Founders Square is located just a few blocks from Ballston Metro, along Wilson Boulevard between Quincy and Randolph. When complete, it will be the first LEED neighborhood in Arlington County. LEED for neighborhoods is an innovative program that integrates smart growth, urbanism and green building into neighborhood design.  The two office buildings are projected to earn LEED Gold certified while the hotel and apartment building will earn LEED Silver.

Founders Square is made up of two office buildings, a hotel, residential building and 28,000 square feet of retail space.

State-of-the-Art Government Building

Not much more than 2 years after construction began, the first of four buildings is already complete. The first building will serve as GSA Headquarters for a group called Defense Advanced Research Projects Agency (DARPA). All of the exterior construction is complete and DARPA should begin moving in later this year.

Top Tier Hotel

The second building is already underway. It will be a Residence Inn by Marriott that will include 183 high-end hotel rooms spanning 11 floors.  It should be complete around spring of 2013.

LEED Certified Apartments

The third building will be a 17 story apartment building that will include 257 luxury homes. The top several floors will boast the same dramatic views of DC monuments as the Residences at Liberty Center. It will have some of the nicest finishes of any apartment building in Ballston. The building will be amenity rich including a rooftop pool and fitness center.   The residences are projected to be available around the end of 2013 or the beginning of 2014.

Office Tower

The final building will be 4040 Wilson – a class A, 20 story office tower. It will be the tallest office building in Ballston and will offer unparalleled panoramic views of DC and the Northern Virginia area. It will also include a roof top terrace above the 20th floor.

Retail

I’m most excited about the additional retail space that Founders Square will add to the Ballston real estate scene.  An additional 28,000 square feet of retail space should translate into a number of new restaurants, shopping and service options.  550 N. Quincy is already up and operating with Jimmy John’s, Sandy Springs Bank, and Super Pollo with 18 dedicated surface parking spaces.

I picked up some interesting facts while reading the retail flyer created for Founders Square:

• The Ballston / Virginia Square / Clarendon area currently has approximately 7 million square feet of office, 11,285 housing units and over 890,000 square feet of retail and continues to grow
• Ballston residents are young, affluent and highly educated with 6,900 residents between 25-44 (75% hold college degrees)
• Population withing 1 mile = 32,620
• Average household income = $128,899
• Daytime population = 30,987
• Popular Ballston area retailers = Sweetgreen, Rustico, Buzz Bakery, Chipotle, Rio Grande, Vapiano, Panera Bread, Sprint, HSBC, Front Page

Feel free to post any comments or questions you have about this new Ballston development.  Below is a quick list of homes currently being offered for sale near Founder Square.

Showing properties 1 - 5 of 19. See more 22203 zip code real estate.
(all data current as of 2/4/2012)

1. $649,900 : 820 Pollard St N #306, Arlington
   
   2 beds, 2 full baths

   Home size: 1,502 sq ft
2. $575,000 : 3835 9th St N #603w, Arlington
   
   3 beds, 2 full, 1 part baths

   Home size: 1,385 sq ft
3. $550,000 : 820 Pollard St N #213, Arlington
   
   2 beds, 2 full baths

   Home size: 1,127 sq ft
4. $539,900 : 820 Pollard St N #501, Arlington
   
   2 beds, 2 full baths

   Home size: 1,184 sq ft
5. $535,000 : 786 Vermont St N #1, Arlington
   
   2 beds, 2 full, 2 part baths

   Home size: 1,552 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Most consumers understand that owning a home is a great tax shelter. But most consumers do not understand how great these benefits can be. This report will outline some of the major tax benefits of owning real estate. Indeed those who don’t take advantage of these benefits are missing out on the great government give-away!

The deduction of mortgage interest and property taxes:

A homeowner can deduct the interest on their primary residence and second home up to a million dollars in total debt. You can deduct property taxes on homes you own as well. You can also deduct up to $100,000 in home equity debt, regardless of your use of the money. In the vast majority of the states the homeowner will receive a deduction on their state income taxes as well.

