Frederick County, MD 5/31/11

The Real Estate Market in Frederick, MD is a mixed bag of statistics (see charts below).  With four zip codes: 21701, 21702, 21703, and 21704, to cover – the news is not as positive as I would like.  For the most part all categories are down over this time last year.  But if you remember, the Spring of 2010; The Fed did artificially stimulate the market, with the First Time Home Buyer Tax Credit.

If we compare these numbers with last month (March 2011): robust improvements can be found in all but one zip code in Frederick.  The SOLD Dollar Volume numbers for April 2011 of this year have shown significant improvements over last month, jumping as much as +68.96% in  21703.

With interest rates in the 4% range – Buyers are out there! When the numbers for May 2011 are posted, for Frederick, Maryland, I expect even more improvement.

April 2011 Real Estate Market Statistics for: 21701 Frederick, MD

April 2011 Real Estate Market Statistics for: 21702 Frederick, MD

April 2011 Real Estate Market Statistics for: 21703 Frederick, MD

April 2011 Real Estate Market Statistics for: 21704 Frederick, MD

There is so much to do in Frederick that it is hard to know where to begin.  Civil War battlefields, parks, museums, wineries, zoos, minor league ballgames, historic sites, antique shops, farm markets and more.

Not far from DC, the drive up 270 from the Washington suburbs is an easy one. As you near the Frederick area, you will see why so many people choose to live here – the view as you crest the rise on 270 is a spectacular one, with mountains in the background and the city spread out before you.  You might like it so much you won’t want to leave!

Market data and commentary provided by Kathy Fleskes & Serena Toro, Rockville Regional Office.

Search for homes in Frederick County, and all of the DC Metro: www.averyhess.com

Chincoteague – A Nearby Island Treat

There is no shortage of vacation spots for Washington, D.C. natives to frequent in the summer. From the dunes of North Carolina’s Outer Banks to the cape off Massachusetts, the entire Eastern Seaboard doubles as a vacation spot.

Most of the best beach locales, though, are at least five hours away.  What if you want something closer to home, a drive that’s short enough for a long weekend trip, but far enough away that you feel like you’ve left the hustle, bustle and humidity of the metro area behind?

For those looking for that balance, Chincoteague, Virginia provides an excellent destination to relax and unwind, without the massive influx of summer vacationers.

Just 180 miles away from Washington, D.C., Chincoteague is a small town on Chincoteague Island, one of Virginia’s hidden treasures. The island is just 37 square miles and with fewer than 5,000 permanent residents it feels cozy and small.

Because of the small population, the town has never been overdeveloped. There are no buildings higher than four stories. There are no malls or movie theaters, and there are very few chains. It’s something rarely experienced on the East Coast, a treat in its own right.

To get to Chincoteague, one must actually head through Maryland. Leaving Washington, DC, take Route 50 out of the city and cross the Bay Bridge. From there, Route 50 goes down the peninsula and crosses back into the Old Dominion. After that, simply turn on Chincoteague Road, which takes you over Horntown and Shelly Bays and on to the island.

There are several hotels on the island, including a Best Western and a Quality Inn. There are also a number of houses available to rent, which have prices much lower than their counterparts at other, more popular beaches.

If you’re looking to lounge on the beach, you’ll want to head to Assateague Island. Just a few miles down the road, Assateague shields Chincoteague from the Atlantic, and is the island’s only access to the ocean. It’s a federal park, and a day pass costs $8 per car. The sandy beach stretches for miles and there are trails throughout the island for running and biking.

While on the island, be sure to keep an eye open for ponies. The Chincoteague ponies are some of the most famous horses in the world. Supposedly descendants of a wrecked Spanish ship, the ponies have lived on the island in seclusion for over 300 years.

To keep the population under control, yearly, on the last Wednesday of July, the island holds one of America’s most famous events.

The ponies are herded to the edge of Assateague and pointed toward Chincoteague. Once there, they jump in the Bay and swim to the other side of the island.  Some of the ponies are auctioned off, with a portion of the money going to charity. The remaining ponies are taken back to the island to continue living and breeding.

If you aren’t able to make it to the island in July for the pony crossing, Chincoteague still offers plenty to do. While it’s enjoyable to just sit and relax, there are a number of local restaurants to head to for dinner. A.J.’s on the Creek offers upscale American dining, and is a great option if you’d like to splurge for a “fancy” dinner on your trip.

Then, after a meal, or on your way out of town, be sure to check out the Island Creamery, an old-style ice cream parlor. They cook their waffle cones right in front of you, pulling them off a waffle iron, rolling them up and filling them with homemade ice cream while they are still warm.

It’s a slow-paced treat in a fast-paced world, just like Chincoteague Island, the perfect place for a calm summer vacation.

-David

Don’t Stress – Tips for Selecting the Right Management Company

For many owners, employing a management company is not just a financial decision but an emotional one as well.  Entrusting your home or investment property to others can be a difficult decision, especially to those moving out of the area.

I have always been a firm believer the personal connection between a home owner and their management company is an important consideration.  A mismatch in personalities could ultimately impact the professional relationship.

Homeowners need to weigh the cost versus the benefit of having a professional company handle their investment.  Is it important to you having someone to market and procure tenants, to act as a liaison between you and your tenants, handle repairs and maintenance issues versus spending your own time dealing with these issues.

I find owners focus on three major areas when asking questions of a management company.  How are properties marketed?  How are potential applicants screened?  How are repairs and maintenance as well as legal issues handled?

