So I currently live at the 495/50 intersection, right off of Gallows. I got a new job in Tyson's Corner, and I'm at a point where I'd like to purchase a place. Townhouse is completely out of the question due to price/location, and my range is 200k - 350k. I'd ideally like to be less than 25 minutes from the office, and close to one of the new metros. The only reason I mention metros, is that I figure that the value of the place I purchase will rise a little bit (am I wrong?).

I was wondering if anyone owned a place in this area, and had any tips/advice to share (maybe about 1 bedroom vs. 2 bedroom, besides cost). I'll find a real estate agent in the next 3-4 months, but I want to go into it with a good idea for what I want exactly.

 

I have condos for sale in Falls Church but they're a little out of your range I think. Our lofts start in the 380 range I recall. If you see something you like please let the sales team know and they'll try and work with you the best we can. You'll have a hard time finding anything in the 200 range but 300+ is doable possibly but I don't know that for a fact. If you'd like a referral for an agent familiar with the area feel free to PM me as I know quite a few.

Here's the site for our condos in Falls Church. The only others I have are in Arlington and they're close to the 7 figure range and they're HUGE.

http://www.spectrumcondo.com/

 

Keep in mind condo fees never go down and the value of condos never really go up. The realtors I've talked to do not suggest purchasing a condo. I have a hookup if you need a killer deal on your mortgage though.

 

What? You can't just make blanket statements like that abui....you should know better. I just lowered the condo fees for the Spectrum for this past fiscal year. It all comes down to how it's managed, ran, budgeted and whats included in those fees.

Homes/property (including condos) are never a depreciating asset over an extended period....ever. I'd like to see numbers to back up that realtor's claim.

 

^ >:0[
I purchased a 2B/1BA in HoCo in '06 for a $192K, about a year and a 1/2 later after the bubble burst I was notified it was re-appraised for about $175K. And based on my neighbor's claims, our fees have continued on a steady incline to continue the upkeep of the property.
OP, if you can afford it try and go for the townhouse. I believe you'll be happier in the long run.

 

4yrs isn't an extended period of time. You bought at the height and are now quoting the low (within a pretty short period of time). I'd be curious to see what it appraises at 6yrs from now....if he buys now he's near the low so he'll see better gains and more quickly than you will. You made a decision to "buy high" and naturally that means you'll have to wait longer to see a greater return.

It all depends on how it's managed. Few people actually look at how their condo fees are spent....if they did...this wouldn't happen. Reserve studies are KEY and need to be done more than just when the project is developed as things change down the road and things naturally get more expensive over time (inflation is just one reason but commodity pricing is another). Unfortunately few homeowners have the insight or experience to see that far out more than often.

As years go buy the maintenance and repairs on a single family home or townhome will go up as well fyi.

OP condos and single family homes both have their positive and negative things to them. Do what fits your lifestyle.

 

Yeah, I admit I was a victim of the bubble and over-inflated prices. But in hindsight, and after meeting some other members and seeing where they live I kind of wish I'd 1) waited to purchase and 2) bought something bigger. It seemed like the logical step to go from 1BR apartment to a 2BR condo, but I'm already outgrowing it [and forget about when I order car stuff.] >:0[
A decent sized townhome would've been ideal for me, but at the time I got what I could afford.....

 

Interesting points... I know none of us can see the future, but what are some of your thoughts on properties that are going to be walking distance from the new Silver Line? Will they rise when the metro opens near by? Or, as I know from living in Atlanta- are they going to drop as crime follows the metro? I'm esp. curious to know what you think Driven (sorry, don't know your real name :P)

(i checked out Spectrum's website- it's out of my range unfortunately)

 

I'd like to keep it all under $350k, but if I do find a decent townhome for under $450k- it doesn't seem out of the question (although unlikely). what sort of monthly payment range do people look at on 15 and 30 yr loans respectively?

Anh- I'll keep that in mind! Hookups FTW!

 

Dude there're plenty of townhouses under that price in the area.

 

townhouse FTW

 

In hindsight everyones life would be different.

Don't worry clay the same people who told you condos are stupid also told me I was straight up stupid for renting for 4 years. Weird how those same people all say renting is smart now.....

I looked at houses for about 4 years, I finely bought when I had figured the market has bottomed out for this area. I was off about $5000-$10000 so in hindsight I failed, but hey it was close enough.

As for condos. Just like anything in the housing market, over time they will always go up in value, however they tend to go up slower then single family and town homes. regardless your home will be worth more money one day, it just has to kick back around and it will, no doubt. It just takes time.

