Buying New? A Term You Should Know: Capital Contribution

Here's a term you don't hear often: Capital Contribution.

-What is a capital contribution? A "fee" that is incorporated into your closing costs at settlement to be contributed to the working capital fund of the homeowners association. Consider it the equivalent of a minimum balance to opening a bank account.

-How much is it usually? While every development is different, in Northern Virginia it's usually equivalent to 2 months of the condo fees.

-Who pays for it normally? First time buyers of a new construction project foot the bill for this one.

Come on, there has to be a catch to buying something BRAND NEW, right? :)

The Annual Tap Water Flush in Arlington and Washington, D.C.: April 6th - May 4th

Did you wake up this morning to make your coffee and detect the faint smell of chlorine? I did, before I remembered today is the first day of the annual flush of the aqueduct system around the Washington Metro area. Local authories will be using chlorine to treat the water drawn from the Potomac River that serves Arlington County, Falls Church, and the parts of Fairfax County whose water is through the Falls Church system.

The flush begins today, April 6th, and will continue until May 4th.

For more details, please refer to the Washington Post article from March 31st.

March 2009 Real Estate Market Snapshot - Arlington, VA

It's that time again...a closer look at Arlington Virginia real estate stats for March 2009.
160 Properties sold in Arlington in March!

Condos in Arlington
1 bedroom, 1 bath
Avg: $290,953
Avg DOM: 89 days

2 bedroom, 1 bath
Avg: $271,240
Avg DOM: 64

2 bedroom, 2 bath
Avg: $422,590
Avg DOM: 87

*Please note: these statistics reflect ALL of Arlington for the month of March. It may not be an accurate reflection of your current property value. Please email me for more detailed statistics.

Townhomes in Arlington
Days on the Market range from 0 to 288 (avg was 67)
Avg Sales Price: $451,509

Single Family Homes
Days on the Market range from 1 -300 days (avg of 88)
Avg Sales Price: $607,196

Again, please note! Every neighborhood and building in Arlington is different. Square footage, age, upgrades, style, etc. all go into the art of pricing a home. This is a snapshot in time of what sold in March.

Green Living Expo in Arlington, Virginia

Arlington County has put together an program called "Green It!" A series of FREE workshops to help educate the community on environmentally friendly ways to live, work, and commute. The except below is taken from the Arlington County website on upcoming events:

Appliance Energy Use Demonstration
Saturday, April 11th, 3 - 4 PM. Compare the energy use of various everyday household appliances, and see how much "vampire" energy is being used by some of those appliances. This demonstration will be taking place as part of Arlington's Home Show and Expo! At the Home Show and Expo, come and get your questions answered about home improvement projects, building permits, zoning, home ownership, and related topics from County agencies and more than 50 businesses. The Arlington Home Show and Expo takes place from 10 AM - 4 PM. For more information, please call 703-228-3827. Walter Reed Community Center, 2909 S. 16th St. Arlington, VA.

Greening Your Apartment or Condo!
Wednesday, April 22nd, 7 - 8:30 pm. Come to this Earth Day workshop to hear from residents who have been catalysts to help their apartment or condo buildings go green, by expanding recycling, installing raingardens, rainbarrels, or reducing energy consumption! Get ideas and resources to use at your own complex! For more information or to register, call 703-228-3610 or email Aileen. Shirlington library, Campbell meeting room. 4200 Campbell Ave., Arlington, VA.

Rain Barrel Workshop
Saturday, April 25. 11 am - 12:30 pm. Walter Reed Community Center, 2909 16th St. South, Arlington, VA. Cost: $50 per barrel (two barrels per household limit). For more information, to register for a workshop, or see the FULL list of rain barrel workshops, check the Rain Barrel Workshop web site.

Speed Greening
Thursday, April 30th, 7-9 pm. Forget speed dating - come to this "speed greening" session to learn about several green topics at one event! Topics include Top 10 Ways to Go Green at Home; Review of Tax Incentives for Energy Efficiency, and Going Green to Sell your Home. Attend one session or all three! For more information, or to register, please email Helen or call 703-228-4792. Walter Reed Community Center, 2909 S. 16th St., Arlington, VA.

