Condos, condominiums, townhouses and more in Alexandria, Arlington, Falls Church & Fairfax County

February 24th, 2010:

Mortgage Applications Slide

Mortgage applications decreased 8.5 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.

Most of the decline was in purchases with the seasonally adjusted Purchase Index declining 7.3 percent compared to the previous week. The index was 13.4 percent lower than it was the same week a year ago.

“As many East Coast markets were digging out from the blizzard last week, purchase applications fell, another indication that housing demand remains relatively weak,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “With home prices continuing to drift amid an abundant inventory of homes on the market, potential home buyers do not see any urgency to lock in purchases.”

Interest rates also rose slightly:

• 30-year fixed-rate mortgages increased to 5.03 percent from 4.94 percent.
• 15-year fixed-rate mortgages increased to 4.35 percent from 4.33 percent.
• 1-year ARMs increased to 6.80 percent from 6.67 percent.

Source: Mortgage Bankers Association (02/24/2010)

Fraud Didn’t Cause Housing Meltdown

The financial crisis was the result of home buyers’ rational reactions to misaligned incentives – not fraud, argues Todd Zywicki, a George Mason University law professor and a Mercatus Center senior scholar. The Phantom Doodler Strikes Drew's New Whiteboard

Zywicki, who has studied the financial meltdown, argues that taking out a risky bank loan looks like a foolish choice today, but at the height of the housing boom was actually a smart decision for many people.

He says the crisis began when the Federal Reserve pushed interest rates to extreme lows from 2001 to 2004, making adjustable rate loans very attractive. It wasn’t until the Fed pushed rates back up that people walked away from their loans.

In the next phase of the crisis, Zywicki says, the availability of foreclosed properties pushed down home prices, which led to more home owners walking away from their properties. Now in the current phase of the decline, unemployment has led to even more foreclosures.

Zywicki writes: “The problem isn’t consumer gullibility or ignorance. Borrowers have shown they understand, and act on, the incentives they face all too well.”

Source: The Wall Street Journal, Todd Zywicki (02/19/2010)Creative Commons License photo credit: thievingjoker

Essential Negotiating Skills

Old Town

Old Town Alexandria

1. Be prepared. This works for negotiators just as it does for Boy Scouts. Be sure all facts are available and verified before you begin. Postponements for fact-finding can bog down the negotiation.

2. Present a united front. You might not agree with your clients’ position but don’t share that with the other side during the negotiation. Privately, you can try to get your clients to change their mind.

3. Leave your attitude at the door. Don’t let your personal opinions of the parties or the situation cloud your judgment; that could endanger the transaction. Treat everybody with respect; if you disagree, disagree with an idea, not with the person.

4. Hold something back. Plan beforehand what concessions your clients are willing to make and then use them when the bargaining gets under way.

5. Don’t sweat the small stuff. Never let a negotiation bog down over a minor point. If you can’t agree, put the point aside and come back to it later. Concentrate on getting agreement on major points like price and terms.

6. Get all the decision makers together. Nothing is more frustrating than to think you have an agreement, only to find that somebody else must sign off on it.

7. Avoid distractions. Choose a location that’s pleasant. Ask everybody to turn off phones and pagers, and don’t accept calls until the negotiation is complete.

8. Don’t share information unnecessarily. Knowledge is power in a negotiation, so giving the other side extra information may weaken your position. Conversely, learn as much about the other parties as you can.

9. Just keep quiet. Greeting an offer or concession with silence undermines the other side’s power and often prompts an immediate reaction.

10. Leave something on the table. Remember that a successful negotiation is not the same as grinding the opponent into the ground. No one should leave a negotiation angry; you never know when you might have to negotiate with the same people again.

Fairfax County Executive Proposes $3.3 Billion FY 2011 Budget

Fairfax County budget proposal is in. The fiscal year budget has a 1.1 percent decrease from FY 2010 Adopted Budget. (Good news for tax payers.)  But the budget also has a recommended tax rate increases from $1.04 to $1.09. (Bad news for tax payers.) The Fairfax County executive outlined a four-step strategy to eliminate a projected deficit of $257.2 million.

