Pitfalls To Avoid In Commercial Real Estate

As wonderful and constant as commercial real estate is, there are some major pitfalls that can completely ruin the interest, investment and return on a property. Besides inaccurate assessments and risks that are beyond your comfort zone, the only real reason these pitfalls occur is because of the lack of due diligence that you perform. By not investigating deeply enough, not overturning every rock, and rushing into what seems like an awesome deal, you can experience some horrible events that can literally cost you hundreds and thousands of dollars.

These are setbacks I hope you never experience by asking every question, verifying everything, and assuming nothing.

Below you will find some unfortunate and common mistakes that can occur if you are not completely on your game.

Some of the major pitfalls in commercial real estate are related to the zoning and use of a property. Brokers may offer information that is not accurate about the rezoning and use capabilities of a property. Although many of the people in this business are honest and have integrity, you can bet you will run across a few brokers or agents that will do and say almost anything to sell a property.

Some problems that arise may include not checking with the city planning and zoning decision makers to see if a property can and will be able to be rezoned to the zoning that is expected. Also, just because the zoning may include your use, you must check with the city to make sure there are no special contingencies regarding use.

The last thing you want is to have a property you believe can be re-zoned to a higher and more profitable use, and after you purchase it, realize you cannot do what you intended! This can mean a less of a return on investment, or a complete loss of an investment. Believe me, situations can get very bad regarding the rezoning and use of a property, and fighting with the city will take more money, energy and time than it is often worth.

Another pitfall that can arise is purchasing a building that is leased, and then losing tenants due to leases or rental agreements being up! It is important to see and verify the leases of a building to make sure you will have some income to cover the debt service while you change, renovate, or do whatever it is you are going to do with the property. Verify you will have tenants when you purchase the property; otherwise, you may not have enough income, and this can leave you in the red.

It must be acknowledged that every property and situation can differ greatly from another. Because of this, there can be many different ways that a property can go. For this reason, all “what ifs” must be addressed, as well as exit strategies created for every scenario. When you limit yourself on exit strategies, you increase your possibility for failure.

With every property you must ask yourself, “What is the worse that can happen?” Weigh the risks and the probability of the worst happening, and either plan an exit strategy for this possibility, or don’t move forward. You must look at everything from the worst to best case scenario, and have an exit strategy for each. Not only will you be prepared for anything that comes your way, but you will have less of a chance of really getting buried and losing money on an investment gone badly.

In commercial real estate, I often see a person trying to save a few thousand dollars that ends up costing him or her hundreds of thousands, just because they try to play hard ball with negotiations. It is always important to know what you are willing, and not willing to do when you go into negotiations regarding the purchase or selling of a property, as well as leasing and rental agreements.

For example, asking for $35.00 per square foot and being offered $30.00 per square foot, (reasonable in this situation), and assuming the interested party is very motivated about the space, and coming back with $33.00 a square foot and nothing less, my cause the loss of the three year leasing agreement, and the income for another two months from the property because it is not leased out is definitely not worth it!

Take the $30.00 per square foot; get the property leased up, and make an agreement that the rate will increase two or three dollars every year after. Don’t lose the tenant because you want to play hard ball in negotiations when, really, you can make it work!

As you become more educated and get closer to reaching your goal of being a real estate insider, you may want to branch out into new markets and expand your comfort zone. This is great. However, you must realize there are many differences between various types of properties. Doing a deal with a 120 unit apartment complex is different than a 55,000 square foot office building.

When moving into different markets, items can easily be overlooked, and major problems can arise, simply because you are not aware of them. It is often a good idea to partner with someone already in that new market so that you may have the benefit of experience and know-how on your side. Learn form this venture so you will be more familiar with the market, property, and how it should be addressed. It is easy to get in over your head with new markets that can lead to major and expensive problems.

