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Ask Eli: 2016 Arlington Real Estate Statistics

By ARLnow.com Sponsor

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This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: How did Arlington real estate do in 2016?

Answer: Arlington continued its trend of stability and light growth in 2016 with 2,933 total transactions (just 39 more than 2015) and $1.87B in total sales volume (vs $1.85B last year). At an average net sold price (sold price less any seller credits) of $636,839, Arlington saw a price increase of .15%, while maintaining its 2015 market pace, with an average of 49 days on market per sale. The 22207 zip code continued its strong growth in 2016, cracking an average sold price of over $1M for the first time, due to the increasing number of expensive new homes replacing older teardowns.

Top Sales

  • At $3.7M, the most expensive sale of the year goes to a nearly 4,500sqft penthouse-level condo in Turnberry Tower
  • At $3,343,085 the most expensive single family home boasted over 7,000 sq ft in the premier Country Club Hills neighborhood
  • The most expensive sale in south Arlington (south of rt. 50) went to a 7,500 sq ft new home in Addison Heights (across from Crystal City) at $1,625,000

Macro Stats

I’ve charted some macro-level end-of-year stats below. Sold price is the net of the sold price less any seller credits. Days on market measures market pace (under 30 days is consider very fast) and can be seen as a leading indicator of future pricing shifts (lower days = higher demand). “Discount” shows how much homes sell for compared to the original list price (100% means buyer paid full price).

Note that the 22213 zip code has a substantially lower number of transactions (59 total) than any other zip code, so the YoY numbers are more easily influenced by a few outliers. The extreme days on market for 22209 can be attributed to the increasing difficulty of selling units at the River Place Cooperative and the naturally longer sales period for the many luxury condos buildings.

Av Net Sold Price by Zip

2016 Year Over Year Avg Sold Price Change

Avg Days on Market by Zip

Avg Buyer Discount from Original List Price

Arlington has experienced steady, stable growth since 2010, which is something to be happy about while we wrestle with historically high office vacancy rates post-BRAC. As I wrote in November, the upcoming Trump years could provide Arlington a long-awaited bump in growth. Commercial developers and leasing firms remain positive on the long-term outlook for our office market. In 2017, the residential real estate community will keep a close eye on how increasing interest rates will impact buyer demand… and I will continue to keep you updated on our local market!

I hope everybody had a great end to 2016 and is looking forward to a successful 2017. If you or anybody you know has plans to buy, sell, or rent this year, don’t hesitate to give me a call at (703) 539-2529 or email me at [email protected].

If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at http://www.RealtyDCMetro.com.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.

Legal Insider: Is the Right to Disconnect in France a Trend?

By ARLnow.com Sponsor

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This is a sponsored column by attorneys John Berry and Kimberly Berry of Berry & Berry, PLLC, an employment and labor law firm located in Northern Virginia that specializes in federal employee, security clearance, retirement, and private sector employee matters.

By John V. Berry, Esq.

Effective January 1, 2017, employees in France working for companies with more than 50 employees were given new employment rights, including the ability to negotiate terms with employers about ignoring their work emails outside of normal working hours. The new French law has been referred to as the “right to disconnect” and could trend to other countries, such as the United States.

The goal of the new French law is to stem the tide of after-work emails cutting into the modern problem of compulsive email checking after work. The French have acknowledged that employers who require employees to check and respond to emails after work has lead to insomnia, relationship issues and overall less family time. The goal of the new law is also to reduce after-work stress.

Many individuals have commented in the news about the viability of such a law taking hold in the United States. It is possible to see some changes in the future as the line between work and home life blurs through the increasing use of and advances in technology. The issue has already started to appear in the United States with some workers claiming overtime for responding to emails beyond work hours. Some U.S. companies have already voluntarily instituted “no email” policies after work hours and on weekends. It will be interesting to watch as new policies and laws about after-work emails develop in the future.

If you need assistance with an employment law issues in Virginia, please contact our office at (703) 668-0070 or at www.berrylegal.com to schedule a consultation. Please also like and visit us on Facebook at www.facebook.com/BerryBerryPllc.

