Are You Looking To Buy An Undervalued Property?

Despite the fact that home prices have begun to rise again in some parts of the country, there are still a number of areas that are classified as “Undervalued Markets“. The video below will give you details, but five of the Top Undervalued Markets (as researched by IHS Global Insight) are listed below:

  • San Francisco
  • Ft Lauderdale
  • Dallas
  • Las Vegas
  • Bridgeport, CT

 The Belt Team has top-notch Realtor connections in each of these markets. So if you (or your family, friends or colleagues) are looking to buy a home in one of these areas – don’t miss the opportunity! Contact The Belt Team TODAY at (703) 242-3975.

New Gazette Ad Debuts!

Our new Belt Team Gazette ad debuted recently. Tell us what you think!

(And don’t let our efforts at being tongue-in-cheek fool you. We take our jobs seriously. But The Belt Team is different! We think outside the box. Our creativity, negotiating expertise and commitment to our clients is unparalleled. It’s why we’ve sold more homes in Northern Virginia than almost ANY other Realtor! Over 1,500 Families served! )

The Belt Team - Gazette Ad - Vienna, VA

Real Estate Update – How Does 2010 Compare to 2009 in Vienna – Oakton?

How does 2010 compare to 2009 for the first 9 months of the year for Vienna and Oakton?

  • Jan-Sep Sales in Vienna for 2010: 707
  • Jan-Sep Sales in Vienna for 2009: 668
  • Sales in Vienna in 2010 are up 6% over 2009 (thru September).
  • Jan-Sep Sales in Oakton for 2010: 203
  • Jan-Sep Sales in Oakton for 2009: 195
  • Sales in Oakton in 2010 are up 4% over 2009 (thru September).

(We’ll update you again next week on 2009 v. 2010 when we have stats for October.)

Now, here’s our regular weekly update on the Vienna & Oakton real estate markets. This is what are we seeing:

  • Inventory is up 5% in Vienna over last week and stable in Oakton.
  • Average days on market for active listings is rising – up by about 1 week in each area.
  • The contract rate in both Vienna and Oakton remained stable.
  • 24% of the homes that went under contract this week were listed over $800,000.
  • In terms of market supply, 3.8 -4.4 months still puts as in a “balanced market” (defined as 3-6 months housing supply).
  • Anecdotal info tells us that there are still active buyers in the market. Open houses are still being attended. And agents are continuing to call us looking for new inventory for their buyers.

Here are last week’s stats for Vienna Real Estate (22180,22181, 22182):

  • Number of Contracts: 16
  • Average Days on Market for Active Listings: 117 days
  • Average Days on Market for Listings That Went Under Contract: 52 days
  • Inventory: 264 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 4.2 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.8 months

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 5
  • Average Days on Market for Active Listings: 118 days
  • Average Days on Market for Listings That Went Under Contract: 63 days
  • Inventory: 118 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 4.4 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.8 months

If you’re thinking of buying or selling, contact The Belt Team for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters!

Open Houses – Vienna, VA & Reston, VA – Oct 24

It’s the weekend! And that means it’s time for our Open House Theme Song of the Week (and list of open houses for this weekend!).

First, see if you can guess the song. Here’s the hint > > >

The song is by The Cure. And we think this is what you may be singing to yourself TODAY when you check out the homes we have open this weekend!

Give up?

The song is called “Friday, I’m In Love“. So scroll down, take a chance – you may fall in love . . . and come visit us at one of our open houses this weekend! But first, here’s The Cure:

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9090 Wexford Drive in Vienna – $799,797 – Open Sunday 1 to 4PM

This delightful brick front colonial is mere minutes from “Downtown Vienna”, Tysons & easy commuting! Enjoy 4 bedrooms & 3.5 baths ~ an updated kitchen ~ sunny formal dining room ~ large living room ~ light, bright breakfast area ~ main level library with built-ins ~ family room with fireplace ~ master bedroom with sitting area, walk-in closet & updated bath ~ finished lower level with rec room, fireplace, wet bar, & den/office ~ plus a screened porch & deck!

More Info About 9090 Wexford Drive in Vienna

And you’ll love living in Vienna – read more about “Life In Vienna

Directions to 9090 Wexford Drive: From Tysons Coner – Route 123 south toward Vienna, Right Old Courthouse Rd (immediate left to stay on Old Courthouse), Left Creek Crossing Rd, Right Wexford Dr to #9090.

