Real Estate Northern Virginia

Here is the most up to date Market Watch video

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Our new sign riders are up. They say “She can have a PONY” ™.  It is true for at least 3 of the listings we have active right now in Loudoun County and they are getting alot of attention!

Need more info on which ones they are and prices? Email me at kelgaitten@aol.com and I will send details!!

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I used to put together this data for my newsletter.  I realized yesterday after someone asked me, that I have not done it for a while.  So, here it is!  Loudoun County for 2011 so far. Lowest, and Highest priced sales, single family category as reported by our local MRIS database:

Lowest: $85,000 Lovettsville, VA. Built in 1920, this home had 838 square feet and was on .38 acre lot.  Sold after 203 days on the market. Listed by RE/Max.

Highest: $4.5 Million Bluemont, VA. Built in in 1998 on 104 acres. This home has over 10,000 square feet of living space and sold after 861 days on market. Listed/sold by Thomas and Talbot in Middleburg VA.

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From Real Estate Business Intelligence provided through our Local MRIS system. Enjoy!

August 2011 Marketwatch Video

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Northern Virginia, particularly Western Loudoun County has seen a very nice recovery in the real estate sector.  Prices are steady.  The low to mid $400k price range is popular because the FHA loan limits are still at $417k which is helpful for buyers since that program only requires a 3.5% down payment.  Standing on it’s own for more than 1 year since the Tax Credit Stimulus program, our 2010 market started on shaky legs and lagged through late summer and fall.  Trends and recovery take time.  Any economist will tell you that. The ones I’ve asked about a “double dip” are cautious to not say much one way or the other, just that recovery is three steps forward and two steps back.  That’s exactly what we saw in our first “real” Spring market in several years.  Local Dulles Area Association of Realtors sales data shows the average sales price in Loudoun jumped from $363,394 in January of this year to $421,483. That’s about a 16.5% increase in just 5 months.  Days on market went from 77 in January to 61 in May and new pending/contract sales went from 585 in January to 753 in May.

All good indicators of what we saw in a strong Spring recovery.  The real estate market tends to change every three months or so.  Summer may bring the usual “lull” as school ends and vacations begin but the serious buyer are buying and the serious sellers are priced right.  Enjoy the pace of summer weather.  Go for that double dip, just make mine chocolate please!!

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The first Quarter of 2011 for Loudoun County-in a word- “IMPROVED”!

Glancing backward for a moment, the 2010 real estate market was, for lack of a better word… skewed. The tax credit propped up a flailing market but it inflated sales through the end of April 2010. We definitely saw and felt the slow down of sales toward the end of summer as the market tried to stand on it’s own, shaky legs.   By fall 2010, it seems that frustrated sellers refused to drop prices any further and pulled their listings off to “rest” for the Holidays.  Folks waited over the cold months to see what Spring would bring.

Low and behold the phones started ringing in mid-February and it looked and felt like, for the first time in years, we might have a “normal” Spring Market, at least in Western Loudoun County.  The Dulles Area Association of Realtors reports the following numbers based on the data from our Multiple Listing Service:  December 2010 left us with 1855 active listings on the market with 366 pending sale.  January 2011 we had only 1406 active listings but the pending sales jumped to 585!  Average sales prices compared to list price dove to 91.65% in February only to recover to 95.4% in March.  March had 1416 active listings and 847 pending sales.  This, my friends, indicates a shift, a turn…dare I say it – all indicators point to a recovery.  What does that mean for you as a seller?  Prices are stable.  Yes, maybe slightly higher.  However the appraisers are still working with the comparable sales they have and that takes time to increase.  It’s a slow process.  Real Estate market recovery pushes forward, appraisals pull it back to reality.  It takes 3 SOLD and 3 ACTIVE comparable sales for each appraisal.  Yes, short sales and foreclosures may be considered because in many cases, they may be the only comparables available within the past 180 days.   Until the lower priced inventory becomes too old to use, appraisers and realtors (who do their homework, like me) will be required to use them for pricing and market value.