In order to eliminate a projected deficit of $257.2 million, Griffin outlined a four-step strategy that sought a balanced approach to the county’s budget challenges:

  • Step 1: Targeted Spending Requirements and Reduced County Expenditures
  • Step 2: Strategic Use of Reserves
  • Step 3: Continued Support for Fairfax County Public Schools
  • Step 4: Reasonable Revenue Enhancements

Read the full press release here.

$38 Million Gift From Reynolds Foundation to Support New George Washington Library

Mount Vernon, George Washington's estate on the Potomac

Mount Vernon, Virginia – The Donald W. Reynolds Foundation has pledged $38 million to Mount Vernon, the home of George Washington, to construct a new library destined to be the international headquarters for knowledge about America’s most famous founding father.

Construction of the 45,000 square foot facility, which will be named the Fred W. Smith National Library for the Study of George Washington, is expected to begin in early 2011, with a completion date in 2012.  The facility will be tucked into the woods across from Mount Vernon’s conservation complex and within walking distance of the Mansion itself.

As the nation’s first and only center for amassing and disseminating knowledge about Washington, the Fred W. Smith National Library for the Study of George Washington will safeguard Washington’s books and manuscripts, serve as a scholarly retreat, create educational outreach programs on Washington, and provide seminars and training programs with a special focus on Washington’s leadership.

As the longtime chairman of the Donald W. Reynolds Foundation, Fred W. Smith has championed a number of projects related to George Washington, including the purchase of the famous Lansdowne portrait of Washington by Gilbert Stuart for the Smithsonian’s National Portrait Gallery.  In addition, under Smith’s leadership, the Foundation has supported the construction of a museum and education center at Mount Vernon, a pair of major traveling exhibitions about Washington, and special programs focusing on Washington for students and teachers across the nation.

“I am pleased and humbled that my fellow trustees have approved the award of this grant and the naming opportunity in my honor,” stated Smith.  “It is our hope that this new facility will be a tool that the staff at Mount Vernon and Washington scholars can use to keep his place in American History as not only the Father of our Country but arguably our greatest president of all time.”

The Foundation’s gift is the largest in the history of Mount Vernon, which ranks as the oldest and most visited national preservation project in America.  The Mount Vernon Ladies’ Association, which purchased the estate from the Washington family in 1858 and opened it to the public in 1860, is unusual in that it receives no funds from the local, state, or federal governments.

“Fred Smith and the Donald W. Reynolds Foundation have enabled us to remain a leader among historic sites around the globe, without calling upon the government for help,” noted Boyce Ansley, Regent of the Mount Vernon Ladies’ Association.  “Mount Vernon is a totally different and far more exciting educational experience because of their support.”

The idea for a facility that serves the role of George Washington’s presidential library is not a new one—it has been part of Mount Vernon’s master plan for several years.  Although Washington continues to be one of the most familiar faces in American history, numerous surveys and focus groups have revealed that a majority of Americans—particularly those in younger generations—know little about Washington’s achievements or personality.  Coverage of Washington in many history textbooks has declined to about 10 percent of what it was 50 years ago.  When one state’s high school students were recently asked the question, who was America’s first president, only 26 percent identified “George Washington” as the right answer.

Most American history scholars generally rank Washington as one of the nation’s three most important presidents, along with Abraham Lincoln and Franklin D. Roosevelt.  “Few scholars would argue that Washington’s leadership and character still sets the gold standard,” noted James Rees, President of George Washington’s Mount Vernon.  “He remains a very relevant role model, particularly as the nation faces a challenging time in its history.”

Although The Fred W. Smith National Library for the Study of George Washington will house hundreds of manuscripts, books and other documents drafted and owned by Washington, the complete array of Washington’s written works, which number in the tens of thousands, are spread among collectors, both public and private, across America.  But Mount Vernon’s library will bring them all together in a complete digital record of letters to and from Washington, assembled by scholars at the University of Virginia over a period of some 40 years.  All the records related to The Papers of George Washington project will be transferred to the library at Mount Vernon when the last of approximately 90 volumes of letters is edited, roughly 15 years from now.

