2008 Review of The 1021 Clarendon Condominium

After taking a look at Station Square, I thought we'd compare it to it's neighbor on 1021 N Garfield St - 1021 Clarendon. This condo building was built in 2005. The sheer number of units in the building - 417 - can explain some of the variations in the building. This building in particular has been hit pretty hard in 2008 by short sales and foreclosures. Although it is FHA approved, there are many investors in the building that may have gone belly up on their investments (condo fees tend to eat into cash flow), and caused some of the units to be lost.

28 Units Sold in 2008
1 bedroom units: Average Sale price: $371,500, 53 Days on the Market (DOM)
1 bedroom w/den: Average Sale price: $422,123, 15 DOM
2 bedrooms units: Average Sale price: $524,000, 96 DOM
3 bedroom, 2 bath, 2 parking spots: $680,000, 48 DOM

Through public notices, I know of 2 more that are up for auction in the next month...many of the properties sold in 2008 were short-sales, and the ones that were sold at auction don't factor in to these numbers. These sales only reflect those shown in our local MLS.

It's interesting to see how different buildings, even 10 feet from one another, fair differentlyin this market. There's a lot to consider when debating where to buy your next/first/future home, or investment. Now is a great time to grab a deal....so if you're interested in learning why and where, i'm always open to questions!

Brand New D.C. Condo! Now Sold!

Thank you ActiveRain yet again....for helping me sell a brand-new, beautiful, 1 bedroom + den condo located between Logan and Thomas Circle in Washington, D.C. Below is a picture of the building, located on 13th St NW, just 2 blocks from Thomas Circle. It's a totally renovated building, of what used to be a liquor store.

1209 13th St NWWashington, D.C. 20005
The Fennessey Lofts

I love when I answer the phone and i'm greeted with "Hi Laura, I found you on ActiveRain and I am looking for ....."

Happy Blogging!!!

2008 Review of The Residences at Station Square Condominium in Arlington, Virginia

Located at 1201 N. Garfield, 1205 N. Garfield, and 1220 N. Fillmore St in Arlington, Virginia, these are the 3 buildings that make up The Residences at Station Square Condominium.
The building was built in 2005/2006 (different buildings were finished at different times). At the tender age of 3, 17 different units changed hands last year. Here's a recap of the sales (all average sales prices are NET, difference of sales price and any subsidy provided by the seller to the buyer):

17 Total Units Sold
Studio: $284k, 56 days on the market (DOM)
1 bedroom: $372k, 12 DOM
1 bedroom w/den: $440k, 104 DOM
2 bedroom: $545k, 85 DOM
2 bedroom, 2.5 bath - some with den: $709k, 74 DOM
(Prices ranged from $649,900 for a 2 bedroom, 2.5 bath to $850k for a 2 bedroom w/den, 2.5 bath unit)

This newer building is just 2 blocks from the Clarendon Metro, 2-3 blocks from Whole Foods, Restaurants, Shopping, etc. It features a pool, office, a Golds Gym, and a party room.

Attention Investors! Washington, D.C. Now Your Best Bet!!

According to Forbes Magazine and the Association of Foreign Investors in Real Estate, Washington, D.C. has now been named the #1 place to invest in real estate.

The District of Columbia beat out New York City and London, the 2 cities usually competing for top spot on this chart. D.C. is expected to gain in investment value due to the anticipated increased spending, growth in jobs, and demand in housing needs for employees.

Average Sales Price for Single Family Homes in Washington, D.C.:
2004: $510,496
2005: $628,179
2006: $644,115
2007: $687,459
2008: $663,507

Average Sales Price for Condos/Coops in Washington, D.C.:
2004: $364,460
2005: $426,576
2006: $406,501
2007: $405,271
2008: $411,663

As you can see, while some markets in 2008 dropped values in double digits, condos GAINED in price overall, and single family homes are still above 2005 prices.

Ready to start looking? Let's talk! 703.283.6120

Arlington Virginia Restaurant Spotlight: Mexicali Blues

Good Margaritas are hard to find, so i'm happy to share my local Margarita house - Mexicali Blues in Clarendon, Arlington, Virginia. Great Mexican food, great service, great place. Whether it's sitting outside on Wilson Blvd during the warm weather, or inside enjoying their food, Mexicali Blues is sure to hit the craving for Mexican.

Their menu offers great Guacamole, Fajita Steak Salad, or Tacos. Check out their full menu here.

They have seasonal beverages to spice up the menu, so visit often to try their latest sampling!

Located at 2933 Wilson Blvd in Arlington, just 2 blocks from Station Square Condo, 1021 Condos, The Phoenix, and more.

Open Sun-Thurs, 11am to 10pmFri & Sat, 11am to 11 pm

2009 Arlington Tax Assessments - Now Available!

Thinking the Arlington real estate market is down in the dumps? Not according to the Arlington tax assessor. With the exception of a few neighborhoods in Arlington, your taxes are going up.

