setting a new paradigm in Service

Setting a new paradigm in Service

4336 Henderson, Arlington 42739 Cedar Ridge, Chantilly Cell: 703.408.5524 $900, 000 $1,125,000 ROBYN NOBERT, Email: Robyn@LNF.com Setting a new paradigm in Service

3787 Louise Ave, Chantilly $700, 000

Setting new paradigm Setting a newaparadigm in Service in Service

REALTOR Setting a new paradigm in Service Sarita Sethi “Ready for your next

Fetne

Broker/Vice

703-9

Fetneh Schacht, CRB ROBYN NOBERT, 703-965-2685 Broker/Vice President, Licensed in VA, MD, DC REALTOR move? Call Robyn” Saritarealtor@msn.com 703-938-4200 or fetneh@lnf.com www.saritarealtor.com “Ready for your next Helping Buyers and Sellers www.fetneh.lnf.com move? Call Robyn” since 1999 Licensed in Virginia To join our winning SaritaSarita SethiSethi Vienna/Oakton team, Ave, Chantilly Helping Buyers and Sellers and Maryland 4336 Henderson, Arlington 3787 Louise 42739 Cedar Ridge, Chantilly 703-965-2685 703-965-2685 Sarita Sethi contact Fetneh today!

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VIENNA/OAKTON

VIEN

VIENNA/OAKTON VIEN

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4336 Henderson, Arlington 7 0 3 - 9 3ROBYN 842739 - 4 2Cedar 0NOBERT, 0Ridge, Chantilly 7 0 3 - 9 3 8 - 4 2$900, 0 0000 $1,125,000

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Fetneh Schacht, CRB $700, 000 Picturesque all brick Fabulous col w/2 story $1,550,000 Broker/Vice President, Licensed in VA, MD, D $1,450,000 Vienna.va@longandfoster.com REALTOR Vienna.va@longandfoster.com Fetneh Schacht, CRB Fetneh Schacht, CRB ROBYN NOBERT, ROBYN NOBERT, traditional home’ s foyer-mn lvl offi ce, 600 Alma St. SE, 308 Springwood Ct. NE, 703-938-4200 or fetneh@lnf.com “Ready for your next gourmet kit surpasses all Broker/Vice President, LicensedininVA, VA,MD, MD,DC DC Broker/Vice President, Licensed REALTOR large Master suite & REALTOR Vienna www.fetneh.lnf.com Vienna Ave, Chantilly 4336 Henderson, Arlington 703-938-4200 3787 Louise ar Ridge, Chantilly 703-938-4200ororfetneh@lnf.com “Ready formove? your nextCall Robyn” you have seen! bath, hdwd flrs on LL, fetneh@lnf.com “Ready for your next Fetneh Schacht, www.fetneh.lnf.com ROBYN NOBERT, $900, www.fetneh.lnf.com 000 $700, 000 To joinCRB our winning 1,125,000 New Lwr lvl w/wet bar & fin w/walk To up.join our winning Call Robyn” move?move?

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Helping Buyers and Sellers walk up. Main lvl BR w/ REALTOR Buyers and Sellers HelpingHelping Buyers and Sellers 1999 Licensed in Virginiaba. Mstr BR has sit rm, sinceLicensed 1999since Licensed in Virginia “Ready for your next since 1999 in Virginia and Maryland and Maryland lrg bath w/shwr & tub. and Maryland Call Robyn” $1,550,000 $1,450,000 Tana Tana Cell:move?

703.408.5524 Cell: 703.408.5524 Cell: 600 703.408.5524 All BRs have en-suite Alma St SE, Vienna 308 Springwood Ct. NE, Vienna Keeffe Email: Keeffe Email: Robyn@LNF.com Picturesque all brick traditional home’sSellers Robyn@LNF.com Fabulous col w/2bath. storyFab foyer, mn Helping Buyers and Email: Robyn@LNF.com patio forlvl office, Multi-Million Dollar gourmet kit surpasses all you have seen! large Master suite & bath, hdwd Multi-Million Dollar flrs on LL, 1999 inlvlVirginia fin w/walk Top Producer Top New Lwrsince lvl w/wet bar &Licensed walk up. Main up. Backyd hasProducer entertaining w/prvcy!

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OBERT, OR Tana@LNF.com

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Backyd has resortVienna/Oakton team, Vienna/Oakton team, contact Fetneh today! contact Fetneh today!

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outdoor entertaining—close to town entertaining—close to town entertaining w/prvcy! Close Fab patio for entertaining w/prvcy! Close Cell:$1,550,000 703.408.5524 703-938-4200 oroutdoor fetneh@lnf.com Debbie $1,450,000 center! center! ur next Tana Fab patio forEmail: to town center! center! $1,450,000$1,550,000to townDebbie Tana Robyn@LNF.com www.fetneh.lnf.com 600 Alma St SE, Vienna 308 Springwood Ct. NE, Vienna 600 Alma St SE, Vienna Earman 308 Springwood Ct. NE, Vienna Earman Keeffe Keeffe brick home’s Fabulous col w/2 story foyer, mn lvl office, Picturesque all brick traditional home’s Fabulous col w/2Picturesque story foyer,allmn lvl traditional office, Robyn” Multi-Million 703-475-8686 703-475-8686 Multi-Million Dollar suite gourmet kithdwd surpasses allLL, youOCTOBER have seen! To Dollar gourmet kit surpasses all you have seen! large Masterour suite & bath,REAL hdwd flrsESTATE on LL, join winning 2018 | FALL GUIDE 1 5 large Master & bath, flrs on

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New up.

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16

FALL REAL ESTATE GUIDE | OCTOBER 2018

Elegance and Unique Features Abound

A Custom Great Falls Colonial Features Exceptionality in All Facets

S

et in the always-in-fashion community of Old Mill Estates in Great Falls, our featured property is situated on a full acre and features more than 8,100 square feet of creative and elegant design – with plentiful surprises along the way.

The custom brick colonial (with elevator) features an exuberant design, and the home offers a special bonus: a two-car addition with an executive office above. And for those who like to entertain in style, the lower-level recreation room features a raised platform perfect for a band and dance floor, in case the desire to boogie the night away strikes.

In the rear yard, the lovely and everchanging landscape is best viewed from the deck, the patio or a number of balconies.

The property currently is on the market, listed at $1,499,000 by Dianne Van Volkenburg of Long & Foster Real Estate.

After a hearty greeting underneath the pillars that lead us into the entry foyer, we spy that the layout is simultaneously traditional and forward-thinking.

The expansive living room is to our right off the foyer, the dining room (with butler’s pantry nearby) is to our left. Each features bay windows to allow natural sunlight to stream in.

The rear of the main level is open and airy, showcasing the chef’s caliber kitchen and a breakfast area that lead into the family room (with fireplace) and sunroom beyond.

From the sunroom, you have access to the deck and, from there, down to the rear yard.

Located off the main traffic flow is a den, while close at hand is a pocket deck that provides additional egress down to the ground level.

The master retreat occupies a world of serenity on the second level, featuring its own grand deck overlooking the

rear domains, as well as a sitting area, sumptuous bath, plentiful walk-in-closet space and access to the library/office that sits atop the bonus garage. (This space has yet another balcony, as does one of the four additional bedrooms found on this level.)

A 34x46 recreation room with fireplace and tufted-front wet bar is the centerpiece of the lower level, ready to exceed all expectations of party-attendees.

From the lower level, you can walk out to the patio, which runs the entire length of the rear yard, and you also have access to a large exercise room and plentiful garden space.

(Counting both the main garage and the bonus garage, you have easy access for four vehicles.)

While set back in a serene environment, the home is close to everything from the Beltway and Leesburg Pike to Walker Mill, putting you in proximity to

everywhere, yet tucked away in a special enclave.

It’s an opportunity that seldom presents itself, so do not delay – go take a look today.