Until then, the library will provide a secure and environmentally friendly home to 45 books from Washington’s original library, as well as 450 letters and other manuscripts written in his hand.  The collection also includes approximately 1500 additional 18th-century books, as well as thousands of important 19th-century newspapers, manuscripts, and documents.  The bulk of the library stacks will be filled with modern books about Washington and the founding era, which will be made available to a much wider constituency.

Historians and authors will have a far easier time accessing the information in Washington’s writings, and Mount Vernon will more than double its library staff to provide expertise and assistance.  Serious researchers who are drafting articles, papers or books about Washington will be lodged in a convenient guest house adjacent to the Library, equipped with six bedrooms.

Simultaneously, the Mount Vernon Ladies’ Association hopes to create a Mount Vernon Press, which will publish new research on Washington, his family and his times, in both printed and digital versions.

A team of education and media experts will also move to the new Library, charged with the task of disseminating the research findings to the largest and most diverse audiences.  To accomplish this goal, the Association will form partnerships with universities, state school systems, patriotic societies, technology firms, movie producers, computer game creators, and others from both the public and private sectors.

The Library will also host small and medium-sized conferences and symposiums focusing primarily on leadership training.  Five meeting spaces will accommodate between 15 and 100 guests, working in tandem with two larger spaces across the street at the Mount Vernon Inn Complex—a Distance Learning Classroom that accommodates 40 participants in a high-tech environment and the Robert H. and Clarice Smith Auditorium with a capacity of 200 guests.

Over a period of three years, the Association is spending nearly $2 million to expand and improve its website technology, and thousands of period artifacts, books, and manuscripts will be included on the site.

The Association has also announced that it has entered the first phase of an $80 million capital campaign, with the commitment from the Donald W. Reynolds Foundation providing almost half the goal.  In addition to building the Library and adjacent guest house, funds from the campaign will endow the Library’s operation, underwrite new positions, and create new programs, especially for students and teachers.

“We are pleased to be the lead donor in the Capital Campaign to build and endow the Fred W. Smith National Library for the Study of George Washington,” stated Steven Anderson, President of the Donald W. Reynolds Foundation.  “We believe that this facility will enhance educational outreach from Mount Vernon in much the same way that the Donald W. Reynolds Museum and Education Center expanded the onsite experience for visitors to the historic estate.”

The Donald W. Reynolds Foundation is a national philanthropic organization founded in 1954 by the late media entrepreneur for whom it is named.  Headquartered in Las Vegas, Nevada, it has committed over $69 million in support of Mount Vernon.

Press Release from MountVernon.org

9 Tips to Guide for Your Home Search

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.

Midtown Alexandria Station

entrance to Midtown Alexandria Station condos

2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.

4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.

9. Check out Condo Alexandria. Our search tools and tips are among the best you’ll find in Northern Virginia.

Dutch Colonial

dutch colonial

typical roof line of a Dutch Colonial

This American style originated in homes built by German, or “Deutsch” settlers in Pennsylvania as early as the 1600s. A hallmark of the style is a broad gambrel roof with flaring eaves that extend over the porches, creating a barn-like effect. Early homes were a single room, and additions were added to each end, creating a distinctive linear floor plan.

End walls are generally of stone, and the chimney is usually located on one or both ends.

Double-hung sash windows with outward swinging wood casements, dormers with shed-like overhangs, and a central Dutch double doorway are also common. The double door, which is divided horizontally, was once used to keep livestock out of the home while allowing light and air to filter through the open top.

Dutch Colonial

Drawing of a typical Dutch Colonial

The style enjoyed a revival during the first three decades of the 20th century as the country looked back with nostalgia to its colonial past. This style is imitated in some of the townhouses in and around Franconia and Kingstowne.  Throughout the seventies and eighties, Dutch Colonials were built throughout Fairfax County.

Craftsman-style Homes

Craftsman home

drawing of a Craftsman house

Popularized at the turn of the 20th century by architect and furniture designer Gustav Stickley in his magazine, The Craftsman, the Craftsman-style bungalow reflected, said Stickley, “a house reduced to it’s simplest form… its low, broad proportions and absolute lack of ornamentation gives it a character so natural and unaffected that it seems to… blend with any landscape.”

