Neighborhood Spotlight: Ashton Heights in Arlington VA

There are so many great neighboroods in North Arlington that it's hard not to have something good to say! Originally created around 1910, it's come a long way...in fact, it Ashton Heights was: Voted "Greenest Neighborhood in Arlington" for 2007. Located near the Ballston/Virginia Square Metro stations, it's right in the heart of Northern Arlington. See the map below for boundary locations: Glebe, Irving, Rt 50, Wilson, and 10th.

Taking a look at the past 6 months of sales in the area, we see the following:

4/1/2008 - 10/30/2008
# of Closed Sales: 13

Average Sales Price: $654,687
Range: $500,000 - $872,000

Average Days on the Market: 78

4/1/2007 - 10/30/2007
# of Closed Sales: 18

Average Sales Price: $814,584
Range: $525,000 - $1,380,000

Average Days on the Market: 59

It appears that these samples are very different. The sales price this time last year was higher, but the sample size was weighted heavily towards the upper end. The days on the market is consistent with the general North Arlington market - about 2.5 months.

Cherrydale Virginia Real Estate - Year to Date Sales

Back in August I did a blog introducing you to the history of Cherrydale. Today, I wanted to take a closer look at the real estate trends in the neighborhood. I've pulled numbers from April 1, 2008 to present, and am comparing the numbers to the same time frame of 2007 (4/1/07 - 10/30/07). Let's take a look at how the numbers shape up:

April 1, 2008 - October 30, 2008
# of closed sales: 11
(Currently Under Contract: 2)

Average Sale Price: $1,002,607
Sale Price Range: $625,000 - $1,350,000

Average Days on the Market: 73

April 1, 2007 - October 30, 2007
# of closed sales: 13

Average Sale Price: $923,599
Sale Price Range: $400,000 - $1,678,443

Average Days on the Market: 44

Given that the range of 2007 is greater, it's not surprising that the average sale price was lower than it is thus far this year. The biggest difference comes with days on the market: a 66% increase in the amount of time it takes for something to go under contract.

How do we interpret these stats? I think they're indicative of the entire North Arlington real estate market - stable, but a little slower. The bigger houses (those around and above $600k) are taking longer to sell - and it's no wonder since jumbo money is so tight and hard to come by these days. BUT...and this is a big BUT...things ARE selling. North Arlington with it's proximity to the District and job stability, hasn't seen a large decline in overall prices. Small dips here and there, but as you can see - the numbers do not lie!!

Looking for more specific information? Feel free to call or email: Laura.Rubinchuk@kw.com or 703.283.6120. I'm always available to chat!

Arlington Neighborhood Spotlight: Lyon Village

Another historic neighborhood of Arlington, Lyon Village, is located near Clarendon. Bordered by Lee Highway, Wilson Blvd, Veitch and Kirkwood Roads, Lyon Village is known for it's suburban feel of tree-lined streets and 1920s and 1930s mix of single family homes. The neighborhood is also just a few blocks from both Clarendon and Courthouse metro stations.

The community has it's own park, located at 1800 N. Highland St. The park has a basketball court, tennis courts, picnic tables, playground, and a spray park in the summertime for kids.

Home Prices in Lyon Village:
Currently, there are 5 properties for sale in Lyon Village. Prices range from $750k to $2.7M

Recent sales in Lyon Village:
2 Condos and 10 Single Family Homes
4 Bedroom homes on average sold for $915k
5 Bedroom homes on average sold for $1.28M

There is so much information on this neighborhood, and Lyon Park, I am more than happy to provide more details. Feel free to contact me anytime.

Arlington Virginia Real Estate Condo Market - September 2008

Here's a recap of the Arlington Condo Market for the month of September:

1 Bedroom, 1 Bath Units:
# of Units Sold: 20Average Days on the Market: 60Average Sale Price: $298,276Average Seller Subsidy: $3,721Average Net Effective Sale Price: $294,555
Range: $165,000 to $385,000

2 Bedroom, 2 Bath Units:
# of Units Sold: 10Average Days on the Market: 55Average Sale Price: $516,650Average Seller Subsidy: $2,599Average Net Effective Sale Price: $514,051
Range: $445,000 to $610,000

If you're interested in more information on specific buildings, locations, units, etc. i'm always here to help.

Arlington Neighborhood Spotlight: Lyon Park

Lyon Park is one of the many residential neighborhoods located throughout Arlington. Lyon Park consists of about 5,000 residents. It was founded in 1919 by developer Frank Lyon. It's also on the National Register of Historic Places as a planned community. Lyon Park goes from Clarendon, to Rt 50 to Pershing St in Arlington - all in all, about 102 acres originally were used to form Lyon Park. Lyon Park has it's own community center, citizens association, Women's Club, and so much more. It's a very community orientated area.