As you continue on your adventure in commercial real estate, be sure to do all your homework regarding a property. You will be less likely to run into problems, or better yet, be prepared to fix the problems if financially worth it. Never assume everything is as it appears, because, more often than not, it isn’t! You must play smart in this game, or you can lose everything. Use you resources to get the best and most accurate information and you can avoid these pitfalls in commercial real estate.

LET’S TALK REAL ESTATE :    REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties.  Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont

America’s Best Places to Live 2011

With the current state of the economy — and the dispiriting sight of the nation’s leaders endlessly battling about how to fix it — the phrase “small town” conjures up images of a happier time. When unemployment wasn’t above 9%. When people didn’t stress out about home values. When school budgets weren’t under siege. Those were the days, right?

More at CNNMoney.com: See the Full List of America’s Best Places to Live

“Those days” are right now — if you know where to go. A team of seven MONEY reporters spent months combing through reams of data provided by OnBoard Informatics and other sources and fanning out across the country to identify small towns (those with populations of less than 50,000) that stand out in the qualities American families care about most.
The goal: Find the best combination of job opportunities, fiscal strength, top-notch schools, safe streets, good healthcare, cultural and outdoor activities, even nice weather. The result: MONEY’s 100 Best Places to Live. The top 20 follow. (Demographic information provided by Onboard Informatics.)
1. Louisville, CO

Courtesy: Brad Kemp/City of Louisville

Top 100 rank: 1
Population: 18,400
Unemployment: 6.3%This sunny, lively mountain town is safe (crime rates are among the lowest in Colorado) and easy to navigate. Lots of good jobs in tech, telecom, aerospace, clean energy, and health care can be found right in Louisville, and more are on their way. And there’s world-class mountain biking, hiking, and skiing in the nearby Rockies. Real estate prices have barely budged since 2005, yet a typical three-bedroom house here still runs less than a comparable one in nearby Boulder. Its schools consistently rank among the top three academically in the Denver area. -Jessica Levine

2. Milton, MA

Courtesy: City of Milton

Top 100 rank: 2
Population: 27,000
Unemployment: 6.6%

Milton is just minutes from the jobs and culture of Boston but feels in places like a country getaway. Tree-lined streets are dotted with historic homes. Single-family home prices have remained essentially unchanged since the market’s peak in 2005. One major reason for this stability is the outstanding school system, which boasts six brand-new buildings and offers such rich opportunities as a French immersion program that begins in elementary school. The downside: high taxes. -Ismat Sarah Mangla

3. Solon, OH

Courtesy: City of Solon

Top 100 rank: 3
Population: 23,300
Unemployment: 8.2%Solon is a small town with a large tax base: Major employers include Nestle, L’Oreal, and industrial equipment maker Swagelok. Solon punches above its weight in other areas too. Health care? The world-renowned Cleveland Clinic has a family health center here. Culture? Solon has its own philharmonic orchestra. Schools? Solon was the highest-achieving district in Ohio last year. And the student body is diverse: 11% of residents are black, 10% Asian. -Anne C. Lee 

4. Leesburg, VA

Courtesy: Pieter van Noordennen

Top 100 rank: 4
Population: 42,600
Unemployment: 4.1%Leesburg, which snuggles up to the Virginia-Maryland border, offers proximity to plenty of good jobs not just in government but also in defense contracting, consulting, and technology. True, commutes can be abysmal. But residents say that the tradeoff to live in this pretty town, which has seen more history than a Ken Burns film, is worth it. Many antebellum red-brick buildings still stand, now filled with restaurants and art galleries. On the negative side, there are some run-down neighborhoods. -Pieter van Noordennen 

5. Papillion, NE

Courtesy: City of Papillion

Top 100 rank: 5
Population: 18,900
Unemployment: 4.2%Nebraska, sexy? You’d better believe it. With agriculture booming, towns here are showing employment and housing-market strength that’s the envy of the coasts.