Virginia Invasive Plant Removal Day
Saturday, May 2nd. Natural areas continue to be threatened by non-native species that affect plant and wildlife communities. Join in this state-wide invasive plant removal day - find events in your area!

Bike Maintenance 101
Saturday, May 2nd 10:30-11:30am. Does your bike shake, rattle, and roll? Dust off your bike just in time for Bike to Work day on May 15th. This FREE bike maintenance class at Conte's Cycles in Ballston will help get your bike rolling! You'll learn hands-on basic bicycle maintenance for road bikes and mountain bikes, and how to patch and change your own tires, service your drive-chain, and perform preventative maintenance that will prolong the life-span of your bike. For more information or to register, email Adam or call 703-228-3066. 3924 Wilson Boulevard, Arlington, VA.

Air Flow and Energy Leaks in your Home
Saturday, May 9thth 2:00-4:00pm. Did you ever wonder how air flows through your house and where the leaks are? Come to this workshop to learn how energy flows through a house, where air leaks typically occur, and to see a variety of products or methods that can fix these problems. For more information, or to register, please email Helen or call 703-228-4792. Fairlington Community Center, 3308 S. Stafford St. Arlington, VA.

Bike to Work Day.
Friday, May 15th. Join thousands of area commuters for a celebration of bicycling as a clean, fun and healthy way to get to work! Meet up with your neighbors at one of 27 pit stops all over the region. Find out more or register for the event!

Composting Essentials
Saturday, May 30th. 11 am - 1 pm. Come to this workshop to learn how to transform leaves, grass, and weeds into compost -- the prized Gardener's Gold. This session includes a hands-on compost demonstration featuring several types of compost bins. Free. Reserve your seat now by calling 703-228-4797 or email Sarah. Potomac Overlook Regional Park, 2845 N. Marcey Rd, Arlington, VA.

Green Home and Garden Tour
Sunday June 7th, 1 - 5 pm. Take part in this tour to see homes with solar elements, green roofs, recycled materials, and energy efficient technologies. Some homes will feature gardens full of native plants, raingardens, rain barrels and cisterns, permeable pavement, wildlife habitat, and other environmentally friendly features. Check back here for the tour brochure after May 1st.

Greening Your Small Business
Wednesday, June 24, 8:00 - 10:00 am. Operating a green business is not only good for the environment but good for your business's bottom line. Come to this seminar to learn how Fresh AIRE (Arlington Initiative to Reduce Emissions) can help you add value to your business through a variety of green measures. This seminar will also feature Arlington-based small businesses that have reduced their environmental footprint and achieved savings. FREE. Registration is required. For more information, contact Darnell Roseboro at 703-228-0833.

Neighborhood Spotlight: Colonial Village, Arlington, VA

This week's Neighborhood Spotlight is on Colonial Village in Arlington, VA. The condominium subdivision has 3 parts (C.V. I, II, and III). Originially built in the 1930s/40s, it was redeveloped into the current condo community in the 80s. The neighborhood has 212-units and 74 parking spaces (NOTE: All parking spaces are BACK-IN ONLY!). Most of the units are 1 bedroom or 2 bedrooms, with a few studios; all of the units have 1 full bath. Colonial Village is located a few blocks from the Courthouse Metro stop (see the map below).

I was quoted in an article for DC Urbanturf about the community has a great investment opportunity. Until recently, there were no foreclosures in the community, but since that article I have seen 1 or two. Condo fees and prices are very reasonable by Northern Virginia standards, and rents are high, so it's possible to generate some positive cash flow from the units. Some stats are below:

2008 Numbers:

1 Bedroom, 1 Bath Units:
17 sold
Avg Sale Price: $271,458
Avg Days on Market: 36

2 bedroom, 1 Bath Units:
7 Sold
Avg Sale Price: $339,086
Avg Days on Market: 31

2009 Numbers (so far):

1 Bedroom, 1 Bath Units:
5 sold
Avg Sale Price: $259,313
Avg Days on Market: 143

2 bedroom, 1 Bath Units:
1 Sold
Avg Sale Price: $340,000
Avg Days on Market: 25

Colonial Village is a great garden-style condo community. If you're looking for more information on it, i'm happy to help.

