Observations from a Weekend Open House: Buyers Know More Than We Think!

Yesterday, I held a great listing on 934 N. Daniel St in Arlington, VA. It's located in a great neighborhood of single family homes called Lyon Park. Close to the Clarendon metro, close to the major highways leading to Tysons Corner as well as downtown D.C. Currently there are 11 properties listed in the neighborhood, with 3 under contract. In our market, you can count on a few open houses every weekend, regardless of how long the property has been listed.

The house I held open, has been on the market for 25 days, still listed at the original list price of $699,900, and is a 2 bedroom, 1 bath updated bungalow. After 25 days and 3 open houses, it's amazing that I still got 21 groups through a 1-4pm open. I am continuously blown away by the questions buyers are asking...

-How long has it been on the market?
-Have there been any price reductions?
-Does it have A/C....no? Well then it's $XX over priced
-I saw a window from the outside, is there an attic or just storage/crawl space?
-The listing on Main Street has an extra bathroom and bedroom, and a bigger kitchen....but it's priced only $15k higher than yours....what do you think of that listing and your price?

The other amazing thing about this buyers market, is that they've seen EVERYTHING that's held open. They're comparing listings on their own and know what they're capable of getting at different prices ranges. Since my personal goal each month is to do 3 open houses, and I mostly work the North Arlington area - I tend to see some of the same groups of people come to each open. It reinforces the need to KNOW YOUR MARKET and know your competition. I try to go to most of the Arlington Brokers Opens and see the new listings coming on for sale. You have to be able to talk apples to apples with your open house traffic...because some of them will know more than you if you don't.

The other thing about proactive buyers that go to see these opens is that they don't like the B.S., they don't need hand-holding...they just want the facts. I like this, I want to buy this...what do I need to do next? That's when they need you, the expert. But you have to show them you're the expert first....

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!

Arlington Virginia Real Estate Sales 2009 Year to Date

I can't believe we're already into March! Nor can I believe it actually snowed on March 1st and 2nd!! Here the numbers for January and February 2009 (as of 3/2/09):

Total Arlington Sales: 209
22201 - 23
22202 - 15
22203 - 30
22204 - 58
22205 - 14
22206 - 28
22207 - 22
22209 - 15
22213 - 4

Did you know the even zip codes (22202, 22204, 22206) are the South Arlington Zip Codes? All of the other Zip codes are North Arlington.

22201 - Of the 23 sales, 4 were townhomes, 14 were condos, and 5 were single family homes.

22202 - Of the 15 sales, 5 were single family homes, 6 were condos, and 4 were townhomes.

22203 - Of the 30 sales, 8 were single family homes, 3 were townhomes, and 19 were condos.

22204 - Of the 58 sales, 15 were single family homes, 15 were townhomes, and 28 were townhomes.

22205 - Of the 14 sales, 12 were single family homes, 2 were towhnomes, and none were condos.

22206 - Of the 28 sales, 2 were single family homes, 19 were townhomes, and 7 were condos.

22207 - Of the 22 sales, 15 were single family homes, 4 were townhomes, and 3 were condos.

22209 - Of the 15 sales, none were single family homes, 2 were townhomes, and 13 were condos.

22213 - Of the 4 sales, 1 was a single family home, 1 was a townhome, 2 were condos.

Who had the most expensive sale? 22207 - in Lee Heights for just over $1.44M

Look for more specific market data by zip code to follow.

Thinking of Investing in Arlington or Falls Church? Some Tips!

Real estate investing, a great way to diversify your portfolio for long-term planning. Especially now.

With rates low, and prices hit, it's like we're having a "Real Estate Sale." Meaning - it's a great time to invest! Arlington was voted one of the best places to live during a recession, since Northern Virginia and the Washington, D.C. Metropolitan area is in it's own bubble. Since real estate is local, each market has individual characteristics that make investing smarter. Some of them are:

1. Real Estate Type. You'll get faster and greater gains by investing in a single-family home, versus a townhouse, and even more so than a condo. Condos make for great living, but high condo fees eat into cash flow. Also, single-family homes appreciate at a faster rate than condos

2. Location, Location, Location! Staying along the orange line corridor (Rosslyn, Courthouse, Clarendon, VA Square, Ballston, East Falls Church, West Falls church, and Vienna) will warrant higher prices than those outside of walking distance to the metro.

3. Comps. Have your Realtor run rental comps for the neighborhood and similar properties. Your safest estimate for rental income should be the lowest rental comp. If you end up getting a higher rent - GREAT! - but better to estimate low, than estimate high and have to shell out additional money to cover your mortgage.

4. Fixer-Uppers. Sweat equity is great potential for a higher return on your investment, especially if you intend to hold it for a few years before you flip it. For example, many of the Falls Church properties up for sale now are in the $300k range - rewind to 2005, and they were in the $500k's (there's an example of where the market went wrong!). Look for the potential to knock down a few walls, redo a bathroom, etc. to improve market value.

5. Intangibles. Look for the intangibles of a property that will make it more appealing to buyers and tenants. Charm? Character? Or better yet, the possibility to add some.

There are so many great books on investing in real estate, but if you're curious to see how you can become an investor in your local market, talk to a local Realtor. We're always willing to help!

Big Brother Is Watching! Cameras to Return to Northern Virginia at Stop Signs and Intersections

I always dread driving on the I-395 from Rt 50 (New York Ave) in Washington, D.C. into Virignia because I know there's a TINY little camera at the end of the tunnel waiting to snap a photo of my license plate and slap me with a $100 fine if I go above 40 miles/hour. So bad news for me - those cameras will soon return to Arlington, Faifax County, and Alexandria.

Arlington visitors should take note - cameras will be operational by April. Locations for the cameras have been decided:
-4 Cameras along Lee Highway (Rt 29)
-N. Glebe and Fairfax Dr (Ballston)

Fairfax County is still waiting for the Virginia Department of Transportation approval for installation, but they expect those cameras to be operational by the Fall of 2009.

Maximum fines? $50.

Arlington Virginia's 2009 Mardi Gras Celebration!

Fat Tuesday is right around the corner, February 24th...time to celebrate!!!!!

Tuesday at 8pm will launch the Arlington Mardi Gras Parade in Clarendon. Come down for the costumes, masks, food, and of course - the beads!! The parade features floats, community groups, and other local Arlington-ians celebrating the holiday.

Come support local Clarendon Businesses (restaurants, bars, clothes, etc) and groups..come meet your neighbors!

Get your beads on! Laissez Les Bon Temps Roulez!

Visit http://www.clarendon.org/ for more information on the upcoming event