I always encourage potential clients to interview other companies and benchmark their findings against their needs.  Every owner has a “hotspot” that will trigger their decision making.  What is the aggressive strategy for attracting renters, especially on-line or mobile search capabilities?  Does the company syndicate listings to a variety of consumer websites?  Which credit bureau is utilized for consumer credit reports?  What kind of background check is performed?  Is the lease governed by the local Realtor board?  Does the lease fall under a state jurisdictional Landlord Tenant Law or Act?  What are the terms of the lease?  Will the property manager oversee maintenance items and cosmetic issues that need to be addressed?

Don’t assume every management company uses licensed, insured and bonded vendors. Ask for contractor lists and license verification.   What are the nature of inspections to be performed and how often? The bottom line, attention to detail on all these items separates the great companies from the average ones.

Licensing and membership in professional organizations should also be considered.  Is the company run by a Real Estate Broker and are the individual property managers assigned to your property licensed Realtors^®?  Although not a requirement in all states, there are innumerable benefits if they are.  It ensures compliance with local and state laws, all Fair Housing issues and gives you the single point of contact for all necessary real estate services.

Membership in NAR, NARPM or networks such as Leading Real Estate Companies of the World^TM indicates a commitment to continuing education and a pledge of excellence.  The end result is a higher satisfaction rate among clients.

Your final decision should be made based upon your individual needs, the services offered to satisfy those needs, the overall cost, and the professional expertise a property manager can provide.  And remember, Real Estate services are local – so your property management should be as well!

-Article by Katja Hom, Avery-Hess Realtors, Director of Business Development

Sterling, VA Market Report 5/24/11

As the spring market moves forward in full swing, the Sterling market bucks the trend with fewer listings than April 2010.  This is the result of fewer foreclosure properties in a market that was heavily dominated by those properties last year.

All indications are showing that the Sterling market will enjoy a steady increase in value.  The loss of the Federal Income tax credit has had a definite influence on the number of sales, due primarily to the price range which is very favorable to 1^st time buyers.

Commentary and analysis provided by Jim Agnew, Avery Hess, Realtors, Dulles/Westfields Regional Office
Search for homes in Sterling, VA and the entire DC Metro:www.averyhess.com

Alexandria, VA Market Report – 5/20/11

As we get deeper into the spring season, real estate activity continues to slowly improve. While it is slow, the key is that it is improving. In most major cosmopolitan areas of the country there is still a decline in prices and an inventory of foreclosed properties.

The city of Alexandria was hit hard by the recent storms causing major flooding. When crises’ like this happen people tend to step back and wait to see how things will turn out. In this case it has turned out fine and April saw positive results.

Interest rates continue to be favorable and prices are still relatively low compared to 5 years ago. If you are sitting on the fence waiting to see how low the prices go, you may miss out. A small hike in the interest rate could offset any price decrease. Chances are the rates will rise and statistics show that prices are already going up. Don’t miss out. Call your favorite Realtor and get in the game.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the City of Alexandria, and the rest of the DC Metro: www.averyhess.com

Taste Arlington at the Taste of Arlington

Northern Arlington is one of Washington, D.C.’s most rapidly developing areas. It seems that every day a new restaurant or store is being built.

The fast-paced growth means that it’s very hard to visit everything Arlington has to offer. Luckily for residents and neighbors alike, one day a year, you can find almost every shop in one location.

This Sunday, May 22, the Ballston Partnership, among other neighborhood groups, hosts the annual Taste of Arlington. What exactly is Taste of Arlington? It’s a street festival celebrating every great eatery Arlington has to offer.

Each year, Taste of Arlington sets up near Ballston Mall, closing down Wilson Boulevard, from the intersection of Glebe Road down to Quincy Street, letting pedestrians take over the roadway. The event goes on, rain or shine, from noon until five.

What started off as a relatively small festival is now quite large. The Taste was originally hosted by the Ballston Partnership and in recent years, the event has added sponsors from across the area. This year’s festival is co-hosted by the Clarendon Alliance, Columbia Pike Revitalization Organization, Rosslyn Renaissance and Crystal City BID.

On Sunday, almost every neighborhood will be represented, with 40 of the county’s best restaurants whipping up their favorite bites.

Participation in the festival is easy. All you have to do is walk down to Wilson and look for the crowds. For those driving, parking is available at Ballston Mall.

The festival is free to visit, but to snack and sample on the many wares, tickets need to be purchased. Books of eight tickets can be bought online for $20 and are being sold up to the day of the event. If you want to wait to buy them in person, the price jumps up a bit, to $25 a book.

Tickets can be used to purchase goods from the restaurants, with most plates typically costing two tickets.

Whether you buy them in advance or on site, your ticket charge will be donated to charity. This year, the Virginia Hospital Center, Phoenix Houses of the Mid-Atlantic and the Arlington Community Foundation will all benefit from your ticket purchase.

So what will your tickets get you?

Great food. At Taste of Arlington, every restaurant puts their best plates forward.

Last year, the Spanish tapas restaurant Jaleo, in Crystal City, showed up with a six-foot wide iron pot. In it, they made a massive serving of paella, the Spanish rice dish with fresh seafood and meat.

Lebanese Taverna, in Lyon Village, brought numerous Mediterranean dips, from hummus to tabouleh  and baba ganoush.

New restaurants to the dining scene will be there as well. Bayou Bakery, in Courthouse, will likely be offering their signature beignets and Rustico will be bringing treats from their wood-fired oven.

Throughout the day, five local musical acts will be performing.  Among them are the Constituents, who play a blend of acoustic Caribbean rock and the Resistance, an indie rock band.

The forecast this Sunday is calling for perfect weather, so instead of spending it at one restaurant or inside, experience 40 of Arlington’s finest under the clear blue skies.

- David