Just Listed in Arlington

By ARLnow.com Sponsor

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Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Team Cathell, “Your Orange Line Specialists.”

Best wishes for the holidays!

Arlington set a new low record this week with only six, that’s right, six new listings. Okay, everybody knows the week between Christmas and New Year’s is the slowest of the year, but only six?

Buyers however were busy ratifying 29 contracts.

The rise in interest rates since the election has stifled home sales the last two months. A new report from the National Association of Realtors credits the rise in interest rates to the declining number of home sales. Rising rates lowers a home buyers purchasing power. A decline in the national housing market going into 2017 could impact economic recovery.

Many economists note that as goes the U.S. housing market, so goes the U.S. economy because every home sale leads to spending on related products like furniture, appliances, home furnishings, etc. Optimists point to the tightening labor market at only 4.5% unemployment rate as an indicator that salaries and wages should start to increase. This will help to offset the higher mortgage interest rates, when and if it starts to happen in our area.

For those considering buying a home in 2017, the message is clear. Ratify a contract and lock in your interest rate the soonest you can before rates climb any higher.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

Healthy Paws: New Year Resolutions 2017

By ARLnow.com Sponsor

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Editor’s Note: Healthy Paws is a column sponsored and written by the owners of Clarendon Animal Care, a full-service, general practice veterinary clinic. The clinic is located 3000 10th Street N., Suite B. and can be reached at 703-997-9776.

We all know the drill — new year, new commitment to healthier living, lifestyle and relationships!

From your pet’s point-of-view, here are a few:  

  • I will resolve to limit myself to a strict calorie intake appropriate for my lean body weight — just like the rest of us, maintaining a lean body weight is the number one thing we can do for our pets to help them stay healthy! Unlike us, pets can’t count calories, so it’s up to us to be sure they are being fed an appropriate and balanced diet. It’s also important to be sure your pet is eating an age-appropriate diet — the AAFCO (American Association of Feed Control Officials) designates every food as appropriate for all life stages, maintenance, or growth and lactation.  

While an all life stages food may seem appealing, this often may not be the best choice for a pet with underlying health conditions or that is overweight. Additionally, for some medical conditions (i.e. kidney disease, pancreatitis) a prescription diet may really help to prolong the health and well-being of the pet.  

  • I will bug and pester my owners until they take me for at least two (preferably three to four) long walks a day, or engage in an appropriate play session with me — getting plenty of exercise is good not only for the waistline, but also for your pets. Exercise is critical for maintaining balanced behavior and reducing boredom in dogs and cats.
  • I will be sure that my parents pay attention to those pesky reminders from the veterinarian letting them know when I need to get my vaccines updated, so that I stay protected from some of those icky diseases out there.  
  • I promise to take my heart-worm and flea/tick prevention regularly and won’t spit it out — even though I sometimes resist, I know that these are good for me and are protecting me from lots of gross bugs and diseases! — in addition to preventing heart-worm disease, the monthly preventative pill also protects against hookworms and whipworms, which are intestinal parasites quite common in our area.
  • I will get my owners involved in a new activity — I’ve even heard of activity-specific meet-up groups for other dog owners! 
  • I will be cooperative for getting my teeth brushed, much as it pains me! — Daily (or a minimum frequency three days a week) teeth brushing is the single best (and least costly) way to maintain good oral health. Most dogs will get very comfortable with this once it becomes a routine — some even come to love brushing thanks to flavored toothpastes (cats too!)  
  • I will work on my obedience during leash walking so I pay full attention to my owner and no other dogs on walks — Many dogs are leash reactive and this is a very common occurrence that is hard for some owners to pick up. Working with a certified trained dog trainer and daily “homework” on walks can help solve some leash aggression and can also help the dogs (and owners) anxiety!
  • I will try to love when my owners play with my feet! — Many dogs and cats are scared of getting their nails cut. Petting their paws at home and getting them used to you feeling their nails and isolating each digit can actually help the anxiety that comes with nail trims, as this can de-sensitize them to the feeling of their nails being touched for the trims.
  • I resolve to experiment with new serving equipment for my food. It’s out with the bowl and in with the puzzle toys for me! Traditional food bowls are unstimulating and allow for too fast meals. Puzzle toys and food toys for both dogs and cats increase mental activity and decrease regurgitation from rapid eating.

