The past year has seen an incredible increase in residential property prices, with a corresponding decrease in inventory in our DAAR (Dulles Area Association of Realtors) region. It's becoming more and more of a challenge to secure the purchase of property when representing clients, due to fierce competition and significant waiving of contingencies by other prospective buyers.
When it comes to land sales, however, it's a little bit of a different story. There's nowhere near the instant gratification phenomenon one gets with a raw piece of land, as compared to an existing home. That said, land prices have increased significantly with a corresponding increase in volume, however the level of frenzy is lower which allows more patient buyers, who may be willing to plan for the long-term, to acquire their dream location, and build their dream home.
Below is a quick video I took while showing two land properties in beautiful Northern Virginia this weekend. The clients in question are indeed planning for the longer-term, following a return to the US after a foreign posting. They were able to spend the day walking these delightful parcels, envisioning how the house they want to build could be sited.
One of my more recent marketing taglines for some of these land properties has been "Land - they're not making any more of it!". Moral of the tale is if you don't need to move immediately, and other parameters work for you, consider searching for a lot and enjoying the design and build process. I know someone who can help…
We are thrilled for our seller clients, and the new owners of Stonyhurst, the magnificent 1890 manor house centered on 95 rolling acres, just one mile outside of the Town of Middleburg, on meandering Foxcroft Road, which closed today at $4,300,000
The property was painstakingly restored between 2000 and 2003 through the engagement of Donald Lococo, Architect (Washington D.C.) and Rosemary Howe Interiors. Placing it into conservation easement at that time has ensured that Stonyhurst will forever be protected from the ravages of over development. Wishing the incoming stewards a wonderful life in this place of peace and tranquility.
Peter writes for his local magazine, Country Zest & Style, as its Wine Editor. He also enjoys writing blogs on interesting and pertinent real estate matters, so please follow!