In hindsight, i should have bought a shitty home 5 years ago, held onto it for 2 years and sold it then moved into an apartment... I would have then dumped 100% of that into chipotle and then moved it to Sirius SIRI and at this point my little investment gain would have turned into millions of dollars.

 

LOL, tell me about it...

 

So in '05 I moved here - pre-qual'd on my income foe $720K - told mortgage guy he was on crack - he was - and rented

First, rented Townhome that could have sold for $540. 2 yrs later sold for $425, then went into foreclosure, now worth $373K.

Second, rented estate home (3 car and all) worth $800 at time, went into foreclosure year later and sold for $698K, now worth $658K with more foreclosures and short sales to come from neighbors.

Third, rented house near GMU, worth $680 at the time 2 years ago, now worth $648K.

When interest rates go up, they will have to with all of the gov't involvement in increasing money supply, M2 specifically, values will plummet. Japan is in their third decade of real estate deflation for many of the same speculative reasons.

Forth, when the gov't can't spend or borrow - this area will be destroyed. Almost all people here are in complete denial of that, but time will tell.

Fifth, do a rent vs own calculator. Oh, and read this from yesterday:
http://www.cnbc.com/id/40458216

Sixth, buy a fun ride. It will depreciate, but a 40-50K car, the right one, is a lot more fun, gets more chicks, and impacts your credit score less if its repossessed.

Seventh, I'm still ahead in every situation when calculating the after tax affect.

Can you tell I study money, history, and politics? For the one on one version, I am at most Sunday events at the Fairoaks gathering.

DO NOT buy! I have talked 50-60 people out of it to their benefit. DO NOT listen to a real estate agent, mortgage jockey, or CPA. They will logically steer you in the wrong direction almost every time to their benefit.

End of rant - aren't Nismo's the greatest! (Z content)

 

Whoever is considering renting/buying or anything in between, here is a mortgage site I built a few years back that can help you financially decide: http://www.mortgage-calc.com/

 

This is where you pass along your Realtor's information Ethan

OP: Shoot me a PM and give me an idea of what you are looking for. I do a lot of work in the Tysons area and know the condo buildings well. Finding a Tysons condo at the 200-350k price point isn't a problem. The Gates of McLean is right next to the first metro stop on 123, and there are plenty of other options close to the other 3 Tysons area metro stops (Rotunda, The Fountains, Lillian Court, etc.). Ethan should have told you that there is only 1 group of town homes in the Tysons area where you might be able to find something at 350k that is truly walk to a Tysons metro stop. Everything else townhouse wise is out of your price point or a very long walk. There are some other options for town homes closer in line to your price point that are walk to Dunn Loring & Vienna however, still easily within a 3-5 mile radius from work.

Shoot me a PM or email whenever you are ready to talk more.

Here's my website: www.GrantJR.LNF.com

 

My name's Robbie btw.

I understand if "it's out of your range", but just b/c we're "asking" something doesn't mean we aren't accepting reasonable offers. We try to work with everyone. No hurt feelings here, unfortunately it's not me who decides on what we'll accept as selling prices.

If you buy off the Silver Line (aka Reston, Vienna, some of Herndon, etc) the economy would say yes, properties along this corridor will go up in value. You can see it here and there already with the construction becoming visible to commuters (giving it that "it's happening" feeling). I know our office property value has already gone up quite substantially and this is essentially right at the new "Reston satation". It's all a prediction game and going off of what prices are out in Leesburg (west of the end of the line) and east of there (ashburn, etc) I would hinge my bets that you'll get a decent appreciation value being near to or off the new metro line heading to Dulles. Crime here isn't all that bad and statistics have shown the "crime numbers" have moved east of the city into Prince Georges county since the "DC Crackdown" where the property is already cheaper.

 

Sell our condos mang! hehehe Lemme know if you ever do any showings out at any of our properties, Ill meet ya and take you to lunch.

 

I haven't been inside the Spectrum yet, the outside is quite impressive though. The last time I did any condo showings in that part of FC it was at The Broadway. Gotta get your sales staff to do a Broker's Tour for us soon. What other projects are you working on in the area?

 

The Broadway was actually my first building to oversee/build out of college. I just finished Rhodes Hill Square down in Arlington recently. Those are a "stacked townhome" type set up with private garage entrances and roof terraces. Most are around the 2,000+ sq ft range. I think we have one "flat" left in one of the smaller buildings, all the others are sold though and occupied. Ill buzz them about doing a broker event at the Spectrum. The Spectrum is similar but nice than the Broadway and more for the "younger crowd" as the units are slightly smaller. It has quite a few more amenities that the Broadway though like the greenroof, 3rd floor terrace, and private theater.