Happy 2017 to you and all your furry family members!

Rental Trends: Keeping An Eye On Your Long Distance Rental Property

By ARLnow.com Sponsor

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This biweekly sponsored column is written by the experts at Gordon James Realty, a local property management firm that specializes in residential real estate, commercial real estate and homeowner associations. Please submit any questions in the comments section or via email.

Trusting your valuable property to tenants is often a difficult enough step. When you live far away from the property, being a landlord is even more challenging. Many owners worry about whether things are going smoothly and struggle to stay informed without racking up big travel bills to check on the property. If there are problems, it can be difficult to manage repairs or legal issues from hundreds of miles away.

Long distance rental property owners need to make sure properties are managed well. Here are some factors to consider and tips to make sure you’re valuable asset is taken care of even when you can’t physically be there.

  • Is hiring a property manager necessary?

Some owners delegate the job of dealing with the rental to family or friends. But managing rentals — overseeing contractors for repairs during the workday, answering middle-of-the-night emergency calls or handling tenant complaints — often involves more time, attention and expertise than they can provide.

In addition, proper management of your investment property requires a proactive, not reactive, approach. Professional property managers can provide your property with the attention it deserves. They have the experience to anticipate any potential problems and market knowledge to reduce vacancy times. This will not only help you lower expenses and possibly increase revenue, but it will also give you peace of mind. From rent collection, leasing, and maintenance to accounting and due diligence issues, the right property manager will make a big difference in how your property is maintained and appreciates over time.

  • How can you obtain a good return on your investment?

To make sure that your asset continues to provide you with a good return on investment, examine your expenses in the context of your revenue stream. The rent you receive is your income from the property, but your expenses include everything from marketing, to property maintenance and repairs, as well as tenant evictions. As a landlord, you may face unexpected issues in one or more of these areas. A professional property manager would be able to step in and handle any problems. Not only will this result in decreased vacancies and lowered expenses, but it will also increase your return on investment.

  • How can you stay informed about your rental property?

When you live far away, you’ll need a good way to stay informed about your property. After all, you can’t just drive by. Some owners rely on receiving rent payments to assure them that everything’s going well. But tenants who pay rent can still create problems or unwittingly allow property issues to worsen. Rent payments don’t tell you what’s going on inside the property.

Professional property management companies often use the latest high-tech software to give owners a virtual window into their rental property. The software gives you secure anytime online access to rental agreements and financial statements along with updates on inspections, property maintenance and marketing efforts. Some managers even post inspection photos to give owners additional peace of mind. Whenever you want to know how things are going, you can just log on. The software also allows gives owners another way to communicate with management, in addition to phone calls and directly e-mail.

Many property owners choose to manage their own rentals. But living far from the rental is the factor that often tips the scales away from self-management. Once you factor in the costs of traveling to the rental and the headaches of dealing with even routine property issues, it will likely balance any fees paid for professional management. And ultimately, professional property management services will result in the continued maintenance of your asset while potentially reducing property expenses and increasing return on your investment.

Just Reduced Properties in Arlington

By ARLnow.com Sponsor

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Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by licensed broker Aaron Seekford of Arlington Realty, Inc. GET MORE out of your real estate investment with Aaron and his team by visiting www.arlingtonrealtyinc.com or calling 703-836-6116 today!

Please note: While Aaron Seekford provides this information for the community, he is not the listing agent of these homes.

We’ve arrived at the very last Just Reduced column of 2016. Don’t worry though – we’ll be back in 2017 with even more of the homes itching to be sold.

As a quick recap of our efforts in 2016, we spotlighted 364 homes over the course of 52 weeks… amounting to more than $10 million in price reductions. These figures don’t include the personalized searches my team has conducted over the past year to ultimately help you GET MORE out of your real estate transaction.

So, as we enter this New Year, just know that I am here for you. It’s time to make your dream of homeownership a reality… and there is no better time than now to get rolling.

As of December 19, there are 160 detached homes, 36 townhouses and 216 condos for sale throughout Arlington County. In total, 14 homes experienced a price reduction in the past week.