Contact The Belt Team
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Thistle Ridge in Vienna – $1,499,900 & Up – Open Sunday 1 to 4PM

9604 Thistle Ridge in Vienna For Sale

Thistle Ridge is a breathtaking new home community from master builder Sekas Homes in Vienna. 9 new homes will be built on beautiful cul-de-sac lots! Five are pre-sold. Four opportunities remain! Prices start at $1,499,900.

Directions to Thistle Ridge: From Rt 123 in Vienna, Proceed North on Beulah Road. Bear left on Clarks Crossing Road. 2nd Right on Brookside Lane. Right on Thistle Ridge to #9604.

Read about “Life In Vienna, VA

Contact The Belt Team

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1388 Park Garden Lane in Reston – $500,000 – Open Sunday 1 to 4PM

This gorgeous all brick, end-unit townhome in sought after North Reston is move-in ready! Enjoy a wonderful, open floorplan with hardwood floors throughout the main level, vaulted ceilings in all three bedrooms, a fully finished walkout lower level with rec room & gas fireplace, delightful wrap-around front porch, plus spacious upper & lower level decks!

Directions to Park Garden Lane: Toll Road West, Right on Wiehle (cross Baron Cameron), Left on North Village, Right on Park Garden to 1388 on right.

More Info About 1388 Park Garden Lane in Reston

Contact The Belt Team

Open Houses – Vienna, Oakton & Reston – October 17th

It’s the weekend! And that means it’s time for our Open House Theme Song of the Week (and list of open houses for this weekend!).

First, see if you can guess the song. Here’s the hint > > >

This week our song is sung by fabulous local artist Deeme Katson when she performed at the “Tribute to Joni Mitchell” at the Strathmore in 2008. And we think that after you stroll through our open houses, you might be singing a line from this song.

Give up?

The song is called “Help Me“. So listen here as Deeme sings “Help me I think I’ve fallen in love with you.” (After you listen, make sure you scroll down for open house info. We’d love to see you stop by to see us. And don’t worry, if you walk out singing “Help me I think I’ve fallen in love with you” about one of the houses – we’ll be there to help make your dream come true! 

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9505 Macy Avenue in Vienna – $1,049,000 – Open Sunday 1 to 4PM

  

This elegant brick front colonial is sited on a large cul-de-sac lot. You’ll especially enjoy the addition to the home that includes a delightful sunroom & 2nd casual eating area. There’s plenty of room for the family to gather, as well for for easy entertaining – with rec rooms on both the main and lower levels. The kitchen was updated in 2010 with granite countertops & stainless appliances. Plus there’s a spacious master suite with sitting room, 4 additional bedrooms. 3.5 baths, soaring ceilings, gleaming hardwoods & more. Madison HS pyramid!

Directions to Macy Avenue: From Tysons: Route 123 South, Right Beulah Rd, Left Abbotsford Dr, Right Percussion Way, Left Labrador Lane, Left Macy Avenue to #9505

More Info about 9505 Macy Avenue

Read about “Life In Vienna, VA

Contact The Belt Team

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10309 Conejo Lane in Oakton – $1,049,000 – Open Sunday 1 to 4PM

This one-of-a-kind custom contemporary is an absolute jewel! Characteristic styling and modern updates combine in this convenient, yet private family home. Generously sized bedrooms, cathedral ceilings, and open living areas make this home feel airy, spacious, and comfortable. Sunlight beams through 4 central skylights and the profusion of floor-to-ceiling windows are perfect for enjoying the organic setting amid 2 acres of trees, flora, birds, and deer. Yet, this tranquil sanctuary on a quiet lane is just minutes from Oakton Shopping Center, the W&OD trail, Oakton Community Park, Oakton Library, I-66, Rte 123, and Rte 50.

Directions: From Tysons: Route 123 South through Vienna to Oakton, right Hunter Mill Rd, Right on Conejo Lane to #10309

More Info About 10309 Conejo Lane in Oakton

Contact The Belt Team

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Thistle Ridge in Vienna – $1,499,900 & Up – Open Sunday 1 to 4PM

9604 Thistle Ridge in Vienna For Sale

Thistle Ridge is a breathtaking new home community from master builder Sekas Homes in Vienna. 9 new homes will be built on beautiful cul-de-sac lots! Five are pre-sold. Four opportunities remain! Prices start at $1,499,900.

