Falls Church News-Press Fall Real Estate Guide 2019 by Falls Church News-Press

R EA L E STATE

FALLS CHURCH NEWS-PRESS | FCNP.COM

FALL 2019 | PAGE 13

R��F��E�� 2019

Between Customized Vs. Template Homes, Choice Comes Down to $$

BY CHRISTOPHER JONES

FALLS CHURCH NEWS-PRESS

Many homebuyers wonder whether it’s wiser to invest in building a custom new home from scratch or to purchase a portfolio home with pre-set elements. While it tends to be more expensive to secure an architect to design and build a unique home, buying one with pre-set features may not be as satisfying in terms of aesthetics, scale, livability, and craftsmanship in the long run, though it can yield a more profitable real estate investment. According to the Northern Virginia Realtors Association,

for the year ending in August 2019, average home prices for Falls Church soared to $801,342. Zillow notes that “Falls Church home values have gone up 2.2 percent over the past year.” Rising home prices in the Falls Church area incentivize new home shoppers to maximize the square footage and features they purchase to yield maximum assessment value. So, new home buyers tend away from fully custom designed projects they might otherwise dream of taking on, toward purchasing portfolio homes. What advantages come with a portfolio home? According to the National

Association of Home Builders, these firms “build all types of housing; and generally build for all price points.” As “production builders,” they tend to produce a high volume of similar home types per year, “based on a library of floor plans.” Because they are so large-scale, they can negotiate substantial discounts on construction materials and take full advantage of a wide range of in-house services to increase efficiencies and bring down overall costs. For Jennifer Landers, the President of New Dimensions Inc. headquartered in Fairfax, the choice to invest in a new portfolio home makes the most financial

NEW DIMENSIONS, INC. has a noticeable footprint in the City of Falls Church, with its predictable price scale giving consumers a clear idea of what they’re purchasing. (P��: N��-P��.) sense for new home shoppers. “We really do have a wide variety of homes” in size and price, she said, “and we do that so we can provide an easy entry point for any budget.”

New Dimensions customers can select one from a set of 30 pre-set “portfolio designs,” or, they can choose to slightly tweak

Continued on Page 14

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R EA L E STATE

PAGE 14 | FALL 2019

FALLS CHURCH NEWS-PRESS | FCNP.COM

Custom Homes Appreciate Over Time, Despite Higher Cost Upfront

Continued from Page 13

one of those designs, or, they can start from scratch and, for a higher price, order a complete custom design. Among the great benefits of pre-set designs, she emphasizes, are predictability, efficiency and lower cost. “We’ve built our portfolio designs over and over, so we know, down to the nickel, what is involved.” New Dimensions’ website showcases a range of attractive home models with their costper-square-foot prices (land not included). For example, their more affordable 1,967 squarefoot home,”The Madison,” lists, with 3 bedrooms and 2.5 baths, at a turn-key price of $294,900. And, their larger 4-bedroom, 3.5 bath model, “The Berkshire,” lists at a finished price of $339,900. For custom architects, however, the stock portfolio home is not necessarily an attractive investment. Chief architect and owner Jeff DuBro of DuBro Architects and Builders on S. Maple Ave. in Falls Church, rejects the notion that people should want to live in “soulless” and unsustainably large pre-planned dwellings that tend to blight the distinctive architectural heritage of the community. “The experience of our Homes is a holistic one that has deeprooted meaning,” Dubro’s website proclaims, “Architecture can enrich how we live; it can strengthen our connections to nature and each other; it can improve the function of our daily tasks; and, it can enhance healthy and sustainable living. Our Homes can be alive — teaming with life and engaging our senses. This is Living Architecture.” For DuBro, the idea of comparing fully customized homes against templated portfolio homes based on estimates of costs-persquare-foot is a misleading venture. Although he acknowledges that a custom designed home may be 15-20 percent more than what a buyer might otherwise spend for a portfolio builder. However, DuBro counters by noting that the return on investment is going to be much larger in terms of the quality of life equity and the long-term market value. He points out that when his firm designs a smaller scale and more sustainable living space, customers enjoy a better lived experience. Equity, he argues, is about more than a bank appraisal. “We want to build homes that

