Tom & Cindy and Associates's Blog by Tom & Cindy and Associates

Wegman's coming to the Kingstowne area

Well, it looks like the rumours are true. We've been hearing for a while that Wegman's might be coming to our area. We've been told by some folks that are "in the know" that they will indeed be coming to the Hilltop property just north of the intersection of Telegraph and Buelah Rd. If you've never been in a Wegman's, I think you'll be impressed. Their prepared foods area is like no other grocery store around. One more reason not to spend too much time cooking!!! The time frame is a little uncertain, as is what will happen to the now 2-lane Telegraph section north of the area we're speaking of.

Interview about local real estate with two top business owners

If you didn't catch this interview in the Washington Post, read it. It is one of the most plain-spoken articles I've seen in relaying what's going on in our local Northern Virginia real estate market. They don't mince words and say what all sellers need to hear. http://www.washingtonpost.com/wp-dyn/content/article/2008/04/26/AR2008042600166.html

Help out in the fight against hunger this May 10th!

Let’s help the letter carriers “Stamp Out Hunger” on May 10th On Saturday, May 10th, the day before Mothers’ Day, the letter carriers will stage their 16th annual blitz to combat hunger. This is the largest one-day food collection in the nation and is such a worthy cause, with over 70 million pounds of non-perishable items donated last year. Food bank donations tend to wane after the winter holidays, according to the National Association of Letter Carriers. This drop-off becomes especially tough during the summer, when school breakfast and lunch programs are suspended. There are millions of children for whom this is the only stable source of nutrition. Cindy and I became aware of the food drive this year after receiving a call from Koinonia, one of the fine organizations in our area that helps the disadvantaged. They wanted to borrow our moving truck to transport donated items from the postal facilities to their storage center. When ..(read more)

A couple of notes on "short sales" in Northern Virginia real estate.

As many of you know, a short sale is where a person owes more on their home than it is worth on the open market. They are attempting to sell because they are having trouble making payments because of either a personal adversity (job loss, sickness,etc,) or an adjustable rate mortgage has reset at a higher interest rate, making their payment more than they can afford. The idea is to get an offer for the home that the bank can live with. They agree to accept less than what's owed, in order to avoid having to go to bankruptcy, and then have the property in their inventory to sell at the same or a lower price. The bank will want W2s, bank statements, tax returns, a hardship letter, a financial statement, and paystubs from the seller. The bank will also require a copy of the listing agreement, sales contract, and a preliminary HUD-1 settlement statement reflecting all the fees to the seller. Generally, there are few if any contingencies in the accepted contracts. Certainly no ..(read more)

Is the market changing?

We have sold 6 homes in the last 2 days. The absorption rate for townhouses in the Kingstowne area is 44% and the rate for condos is 58%. That is a huge jump from a couple of months ago. One of our open houses last Sunday received 18 visitors and the other had 14 different couples---both are sold. It was good to see a number of 1st time buyers with no properties to sell. In our market area, if a home is in excellent condition and priced correctly it is selling fast. It’s still a great time for buyers, but they have to put good offers together for the quality properties. We have received multiple offers on several sales recently and currently have a back-up offer on one home that’s under contract. Tom Pietsch

New home client buys Port Potomac

A few weeks ago, I mentioned a few new homes developments that my clients were interested in. This past weekend, I'm happy to announce that they've decided on their new home at Port Potomac in Woodbridge, VA. They chose Port Potomac because of its proximity to the OmniRide bus stop, which takes them straight to the Pentagon Metro, the Virginia Railway Express (VRE), and convenient HOV lanes, as well as the clubhouse with basketball and tennis courts, a large gym, and an indoor & outdoor pool. They also liked the fact that they got a great ~3000 square foot single family home with 2-car garage built by one of the nation's top 10 builders, Ryan Homes, all for under $400,000. Their new home will be built by the end of July, yet they're already planning the housewarming party! Nathan Qazi Tom & Cindy's New Home Specialist

Current Statistics for the local real estate market in

Activity has picked up the last 2 weeks. Usually people ask us when the spring market starts. We usually surprise them by saying that it begins about January 15th. This year it has started much later. But we are happy to say it HAS started. Prices are not rising, but activity is. We are receiving more visits to listings, and more offers are chugging through the fax machine. Here are some local stats---as you'll see, the homes in great condition and correctly priced are selling----the rest are sitting. Some pockets (or products) are doing better within the same area. Note, for example the difference between condos in 22315 and 22310, and detached homes. In this case, it's because in 22310 there are quite a few older homes that are not priced reflective of where the market is. Anyway, here are the stats: In 22315 and 22310 zip codes (the Kingstowne area) there are 321 homes on the market. There are 95 under contract for an absorption rate (AR) of 30%. There are 28 single family ..(read more)

New homes backing to a lake in the Kingstowne Area of Alexandria

We had a new homes sales representative from the Christopher Companies, a popular builder here in Northern Virginia, visit our office today at Tom & Cindy and Associates. After treating us to some lovely orange juice and donuts, she told us about the soon-to-be-built community. It's called Kendrick, a small development of only 8 single-family homes in the 700's. It's located right behind Hayfield High School, close to the Kingstowne shopping center and movie theater, and some of the lots back up to woods and a lake. We're looking forward to looking at the model home when it opens in 3-4 months. (In the meantime, we're sending our clients to their other model home in Fairfax) Oh, and by the way -- there's a picture of the siteplan and floorplan attached to this blog.

