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By Kim, February 15, 2010

I’ve been stewing over this post for a few weeks now, and I’ve given it a little extra time to cook before committing it to the Interwebs. But now it’s done, so let’s serve it up:

Wouldn’t it be wonderful if we could all be proud of all our colleagues and our professions? I have met, during my relatively short real estate career, a large number of agents and brokers whose knowledge and abilities I admire. Yet I am dissatisfied with the impression of the profession that I get from too frequent encounters with agents of lower quality. Oh, let’s not bandy words—I am fed up with lying, non-compliant, incompetent, discourteous, unprofessional and unethical agents, and the “supervising” brokers who condone them. I’m furious about paying nearly $700 a year for access to our regional MLS database—MRIS—that is seemingly incapable of enforcing its own data entry rules, permits errors and omissions by the truckload when simple edits could prevent them, and doesn’t force correction of errors and omissions even when they are specifically pointed out to their so-called “compliance” department.

Cases in point, from merely the last month of funsies:

(1) Lying agents: She ignores my calls and emails asking for the basic information that I need to present a good offer on her short sale listing. I finally write the offer as best as I can, and send it to both of her email addresses, and fax it to her office, requesting acknowledgement. Two days later (Wednesday) I call (and she actually answers the phone!) and she acknowledges that the offer was received and will be “presented with other offers on Friday.” The very next day (Thursday!) the property’s status is changed to Under Contract. Huh? I ask her broker to investigate whether my offer was presented—no response. A week later I repeat my request, and receive only a belated call from the agent to tell me another offer was accepted. No sh*t, Sherlock.

(2) Non-compliant agents: Our MLS rules require that when an offer is accepted in writing, the property must be updated in the system to reflect that fact. It cannot be kept in ACTIVE status. I notified an agent two days after we had a ratified agreement that he had to change the status, and he refused “because my client doesn’t want me to change the status. He wants more offers.” So I reported it to the MLS, and even sent them a copy of the ratified contract. Did anything change? No. I’ll bet he won’t get fined, either. This agent’s supervising broker is . . . himself.

(3) Incompetent agents: In Virginia, there is a legal requirement that the seller “disclose” certain things about the property on a specific form promulgated by the Real Estate Board. It’s rather silly, because in fact there is really very little that has to be disclosed under the law, but the form is nonetheless required. Three times in the past month, I have had my buyers’ offers accepted by the sellers without the sellers providing the form either before or after acceptance. I haven’t said anything, of course, because right up until settlement occurs, my buyers can get out of the contracts scot-free by simply giving notice that they never received the form, no matter what contingencies may or may not exist. D’oh!

(4) Discourteous agents: I’d been eyeing a listing for a few weeks that was a little higher than my clients wanted to go, but was in a neighborhood they like. Finally I convinced them to take a look, and after checking the MLS that morning to make sure it was ACTIVE, I met them there. The lockbox the listing noted was to be on the house was not, and I couldn’t reach the agent or the alternate agent on the phone, so I left a message on voicemail. An hour later the agent called back—she was in a listing appointment with the alternate agent—and explained that they have had a problem with lost keys. She gave me the combination to another lockbox, and I told her that I will be taking my clients back that afternoon. I asked if there are any offers, and she said they were “working with” one. Later that day we returned to the property and were surprised to find a home inspection going on. The buyer’s agent showed me a contract that was ratified several days before. When I got home I checked the MLS again, and the listing agent had updated the listing to CONTRACT 30 minutes after I spoke with her. She couldn’t call me? I complained to her supervising broker, but he’s her alternate agent—and husband. No apology; in fact, no response at all.

(5) Unprofessional agents: Anyone with access to the internet can confirm the widespread lack of professionalism simply by looking at any one of dozens of websites that access the MLS. Observe the numerous listings with no photos, out of focus photos, oddly tilted photos, and photos that clearly lack any sense of good judgment; or if you like a good chuckle, consider the rampant misspellings, typos, inaccuracies and omissions. No tax record on a 30-year-old property? No list of conveying appliances? No directions? If there’s no basement, are those just decorative windows peeking out under the first floor? Are any supervising brokers awake out there? How can any agent claim to be earning a commission with such inexcusably crappy “marketing?”