are truly homes where you can build the experiences that make a home special and truly a home with a capital “H,” he states, “If you can do that in a way that is special to you as a homeowner and at the same time build real market value with a truly distinct property then that’s totally a winwin situation.” DuBro emphasizes that a family’s quality of life can be increased by scaling to the family’s unique economy. “Quality of life happens on many different fronts,” he emphasizes, “and it’s important to think of scale and proportionality including how the house fits into the fabric of the neighborhood it’s in.” At the architectural firm Greenspur on Broad Street in Falls Church, founder Mark Turner acknowledges that the templated home may be cheaper but argues new home customers should still explore the fully customized option, both for themselves and the community. “While there is definitely value-added to using a templated model, that’s not the kind of business we’re in,” he said, “Our reservation is that it’s not fun for us to build, it’s not unique, and it certainly takes away from the overall character of certain small towns.” Turner sees a generational trend with both millennials and baby boomers turning toward smaller scale customized homes built with craftsmanship, unique design and proportional scale. He has heard many customers say, “I don’t want a 5,000 square foot home as much as I want a welldesigned 2,000-3,000 square foot home. I want to be close to my kids.” Turner is passionate about trying to design homes for customers who share a longing for pleasurable home living spaces rather than seeing their homes as simply a place to reside while building equity. “These people are doing it for the long haul,” he says, “They’re designing spaces for their families to grow old in and they’re not left with a big house when their kids go off to school…. They’ve got a real love affair with their house.” So, what is the new home shopper in the Falls Church area to do? Clearly, one must balance financial and equity needs with the possibility that a dream home, built to the proper scale and proportionality, may be within one’s grasp.

CUSTOM HOMES are believed to appreciate in value from a long-term view, according to their architects. That’s why splurging for a full-blown custom exterior (top) could net a serious return -on-investment if the owner ever decides to sell. The same thinking goes for individual features, such as a skylight (bottom).Falls Church architect, Jeff DuBro, likes to think that equity exists outside of a bank appraisal, and can be calculated by how well the home environment fits with the owner’s lifestyle as well. (Photos: Courtesy DuBro Architects and Builders.)

FALLS CHURCH NEWS-PRESS | FCNP.COM

R EA L E STATE

FALL 2019 | PAGE 15

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PAGE 16 | FALL 2019

R EA L E STATE A Falls Church News-Press Advertorial

FALLS CHURCH NEWS-PRESS | FCNP.COM

M e e t Fa l l s C h u rc h’ s Re a l E s t a t e E x p e r t s A�� B��, K�� W��

I, like many others, have chosen to live, work, and raise my children in the Little City ™. I am such a strong advocate of our wonderful community and I bring over 10 years of real estate experience in sales, rentals, and renovation. Bred from a family of small business owners I understand the importance of consistently delivering a high level of customer service to all my clients. Prior to setting down roots in The Little City™, I began my real estate career over a decade ago in New York City where I held a sales position at Douglas Elliman in Manhattan. After leaving New York, I settled in the United Kingdom. I specialized in luxury residential real estate in Prime Central London working for top agencies and one of the largest privatelyowned property businesses — the Grosvenor Estate. Leading real estate teams, driving marketing and branding initiatives, I successfully negotiated hundreds of real estate transactions while representing buyers, sellers, landlords, and tenants. After returning stateside several years ago, I decided the time was right to utilize my experience and wealth of knowledge from larger national and international markets, to create a brand with a focus of providing the right advice to clients, backed by the highest level of customer service, and the best marketing. To show your house in the best light, we hire top designers, writers and photographers. Which is why The Bitici Group attracts forward-thinking clients and exceptional real estate to prove that fantastic results are achieved with a bespoke, tailored approach. For an intelligent, personalized approach to buying and selling, contact The Bitici Group at Keller Williams.

