If you'd like to learn more about Skyline
Plaza click here.
 Check
what's available now.
Here's a price report based on the last two years of sales and rentals as of 2/28/2010.
Each report contains the median price along with high and low over the period. All
figures are approximations and should not be used to judge final sales values.
|
Unit Type
|
For Sale
|
Condo Fees
|
Rental
|
|
One Bedroom, 950 to 990 sf
|
170,890 (136,453 to 221,000)
|
465 to 440
|
1,300 (1,200 to 1,420)
|
|
Two Bedroom, 1180 sf
|
209,500 (172,000 to 255,000)
|
550
|
1,700 (1,250 to 2,100)
|
|
Three Bedroom, 1700 to 1840 sf
|
275,000 (260,000 to 329,000)
|
800 to 860
|
2,000
|
Skyline Plaza is located at 3701 and 3705 S George Mason Dr. Falls Church Virginia
22041, near Leesburg Pike (Route 7), I-395, and between Eisenhower Ave and Bailey's
Crossroads. Skyline Plaza was built in 1973, it's a 15 minute commute to D.C.
Amenities include:
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24 Hour Security
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Children's Playground
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Storage Space
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Outdoor pool
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Sauna
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Gym
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Party/Club Room
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Balconies
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Garage Parking
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Community/In Unit Washer/Dryer
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Electricity, Gas and Water included in condo fee
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Central A/C
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Gas Heat
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Gas Hot Water Heater
 |
About the Author --- Ben
Fornshell is a licensed real estate agent with Condo 1 Alexandria. To learn
more about available rentals and purchases in the area check out our free
search.
|
Sponsored by Condo 1 Alexandria / Will
Nesbitt Realty LLC
Serving real estate needs of Northern
VA · in Alexandria · in
Arlington · in
Fairfax County ·
|
If you are looking or even just thinking about buying a condominium home in or around Northern
Virginia, it's perfectly natural to feel a little nervous. Buying a condo and
owning your own home is a large, life changing purchase. Indeed, any individual thinking
about buying a condo needs to know what to expect and how to prepare for those expectations.
Below is a short list of 5 essential tips that any condo buyer would do well to consider
throughout the process of finding a new condominium home. Happy hunting!
1) Look at Everything in Person
First, remember to look in person at any condo unit you are interested in. It is very
important that you make sure to actually see the amenities, parking space, and condo
facilities personally. This simple but critical task will avoid any confusion and
disappointment later on and will ensure that you are satisfied with your condo purchase.
If you absolutely cannot look at the condo in person than ask the seller if you can
send a friend you trust to look at the unit instead. In addition, if you are located
in a different city than where you are condo shopping, be sure to ask the condo seller
or realtor to send you as many pictures as possible of the condo and the condo building
before you make a decision.
2) Carefully review the Condo Association Fees First
Make sure that you know what exactly is included in your condo purchase. What amenities
are included in the condo fees to make the condo right for the price? Or, on the other
hand, are you going to end up paying for benefits you don't need? In addition, ask
if there is any insurance included. Different condo associations may charge the same
amount per month, but one may include some incidental insurance while others may require
hefty fees for amenities you may not really need or want. Finally, check the condo
association meetings and/or any printed bulletins that result from them. Look for
any past or developing issues that you need to take into account.
3) Never Ignore the Documents that Accompany the Condo Purchase
Always review the condominium documents very carefully before you buy. In laymen's
terms, don't ignore the fine print. Here, you should check the total price and property
documents to make sure that they are reasonable for the area. Be especially cautious
if the price is very low because this could mean you will need a special assessment
of the unit, which could cost you a lot of money, later in the future.
4) Always Review Comparable Units for Sale in the Same Building
While every condo building is unique and features different amenities, styles, policies,
and location, it is important that you look into other condo units that are for sale
or have sold in the same building. Here, do not simply rely on the recent sale price
of another unit in the building. Consider what another units' floor plan was, what
views it had, or if it had any special upgrades. Depending on the view and floor of
the unit, the price of a one bedroom can vary within a condo building.