(6) Unethical agents: My client offered $301,000 on a $260,000 listing but, “Sorry, my clients accepted another offer.” Later I see the final sale show up—same FHA loan, but the net sales price was $264,000—$37,000 less! Gee, what could possibly have convinced the sellers to take such a low offer instead of ours? Why, imagine that—the selling agent was the listing agent, too! What a coincidence! That, folks, is what we call a “double-dip,” where the listing agent gets double commission, and I would say it’s pretty likely that my client’s offer was not presented at all. This agent’s supervising broker is . . . herself.

We have a laudable code of ethics, and ethical grievances can be filed with the local Realtors association, of course, but the burden of proof is rightly on the accuser. Unfortunately, much of the documentation one would need to make a case is usually in the hands of the accused, and there is no such thing as a subpoena in grievance proceedings. So, except in the most obvious and egregious cases, the best one can do is keep a (hopefully short) sh*tlist of brokers and agents with whom one avoids doing business, if possible. And believe me, I have one.

Now that I’ve had my rant, I guess it’s time for me to consider applying to serve on the local or state boards so that I can follow the same advice I give to my clients about their HOAs: if you want to have a good organization, get involved with it.

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By Kim, March 5, 2009

It’s a strange arrangement. Here I am, the agent for the buyer, receiving my compensation from a party who not only is not my client, but whose interests are (one would think) directly opposed to those of my client – the seller. They want the highest possible price, my client wants the lowest. They don’t want to spend money on repairs, my client wants the repairs made. The list goes on. The two sides are in agreement on one thing only – they want the transaction to happen. Yet it it almost universal for the seller to pay the buyer’s agent. Huh?

This seemingly oddball arrangement exists for a couple of reasons. First, the historical background: until the mid-1990s, real estate brokers and agents operated under subagency agreements, whereby brokers listed property, and offered cooperative commissions to other brokers bringing in buyers for the listed property. Under subagency, these cooperating brokers and agents were legally bound to represent the seller.

Despite this fact, most buyers thought “their” agent represented them, and acted accordingly, often to their detriment. By sharing how much they were willing to pay, when they had to buy, or how much they loved the home, they unwittingly provided the seller with useful negotiating information. Eventually the Federal Trade Commission put pressure on the states to have real estate agents disclose to consumers exactly whom they represent. Most states eventually adopted disclosure laws, and the industry adapted by creating buyer agency arrangements (similar to sellers’ listing agreements). But the existing commission arrangement remains in place – the seller still pays. Why?

The reason that sellers still pay the commission is because the main obstacle to buyers being able to buy is a lack of cash – cash for the down payment, cash for closing costs, cash for the move, cash for furnishings, and the list goes on. It takes a long time to save that money. Some people find it difficult; others find it impossible. Add the buyer’s agent commission, and the seller will have fewer buyers available.

The seller is receiving cash from the sale. If they pay the commission, more potential buyers are able to afford this property. The more potential buyers, the higher the likely sales price. The higher sales price provides the incentive for the sellers to pay the buyer’s agent in addition to paying their own.

There are “exclusive buyer agents” who accept their payment only from their buyer client and refuse the seller’s offer. They argue that the only way for a buyer to be certain to avoid any conflict of interest is to avoid firms that both list and sell homes, and to compensate their own agent. In practice, I have never been tempted to change my buyer representation perspective regardless of the offered compensation. I disclose to my buyer clients the compensation offered on every property, and have on occasion used higher compensation levels to assist my clients in the purchase.

It’s Good To Have A Friend In The Business®

If you would like to discuss real estate questions, sell or buy a home in Northern Virginia – including Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax, Fairfax Station, Falls Church, Kingstowne, Lorton, McLean, Reston, Springfield, or Vienna – contact Kim today.

4.5% Listings with First-Class Service — Cash Back to My Buyers!

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By Kim, January 27, 2009

The first question a potential home seller has is undoubtedly, “What’s my home worth?”

A real estate professional will establish the likely selling price by doing a comparative market analysis (CMA) – comparing your home to others like it that have sold recently. We would include market conditions, such as the inventory of homes for sale and the ease of purchase (interest rates, mortgage availability).

Ideally, your agent will be looking for homes

• of similar size;
• in similar condition;
• in the same or a nearby neighborhood; and
• sold in the past three months.

In a large subdivision or condo complex with many recent sales, this can be fairly easy. If your home is very similar to several recently closed sales, except for the level of improvements, adjustments can be made for the various differences.

It is more difficult to establish market value when there are few or no comparable sales (“comps”). Sometimes your home is unique compared with nearby homes sold recently. In this situation establishing a reasonable market value will also be a matter of adjustments, but the adjustments will be trickier.

