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Expert Tips for Home Buyers & Sellers

Our mission at The Gresh Group is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

Tuesday, April 25, 2017

MCLEAN IS ON BLOOMBERG’S 100 RICHEST PLACES LIST

According to Bloomberg’s 100 Richest Places, McLean residents are ranked 23rd among the country’s top earners. McLean’s 2015 average household income for 2015 was $268,997, which is up more than $3,400 from 2014.
Bloomberg’s list works on ranking communities based on an average household income that has been adjusted for inflation. The ranking includes communities with a minimum population of 2,000 and nearly 6,200 communities made the cut.
Fairfax county was the only area ranked in Virginia with cities in the top 100. Also on the list with McLean are Great Falls (ranked 11), Wolf Trap (ranked 36), Floris (ranked 83), South Run (ranked 91), Fort Hunt (ranked 100).
For comparison, the annual household income in Atherton was $444,374 in 2015. Cherry Hills Village, which is a suburb of Denver, ranked No. 2 at $403,532. Scarsdale, New York, was No. 3 at $371,194.

Here are the top 25 nationwide:
  1. Atherton, California
  2. Cherry Hills Village, Colorado
  3. Scarsdale, New York
  4. Hillsborough, California
  5. Short Hills, New Jersey
  6. Old Greenwich, Connecticut
  7. Los Altos Hills, California
  8. Bronxville, New York
  9. Darien, Connecticut
  10. Winnetka, Illinois
  11. Great Falls, Virginia
  12. Glencoe, Illinois
  13. Indian Hill, Ohio
  14. Highland Park, Texas
  15. Piedmont, California
  16. West University Place, Texas
  17. Greenville, New York
  18. Kentfield, California
  19. Upper Saddle River, New Jersey
  20. Ladue, Missouri
  21. Indian River Shores, Florida
  22. Westport, Connecticut
  23. McLean, Virginia
  24. Travilah, Maryland
  25. Montecito, California
If you’re thinking of buying or selling a luxury listing in the McLean area, the Gresh Group is ready to help you every step of the way. Our years of experience in the greater Washington DC market have proven results and have created many satisfied clients. We look forward to working with you, whatever your real estate needs. You can reach us at 703.636.3588.

Friday, March 31, 2017

Buying a Condo

People buy condos for many different reasons. The young couple just beginning is as likely to buy one as the empty nest couple. The upwardly mobile millennial will like the freedom from the responsibilities that go with owning a single residence home. I call it the “no mow” principle.
Whatever your reason for considering the purchase of a condo, you need to understand what you are buying. Before making an offer, you should look into several aspects of the unit you are considering. First of all, can you live with the people next door (or upstairs)? Depending on the way it is built, you will have to deal with varying degrees of noise from the other side of the wall or ceiling. It’s a good idea to visit the place when noise is more likely to occur, like mealtime, to decide if the decibel level is acceptable.
Ask for a tour of the whole complex. You can learn a lot that way. For instance, are the common areas and corridors clean, free of debris, and in good repair? If you walk through the corridors, what sort of odors do you detect? If there are pet or mildew type odors, that isn’t a good sign. If you have children, the play and pool areas are of concern. Do they have a lifeguard? Does the play equipment (swings, slides, etc.) look sturdy?
The rules at condos vary. Request a copy of the condo association’s rules, which are called “Covenants, Conditions, and Restrictions (CC&Rs) right away. These will contain the rules about parking, pets, noise containment, and more. It will also spell out the consequences of non-compliance.  If there are items you cannot tolerate, you have a certain amount of time to rescind your purchase.
Be sure to check on the financial stability of the condo association. If the delinquency rate for residents is on the high side, it could affect your ability to obtain a mortgage. The bank will be checking on this, also, so you could consider that an extra back-up to your vigilance. You wouldn’t want to do business with a group that has a poor record.
Don’t get nervous if the condo association asks you to submit to an interview with its board of directors. The interview is mostly to ensure that you are able to afford to buy their condo, and that you seem reasonably likely to follow the rules. I hope you will contact me, Janet Gresh, when you decide it’s time to look for a condo to buy. I can get you the best deal possible.

Home Prices Up 6.15% Across the Country!