Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!
Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes.
As of March 6, there are 117 detached homes, 25 townhouses and 135 condos for sale throughout Arlington County. In total, 17 homes experienced a price reduction in the past week, including:
Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.
This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channel. Enjoy!
Question: Do you think the Amazon HQ2 development pause will cause home prices to fall in Arlington?
TL;DR (1:25)
Answer: News broke Friday morning that Amazon will pause a majority of their HQ2 development in Arlington (link) — three 22-story buildings and their centerpiece, the 350ft Helix building. So far, Amazon has built two office towers and hired roughly 8,000 of the planned 25,000+ workers projected for HQ2.
The announcement of Amazon HQ2 in November 2018 led to a speculative boom in condo prices, so will this news cause a similar drop in prices?
Amazon HQ2 Led to a Condo Price Boom
The Amazon-effect was massive when Amazon announced its intention to build its second headquarters in Arlington on November 13, 2018. The condo market went from a multi-year annualized appreciation of less than 1% to an 11.7% increase in 2019, which was only slowed by COVID lockdowns in March 2020.
The non-condo market was appreciating nicely in the years leading up to the announcement and experienced a much smaller boost than the condo market.
Note: this data defines “condo” as multi-family/apartment-style condos, not townhouse-style condos (e.g. Fairlington)
Months of Supply (MoS), a measure of supply and demand where lower MoS means a more favorable market for sellers, fell off a cliff as soon as Amazon announced HQ2. I’ve always found this chart to be one of the best visual explanations of how immediate and extreme the Amazon-effect was on our market.
Prices Should Fall, If Real Estate Markets Were Efficient…
Given that prices increased speculatively in 2019 because of the announcement, not actual development and hiring, hypothetically, real estate prices should fall relative to the risk that Amazon cuts, materially reduces, or significantly delays their HQ2 plans.
This should probably look something like the JBG Smith (Amazon’s development partner) stock price, shown below, which dropped about 8% on Friday, after Amazon announced they were pausing HQ2, and has recovered about half of that price drop since, finishing Monday down just under 5% from Friday’s pre-announcement price.
This sponsored column is by Law Office of James Montana PLLC. All questions about it should be directed to James Montana, Esq., Doran Shemin, Esq., and Laura Lorenzo, Esq., practicing attorneys at The Law Office of James Montana PLLC, an immigration-focused law firm located in Falls Church, Virginia. The legal information given here is general in nature. If you want legal advice, contact us for an appointment.
This week, we’re taking a break from our normal coverage of immigration law in the United States not because there aren’t any interesting developments (there are, in fact, major developments) but because we want to help another small business open up — and help ourselves at the same time, by subletting out a spare floor.
Lawyers, accountants, and other professionals: This is the space for you!
First, the facts:
306 N. Washington Street, Falls Church VA, convenient to downtown Falls Church. Two excellent coffee shops within blocks.
$1500/mo, sublease, term negotiable. (That’s $14/sq. ft./ year!)
1,287 sq. ft.
All utilities paid by Master Tenant (that’s us!)
Private entrance. Private entrance!
Fresh coat of paint throughout
Minisplit HVAC
Two offices
Large parking lot with lots of spaces for you and your clients or customers
Excellent landlord
Now, the goofy photos and floor layout.
This is your private entrance, with a midtier ARLnow commenter for scale.
This is the office you walk into, with an economy-class Mitt Romney lookalike for scale. There’s plenty of room in here for at least two workstations. Also, a private bathroom and kitchenette.
Walk down the hallway, and you’re in the second spacious, freshly painted office. Did you know that if you dab in proper lighting, your shadow looks like Nosferatu operating a backhoe? TIL!
Rosslyn BID and DC Fray are bringing the best social events of the season to you!
Ready to dive back into dating? Meet up with local singles today, March 1 from 5:30-7:30 p.m. at the Continental Pool Lounge for a fun and pressure-free evening. Register to take the plunge!
Looking to feed your competitive side? Compete for glory at Rosslyn Rivals Trivia Night on Thursday, March 9 from 5:30-7:30 p.m. at the Continental Pool Lounge.
Ready for a win? Try your luck at Happy Hour Bingo on Thursday, March 16 or Thursday, March 23 from 5:30-7:30 p.m. at Bennett Park Art Atrium. Register for the date that works for you.
This column is sponsored by BizLaunch, a division of Arlington Economic Development.
