September, 2008:
I was quoted in the Post
I was contacted over the weekend by several friends, associates and strangers because a reporter quoted me as an expert in the Washington Post.
For those who aren’t from the Washington Metropolitan area, the Washington Post is a widely circulated paper in Washington DC, suburban Maryland and Northern Virginia, and across the country. If you think you’ve heard of the Washington Post, you probably have. The Post is not the most famous paper in the United States. (The USA Today or New York Times perhaps have that honor.) But the Washington Post is probably one of the most famous papers in America. The Post has a daily circulation of around 700,000 and a Sunday circulation of about a million. The Washington Post online claims to have 18 million readers per month, but I think that number sounds a bit inflated.
But whether there are 18 million or not, I’m quite certain there are a lot of readers of the Washington Post. Now only a fraction of those readers pay any attention at all to the Real Estate section of the paper, but the good news for me is that I only need to talk to the ones who pay attention to the Real Estate section.
A week to 10 days ago, I was contacted by a reporter from the Post and was interviewed about condos and the condo market in Northern Virginia. We talked for about 20 minutes or so, and from that conversation, the reporter selected one tiny quote: “The new builders are trying to overcome the lack of space by building a high ceiling, as if that is going to kid somebody.”
I stand by that quote, but if I could pick one quote to be known for, that probably wouldn’t be my pick. I’m not a stranger to this sort of thing though. A few months ago, my wife (president of Condominium Mortgage) and I were interviewed by Channel 9 News. They probably asked us 20 to 30 questions and then pulled out 30 to 50 seconds of tape to frame the story they were pushing.
Tom Meyer of Condo Alexandria says that I’m a publicity hound. This isn’t entirely correct. I do make myself known, through formats such as Active Rain and Trulia. But I don’t seek out reporters. They find me.
But his comment and my poorly phrased quote above forced me to reflect on a simple question. Is there a such thing as bad publicity?
My guess is probably not. But still, I think I’d rather have good publicity when possible. So now that I’ve had a little practice, the next time the Washington Post or Channel 9 or any other news outlet comes calling, I am going to choose my words very very carefully.
Then my neurotic inner voice says, “But you want to be a good interview to keep them coming back for more …”
Alexandria’s Black History Museum
With the election of our first African-American President, I thought
it might be a good time to take note of Alexandria’s Black History
Museum. African Americans have been an important part of the
Alexandria’s history and vibrant community back to the city’s founding
in 1749. Both as slaves and as free men, African-Americans have
contributed to the city’s tapestry of life benefiting the community of
Alexandria with rich economic and cultural contributions. Alexandria
was a key city during the US Civil War and though Robert E. Lee is one of the city’s sons, the city was quickly occupied by the Union and remained in Federal hands through-out the war.
After the war the city was segregated, but a defining moment in the history of
segregation in Alexandria occurred in 1939 when five young
African-American men staged a “sit-in” at the city’s segregated Queen
Street Library. The young men brought focus to the issue of the
inequality of educational opportunities and as a result Alexandria
built the Robert Robinson Library in 1940. This library was used by
African-Americans until desegregation in the early 1960′s. Today, that
structure is a foundational element of the Alexandria Black History Museum.
Alexandria Black History Museum
902 Wythe Street
Alexandria, VA 22314
Phone: (703) 838-4356
Fax: (703) 706-3999
In time, additional sites were added to the museum. At the eastern boundary of the Carlyle District one will find the Alexandria African American Heritage Park.
Next door to the Museum, the Watson Reading Room houses a
non-circulating collection of books, videos, documents, and periodicals
on African-American life and culture.
The African American Museum is a source of pride for all Alexandrians. The museum has a calendar of events and rotating exhibits, so check back even if you have already been to the museum. From Benjamin Banneker in Alexandria’s earliest days, to Dr. Albert Johnson to Samuel Wilbert Tucker during the Civil Rights Movement, Alexandria is a focal point in that
courageous and audacious journey that led to the diverse, vibrant and
prosperous Alexandria of today.
Condo Comparison at the Huntington Metro: SIZE/price per square foot
This is part of series of articles comparing the benefits of condos in close proximity to the Huntington Metro
In each of these articles I’m doing a head-to-head comparison of
these complexes and then selecting a winner from each category. I’m
making these selections based upon my personal opinion, and you might
not agree with my opinion, but I’ve put it out there as a starting
point for a home buyer’s discussion.
If you want the most space in your condo, for the least amount of
cash, then Huntington Club the pick from this category. Most Huntington
Club one bedroom units sell for well-under $200k; many are currently
less than $175k. Many Huntington Club two bedroom units sell for less
than $250k, most for less than $200k. You can even find a three bedroom
at Huntington Club for well under $300k. The rooms in these units are
large and open. There is ample closet space. When one compares the
price of the unit to the amount of living space you get, Huntington
Club is the value buy at the Huntington Metro.
Hunting Creek Club is nicely proportioned. The rooms do not feel
abbreviated. Even the studios at the Hunting Creek Club are larger than
1 bedrooms at some of the area’s newest complexes.