5) Work with a Specialist
The condominium marketplace is often a very specialized type of real estate and as
such, you should always consider working with a qualified realtor, and particularly
one who specializes in condos. With the help of a realtor, you will have access to
a greater condominium market which will enable you to find the best condo unit to
fit your needs at a price that you can live with.
Sponsored by Condo 1 Alexandria / Will
Nesbitt Realty LLC
Serving real estate needs of Northern
VA · in Alexandria · in
Arlington · in
Fairfax County ·
|
For people who want to own a home, the premium to buy---the
spread between what they’d spend to rent and what they’d pay for a mortgage---is much
lower than the 15-year average in many cities.
To determine what cities are smart buys, Forbes magazine
computed the premium and also identified locales where economists predict home prices
will go up the most over the next five years.
Here are the top 10 cities the magazine chose as the best
places to buy right now.
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Boston-Cambridge-Quincy, Mass.
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Charlotte-Gastonia-Concord, N.C.-S.C.
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Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
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Cincinnati-Middletown, Ohio-Ky.-Ind.
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Denver-Aurora-Broomfield, Colo
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Minneapolis-St. Paul-Bloomington, Minn.-Wis.
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Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
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Portland-Vancouver-Beaverton, Ore.-Wash.
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San Francisco-Oakland-Fremont, Calif.
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Washington-Arlington-Alexandria,
D.C.-Va.-Md.-W.V.
Source: Forbes, Francesca Levy (01/21/2010)
Sponsored by Condo 1 Alexandria / Will
Nesbitt Realty LLC
Serving real estate needs of Northern
VA · in Alexandria · in
Arlington · in
Fairfax County ·
|
The homebuying season is starting early this year, thanks
to the expanded first-time and move-up homebuyer tax credit.
Typically, the busiest time for home shopping starts in
March and continues through May, but this year buyers who want to take advantage of
the tax credits have to have a signed contract by April 30 and close the deal by June
30.
That is getting people off the couch.
"The tax credit will absolutely have an effect," says
Pete Flint, CEO of residential real estate search engine Trulia.com. "It is going
to shift demand from the later part of the year to the first part. January and February
will be very strong. The next three months, there will be a surge in demand."
Source: USA Today, Stephanie Armour (01/20/2010)
Sponsored by Condo 1 Alexandria / Will
Nesbitt Realty LLC
Serving real estate needs of Northern
VA · in Alexandria · in
Arlington · in
Fairfax County ·
|
The housing recovery should gain moment in 2010, but the
improvement will still be slow, according to a panel of economists speaking at the
International Builders Show in Las Vegas.
"It won't be a strong recovery, but it will be a recovery,"
said David Crowe, chief economist for the National Association of Home Builders.
Crowe forecast that sales of new homes will rise by about
33 percent while resales will go up 7 percent. He expects prices to remain stable
in most areas, but some cities may see some slight declines. Will Nesbitt,
principal broker of Condo-Alexandria.com said, "We're not seeing the big price drops
we saw last year."
"I believe we've seen the worst of the house price declines
... The stage is set for the consumer to return," Crowe said.
Source: Associated Press, Alex Veiga (01/19/2010)
Sponsored by Condo 1 Alexandria / Will
Nesbitt Realty LLC
Serving real estate needs of Northern
VA · in Alexandria · in
Arlington · in
Fairfax County ·
|
Home buyers who purchased a property after Nov. 6, 2009, when the extension and expansion
of the first-time and move-up home buyer tax credit took effect, have reportedly been
unable to get their rebates---or even file for them---because paperwork isn't available.
Robert Dietz, an economist with the National Association of Home Builders, says the
delay is apparently caused by the Treasury Department's inability to quickly create
new documentation that filers could use to prove they actually bought a property.
Previously, all a home buyer had to do was file a form that said they'd purchased
a property. No proof was required. As a result, there were thousands of reports of
fraud. This time around, the IRS is seeking ways to force home buyers to prove their
eligibility.