The most important factor is location, so up to a point we would tend to favor closer homes over more recent sales from a distance. On the other hand, if we can locate several recent sales of similar model homes by the same builder in a distant neighborhood, we can adjust for location.

Adjustments may be made for the home’s “fit” in the neighborhood. A home that “sticks out like a sore thumb” – either too fancy or too big compared to nearby homes, or relatively small or unimproved relative to the neighborhood – will require more up or down adjustment. If the comps are in a more highly sought after school district than your home – or vice versa – it will be necessary to adjust for the schools.

Occasionally we might try multiple approaches. For instance, in addition to pricing recent sales of similar homes from other neighborhoods,  we can also research sales in your neighborhood from previous years and then adjust for what has occurred in the local market since then. By establishing the value from several perspectives, a more accurate price range for your home will become clear.

Finally, when a property sells, it’s not just about the price. There are other factors that influence what a buyer will pay and how much a seller will accept:

For example, terms such as these might induce a seller to take less money:

• an all-cash offer (no mortgage contingency to worry about);
• an as-is offer (no concern about repairs);
• a fast closing or a longer closing, depending on what the seller prefers; or
• a free rent back, to allow the seller time to complete his move at a more leisurely pace.

And these terms might make the seller demand more money:

• seller financing all or part of the purchase price;
• seller paying for closing costs; or
• offer contingent on sale of buyer’s home.

If you would like to know the likely market value of your home, please contact me. I’ll be happy to help you evaluate your property’s value.

If you would like to discuss real estate questions, sell or buy a home in Northern Virginia – including Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax, Fairfax Station, Falls Church, Kingstowne, Lorton, McLean, Reston, Springfield, or Vienna – contact Kim today.

4.5% Listings with First-Class Service

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By Kim, January 27, 2009

Working with prospective home buyers, I often find that early in the process they are inclined to suggest an offer price based on the listed price – as though they should always offer X% or $XXX less than the list price.

I can understand why they would make that assumption, if they’ve been looking at market averages or listening to people who do.

But basing your offer on the list price is a big mistake. Some are ridiculously high. Some are tantalizingly low. And until I do a Comparable Market Analysis (CMA) – investigating the sales price and terms of recently sold similar homes in the area – I can’t know if the asking price is anywhere near market value.

Some agents might toss out a number when you ask them while touring the home. They would not be the best agents.

Here’s an example:  A home is listed for $399,000. You love it, but you firmly believe that you should offer 10% under list, and your offer of $360,000 is accepted! Wow, you’re a great negotiator . . . until you find out that similar homes sell for about $345,000.

Example 2:  A home is listed for $399,000. You love it, but you you firmly believe that you should offer 10% under list, and your offer of $360,000 is rejected without a counteroffer. Someone else got your dream home! THEN you do your homework, and learn that similar homes sell for $425,000 and the asking price was intended to attract multiple offers, or even ignite a bidding frenzy.

I will not give my opinion on price until I do my research. In the first example, if you know the likely sales price of a home is $345,000, and it is listed for $399,000, your agent might suggest an offer of say $325,000 with other terms that might pique the interest the seller – and you’d be pleased to get the home for $335,000.

In the second scenario, if the house you love is listed at $399,000, but research reveals that similar homes typically sell for $425,000, your agent can help you construct a winning bid. If yours is the accepted offer at $415,000, you did great!

It’s all about doing your homework. When negotiating, you can’t really know where to begin until you know the market value of the home.

If you would like to discuss real estate questions, sell or buy a home in Northern Virginia – including Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax, Fairfax Station, Falls Church, Kingstowne, Lorton, McLean, Reston, Springfield, or Vienna – contact Kim today.

4.5% Listings with First-Class Service

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By Kim, January 2, 2009

. . . or, ten ways to improve your chances to sell your home. A funny but oh-so-true description of steps all home sellers should take to ensure the fastest, most profitable sale.

[vodpod id=Groupvideo.1927547&w=425&h=350&fv=]

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By Kim, December 11, 2008

I’ve been a real estate agent in Springfield, Kingstowne, and Fairfax for several years, and for the most part I have found that Northern Virginia buyers are pretty bright. But I have seen some prospective home buyers do things that make me wonder what they were thinking (or smoking, if you get my drift).