Montebello also “feels” big compared to many newer condos. This is
in part due to the floor plans, but the smaller 1 bedrooms at
Montebello measure in at 850 sq ft.
As one might expect, the Midtowns of Alexandria—the newest condos
in this lot—offer the least amount of space for the most amount of
money.
Lloyd House in Old Town Alexandria VA
Built between 1796-1797 in Georgian style by John Wise, the Lloyd
House was occupied the Lloyd family from 1832-1918 and home to Carolyn
Hallowell Miller, a suffragist leader after the Civil War. The Lloyd
House used to be a branch of the Alexandria Library but now houses the
Office of Historic Alexandria.
Many events are welcome to take place at the Lloyd House such as weddings,
rehearsal dinners, fund-raisers, and workshops. Only the first floor
and garden are permitted for use and could accommodate 100 people
depending on the type of venue. The North Parlor Room has a maximum
capacity of 50 seated dinner/meeting and 90 limited seating, mixer
event. There is one unisex bathroom on the first floor for public use.
Facilities Coordinator
Lloyd House
220 N. Washington Street
Alexandria, VA 22314
(703) 838-4554
For your real estate needs and around Alexandria, please contact Will Nesbitt of Condo Alexandria. We serve buyers, sellers, renters and landlords.
Closing Costs — what’s involved?
Firstly and mostly the average consumer should know that all closing
costs are open to negotiation. This means that in any given contract,
any expense can be paid by either the buyer or the seller; however,
there are costs that typically related to the purchase, and those are
paid by the buyer. Likewise there are costs related to the sale and
those are most usually paid by the seller.
Here’s a list some of the typical concerns for real estate purchases, with specific notes for the condominium purchaser. Some of these (like Home Inspection) are optional, and a few of these are only required from some buyers (like PMI).
- Bank costs, including application fee, credit report, appraisal or
inspection fee, processing, bank attorney fee. These fees are related
to the acquisition of the loan and thus an expense of the buyer and
usually paid by the buyer. These fees include discount points and
origination points. Each point is 1% of the mortgage amount. Discount
points reduce the interest rate. Origination points are paid to the
bank or broker to make the loan. - Attorney fee for representation of Buyer interest at settlement. In
some states, a lawyer is paid to negotiate the interests of the buyer,
but in the Commonwealth of Virginia, a settlement agent (who is often
an attorney) works to ensure that the contract is followed. The
settlement agent makes no representations or opinions about the deal
that was negotiated. Rather the settlement agent ensures that all
parties are fairly treated with regard to the contract presented. - Property tax escrows are usually moneys held by the lender to pay
property taxes on the behalf of the owner. The seller is usually
responsible for taxes up to the point that the sale closes and the
buyer pays taxes during his ownership. The settlement agent reconciles this to the penny to determine who owes what taxes at closing. - Buyers often have to pay prorations to the seller for taxes, oil,
water, sewer, rents or condo fees. The prorations are are paid to
reimburse the seller for items that were paid in advance by seller. For
example, if the condo fee due on the first covers the entire month, but
the sale happens on the 15th, the buyer owes the seller for half of a
month of condo fees. - Both the buyer and the seller have to pay fees for recording deed
and mortgage. This is a nominal fee paid to the settlement agent. - Buyers must pay for their fire and liability insurance policy.
Lenders usually require that this is prepaid for six months or a year.
Condo owners rarely pay this fee as the policy is often included in the
condo fee. - When the sale doesn’t close on the first of the month, the buyer prepays a fraction of a month’s interest.
- Buyers who have a minimum down payment may have to pay Private Mortgage Insurance (PMI) premium.
- Many lenders require the purchaser to obtain (and pay for) a
survey. This is rare for condo buyers, but condo buyers have to pay for “condo docs”, the documents that spell out the condominium rules and finances. - Buyers who want a home inspection must pay for one.
- Most usually, the seller pays the realtors.
- Lenders require that buyers purchase title insurance to insure their interest against claims and fraud.
If this seems like a lot for a first time buyer to remember, don’t
worry, That’s why you have professionals to help you along the way. Your
agent, settlement agent and mortgage broker or lender will help you
make the transition smooth and easy. In Northern Virginia, if you have
questions or need futher help, please contact Will Nesbitt.
Another reason you need a rental agent …
I just found this posted on the Q&A section and thought it was an excellent lesson for renters who would prefer to act as their own rental agent.