Mary Mellem of David & Mary Mellem, EAs & Ashwaubenon Tax Professionals, says
it probably will be another three months before the problem is resolved.
Source: CNNMoney.com, Les Christie (10/14/2010)
Sponsored by Condo 1 Alexandria / Will
Nesbitt Realty LLC
Serving real estate needs of Northern
VA · in Alexandria · in
Arlington · in
Fairfax County ·
|
In Northern VA, a condo is a great option for first-time home buyers, those
who relish convenience and for empty-nesters looking to downsize. Buying a condo is
very similar to buying any other real estate, but there are a few things you'll want
to be mindful of. For example, before you buy, contact the condo board with the following
questions. In the process, you'll learn how responsive --- and organized --- its members
are. You'll also be alerted to potential problems with the property.
1. What percentage of units is owner-occupied? What percentage is tenant-occupied?
Generally, the higher the percentage of owner-occupied units, the more marketable
the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather
clauses are in place? You may find, for instance, that those who buy a property after
a certain date can't rent out their units, but buyers who bought earlier can. Ask
for a copy of the bylaws to determine if you can live within them. And have an attorney
review property docs, including the master deed, for you.
3. How much does the association keep in reserve? Plus, find out how that money
is being invested.
4. Are association assessments keeping pace with the annual rate of inflation? Smart
boards raise assessments a certain percentage each year to build reserves to fund
future repairs.To determine if the assessment is reasonable, compare the rate to others
in the area.
5. What does and doesn't the assessment cover? Does the assessment include
common-area maintenance, recreational facilities, trash collection, and snow removal?
6. What special assessments have been mandated in the past five years? How
much was each owner responsible for? Some special assessments are unavoidable. But
repeated, expensive assessments could be a red flag about the condition of the building
or the board's fiscal policy.
7. How much turnover occurs in the building? This will tell you if residents
are generally happy with the building. According to research by the NATIONAL ASSOCIATION
OF REALTORS(r), owners of condos in two-to-four unit buildings stay for a median of
five years, and owners of condos in a building with five or more units stay for a
median of four years.
8. Is the condo building in litigation? This is never a good sign. If the builders
or home owners are involved in a lawsuit, reserves can be depleted quickly. Sometimes
the litigation is minor. Sometimes the litigation is a show-stoper.
9. Is the developer reputable? Find out what other projects the developer has
built and visit one if you can. Ask residents about their perceptions. Request an
engineer's report for developments that have been reconverted from other uses to determine
what shape the building is in. If the roof, windows, and bricks aren't in good repair,
they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments,
umbrella associations, as well as the smaller association into which you're buying,
may require separate assessments. For example, Stratford
Place is a part of Kingstowne.
Sponsored by Condo 1 Alexandria / Will
Nesbitt Realty LLC
Serving real estate needs of Northern
VA · in Alexandria · in
Arlington · in
Fairfax County ·
|
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that it
is undertaking a comprehensive review of hundreds of condominium projects in the state
of Florida in an effort to allow additional projects to become Fannie Mae-eligible
through a new "Special Approval" designation.
A dedicated team of six Fannie Mae professionals based in Florida
is conducting a thorough examination of condominium projects across the state that
may not currently meet Fannie Mae's standard eligibility criteria and assessing specific
criteria more closely, including occupancy, homeownership association dues, financial
stability of the project and property condition. Projects deemed to be sufficiently
stable following the closer examination are granted a Special Approval designation,
meaning lenders can originate and deliver mortgage loans secured by units in these
projects to Fannie Mae.
Fannie Mae has been granting exceptions to its condominium eligibility
guidelines on a case-by-case basis when requested by lenders. The Special Approval
designation streamlines the process for lenders and catalogues projects across the
state that are Fannie Mae-eligible. Projects deemed eligible will be listed on www.eFannieMae.com
as project reviews are completed, and qualified borrowers wishing to purchase units
in these projects will be eligible for financing.