By Alex Held
BizLaunch and the Arlington Public Library have joined forces to host a panel discussion celebrating Women’s History Month. The Panel will feature four Arlington-based women entrepreneurs who have successfully launched a business.
Whether you are a female business owner who wants to connect with other entrepreneurs or an entrepreneur who’s thought about starting your own business, the Inspiring Women in Business Panel Discussion is for you.
Meet Our Powerhouse Panelists
Paulina Enriquez, Director Wonder Kids Learning Center, founded Wonder Kids in 2022. Wonder Kids Learning Center is a high-quality childcare program for children 0 to 5 years old. It offers a Spanish immersion program in a loving and enriched environment.
Jennifer Jones, Creative Founder, Cosmopolitan Plated: Jones is a female entrepreneur of color and thought leader. She uses interactive cooking activities as metaphoric and experiential experiences to build and strengthen communities with diverse and inclusive perspectives. Through her company, Cosmopolitan Plated, she has provided and facilitated recreational and team-building classes for more than 10,000 participants.
Jennifer Mulchandani, Founder and CEO, Arlington Strategy: Mulchandani founded Arlington Strategy in 2012 with a mission to build thriving brands working to better the world. She leads a growing team of marketing, branding and advertising professionals who support nonprofit organizations, public agencies and businesses at every growth stage.
Alexandra Trakas, Founder and CEO, Bash Boxing: Trakas has spent ten years in the fitness and wellness industry. In 2017 Alex began her entrepreneurial journey. She conceptualized and founded Bash Boxing alongside her four partners. Trakas grew the brand to two locations in less than one year while grossing over $1.4 million in their first year in business. Trakas led her team and company through the COVID-19 pandemic, defining the brand’s path toward corporate and franchise growth. In September 2022, Bash opened its third location in the Mosaic District and recently opened its fourth location in Gainesville.
Join us on March 8 from 6:30-8 p.m. at the Arlington Central Library in the Barbara M. Donnellan Auditorium for this inspiring discussion, networking and light refreshments.
Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!
Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes.
As of February 27, there are 117 detached homes, 27 townhouses and 135 condos for sale throughout Arlington County. In total, 15 homes experienced a price reduction in the past week, including:
Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.
We could tell you about how they are transforming the way people care for their cars with free valet pick-up and return from home or work, how they use text, video, and basic human decency to create a totally unique car care experience. We could even tell you about their $20.23 introductory synthetic oil change offer. (Yes, they are THAT confident in their service and no, there is no catch.)
But rather than take our word for it, listen to what your neighbors are saying. (You can see many more reviews here.)
First time customers who will be back! Had our oil changed and an interior-detail. Fabulous customer service, great prices, A+ convenience, high-quality work, and tech-forward. What more could you ask for? — Sarah G.
Great place, they somehow made the interior of my old SUV dogmobile spotless — I didn’t think it would ever be this clean again, but they did it. Worth every penny. Great people to work with, very friendly and efficient. — Jeff C.
Great service! Made what is usually a chore simple, easy, and took no time at all. I’d definitely use them again and will recommend to others. — Joanna W.
You’ll wonder why you ever took care of your car any other way. Learn more about CarCare To Go here.
This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channel. Enjoy!
Question: I found data that shows housing prices in D.C. are back down to the 2018 levels but anecdotal evidence suggests they are not. Can you explain whether the data I found is accurate or something is off?
Answer: The median price ($545,500) for homes sold in January ’23 in Washington, D.C. showed a 15.4% year-over-year drop and was the lowest median price for any month going back to January ’19.
TL;DR (1:26)
Did D.C. Lose Four Years of Appreciation?
Given the economic and real estate climate since this summer, with endless headlines about market corrections, it would be easy to interpret the latest D.C. median price data as proof that the bottom is falling out of the real estate market. Unfortunately for our bear-market prognosticators, or those waiting for a market crash to buy property, the chart above is misleading and not representative of the actual market.
The drop in median price is due to an unusual data set and does not mean that real property values have fallen 15.4% year-over-year and/or lost four years of appreciation.
