River Creek Real Estate Market Update – Single Family Homes

Here’s the latest on the single family home real estate market in River Creek (Loudoun County)…

Overview

The overall single family home real estate market in River Creek is balanced – neither a seller’s nor buyer’s market. Buyer activity is up (though it’s not a buyer’s market by any means) and homes are selling in a timely manner if they are priced, marketed and presented correctly.

If you are a River Creek buyer, you will see everything from overpriced to underpriced single family homes on the market. Have your Buyer’s Agent give you the comps on any properties you’re interested in so you know how the asking price compares to current market value. If a property is at or below market value, don’t expect to “steal” the property from under the seller. If the property is underpriced by a significant amount, expect to battle it out with other buyers’ offers (yes, even in the $1M+ price point).

If you are a River Creek seller, you don’t have an overabundance of competition, but you still have competition. If you price, market and present your property correctly, you will have buyers come through and an offer in your hands in a timely manner. If you are selling your house “short” and under price it to get an offer quickly, you may very well see multiple offers on the property.

Numbers/Statistics

The number of single family homes listed for sale 2011 YTD is up 7.5% from this time last year. Not so good for sellers, but good for buyers because they have more choices. But, in the end, this stat is washed out because…

The number of single family homes sold 2011 YTD is up 28% from this time last year. This increase is much higher than the increase in homes listed which is why it washes out the previous stat. This is great news for sellers because there is more demand and helps with market values. For buyers, it means that there are more buyers actively buying properties in River Creek and you may have to face some of them in competition for the same property.

The average number of single family homes that sell each month 2011 YTD is 3.13. This is a 28% increase over this time last year (2.26 per month average). More activity in the River Creek single family home market is good news for sellers and home owners. For buyers…see the paragraph above.

The current number of active single family homes in River Creek is 21. Based on the absorption rate (3.13 per month), there is a 6.71 month supply of single family homes in River Creek. Generally speaking, anything over a 4 month supply is considered a “soft/buyer’s market”. But considering the price point, 6.71 shows a balanced market. The reason for this is because the higher the price point, the longer the average days on market and months supply of inventory.

Summary

The single family home real estate market in River Creek continues to show increased buyer activity and is considered to be a “balanced market”. Though sellers will be happy about this, some buyers may not. But remember buyers…once you move in and become a River Creek home owner, you’re going to want the exact same thing you dreaded as a buyer – a strengthening real estate market in River Creek rather than a weakening one.

If you would like more information about the real estate market in River Creek or are interested in selling or buying in River Creek, click here to contact me.

Camberley Homes, Boulevard at Brambleton Homesites Released

There has been much anticipation about Camberley Homes’ Boulevard at Brambleton community and the release of their homesites for sale. Well, the anticipation is over… Camberley Homes is releasing 8 homesites tomorrow, April 8.

They will have 8 homesites available – 4 Wilshire models, 2 Ventura models and 2 Lakeshore models. Base prices range from $390,900 to $410,900.

If you are interested in knowing more about Camberley Homes’ Boulevard at Brambleton Community, check out the community or purchase one, click here to contact me. I have helped a fair share of buyers purchase a home in Brambleton and would be happy to represent and guide you through the new home purchase process as well.

Related Reading

Why You Need Representation When Buying a New Home

Loudoun County, Brambleton; Record Level New Home Sales

Despite new home sales being way down as a whole across the U.S., Loudoun County, particularly Brambleton is seeing record level new home sales. In fact, Brambleton is the 8th top-selling community in the U.S.

Yes, you read that correctly (and no, this is not an April Fool’s joke).

Brambleton sold 352 new homes in 2010, the most new homes sold in one year in its’ 10 year history. On top of that, Brambleton is on pace to break that record in 2011 – and that’s without the first-time home buyer tax credit being available.

What’s so special about Loudoun County and Brambleton in particular?

- This area has always been ahead of the curve and leads the country by about 6 to 9 months. We were the first to see prices going up during the boom, the first to see them starting to come down and the first to see signs of stabilization and possible recovery.

- A large local presence of national and semi-custom builders who survived the market downturn and had money to start building once the local market showed signs of life in the second half of 2009 and into 2010.