Q. Oh my goodness! what
a mess! Ok here it goes. My husband and I moved to Las Vegas from WI,
and we were in contact with the landlord by email.Well she sent us pic and we looked at them it seemed good on “line” that is. Well in her emails she stated the house needed painting but she did not have the “money” as of yet ” But she did say would paint “later” So my not so smart hubby, sent her $2600 and she faxed the lease .When we arrived 4 days later and she met us at the property @11pm! When we went in the house it was not at all what it was on line !!!!!!!!!!!!!!!!!!! I was so peeved! I TOLD HER I WANT THE $2600 BACK!She said she did not have it & I thought i was going to have a nervous breakdown! She had the nerve to say we were too picky at the moment I could have dropped kicked her!!! NO paint!, carpet coming up and dirty!holes in walls because of nails! dirty , and too top it off BIG ASS COCKROACHES!!!!!!!!!!!!!!!!!!!!! So my son & hubby took me aside to come me down!In the least we were to “maintain” the bug pest controll “Maintain” Not come into a house thats Infested! SO anyways to make a long story shorter… “LOL” we were mislead from the beggining , and she took off$700.00 and we painted only part of the interior… We did not look at the lease “date and she did not pro rate “She has march 1st
-april 1st . and we got there march 27th .So we have had nothing but
problems w/her and now our refrigerator does not work and we have told her time in and time out and she has never sprayed for bugs and she
never has painted and she has done absolutely nothing!!! And since
march we have been paying rent , its now aug and in july I got a hold
of legal aid and explained to them our situation .That told us STOP
PAYING RENT SEND HER A LETTER TELLING HER THIS NEEDS TO BE DONE!So we did and she came back with a nussinnce” letter of what we wanted done ! She said un authorized dogs which is a lie she knew about it!and refrigerator,and carpet. We went to court and the landlord started to talk about the rent &the judge said thats not what you have here!
Nothing about the rent! The judge said if you want the money you need
to sue! Then the judge said but it would be in your best interest not
to ,because there are alot of things you did not do!!! Then the judge
says to us why don’t you just move.. And we said we are aug 21 2008. So
thats what we are doing. But now we were served small claims court! I
need to know what do i do now??
I won’t attempt to answer this question in this blog, rather I submit the letter as a general lesson about what can happen when you choose to work without professionals.
The questioner is well aware of the many mistakes the landlord made,
but she is blind to the mistakes that she herself made. The landlord is
convinced that the tenant is the problem. The judge knows the truth:
both parties are in a mess, and both parties made serious mistakes. The
best thing would be for these two to part ways as quickly and
unceremoniously as possible. Small claims court will sort out the
left-overs to see what rent if any is due.
So what’s the best/safest way to find a rental?
The goal is to find the rental that suits all of your needs, most of
your wants and fits your budget. What’s the most effective choice to
realize that goal? You can: Do it yourself; or Enlist the services of a
rental agent.
If you do it yourself, then you are in effect your own rental agent.
That means you must rely on your own personal knowledge of the area and
your own contacts to find your perfect rental. Of course, you could
change your own oil, put in your own stitches and you could cut your
own hair, too. The only difference is that you have pay for these
services and a rental agent’s services are totally free to the renter!
Worse still, if you don’t have a professional doing the work, you may
have a botched hair-cut, engine problems or a tale like the lady with
the rental question.
What does a rental agent do?
A rental agent’s job is to listen to your needs and then help you
identify rentals that meet your needs. Rental agents typically have in-
depth knowledge of the community, and they are often aware of market
rates. It’s not uncommon for a “connected” rental agent to know of
rental opportunities that are quietly listed and generally unknown to
the public.
A rental agent’s fees are paid by the landlord, so there is no expense to the renter. It really is in the renter’s best interests to employ the services of a trustworthy rental agent.
Finding the right rental agent.
The problem is many rental agents really only work for one landlord
and thus only support their employer’s building(s). Any agent at an
apartment complex will only show properties at that complex or at
another complex owned by the same landlord.
Further, many realtors and real estate agents won’t deal with renters. Here’s why.
After all the fees are paid, a rental agent generally makes about
one eighth of a single month’s rent for a rental. For a typical one
bedroom apartment in the DC area the rental agent is often paid a
paltry $160. (No withholding and no benefits.) So it’s tough to find a
rental agent who cares about your needs. Additionally, many renters are
oblivious to the benefits of professional assistance and don’t really
take best advantage of the rental agent’s expertise.
No charge to you … but not FREE!
When you find a quality agent who is willing to help with your
search, it’s a good idea to maximize your productivity before the agent
loses interest in your problems. Most rental agents (like most people)
are good people and they care about their client’s needs. At the same
time, there comes a point where the rental agent has to consider
his/her own self-interests. Because the pay-off is so small for the
agent, even the best rental agent loses interest very quickly if the
renter has unrealistic expectations or if the renter isn’t ready to
make a decision.
So, it’s in the renter’s best interest to take advantage of the rental agent’s expertise, but it makes sense to budget your time with the rental agent. For example, rather than using the rental agent’s gas or time to figure out what the renter wants, a smart renter approaches the rental agent with an idea of wants and needs, and then uses the rental agent’s expertise to secure the best possible residence.
I personally have gotten to the point that I am very picky with
accepting rental clients. I make sure that I explain to them upfront
what my service is and is not. If you’re looking for a rental in
Alexandria and parts of Arlington please give me a call.
BTW, I have two great rental listings at the moment. Both are 1 BR’s
well under $1300 and the rents include all utilities. One is at River Towers and the other is at the Fountains.