Albert Bitici, The Bitici Group, KW Metro Center 2101 Wilson Blvd., Suite 100, Arlington, VA, 22201 • (571) 775-0468 thebiticigroup.com

B�� E��, L�� F�� Bethany Ellis is a full time and professional Residential Real Estate Agent serving all of Northern Virginia, specifically Falls Church, Falls Church City, McLean, Arlington, Herndon, Reston, Fairfax and Great Falls. Bethany is passionate about helping her clients smoothly transition through the buying or selling of a very precious commodity, their home! Bethany is tech savvy with a personal touch. Using modern technology as well as timeless tools, Bethany is a local selling and marketing expert. She will be present with you every step of the way from preparing your house for sale to negotiating the contract on your behalf. Bethany’s goal is to help guide you through the buying and selling process with expertise and experience while ensuring you are at ease. Bethany has sold over $140 Million of Real Estate and she can help you too! If you have Real Estate questions, Bethany has the answers. Call or text Bethany for a free, confidential meeting. It would be Bethany’s honor and privilige to have the opportunity to to help you buy, sell or invest in real estate.

Bethany Ellis, Long and Foster 1355 Beverly Rd., #109 McLean, VA 22101 • 703-307-7003 buyandsellwithBethany.com

T�� M�K��, K�� W�� Tori McKinney LOVES being a Realtor—perfectly blending her passion for Falls Church and finding her clients their dream homes in her beloved community. After moving to Falls Church in 1998, McKinney immersed herself in community advocacy and served as Housing Commission Vice-Chair. McKinney is on the Tinner Hill Heritage Foundation Board, Executive Producer of Tinner Hill Music Festival occurring on June 13, 2020, and is a 6-year member of Falls Church City Public Schools Business in Education Foundation. While maintaining her NVAR Lifetime Top Producer, she is a Top Producing Real Estate Agent featured in the Washingtonian and Arlington Magazines. Named Pillar of the Community by Falls Church Chamber of Commerce, she is annually voted Best Realtor by Falls Church News-Press readers.

McKinney is Falls Church’s expert, eager to provide home buyers and sellers ROCK STAR service.

Tori McKinney, ROCK STAR Realty Group, KW Metro Center 2101 Wilson Boulevard, Arlington, VA 22201 • 703-867-8674 • ROCKSTARRealtyGroup.com

A�� M��, K�� W��-F�� C�� C�� I have been in the DC and Virginia residential real estate market as a full-time professional since 2008 as a buyer, rehabber, seller, commercial property owner, and Keller Williams Falls Church agent helping others buy and sell. I love all aspects of real estate and want to share that excitement with you when you sell or buy a home or investment property. My 360-degree experience allows me to see lots of different options and offer both traditional and creative solutions to my clients. Prior to going into real estate full time I earned an MBA degree with dual concentration in information technology and real estate finance. I worked for 25 years in the information technology industry as a Senior Manager and Director for organizations including Marriott International, Fannie Mae and Rice University. I enjoy getting involved in the Falls Church City community, and volunteer with the Village Preservation and Improvement Society and the Falls Church City Public Schools Business in Education Partnership. I am also a member of the Falls Church Chamber of Commerce. Let me put my strong combined real estate and technology skills to work for you to create a smooth and enjoyable selling and buying experience.

Alison Miller, Keller Williams 105 W Broad St, #200 • Falls Church, VA 22046 • 703-298-9495 amatkw.com