More at CNNMoney.com: See the Full List of America’s Best Places to Live

Papillion is no exception; its economy benefits from a broad base of industries, including health care and transportation, in nearby Omaha.
In June, energy company Black Hills Corp. moved its local headquarters — and 130 jobs — here. There are also excellent schools, a five-month-old AAA baseball stadium, a new retail and restaurant complex, and loads of green space. -Sarah Max

6. Hanover, NH

Courtesy: Pieter van Noordennen

Top 100 rank: 6
Population: 8,600
Unemployment: 4.4%Dartmouth College, located in this hamlet near the White Mountains, gives Hanover an economic, social, and cultural advantage rare in towns so far from major urban centers. Unemployment in town is about half the statewide average (Dartmouth and its top-rated medical center provide over 12,000 jobs). Graduate programs spin out entrepreneurial start-ups in almost every industry. Housing — which ranges from century-old Victorians to new construction — isn’t cheap, however. And students account for some fraternity-style rowdiness. -P.N.

7. Liberty, MO

Courtesy: Vanessa Richardson

Top 100 rank: 7
Population: 29,100
Unemployment: 7.6%Known to tourists as the town where Jesse James’ gang staged its first daytime bank robbery — and where Mormon prophet Joseph Smith languished in jail before fleeing west — Liberty today is a charming place with a quick commute to Kansas City’s mix of jobs in telecom, engineering, and life sciences. The school district is consistently ranked as one of Missouri’s best; student musicians play in a new state-of-the-art facility, and budding broadcast journalists have their own public-access channel. William Jewell College, with its lovely hilltop campus overlooking Liberty, lets residents take advantage of many cultural offerings. -Vanessa Richardson

8. Middleton, WI

Courtesy: Ismat Sarah Mangla

Top 100 rank: 8
Population: 17,400
Unemployment: 5.1%Middleton is right next to state capitol Madison and boasts 17,000 jobs right in town (employers include pharmaceutical company PPD and Electronic Theater Controls, the world’s biggest theater lighting company). Its walkable downtown has plenty of good restaurants, shops, and quirky attractions (National Mustard Museum, anyone?). Even its developments are cool: a Frank Lloyd Wright-inspired mixed-use project thoughtfully blends homes and businesses. And Middleton offers residents lots of parks and trails — including a new free splash park. -I.M.

9. Mukilteo, WA

Courtesy: Mukilteo Chamber of Commerce

Top 100 rank: 9
Population: 20,300
Unemployment: 8.2%As West Coast towns go, Mukilteo (pronounced MUCK-ill-TEE-oh) is in good economic shape. Bank-owned homes represent a small fraction of houses on the market, and area employers, including Boeing, are hiring again. It has affordable homes by Seattle standards, good schools, and a killer location right on Puget Sound. And the town is spending to beef up its attractions: A new 29,000-square-foot community center debuted in February, and historic Lighthouse Park recently got a makeover. -S.M.

10. Chanhassen, MN

Courtesy: Bob Firth

Top 100 rank: 10
Population: 23,000
Unemployment: 5.5%Despite some 2011 budgetary brouhahas in the state of Minnesota, Chanhassen has plenty going for it — including good jobs right within its borders (manufacturing and technology company Emerson is based here), evening diversion (the Chanhassen Dinner Theater is the nation’s oldest and largest), and nature galore (34 parks, 11 lakes, and the enormous Minnesota Landscape Arboretum). The town’s new state-of-the-art high school has racked up some national awards in just its second year. -I.M.
11. Sharon, MA

Courtesy: Town of Sharon

Top 100 rank: 11
Population: 17,500
Unemployment: 6.6%Halfway between Boston and Providence, R.I., Sharon was settled way back in 1673; a church in town has a bell made by Paul Revere.