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)738-2521.

Facts for buyers

Address: 1070 Dougal Court, Great Falls (22066).

Listed at: $1,499,000 by Dianne Van Volkenburg, Long & Foster Real Estate (703) 757-3222.

Schools: Colvin Run Elementary, Cooper Middle, Langley High School.

CONTACT US TODAY TO HELP YOU BUY OR SELL YOUR HOME! DIANNE VAN VOLKENBURG

703.757.3222 ~ WWW.GREATFALLSGREATHOMES.COM Long and Foster Real Estate Inc . Great Falls Office - 703-759-9190 . 9841 Georgetown Pike, Great Falls VA 22066

OCTOBER 2018 | FALL REAL ESTATE GUIDE

17

Leaders in Northern Virginia Real IS THERE ANY BETTER REASON TO LET US HELP

10210 Mallory Estate Dr, Great Falls

$2,295,000

Currently serving as the builder’s personal home, this colonial features spectacular architectural designs throughout. The main level Wine Room is adjacent to the Dining Room, while the Gourmet Kitchen is incomparable with granite countertops and stainless steel appliances. Perfect for mornings, the Breakfast Room boasts surrounding windows and access to the spacious screened porch with fireplace and al fresco dining.

The Family Room has phenomenal style with its beamed ceiling and stone wall around the fireplace. Upstairs, the Owner’s Suite features a desirable Grand Bath with its dual-entry glass shower. The walk-out lower level includes an In-Law Suite, fully-stocked bar, Ultimate Home Theater, Game Area, and cozy Recreation Room with fireplace.

9311 Cornwell Farm Dr, Great Falls

$2,799,000

Elegant French chateau in coveted Cornwell Farm! Beautifully sited on 5.53 private acres, this home is graced with embassy-sized rooms for entertainment on a large scale. Multiple Palladian windows offer abundant light and 7 woodburning fireplaces will cozy up any room. Entertain in the captivating Conservatory featuring a beautiful stain glass skylight, full corner bar and original exterior brick wall. A paneled Library, inviting Dining Room and formal Living Room also radiate elegance on the main level.

The soaring Family Room is impressive with a floor-to-ceiling Virginia stone fireplace, convenient Wet Bar, and tall Palladian window for spectacular views. Outside, the deck offers al fresco dining that overlooks the swimming pool, gazebo, and patio.

18

FALL REAL ESTATE GUIDE | OCTOBER 2018

Estate for over 25 years.

BUY OR SELL YOUR HOME? SE OUR C LF GO O T KS BAC

11612 Rolling Meadow Dr, Great Falls $1,750,000

495 River Forest Dr, Great Falls

$2,099,000

Dianne Van Volkenburg Her team of real estate agents and marketing specialists are unsurpassed in providing firstclass service to buyers and sellers. Dianne is a consistent Top Producer with over $100 million in sales in 2017.

9311 Branton Ln, Great Falls

$1,850,000

11616 Holly Briar Ln, Great Falls

$1,035,000

$1,150,000

1070 Dougal Ct, Great Falls

$1,399,000

S RE AC + N5 DO E T SI

10714 Milkweed Dr, Great Falls

Twee Ramos Is a seasoned professional of 16 years, Top Producer and a Certified Relocation Specialist.

Sally Marvin

700 Strawfield Ln, Great Falls

$3,499,000

11617 Rolling Meadow Dr, Great Falls

$1,365,000

Has strong community connections, and works enthusiastically to make sure that all details are addressed.

Susan Canis Is a consistent Top Producer, and focus on exceptional service & enthusiastic dedication to her clients.

GreatFallsGreatHomes.com 703-757-3222 9841 Georgetown Pike, Great Falls, VA 22066 | 703-759-9190

OCTOBER 2018 | FALL REAL ESTATE GUIDE

19

Weatherize: It’s Time to Prep Homes for Winter (StatePoint) – Weatherizing your home for each season can make it more comfortable . . . but how to do it can be confusing. Here are four common weatherizing myths – busted! – to help get your home ready for cooler weather to come.

Myth 1: It doesn’t matter where your thermostat is placed.

Truth: Location, location, location! You may be spending more on heating and cooling than you need to be if your thermostat is in the wrong place.

Placed in direct sunlight, you run the risk of getting false readings, as it can “think” the room is warmer than it actually feels, causing your air conditioner to turn on when it isn’t needed.

Similarly, a thermostat placed near the kitchen often reads that the home is far warmer than it truly is due to the stove and oven.

The best location is on an interior wall, centrally located and near areas where you spend the most time, ensuring these rooms are the most comfortable.

Myth 2: Closed curtains and blinds in cold weather prevent heat escape.

Truth: According to the Department of Energy, shades and drapes can reduce heat loss from a warm room by up to 10 percent. However, opening curtains and blinds during the day when direct sunlight hits can also allow for a warming effect.

In winter, draperies should be closed at dusk but opened at dawn. In addition, heat escape through windows can be prevented with window insulation products Myth 3: It’s expensive to draft-proof your home.

Truth: Homeowners can actually save hundreds of dollars annually on heating and cooling costs with proper weatherization early in the season.

How do you do it? There are many inexpensive, do-it-yourself weatherization products that are easy on the wallet and easy to install, requiring minimal – if any – tools.

Windows and doors are the two largest draft sources in any home, and should be top priorities for homeowners.

Myth 4: It’s cheaper to keep your home at a constant temperature.

Truth: A common misconception is that it’s better to keep your home at a constant temperature, even when

10503 Taba Cove Ct, Fairfax, VA Outdoor living in style. Stunning 5BR, 4.5BA colonial, conveniently located on a cul-de-sac in the heart of Fairfax. Gourmet kitchen with granite counters, stainless steel appliances. Hardwood floors throughout and a unique 4th floor loft with full bath. Gorgeous back patio has a built in grill, cozy fire pit and accent lighting, all remote controlled. 20kw emergency natural gas generator powers the entire house.

Dave and JoAnne Adams Group

you’re not home. However, if the system runs less during the day, it uses less energy.

According to Energy.gov, you can save as much as 10 percent a year on heating and cooling by turning your

thermostat back 7-10 degrees from its normal setting for eight hours a day.

Still need more help? For additional tips and information, see the Web site at www.

DuckBrand.com.

2012 Wolftrap Oaks Court, Vienna, VA Unique 1936 contemporary farmhouse expanded and beautifully renovated. Custom master bedroom with 2 walk-in closets, private balcony and 2 baths. 2 additional bedrooms each with full baths. 2yr old roof, extra large gutters. 5 zone gas heating, new in 2018. Large garage workshop, new windows. Convenient location near Tysons and Our Lady of Good Counsel. 1 mile from metro.

Dave & JoAnne Adams

REALTOR®, CDPE, SRES®, SRS.MRP

Cell: +1 (703) 963-4491 Dave@joanneadams.com www.JoAnneAdams.com Real Estate agents affiliated with Coldwell Banker are independent contractor agents and are not employees of the company. (c) 2018 Coldwell Banker Residential Brokerage. All rights reserved. Coldwell Banker residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury, and the Coldwell Banker Global Luxury Logo service marks registered or pending registration are owned by Coldwell Banker Real Estate LLC. ®

Information is deemed reliable but is not guaranteed. Equal housing opportunity.

20

FALL REAL ESTATE GUIDE | OCTOBER 2018

11911 Freedom Dr. Ste 520, Reston, VA 20190 | office: 703-471-7220

Autumn: Time to Get HVAC System Ready for Winter (StatePoint) – Savvy homeowners know that with cool weather, comes a bit of preparation. A quick audit of your heating equipment can mean less wasted energy, a more comfortable home and lower energy bills.

Nearly half of all heating and cooling equipment in U.S. homes never performs to its advertised capacity and efficiency due to incorrect installation, according to U.S. government estimates.

