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By Kim, June 24, 2010

It s All Done – Just Unpack!

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$465,000 Single Family Home For Sale Main Features 5 Bedrooms 3 Bathrooms Interior: 2904 sqft Lot: 15,047 sqft Location 7016 Galgate Drive Springfield, VA 22152 To get updates on open home dates and other property events, please click the “Like” button below:

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Kim Hannemann Samson Properties (703) 861-9234 Kim.Hannemann@gmail.com http://www.KimHannemann.com Listed by: Samson Properties

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By Kim, June 18, 2010

This report covers Alexandria, Arlington, Fairfax County and the towns within.

A total of 1,957 homes sold in May 2010, an increase of almost 9% from May 2009 home sales of 1,803.

Active listings decreased by about 4% from last year, with 7,710 active listings in May, compared with 8,050 homes available in May 2009. The average days on market (DOM) (for sold homes) decreased by 47% to 40 days, compared with 76 days in May 2009.

Sales prices rose by about 6% compared with last year. The average sales price this May was $460,828, compared with last May’s average of $433,257.? ?The median sales price – usually a more accurate indicator – was $404,000, which is an increase of almost 8% compared with May 2009’s median price of $375,000.

The number of pending home sales decreased by 28% with 1,901 sales pending compared to 2,637 in May 2009. This was an expected result of contract signings pulled into April by the tax credits, which expired April 30.

My take on the market in the area is that it’s still strong, driven by the ridiculously low interest rates (under 5% fixed, and 3.5% for 5/1 ARMs) which look to be with us for at least the next couple of months as signs of inflation remain low. If you’re on the fence about buying, I’d say it’s time to jump.

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By Kim, May 12, 2010

Here are the April 2010 home sales activity for Northern Virginia – including Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton:

A total of 1,793 homes sold, 16% more than April 2009 home sales of 1,544 and the 21stth consecutive month of higher year-over-year sales. And for the 25th straight month, the number of pending home sales increased over the same period as the year before – 12% this month.

Active listings increased only sightly from last year, with 8,327 active listings in April, compared with 8,234 homes available in April 2009. The  “inventory,” as we real estate people refer to homes available for sale, is less than five months’ worth of homes. The industry generally considers anything under six months’ inventory to represent a “sellers’ market,” although I think it’s more balanced.

The average days on market (DOM) for homes in decreased to 45 days, compared with 85 days a year ago. More importantly for most sellers, more than 70% of homes sold went under contract in less than 30 days.

The average sales price in April rose by 12% from last year, to $455,686, while the median price rose 9% to $390,000. The year-to-date increase in average prices is on the order of 12%.

Now that the federal tax rebate programs have ended, let’s see where the market goes in May and June, usually the prime time for home sales. I would expect actual sales (closings) to go up, but I have no idea what will happen with pending sales. Will buyers keep on coming?

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By Kim, May 11, 2010

I’m sure all of you denizens of the Springfield, Virginia area are eager for news of what’s going on with the big project to redevelop Springfield Mall into a bustling multipurpose, mixed-use retail/hotel/office/residential complex, as advertised starting in about 2006.

And I wish I could tell you. I’ve been trying to keep up with this project, which is so critical to the future of the area, but . . . it’s . . . taking . . . a . . . lot . . . of . . . time.

My last post on the subject, about three months ago, included information from Supervisor Jeff McKay’s office to the effect that construction on Phase One, including a new food court, movie theater and indoor renovations, should begin in April or May. Not happening. I was there yesterday and  the only renovations to be seen are a small bit of torn up floor tiles, and a single set of the old off-white railings repainted grey, outside the interior Macy’s entrance upstairs. I’m told this work is preparatory to a test of some minor work planned for the rest of the mall interior.

McKay’s office remains confident that the project is on track because the various permit applications and meetings are continuing. The project received County rezoning approval last July, but McKay’s office says the various permitting requirements for a project of this magnitude are quite time-consuming.