Here is this week’s selection of Just Reduced properties:

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 Aaron Seekford.

Ask Eli: Pet-Free Condos in Arlington

By ARLnow.com Sponsor

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This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: I have severe allergies to dogs and cats to the point that I can’t even live next to somebody who has a pet. I’d love to buy a condo, but everything in Arlington seems pet-friendly. Are there any pet-free condos in Arlington?

Answer: It seems that every Arlington resident owns a dog and/or cat and that every condo or apartment building proudly markets its pet-friendliness to attract residents. However, there are a surprising number of condo buildings around the county that offer a safe-haven for those suffering from severe pet allergies. The following is a list of condominiums and cooperatives (co-op) in Arlington that restrict the ownership of dogs and cats:

Condominiums and coops in Arlington that restrict the ownership of dogs and cats

River Place is one of the only co-ops in Arlington and Arlington’s largest housing community. Make sure you understand the differences between living in a condo and co-op before considering a purchase in River Place. You also need to know that River Place is on a 100-year land lease that is set to expire in 2052 and very unlikely to be renewed, so the value of most of these units decreases each year in line with the Net Present Value of the rental income for each unit.

Perched above the Iwo Jima memorial, many of the condos in Prospect House offer the best unobstructed (and well-protected) views into DC. With large balconies and spacious floor plans, you’ll make a lot of friends hosting parties for the Fourth of July fireworks.

While owning a single family home or townhouse in Arlington can be cost-prohibitive, there are a number of affordable, convenient condo/co-op options that offer those suffering from severe pet allergies an opportunity to own in Arlington. I’d be happy to discuss these options in more detail with anybody who’s interested, just give me a call at (703) 539-2529 or shoot me an email!

If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at http://www.RealtyDCMetro.com.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.

Just Listed in Arlington

By ARLnow.com Sponsor

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Merry Christmas and happy holidays to all!

The holiday season hasn’t stopped home buyers this week. Some 39 homes were snatched up by buyers, while only 18 new listings came on the market this week before Christmas. Housing demand in Arlington remains strong and steady.

The big news is that interest rates continue to surge, increasing by 16 basis points just this week. The 30-yr fixed rate rose to 4.41%. Long term interest rates like mortgages are influenced by the yield on the US Treasury 10-yr bond, and that yield rose this week on more news of a strengthening economy. The latest revision this week of economic growth for the 3rd quarter puts the GDP at 3.5%.

So investor money has moved away from US treasuries and into the stock market. There’s also been a drop off of international investor money flowing in to treasuries which has pushed the yield up. We can expect this trend to continue into 2017. So we should see mortgage rates to continue a slow steady rise into next year. For would-be homebuyers, the lesson is clear. Ratify a contract the soonest possible so you can lock in your interest rate before rates climb any higher.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

Ready Arlington: Give Yourself Something Special This Year

By ARLnow.com Sponsor

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Samantha Brann is the Deputy Coordinator, Volunteer Management, for the Arlington County Office of Emergency Management.Ready Arlington volunteers

I tell people I that fell into the field of emergency management. Three weeks after Hurricane Katrina ravaged Biloxi, MS, I took a break from graduate school to assist in the response efforts. Three weeks later, I was asked to stay as the Volunteer Coordinator; three weeks turned into three months, and then a year. Even today, I’m surprised by how much my time volunteering following Hurricane Katrina has affected my life and my career.

Volunteering Makes Your Life Better!

It’s no secret that volunteering provides just as many benefits to the volunteer as to the organization served. But did you know that volunteering:

  • Improves your health — A UnitedHealth Group study reported that volunteering reduced stress in 78% of volunteers, as well as improved the moods in 94%. Volunteers also have lower rates of depression.
  • Can land you a job — A LinkedIn survey found that 41% of employers considered volunteer work equally important as paid work when evaluating a candidate, while 20% reported they actually selected a candidate based on volunteer work.
  • Makes you live longer — Volunteers have a 20% reduction in mortality compared to non-volunteers according to researchers at the University of Exeter Medical School.
  • Increases life satisfaction — According to a UnitedHealth Group study, 96% of people said volunteering enriched their sense of purpose in life.
  • Makes you feel like you have more time — Those who give their time (or money), feel like they have more of it, according to a study in the Harvard Business Review.