Directions to Thistle Ridge: From Rt 123 in Vienna, Proceed North on Beulah Road. Bear left on Clarks Crossing Road. 2nd Right on Brookside Lane. Right on Thistle Ridge to #9604.

Read about “Life In Vienna, VA

Contact The Belt Team

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1388 Park Garden Lane in Reston – $500,000 – Open Sunday 1 to 4PM

  

This gorgeous all brick, end-unit townhome in sought after North Reston is move-in ready! Enjoy a wonderful, open floorplan with hardwood floors throughout the main level, vaulted ceilings in all three bedrooms, a fully finished walkout lower level with rec room & gas fireplace, delightful wrap-around front porch, plus spacious upper & lower level decks!

Directions to Park Garden Lane: Toll Road West, Right on Wiehle (cross Baron Cameron), Left on North Village, Right on Park Garden to 1388 on right. 

More Info About 1388 Park Garden Lane in Reston

Contact The Belt Team

The More Things Change, The More They Stay The Same . . .

THE “SHIFTING” REAL ESTATE MARKET

Wow, when they call today’s real estate market a “shifting market,” they are right on target. It keeps shifting, and shifting, and shifting . . . Every time we turn on the news there’s a new development that affects our economy and therefore the ability of Buyers to “buy” and Sellers to “sell.”SHIFT, a recent book by Gary Keller, co-founder and Chairman of Keller Williams Realty, begins with the following paragraph: “The Real Estate Market has shifted drastically and dramatically. Sales volume and the number of transactions have dropped significantly. Inventory has reached an all-time high. Buyers have never been more reluctant. Fear is rampant, anxiety is high, and people are getting out of the business left and right. Sound familiar? Sure it does. The year was 1979!

Does it make us feel better to know that this has happened before? No.

But can we learn from it? YES!

Fast forward to 1987 and it happened again. This time, changing tax laws had a disastrous effect. And guess what? History repeats itself. Now, in the 21st Century, we are faced with this same situation again. But this time there are real differences. In 1979, mortgage interest rates topped 18 percent. Last week, Buyers were still getting approved at under 5 percent through local lenders. That is a HUGE difference! And today’s Sellers are becoming realistic with the pricing expected by today’s Buyers, bringing our market back on track.The real estate business is “cyclical.” An experienced real estate agent and a mortgage lender will understand this and be prepared to give counsel that is in tune with the current market. Lending laws, availability of funds & appraisal requirements have all been diifferent in these various markets and your strategy as a Buyer or Seller needs to adjust accordingly. Remember though, the news you heard last week is “old news,” so stay in touch with your local, trusted real estate team (In Northern VA, that’s The Belt Team!) for updates on this ever changing market.

As we said above, it doesn’t necessarily make you feel better to know that tough markets have happened before. But you can learn from the experience. Not many real estate teams have been around long enough to see multiple cycles in real estate. But if you’re in the market to buy or sell a home, we think it’s vital you work with one who has. Not only has The Belt Team assisted clients in navigating the markets of 1979 & 1987, but we have continued to lead the way in our industry from that time and on into the 21st Century . . . and our Buyers & Sellers benefit enormously from our experiential learning.

Real estate remains your single most valuable asset if handled correctly. Please don’t hesitate to call The Belt Team for all of your real estate needs. (703) 242-3975

 

Real Estate Update – Vienna, VA & Oakton, VA

Here is what are we seeing this week in the Vienna & Oakton real estate markets:

  • In Vienna, inventory has increased to its highest level since late July. In Oakton, inventory is down slightly from last week, but still remains at one of the highest levels we have seen this year.
  • Average days on market are fairly stable – with 111 days in Vienna and 109 days in Oakton.
  • The contract rate dropped in both Vienna & Oakton. Vienna saw the fewest number of contracts ever this year – with just 8 contracts this week. Oakton only had 5 contracts this past week. 
  • In Vienna, of the 8 homes that went under contract, 5 were listed above $800,000. In Oakton, NO homes that went under contract were listed above $800,000.
  • In terms of market supply, we are still in a balanced market (defined as 3-6 months housing supply), with less than a 5 month supply in both Vienna & Oakton.