For instance, wouldn’t you think it pretty important that you understand how much you are able to afford before you start looking for a home? Maybe you would want to consult with a good lender (or two?) to help determine that you can qualify for a mortgage, and for how much?

And then there are so many different types of real estate loans – 15-year, 30-year, even 40-year fixed rate – FHA guaranteed – VA no money down – local down payment assistance – 3, 5, 7 or 10-year fixed/adjustable – wouldn’t it be a good idea to understand your mortgage choices? A competent real estate lender will recommend the best financial product for your needs. I have seen way too many of those quickie print-it-yourself “You’re Prequalified!” letters from Internet mortgage “brokers” who promise you whatever they think it will take to get your money. Please, speak with a lender you trust, and ensure that you have been fully approved for your mortgage and that you understand it. If you don’t know a lender, ask your agent for referrals to some good ones.

What?! You don’t want to work with a real estate agent? How many homes have you bought/sold/negotiated lately? It’s one thing to be bright, but entirely another to think you know everything about everything. Oh, you don’t want to pay a commission? Perhaps you didn’t know that as a home buyer, you ordinarily will not pay any commission. The seller pays the commission to their agent, and they share that commission with the buyers’ agent. You can choose to be “represented” or “assisted” by the seller’s agent, but that’s the same as not being represented at all. Get your own agent to make sure your interests are protected! We’ll wait . . .

So now you (and your agent – hint, hint) are out looking at homes. You’re a people person, so naturally you strike up a conversation with the sellers or their 

agent, or maybe their neighbors. Smile, but shut up, already! Everything you say, especially to a well-trained ear, gives them some information you may think is innocuous, but might undercut your negotiations later. You talk to your real estate agent, and let your agent get the answers. After the contract is ratifiedyou can jabber all you like. We encourage it.

Ooh, look – here’s the most expensive house on the block! Let’s get this one, honey! Who cares about later resale value? Most of the time, the highest priced home in the neighborhood will appreciate more slowly than others. Get the pool, the big sunroom, or other costly amenity if you really want it, but don’t expect to get your investment back when you sell unless that “extra” is common in the neighborhood.

Neighborhood? What about the neighborhood? Looked OK when you wrote the offer on Sunday afternoon! Of course, that’s when the 12 guys living in the frat house across the street were sleeping. Take a drive around the neighborhood at different times of day and evening. How’s the commute to your job?

Contract, shmontract, they’re all the same. It’s all about the bottom line, right? Well, no. Designing and presenting a persuasive offer while keeping your options open is a skill born of experience and research. Formulate the offer with your real estate agent. Present yourself as a strong and committed buyer by being approved by a lender and having a competent real estate agent put the offer together with you.

You didn’t request a home inspection? Nah, your uncle is a plumber, so you don’t need no steenkin’ inspection. Every home should be inspected by a qualified home inspector. If you are buying in Virginia, a termite inspection is required. And, if you are considering a home with a septic system – as you might find in Clifton, Fairfax Station or other western and southern parts of Fairfax County – insist on a county inspection of the system.

OK – we’re all set. Settlement in two weeks. Hey, let’s buy a new car for our new garage! And while we’re at it, darling, go right ahead and quit your job so you’ll have time to pack your stuff and move! I have had buyers do something like this – well, not quite that bad – in the weeks prior to settlement, only to find that their chosen lender will recheck employment and credit just two days before the expected settlement date. No verification, no loan. Oops!

Buying a home in Springfield, Kingstowne, Fairfax or anywhere else can be stressful and there are many pitfalls. Let yourself be guided by a real estate professional you trust and respect, who has YOUR best interests at heart.

Yup – like me.

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By Kim, December 6, 2008

Get In On Kim’s Big Johnson College Bowl Mania!!!

You know if it has three (!!!) exclamation points, and is written in red, it’s gotta be good.

This contest involves choosing the winning team for each of the 34 (yes, now it’s 34!) upcoming college football Bowl Games, to be played between December 20 and January 8. In addition to choosing the winning teams, you have to assign a Confidence Points factor of 1 to 34 to each game – your personal view of how certain you are of the outcome of each game. If you have high confidence in your choice, you give that game a high value; conversely, if you have no idea which team might win, you would assign a low value. If the team you pick wins, you get the points you assigned. For a tiebreaker, you have to guess the score of the BCS Championship game.

The contest will feature a small prize of some sort – probably involving chocolate – to everyone who beats me, and an engraved 8GB iPod Nano (your choice of color) to the top scorer. Second prize is a 1 pound tin of Mrs. Hanes Moravian Sugar Crisp Cookies. Mmmmmmm . . .

