Northern Virginia Real Estate Market Update - November 2008

Now taking a look at the Greater Northern Virginia Real Estate market, let's take a macro view of the market. The follows statistics are for Arlington County, Fairfax County, the cities of Alexandria, Fallls Church, and Fairfax, and the towns of Vienna, Herndon, and Clifton.

Average Sales Price
2008: $423,088
2007: $513,930

Days on the Market
2008: 91
2007: 99

# of Sales
2008: 1,100
2007: 1,065

Absorption Rate
2008: 7.61
2007: 9.12

What does this mean?

We've had MORE sales, in a SHORTER amount of time, and the inventory is lower this month than in 2007. The sales price is less than this time last year - but these are signs of a strong and rebounding market.

There was an article in the New York Times that said, we may not know when the bottom was until years from now...but there's no question that there are great opportunities out there to buy real estate. So do you want to be the one's saying "I wish I had bought in 2008" like some sellers are thinking "I should have sold in 2004!"?

Falls Church, VA - How Starbucks Is Their Shameless Claim to Fame

Wikipedia has just brought the following to my attention:

"Falls Church was ranked as having the highest number of Starbucks stores per capita, with 7.7 stores for every 10,000 people, or 8 stores."

Considering the very small city of Falls Church has about 11,000 residents, and is only about 2.2 sq miles - that's quite an achievement.

If you're looking for a shorter line for your next caffeine fix - take a drive to your nearest Starbucks in Falls Church!

**Fairfax was ranked 16th, and Vienna was 17th. Northern Virginia appears to be a VERY caffeinated community! :)

BikeArlington - "Arlington's Car-Free Diet"

With new years resolution quickly being formed, i'm sure some of them may involve more physical activity! Well, why not join in on "BikeArlington - Arlington's Car-Free Diet." A program developed for:

"BikeArlington is an initiative of Arlington County, Virginia - where people have many options for moving about their community. Ultimately, BikeArlington is an effort to build on an existing partnership between Arlington citizens, businesses and County staff to encourage more people to bike more often."

They offer group rides, if you're interested in socializing while you workout. Otherwise, check out the bike paths, trails, and on-street rides that are along the 86-mile paths around Arlington.

For more information, visit their website.

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!

"Arlington Takes a Bite Out of Hunger Week" - Ends Tomorrow!

This past week has been "Arlington Takes a Bite Out of Hunger Week" here in Arlington County to help the Arlington Food Assistance Center (AFAC). Local facilities are accepting donations of:

Soups
Cereals
Canned Goods
Pastas
Peanut Butter

These donations will be presented on Tuesday, December 16th to the AFAC. You still have the rest of the weekend to donate! Visit the complete list of donation sites, here.

Arlington Virginia Condo Spotlight: The Waterview

Another luxury condo building located at the corner of N 19th St and N Lynn St in Rosslyn, just at the foot of the bridge into Georgetown. The building is adjacent to Hotel Palomar - hotel residences are located on floors 15 and Under, while 16-30 are strictly for residents of the Waterview.

They've spared no cost for details in these units, they include:
-SubZero Stainless Steel Refrigerators
-Viking dishwashers, ranges (gas cooking), microwave ovens
-Granite countertops
-Hardwood flooring
-Built in surround sound
-Floor to ceiling glass - if you're on the side of the building with views of the Georgetown Waterfront and the Monuments, it's gorgeous

However, prices in this building run well above usual prices in the area. Condo fees are based on square footage and run DOUBLE of those from associations at other luxury buildings. Oh, and they say if you buy a unit over 2,000 sq ft they can "probably" give you 2 parking spots.

They have a 1,700 sq ft unit for $2M, with condo fees just above $1,000/month. That is excessively high for Arlington. The views in this particular unit are spectacular, but it's all about YOU and what you want and need.

(The unit shown below is their model unit for a 2 bed/2bath unit...this is the living/dining room, and the kitchen is the left)

Want to take a look at some of the units in The Waterview, or comparable units in other luxury buildings in Arlington - call me!

Sellers REJECT an Offer! How to NOT Sell Your House! - UPDATE

For those of you who read my blog about my attempt at buying a condo in Arlington - and got rejected! - I wanted to give you an update on the property. They did a small price reduction (4%) after about 45 days on the market....and have now withdrawn it, after 70 days on the market.

In this market, I think it's important to keep a level head. That's where Realtors come in, we're here to help keep emotions at bay when dealing with buying and selling. Sometimes seller's don't really need to sell, just like some buyers don't really need to buy...but if you're actually serious about buying and/or selling, it's important to objective.

You've got an offer...work with it! Even if it's low, try and get them to come up a little...if they walk, they walk! But at least you didn't just tell them to Buzz Off!

Northern Virginia Metro News: Silver Line to Dulles Gets the Green Light!

I was so excited to see this morning's Washington Post, with the headline that read: "Silver Line To Dulles Wins Crucial Federal Okay"

The new Silver Line of the metro will be about 23 miles, cost about $5.2B, but will run from Falls Church along Tysons Corner and out to Dulles Airport, in Leesburg. If you've ever sat in the traffic around Tysons Corner and the "Mixing Bowl" (395/495 interchange)....i'm sure you're just as excited as I am! They estimate the project to be completed by 2015.

This is why: "Its backers say it will be a major commuting route for as many as 60,000 riders a day, providing an alternative for the thousands of drivers who take the jammed Dulles Toll Road each day from their homes in Reston, Herndon and the outer suburbs to jobs in Tysons Corner and the District." that's 60,000.......that's almost as many cars NOT on the road during rush hour!

"With 120,000 jobs and two malls but only 17,000 residents, Tysons is Virginia's leading jobs center and a critical retail hub. But it is an automobile destination dominated by eight-lane highways and acres of parking."

...if you're reading this and thinking, "now would be a great time to invest in real estate near the future silver line.!" you're right. Let's talk!