And if you have an older system that was built before current efficiency standards, you could be spending more than needed on heating your home.

If it’s time to replace your system, be sure to have it properly installed by an HVACR professional, certified by North American Technician Excellence (NATE), the nation’s largest nonprofit certification body for HVACR technicians.

Beyond having an efficient heating system properly installed, you can prepare for the season in the following ways: • Clean heating filters. Check them every couple of weeks and change them at least twice in the season, or as directed by the manufacturer.

• Check and maintain insulation.

Improperly insulated walls, floors, attics, basements and crawlspaces drain away heat and can also lead to

moisture imbalance. Adding weather stripping and caulk around windows and doors can also improve a home’s insulation.

• Turn down the thermostat or install a programmable thermostat to regulate temperature.

• Clean the furnace area. Don’t keep chemicals or cleaning products near a heater, and don’t store anything next to it that could impede

ventilation.

• Free all vents and returns of obstructions. Don’t lay carpet over vents, place furniture over or in front of them, or obstruct the flow of air.

• Dry air feels cooler than moist air, so install a humidifier. A simple humidifier may make the home feel five degrees warmer than a home with dry air.

• Look into geothermal heating

NEW COMMUNITIES AT FAIRFAX CITY AND OAKTON

Stonewood

up to 1.4 acres from upper $900’s at Fairfax City

Weber Place

On 1 acre from upper $1.5 million in Oakton

systems which use earth’s natural heat and are among the most efficient and energy-conserving heating and cooling technologies currently available.

• For optimal performance of your HVAC system, get an annual service contract which includes both heating and cooling maintenance. But take care to avoid poor service and scams.

NEW FOR FALL FROM CARRHOMES

A STUNNING NEW MODEL AT ALL FAIRFAX COMMUNITIES

Lancaster Model Available with 2 or 3-car garage

NEW SPECIALS IN GREAT FALLS & CLIFTON

Newport Model Available with 2 or 3-car garage

The Newport features a magnificent owner’s suite with available outdoor canopied veranda.

The Meadows at Great Falls

* See it all at CarrHomes.com

With $100,000 in Free Options.* On 1 acre from upper $1.6 million

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703-598-3095 lhargadon@CarrHomes.com *Offer valid on new home purchases at Meadows at Great Falls now thru Oct. 31, 2018. May not be combined with any other offers. See Sales Consultant for details

OCTOBER 2018 | FALL REAL ESTATE GUIDE

21

Interest Rates: Higher Costs Will Impact Market The years of historically affordable mortgage rates look to be ending, as rates have steadily increased in recent months and show no signs of turning back.

Since the beginning of the year, mortgage rates have increased nearly 50 basis points. Historically low mortgage rates have been the silver lining in today’s competitive housing market, keeping monthly payments relatively affordable even as home prices reached new peaks.

At the end of 2017, mortgage payments on the typical U.S. home required 15.7 percent of the median income, according to Zillow’s Q4 2017 affordability analysis. In the late 1980s and 1990s, mortgage payments took up 21 percent of the typical income.

If mortgage rates reach 6 percent next year, near the upper end of forecasters’ expectations, the share of income needed to cover monthly housing costs on the median U.S. home will be 20.5 percent, nearly the historic norm.

Combined with record-high home prices, housing affordability is already suffering in these markets, and will only worsen as rates climb.

In several large U.S. markets – including San Jose, Los Angeles and Miami – mortgage payments already take up a significantly larger share of income than they did historically.

In San Jose, the share of income needed for mortgage payments increased from 36 percent historically to 46.1 percent at the end of 2017.

An additional side effect of higher mortgage rates will be felt in housing inventory, as some homeowners with lower mortgage rates may hesitate to sell their homes and take out a new home loan with a higher rate.

Most home shoppers can absorb modest increases in mortgage rates, but once rates begin to approach their historic levels, they will eat into housing affordability for buyers and could limit the number of homes for sale.

Inventory has fallen on an annual basis for 36 consecutive months, so any factors that further limit inventory will be a strain on the market.

“For nearly a decade now, homebuyers have been buoyed by historically low mortgage rates that made buying a home more affordable than

it was for prior generations, but tomorrow’s buyers may not be so lucky,” said Zillow senior economist Aaron Terrazas. “Rates are showing a clear upward trend, bringing an end to an era of historically affordable mortgage payments.”

“Some homeowners who locked in a lower mortgage rate may look to alternatives, like renovating their current home instead of becoming a buyer in a stressful market,” Terrazas said.

Renting doesn’t provide much relief as an alternative to home buying. The typical U.S. rental payment requires 28.9 percent of the median income.

In 14 large U.S. metros, rent takes up more than 30 percent of the median income, widely considered the standard for unaffordable housing costs.

Walkability: Generations Have Varying Viewpoints It is no longer just Millennials pro- which polled adults from across the lem with a longer commute and drivpelling interest in walkable communi- U.S. about what they are looking for in ing to amenities if it means living in a Realto r sfound that 62 percent single-family, detached home. aWeichert community, ties.

Specifications “Realtors understand that when Millennials and 55 percent of the SiAccording to a new report from of the National Association of Realtors, lent Generation prefer walkable com- people buy a home, they are not just at the they are looking and •short commutes, even looking members of the Greatest (or “Silent”) munities • Mortgage • Title • house, Buying Selling Insurance Generation, those born before 1944, if it means living in an apartment or at the neighborhood and the community,” said NAR president Elizabeth also prefer smaller homes in neigh- townhouse.

Claire Driscoll AnnaRomer Mendenhall, sixth-generation RealGen-Xers and Baby Boomers still borhoods with easy walks to shops 703.597.4289 Life Member, Rltrann@aol.com tor from Columbia, Mo., and CEO of show a strong preference toward suband restaurants.

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OCTOBER 2018 | FALL REAL ESTATE GUIDE

23

Prediction: Sellers Hold Advantage ... for Now Home sellers likely will continue to hold more negotiating power than buyers for the next year and a half, according to the 2018 Q3 Zillow Home Price Expectations Survey.

But it won’t last forever, experts say.

The quarterly survey, sponsored by Zillow and conducted by Pulsenomics LLC, asked more than 100 real-estate economists and experts for their predictions about the U.S. housing market, including when they expect the market to favor buyers over sellers.

Annual home-value appreciation has been faster in 2018 than it was in 2017, and inventory has fallen on a year-over-year basis for 42 consecu-

tive months. These conditions have put sellers in the driver’s seat.

Recently, though, data suggest the balance may be starting to tilt back toward buyers. Home-value growth is slowing in more than half of the nation’s 35 largest metros, and price cuts are becoming more common.

Even in those markets where appreciation has slowed, it remains above its historic average rate, and sellers continue to have the upper hand, particularly at the most affordable price points.

The largest share of respondents – 43 percent – believe the national housing market will become a buyers’ market in 2020.

At the regional level, the panelists believe the Midwest will shift to a buyers’ market a year before the rest of the country. The most frequently selected year for the Midwest to start favoring buyers over sellers was 2019, while the other regions (Northeast, South and West) are expected to change in 2020 along with the nation overall.

“For the past several years, home sellers held all the cards at the negotiating table, fielding multiple offers while buyers faced stiff competition and a fast-moving market,” said Zillow senior economist Aaron Terrazas.

“Conditions are starting to show signs of easing up. Although these trends are starting to lose their edge, it is far

too soon to call it a buyers’ market.”

Home values across the country are expected to continue to see strong appreciation in 2018, with a predicted 5.9-percent increase.

Ongoing supply constraints “are reinforcing the floor on home prices right now,” said Pulsenomics founder Terry Loebs.

Loebs also noted that another indicator from the latest survey is consistent with a shifting market. “For the first time, a majority of the experts said that there is downside risk to their long-term outlook for home values nationally – and they significantly outnumber experts who assigned upside risk to their forecasts.