The mall’s owner, Vornado Realty Trust, appears to be in strong financial condition despite the current state of the commercial real estate market. They are making a profit – unlike General Growth, the owner of Landmark Mall, who also had big plans but just went through the largest bankruptcy in US history.

However, Vornado has just this spring defaulted on mortgages for at least three projects – Springfield Mall ($164 million), High Point (NC) Merchandise Mart ($217 million) and The Cannery in San Francisco ($18 million). It is widely assumed that these defaults are strategic, designed to force the renegotiation of the mortgages for Vornado’s benefit, and that they want to continue to hold, manage and renovate the properties more or less as originally planned. That would make hardball business sense, I suppose, but it’s not the kind of dealing that would make me pleased to have Vornado as a major player in my town.

Update 5/12/2010:  A scenario for your consideration – Vornado’s mortgage on the Mall is nonrecourse debt, meaning Vornado is not liable for making its lenders whole if the property is worth less than the mortgage. This is different from residential mortgages in most places, where the lender can file a judgment against you if you default, and recover losses from other assets you might have or acquire.

So, commercial property goes into general decline (which it has), plus Vornado “manages” the property in such a way as to make it less valuable – i.e., by losing most of the tenants, which seems to have been accomplished. (Remember, the anchor stores – Target, Macy’s Penney’s – are not tenants; they own their stores.) Then, Vornado defaults on it’s now much-less-valuable property – or threatens to. The lender, faced with renegotiating the debt or taking a possibly even bigger loss through foreclosure and resale, is now over a barrel – even if it forecloses and sells the property to the highest bidder, the highest bidder could still be Vornado or some shell company they own.

Hmmm . . . .

More news as I get it.

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By Kim, April 22, 2010

I have a rant today. I could have one everyday, but I try to keep the published ones reasonably spaced. Here goes:

Where and how in today’s society do you learn that the proper place to dispose of unneeded or unwanted furniture – sofas and the like – is in the median of the Franconia-Springfield Parkway? I would show you a photo, but some public-spirited citizen or agency has arranged it’s quick removal.

And, how on earth do you figure out that by the side of any random road – except in your own neighborhood, of course – it’s perfectly OK and in fact encouraged to toss your bags full of trash and garbage. Or your ripped mattress. Or the empty bottles of beer you drank while driving down said random road texting your girlfriend . . . oops, my mistake, those are thrown in the middle of said random road.

No, dammit, it’s not OK. It’s classless, unconscionably arrogant, and displays a selfishness, laziness and immaturity so vast I can’t conceive of words enough to fully describe it. Jackasses.

Perhaps you go to (or come from) a similar place where you learn that, to advertise your business, you illegally staple garish 18×24″ placards to as many road sign posts as you can find – that’s why the VDOT put them there, right? So you can advertise your el cheapo granite countertops, or your summer karate school, or perhaps your tax business. Ever used a powerwasher? Gee that’s good for half a dozen different signs.

And let’s not forget, we simply must tell everyone who drives over the American Legion Bridge in Springfield that just around the corner is an “Air Condition Laundomat.” A fine use of an otherwise pointless VDOT traffic directional sign.

Sometimes, though, the signs have so much great copy on them it’s hard to tell if you’re peddling “affordable car insurance” – finally! – some sort of mortgage scam, or just trying to find that incredibly elusive “real estate investing apprentice” you want to pay $20,000 per month. Amazing, all those signs and apparently you still haven’t found that apprentice! So much for an unemployment problem!

Today I drove past a veritable field of yellow signs with red printing that said “Flintstone” . . . something something something.” All I could think of was Fred, and a friend of mine who used to amaze me with his ability to perfectly draw him. And, of course, that your damn stupid illegal yellow signs were going to be littering the median at Popes Head Road until whenever VDOT finds the time and money to cut the grass and throw them away.

Campaign signs? I know, they’re legal (mostly) and they are taken down with in two weeks after the election. Real estate directionals and Open House signs? Hey, I’m an agent, I use them – but they come down when the house is sold or the open house is over. Yard sales? Fine, but not stapled on the road signs, and they come down at the end of the day.