A�� N��, P�� S�� R�� As a Transition Navigator with Home Transition Pros, I offer a one-call approach to help empty nesters, seniors, and those tasked with closing out an estate complete a low-stress home transition. I collaborate with a wide range of experts to offer guidance, tools, and referrals for quality professionals for every step in the process. In my work with empty nesters, I have seen that the job responsibilities and lifestyle goals of the “sandwich generation” can create a need for moreor full- service moves. In 2017, I began building a network of qualified, trustworthy professionals to help my clients with all of their home transition needs: from navigating the decision of where to move, to organizing and managing belongings, making delayed repairs, and completing the home sale process. I leverage those same business relationships in my work as a Senior Real Estate Specialist; helping older people downsize, age in place, or move to assisted living. I introduce my clients to professionals with experience handling complicated moves and specialty training in working with seniors and caregivers. This collaborative approach earned recognition from the National Association of Professional Organizers DC Chapter, when I was named the 2019 Business Partner of the Year. Security and trust are the cornerstones of my approach. I maintain the highest level of integrity in my real estate practices, and seek out like-minded professionals in my network. As an extra measure of reassurance for seniors and others with security concerns, I am backgroundcheck cleared, and many of my business partners also submit to a background screening process as well. Downsizing a lifetime of belongings and selling a well-loved home can be a daunting task. Call Home Transition Pros for secure, personal attention to your entire project, start to finish.

Anna Novak, Pearson Smith Realty 8315 Lee Highway, Fairfax VA 22031 • 703-402-0471 hometransitionpros.com

FALLS CHURCH NEWS-PRESS | FCNP.COM

R EA L E STATE

FALL 2019 | PAGE 17

TWO PROPERTIES right outside of City of Falls Church limits have been bringing in additional revenue for Fairfax County, which has a policy in place to handle short-term lodging requests, such as Airbnb and Vacation Rentals By Owner. One sits off Arlington Blvd. just south of the City (left) and the other is closer to the Merrifield near Jefferson District Park. (Photos: Left — Patricia Leslie/Right — Vrbo.com).

F.C. Stands Idle as Neighbors Cash In on Short-Term Lodging by Patricia Leslie

Falls Church News-Press

If the City of Falls Church had a short-term lodging policy, it might be earning revenue just like the City of Alexandria, Arlington and Fairfax County have collected for their treasuries with their new short-term regulations. Although several places to rent short stays can be found online with Falls Church addresses, it’s unknown until final booking in most cases whether accommodations lie inside city limits. Falls Church has no codes on its books for rental regulations like Airbnb and Vacation Rentals By Owner (VRBO), although Nancy Vincent, the director for housing and human services for Falls Church, says her office has received no complaints. Since it implemented its new regulations last year, Fairfax County has collected $132,211 in transient occupancy taxes and $22,400 for 112 applications, according to county spokesman Brian Worthy.

Arlington adopted its policy in 2016 and has collected between $150,000 and $200,000 in the program in the last 12 months, said Ingrid Morroy, Arlington’s commission of revenue. Meanwhile, an Aug. 2018 article in Alexandria Living claimed Alexandria earned three times the expected income from its program. Last month, Herndon hosted a public hearing on short-term rentals which it’s considering. The reason for Falls Church’s inaction is unclear. Mayor David Tarter, members of City Council and other city officials could not be reached for comment, but Susan Finarelli, director of communications for the City of Falls Church, emailed a statement: “Right now the City does not have specific city code that addresses regulations for shortterm rentals beyond hotels and bed and breakfasts — nothing new has been developed since Air B&Bs [sic] and other brands have become popular. There is nothing specifically on the Council’s

schedule to discuss this, but staff and Council are aware that other jurisdictions in Northern Virginia have added to their codes to address these types of rentals. If that happens in the City, staff will conduct appropriate research and the public will be welcomed to submit comments and input.” Room rentals start around $40 per night (before fees) in the City of Falls Church, and many have a shared bath. Prices can reach $400 (or more) for four bedrooms and three and a half bathrooms (Mary Street, outside the City limits). In total, less than five lodging units are available for rent in the City Most owners charge a cleaning fee, a service fee (for the “platform”), and state, regional and local taxes which go to general budgets, tourism and transportation. Fairfax County charges $200 for a two-year permit. Arlington has issued about 125 permits (at $65 each) since last October, according to Jessica Margarit, a manag-