Prices: More U.S. Listings Are Seeing Reductions The share of home listings with a price cut is greater now than a year ago in two-thirds of the nation’s largest housing markets, according to a new Zillow analysis, but prices continue to rise higher due to constrained inventories.

The share of listings with a price cut increased the most in markets along with West Coast, with the median amount of the price cut remaining steady across the U.S. for the past several years, at about 3 percent.

In San Diego, 20 percent of all listings had a price cut in June 2018, up

from 12 percent a year ago. In Seattle, still one of the nation’s fastest appreciating housing markets despite a recent slowdown, 12 percent of all listings had a price cut in June, the greatest share since October 2014.

The share of listings with a price cut is on the rise across the U.S., as well. About 14 percent of all listings had a price cut in June, up from a recent low of 11.7 percent at the end of 2016. Since the beginning of the year, the share of listings with a price cut increased 1.2 percentage points, the greatest January-to-June increase

ever reported and more than double the January-to-June increase last year.

Nationally, price cuts are more common among higher-priced listings. The share of higher-priced listings with a price cut rose 0.9 percentage points since the beginning of the year, to 16.2 percent, while the share of lower-priced listings with a price cut fell 0.1 percentage points, to 11.2 percent.

Higher-priced listings have seen a disproportionately large increase in price cuts in 23 of the 35 largest metros since the beginning of the year.

U.S. home values rose 8.3 percent over the past year to a median value of $217,300. While growth isn’t slowing down nationally, it is slowing in some of the nation’s hottest housing markets. In almost half of the 35 largest markets, home-value growth is appreciating more slowly now than at the beginning of the year.

“The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may Continued on Page 34

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Census: Demographic Shifts to Impact the Market The year 2030 will mark to mark an important demographic turning point in U.S. history, according to the U.S. Census Bureau’s 2017 National Population Projections.

By 2030, all Baby Boomers will be older than age 65.

This will expand the size of the older population so that 1 in every 5 residents will be retirement age.

“The aging of Baby Boomers means that within just a couple decades, older people are projected to outnumber children for the first time in U.S. history,” said Jonathan Vespa, a demographer with the U.S. Census Bureau. “By 2035, there will be 78 million people 65 years and older compared to 76.4 million under the age of 18.”

The 2030s are projected to be a transformative decade for the U.S. population.

The population is expected to grow at a slower pace, age considerably and become more racially and ethnically diverse. Net international migration is projected to overtake natural increase in 2030 as the primary driver of population growth in the United

States, another demographic first for the nation.

Although births are projected to be nearly four times larger than the level of net international migration in coming decades, a rising number of deaths will increasingly offset how much births are able to contribute to population growth. Between 2020 and 2050, the number of deaths is projected to rise substantially as the population ages and a significant share of the population, the Baby Boomers, age into older adulthood.

As a result, the population will naturally grow very slowly, leaving net international migration to overtake natural increase as the leading cause of population growth, even as projected levels of migration remain relatively constant.

Other highlights from the report: • By 2060, the United States is projected to grow by 78 million people, from about 326 million today to 404 million. The population is projected to cross the 400million threshold in 2058.

• In coming years, the rate at which the U.S. population

grows is expected to slow down. The population is projected to grow by an average of 2.3 million people per year until 2030. But that number is expected to decline to an average of 1.8 million per year between 2030 and 2040, and continue falling to 1.5 million per year from 2040 to 2060.

• As the population ages, the ratio of older adults to

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working-age adults, also known as the old-age dependency ratio, is projected to rise. By 2020, there will be about three-and-a-half working-age adults for every retirement-age person. By 2060, that ratio will fall to just two-and-a-half working-age adults for every retirementage person.

• The median age of the

U.S. population is expected to grow from age 38 today to age 43 by 2060.

• The non-Hispanic whitealone population is projected to shrink over the coming decades, from 199 million in 2020 to 179 million in 2060 – even as the U.S. population continues to grow. Their decline is driven by falling birth rates and a rising number of deaths over time among nonHispanic whites as that population ages. In comparison, the white-alone population, regardless of Hispanic origin, is projected to grow from about 253 million to 275 million over the same period.

• The two-or-more-races population is projected to be the fastest growing over the next several decades, followed by single-race Asians and Hispanics of any race.

For Hispanics and people who are two or more races, their high growth rates are largely the result of high rates of natural increase, given the relatively young age structures of these populations.

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OCTOBER 2018 | FALL REAL ESTATE GUIDE

27

4 Decades of Home Sales Across Northern Virginia YEAR

AVERAGE SALES PRICE For year

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

$58,739 $62,373 $66,722 $71,639 $79,389 $90,744 $100,050 $103,631 $105,388 $108,049 $113,120 $121,922 $142,163 $162,850 $174,975 $174,616 $204,886 $202,534 $209,381 $210,557 $211,098 $214,102 $220,932 $229,151 $238,496 $252,374 $285,159 $319,293 $364,684 $441,253 $537,116 $537,741 $538,463 $461,039 $431,018 $469,018 $483,160 $504,338 $540,034 $551,220 $558,988 $556,368 $579,694

TOTAL SALES

Change

For year

Change

N/A +6.2% +7.0% +7.4% +11.4% +11.7% +10.3% +3.6% +1.7% +2.5% +4.7% +7.8% +16.6% +14.6% +7.4% -0.2% +17.3% -1.1% +3.3% +0.6% +0.3% +1.4% +3.2% +3.7% +4.1% +5.8% +13.0% +12.0% +14.2% +21.8% +21.7% +0.1% +0.1% -14.4% -6.5% +8.9% +3.0% +4.4% +7.1% +2.1% +1.4% -0.5% +4.1%

14,260 14,593 17,953 22,802 23,043 19,527 15,155 12,435 17,877 18,093 22,422 27,052 24,128 24,879 19,780 23,278 15,761 16,818 16,287 15,747 13,783 15,289 16,795 22,264 22,715 26,062 27,741 27,936 30,580 32,735 29,235 20,753 18,042 17,400 19,035 17,858 16,704 18,623 20,355 18,696 20,309 21,097 22,555

N/A +2.3% +23.0% +27.0% +1.0% -15.3% -22.4% -18.0% +43.7% +1.2% +23.9% +20.6% -11.8% +3.1% -20.5% +17.7% -32.3% +6.7% -3.2% -3.3% -12.2% +10.9% +9.8% +32.6% +2.0% +14.7% +6.4% +0.8% +9.4% +6.6% -10.7% -29.0% -13.1% -3.5% +9.3% -6.2% -6.5% +11.6% +9.3% -8.2% +8.6% +3.7% +6.9%

VOLUME (Billions)

$0.84 $0.91 $1.1 $1.6 $1.8 $1.7 $1.5 $1.2 $1.8 $1.9 $2.4 $3.3 $3.4 $4.0 $3.4 $4.0 $3.2 $3.4 $3.4 $3.3 $2.9 $3.2 $3.7 $5.1 $5.8 $6.5 $7.9 $8.9 $11.1 $14.4 $15.7 $11.1 $9.7 $8.0 $8.2 $8.4 $8.1 $9.4 $11.0 $10.3 $11.4 $11.7 $13.1

HISTORICAL/CULTURAL NOTES OF INTEREST

‘Saturday Night Live’ debuts Democrat Carter wins election R.I.P. Elvis Presley John Paul II becomes pope Incident at Three Mile Island GOP’s Reagan trounces Carter Egypt’s Sadat is assassinated It’s a boy for Charles, Diana Riggins is Super Bowl MVP ‘Cosby’ is nation’s top TV show Michael Jordan’s rookie year Shuttle ‘Challenger’ explodes Iran-Contra scandal tops the news Bush manhandles Dukakis Earthquake strikes Bay Area Americans With Disabilities Act First Gulf War starts ... and ends L.A. riots after Rodney King verdict Bill Clinton is inaugurated GOP takes control of Congress O.J. Simpson found not guilty Richard Nixon dies after stroke Tiger Woods wins the Masters Monica Lewinsky in the news Clinton acquitted by Senate Florida determines presidency Terror attacks strike on 9/11 New war in Iraq looms Joe Gibbs returns to Redskins Kerry falls to Bush in election Katrina swamps Gulf Coast Democrats win back Congress Oil prices through the roof Economy plunges; Obama wins Unemployment hits double digits GOP makes a comeback Economic malaise lingers ‘Derecho’ storm slams region Democrats win Va. statewide races U.S. Reps. Wolf, Moran retire Syrian civil war heats up Election stunner: Trump wins North Korea poses nuclear threat

Totals are based on sales figures for Fairfax, Arlington, Alexandria and Falls Church. Sales totals, average sales prices and volume come from data of RealEstate Business Intelligence, Bright MLS and the Northern Virginia Association of Realtors, as analyzed by the Sun Gazette, and may differ from other published figures. To be consistent, figures used are the preliminary ones reported each year, not the final totals reported later. Historical notes are compiled by the Sun Gazette staff.