- A shift in builders’ product lines. Builders are building more affordable and attractive products. This is drawing buyers in that were once priced out of the market and/or weren’t fans of the “same ol’” style of homes or huge McMansions. Yes, you can still find new traditional Virginia colonials/town homes throughout the area. But you can see and feel an urban touch to some of the new product lines and community amenities especially in Brambleton – one example is the Boulevard at Brambleton, by Camberley Homes.

- The local economy is one of the strongest in the U.S. This includes employment rates, new jobs being created and incomes. This helps create a strong housing demand and one that is stronger than most other parts of the U.S.

- Brambleton is a really cool, well thought-out and well built community (and their staff is dedicated and hard working). It has won GALA’s Community of the Year and countless other awards over the years. If you haven’t been to Brambleton in person, you should check it out sometime. (Contact me for a free tour of the Brambleton including the eight different builders within the community)

The rest of Loudoun County is in similar shoes. Other communities and builders are also selling new homes at a pace not seen for years, if ever. In speaking with builders’ sales staff and selling new homes throughout Loudoun County last year, I noticed that the sales staff had a smile on their face and positive attitude about them not seen since the boom market back in 2003, 2004 and 2005.

If you’re considering a new home but think that it’s out of your price range, you may be pleasantly surprised. As I mentioned, builders have revamped their product lines and price points. Give me a call or shoot me an email and I’d be glad to tell you what’s available in your price range throughout Loudoun County and show you around.

Related Reading

General information on Brambleton, LoudounScene.com

First Ever Braxton Model by Stanley Martin Homes in Greene Mill Preserve

The first ever Braxton model by Stanley Martin Homes in their Greene Mill Preserve community is complete! Not only is this the first Braxton model by Stanley Martin Homes in their Greene Mill Preserve community in Leesburg…it is the first Braxton model they’ve built for any customer in the entire area. My clients will be settling on the property this Friday, September 18, 2010 and are excited to live in their new home that they’ve watched being built since February.

This particular Braxton model is Elevation E (reversed). This elevation comes with a wrap-around front porch, a specific style of windows and partial stone with a side-load garage.

This home is loaded with pretty much every structural option you can get including the bonus room with full bathroom above the garage and the 4th level loft with full bathroom. My clients decided to also finish off about 2/3 of the basement which includes a large rec room, bedroom and full bathroom. The unfinished space in the basement is being used as a large storage area, but you can easily finish off part of it into a media room, kids playroom or exercise room with plenty of space left for storage.

Remember how they say, “Looks can be deceiving”? This home has over 7000 finished square feet yet its footprint is not as large as most other homes with similar finished space. This is mainly due to the bonus room being above the garage and the 4th level loft which doesn’t add to the width or depth of the home. And personally…I’d rather have finished space than useless attic space.

Some of the best features of this home (IMHO) are…

- the kitchen area with large center island and room for several stools which opens up into the breakfast room, (future) deck, family room

- great use of square footage. Many larger homes have less usable space with lots of  “dead” space throughout the home

- option for bonus room and loft both with full bathrooms is excellent if you have teenagers who want their “own space” or family/friends that visit often and/or stay for a while

- the 2 car garage is actually a 2.5 car garage. You can easily have a workshop or store motorcycles, bicycles or lawn mowers in the side of the garage while having plenty of room to open your car door without hitting something. Plus, there’s an option for a 3 car garage.

- It’s not about the actual home itself, but it’s worth mentioning… The Greene Mill Preserve community is far away so you feel like you’re away from the hustle and bustle yet, it’s only about a mile from the Brambleton Town Center and a few miles away from major routes, downtown Leesburg, etc.

If you would like more information about the Braxton or any other model Stanley Martin Homes offers or the Greene Mill Preserve community in general, feel free to contact me.

NOTE: If you can not see the slide show in this post, click here to check out the photos on Flickr.

Brambleton New Home Model Home Map

Curious about new homes being built in Brambleton? Would you like to take a tour of the different builders’ models, but not sure where they are? Well, here’s a map of the various builder’s model homes and sales centers.

Note: Give me a call or email me before you check out the model homes so I can give you the inside scoop on each builder, models and their specific section within Brambleton.