"This new initiative is geared toward providing maximum support
for Florida's distressed condo market as we continue to provide liquidity to the housing
market more broadly," said Karen Pallotta, Executive Vice President, Single Family
Mortgage Business. "The state's condo market has been particularly hard hit by the
housing downturn and we're working with the industry and our partners to do all we
can to stabilize the market and help spur recovery."
"NAR applauds Fannie Mae for taking this important step to make
condo loans more readily available in Florida," said Moe Veissi, National Association
of Realtors® First Vice President and broker-owner of Veissi & Associates Inc.
in Miami. "Our state is probably the hardest hit as far as the condo market is concerned,
and Fannie Mae's new effort to take a closer look at project eligibility could go
a long way to putting projects back on a healthy financial track."
Special Approval designations are effective for periods between
9 and 18 months, and lenders are required to confirm the project's Special Approval
designation on the date of the loan application. The Special Approval initiative is
for established condominium projects only.
Sponsored by Condo 1 Alexandria / Will
Nesbitt Realty LLC
Serving real estate needs of Northern
VA · in Alexandria · in
Arlington · in
Fairfax County ·
|
Want to compare Old Town to Crystal
City? I can tell you there are huge differences in the lifestyles, the types of
homes and the commutes in these two neighboring villages. But I can't really quantify
that information. Fortunately, I don't have to. Our site has a great tool for researching
and comparing neighborhoods, with information about schools, education, incomes, age
of homes and more.
In the meantime, over the next few days I expect to run a few reports and publish
them to give you an idea of what you can learn about neighborhoods of Northern Virginia.
By the way, what's nice about this system is that you can use it to compare any neighborhoods
in North America. See how Lansing stacks up to Fairfax, or how Falls Church does vs.
Peoria. The research engine
is here.
22202 (Crystal City)
22314 (Old Town)
This is just one of many stats that you can research and compare on our site, and
this one alone is quite telling on the neighborhoods of Crystal City and Old Town.
Crystal City is 22202 and Old Town (plus the Carlyle
District) is 22314.
22202 (Crystal City)
22314 (Old Town)
This statistic actually doesn't give Old Town Alexandria its full historical range.
Many homes in Old Town are older than 80 years of age. But Old Town has a suprising
number of new homes as well. Crystal City is definitely younger.
22314 (Old Town)
22314 (Old Town)
22202 (Crystal City)
22202 (Crystal City)
Crystal City and Old Town are both leaders in household income, though perhaps Old
Town is a bit more affluent. (Perhaps this is why there are more owners in Old Town?)
Sponsored by Condo 1 Alexandria / Will
Nesbitt Realty LLC
Serving real estate needs of Northern
VA · in Alexandria · in
Arlington · in
Fairfax County ·
|
Can you see yourself in here?
Active home search (median):
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Number of weeks searched: 10
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Number of homes seen: 10
First-Time vs. Repeat Buyers:
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First-time buyers: 41%
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Repeat buyers: 59%
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Median age of first-time buyers: 30
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Median age of repeat buyers: 47
Buyers who definitely would use same agent again: 70%
Actions taken as result of Internet home search:
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Drove by/viewed a home: 77%
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Walked through a home viewed online: 63%
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Found agent used to search/buy home: 27%
Information sources used in home search:
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Internet: 87%
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Real estate agent: 85%
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Yard sign: 62%
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Open house: 48%
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Newspaper ad: 47%
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Home book or magazine: 30%
Source: 2008
National Association of REALTORS(r) Profile of Home Buyers and Sellers
Sponsored by Condo 1 Alexandria / Will
Nesbitt Realty LLC
Serving real estate needs of Northern
VA · in Alexandria · in
Arlington · in
Fairfax County ·
|
Condo Alexandria and Will Nesbitt Realty can guide you through each step of the home buying process. Condo Alexandria dot comprovides critical information at key decision points so that you can choose the condominium that is right for you. 
