August 2005 Article History

There are 7 articles published in August 2005. Here are the first 20:

The United Kingdom Loudoun Market Update-July 2005 Going to see the wizard! Appraisals: Step on the brakes? Buy $1 M Plus in Loudoun, VA Sell $1M Homes in Loudoun, VA? Exeter TH | Leesburg, VA

You will find a complete Index of Articles by Category in the History Archives.

August 29, 2005

On our recent trip to the UK including a tour of Scotland, we captured nearly 500 pictures of the experience. Of these, I wanted to choose one that represented the geography, culture, colour and history as we saw it. It is an impossible objective. Instead, here are five that encompass the sights and impressions of this ancient, historic yet modern kingdom.



Clockwise from the top left:

• Bath, England: Flower baskets, a double decker bus and an ancient Abbey in one setting. A study of contrasts.
• Sterling, Scotland: Within a few miles of Sterling Castle west of Edinburgh is the Bonnie Doune Castle. Some might recognize this as the setting for scenes from Monty Python and the Holy Grail.
• Melrose, Scotland: This beautiful small village south of Edinburgh, Scotland is a consistent winner of the UK Town Flower Awards. This is just a sample of a shop owner adorning the facade.
• Glenfinnan, Scotland: A westerly view across Loch Shiel on a threatening day. Even the shades of grey are a sight to behold in this wonderful country.
• Loch Ness, Scotland: A roadside stop on the west side of the famous loch (of Loch Ness Monster fame) found a piper in full Scottish gentleman dress. Pam is shading her eyes to get a better view. The women seemed to be intrigued with what he might be wearing under the kilt.

Comment on The United Kingdom. Follow this article is off. More articles like this one filed in: Simple Worldy Pleasures

Does the bubble have a leak? It appears it does...inventory is going up, sold units are going down, average days on market edged up slightly in July and sellers are accepting a little less. A disaster? Not yet. Part of this is seasonal. I expect to see activity pick up after mid September. Maybe not as strong in the past. We have definitely lost sight of "normal." Properties are selling, not for expectations and, it is taking a little longer. Pristine property will sell first.

Job growth is still strong in the Washington region. This should keep demand relatively strong. We see the current sluggishness as a normal market reaction to commodities (housing is a commodity) being in an over priced condition. Sellers need to temper their expectations.

Here is the latest from the local REALTOR® association:

2005 Loudoun County Monthly Sales Statistics
Month	Residential Units Sold	Average Sales Price	Median Price	Average Days on Market	Active Listings	New Listings This Month	New Pendings This Month	Average S/P as a Percentage of L/P
January	508	$469,168	$419,900	31	714	439	557	98.69%
February	485	$462,467	$429,000	30	908	720	678	99.15%
March	698	$501,491	$450,500	24	930	1007	808	99.84%
April	760	$525,525	$470,000	23	1259	1298	898	99.67%
May	799	$515,239	$475,900	14	1486	1295	942	100.28%
June	994	$547,057	$491,000	21	1779	1485	802	99.47%
July	788	$550,128	$482,250	22	2067	1395	736	98.97%
August
September
October
November
December
Metropolitan Regional Information Systems, Inc.   ::    Last Updated on 08/11/2005

Comment on Loudoun Market Update-July 2005. Follow this article is off. More articles like this one filed in: Loudoun County Market News

August 9, 2005

The wizard of Scottish music that is. Pam and I are fortunate to be able to explore the country of our ancestral roots with a tour of Scotland led by acclaimed Scottish folk singer, Alex Beaton. The tour will feature Scottish history, folk lore, geography and yes, single malt whiskey tasting. Lot's of good music along the way.

We will have lots of pictures to post when we return. Real Estate Blogging is on vacation too.

Alex can be found at www.alexbeaton.com, a showcase of his music and tours of Scotland.

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Northern Virginia Housing Market Cooling?

The last two to three years it was unusual for a property not to appraise. Home values were rising rapidly, interest rates were low, the market was red hot. We have anecdotal evidence that the market is changing:

Market value appraisals on five out of five of our recent listings came in lower than our own market analysis and clients expectations!

The normal client reaction is:

How can this be? My property tax assessment rose 25% last year! My property must be worth 25% more. The one like mine down the street sold for X last year and 25% more than X is what mine must be worth and besides, my property is a lot nicer!

Here is a possible explanation:

Last year's market data drive this year's tax assessment. Appraisals focus on market activity of comparables in the most recent period of time data is available; sometimes only the last few weeks. Market value is loosely tied to assessments. Buyers and sellers drive market value at any point in time.

The market has changed in the last few months. There are definite signs of market braking. Inventory is rising, it is taking longer to sell, there are fewer buyers as interest rates continue to rise and we see many price reductions on current listings and buyer incentives coming back to the new construction market.

Is the bubble bursting? We still don't think so. Just a normal market adjustment based on economic factors. The market is still great, just not red hot! Sellers may not get what they expect but nobody is losing money either. Sellers are extracting huge amounts of equity built up over the last several years.

What's bad about that picture?

Buyers: Be cautious but not afraid. Purchase for lifestyle changes and long-term gains in value...not short-term financial gratification.

Sellers: If you have owned property for a couple of years, you are making money, not losing.

Comment on Appraisals: Step on the brakes?. Follow this article is off. More articles like this one filed in: Market Conditions (with charts)

August 5, 2005

Reported data for 2005 New Construction homes sold since the beginning of the year. This data may be incomplete as some builders do not report new homes sold to the MLS.

New Single Family Homes (detached) Sold in 2005
Properties sold YTD (since 1/1/2005)	39
Average list price	$1,249,324
Average sold price	$1,270,863
Sold price as % of the asking price	102%
Average days on the market (if listed before sold)	81 days
Minimum days to sell (Not all homes are listed before sold)	0 days
Maximum days to sell (if listed before sold)	468 days)
Average house size	5 bedrooms
Average lot size	2.7 acres
Average age	0 years

Comment on Buy $1 M Plus in Loudoun, VA. Follow this article is off. More articles like this one filed in: Loudoun County Market News

Do you have a $1,000,000+ home to sell in Loudoun County? Here is a quick sample of data from the local MLS. This might give you an idea of what to expect.

Single family homes (detached) on less than 100 acres (Excludes new construction)
Properties sold YTD (since 1/1/2005)	99
Average list price	$1,344,656
Average sold price	$1,278,761
Sold price as % of the asking price	95%
Average days on the market	117 days
Minimum days to sell	1 day
Maximum days to sell	764 days)
Average house size	4 bedrooms
Average lot size	Slightly less than 10 acres
Average age	43 years
Newest	1 year
Oldest	273 years

Comment on Sell $1M Homes in Loudoun, VA?. Follow this article is off. More articles like this one filed in: Loudoun County Market News

August 1, 2005

$367,500 | SOLD | $7,500 Seller Allowance Highly desirable Exeter Town Home in Leesburg. Walk to town and all community recreation amenities. End unit on a corner lot. 3 bedroom, 2 full baths, 2 half baths, and finished basement. Unit was prior Pulte model. Wonderful, spacious, center island kitchen w/dining area. All new kitchen appliances (less than a year old). Fresh paint. Great deck w/afternoon shade. Newly fenced, large rear yard for privacy. Nice!

MLS# LO5345557 | Visual Tour | Map it

Comment on Exeter TH | Leesburg, VA. Follow this article is off. More articles like this one filed in: Featured Properties