I’d like to call the first quarter of 2011 a success.  So far, April is busy and I hope buyers continue to feel confident in buying homes, because prices are slowly creeping up…. and Fed is bringing the winds of change to interest rates. Wait for it!

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It is difficult to find a property that marries working and country living so well. This incredible 4 level Country Manor home was designed and built by a local award-winning Architect as his own home.
The house is sited on a knoll overlooking a stocked pond.  The Gracious curved driveways lead you to the front of the home, or to either end with separate his or hers two car garages.  The front porch is adorned with soaring Jeffersonian columns, anchored by the brick facade and expansive brick porch. Walk into the marble tiled foyer and the dramatic curved staircase immediately commands your attention.  This home has many grand features, including very large square footage (8,000).  However, it is truly live-able.  The kitchen was recently renovated with warm cherry cabinetry and brown-toned granite.  Hardwood flooring runs throughout the main level.  The family room and breakfast room are situated on the back of the house and are open to the kitchen.  You can enjoy incredible views and sunny exposure from about any seat.  There is a main level family room, formal living and dining room with butler’s pantry.  Off the kitchen, is the back staircase.  The upper level boasts four bedrooms. The master has it’s very own wing with three room closet and luxury bath.  The fourth bedroom is through a narrow “secret doorway”. Don’t miss the fully finished, walk up attic that could be a studio, teen or au pair suite.  The lower level is also fully finished with finished “storage” rooms that can house holiday or specialty decorations in temperature controlled space.  There is a full bath, expansive family and rec room area and full kitchen in the lower level, along with one of the two, wood burning fireplaces.

Outside, find the professional office building where the owner runs his day to day operations.  Paved with ample parking, this is a versatile building that has many zoning exceptions including winery or retreat.  Self-employed business owners would work well here.  With over 5,000 square feet of professional space including lobby, conference room, lunch room, 2 rest room facilities, work room, car bay with overhead door and 2 lifts and upper level loft with incredible space to house a conference or large gathering.  There is an outdoor pavillion located just outside the back of the office.

Additional features of the property include- historic log cabin with tons of potential. Bank barn (used for equipment storage), activities/shooting range, run in shed for livestock or horses.  The property is bordered by the Catoctin Creek and there are open walking trails around the perimeter. Located down a private lane, you can live and work in Paradise!

Offered at $2,050,000

MLS #LO7537458  or for more photos or information go to www.KellyGaitten.com, featured properties, Rocky Lane

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Today I previewed property for a prospective buyer.  Loudoun County is full of old, new and always interesting property. This one boasts 11 bedrooms , 9 full baths, a cafe, ballroom, inground pool and 2 car garage. The property is 17.9 acres and also has a barn and out buildings but those have seen better days.  This would make a fantastic meeting or event property or hunt B&B.  It is priced well and in decent condition for the right buyer.  Listed by Thomas and Talbot – it’s easy to show.  Call me to setup your appointment today for this fabulous listing!

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Looking to buy a home? I have 6 fantastic listings that you must not miss!  I am offering a limited time buyer incentive on all of my listings for sale.  With a valid purchase offer, ratified by 12/15/2010, I will provide the buyer a brand new iPad at closing!

I’m not kidding!  I will happily do this for my sellers, because I think this is a great incentive to any buyer who is looking right now.  It’s my way to call attention to these incredible homes, that you may not have seen or considered.  Maybe, you will find your dream home in the process!

• $225,000 – 3 Level Townhouse, Sycamore Village, Leesburg, VA
• $229,900 – 4 Bedroom Single Family home, Silver Oaks, Leesburg VA
• $399,900- 4 Bedroom Single Family home – Locust Grove,  Purcellville, VA
• $419,000- 5 Bedroom Single Family home, Country Club, Purcellville, VA
• $524,900 – 5 Bedroom Single Family home (4 acres), Lovettsville, VA
• $624,900 – 5 Bedroom w/pool Single Family home, Farmington, Purcellville, VA

Call to setup your showing today!

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