What does this mean to a typical homeowner? Simply put, the cost of a mortgage is much less than the cost of the monthly payment. For example, if the homeowner is in a 33.0% tax bracket and they are paying $3,300 monthly on their mortgage and $3,000 of this payment is comprised of interest and taxes, the payment after taxes is actually $2,300. Also, do not forget that the principal portion of the payment is a forced savings account that builds up equity as well. Therefore, more than 90.0% of the payment can be working to help your financial situation. The $2,300 payment “after taxes” is actually the rental equivalent. For this person, a payment of $2,300 in rent is the same as a $3,300 mortgage.

The sale of your home may be tax free:

If the home has been your primary residence for the past two out of five years, you can exclude the gain you receive after selling your home up to $500,000 ($250,000 for singles). Therefore, you get to keep the equity you built-up through appreciation. And you can use this exclusion again and again. Try doing that after you make money in the stock market!

The home office:

If you use an office in the home, you can deduct the value of the home through depreciation, as well as other expenses such as insurance, in the same percentage as the square footage of the office. For example, if the office is 15.0% of the total home, you can depreciate 15.0% of the value of the home, excluding the value of the lot. When you lower the value of the home through depreciation you will have to recapture that deduction when the home is sold. However, the annual deduction will be from individual tax rates while the gain on the sale of the home would be on the tax rate of capital gains, which is typically lower.

Owning rental properties:

If you convert your present home to a rental or purchase a rental property, you can deduct losses on the rental as long as your income doesn’t exceed $100,000 annually. The deduction phases out over $100,000 and disappears if your income is over $150,000. Even if your cash flow is positive, there may be a loss because you can depreciate the value of the property. The maximum loss that can be deducted is $25,000 annually.

We challenge you to find comparable tax benefits with any other investment. A house is a very important shelter but can be an even more significant tax shelter. Those who don’t take advantage of this are giving back the greatest gift our government ever gives us.

The above information was provided in an article from McLean Mortgage.  The information is deemed reliable, but we recommend that you consult a tax professional.

If you are thinking about buying or selling a home, we would love to answer any questions you have.

In a recent report, I read that the monthly cost of owning is usually 23% more expensive than renting in the Washington DC area. Today, it is 1% cheaper.

With rental rates climbing monthly and today’s interest rates lower than we ever imagined, the above scenario may be a realty for you. In fact I verified the above statement by running some different scenarios with a local lender. We compared the cost of buying a condo in Arlington to renting a similar apartment. In most scenarios, buying won.  Unfortunately, I’m not legally allowed to publish loan scenarios, but I am happy to share them with you one-on-one. We can also talk about ways to minimize the money you will need up front. [Send me an email]

Below is a mortgage calculator to provide some very vanilla scenarios.  Let me know if you need any help setting the “advanced” features to reflect a realistic situation.

One Big Reason To Consider Buying

Your initial investment may be as low as 3.5% of the purchase price, but even if you only earn 6% appreciation per year, that appreciation is based on the value of the home rather than your initial investment.

For example:
The following example is based on a $3500 down payment on a $100,000 home.  Below you will see how 6% yearly appreciation

Year 1 = $100,000
Year 2 = $106,000
Year 3 = $112,360
Year 4 = $119,101
Year 5 = $126,247
Year 6 = $133,822
Year 7 = $141,851

In the above example, you have made $41,851 in seven years from an initial investment of $3,500.

Other Possible Benefits of Buying:

• You don’t have to pack up all your belongings and move at the end of a lease.
• You have the ability to customize your home.
• You usually get some pretty substantial tax incentives for owning.

Your Decision

At the end of the day, the decision to own or rent is a very personal one.  You have a number of variables that affect your individual situation.  Even if owning provides some financial benefits to you, now just may not be the right time in your life.  That’s totally ok.

If you ever want to discuss the possibilities, I am here to help without any obligation from you.  [Send me an email]

photo credit: Instant Vantage

Calling all Football lovers, your favorite day of the year is just around the corner, that’s right Sunday February 5th is Super Bowl XLVI .  This year instead of hosting a party where you will be required to cook, serve, and clean up, why not hit one of your favorite watering holes in Arlington VA.   Let somebody else do the work, while you sit back and cheer on your favorite team whether it be NY Giants and the New England Patriots, of course I know which one I would prefer you to support;-)

Huge Screen, the Bigger the Better!