If your entry is really hot, you might win something from ESPN, too, but who cares? The Big Johnson is special!

You enter the contest by going to the ESPN website and follow the instructions below. There is no cost. You are welcome to invite your friends – any friend of yours is a friend of mine.

Let me know if you have any other questions.

How To Play College Bowl Mania the Big Johnson Way

Step 1 – REGISTRATION

To enter, fill out the free game registration at the ESPN website. A valid ESPN member name and password will be used as an identifier to sign in to game play, and to keep track of your entry’s score and standing. If you are already a registered ESPN account holder, you do not need to go through the registration process. If you’ve had an ESPN account in the past but forgot your password, visit Member Services and have your account information sent to you.

Step 2 – GAME SETTINGS

After you have signed in, you will be prompted with a screen with a “Create Entry” button. After you click on the button you will be automatically redirected to the “Entry Settings” page where you will be asked to name your entry and decide whether you would like email reminders.

• Name your entry: Use the text box to determine how your entry will be displayed in the game. Use your imagination. Please. 
• Scoring system: Use the radio buttons to select Confidence Points (required for our game).
• Email Reminders: Use the radio buttons to select whether or not you’d like to receive email reminders from ESPN pertaining to game locks and game rules. I will send emails through the ESPN system to the participants about the game, so be sure to read the email account you use to register!

Once you have completed your game settings, click on the “Submit Entry Settings” button.

Step 3 – JOINING THE BIG JOHNSON GROUP

To join the Big Johnson group after you submit your entry settings, click on the words Create Or Join A Group. Search for the group named Big Johnson, and join the group using the password, “kimsentme” (get it? Kim Sent Me?). You can join the group as soon as you create your entry – you don’t have to make any picks first. Let me know if you have any problems getting into the group.

Step 4 – MAKING YOUR PICKS

You won’t be able to make your picks for the games until all the bowl game contestants are known – probably by Wednesday, December 10. Then you will be able to pick your winner for each game, and predict the final team scores of the National Championship Game as the game’s primary tiebreaker. To select the team you think will win, click on the table cell containing the team name or the checkbox next to the team name. Once you’ve made all of your picks, you can “click and drag” the game up or down in the list to change the assigned Confidence Value for that game. The higher the confidence you assign to a bowl game, the more points you will earn if you have selected the winning team. Each game must have a different confidence value assigned to it from 1 to 34. To predict the final team scores of the National Championship Game, enter your predictions in the fields designated as “Score Guess.” Once satisfied with your selected picks, the confidence values for those picks, and the championship game’s score guess, click the “Submit Your Picks” button to enter them.

Register and submit your entry no later than the first kickoff of the first game of the college football bowl season (Saturday, December 20, 2008 at 11:00 am ET) at which point the game will lock and no additional picks can be made. If you change your mind about a game, you can go back and change your picks until the first game starts.

Step 5 – SCORING

In the Confidence scoring system, the higher the confidence you assign to a game, the more points you will earn if you have selected the winning team. If your chosen team wins, you get the points you assigned to that game. You do not lose points for incorrect picks.

Step 6 – JOINING ANOTHER GROUP

You can join up to three (3) different groups with the same entry, not that you will give a hoot. Once you have enjoyed the Big Johnson, all the others are, well, kinda puny. Each user may have up to three (3) different entries – but only ONE entry in the Big Johnson.

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By Kim, December 4, 2008

The Midtown Springfield proposal, 9+ acres now occupied by a motel, closed discount wine store, near-vacant office tower, abandoned veterinary clinic and two restaurants, appears to be off the table. Last July, the Fairfax County Board of Supervisors received a letter from the developer (Kettler/KSI) saying that efforts to resurrect the sagging project had failed. The Fairfax County Planning Commission has indefinitely deferred its decision to approve the project.

Kettler/KSI lawyer Gregory Reigle wrote in the letter, “Our belief was [that] the combination of additional time and continued partnership with the community and county would provide the opportunity to resolve the remaining issues and deploy still evolving county revitalization policies and programs.” But, the letter continued, “These efforts were not successful. Rather than pursuing a diluted plan that does not respect community expectations, there is no practical alternative than to withdraw the rezoning.”