The style, which was also widely billed as the “California bungalow” by architects such as Charles Sumner Greene and Henry Mather Greene, featured overhanging eaves, a low-slung gabled roof, and wide front porches framed by pedestal-like tapered columns. Material often included stone, rough-hewn wood, and stucco. Many homes have wide front porches across part of the front, supported by columns.

typical Craftsman

Typical Craftsman

Northern Virginia has many Craftsman homes, especially in Arlington and in parts of Alexandria in and around Del Ray.

Arlington Ridge Road

Hume School in Arlington VA

Hume School is now a museum about Arlington past.

Arlington Ridge Road traces the crest of Arlington Ridge, a steep rise of land that parallels the Potomac in Virginia.  This the same geographic feature that creates the bluffs in Mclean and the rise of land through Arlington National Cemetery. Throughout Northern Virginia, this rise of land is home to some of the most desirable land in the Metro area and the neighborhood around Arlington Ridge Road is no exception.

Residences here have easy access to DC, Arlington and Alexandria because of both the road network and the neighborhood itself. In addition to easy access to thoroughfares like Rt. 1, I-395 and Army Navy Drive, this old neighborhood has plenty of back streets and cross-streets to help avoid trouble when things back up. In addition because this is an older neighborhood, it’s generally very low density.

The homes in this neighborhood often have sweeping lawns with mature and towering hardwoods.  Many of these homes were built as summer get-aways for old-time Washington DC. Some were not much more than simple cottages. Some are spacious lodges. Many of these homes have had extensive renovations and additions. A good many have been replaced entirely by stately manor homes that speak to the affluence and prestige of this community.

Crystal City as seen from Arlington Ridge

View from Arlington Ridge toward Crystal City

The real estate here is among the priciest in Northern Virginia, but if you’re seeking convenience, elegance and a quiet neighborhood, it’s really tough to beat Arlington Ridge.

Showing properties 1 - 5 of 35. See more 22202 zip code real estate.
(all data current as of 5/21/2012)

  1. 3 beds, 3 full baths
    Lot size: 9,148 sqft
  2. 2 beds, 2 full, 1 part baths
    Home size: 1,605 sq ft
  3. 2 beds, 2 full baths
    Home size: 1,576 sq ft
  4. 4 beds, 2 full baths
    Lot size: 7,020 sqft
  5. 2 beds, 2 full, 1 part baths
    Lot size: 10,911 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Potomac Riverboat Company

cherry blossom

Cherry Blossom sternwheeler

The Potomac Riverboat Company operates several authentic split sternwheelers (also known as riverboats) on the Potomac River near Alexandria VA. They also operate a pair of watertaxis which ferry passengers from the Gaylord/National Harbor to Old Town Alexandria. Unlike most cruise companies in America, the Potomac Riverboat Company does not operate “restaurant boats”. Rather, they use their boats as touring and private party and or charter boats. When a vessel is chartered, whether you have a party of 2 or 200, the boat belongs exclusively to you.

The Potomac Riverboat Company offers a 40-minute narrated Seaport Cruise which plies the waters between two magnificent historic sites — Alexandria (in Virginia) and Georgetown (on the Washington, D.C. side of the river). Passengers are treated to riverborne views of America’s greatest monuments. They also offer a narrated cruise downriver to George Washington’s Mount Vernon Estate & Gardens.

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The multiple listing data appearing on this website, or contained in reports produced therefrom, comes in part from Metropolitan Regional Information Systems ("MRIS"). The information provided is for the viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All real estate listings include detailed information about them that includes the name of the listing brokers and therefore may reference real estate listing(s) held by a brokerage other than the broker and/or agent who owns this web site.

All listing data, including, but not limited to, square footage and lot size is believed to be accurate, but the listing agent, listing broker and respective Multiple Listing Services and their affiliates do not warrant or guarantee such accuracy. Therefore, all data should be personally verified through personal inspection by and/or with the appropriate professionals. Listing data last updated 5/21/12 11:54 AM PDT.

The listing information on this web site is from various brokers who participate in IDX.

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