Tom & Cindy's Adopt A Highway service

Last Saturday we did our quarterly Adopt a Highway trash pick-up in the Landsdowne and Amberleigh subdivisions of Alexandria, Virginia. It was a little cold in the morning, but as we began walking and bending over, we all warmed up. We've been doing this for over 2 years now, and we really like it. It's a good community service, and helps to make things look better. We give a lot of money to charities, but this one is actually getting out there and doing something. You wouldn't believe what people throw to the side of the street. When I grew up, there was a big push on tv and everywhere on not littering. I wish they would re-visit the subject, because the roads we walk and drive along would be a lot more appealing. Our team has an informal prize for the one that picks up the most trash. In the beginning, there was an earnest debate over whether it should be the heaviest bag, or the most volume (2 bags versus 1). We decided we'd all vote for the winner. We'd like to expand to other ..(read more)

Tom & Cindy's 2008 Spring Market Update

Tom & Cindy’s 2008 Spring Market Update As we look forward to the spring market, Cindy and I wanted to give homeowners an update on market conditions and our insight as to where we are headed. Current conditions still favor buyers, as they have since early 2006. With the benefit of hindsight, we know that the height of the market was April, May, and June of 2005. Since then, the inventory of available homes has gone up and buyers have been able to negotiate purchase prices, ask for closing cost assistance and often both. Sellers, if they’ve been unable or unwilling to price their homes correctly, have seen their properties sit for months. Let’s look at absorption rates. I am writing this on February 3rd. Right now, according to MRIS (the Multi-Regional Information System---our MLS) in the Kingstowne area there are 320 homes for sale. There are 76 under contract. That means that 24% of the current inventory is under contract. We ..(read more)

Thoughts on some new construction

We got a call from a client we had helped find a townhouse to rent last year. He is interested in moving up to a single-family house with a decent lot size, but he wants it to be new construction between $500,000 and $550,000. That means either Manassas or Woodbridge. He and his wife chose the latter, so last weekend we took the Tom & CindyMobile off into the heart of Woodbridge. Here are some of the ones we liked: Barton Square Eagles Pointe Hampstead Landing Powell's Landing Linton Crest Saratoga Hunt Port Potomac Their favorite was Port Potomac because of it's proximity to the VRE and OmniRide bus stop, the style of single-family homes, and that new clubhouse with the indoor swimming pool and gym. In our experience, clients always choose between Port Potomac and Eagles Point. They're both very popular communities.

Tom & Cindy coloring contest winners!

Tom & Cindy and Associates is announcing it here first! The winners of our Holiday coloring contest are Shelby Press and Alexa Steele. They each receive a $25 gift certificate to Toys R Us. Look for the next contest in the upcoming issue of The Kingstowne Area Times and The Lorton Area Times. As always, drop off your entry at our Alexandria real estate office and get a free one-scoop ice cream cone from Baskin-Robbins. Good luck!

Real estate stats on Lorton, Springfield and the Kingstowne area as of 1/18/08

Here is a quick update on our local real estate market. At Tom & Cindy and Associates we study the statistics and are able to note micro-changes we see that can be of value to our clients. I'll talk about Lorton first. There are 290 homes on the market. Of those 35 are under contract for an absorption rate (AR) of 12%. Of these 143 are detached homes. 15 are under contract for an AR of 10%. There are 130 townhouses on with 20 under contract for an AR of 15%. There are 24 condos on and 2 under contract for an AR of 8%. In Springfield, there are 646 homes on the market. 96 are under contract which is an AR of 15%. 414 of the homes are detached and 59 are under contract for an AR of 14%. 198 are townhomes with 31 under contract for an AR of 31%. 38 condos are available with 7 under contract for an AR of 18%. In the Kingstowne area, there are 342 homes on the market with 57 under contract for an AR of 17%. Of those, 153 are single-family detached with 18 under contract for ..(read more)

Our Adopt a Highway program

On February 9th 2008 Tom & Cindy and Associates will be doing our Adopt a Highway program we've been doing for years in Amberleigh and Landsdowne in zip code 22315 in the Kingstowne area of Alexandria. We always start at View Ln. and work our way through the subdivision. It's our way of giving back to the communities we serve and making the area we live in have a better appearance. If anyone wants to join us, we start at 9:00 am. We have doughnuts and juice to wake us up (and give us a sugar buzz) before we start. That's at our real estate office at 7027 A Manchester Blvd.

Tom & Cindy and Associates join Toys for Tots campaign in Alexandria Virginia

For the 4th year we've really had a great response to our Toys for Tots drive. We've gotten the word out that our Kingstowne office in Alexandria is a major drop-off site for new, unwrapped toys for underpriveledged children. Our team is also matching donations up to $1000, which we've already exceeded. We've got a pile of toys that will hopefully make a lot of kids smile. It's been fun and we really like getting a chance to catch up with our friends, clients and anyone that comes by to drop something off. It sure gets us into the holiday spirit. We also like the community to know that as well as selling a lot of houses and local real estate, we are also very involved in supporting local events and many worthy charities. Happy Holidays to you all.