28

FALL REAL ESTATE GUIDE | OCTOBER 2018

Prices: Half of Markets Surpass Pre-Recession A decade after the U.S. housing market crashed, half of the country’s homes have regained the value they lost during the recession, according to new data.

But in the Washington area – where the recession didn’t take as big a bite out of home prices as most other parts of the country – the rebound has not been as robust, according to a new report from Zillow.

Nationally, the median home value is $217,300, up 8.3 percent over the past year and 8.4 percent above the highest point of the housing bubble.

The median home value has surpassed its bubble peak level in 21 of the nation’s 35 largest housing markets.

But the Washington area is not among them. Only 22 percent of homes in the metro area have sur-

passed the pre-recession peak, with the median home value of $399,500 up 4.2 percent from a year before.

Figures include the entire metro area, and include single-family homes, townhouses and condominiums.

In places that have seen some of the strongest growth since the market crashed, nearly every home is now more valuable than it was during the boom years. In Denver, the typical home is worth $397,700, which is 66 percent higher than its pre-recession peak in June 2006. In that market, 99.6 percent of all homes are worth more than they were during the bubble.

While half of the country’s homes have regained all of their lost value, that still leaves many trailing in the housing recovery. One example: Despite strong median home-value

growth in recent months in Las Vegas – home values have grown at a double-digit pace for 15 consecutive months – less than 1 percent of homes there have fully recovered from the housing bust.

“Even a decade after the 2008 financial crisis, and five-plus years into the recovery, it’s clear that the housing boom and bust was felt very differently in various markets – and is still being felt today in many,” said Zillow senior economist Aaron Terrazas.

“In markets like Las Vegas that got farthest ahead of themselves during the boom, and consequently fell the most, a large majority of homes are still not worth as much today as they were a decade ago,” Terrazas said.

“But in markets like Denver that were more stable a decade ago, many more

homes are worth more now than ever before.”

There are wide fluctuations among metro areas nationally. The percentage of homes whose value is now above the pre-recession peak were 29 percent in New York, 64 percent in Los Angeles, 15 percent in Chicago, 98 percent in Dallas, 10 percent in MiamiFort Lauderdale, 83 percent in Boston, 96 percent in San Francisco, 13 percent in Phoenix, 97 percent in Seattle, 9 percent in Baltimore, 88 percent in Charlotte, 5 percent in Orlando and 99 percent in Austin.

Nationally, a limited supply of homes for sale remains a challenge for home shoppers. Inventory is down 4.8 percent from this time a year ago, although the pace of the decline has slowed considerably.

The income and sales volume of National Association of Realtors members dropped slightly over the last year, but membership increased as younger members continue to enter the industry, according to the 2018 National Association of Realtors Member Profile, released recently.

There was a rise in new members from 1.22 million in March 2017 to 1.3 million in April 2018, and the profile found that 29 percent of members

have less than two years of experience, an increase from 28 percent and suggesting prospective entrants into the real-estate profession are excited about the long-term prospects.

“Younger Americans are seeking business opportunities that working in real estate provides,” said Lawrence Yun, NAR’s chief economist.

Members of the National Association of Realtors account for about half of all active real estate licensees in the

U.S. Realtors’ median age was 54 this year, slightly up from the last two years. Sixty-three percent of Realtors are female.

Only five percent of Realtors reported real estate was their first career. The most common first careers reported by those in the industry are in management, business or finance, or in sales and retail, both at 16 percent.

New members of the trade association tended to be more diverse than more experienced members; 25 percent of members with two years of experience or less were minorities, up from 22 percent last year.

According to the survey, the main factors that limit potential clients in completing transactions are difficulty finding the right property (35 per-

Realtors: Trade Group Sees Higher Membership

Continued on Page 34

PRIVATE VIENNA LOT!

VIENNA

$1,200,000 AMAZING BACKYARD

ANNANDALE $844,900

NEW CUSTOM HOME

VIENNA

$1,550,000 AMAZING LOCATION

RESTON

$307,000

NEW CUSTOM HOME

FALLS CHURCH $1,625,000

OCTOBER 2018 | FALL REAL ESTATE GUIDE

29

Melinda Melinda L. Schnur

L. Schnur

Realtor/Founder, Mosaic Residential Realtor/Founder, Mosaic Keller Williams Direct: 571.437.8039Keller Williams melinda@mymosaicagent.com Direct: 571.437.8039 MyMosaicAgent.com

Residential

melinda@mymosaicagent.com Stunning custom built French Provincial MyMosaicAgent.com home. Construction completed in late 2016.

2325 N QUEBEC ARLINGTON, VA from 22207 Just minutes DC on

First-Time Buyers: Millennials Find the Process a Challenge

a tranquil hilltop Millennials pouredFrench some $514 bil- housing market is extremely competicul-de-sac. This stately residence features over Stunning custom built Provincial tive, especially for first-time buyers lion into the U.S. housing market over 6,035 square feet with 5 bedrooms, 5.5 baths home. Construction in late 2016. who are looking to purchase a starter the last year ascompleted the largest generation and elevator. The main level offers endless spaces to entertain and true chef's Just kitchen. minutes from DCBut onnew a tranquil hilltop home,” said Zillow chief economist Dr. of home buyers. survey data Spacious owner's suite features private deck Svenja Gudell. “Young buyers often shows their home-ownership aspiracul-de-sac. This stately residence features over and spa-like master bath. The lower level start their careers in fast-growing cittions are stymied by affordability isboasts custom indoor/outdoor walnut bar, square feet with 5 bedrooms, 5.5 baths 6,035 ies in which the market is particularly sues, frustration with the buying and guest suite and entertainment size patio. and elevator.

The main offers endless $2,499,000 tough – and they’re trying to save for a selling process, and alevel cutthroat housOffice: 703.533.1500 105 W Broad St., Suite 200 Falls Church, VA 22046

Melinda L. Schnur Realtor/Founder, Mosaic Residential Keller Williams Direct: 571.437.8039 melinda@mymosaicagent.com MyMosaicAgent.com

spaces to down payment while making recordingentertain market. and true chef's kitchen. high rent payments.”

More than half of young buyers (53 Spacious owner's suite features private deck percent) make multiple offers to buy and spa-like master bath. The lower level“Gen Z” – those born between 1995 their first home, and only two in five and 2010 – already makes up more boasts custom than 21 percent of the U.S. populaMillennialsindoor/outdoor (39 percent) are walnut able to bar, tion, and is the most ethnically and guest suite entertainment size patio. make and the recommended 20 percent racially diverse generation in U.S. hisor more down payment. $2,499,000

The results of the Zillow Group Report on Consumer Housing Trends Stunning custom built French Provincial built French Provincial Office: 703.533.1500 show how the nation’s highly comhome. Construction completed in late 2016. n completed in late 2016.