If you are looking for a place to watch the Super Bowl and the size of the screen is your number one priority, then look no further than the Arlington Drafthouse on Columbia Pike.  The Super Bowl will be played on a full cinema screen with table side service for food and beverages throughout, their doors open at 4:30pm and entrance to this event is free.

Car Free Options, Metro Please!

Most people enjoy a couple of beverages during the big game, which means this would be a good day to leave the car at home and take advantage of the Arlington transportation system.  Below are a list of Arlington bars and restaurants that are served by the Metro,

• Velocity Five in Courthouse, VA
• Hard Times Cafe in Clarendon VA, no worries about driving as this restaurant is located directly on the Clarendon Orangeline Metro Station.
• Green Turtle Sports Bar and Grill, Ballston’s newest bar.
• Champps at Pentagon Row

Big Screens Galore

There are plenty of bars in Arlington VA, and many offer TV’s to watch the game, but if you are looking for an establishment that offer a wide selection of TV’s, Flat-screens, Plasma etc., then these Arlington VA bars will have  Super Bowl coverage from every angle you are look.

• CarPool in Ballston has 30 TVs, including two 120-inch big-screens and 23 plasma big-screens.
• Crystal City Sports Bar on 23rd Street in Crystal City.

Food & Drinks Specials

You may work up an appetite cheering on your favorite team, therefore having some good food and drinks specials to go along with the game is important, luckily these Arlington VA restaurants have all your game day food and drinks needs covered:

• Capitol City Brewing Company will  host a colossal Super Bowl party in Shirlington VA.  Food and drink specials begin at 4:00 p.m. and are available all night until close. Fight off hunger with an overflowing plate of the Cap City Wings and a pint of a Signature Beer for only $8.50.
• Fireworks in Courthouse offering happy hour special on food and drinks during the game.

Whichever team you support, we hope you have a fun and safe Super Bowl Sunday 2012

Register for the Arbour Realty Newsletter.

Stay update with 365 Things to do in Arlington VA.

Welcome to a brand new *Smart Growth* neighborhood taking shape in Fairfax County, Virginia. Can we all agree that traffic is horrible around the DC suburbs of Virginia? Fairfax real estate is too often associated with long daily commutes. That is why new smart growth communities like MetroWest are emphasizing the ability to access your home, work, shopping and entertainment without having to drive. Sounds like a great idea to me!

This 56 acre community will include townhomes, condominiums, apartments, commercial offices and retail spaces. The total number of residential units is projected to reach 2,248. It will also include community parks, courtyards and green spaces. Over 35 percent of the total area being developed at MetroWest will be preserved as open space.

Vienna Metro Location

Almost every home within MetroWest will be no more than one quarter mile (a five minute walk) to Vienna metro station. A quaint pedestrian access trail will make it especially easy to get from the doorstep of your townhome to the turnstile at Vienna metro station. In case you are not familiar – Vienna metro is the last stop along the popular Orange Line.

MetroWest will not only be residential. It is designed to accommodate over 125,000 square feet of retail space. The vision for this space to include a grocery store, coffee shop, dry cleaning, day care, fitness center, restaurants and other personal services.

MetroWest Townhomes

There are three models of townhomes being offered by Pulte Homes: the Blake, Stuart and Tyler. Below is a brief description and pricing as of Jan 2012.  This pricing is expected to change.

• The Blake – this is the most narrow of the models available. Instead of making the Blake wider, they are building them taller. This is the only model that comes with a fourth level of living space. It comes standard with 3 bedrooms and 3 baths. You may opt for a 4th bedroom and additional bath on the lower level in lieu of the a tandem two-car garage. Approximate square footage is 1,448 and prices start at $510,990.
• The Stuart – this floor plan has a surprising amount of living / entertainment space on the main level. You should have no problems furnishing this level with your living and dining furniture. You will have the option of adding a fourth bedroom and bath to the lower level without giving up your 2 car (side by side) garage. You also have the option of a 16’8″ x 5′ sundeck. Approximate square footage is 1,942 and prices start at $599,990.
• The Tyler – this home is very generous on space. If you are a true cook, the gourmet kitchen option will knock your socks off. It has more cabinet and pantry space than most people will know what to do with. The huge granite island is remarkable. Consistent with the other two models, the main living area is very open so you never feel isolated. The open floor plan and high ceilings are wonderful for allowing natural light to spread through the home. This home also comes with the ability to add a 4th bedroom and additional bath on the lower level. Approximate square footage is 2,470 and the prices start at $699,990.