More at CNNMoney.com: See the Full List of America’s Best Places to Live

It has long been a popular summer destination thanks to Lake Massapoag, which draws swimmers and boaters. For a small town, Sharon is diverse, with many institutions serving the Jewish, Christian, and Muslim communities.While there aren’t many jobs in town, residents who wish to commute to Boston have easy access via commuter rail. -Noelia de la Cruz

12. Farmington, UT

Courtesy: Leigh Swain Isaacson/Farmington City

Top 100 rank: 12
Population: 18,300
Unemployment: 6.7%This friendly town near the Great Salt Lake lies 20 minutes from Salt Lake City’s job and cultural opportunities. More Small Town USA than suburb, Farmington is safe and quiet. That’s not to say it’s no fun: in the center of town is Lagoon, a 125-year-old amusement park that attracts visitors from all over Utah. The town has a mix of expensive turn-of-the-century houses and more affordable homes; a typical three-bedroom ran around $180,000 in mid-2011. What’s more, Farmington’s taxes are low, yet the town is in excellent financial shape. -Angela Wu
13. Johnston, IA

Courtesy: Sarah Max

Top 100 rank: 13
Population: 15,500
Unemployment: 6.0%Agriculture is booming, and so is this small town in farm country: It has doubled in population over the past decade. Seed company Pioneer Hi-Bred and Iowa Public Television are both headquartered here, and the Camp Dodge military base provides stability. Architecture buffs take note: there’s a private residence designed by Frank Lloyd Wright in town. Des Moines is a commutable 14 miles away. And 10 miles north of here is Saylorville Lake, a popular summertime spot for boating and fishing. -N.D.

14. Arden Hills, MN

Courtesy: City of Arden Hills

Top 100 rank: 14
Population: 9,600
Unemployment: 6.6%More people work than live in this town 10 miles from the Twin Cities. The families that do call Arden Hills home are attracted by a top-rated school district and a trail system that connects parks, playgrounds, and lakes. The town is known for its strict tree preservation laws, which means that even the newest subdivisions have so many mature trees that they seem like long-established neighborhoods. On the negative side, there’s a Superfund site in the area — but the EPA estimates that the cleanup process is almost complete. -A.W.

15. Sammamish, WA

Courtesy: City of Sammamish

Top 100 rank: 15
Population: 46,700
Unemployment: 7.9%If you’re looking for the Pacific Northwest ideal — snow-capped mountains and scenic lakes — Sammamish might be for you. Puget Sound and ski resorts are both an hour from this affluent Seattle suburb. High-tech employers in the area include Boeing, Amazon, and Microsoft, which is headquartered just 15 minutes away. Incorporated just over a decade ago, Sammamish still doesn’t have a real center where the community can gather. But local officials are working on a new downtown with retail, recreation, and town services. -A.W.

16. Acton, MA

Courtesy: Mark Hald

Top 100 rank: 16
Population: 22,000
Unemployment: 6.0%Thought it’s easily accessible to Boston by commuter rail, Acton feels very much like its own place.

More at CNNMoney.com: See the Full List of America’s Best Places to Live

It’s a picture-perfect New England town, complete with Revolutionary War landmarks, historic homes, and lots of open space.One of Acton’s biggest draws is its progressive regional school district, which consistently ranks among the best in the state.Major area employers include IBM’s largest software campus and a branch of Cisco Systems, located in the nearby towns of Littleton and Boxborough, respectively. -N.D.

17. Montville, NJ

Courtesy: Joshua Paul

Top 100 rank: 17
Population: 21,800
Unemployment: 7.0%This affluent town is in Morris County, home to many big employers. More than 50 Fortune 500 companies have headquarters, major facilities, or offices in the region, including AT&T, Pfizer, Honeywell, and Bayer Healthcare Pharmaceuticals. True, Montville lacks a proper downtown. But its location — it’s an hour away from New York City, the beaches of the Jersey shore, and the Mountain Creek Ski Resort — help to make up for that. -N.D.