Arlington assessments are calculated in the following way:

The general tax rate is $0.848/$100 of assessed value.

Looking for the taxes on a future property you've been eyeing? Check it online here.

Then call me to find out how we can find you a new home in Arlington, Virginia.

Year-End Review - How Did 2008 Compare to 2007?

A stimulus package.
A Presidential Election.
A $7,500 first-time home buyer credit.
Historically low interest rates.
Increased Loan Limits.

How did these policies and changes in 2008 affect our local real estate market? Let's take a look:

The Verdict? Volume went down, prices went down, and time on the market went up. Not a big surprise. But what does this mean heading into 2009?
-Opportunities for affordable housing are in the buyers favor-Low interest rates makes affordable housing prices into affordable monthly payments-Opportunities for increased equity years from now are huge

We are clearly in a buyers market here in Northern Virginia. If you're looking for the "bottom," you may have already missed it. Remember the saying "hindsight is 20/20"? That's because you only know when you've hit bottom after you've passed it.

Data discussed for Northern Virginia includes the following: Counties of Fairfax and Arlington; cities of Alexandria, Falls Church, Fairfax; towns of Vienna, Herndon and Clifton. (Loudoun County not included in Northern Virginia data). All data was supplied from NVAR.com.

December 2008 Northern Virginia Real Estate Market Update

Better late than never! Here's the real estate market update for Northern Virginia last month.

Total Homes Sales: 1,510, that's 26% more than 2007
Absorption Rate (months to sell through the current inventory): about 5 months, about 2 months less than this time last year
Average Sales Price: Down about 22% from December 2007
Average Days on the Market: things sold faster! 92 days this month, versus 103 for 2007

These statistics are for the entire Northern VA area - Arlington County, Fairfax County, the cities of Alexandria, Falls Church, and Fairfax. Also the towns of Herndon, Clifton, and Vienna.
The advantage of writing this mid-January is that I have a better perspective on the market now. Rates are low, prices are low, and buyers are coming out with an eagerness I haven't seen in months. Now really is the best time to get real estate "on sale" and a discounted interest rate.

Call me for more information....703.283.6120

The Nightmare on Pennsylvania Avenue....and the Surrounding States!

I was driving through our nations Capital this morning when it occurred to me that it took me an HOUR to get from the bridge from Virginia to Constitution Ave to Columbia Heights. An hour! That is twice as long as it should!! I realized the inauguration craze has already begun. With the expected influx of visitors into the District of Columbia, things are about to get a little crazy!

If you're planning on joining the festivities and events for the inauguration of our next U.S. president, please take head from the following announcements, and get your walking shoes ready!

The secret service has released transportation plans for the events:
ALL bridges into and out-of DC from Virginia will be CLOSED, except for Bus traffic beginning January 20th, until morning rush hour the next day.

The black line below, is about a 3.5 mile radius of DC that shoes vehicle road closures.

You'll want to make sure that if you plan on driving, you think otherwise! The metro, the bus, your walking shoes..all great alternative options for getting into D.C. for inauguration day.

For a full list of road closures for Maryland, D.C., and Virginia, visit this website.

My First Foreclosure Auction in Arlington!

On Friday, I had the exciting opportunity to go to a foreclosure auction on a property in Arlington, VA that my client was bidding on! We had written an offer on the property when it was on the market, but the bank foreclosed when he didn't accept it. I had no idea what to expect, so let me retell my experience for those of you who are curious!

1. Let's clarify what a "foreclosure" means: the terminology gets thrown around a lot, but a "foreclosure" is actually when the property is up for auction! If no individual buys it at the auction, technically the bank buys it! When the property comes back on the market through a Realtor (R) after the auction process, it's actually a bank-owned property, or Real Estate Owned (REO) - not a foreclosure as we commonly call it.

2. What the expect when you have nothing to expect! Be prepared for a very fast talking man in a suit representing the Trustee (in most cases an attorney's office). He'll read through the public statement, then tell you the opening bid on the property. He'll ask for bids...if you bid, be prepared to show him your deposit. Most ads will say "minimum X% or $X, whichever is the lowest of the 2." It'll be a cashier's check made payable to the trustee. He'll say "going once....going twice....sold for $xxx." Then you usually sign a one-page contract (which is advertised as your right to preview before the auction, but if you can ever get a live human being on the phone from one of these attorney's office...please share your secret!!)

3. I won?! Now What? Now, they give you a 15-day close period....and you're buying it subject to any other liens on the property. DO A TITLE SEARCH!! You want to know what you're getting yourself into! You need to know if the 1st, 2nd, etc. lien holder is foreclosing. This is CRUCIAL! It'll impact your top bid price tremendously, if you're buying the property subject to an additional $100,000 lien!

Also, another note...don't be intimated!! This particular auction had about 20 bystanders, and only 2 real bidders. The 3rd bidder bowed out after his opening bid! Go with confidence!

And..dress warmly!! They're held on the courthouse steps (usually) in RAIN OR SHINE!!!