The proposal called for three towers of 21 to 28 stories with 800 apartments and condominiums, a 160-room hotel, 40,000 square feet of offices and up to 100,000 square feet of retail space, all surrounding a central public plaza and gallery or auditorium. Parking garages and landscaping were to buffer the buildings from I-95 and the huge flyover ramp that looms behind the site.

However, with ongoing developments in and around Springfield such as the Fort Belvoir base realignment, and revitalization of Springfield Mall, I can see this one springing back onto the drawing board pretty quick. Like other developers in the current economy, Kettler has had to pull back. They have ongoing major projects in Reston (Midtown Reston Town Center), Woodbridge (Port Potomac/Potomac Club/County Center), Manassas (Piedmont), Arlington (West Village, The Metropolitan), Alexandria (Midtown Alexandria), and that’s only scratching the surface. It made sense to back off on one that was not yet underway. But if Kettler doesn’t do it, someone will!

Check out the artist’s rendition:

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By Kim, December 4, 2008

Springfield Mall – that disgusting blob of concrete, styrofoam and asphalt – is going to be a hot destination again. Really!

Vornado Realty Trust, which bought the 36-year-old mall in 2006, is converting the building from a closed-over big box into one that brings the outside in. Shops will face outward. Large windows will bring more light inside. Meanwhile, there will be courtyards and small parks connected by wide walking and biking trails. Later plans also include 2,200 homes, 1.5 million square feet of office space, a new multi-screen movie theater and a 225-room hotel above 175,000 square feet of new retail space. Total retail space will be about 2 million square feet.

The first thing to go will be the name “Springfield Mall” – now immortalized by The Simpsons. It’s now the Springfield Town Center. The first phase of the renovation has been planned for a fall 2010 opening. Interior mall renovations, which would gut the entire existing structure, are underway. The new mall interior will present shoppers with a long, single corridor featuring a new movie theater and a food court. The ceilings along the corridor will feature larger skylights, brightening up the interior. Outdoor plazas and public spaces with cafes and restaurants are included in Vornado’s plans. Every major corridor will have a special entrance, with some having glass-paneled walls and cascading waterfalls.

The second phase of the plan, requiring county approval, includes construction of hotels, office buildings, restaurants, townhouses and apartment complexes along Spring Village Drive beginning as early as spring 2010. The groundwork has been laid, with the unanimous approval from the Fairfax County Planning Commission and Board of Supervisors on the comprehensive plan amendment. The entire multimillion dollar mixed-use project will take anywhere from 10 to 15 years to complete. Sounds like a lot, but Reston Town Center was rezoned in 1989 and it is still under construction!

“It’s comparable to Tysons,” said Mark Looney, with Cooley Godward Kronish, the law firm representing Vornado, “in that you are taking something that is suburban development and making it urban. It’s going to be a 24-hour, seven-days-a-week place.”

Supervisor Jeff McKay (D-Lee), whose district includes the mall, called Vornado’s plans not only the “single-most-important” development project in Springfield, but in all of Fairfax, trumping the plans for Tysons Corner. “People already want to go to Tysons,” he said. “But Springfield Mall needs an immediate change. It can’t wait 20 or 30 years. There is a sense of urgency with this mall.”

The changes, he said, will not only revitalize an aging mall, but also help turn Springfield into another hub of business in the county. “We can’t put all of our eggs in Tysons and the Dulles Corridor,” he said. “I expect Springfield to be a major employment center in Fairfax County, like a miniature version of Tysons.”

Local business owner Bob Stockton (he cuts my hair!) welcomes the mall’s makeover, and says Springfield “is bound and determined” to blossom in growth just like Tysons. “We have all the transportation Tysons wishes it has,” he said. “Eventually, developers are going to realize that.”

Keep up with all the plans and details at the Vornado website for Springfield Town Center!

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By Kim, November 27, 2008

As I mentioned the other day, my family is visiting Pasadena this week to see my son Chris, whose first ”real job” with eSolar is here. I must say, despite the rain (yes, it can rain in southern California), it is one of the nicest small cities we have had the pleasure of touring. The streets are clean, the town is eminently walkable, there are beaucoup places to shop and eat, and of course the climate is absolutely seductive.

Real estate is in the same boat as in the northern Virginia area, but it will recover well, I believe. I continue to urge Chris to buy – perhaps after the first of the year – and take advantage of the current pricing and mortgage rates. If you happen to be looking in the Pasadena area, I can recommend Chris’s agent Irina Netchaev and her website Pasadena Views.