18. Newcastle, WA

Courtesy: City of Newcastle

Top 100 rank: 18
Population: 10,200
Unemployment: 7.9%The volunteer spirit is alive and well in this former coal-mining town 13 miles from Seattle. Despite serious budget cuts that threatened the city’s summer 2011 events, local businesses and citizens offered time and cash to keep the community’s concerts and fireworks afloat. There’s a 350-acre golf course here, not to mention 12 parks; the 3,115-acre Cougar Mountain Wildland Park is right next door. Newcastle residents can jump on a trail in the city and end up in the “Issaquah Alps.” Tech employers such as Microsoft are almost as easily accessible. -A.W.

19. Castle Rock, CO

Courtesy: Town of Castle Rock

Top 100 rank: 19
Population: 37,200
Unemployment: 6.7%With roots in mining and railroads, this affluent town offers an updated taste of the Old West. It boasts an historic downtown area, 265 acres of parks, and 44 miles of trails. Douglas County Rodeo comes to town each summer, complete with a fair and parade. And there are bargains to be had at the nearby outlet mall. The local economy is improving too. A manufacturer for wind turbine parts recently moved to Castle Rock, and officials have earmarked an economic development assistance fund of $5 million to bring new businesses to town. -A.W.

20. Superior, CO

Courtesy: Town of Superior

Top 100 rank: 20
Population: 12,900
Unemployment: 6.3%This former coal-mining town is a cyclist’s dream. Superior’s stunning mountain roads draw hundreds to the annual Morgul Classic bike race, and the town recently built a BMX bike park. Homes are more affordable here than in nearby Boulder, but residents have access to the same high-performing school district. Many of the city’s well-educated and affluent residents work in the tech sector, at Denver-area employers such as Oracle. -A.W.

Let’s Talk Real Estate

Loudoun Luxury in a Buyer’s Market

Loudoun County real estate is unlike any other. Beautiful colonials set on acres of blossoming greenery. Sprawling living spaces filled with custom touches throughout. Easy access to scenic byways, spectacular shopping and villages steeped in history. And now, more than ever, Loudoun is a buyer’s market. You will never again, get the opportunity to invest in such luxurious real estate, at such prices. Here is a little taste of my latest listing…

Luxury is the first word that comes to mind when entering this five bedroom, four and a half bathroom brick Colonial home. Open the door to prestige and elegance in the two-story foyer with Brazilian cherry hardwood flooring. The formal living room boasts lots of windows to bring in natural light. Special occasions dinners will be unforgettable in this sun-lit formal dining room touting a beautiful chandelier and wood moldings. While awaiting dinner to be served, gather around the fireplace for cocktails and conversation in the great room that conveniently opens to the kitchen. Sure to impress every guest and even the most discriminating cook, is the kitchen. It features granite countertops, gleaming hardwood flooring, ample cabinetry, built-in desk workstation, breakfast bar, large eating area and custom backsplash.

With an office on the first floor boasting lots of windows, high ceilings and custom moldings, there’s never an excuse not to get work done.  A convenient mud room and separate laundry room with washer and dryer included complete the first floor.

Continue to be impressed as you take the trip up the winding staircase to the the second floor. The master bedroom suite features a fireplace, walk-in closet, cathedral ceilings, ceiling fan and large sitting area with French doors that lead to the side porch. The resort style master bathroom is the perfect place to unwind after a long day. It features everything from a soaking Jacuzzi tub to an oversized separate shower and dual vanity. This is just the tip of the iceberg, with four more large sized bedrooms waiting to be claimed and discovered.

Experience movie theater bliss in the lower level media room. This finished lower grants access to a spacious backyard! On top of it all, every bedroom has been fully wired for computers and television. Added bonuses abound – a security system, dual zone heat and air conditioning, an irrigation system, plumbing for a wet bar, a fitness room, and much more! When it comes to this residence, no stone has been left unturned.

All of this at a $750,000 price tag unheard of for this caliber of residence. Have I piqued your interest? Give me a call. I promise that Loudoun will not disappoint you. I would be more than happy to show you around.

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
My Featured Listings
Become a Facebook Fan
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EXIT Realty Talbot and Company is Ready for 2010 – Are You?