105 W Broad St., Suite 200is changing Just minutes from DC on a tranquil hilltop petitive housing DC on a tranquil hilltop market Church, 22046 approaches cul-de-sac. This stately residence features over Falls tely residence features over the way a newVA generation 6,035 square feet with 5 bedrooms, 5.5 baths with 5 bedrooms, 5.5 baths buying a home.

The second annual reelevator. The main level offers endless main level offers endless Stunning custom built French Provincial home.and Construction completed in late spaces to entertain trueresichef's kitchen. port is the largest and most compren and true chef's kitchen.

2016. Just minutes from DC on a tranquil hilltop cul-de-sac.

Thisand stately Spacious owner's suite suite features private dence deck features over 6,035 square feet with 5 bedrooms, 5.5 baths andfeatures elevator.private deck hensive survey of real estate consumand and spa-like masterkitchen. bath. The er bath. The lower The levelmain level offers endless spaces to entertain true chef’s Spa-lower level ers ever conducted. boasts custom indoor/outdoor walnut bar, door/outdoor walnut bar, More than half of Millennials (62 cious owner’s suite features private deck and spa-like master bath. The lower guest suite and entertainment size patio. entertainment size patio. level boasts custom indoor/outdoor walnut bar, guest suite and entertainment percent) shop for a rental while they’re $2,499,000 size patio. $2,275,000 looking to buy a home, indicating they Office: 703.533.1500 533.1500 accept the fact that buying a home is 105 W Broad St., Suite 200 St., Suite 200 not a sure thing. They are more likely Office: 703.533.1500 105 W Broad St. • Suite 200Falls Falls Church, VA 22046 Church, VA 22046 VA 22046 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. is the permanent, Coming up with a down payment is clog-free gutter solution!* one of the biggest hurdles young buy*Guaranteed not to clog for as long as you own your home, or we will clean your gutters for free ers 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 INSTALLATION down payment from multiple sources.

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FALL REAL ESTATE GUIDE | OCTOBER 2018

tory. 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 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 Zillow Group Report is the second 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.

The Sun Gazette Is Your Top Source for Real-Estate News It was back in December 1935 that the first edition of the Northern Virginia Sun rolled off the presses. And in all the time since, coverage of the local real-estate market has been among the key areas of the newspaper and those that followed it.

Today, whether you get your news in print, online or via a combination of the two, we’ve got the pulse of the local real estate market every week of the year. So you can count on the Sun Gazette to make sure you know the ins and outs of local real estate.

VIENNA 1607 Fremont Lane

MARSHALL 3456 Whiting Road

$899,900 $2,100,000 Christine Morgan +1 202 549 3001 Ruth Boyer O’Dea +1 703 388 2277

Chris Malone +1 540 454 3775

MCLEAN 845 Canal Drive

FALLS CHURCH 1737 Gilson Street

$1,999,000

$1,100,000

Mona Banes The Advance Group +1 703 909 5620

Gloria Adams +1 703 356 6645

GREAT FALLS 10411 Parkerhouse Drive

ARLINGTON 2157 N Brandywine Street

$3,199,000

$589,900

Tracy Williams The Advance Group +1 703 867 4309

Doug Francis +1 703 304 6827

ARLINGTON 2500 N Nottingham Street

MCLEAN 879 Spring Hill Road

$1,829,000

$ 3,399,000

Sheri Grant +1 703 405 1016 Ruth Boyer O’Dea +1 703 388 2277

Kesh Tayal The Advance Group +1 202 716 7900

MCLEAN 886 Chinquapin Road

OAKTON 2466 Oakton Hills Drive

$7,250,000

$1,495,000

Tracy Shively +1 703 930 0268 Ruth Franke +1 703 598 8799

Sonya Hazelwood +1 703 624 1166

DUNN LORING 2231 Sandburg Street

GREAT FALLS 501 Haven Lane

$1,599,000

$1,399,000

Doug Richards Rob & Brent Group +1 703 609 2188

Susan McFalls +1 703 927 8589

M C L E A N , VA B R O K E R AG E 6 72 3 W H I T T I E R AV E N U E S U I T E 1 0 1 | + 1 7 0 3 3 1 9 3 3 4 4

ttrs ir.com

©2018 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 2018 | FALL REAL ESTATE GUIDE

31

Q&A: Can Top Pros Guesstimate Prices Elsewhere?

Continued from Page 4 that community, and I would offer to find a qualified real-estate professional who is. Many firms, including Keller Williams, have extensive networks across the country.”

Eli Tucker, Eli Residential Group: “I would not be able to figure out how much the property is worth with one photo and knowing the community.

There are way too many factors that influence value – like updates, bedroom/bathroom layout and lot quality – that would make that type of effort with so little information difficult even in local communities I know well.”

Dee Murphy, Long & Foster: “Evaluating comparable properties (anywhere) is an art more than a science.

There are nuances that experienced agents know to look for and research.

Schools and access to transport are obvious. Location within a community, historical appreciation, turnover rate, online-neighborhood forums and a few calls to local agents would give you the information needed to price effectively.”

Dave Adams, Coldwell Banker: “I have the resources and have provided estimated property values to past and current clients on homes in different parts of the country. Being associated with Coldwell Banker and its vast network of agents both domestically and

internationally, and also being an active member of National Association of Realtors, I have direct access to allencompassing real estate data.”

Casey Margenau, Casey Margenau Fine Homes and Estates: “If I know the square footage and year the house was built and look at comps, I can get pretty close, but you can only get within a range. I helped a cousin and friend buy houses doing that in Miami and Sarasota. I was never in the house. You can make mistakes, though, because there are only things about a house or neighborhood that locals know.”

Ann Wilson, Keller Williams: “That is hand in glove to what we do.

I would do some quick research, look at the taxes and come up with a price.

I absolutely do that anyhow all the time. If I’m away from the area and see a house I like, I want to know the asking price.”

Dean Yeonas, Yeonas and Shafran Real Estate: “I would have no idea, but it would be easy enough to go to different databases and find out and make a good estimate of value within 10 to 15 percent.”

Rob Ferguson, Re/Max Allegiance: “I would not get close at all, because the markets are so different in other areas. Now, if you asked me what that house would be worth in this area, I could get really close. Re-

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FALL REAL ESTATE GUIDE | OCTOBER 2018

altors are always curious and play the game about what a house is worth anywhere. If I’m away staying in another house, I want to know what it is worth.”

Gloria Adams, TTR Sotheby’s International Realty: “It’s hard, because you don’t know what improvements have been made inside, the age of the roof or HVAC system. We can pull up tax records and see what a house sold for and try to do a fair-market analysis.

Most agents would give you a price range instead of a specific number.”

Jack Shafran, Yeonas and Shafran Real Estate: “I can’t assess a value by looking at a photo. Just because a photo might make a house look great, you have to see the property values of the surrounding houses and neighborhoods and know the square footage.”

Barbara Lewis, Washington Fine Properties: “Yes, we could estimate a price range for a home if we knew the community. All we would have to do is Google the community. Then it is easy to compare homes with similar square footage. Of course, we know that certain areas are extremely expensive, even for homes with very small square footage. It is all about location, location, location.”

Carol Temple, Coldwell Banker: “I would contact an experienced agent in that area to provide the information.

Contacting a trusted, experienced colleague is the only way I would be confident that I have an accurate handle on the likely current market value of a property in an area which I know nothing about. Never, ever minimize the fact that experience counts. It does.”

Lori Shafran, Yeonas and Shafran Real Estate: “With some effort and careful research from multiple sources, I think it is possible for a real-estate professional to make a reasonably accurate assessment of home values in other regions. The abundance of information on the Internet can be a real asset, particularly when accessing public records in other counties and states. I recently had an opportunity to help advise a family member on the West Coast who was planning to sell. By using information provided through online public records, my estimate was within $10,000 of the closing.”

