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.

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!

Selling Stats for Arlington County, Virginia - Priced Well and Selling Fast!

My Falls Church Selling Statistics blog inspired me to run the same stats for Arlington County since the beginning of 2009. The stats below are for any listing in Arlington County (condo, townhome, or single family):

Since 1/1/09:
265 properties have sold
38 (14%) sold in 7 days or less101 (38%) sold in 30 days or less
287 properties are currently under contract and waiting to close

53 (19%) went under contract in 7 days or less
110 (38%) went under contract in 30 days or less

I am seeing activity pick up as many first-time buyers are looking to take advantage of the new $8,000 tax credit (FYI - if you haven't bought anything in 3 years, they look at you like a first-time buyer and are eligible for the credit). In this market, every buyer is looking for a good deal on their purchase....giving them a great price is a great way to solicit offers from buyers.

Luxury Living in Arlington, Virginia: The Dakota Condos

Built in 2002, this 14-unit luxury condo building is located at 1555 Colonial Terrace in Arlington, Virginia, near Rosslyn. The 7-floor building features 2 bedroom, 2.5 bath units with open floor plans, high-upgrades, and beautiful views of Georgetown. Units feature garage parking, balconies/decks, and so much more.

(map courtesy of maps.google.com)

The Dakota is surrounded by other condos and townhomes, and is ideally located near the Rosslyn Metro, and I-66 and Rt 29 into Georgetown and the District of Columbia.

Curious about prices? Penthouses range upwards of $1M, and lower levels are upwards of $600k.

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!

The Williamsburg Condominium in Arlington, VA - 2008 in Review

The Williamsburg Condo is located at 1276 N. Wayne St, Arlington, VA 22201 - right on the edge of clarendon and courthouse. The building is a short walk to either metro stop, located near Whole Foods, Barnes and Noble, Office Depot, the Courthouse, Cheesecake Factory, and many more bars, restaurants, and shopping. The Williamsburg was built in 1992, and was built well!!

The 13-story, 266 unit building features a pool, sauna, gym, outside gazebo, conference and community room, on-site management, underground parking, and much more.

Of the 20 sales in the building last year, NONE were distressed properties! Not one was a short-sale or bank-owned property...great for the resale of these units for the current owners. Here are the averages for the building:

1 Bedroom Units: Sold in 29 days for $368,733
1 Bedroom w/Den Units: Sold in 80 days for $462,700
2 Bedroom Units: Sold in 36 days for $543,073
3 Bedroom Units: Sold in 49 days for $715,000

There are 6 properties currently for sale at The Williamsburg, all are 2 bedroom or 2 bedroom w/den units (as of 2/11/09)

Laura Rubinchuk
Keller Williams Realty
McLean, VA
703.283.6120

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!

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.

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.

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!!!

Arlington Neighborhood Spotlight: Shirlington

Shirlington is known as the "Arts, Culture, and Entertainment District." Located right off of I-395 in the 22206 zip code, Shirlington is close to Washington, D.C., Regan Airport, The Pentagon, Pentagon and Crystal City. Shirlington has condos, townhomes, and apartments that are close to the numerous shops, restaurants, retail stores, movie theater, library, education center, and so much more. Located just a short bus-ride away from the metro, there are several places to invest in Shirlington:

Condominium Buildings:

IO Piazza
Shirlington Village
Quincy Tower

Townhomes:
Shirlington Crest

If you're interested in more information on Shirlington Real Estate, please feel free to contact me.

Arlington Virginia Real Estate Market Statistics - November 2008

It's time to take a look at how Arlington is holding up as we begin to wrap up 2008. Below are some market statistics for November 2008.

Arlington County - Total
136 properties sold

Arlington County - Condominium Market
53 Condos Sold
Average Days on the Market: 78
Average Sale Price: $330k (about 13% less than last year)

Arlington County - Single Family Homes
65 Detached/Single Family Homes Sold
Average Days on the Market: about 2 months (62)
3 Bedroom House: $556k (ranging from $222 to $1.2M)4 Bedroom House: $746k (ranging from $257 to $1.7M)

These statistics may show a slight price decline...but let's highlight the opportunity here:

There are TREMENDOUS opportunities here to buy. There should be a sign that says "Arlington Real Estate On Sale" next to the "Welcome to Arlington" signs. See below:

Active Listings Below $200,000
In 2007: 49
In 2008: 76

Listings Sold Under $200,000
In 2007: 5
In 2008: 11

With interest rates below 5% for the first time in years!!!!! and prices like these....now really is the time to jump into buying.

Things You Should Know About Buying New Construction

There are new construction condo buildings constantly being built and sold here in Northern Virginia. There are some important things you should know when considering whether to buy new or not:

New Condominiums

1. Most condominium developers mandate a 1 year before before you can sell your condo. They want to avoid fighting with resale units as they try to get through their own inventory.

2. Developers control how the building is run, rules, costs/budgets, etc. until 75% of the building has been sold. Once sales have hit at least 75%, the Condo Association is formed and control is turned over to the residents. It's at this point when many associations will cut or add services that may affect the monthly dues, and/or pet restrictions.

3. Buying new gives you more bargaining power. Developers have SO many millions invested in these buildings, (depending on the market) they're willing to work with special requests to get the unit sold. Have a 120lb Rottweiler you want to keep in your unit? Ask them to grandfather your puppy in. Buying a floorplan you like, but would love if they added an extra wall here or there? Put that request in your offer. Need a 2nd parking space and don't want to pay the extra $30-$40k (in Arlington), ask them to include that with your unit? There is so much you can ask for when you're paying the prices Arlington and the rest of Northern Virginia commands.

4. Free and clear title. Buying new means that the title search VA requires for the past 60 years, should come back free and clear - i.e. insurable and marketable title. **Just make sure all of those mechanic's liens have been paid off before you settle!

Here's a list of the current buildings thare are being sold by developers:
Liberty Center (Ballston)
The Phoenix at Clarendon Metro (Clarendon)
The Wooster and Mercer Lofts (Courhouse)
Vista on Courthouse (Courthouse)
Turnberry Tower (Rosslyn)
The Waterview (Rosslyn)

The Phoenix Condominium at Clarendon Metro in Arlington, VA - New Resource

If you're looking for more information on the new condominium building in Clarendon (Arlington, VA) - The Phoenix at Clarendon Metro - you've found a great new resource!

Today I launched a new blog: "An Insider's Look at the Phoenix Condominium"
http://www.thephoenixinarlington.com/

As a resident and Realtor, i'll provide updated information on the building as it becomes available! Please check the website for sales information, policies, etc.

Feel free to contact me with any questions regarding the condo building, or any other buildings in Arlington!