Features & Finishes

The homes include a long list of premiere finishes that include granite counters, recessed lighting, high efficiency HVAC systems, etc. But, Pulte allows you to customize your home with an endless array of options. You can take the home with its standard package or you can pick and choose every detail to your liking. Be forewarned that there is a price tag that comes with most options. It would be easy to get carried away and spend an additional $50,000 on your home in options.

My advice is to seriously consider the options that will be costly and/or messy to add later. Balance this by being careful no to go overboard with options for which you will not be able to recoup the cost of when you sell the home at some point.

More Info

If you have not considered using a Realtor to advise you in your new construction purchase then I highly recommend you read my article about this subject.

Please complete the following form to be kept up-to-date on MetroWest.

photo credit: aussiegall

With the New Years behind us, it is time to start focusing on the next Hallmark Holiday. This one can literally really make or break youryear depending on whether you pull out all the stops for that special someone in your life. That’s right folks, Valentine’s Day is fastly approaching, but no worries I have you covered with a summary of some of the most romantic restaurants here in Northern Virginia.

A Locals Favorite

L’auberge Chez in Great Falls Virginia is not just a favorite with the locals but also has a nationwide audience as Chef Jacques has been featured on the JC Hayward Show and also the Today Show. This cute French restaurant features mouthwatering meals like Lobster Bisque, Braised Veal Sweetbreads with a Madeira truffle sauce with mushrooms and foie gras, and to finish don’t miss out on their assorted hot soufflés: Grand Marnier, Chocolate, Raspberry or Hazelnut. L’auberge Chez are offering a Valentine’s special on February 12th/13th and 14th 2012, remember to make a reservation to avoid disappointment.

An Old Timer with a Great View 

I know that Old Town Alexandria screams “tourist” but the Chart House on the Potomac has a great view and the food gets pretty good ratings, they are known for the slow roasted prime rib and array of fresh fish. Finish your romantic meal with one of my favorite dishes the Hot Chocolate Lava Cake. 

Romantic and Overflowing with History

Cedar Knoll Restaurant is located one mile from George Washington’s Mt.Vernon estate. You can’t get much more romantic than this 1800’s restaurant, with great views of the river and a cozy fireplace, what more do you need, well of course good food which thankfully the Cedar Knoll restaurant offers. They are also running a Valentine’s special until Feb  11th which includes dinner for 2 and a bottle of wine for $50.

Romance in Arlington VA

Right here in our backyard is the La Côte d’Or Café  located at 6876 Lee Highway in Arlington VA. Rated on Yelp as one of Arlington’s most romantic restaurant, this small French restaurant maybe the spot for your Valentine’s 2012. Try their Cassoulet Toulousain or Veal Scallopini with Mushroom Sauce. La Côte d’Or Café doesn’t have a vast menu but there is something to be said about “quality over quantity” and this is true for La Côte d’Or Café.

Happy Valentine’s 2012

Register for the Arbour Realty Newsletter.

Stay update with 365 Things to do in Arlington VA.

If you have a hard time using your imagination to make one of the largest investments of your life, then there is no need to read further. Where the new townhomes will built, only dirt and a sales trailer currently exist. What will soon be a vibrant town center is now a massive construction site that spans for acres. The one major component already in place is Dunn Loring metro station. That too is undergoing a facelift.

Yep, we are back to the days of looking at scaled models, artist renderings and floor plans. This particular neighborhood does have similarly built models available for you to see, touch and feel only 40 minutes away in Old Town Alexandria.