I must confess that I have, on occasion, exercised a form of vigilantism, taking the law into my own hands by removing an advertising placard nailed to our local STOP sign. VDOT has enforcement powers, and there is a fine of $100 per sign, but VDOT doesn’t have anyone to do the enforcement, nor have they authorized the county to do it. So it’s basically up to us. Any volunteers?

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By Kim, April 17, 2010

The Kingstowne Farmers’ Market runs from  May 7th through October 29th, every Friday from 4 PM to 7 PM in the parking lot of the Kingstowne Town Center.

The Farmers’ Market is supervised by the Fairfax County Park Authority through the Community Horticulture office based at Green Spring Gardens. The daily operations of the markets are managed by volunteer Market Masters.

The market also hosts Fairfax County Cooperative Extension Master Gardener Plant Clinics. Citizens can bring plant or insect samples for pest identification or disease diagnosis. Master Gardeners also help citizens by having informational displays on topics such as Container Gardening or EcoSavvy Gardening.

All products sold at the Farmers Market are produced by the vendors within 150 miles of Kingstowne. Buy local and support sustainable agriculture in the Chesapeake Bay watershed. You will find the freshest and most desirable fruit, vegetables, plants, baked goods, eggs, dairy and meats available.

The Market welcomes the following vendors this year:

• A Bit More (sweets and specialties)
• Allenberg Orchard (fresh vegetables and fruit)
• Bees n’ Blossoms (honey and a variety of products made with beeswax and pollen)
• Cenan’s Bakery (bread, spreads and an assortment of pastries)
• Chesley Vegetable Farms (fresh vegetables and fruit)
• Cibola Farms (bison, free range pork, eggs and other meats)
• Colonial Kettle Corn (kettle corn)
• C&T Produce (fresh vegetables and fruit)
• Level Green Farm (fresh vegetables and fruit)
• LynValle Studios (cut flowers and bouquets)
• Medina’s Produce (fresh vegetables and fruit)
• Middleburg Creamery (ice cream and lemonade)
• Mt. Olympus Berry Farm (fresh vegetables and fruit)
• Salsa las Glorias (salsas and chips)
• Smith Family Farm (beef, chicken, pork, lamb, sausage, eggs and other meats)
• Susie’s Cookies (specialty cookies)
• The Brownie Brittle Co. (chocolate “brownie” pieces)

Most of these vendors are veterans of several years at the Market.

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By Kim, April 9, 2010

The Washington Business Journal reports today that Fairfax County has purchased the old Circuit City site in Springfield and plans to develop a commuter parking facility there. It’s been a “slug line” site for some time.

The property, located at 7039 Old Keene Mill Road, behind what used to be the Long John Silver’s restaurant, has a land area of 118,000 square feet and would serve several Metrobus and Fairfax Connector routes. The county bought the property for $4.5 million on March 19 from D.C.-based Monument Realty. Monument originally bought the property in July 2007 for $7.6 million.

The county wanted to use Transportation Investment Generating Economic Recovery Discretionary Grant (TIGER) to fund a 1,000-space parking garage on the site, but didn’t get the grant. Under the new plan, the parking lot will hold 270 spaces and open late this year or early in 2011. Before the Circuit City building is demolished to make way for the lot, the county wants to coordinate a fire and rescue training exercise in which the vacant building would be set on fire.

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By Kim, February 25, 2010

Governor Bob McDonnell today directed the Virginia Department of Transportation (VDOT) to focus efforts during March on patching the thousands of potholes giving motorists bumpy reminders of the hard winter Virginia has endured. This winter’s repeated historic blasts of snow, ice and rain coupled with colder-than-average temperatures have resulted in a proliferation of potholes on Virginia’s roads.

VDOT will make pothole repair its top priority between March 1 and March 31. The agency will use state crews and contractors to conduct a pothole blitz aimed at quickly identifying and repairing roadway hazards. VDOT is also asking for citizen help to identify potholes as they form to speed repairs.

To report a pothole, citizens should visit www.VirginiaDOT.org or call VDOT’s Highway Helpline at 800-367-7623 (ROAD).