Today, there are mostly Single Family homes (Cape Cods, Bungalows, Ramblers, etc) and some townhomes throughout the area. Currently there are 10 properties in this neighborhood that are up for sale. Prices range from $550,000 to $2,400,000.

There is so much to offer in Lyon Park and the surrounding area of Arlington County - please feel free to call or email me with any questions about the area, buying, or selling!

Northern Virginia Real Estate Market Update - September 2008

Sales reports are finally in for September here in Northern Virginia. This report includes all sales for Fairfax and Arlington counties, Alexandria, Falls Church, Fairfax, Vienna, Herndon, and Clifton.

Here's how September wrapped up:
Total # of Sales: 1,650
Average Days on the Market: 93
Absorption Rate: 5.52 months
Average Sale Price: $407,748 (down about 23% from 9/07)
YTD Average Sales Price: $465,891 (down about 14% from 9/07)

Arlington Market:
There were 202 sales in Arlington in the month of September.
Of those, only 12 were over $1m.
Only 68 of the remaining sales were over $500k.

What does this mean? High price homes are sitting longer in this market, as the crack down has really tightened up lending.

There are still some good deals happening here in Arlington, many with built in equity. Want to see what your options are?

Call me...703.283.6120

The Residences at Station Square in Arlington VA - Urban & Chic

The Residences at Station Square condominiums located in Clarendon (Arlington, VA), is comprised of 3 buildings built in 2005 and 2006. The buildings are located at 1205 N. Garfield St, 1201 N. Garfield St, and 1220 N. Fillmore St. The buildings have 309 condominiums, and over 600 parking spaces for both residents and retail store visitors. They have "urban lofts" as well as tradition style condos.

Amenities Include:
-Outdoor pool (ground level, located in the courtyard of 1201 N. Garfield St)
-A Gold's Gym (as of this writing, Gold's offers a monthly membership for residents at $29/mo; located in the 1220 N. Fillmore St building)
-A Community/Party room (located near the pool in 1201 N. Garfield St)
-A business center (also located next to the community room in 1201 N. Garfield St)

Located just 1 block from the Clarendon Metro, and about 2 blocks from Clarendon shopping, featuring: Whole Foods, Potterybarn, Barnes & Noble, Crate & Barrel, Ann Taylor Loft, Apple, and more.

Past Sale Information:
Since April, there have been 8 sales in the building - 4 2 bedroom units, and 4 1 bedroom units

2 bedroom, 2 bath unit information:
Average Sale Price: $554,500
Average Days on the Market: 125
Sale Range: $515k - $590k

1 Bedroom, 1 Bath Unit Information:
Average Sale Price: $377,225
Average Days on the Market: 37
Sale Range: $362k - $400k

For more information on these buildings, or any other Arlington condo building, please feel free to call me!

Hello, My Name is Laura Rubinchuk, and I am a Real Estate Agent. Cue to the Firing Squad.

Many of my blogs have been personal stories that have happened over the past few days. This one won't be any different! After the softball game on Friday night I was recruited to play in, we headed to Old Town Alexandria for dinner to commiserate.

During dinner, some said, "Laura, what do you do?" When I answered that I am a real estate agent, I think half the table almost fell off their chairs. Partly because most people around Northern VA my age are Federal employees, and partly because most of the group worked at the Patent Office. After this announcement, for about a half hour, I had nonstop questions. Here some highlights:

Q: "How did you get into real estate?"
A: "When I was looking for a place to buy, I got along really well with my agent. I was so miserable in my federal contractor job, that he said 'why not give this a try?' I have always been interested in real estate investing, so after this gentle shove, my love affair with sales began."

Q: "Do you get reimbursed for your gas?"

A: "I wish! We pay for everything basically. I do get to deduct my business mileage on my taxes - that's the one nice thing!"

Q: "My agent did ****, was he right?"

A: "Every agent does things a little differently. So I would trust your agent!" If there was an "easy" button for this one, I hit it, because I immediately changed the subject!

Q: "Where do you work mostly?"
A: "Mostly I work in Arlington and Falls Church. But I have done business in Woodbridge, Reston, Alexandria, and other places in Northern VA. I go where my business takes me!"

It's funny how much people don't know about the Real Estate profession. Mostly because they haven't gone through the process of buying and/or selling. I happen to be an open book, so when clients ask me about the business, I answer honestly.

There's a lot to real estate, both buying, selling, investing, and from the agent's side. If you're ever interested in knowing more - feel free to ask!

Washington D.C.'s Eastern Market

I had some out of town guests stay with me this weekend in Arlington. Since the weather was so beautiful this weekend, I took them into the Southeastern Quadrant of Washington D.C. to the Eastern Market.