Off To A Fast Start

Sales opened up with a bang on Sunday, January 15. I stopped by to learn more about the community, but the sales trailer was a mad house so I turned around and went home. On Tuesday I stopped by mid-afternoon with some clients. We were able to get 10 minutes with a sales person before he had to shuffle off to a contract writing appointment. He disclosed that they were hoping to sell about 3 homes per week but are already on a pace of 8 per day! He and the other sales people were about as giddy as elementary school kids on their way to a field trip.

The homes are expected to start delivering this March and continue through early 2013. By getting in early you will have a wider selection of home sites to choose from and can take advantage of initial pricing.

Customize

You will also get the opportunity to customize your home with the granite, flooring, electronics, fireplaces and various other finishes they offer. Based on artist renderings, the homes will have a modern / urban rowhouse type look to the exteriors. The floor plans are nice and open. The generous amount of windows and high ceilings will make the homes feel bright and bigger than they actually are. This particular developer has made their 4th level loft and terrace a signature feature of their homes. Yes, you can have a grill up there and I have even seen some with indoor / outdoor fireplaces.

LEED Certified

This is the only townhome developer I know of that goes the extra mile to obtain LEED certification. LEED stands for Leadership in Energy and Environmental Design. It is not an inexpensive investment but it results in significantly lower utility bills for the home owners. You can also expect the homes to emit fewer toxins, maintain comfortable temperatures throughout the interior and do a better job of insulating outside noise. If you are coming from an older home, it will be like trading in a jalopy for a BMW.

Priced From The Upper $500′s (for now)

You can own a majority of the homes for under $700k. This hits a sweet spot in the Fairfax real estate market. There are other options available, but they are older and tend of be a lot less metro accessible. Forget about being within a walkable community like this.

The prices WILL change – maybe even by the time you are reading this. This is good news for people who contract early because you are essentially watching your home gain in value prior to investing a dime of your own money. Is this a unique opportunity? Yes!

Good Investment?

For the last 2 years I have been pointing investors in the direction of Merrifield. Despite all the planned and undergoing improvements for the area, prices have not escalated yet. At least not like I expect them to when construction gets further along. Just take a drive from Dunn Loring metro along Gallows Road to Arlington Blvd. It’s one massive construction site that is transforming the area from having a somewhat industrial vibe into a Clarendon-light. Some of the retailers already on board are: MOM’s Organic Market, Red Apron Butchery, Black Restaurant Group, Lou Lou Boutique, Artisan Confections, Dawn Price Baby, My Eye Dr., Taylor Gourmet, Cava Mezze, Eagle Bank, Target, Angelika Film Center, Cyclone Anaya’s, Matchbox, Hotel Sierra, Neiman Marcus and Paper Source.

I expect home values in this area to outperform most of Fairfax County real estate and many parts of Arlington County real estate during the next 3-4 years. Of course, these are just my professional opinions.

I’m happy to keep you up to date on these townhomes and other residential opportunities in Merrifield. Simply complete the form below.

PMI: this 3 letter acronym is a dirty bit of jargon among homebuyers and real estate agents alike. Both strive to avoid Private Mortgage Insurance at all costs. However, buyers in the DC area can use PMI to put significantly less payment down on a home yet still obtain conventional mortgage financing. Putting less than the 20% down on a home is typically thought to always require the homebuyer to obtain mortgage insurance that increases the homeowner’s monthly mortgage payment. But single premium PMI enables the homebuyer to put less than 20% down on a home with a lower monthly mortgage payment than traditional PMI.

The single premium is a flat fee based on the loan amount and the amount of coverage required by the lender. The flat fee amount is also based on the homebuyer’s credit profile, the property type, and general loan details. The one-time premium is paid at closing and that’s it! It can be paid by the lender, seller, or another third party. It can even be financed into the loan amount. Of course with all things mortgage related, ask your real estate agent or lender about programs, qualifications, regulations, and how this may benefit your unique home-buying situation.

Matthew T. Sines
Mortgage Loan Officer
NMLS # 706232
FitzGerald Financial Group
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
301-251-0080 Office ext. 3428
240-403-3428 Direct
240-403-3412 Fax
240-515-4774 Cell
msines@monarchbank.com