er at Arlington’s Department of Community Planning, Housing and Development. Prices and places can fluctuate daily at the rental sites hosted by lodging brokers. The Falls Green community, part of the Oakwood complex on Roosevelt Boulevard inside City limits, had several listings on Airbnb, varying from a studio to two beds for one night. However, final charges could not be determined. An apartment close to the State Theatre and likely within City limits, goes for $125 a night at Airbnb without a cleaning fee, but charges $65 for service and $30 for occupancy tax and fees for “general sales and use tax (Falls Church),” according to the listing. Based on the estimated map location, “Pixie’s Place” appears to be within the city limits, too. It has a minimum two-night stay and a rate of $75 per night for an apartment of one bedroom and one private bath, $75 for cleaning, $29, service fee, and $14

for ”occupancy taxes and fees” which includes state and regional taxes and “general sales and use tax (Falls Church).” Another Falls Church address two miles from the East Falls Church Metro, which appears to be inside the City limits based on the Airbnb map, has a four-night minimum for $40-$42 per night for one bedroom, one private bath and a cleaning fee of $25, service, $25, and “occupancy taxes and fees” including those for Falls Church at $12. Outside city limits, an address is advertised off Arlington Boulevard for a room with a private bathroom for $60 or $65 per night, depending upon date requested. Airbnb offers owners the option of collecting taxes to pay jurisdictions. While the City’s interest in creating a policy for the rentable properties remains ambiguous, neighboring localities continue to bring in thousands of additional dollars to support their own citizens.

PAGE 18 | FALL 2019

R EA L E STATE

FALLS CHURCH NEWS-PRESS | FCNP.COM

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R EA L E STATE

FALLS CHURCH NEWS-PRESS | FCNP.COM

FALL 2019 | PAGE 19

Nerfed Tax Deduc�on Sidestepped By Savvy Prospec�ve Homebuyers BY MATT DELANEY

FALLS CHURCH NEWS-PRESS

The “cooling effect” speculated to hit housing markets due to the lowered Mortgage Interest Deduction cap has been avoided by the kind of upper-tier market most prone to experience it, such as the City of Falls Church. Prospective buyers have instead worked around the new law, either by getting creative with finances or making tradeoffs with home buying decisions. When the Tax Cuts and Jobs Act was passed in 2017, one of the key changes it made was lowering the Mortgage Interest Deduction from $1 million to $750,000. The deduction offered anyone who purchased a home below the cap the option to write off the interest on their mortgage, allowing them to get more home for a more reasonable price. The tax law’s overhaul two years ago had some market observers believing it would splash cold water on the hot hous-

ing market by negating a unique perk of homeownership found in the Mortgage Interest Deduction. A New York Times story from August showed that wasn’t the case, with most markets nationwide continuing their steady growth in activity thanks to the increased standard deduction. Virginia’s abundance of highpriced homes, especially in Northern Virginia, is why it is one of two states that used the deduction the most (New Jersey was the other), according to Northern Virginia Association of Realtors president Christine Richardson. In 2016, per Richardson, 29 percent of state taxes filed took the Mortgage Interest Deduction. State numbers weren’t available for any years after that, but nationally, the deduction’s usage dropped from 21 percent in 2017 to nine percent in 2018. Richardson believes that Virginia would follow suit with the national trend, and notes some of her clients have even mentioned restructuring their mort-

gages to accommodate it during the homebuying process. “I’ll occasionally hear from high-end buyers that ‘Well, I was thinking about putting less down, but what difference does it make if I can’t write off the interest anyway? I might as well put more down and keep my mortgage below $750,000 so it’s all tax deductible,’” Richardson said, who added that the reduced cap hasn’t been any kind of deterrent on a decision to buy or not. Elliott Oliva, a realtor at Keller Williams in McLean, echoed Richardson’s point about buyers’ strong interest in local homes. At team meetings with other Keller-Williams employees, Oliva mentioned that he and other agents haven’t identified that the Mortgage Interest Deduction’s lowered cap as having prevented any sales from closing. Average prices for single-family homes in City have gone up at least 12-14 percent since the new tax law passed. What it has affected, how-

THE HOME ON THE RIGHT is more likely to fall under the Mortgage Interest Deduction’s lowered cap of $750,000, but wise buyers for the home on the left could feasibly qualify for the deduction if they’re able to re-work their mortgage. (P��: N��-P��)

ever, is how much home people are willing to buy. For instance, some must-haves that Oliva cited were three-level houses and the right location. If those boxes are checked, Oliva’s seen buyers skip out on nice-to-haves, such as an updated, open concept-type of kitchen. It’s all about personal circumstances in Oliva’s eyes, and those are subject to each buyer’s situation.