For those of you who have never been - GO! It's a local treasure! Here's a clip of the history from their website:

"Built in 1873 and designed by architect Adolf Cluss, Eastern Market is the last of Washington's 19th century markets to remain in continuous operation. It is easily accessible by Metro and adjacent to numerous restaurants and shops in the picturesque Capitol Hill neighborhood.
The South Hall is the last remaining traditional market in Washington. Weekends are enlivened by an outdoor Farmers Market, the Market Festival, an Arts & Crafts Fair on Saturdays and The Flea Market at Eastern Market on Sundays. With all these attractions, Eastern Market has become an Internationally recognized destination."

There are a ton of local vendors for produce, jewelry, clothing, refinished furniture, local artwork & photography, and "fair food" (i.e. roasted nuts, lemonade, etc.). It also has a large meat and cheese vendor open all week. It's located on 7th St SE and North Carolina Ave. Open at 9am on Saturday and Sunday.

Rec Leagues for Softball, Soccer, Basketball etc in Arlington VA

On Friday I was recruited to play softball for a co-ed rec league that's based out in Alexandria. My old college teammate asked me to join them for a makeup game - and then told everyone that I played 1st base in college. Seeing as how that was years ago - she only set me up for failure! (That's me on the right at bat...key the song "Glory Days")

In case you're interested, I did have an error (the first ball that was actually thrown to me after 3 long innings), but I redeemed myself with a triple! I'm still unsure if i'll be invited back.. :(

For those of you that are interested in meeting some new people in Arlington, below is some information on local recreational sports teams in Arlington County. It's a great way to make new friends, network, and get some exercise!

Arlington offers the following sports:
Ball Hockey (looks a lot like street hockey)
Basketball
Dodgeball
Flag Football
Ice Hockey
Kickball
RugbySoccer (both indoor and outdoor)
Softball (my personal favorite)
Tennis
Ultimate Frisbee
Volleyball

Information for registration and deadlines can be found here.

Home Styles - What's the Difference?

Walking around the office lately I heard someone say, "I have a buyer for Arlington, but he only wants a Colonial!" Followed by someone else who says, "I would only buy a rambler! I'm just not a Colonial guy." So it dawned on me, aside from the typical "I like it!" comments, do you know the difference between Single Family Home(detached) styles and what makes them unique? These pictures are from the MLS of homes currently on the market. Here's a quick synopsis of some common terms:

Colonial: Typically a 2-story house, often with a basement, with a center entrance or a side door. Some also have garages to the side of the home.

Contemporary: Usually modern and/or non-traditional characteristicsusing various shapes, material, and designs. With the new requests for more openness (kitchen/family/dining etc), much of the interior designs have open space.

Rambler: More often than not, this is a single level home built on a slab. Sometimes in the shape of an "L," other times a "U." If you see a 2-level rambler, the 2nd level is almost always a basement!

Split Foyer: Ever walk through a front-door to be greated by 2 sets of stairs - one that goes up to the kitchen and one to the basement? This is called a Split Foyer style of home. The basement, or bottom level, is usually a considered a separate level.

Cape Cod: Often called "Cute" (yes, that's a professional term), a Cape Cod is marked with a peaked roof (usually attic or crawl space), above the main level of living.

Split Level: Usually one half of the house is "taller" than the other. The taller side usually has 2 floors off the main living level (the shorter half). Sometimes living space is above the garage.

Arts & Crafts: Typically built with wood, stone, and/or brick. Many times these homes include built-ins cabinets, fireplaces, porches, and open floor-plans.

Restoring Faith in the Northern Virginia Real Estate Market

Perception is everything. One article that someone happens to read or hear about, may cause some fear about the economy. Add a need for a $700B proposed Bailout plan for the National Economy, and no wonder most Americans fear that we're headed for a 1929 flashback. Here's my arguement for why Northern Virginia homeowners are better off than most.

1. You're near/in in the Capital of the U.S.A. Come January, you're going to have an entirely new influx of people caused by the administration change. People who have been here for years will be selling, new people will be buying. Government agencies are based here - job security.

2. Unemployment in the DC Area is the lowest in the U.S. Dr. Stephen Fuller from George Mason University spoke at the 2008 Economic Summit. Below is one of his slides that shows DC's unemployment at 4.1% - the lowest of all the major cities, and below the national average:

3. Demand. If you remember your Econ 101 classes: when demand goes up, prices will go up. With people constantly coming into this area, and with job stability - there will always be people looking to buy real estate.

4. Price are coming back up. Most economists believe that Arlington, and other pockets of Northern VA, have passed the low point of the bell curve and prices will begin coming back up. Although official September numbers have yet to be released, August prices were up 2% from 2007.

With lending restrictions tightening everyday, and the unknown around the corner from the bailout bill (if it's passed)...now is the best time to buy. Buy low....sell high. The market will come back...not overnight. Real estate is not an overnight investment. But, with prices GENERALLY doubling over 10 years - now's the best time to jump in!
Call me if you're interested in specific markets of Northern Virginia - i'm a statistics girl, so I need to see concrete numbers to believe, so i'm happy to provide them if you're interested!