brand new 2,800 sq ft townhome (no yard) in Fairfax City for $670K -- is it worth it? (Manassas: for sale, real estate)

[Natthapol]

Dear fellow city-data forum members,

I am into the market to purchase our first home in NOVA. I work in DC and my wife work in Tysons Corner. With combined income around $180K, our original budget was around $500-600K (we have 20% down payment) and here is our wishlist:

- decent commute to Tysons Corner and DC (less than 10 minutes drive to Vienna metro is preferable)
- relatively new town home (of course, SFH would be nice too)
- good school system (as we are planning to have kid(s) soon)
- 2-car garage
- 4 bedroom (or 3BR with den/loft and etc)
- yard is not really important to us but a deck would be nice.

We could not find anything that we like within our budget but we found a few places in Fairfax that we really like. One place that we found is a brand new town home right in the heart of Fairfax city on whitehead st (walkable to a lot of restaurants). This town home has 4BR and 3BH with 2,800 square feet priced at $670K but it doesn't have any lot or deck. We really love the layout of the place. I have a few questions that I am hoping that C-D members can help:

- Do you think that it is a good investment for a brand new town home of this size? Is Fairfax City a hot location for real estate?
- How is the school system in Fairfax City? (I believe that the home feeds to Daniel's Run Elementary school and Fairfax High school)
- How is the commute to Tysons and to DC from Fairfax City during rush hour?


Any help/comments would be highly appreciate!

- Nat

[khuntrevor]

Compare it with 22152, W. Springfield. I think it will seem expensive. I don't think I would pay more than 200 per square foot. Especially without a yard.
Give me your best estimate of what it would command in monthly rent? Say 2500--you would be paying 23 times annual rent.......I would only do that for a property where there was truly a finite amount of land and close to some really famous attractions--you just don't have either in FFX City....There is still lots of places to build townhouses. Don't fall for the space trap....putting your money towards space instead of location. Don't get me wrong, FFX City is well above average, but it just doesn't demand that kind of multiple.

[Bigfoot424]

Please don't take this the wrong way but are you nuts? For this kind of money you can get one heluva house and beautiful yard going further out. Yes, a shorter commute appeals to many but paying this kind of money for a postage stamp size house, IMHO, is luducrous.

BTW. I bought my 2nd home in 86 in Manassas on a very private road for 92,500 and we have an acre. It just about killed me when we had to write that first $900 mortgage check.

[vermonter16]

Fairfax City is a $$ location and was listed as #3 on the Forbes list. I would see if you can knock a bit off the price though (look at some comps in the area) - hey, it never hurts to try!

This one isn't too far that has a yard for less (though it may not be 'prime' location).

http://www.homesdatabase.com/mapsear...21&search.y=14

Sure - you can move further out and get a single family home. But, it sounds like you know what you're looking for. You need to do what you want to do but definitely do your homework.

[kmkat]

I like those townhouses too. I work in Tysons and live in 22031. It takes md 15 minutes to get to tysons going down Cedar Lane. Only 1 mile to Vienna Metro. You might keep looking around to be sure you have seen all the possibilities.

You might not care about the yard now but you will once you have little ones. My son is constantly running around the yard playing with his friends. Is there absolutley no outdoor space. Not for a table, nothing? Even a tiny yard woudl be good for a sprinkler, a kiddie pool, and some outdoor toys.

[stpickrell]

I'd be hesitant to bust my budget for a place with no yard/deck.

Also, for $500-$600k you're not going to get "relatively new" (as in post-1990 construction) in Fairfax/Oakton/Vienna.

[nancy707]

I send you a PM

[SallyField]

Wow, the negative comments surprised me because that doesn't sound so bad. Especially since in the current market, I suspect you can pay less than asking price. Fairfax City is a very nice place to live IMO, and I understand from a friend who used to live there that City services (trash, leaves, and so on) were excellent. Nice new townhomes are expensive all over the region, and that's a good location.

That being said, the commute to Tysons from Fairfax during rush hour is not the greatest. Not horrific, but not the greatest. There are lots of ways to get to Tysons from Fairfax and vice versa, but they all back up during the rush. 123 backs up, as does 66 and the Beltway. During non-rush, it's probably 20 minutes one way. During rush, probably 40-45 min.

[bmwguydc]

That's a nice development, on the site of the old library. At that price point, they are not pushing the market at all, as there are townhouses to the west of downtown (Main & Judicial) that are in the $900s. You would be in a walkable location to downtown Fairfax for shopping, restaurants, etc., and have convenient transportation options, including Metro, should you wish to use it.

The comp listed above is on a tiny lot, and not in one of the premier Fairfax neighborhoods and is literally on top of the house next door. The lot was split to build two narrow-deep homes, as opposed to the single residence that was previously located there. It's also set amid older homes and houses that are not architecturally significant in terms of newer homes, not set in a designed enclaves of similar stock.

It can be difficult to negotiate on a new home, but you may open the discussion to incentives if the builder wants to sell when you present a contract. Closer comps would be resales in Farrcroft and the small Rust Hill townhouse community, and perhaps Chancery Square by the courthouse. I know there are a couple of the townhouses in Farrcroft for sale, as I know a couple of people in that neighborhood, and I think the last sheet I picked up on one was had a listing price of $830-something. They are a little more unique, and have a backyard, and are built in clusters of three, so you have two end units per building; however, they are similar in respect to walking distance to Fairfax amenities. Single-family prices in excess of $1M are not unknown in that neighborhood.

The $670k looks expensive when you see older, single-family residences off University in the $400-500s, but it's about the middle of the market, and is not pushing the limits of the new(er) market in the city. If you like the amenities of the house, the neighborhood, and conveniences, then you should seriously consider it. The older housing stock is not going to push the prices of the newer construction downward, as that's not the trend in Fairfax.

[finecognac]

[quote=Bigfoot424;19394362]Please don't take this the wrong way but are you nuts? For this kind of money you can get one heluva house and beautiful yard going further out......quote]

Please don't take this the wrong way but are you nuts ? For that kind of time you spend commuting, you can spend that time relaxing, read a book, watch a movies, listen to music, making love to your wife, play with your kids etc instead of sitting your butt in the traffic cursing and boiling up your blood pressure, breathing in exhaust. That's luducrous how you want to spend your life. How do you measure quality of life ? I measure it a minute at a time !