Update on Camberley Homes, Boulevard at Brambleton

Here’s the latest on Camberley Home’s, Boulevard at Brambleton community in Brambleton, VA…

• They should start selling town homes this summer, probably in the beginning of July
• Base prices should start somewhere in the mid $300′s (prices and options are not set in stone)
• Construction should start sometime in November depending on how quickly Loudoun County approves permits, etc
• Delivery of the first town homes should be March/April 2011 if construction begins in November as planned (and the winter isn’t as brutal as it was last year)

If you would like more information about Camberley Homes and their Boulevard at Brambleton community, feel free to drop me a line – danilo.bogdanovic (at) gmail (dot) com – 703.582.6900 (cell).

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Camberley Homes is Bringing “Urban” Style Town Homes to Brambleton

Camberley Homes is Bringing “Urban” Style Town Homes to Brambleton

You can soon add Camberley Homes to the list of names on the Brambleton home builder roster. Camberley Homes will begin selling “urban” style town homes in Brambleton this spring. Camberley Homes is calling this their “Boulevard at Brambleton” community. Delivery of the first town home should be fall/winter 2010.

Here is some basic info…

• Models range from 1700 to 2200 square feet
• Option for a 4th level loft with terrace space/rooftop deck
• Rear load garage
• Contemporary and “customizable” floor plans
• Prices have not been released yet, but I’m guessing they will start in the high $300K’s to mid $400K’s based on square footage and the particular model

Camberley’s “Boulevard at Brambleton” town homes will be located directly across Ryan Rd (Route 772) from the Brambleton Town Center (see brochure below for map). Their location is very convenient to the Brambleton Town Center, Legacy Park and Brambleton Regional golf course.

Note: There are plans for a walkway across (or possibly below) Ryan Rd from where these and neighboring town homes and condos are located, but that’s still a ways out.

Check out the temporary brochure and floor plans (click here if you do not see the embedded document below)…

Camberley Homes building urban style town homes in Brambleton, Virginia –

If you are interested in getting more information about the Camberley town homes or any other new construction town homes in Brambleton, send me an email or call me – danilo.bogdanovic@gmail.com – 703.582.6900.

To search for existing homes for sale in Brambleton, click here.

Killer Year-End Deals at Van Metre’s Linden Row in Lansdowne Town Center

There are some killer deals on the few available spec condos at Van Metre’s Linden Row community in the Lansdowne Town Center in Lansdowne (Leesburg), Virginia. Here are the details:

• Prices on the specs have already been reduced thousands to help get them sold ASAP
• You get $8,000 off the price if you settle by the end of December 2009
• You get $10,000 in closing cost assistance and/or off the price
• Van Metre will pay all of your HOA fees for 2010 – a $4,596 value
• There is one Chelsea model spec and a few SoHo model specs left that come with these great incentives and prices

Once these specs have sold, you’ll have to go with their February/March deliveries. But those will cost you more…

• You will pay regular base prices without any money off
• Base prices have been increased by $5,000
• You do not get $8,000 off the price
• Closing cost assistance has been reduced to $7,500

Basically…if you buy one of the available spec homes and settle by the end of December 2009, you’ll save over $20,000.

If you would like more information about the Lansdowne Town Center community, Van Metre, the different models and lots available and how to save the most amount of money possible, email or call me – danilo.bogdanovic@gmail. com – 703.582.6900.

The Latest Scoop on NV Homes, Little River Commons

I spent Thursday afternoon over at NV Homes, Little River Commons new home community and would like to give you the latest scoop on what’s going on there. In case you don’t know much about the community, here’s a quick overview…

NV Homes, Little River Commons is located off of Gum Spring Rd in Aldie/Chantilly in Loudoun County. NV Homes is selling town homes and single family homes with base price starting in the mid to high $300K’s for their town homes and low to mid $500K’s for their single family homes. There are trails, a common area, tot lot, soccer field, basketball court, baseball field and two ponds within the community. Though there is no club house nor pool in the community, your HOA dues are about half that of neighboring communities.