November MRIS Report Shows Continued Stabilization in Loudoun County

The November MRIS Local Updates Report for Loudoun County, Virginia shows an increase in closed and pending sales with decreases in average days on the market.

The trend towards stabilization in the housing market continues based on the most recent report from MRIS for the Loudoun County real estate market. According to the report, the following statistics are available:

Increases

• Closed Sales: for the month of November are up 10.6% from 359 to 397 compared to 2008 numbers.
• Pending Sales: Up 9.5% from 367 to 402.
• Median Sales Price: Up 1.9% from 318,925 to $325,000.

Decreases

• Average Days on Market Until Sale: Down 49% from 86 days in November last year to 44 this year.

Read the entire Loudoun County MRIS report here.

The expected trends towards market stabilization are continuing in Loudoun County with increases in the sales and decreases in days on the market. With the extended Homebuyer tax credit and enhancements to include existing homeowners, it is expected that these improvements will continue into 2010, laying the necessary groundwork for a complete rebuilding of our long-suffering housing market.

EXIT Realty Talbot and Company is positioned to help both prospective homebuyers and real estate agents looking to boost their business take advantage of the continued improvements to the local housing market. Homebuyers that meet the Federal tax credit qualifications can rest assured that a home purchase in the Loudoun County, VA area means a good investment in a property that will continue to increase in value as the market stabilizes. See Exit Realty Talbot and Company’s current property listings to begin your home search.

Agents can take advantage of EXIT Realty Talbot and Company’s onsite real estate training and mentoring program coupled with the ongoing successes in the Loudoun County housing market to build their business for the coming year. Utilizing all the tools offered to EXIT agents like high-tech marketing capabilities and powerful residual benefits, REALTORS® who want to begin 2010 with a strong foundation need to contact Helena Talbot directly at 703-574-3800.

Loudoun County: Thoughtful Citizens Can Change the World

Margaret Mead once said, “Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it’s the only thing that ever has.”

In November, Loudoun County was the proud winner of the 2009 Green Government Challenge sponsored by the Virginia Municipal League. Loudoun won “green points” by adopting policies and actions leading to energy efficiency within the community.

Even more recently, on December 15th, Loudoun County Board of Supervisors adopted the county’s first comprehensive plan for reducing energy usage among the community.

The grant will be used for projects like installing solar lights and recharging units for electric vehicles, conservation education and outreach for residents and business community, and energy efficient renovations through the county’s Home Improvement Program.

23 Loudoun County Public School’s have received the EPA Energy Star Award this year, up from seven a year ago.

Living in a community so motivated to improve our planet, inspires all of us to do our part. Making your home more energy efficient is two fold. One, you will save yourself money. And two, you will reduce your carbon footprint.

What can you do to energy proof your home this winter? Here are some small changes that actually make a big difference.

Check toilets and faucets for water leakage. A leaky faucet can waste up to 2,100 gallons of water a year.

Locate air leaks that could be coming through electrical outlets, window frames, baseboards, attic hatches, or fireplace dampers. The potential energy savings from reducing drafts in a home may range from 5% to 30% per year.

Purchase energy efficient lamps. Energy for lighting accounts for about 10% of your electric bill.

Use heat-generating appliances such as washers, dryers or ovens during the cooler hours of the morning or evening. This actually helps to heat your house in the winter!

When the sun is shining, open those drapes or curtains! Take advantage of that natural heat source.

There are a ton of other actions you can take. Find out how much energy and money can be saved in your home by visiting the Home Energy Saver Website. It features a calculator that quickly computes a home’s energy use and savings opportunities.

Loudoun County recognizes that what we do as a community, makes a difference. Thoughtful and committed we are – ready to make a difference in our community, and the world, one citizen at a time.

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
My Featured Listings
Become a Facebook Fan
Follow Me on Twitter

EXIT Realty Wants to See You Succeed in Real Estate

With a company-wide goal of enabling our agents to earn annual income in excess of $100,000, Exit Realty Talbot and Company continues their inventive approach to real estate by offering an advanced level of service to real estate agents looking to train in their offices.