Karen Close, Century 21: “It seems to me it would depend on who I am and what my knowledge and experience base is. Being in the industry, I don’t feel comfortable establishing a price on a property from a photo, particularly in an area I know little about.

Actually visiting the home, the neighborhood is still the best approach to home buying, in my opinion.”

Susan Joy, Long & Foster: “I would not be able to pin the value of a property without information about transportation, schools, etc. I could categorize the value of the property

somewhat based on varying priorities, but not the dollar value. Looking at a large property with obvious expansion/renovation, you would conclude the neighborhood is worth substantial investment by buyers/builders.

However, show me a photo of the house next door that is old and has not changed hands in decades and it would be impossible to know whether the neighborhood is redeveloping or on the cusp of redeveloping.”

Robert Hryniewicki, Washington Fine Properties: “It is very difficult to provide a price valuation without actually physically walking through the property. Without access to the multiple-listing service in the immediate community to review the recent sales as well as the current inventory, it is very difficult to provide a pricing assessment. One can research various Web sites and get an approximate broad range, but as we’ve experienced in our local market, those evaluations tend to be askew anywhere from 10 to 25 percent.”

Mike Highman, Acquest Realty: “With access to real-estate tools and public tax records on the Internet, one should be able to narrow a market value of a property. To get a more precise market value, you still need to have internal house information, such as upgrades of kitchen, bathrooms, HVAC system, etc.”

Tania Hosmer, Keller Williams: “I would contact a Keller Williams agent in that particular community and ask him/her to provide an estimate of the current home value based on recent sales and marketing data. I also would check the local tax records for recent sales in the neighborhood to obtain another estimate of the value for purposes of comparison.”

Dawn Wilson, TTR Sotheby’s International Realty: “Usually, I can take a good estimated guess based on my knowledge of different markets, since I have clients who move from all over and I get to know the markets where they are coming from or going to and my access to records. But to do a really good job, I would need a lot more details about the property. I also have access to other agents around the country who I can call on for more detailed information about the areas.”

Cindy Kacher, Curtis Ventures: “Based on my experience as a builder who sometimes purchases lots, I would first look at the exact size and location of the lot and take into consideration the homes directly adjacent. Then I would look at the existing structures on the lot and compare those to comparable structures in the surrounding area. Finally, I would cross-reference all the similar properties in similar condition which were bought and sold in the past 18 months.”

ANSWER TO QUIZ: The one-time home of Ronald Reagan sold for $6.45 million.

continued growth is almost a guarantee.

Rarely available level 14,890 SF Lot on quiet side street in p in area feeding to Taylor/Yorktown schools. Pictured hom 2Ba Tudor Cape Cod in need of repairs but could be rem Haru Wladyka 703.855.4498 expanded.

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With the new Fairfax Hospital complex in development, Let me help you learn more about this developing area!

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1/3with acre, the heart Keystone to Your Satisfaction 703.774.5010 FEB 18TH 1-4 PMin top-of-the-line in the “most happening” in is Northern – Merrifield VA. Near in the of “most happening” area in continued area growth almost aVirginia guarantee.

McLean, VA 22101 Life Member, NVAR 571.217.3814 sellerstwo@aol.com hardwoods, stainless steel 703.848.54 New roof, HVAC, sprinkler system in 2013 .

COMING SOON thePristine JUST LISTED! the Dunn Loring Metro, Tysons Corner and major commuter routes it is Dunn Loring Metro, Tysons C info@spollengroup.com appliances, skylights, silk chandelier.

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setting on beautiful cul-de-sac, with almost placeCity to be. With the new Fairfax Hospital THE place to be. With the new Fa COMINGcomplex SOON in development, 703.862.5626 Falls THE Church Stonehurst -- Fairfax 489,500 weichert.com 1/3 acre, in the heart of Falls $ Church City.

Reston $1,489,000 $729,000 Falls Church Bo-Yeon Downsizing?

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Haru Wladyka Joyce Becker Wonderful 3 bedroom, 3 1/2 bath all brick townhome in sought-after Stonehurst community.

502 W. Broad St Penthouse Unit FALLS HILL UNDER CONTRACT $520,000 Welcome to the3.5 convenience of living the condo lifestyle in the Spacious heart of living Spectacular Executive Stylehas Home - We 4 BRs, 3Help! ½ Member BAs, 3 Sides Brick SPACIOUS 6 BR, 5.55 BA 3CONTEMPORARY HOME. 2-STORY CEILINGS. HDW Life NVAR room. Formal dining room French doors to lovely landscaped canleading Get your FREE Stunning Penthouse With Bedrooms And Baths.703.855.4498 Third Bedroom Optional Templer Shah Mclean • 2 BR, 2.5BA & Den • Balcony • 2 Garage Spaces with easy Over 5,000 sf finished on 3 levels.

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A Downton Abbey Home inRoom, JAMISON’S FARM. acres zoned A 4 car Chef’s garage, 5more.

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Haru Wladyka

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McLean McLean Office |

bedroom. The walkout lower level exits to the pool & heatedwww.harurealtor.com spa. Minutes

2Ba Tudor Cape Cod in need of repairs but could be remodelled andBhavin 1313 Dolley $ Madison Bo-Yeon Village, Chantilly 434,50Barbara 0 Blvd $450,000 3036 Falls ChurchDownsizing? $875,000 toMiddleburg George MasonWalney in the most bucolic setting!!

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McLean/Chesterbrook $925,000 Splendid 3 bedroom, 2 1/2 bath end-unit townhouse McLean, VA 22101 Barbara Farmer We can Help! Get your FREE Templer Shah $630,000 Perfect Lot 1313common Dolley land Madison Blvdtrees.

571.213.7500 surrounded by open with huge

Selling Soon?

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Luxury lot in Chesterbrook 6245 Cottonwood Street McLean 571.213.7500 202.568.0355 barbcleo@aol.com Thegorgeous Palladium Condo, McLean 8 Build your dream this ac. lot.

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Kitchen has oak Speak with a Builder.

703.675.1253 filled living/great room & dining area. Kitchen has oak 703.216.0454 slarcamp@ the Dunn Loring Metro, Tysons Corner and major commuter routes it is kimsharifi@hotmail.com appliances, skylights, silk chandelier.

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Report Before you Stunning light-filled townhouse703.405.7480 style condo!Barb Over Property Spollen Speak with a Builder.

2,000 sq. ft. on two levels. Big terrace backs to 703.774.5010 trees. Garage parking for two cars. info@spollengroup.com JUST SOLD! BROUGHT BUYER ShahAndTempler@gmail.com SOLD

McLean, VA 22101

McLean Office | 703.760.8880

McLean, VA 22101

HVAC, sprinkler system in 2013 .

R E A L T O New R Sroof, ‘Matching Hearts & Homes!’ ®

Becker McLean Office | Joyce 703.760.8880

Haru Wladyka

SOLD Life Member NVAR | 703.760.8880 Office McLean $729,McLean 000 703.855.4498 AURORA HILLS.....ARLINGTON Falls Church City Don’t let the modestMulti-Million fool Dollar you! This charming mid-century modern home harurealtor@gmail.com McLean exterior $1,100,000Bhavin The Palladium Condo has been completely remodeled!

New kitchen, baths, hardwood floors, carpetBo-Yeon Downsizing?

Sales Club www.harurealtor.com 1313 Dolley Madison Blvd 1313 Dolley Madison Blvd W $630,000 ing, Anderson windows!

Freshly painted with three spacious bedrooms, 2 baths.

COMING SOON 571.217.3814 Welcome To The Condo Lifestyle In The Heart Of McLean * 2BR, 2.5BA & Den * S We can Help!