Washingtonian's "75 Best Bars" Highlights 5 in Arlington

There's always somewhere new to explore in the Washington, D.C. area, and the March issue of the Washingtonian highlights some new ones. Of the 75 "Best Bars" in the area, 5 from Arlington were ranked. They are:

Eatbar (adjacent to Tallula) - 2761 Washington Blvd, Arlington - 703.778.9951

Liberty Tavern- 3195 wilson boulevard, arlington - 703.465.9360

Guarapo - 2039 Wilson Blvd. Arlington - (703) 528-6500

Carpool - 4000 Fairfax Drive, Arlington VA - (703) 532 7665

Galaxy Hut - 2711 Wilson Blvd, Arlington - (703) 525 - 8646

Jaleo was an honorable mention(they have 3 locations throughout the area) for having the
best sangria.

Cafe Asia was ranked as having the best happy-hour specials. (Their sushi isn't bad either!)

Spring Real Estate in Arlington, VA - A Price War!

As we near the end of March (where does the time go?) and great ready for April, I decided it was time to revisit some Arlington statistics. I pulled some stats on Single Family Homes in the zip code: 22207 (Country Club, Country Club Hills, Lee Heights, Berkshire Oakwood, and more of the neighborhoods around North Arlington). I only pulled these stats for 22207 because the numbers for all of Arlington vary. I'm happy to research and explain the different trends throughout the county.

2007 2008 2009
Contracts Ratified
January 3 14 10
February 34 27 9
March 47 23 21 (so far)
April 30 32 TBD

Average Sale Price $873,603 $877,244 $739,607

Average Days On Market 99 73 64

Total Sales 94 55 25 (so far with 33 more under contract)

So what do these numbers tell us? Prices are a little lower strictly based on statistics because fewer of the higher end priced homes (think over $1M) are selling. Because jumbo money is harder to come by these days, the lower priced homes are selling more frequently and faster. Sales this year are lower than in years past, but it's still a buyers market. Things are selling faster because prices are better and interested buyers are moving quicker.

Some observations on the local market that can't be captured by statistics. There are so many homebuyers out there looking right now. People looking to capitalize on the new tax credit, historically low interest rates, and lower prices. I've seen multiple offers on properties within days of coming onto the market. Now is the time to start looking and exploring your options for buying! April and May look to be busy times in the Northern Virginia and Washington, D.C. real estate markets.

For sellers, price is everything. There are people who want to buy your house!

2009 Cherry Blossom Festival - March 28 thru April 12

Every year in Washington, D.C. we welcome the beginning of Spring with the National Cherry Blossom Festival. The event commemorates the 1912 gift of the cherry blossom trees to the US from Japan, in recognition of the enduring friendship between the two countries.

2009 Dates will run beginning March 28th thru April 12th.
They predict peak bloom period to be April 1st thru the 4th.

Location Information:
401 F Street, NWTake Metro to Judiciary Sq Station, Red Line

Opening Ceremony:
Saturday, 3/28, 4 - 5:30pm

Event Scheduled:
Visit the NCBF Website for schedule details.

2009 Washington Nationals - Let's Go Nats!

"Take me out to the ball game,
Take me out with the crowd.
Buy me some peanuts and cracker jack,
I don't care if I never get back,
Let me root, root, root for the home team,
If they don't win it's a shame.
For it's one, two, three strikes, you're out,
At the old ball game."

It's that time of year again!!! Baseball season! The Washington Nationals are set for their Home Opener against Philly on April 13th at 3:05 pm

So far in Spring Training this year, the Nats are 9-12 (a better start than their 59-102 record last year!)

If you're looking to buy tickets, or check out their game lineup, check out their Schedule here.
If you didn't get a chance to check out the new stadium last year, make sure you make an effort to surpport the guys this year. It's very easy to get to from the Navy Yard (Green Line) Metro Stop (just be prepared for long lines to get on the metro).

Good luck in 2009 Nats!