Partners, Brokers Helena Talbot and Tan Tunador offer their services to both new and experienced real estate agents as licensed Virginia real estate instructors along with Associate Brokers Ned Stock and Mary Pelot. EXIT Realty Talbot and Company’s real estate training and mentoring skills enhance the benefits of the Real Estate classes that the firm offers each month.

The powerful tools offered to agents via mentoring and ongoing education gives EXIT agents the tools they need to succeed in the coming year.

If you are looking for a career in real estate, check out the courses available in the offices of EXIT Realty Talbot and Company. Registration is available through the Moseley website at http://www. Moseley.org.

Check out the January real estate course schedule here.

Agents who are interested in being mentored by experienced Top Producing Brokers and their team, can call for an appointment to view our onsite Live Interactive Training and Mentoring Program for both new and experienced agents.

Contact Helena Talbot directly at 703-574-3800.

To learn more about Exit Realty, please visit  http://www.exitvirginia.com/exit_careers

November MRIS Report Shows Continued Stabilization in Loudoun County

Loudoun County, VA, December 16, 2009 – The November MRIS Local Updates Report for Loudoun County, Virginia shows an increase in closed and pending sales with decreases in average days on the market.

The trend towards stabilization in the housing market continues based on the most recent report from MRIS for the Loudoun County real estate market. According to the report, the following statistics are available:

Increases

• Closed Sales: for the month of November are up 10.6% from 359 to 397 compared to 2008 numbers.
• Pending Sales: Up 9.5% from 367 to 402.
• Median Sales Price: Up 1.9% from 318,925 to $325,000.

Decreases

• Average Days on Market Until Sale: Down 49% from 86 days in November last year to 44 this year.

Read the entire Loudoun County MRIS report here.

The expected trends towards market stabilization are continuing in Loudoun County with increases in the sales and decreases in days on the market. With the extended Homebuyer tax credit and enhancements to include existing homeowners, it is expected that these improvements will continue into 2010, laying the necessary groundwork for a complete rebuilding of our long-suffering housing market.

About EXIT Realty Talbot and Company Broker/Owner, Helena Talbot

Helena Talbot has been a licensed member of the Virginia real estate community since she earned her realtor license in 1979. By 1985 she had obtained her brokerage license. She is a current member of the National Association & Virginia Association of Realtors, the Northern Virginia Association of Realtors and the Dulles Area Association of Realtors. She has served as President, Director and Committee member of the Dulles Area Association of Realtors. She has been honored as Dulles Area Assoc of Realtors – Salesperson of the Year 2000 and Realtor of the Year 2003.

The Magic of Loudoun County at the Holidays

Loudoun County is famous for its picturesque scenery, historical villages and fairs and festivities that attract people from miles away. Can you imagine a better place to live during the holiday season?

Loudoun County is fondly known as DC’s Wine Country. In fitting Loudoun style, do a little wine tasting to kick off the holidays. The annual end of the year celebration at Willowcroft Farm Vineyards offers a special tasting of champagnes, sparkling wines and hors d’oeuvres on Saturday, December 12th.

The spirit of Christmas is strong in the Loudoun County community which becomes very evident driving the streets filled with homes twinkling with lights, Santa’s reindeer and the like. The community has an opportunity to vote this year for your favorite condo, townhouse, and single family home in both the traditional category or the contemporary glitz category, as well as honorable mention for a street or block with extraordinary lights. Prizes will be awarded so email your votes to Events@southriding.net or vote at Town Hall.

It is not quite the Holidays until you see The Nutcracker, and the Loudoun Ballet Company puts on one of the best performances around. After years of extensive research, The LBC has reconstructed the original version of the Nutcracker. The results are rave reviews, sold-out performances and a truly spectacular show.