Now let’s get to the latest pricing and lot availability…

Town Homes

• There are two models available – the Astor and Carnegie
• The Astor is 22 feet wide and about 200 square feet smaller than the Carnegie, which is 24 feet wide
• Both models have a front-load 2-car garage with the entry on the ground level
• Both models have the kitchen in the rear, living and dining room in the front (on main/second level) with 3 bedrooms and 2 full baths (on upper/third level)
• Base prices are about $10K apart with the Carnegie being the more expensive model because it’s larger

I priced out an end unit Astor model with plenty of bells and whistles and it came out $399K. Here are some of the options that price includes:

• Full brick front
• 8 foot extension on all three levels (brings square footage to about 2700)
• Luxury master bathroom with large (aka useable) soaking tub and large shower with bench
• Full bath in basement
• Hardwood entire main level
• Granite counter tops, stainless steel appliances and level one upgrade cabinets in kitchen
• Carpet on all stairs
• Granite counter tops, upgraded cabinets and 12×12 tile in master bathroom and hall bath (upper level)
• Bay window off dining room
• Garage door openers, 2 remotes and keypad

There is one end unit (Astor model) available for April delivery. After that Astor is sold, you’ll have to wait until May/June (most likely June) for the next available delivery. There are a total of  only 4 buildings (18 town homes) left to build in the community.

Single Family Homes

NV Homes is also selling single family homes in the Little River Commons community. They’re selling at such a fast pace that they’ve sold several lots in their newest section, which has not yet even been recorded with Loudoun County (it will be recorded on Tuesday).

NV Homes has 4 models available in Little River Commons with base prices ranging from $500K to $560K (the latest pricing was released last Tuesday). The models range from a base square footage (upper two levels not including the basement or garage) of 2,722 to 3,527.

Since there are 4 models and so many different options and configurations available (and I don’t know exactly what you would choose in options), it’s hard to tell you what you would end up at as a final price. But I can tell you this…the typical final sales price of a single family home in the community is between $600K and $650K.

Incentives/How To Save a Few Bucks

Due to the high pace of sales, NV Homes – along with most other builders in the area – has scaled down on their incentives and either raised prices or made some standard options no longer standard. Nevertheless, you can get closing cost assistance and money off the base price/options in certain situations.

NOTE: If you are considering the Little River Commons community by NV Homes, you may also want to consider what Van Metre Homes has to offer in Stone Ridge, which is just across Gum Spring Rd from this community. For more information on what Van Metre Homes has to offer in Stone Ridge, click here.

To find out how to get the most in incentives/money off the price or for information about the builder, the community, available models or lots, drop me a line any time. I can best be reached via email or on my cell – danilo.bogdanovic (at) gmail (dot) com – 703.582.6900.

Update on Van Metre Homes in Stone Ridge

Over the weekend, a home buyer client and I spent several hours at Van Metre Homes in Stone Ridge. He wanted to take a first-hand look at their models, lots, options and price out a town home to his liking. I would like to pass along some of the information to you as well (if you’re interested)…

Van Metre has sold out of their single family home collection, but they are still building town homes. You can get a fully loaded, 2 car garage Stanton model town home in Stone Ridge for just under $400K (interior unit). The exterior unit will put you just above $400K But these prices include almost all of the bells and whistles including…

• Gourmet kitchen upgrade
• Granite counter-tops
• Upgraded appliances
• Kitchen back-splash
• Hardwood entire main level
• Upgraded 12×12 tile in foyer and bathrooms
• Extra recessed lights throughout home
• Ceiling fans in all bedrooms
• Upgraded fixtures throughout
• Fireplace on main level
• Bathroom in basement
• 2-level deck – one level off of main level and another off of master bedroom
• 3 level extension (brings the square footage to 2500)
• double bay window elevation and side bay window off family room (end unit only)
• and more…

As of yesterday, there are three interior Stanton models available for March delivery. There are also several Stanton interior and two exterior units available for April delivery. The March delivery town homes are about $12K less than the April ones for two reasons…

1. Van Metre has already started construction on the building (the closer you get to delivery, the more the discount)
2. The ones being delivered in April back to a 50 foot tree save buffer rather than other town homes

If you are interested in getting more information about the community, town home models, lots, options or incentives, email or call me – danilo.bogdanovic@gmail.com – 703.582.6900. I would also be happy to meet you at the Van Metre sales center and show you around the community.

And remember, don’t go at it alone – the sales price already includes a Buyer’s Agent commission so you might as well have representation from an experienced Buyer’s Agent who is familiar with that builder, that community and the specific sales manager working there. (And no, the builder won’t discount the price the amount of the commission if you don’t have an agent)

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