How The Data Steers Us Wrong
Real estate data can be tricky to use correctly (aka draw accurate conclusions) so if you want to make data-driven decisions, make sure you are leveraging the right data and working with somebody who understands the strengths and weaknesses of real estate data in your local market. Here’s why the January median Washington, D.C. pricing data steers us wrong…
Timing: Pricing data lags by about 30-60 days, meaning the pricing data published in January is mostly made up of contract activity in November/December and is thus an indication of what happened in the market, not what is happening in the market. November and December are traditionally the slowest months of the year, with the least demand and lowest volume of homes being listed for sale. Sellers during this time of year also tend to be under more pressure to sell.
Combine that with the market deceleration in the 2nd half of the year due to rapidly rising interest rates and it made for an unusually slow real estate holiday season.
By the time the January pricing data was published in early February, market demand had already picked up significantly.
Sales Volume: Only 352 homes sold in D.C. in January compared to the 10-year monthly average of 718. Other than December ’22 (432 sales), no other month for the past 10+ years had registered under 450 sales and only five months registered less than 500 sales.
The unusually low sales volume means that the median price data can be skewed by unusual balances of less (or more) expensive homes in a given month, which is why most January pricing data comes in much lower than other months and why January ’23 was such an extreme version of that scenario.
First up on the list is For Five Coffee Roasters in Clarendon!
Although Jillian is a Virginian through and through, New York City holds a special place in her heart as one of her favorite destinations. For Five Coffee Roasters, which first opened in Queens in 2010, brings that unique Big Apple vibe right to our neighborhood, which Jillian just loves!
The shop provides a hip, urban atmosphere while also providing a space for opening your laptop and getting to work. Oh, and did we mention their stuffed cookies? No big deal, only the most delicious thing in the world.
Next, Jillian leads us to Bayou Bakery, a spot where she enjoys taking her clients for meetings. Jillian loves the New Orleans cuisine and Southern comfort this cafe provides, all courtesy of head chef David, a Louisiana native.
After moving from Richmond, Virginia to Courthouse, Bayou Bakery quickly became a staple in Jillian’s new routine in a new city. Even to this day, she pops in for a coffee or a meeting.
New local hotspot Tatte Bakery and Cafe is next up on the list; a swanky, light filled cafe with walls lined with classic white subway tile. We love all the city vibes! But what makes Tatte even more unique is that it’s a woman-owned business, started by a self-taught baker who began selling pastries out of her home kitchen in Boston.
These humble beginnings hit a special note with Jillian. Being a female entrepreneur herself, Jillian feels empowered walking into Tatte knowing that she is supporting a local business and uplifting her fellow “boss babe”.
Last on our list, but certainly not least, is the Arlington staple Northside Social. As Jillian says, the name speaks for itself: there is not one person in North Arlington who hasn’t been to this local spot.
It’s a town favorite and for a couple of good reasons: the cafe moonlights as a chic wine bar on the upper level, they have an array of fresh baked, daily made pastries and sandwiches, and potentially the most important, it has a parking lot! Available parking? In Arlington? Almost sounds too good to be true.. almost. But Northside Social has it, and so much more!
As much as Jillian loves these spots, there are other places that she loves to frequent around the North Arlington area.
For 40 years, McEnearney Associates has been a premiere residential, commercial and property management firm with 11 offices located in the Washington metro region. With service excellence, hyper-local expertise, powerful data insights, innovative technology and cutting-edge marketing, McEnearney Associates have helped their clients make informed decisions on their most valuable real estate investments. There is an important difference at McEnearney: It’s not about us, it’s about you. To learn more, visit us at www.McEnearney.com.
Are you looking to stop renting and start investing in your financial freedom through homeownership? Expert help is the key.
The Keri Shull Team, the top-producing real estate team in the D.C. metro area, is hosting a seminar to help aspiring buyers understand the competitive DMV real estate market and enhance their home search.
Join us on Saturday, March 4, at 10 a.m. for this FREE first-time home buyer seminar. Attendees will enjoy a light breakfast and will receive $1,000 credit toward a down payment or breaking a lease, and a 12-month home buy-back guarantee.
Nick Gashel and Elisa Stephano, skilled realtors with the Keri Shull Team, have created this comprehensive class based on lessons learned through hundreds of real estate transactions. Don’t miss out on exclusive information you won’t find anywhere online.
Topics covered include:
How to avoid double-paying rent and a mortgage
How to craft a winning offer in a highly competitive market
The secret to finding off-market properties
What to expect financially and financing program options
The 4 C’s of real estate
And much more!
We look forward to seeing you for this FREE event at our office located at 1600 Wilson Blvd, 1st Fl. Parking is available under the building.