Living in Loudoun County sometimes means traveling back in time. Imagine back to days of carriage rides, carolers adorned in 19th century attire and families joining together to search for the perfect Christmas tree. You can do all of this and more at the Carriage Depot Christmas, an annual event held at Morven Park Equestrian Center on Saturdays and Sundays from 11 AM to 8 PM.

Its easy to get stressed out during the holidays, but living in Loudoun reminds you just how magical the holidays can be. If you want to call Loudoun County “home,” I can help.

Helena Talbot
Broker/Owner
 Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
My Featured Listings
Become a Facebook Fan
Follow Me on Twitter

EXIT Realty Offers their Agents an Edge for the 2010 Real Estate Market

Based on current statistics, 2010 is looking at an improved real estate market with REALTORS® waiting to take advantage of it. Are you ready to meet the challenge of improved conditions and intensified competition with your current real estate skills?

Even the most seasoned of REALTORS® must stay on top of the latest trends, tools and data to increase their business every year.

As an agent you need to ensure that you have all of the most innovative and trend-setting tools available to you at your office.

EXIT Realty Talbot and Company offers its agents access to free online training as well as on site live interactive training courses on all aspects of the real estate business in their Ashburn, VA office. EXIT agents attending these real estate training courses benefit from a high-impact course schedule as well as the skills of four on-site Certified Real Estate Instructors.

EXIT Realty Talbot and Company is building a Company by design that honors the production and success of its agents. The Company’s goal is to have their agents end up wealthy at the end of their career. Agents who are interested in being mentored by experienced Top Producing Brokers and their team, please

Contact Helena Talbot directly at 703-574-3800, or to learn more about Exit Realty, please visit www.ExitRealty.com.

Current Virginia Housing Market Trends and What They Mean for a Virginia Realtor

MRIS compiled a list of statistics and trends for the second quarter of 2009. Taken from the report by Rosemary deButt, Housing Analyst, MRIM, here are the highlights for the Virginia real estate market as of June 2009. 

• In May, 72.5% of residents were able to afford a median priced home across the nation, the highest percentage in 18 years. Starts were up in May and June. Interest rates remained low and the Dow Jones Index increased during thesecond quarter. June saw an increase in the Consumer Confidence level; year-over-year, more people intended to purchase a home this year than last.
• The national economy continued to suffer in the second quarter. Year-to-date job losses totaled 3.4 million through the first half of 2009. A lagging indicator, the national unemployment rate reached 9.5% in June and will likelycontinue to increase. Foreclosures in the second quarter increased by the highest percentage in a single quarter.
• Like the rest of the country, Virginia lost jobs in the second quarter. Job losses totaled almost 3% from June 2008 to June 2009. The unemployment rate reached 7.2% in June but, Virginia’s rate was the 11th lowest in the country and the lowest in the Mid-Atlantic. Starts in the south region have stabilized around 270,000 units per quarter.
• The existing home industry had a good quarter. Sales increased for three consecutive months; the median sales price increased for the second month; and the month’s supply of inventory fell to 9.4 months. New home sales increased for three consecutive months in the second quarter while prices declined to $206,200 in June (-7% vs. May 2009). Inventories fell below ten months for the first time since February 2008.
• Virginia’s second quarter home sales statistics indicated an improvement over the first quarter but are lagging behind 2008 and 2007 results. Sales are improving at the highest percentage level in the northern tier of the state but generally, prices are still on the decline almost everywhere.

Despite the unemployment rates, a 72% affordability rate for median priced homes is a great indicator of things to come. Couple that fact with the extension of the First-Time Home Buyers Tax Credit and the added benefit to existing home buyers, the possibility of continuing the trend towards increased home purchases in the Virginia area is a strong possibility. As the Consumer Confidence levels continue to grow and housing affordability improves, reporting for the first quarter 2010 should show significant improvement.

EXIT Realty Talbot and Company is ready to handle your Virginia real estate needs. Potential home buyers or sellers can contact Helena Talbot directly at 703-574-3800 to take advantage of the still-low mortgage rates and the extension on the Tax Credit for qualified buyers.