The land is more valuable

When I walked into a neighbor’s Vienna Virginia rambler recently to give her an idea of what needed to be done, I had to be brutally honest about a strategy for selling it. Since she and her husband bought it way back in 1957 when it was a brand new home (she is one of the last original owners in the neighborhood), my dose of reality wasn’t too surprising to her.

When builders built ramblers in McLean and Vienna back in the 1950′s, the area was still rather rural providing supplies to Washington D.C. People lived in smaller rooms, had smaller kitchens, and did not have the electrical power needs that today’s world requires. Back then bread cost .15¢ and calling people “long distance” was a luxury.

Since that time, Northern Virginia has grown economically with a large international airport (Dulles), the Capital Beltway and Interstate Highway System, the Metro, Hospitals, and became the home of many Fortune 100 companies. In essence, Northern Virginia went from orchards and dairy cows to an diverse economy that exceeds many country’s GDP.

The typical rambler has become functionally obsolete for today’s modern lifestyle, and now sits on land that is valued close to market value.

Have you driven around McLean or Vienna recently?

If you are trying to figure out what to do with your rambler, or “Mom’s house”, then you should consider these questions:

• when was the house built?
• has the sewer lateral ever been replaced?
• how big or updated is the kitchen?
• is there still pink tile in the bathroom?
• is there a car port?
• was the basement ever finished and is it a walk-out?
• is the roof okay?
• how old is the furnace and AC?

What I find most “original owners” can grasp is the fact that their home is in an ideal location and will probably be a perfect spot for a new, larger infill home.

What they can’t grasp is the value of the home on the real estate market.

Reading the free, local newspaper usually shows ramblers for sale that are fixed up, expended, remodeled, or have a distinct reason for appealing to today’s buyer. These home listings aren’t especially helpful when determining what a builder may pay in an as-is sale.

Home builders desire those infill properties

It is important before talking with a builder (who is an investor) with me to get an understanding of current values, because it is essential to know the value of your home in his eyes. And that is where I provided valuable insight to my neighbor because we were able to discuss a price or value range without remodeling her kitchen, fixing her baths, painting etc. As a result she will net significantly more by not doing all of those projects…

On a personal aside, I bought a 1957 rambler back in 2003 with the plan to gut the interior and add an upstairs addition. The home had sat on the market a long time and the seller had done a good number of upgrades. But, I will never forget her comment when we told her our plans… “then I never would have done those updates”.

No, I didn’t tear down the house but the floor plan is radically different from the original plan and designed for modern living.

So the reality is that your McLean or Vienna home is functionally obsolete for today’s styles, but your “real estate” still has real value.

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Charming Brick Town in McLean

Updated: Home was SOLD 2/28/11

Located in the heart of McLean, VA in an attractive community  that is so convenient to everything. In fact you will probably walk up to the McLean Family Restaurant (a local institution) for breakfast every Saturday! This town home is one of the larger floorplans in the community with oak hardwood floors on the main and bedroom levels. And this floorplan has a fourth bedroom with a full bath in the “english basement“.

There is a back brick walled courtyard complete with easy access to your parking spots behind this home. The natural gas furnace, central A/C and natural gas hot water heater are recent upgrades. Plus there are two wood burning fireplaces… one in the grand living room and one in the basement rec/play room.

If you are looking for a home with a ton of potential and is the lowest priced town house in the Langley High School pyramid, then you have just stumbled across it (a little late, sorry)! Take a look at my “work” photos right now on my Google Picassa page.

See all the house photos right now

Oak Hardwood floors in living room

This home is located just off Route 123 in McLean VA, with great access to Georgetown Pike, Tyson’s Corner, CIA, George Washington Memorial Parkway and Washington D.C. It is also close to The Dolley Madison Public Library and McLean Community Center.

To discuss this home or homes in Kings Manor, then call Doug Francis now @ 703-304-6827  to make an appointment.

Seller prefers quick sale with a short rent-back.

Related articles

• 8440 Hunt Valley Drive, Vienna Virginia (dougfrancis.com)
• How to Get Your Home Ready to Sell in 30 Days (dougfrancis.com)
• Some Home Selling Tips for 2011 (dougfrancis.com)
• Will Your Real Estate Offer Make the Cut? (dougfrancis.com)

October 2010 Tysons Construction Map

UPDATE October 15th: Route 123 in Tysons Corner is closed again to demolish a beltway overpass. It is scheduled to last until Monday at 5:00 a.m.

New Press Release

Original post

Just in case you missed the press release, Route 123 between McLean and Vienna VA will be closed June 12 and 13 as they demolish a 495 (The Capital Beltway) overpass. Yes sir, 123 will be blocked off with no realistic notice as to what your options are for detours.

This VDOT map of a detour plan looks like a nightmare to me, so here is where my local Vienna and McLean driving experience can help you.

Two Tysons Corner Detour Options

• Take International Drive in Tyson’s Corner which turns into Spring Hill Road, then turn right on Lewinsville Road.
• Take Route 7 and turn on Magarity Road to Great Falls Street.

When I am with some real estate clients this weekend, I think we will avoid the whole Tysons Corner area or at least give it a wide berth.

Like I have said, living in Northern Virginia requires you to have a driving strategy.

Any thoughts on this project? Leave a comment!

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I was impressed, but understand that these are custom homes, not just “new” homes.

One of my long-time colleagues who works for the firm that represents the builder was there, and we had an interesting discussion on the $1,000,000 + real estate market in the area. He mentioned that, although that specific Vienna custom home was “sold”, people had been making unsolicited offers on the property… something crazy like a dozen offers. I was surprised since there are so many $1.0 million+ homes for sale in the 22182 and 22180 Vienna zip codes.

When I told him roughly how many were for sale over a million, he doubted me… so I looked it up in the MRIS/MLS database.

Homes for sale in Vienna and McLean, VA over $1.0 million are plentiful…

As of Sunday afternoon October 25th, there are 53 homes for sale over $1.0 million in the Vienna, Virginia 22182 zip code and 24 homes for sale over $1.0 million in 22180. There are 103 detached homes for sale over $1.0 million in McLean 22101!

But there is a little secret here too. There are still more custom homes listed as “land”, or secretly held as “pocket-listings”… when there is a mutual understanding between a land holder and a builder that they plan on selling in the future.

Are you thinking, “I didn’t even know those homes were there?”

I have set up a quick search for you right now at FranklyMLS

If you would like to move to Vienna, McLean or Oakton, Virginia then you really need an experienced agent (an ABR) who can cover the pro’s and cons, get you into these homes to see what and where you are buying, and then put together an aggressive offer. The agent who is listing the property is working for the seller, and that seller is already offering to compensate your agent (buyer’s agent/ABR)… so you will really benefit with someone who is going to find the best options on the market and then help negotiate the best price.

Yes, you need me. I already live here.

Start your search using the MLS Search tool above or on the right in the Real Estate Resources section… either one is good. If you need financing then I also have a couple of excellent local lenders who I can refer you to for a consultation. I look at this as a team effort because when you move in, I don’t want you to say… “I didn’t even know those homes where there.”