New Year, New Opportunity

Residents of Arlington are well versed in volunteering — 33% of residents in the Washington-Arlington-Alexandria area volunteered in 2015, ranking them the 4th highest among the 51 largest metropolitan statistical areas in the country. So tell me, how do you volunteer? And while you’re thinking, let me offer you an opportunity.Arlington Network for Community Readiness ANCHOR

Arlington Network for Community Readiness (ANChoR) is the new volunteer program of the Office of Emergency Management with a mission to support OEM in educating and assisting Arlington for emergencies. Volunteers are community members over the age of 16 who live or work in Arlington County and want to help their community during an emergency.

ANChoR volunteers may be called upon to staff outreach tables at fairs or lead preparedness workshops. They may be asked to provide critical support during an emergency, such as providing support in the Emergency Operations Center. When events like Winter Storm Jonas roll in, they’ll be tasked with checking on (or shoveling out!) ill patients for life-saving medical appointments.

ANChoR volunteers can learn new skills through trainings, investigate new professional opportunities through networking activities, connect with their community through service projects, help neighbors during an emergency or simply meet new people!

Give Yourself the Gift of Volunteering in 2017!

I drove down to Biloxi, MS after Hurricane Katrina simply to help in any way I could. Over 12 months, I gained skills I never anticipated: roofing, dry walling, mold remediation — even how to use a chain saw properly. I also learned coalition building, fundraising and leadership — skills that allowed me to return home and find a new profession in the world of emergency and volunteer management.

Give yourself the gift of more time, better health, longer life, less stress, higher quality of life, and new opportunities: help your community during an emergency. Sign up for Arlington Network for Community Readiness today, and volunteer in 2017!

Just Reduced Properties in Arlington

By ARLnow.com Sponsor

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Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by licensed broker Aaron Seekford of Arlington Realty, Inc. GET MORE out of your real estate investment with Aaron and his team by visiting www.arlingtonrealtyinc.com or calling 703-836-6116 today!

Please note: While Aaron Seekford provides this information for the community, he is not the listing agent of these homes.

A very merry Christmas and happy holidays to my fellow Arlingtonians! This is always one of my favorite times of year, spent with my beautiful family, kids and loved ones.

And, like most you, I’m always on the hunt for a good bargain when it comes to those last-minute Christmas deals. As I take a look at this week’s batch of spotlighted homes, this holiday week is certainly no exception to the norm in terms of homes’ prices being reduced.

Sure, you may not be able to close on a home before Christmas… but it’s never too early to get rolling on one of the greatest gifts of all: Home ownership.

When you’re ready to GET MORE out of your home search, give me a shout. In the meantime, I hope Santa is kind to you and yours this Christmas!

As of December 19, there are 172 detached homes, 39 townhouses and 234 apartments for sale throughout Arlington County. In total, 14 homes experienced a price reduction in the past week.

Here is this week’s selection of Just Reduced properties:

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 Aaron Seekford.

Listing of the Day: 1610 N. Queen Street #253

By ARLnow.com Sponsor
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1610 N. Queen Street #253
Neighborhood: Rosslyn
Listing Price: $990,000

Luxurious condo in Gaslight Square just steps away from all of the shops and restaurants that Rosslyn has to offer!

This bright and sunny unit features an open floor plan with nine-foot ceilings and stunning hardwood floors throughout. Gourmet kitchen comes with top of the line stainless steel Wolf appliances, large island with breakfast bar and rich cabinetry.

Take your breakfast out onto the private balcony overlooking courtyard and gardens. Thoughtful layout includes two large bedrooms and two full baths. No need to worry about shared hallways or security here, you will have fob-secured direct elevator access straight to your unit.

Two parking spots are included in private underground garage with electric car charging stations. Conveniently situated between Rosslyn and Courthouse Metros, you can be in D.C. in just minutes!

Please contact Keri with the Keri Shull Team and Optime Realty at [email protected] or call 703-436-2191.

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