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Welcome to the convenience of living the condo lifestyle in the heart of Mclean • 2 BR, 2.5BA & Den • Balcony • 2 Garage Spaces with easy access to the unit • Enjoy Luxurious 2 Story Lobby W/Concierge, Fitness Room, Party Room & Library • Summertime Music Series • Cozy Unit W/ Lower Tax & Condo Fee, Must See !!

GRI, ASP

Debbie Schweinhaut

City! Private balcony off of living room. 703.405.7480 Lower level has private rearProperty entrance/ Report Before you R mile E Warrenton LPentagon T OCityRor Crystal S $685,000 of real estate experience and knowledge can work to make your dreams come access.

Garage too!

One toA either City metro.

8047 Side Hill Drive, Speak with a Builder.

Priced ~ $850,000.

Open House planned for 2/18 2-4pm.

921 26th Place, S. Spectacular Executive Style Home - 4 BRs, 3 ½ BAs, 3 Sides Brick ®

Over 5,000 sf finished on 3 levels. Dramatic 2-story Entrance Foyer.

ShahAndTempler@gmail.com Sun-filled rooms, hardwoods, towering ceilings, granite counters and large island”. Chef’s kitchen, Morning Rm, Great Rm, Theater Rm and so much more. A Downton Abbey Home in JAMISON’S FARM.

Claudette Schwartz

ABR,GRI Life Member, NVAR Top Producer Barbara Farmer 703 309 HOME (4663) 571.213.7500 homeccs@aol.com barbcleo@aol.com www.claudetteschwartz.com 1313 Dolley Madison

dschweinhaut@gmail.com Cell: 703.675.1253

 

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COMING SOON….MADISON LANE….FALLS CHURCH  Bo-Yeon Downsizing?

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202.568.0355 true!

McLean, VA 22101

“COMING SOON IN STERLING”

Walney Village, Chantilly $434,500 Colonial with large rooms on a Premium lot

McLean Office | 7

Blvd

Under $500,000

Splendid 3 bedroom, 2 1/2 bath end-unit townhouse surrounded by open common land with huge trees. * Garage * Cul-DeGreat Large open flexible main Sac level *floor planLocation with light- * Separate Dining Room * Family Fireplace * Kitchen space forKitchen tablehas * Large filled living/great room & dining area. oak living room * Lots of Storage cabinetry, S/S appliances adjoining family gas log fireplace. Master Let Claudette Open&the Doors forwith You! bedroom suite features a sky-lit luxury master bath. And much more!

R E A L T O

Room *

McLean Office | 703.760.8880 1313 Dolley Madison Blvd McLean, VA 22101

R E A L

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L fil c b

®

OCTOBER 2018 | FALL REAL ESTATE GUIDE

33

Seniors: Options are the Key to ‘Aging in Place’ With the number of older adults in the U.S. expected to grow tremendously over the next four decades – from 40 million (or 13 percent of the population) in 2010 to 89 million (or 20 percent of the estimated population) by 2050 – getting ahead of the issue of housing options for the senior population is vital.

That’s the view of AARP, whose policy guidebook lays out a host of details to ensure that seniors have the chance to live the lives they want, where they want, as much as possible.

Among the principles guiding the policies, efforts should be undertaken to: • Improve home design.

• Promote affordable housing options.

• Strengthen federal housing programs.

• Increase capacity for public-private partnerships.

• Promote financial security of housing assets.

• Foster home- and communitybased service delivery.

“Housing should meet the needs of all individuals, regardless of age and ability level,” AARP notes.

According to the AARP Public Policy Institute, individuals should have a wide range of housing options and types that support their changing needs as they age. That includes

including the ability to stay in their homes or communities to move to an assisted-living facility.

“The availability of accessible, affordable, and integrated multi-generational housing options is critical to promoting and sustaining people’s independence and successful aging in communities,” AARP notes in its report.

Among the efforts undertaken to ensure that is Universal design, an approach to ensure that people of all ages and ability levels can use buildings, products and the built environment without adaptation.

Universal-design features might include wide doorways, ample maneuvering space in kitchens and bathrooms and fixtures that are easy to reach and operate.

“These and other relatively simple features enable people to remain in their homes throughout their lifespan, even as their needs change over time,” AARP said.

For others, supportive housing may be the preferred option.

“Supportive housing” relates to a wide array of residential settings that provide options that increase an individual’s ability to age in place, but do not rise to institutional settings such as nursing homes and long-term-care facilities.

Supportive-housing settings could

HONOR. RESPECT. TRUST. YOUR ROOF WITH VALOR

offer services such as group meals, transportation, help with housekeeping and personal care.

“Definitions of supportive housing are continually shifting in response to the rapid pace of change within the supportive housing industry,” AARP note.

Among options: • Congregate housing is typically an apartment building for people who are living independently but want common services, such as one meal a day or light housekeeping.

• Continuing-care retirement communities (CCRCs) provide shelter, social activities, health care and supportive services under a variety of contractual arrangements that often include up-front fees. Typically they include guarantees of increasing levels of services, as needed.

• Assisted-living residences are residential group settings that provide personal care to residents who need assistance with daily activities,

according to AARP. Such activities include bathing, dressing, taking medication and preparing meals. Amenities include central dining facilities and activity rooms. “Residents age in place in a home-like environment that maximizes dignity, privacy, independence and autonomy,” AARP notes.

A 2014 AARP survey of American seniors found that, without question, the vast majority of older adults want to remain in their homes and communities, if possible, as they age. Among the survey’s other key findings: • Access to nearby transportation, groceries and green spaces are important community features to people reaching and in their senioryears.

• The top services people 50-plus want implemented to improve their communities are (in order): an increased police presence; improved schools; pedestrian-friendlier streets; better transportation for older adults and people with disabilities; and new or improved parks.

Listings

tonio, Phoenix, Philadelphia and Houston reported fewer listings with a price cut in June than a year ago. In San Antonio, where the median home value is $185,000, 17.8 percent of all listings had a price cut in June, down from about 20 percent of listings a year ago.

Zillow forecasts home value growth across the U.S. to slow to a 6.6-percent annual appreciation rate over the next year. Among the 35 largest metros, home value growth in San Jose, Calif., Indianapolis and Charlotte, N.C. are forecasted to slow the most.

Continued from Page 24 be starting to shift,” said Zillow senior economist Aaron Terrazas. “A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gains.”

There are fewer listings with a price cut in some of the nation’s more affordable housing markets. San An-

Realtors Continued from Page 29

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34

FALL REAL ESTATE GUIDE | OCTOBER 2018

cent), housing affordability (17 percent), and difficulty in obtaining mortgage financing (12 percent).

“A familiar story lingers from last year, as limited inventory continues to plague many housing markets across the country,” Yun said.

Eighty percent of respondents reported that they are certain they would remain in the real estate busi-

Curator Continued from Page 6 discretionary improvements at the property, but only with the county’s permission.

The resident curator would have to provide county officials with an annual report within 90 days of the end of the first year of the lease and at the end of every subsequent year of the contract.

The Park Authority started its resident-curator initiative in 2014 after the Board of Supervisors’ authorized it

ness, while those who were newest to the profession were least certain they would remain.

The 2018 National Association of Realtors Member Profile is based on a survey of 200,964 members, which generated 12,495 usable responses, representing an adjusted response rate of 6.2 percent.

Information about compensation, earnings, sales volume and number of transactions is characteristics of calendar year 2017, while all other data are representative of member characteristics in early 2017. under a 2011 state law.

Park Authority officials last December signed the lease for the county’s first such initiative, which will be conducted by resident curator Steven McCullough at Stempson House in Lorton.

Preparing for the Turner Farm initiative was more complicated, Buchta said.

“The properties are so different,” he said. “Stempson is strictly residential, but Turner Farm also has a commercial element. That process took much longer. Going forward, we feel like we’ll be able to streamline even that process.”

OCTOBER 2018 | FALL REAL ESTATE GUIDE

35

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FALL REAL ESTATE GUIDE | OCTOBER 2018

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