“People will make adjustments to their price-point if need be. Sometimes they might take money out of their retirement if they really want the house, but not everyone has that kind of leverage,” Oliva said. The housing market has been in a gradual upswing since 2008, per Oliva, and the change in the Mortgage Interest Deduction isn’t strong enough to sway that.

Falls Church Real Estate is Up in 2019!

UNDER CONTRACT! The Spectrum, Falls Church 22046 UC before it hit the MLS! • 2BR 2BA 1663sqft Penthouse • Priced at $739,900.

SOLD! 402 Sherrow Avenue, Falls Church 22046 • Sold at $675,000 while still in Coming Soon status.

SOLD! 2800 W George Mason Road, Falls Church 22042 • Sold for above asking in only 2 days and closed in 3 weeks.

But low inventory persists –

I have first time home-buyers looking for a detached house in Greenway Downs or Jefferson Village with • 3/4 BRs, at least 2 full BAs • Fenced yard for a dog • Off street parking • Does not need to be super updated (pink tile ok) but must be in solid move-in condition

The best place may have less space. Call me at 703-298-9495 if you’d like to sell your home!

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R EA L E STATE

PAGE 20 | FALL 2019

FALLS CHURCH NEWS-PRESS | FCNP.COM

Falls Church Area Housing Market — August 2019 Report Zip Code Area Median Price Number of Homes Sold

Average Days on Market

22046

City of Falls Church $771,288

22041

Bailey’s Crossroads

$310,000

22042

Sleepy Hollow

$541,000

22043

Pimmit Hills

$724,900

22044

Lake Barcroft

$652,500

Home Sales Vs. 1 Year Ago

Home Prices Vs. 1 Year Ago

Change in # of Homes Sold: August ‘19 vs August ‘18

Change in Median Home Price: August ‘19 vs August ‘18

-18.75%

Change in Falls Church City (22046)

+7.12%

Change in Falls Church City (22046)

-2.94%

Change in Bailey’s X-roads (22041)

+4.64%

Change in Bailey’s X-roads (22041)

-6.25%

Change in Sleepy Hollow (22042)

+0.65%

Change in Sleepy Hollow (22042)

-34.29%

Change in Pimmit Hills (22043)

+20.82%

Change in Pimmit Hills (22043)

-27.27%

Change in Lake Barcroft (22044)

-2.76%

Change in Lake Barcroft (22044)

CO MME NT

PAGE 21 | FALL 2019

Real Estate

FALLS CHURCH NEWS-PRESS | FCNP.COM

Top Falls Church Home Sales

July-September

#2 $1,900,000

#1 $2,100,000

#4 $1,700,000 #3 $1,765,000 Top 5 F.C. Home Sales July 1 â&#x20AC;&#x201C; September 30, 2019 Address #1 2236 Whitcomb Pl. #2 6225 Edgewater Dr. #3 2136 Emilys Ln. #4 2301 Providence St. #5 2145 Emilys Ln.

6 5 6 6 5

5 5 5 6 4

HB 1 0 0 1 1

List Price

$2,100,000 $2,000,000 $1,800,000 $1,749,000 $1,699,000

Sale Price

$2,100,000 $1,900,000 $1,765,000 $1,700,000 $1,699,000

Zip

22046 22041 22043 22043 22043

Date Sold 8/16/19 9/10/19 7/16/19 7/1/19 7/22/19

Source: MRIS, Inc.; Photos: MRIS, Falls Church News-Press

#5 $1,699,000