Here are last week’s stats for Vienna Real Estate (22180,22181, 22182):

  • Number of Contracts: 8
  • Average Days on Market for Active Listings: 111 days
  • Average Days on Market for Listings That Went Under Contract: 96 days
  • Inventory: 265 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 4.1 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.7 months

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 5
  • Average Days on Market for Active Listings: 109 days
  • Average Days on Market for Listings That Went Under Contract: 57 days
  • Inventory: 98 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 4.8 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.8 months

If you’re thinking of buying or selling, contact The Belt Team for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters!

Just Listed For Rent – Midtown Penthouse – Reston, VA

The Penthouses of Midtown offer a living environment that is imaginative and completely thought out, with a level of service and convenience that is unique. On-site pool, media room, exercise room, club & conference rooms. Enjoy the energy of Reston Town Center as well. Restaurants, shops, parks, and the library are all just steps away.

$3,600/month

More Info about 11990 Market Street #1715, Reston, VA 20190

Contact The Belt Team
 

Open Houses – Vienna, VA – October 10th

It’s the weekend! And that means it’s time for our Open House Theme Song of the Week. Here’s the hint>>>>>>

We have one of the best music venues in the entire DC area right here in Vienna, VA . . . Jammin Java. And this week our song comes from national recording artist Mindy Smith. Mindy will be performing at Jammin Java later this month.  (Jammin Java is one of the reasons why The Belt Team loves living in Vienna! For more about “Life In Vienna” – check out our blog TheresNoPlaceLikeVienna (Dot Com!).

Give up?

The song is “It’s Amazing“. We think this is what you might be saying after you see the two homes we have open this weekend. So scroll down for directions & stop by to see us! But first, here’s Mindy Smith to inspire you!

Here’s where you can find us this weekend:

* Sunday, October 10th – 1PM to 4PM – 10600 Hunter Station Rd in Vienna – $849,500

* Sunday, October 10th – 2Pm to 4PM – 9090 Wexford Dr in Vienna – $799,797

10600 Hunter Station Rd in Vienna – $849,500


Come home to a spectacular, one-of-a-kind Cedar Cape Cod that gives a cozy cottage feel. Custom upgrades have enhanced a warm and inviting home. Enjoy the ultimate privacy of the home’s location and the sounds of nature while sitting on the beautifully designed back porch. This secluded lot of approximately 1&1/3 acres is nestled in a mature, wooded setting with private creek access (tributary of Difficult Run). The screened-in porch features flagstone floor, skylights, a ceiling fan and cable TV. This is the perfect spot to sit and enjoy the panoramic, wooded views and still delight in the comfort of the indoors from such an open setting. The spacious kitchen features “top of the line” Miele appliances and a floor plan that flows with ease into the breakfast/sunroom, dining room and back porch. Perfect for entertaining! A large addition added significantly to this former hunting lodge. This updated and expanded lodge is now a beautiful custom home hidden from the urban environment. The addition, which flows naturally from the original lodge, includes a master bedroom with walk-in closet, master bath, a guest room with walk-in closet, loft/studio, sunroom, dining room, family room, full bath, laundry room and furnace/utility room. And the location is amazing . . . minutes to the bike path (W&OD trail), Tysons Corner, Vienna, Reston Town Center and the Dulles Toll Road.

And you’ll love living in Vienna – read more about “Life In Vienna

More Info about 10600 Hunter Station Road in Vienna

Directions to 10600 Hunter Station Road:  From Vienna Rte 123: go out Lawyers Rd, cross Hunter Mill, R on Hunter Station to 10600. From Oakton: go out Hunter Mill Rd, L Lawyers Rd, R on Hunter Station to 10600.

Contact The Belt Team

9090 Wexford Drive in Vienna – $799,797 

This delightful brick front colonial is mere minutes from “Downtown Vienna”, Tysons & easy commuting! Enjoy 4 bedrooms & 3.5 baths ~ an updated kitchen ~ sunny formal dining room ~ large living room ~ light, bright breakfast area ~ main level library with built-ins ~ family room with fireplace ~ master bedroom with sitting area, walk-in closet & updated bath ~ finished lower level with rec room, fireplace, wet bar, & den/office ~ plus a screened porch & deck!

More Info About 9090 Wexford Drive in Vienna

And you’ll love living in Vienna – read more about “Life In Vienna

Directions to 9090 Wexford Drive: From Tysons Coner – Route 123 south toward Vienna, Right Old Courthouse Rd (immediate left to stay on Old Courthouse), Left Creek Crossing Rd, Right Wexford Dr to #9090.

Contact The Belt Team