This column is sponsored by BizLaunch, a division of Arlington Economic Development.
The largest indoor holiday market is coming to Arlington December 17-18 at the Hyatt Regency Crystal City!
Brought to you by Forever Grateful Market, sponsored by BizLaunch and the Hyatt Regency.
This two-day indoor market will feature over 100 vendors from Arlington and across the DMV. Meet some of the vendors who are going to be there December 17-18:
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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 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 December 5, there are 121 detached homes, 42 townhouses and 180 condos for sale throughout Arlington County. In total, 29 homes experienced a price reduction in the past week, including:
4600 26th Street N., 22207 — NOW: $2,695,000 (Reduced $100,000 on 11/30)
2806 1st Road N., 22201 — NOW: $2,174,000 (Reduced $50,000 on 11/30)
2408 N. Upshur Street, 22207 — NOW: $1,482,000 (Reduced $3,000 on 12/5)
4501 37th Place N., 22207 — NOW: $1,349,000 (Reduced $50,000 on 12/2)
2700 S. Grant Street, 22202 — NOW: $985,000 (Reduced $64,000 on 12/1)
1113 N. Vernon Street, 22201 — NOW: $725,000 (Reduced $9,000 on 12/2)
3800 Fairfax Drive #711, 22203 — NOW: $499,000 (Reduced $26,000 on 12/1)
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 Ask Eli, Live With Jean playlist. Enjoy!
Question: How has Arlington’s condo market reacted to higher interest rates?
Answer: In last week’s column, I looked at performance metrics for detached homes in Arlington, shared my thoughts on local pricing behavior, and discussed news about the national vs local real estate market. This week we will look at the underlying performance metrics in Arlington’s robust condo market.
Underlying Arlington Market Performance Data for Condos
Here’s how I approached the data used in this week’s analysis:
I either did not use or must caution your interpretation of this year’s August-November data because it is incomplete for purposes of this analysis. There are 13, 26, 39, and 42 condos actively for sale that were listed in August, September, October, and November, respectively, which will influence the performance metrics for those months when they do contract/close and most likely will result in worse performance metrics than those months currently show.
There are only 10 condos still for sale listed January-July that will likely pull down the performance metrics for those months once they contract/close, but not enough for me to be concerned about the resulting data being presented in this analysis.
Business as Usual for Condos
While the detached market was on fire in 2021 and early 2022, the condo market performed mostly along the lines of historical metrics, except for one month, February 2022, when average sold prices climbed slightly above the original asking price. As a result, high interest rates have led to a more modest reversal in pricing behavior over the last six months, compared to the detached market.
The only time in the last 15 years that we’ve seen a real acceleration in condo prices was during 2019 (and pre-COVID 2020) as a result of Amazon’s HQ2 announcement.
Pace of the Condo Market Slightly Below Normal
We had a few months during the peak of the 2022 market where the pace of sales came close to the craziness we experienced in 2019, after Amazon announced HQ2, but average days on market has returned to its normal seasonal trends. As more data rolls in for closings in August-December, I expect the average days on market for the last 3-4 months of 2022 to exceed historical averages, but not by much.
One of my favorite performance metrics is the percentage of homes that sell within 10/30 days. I think it beats average and median days on market for a true understanding of the pace of a market.
Don’t forget to secure your tickets today!
When: Saturday, December 17 at 10 a.m., Sunday, December 18 at 4 p.m.
Where: Hyatt Regency Crystal City, 2799 Richmond Highway Arlington, VA 22202
Cost: $10-$15
The only indoor, two-day curated holiday market in Arlington!
Shop at local businesses, enter to win raffle prizes, get your gifts professionally wrapped and enjoy a fully sensory experience. A portion of the proceeds will benefit the Arlington Food Assistance Center and Arlington Thrive.
Vendors interested in participating in the market should apply online.
Forever Grateful Market “Shop Local” — Winter Bazaar Tickets.
RSVP Catering reminds you that, oh look, it’s December, and your party is hurtling at you full-speed! Get it done! Let them help.
You’ve booked the room, invited the guests, ordered the decorations, and even lined up a Santa Claus to make an appearance. What’s missing from this big, year-end holiday office party?
Food.
No worry, RSVP Catering’s got your back — and your hors d’oeuvres, buffet entrées, salads and sides, and the sweet treats everyone looks forward to at a corporate affair.
RSVP Catering, one of the region’s premier catering services — long counted on by corporations and wedding planners to fulfill the culinary needs of their festivities — has menus for in-home holiday parties and off-site corporate/office events that are comprehensive in their offerings and easily affordable for every budget.
Your office party is breakfast? No problem: The creative and experienced chefs at RSVP Catering can assemble a bountiful buffet of holiday-themed breakfast favorites. Boxed meals, platters, and buffets abound on this seemingly endless, extremely delicious menu.
If you have decided to go all-out this year and host an all-in family or neighborhood holiday party, RSVP Catering will bring everything you need to your door. Christmas and Hanukah prix-fixe meal options are available, but the a la carte selections, once again, seem endless in this special menu. We especially like the interactive stations options as well as the custom cocktails selection — Espresso Martini Bar? We’re in.
We don’t have to tell you time is running out!
Email RSPV Catering at [email protected], or call 703-573-8700.
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 Melissa L. Watkins, Esq.
Over the past year, there have been significant changes to the federal government’s stance on marijuana as it relates to federal employees, applicants, and clearance holders.
These changes, while still very much unfolding, signal that federal employees, applicants, and clearance holders will be treated differently when it comes to prior use of marijuana. It is important to note at the outset that while these changes suggest that prior use of marijuana may not be the barrier to employment or possessing a clearance that it once was, the federal government still does not authorize, condone, or accept the use of marijuana by current employees or clearance holders.
Federal Government Changes to Marijuana Policy
In the most recent wave of elections held around the country, marijuana was again a focus in several states. As a result of recent state ballot referendums, more than 155 million Americans will now live in states with legal weed. Maryland and Missouri passed legalization referendums on November 8, 2022, meaning there are now 21 states where anyone at least 21 years old will be able to legally possess marijuana.
That marks a seismic shift since Colorado and Washington became the first states to back full legalization at the ballot box a decade ago. While people will soon be able to legally purchase and use marijuana in 21 states, cannabis remains classified as a Schedule I drug on the Controlled Substances Act. That means cannabis use can still be a disqualifying factor for anyone applying for a security clearance or trying to enter federal employment.
However, along with the continued adoption of laws legalizing the substance at the state level, the federal government has begun undertaking efforts to change its stance on marijuana.
For instance, on December 21, 2021, Avril Haines, Director of National Intelligence (DNI), issued an unclassified memo to agency heads, which was “designed to provide clarifying guidance to federal agencies charged with determining [security] eligibility through adjudication,” following changes on the state and local levels. The big takeaways from the memo included the following:
The only indoor, two-day curated holiday market in Arlington!
Shop at local businesses, enter to win raffle prizes, get your gifts professionally wrapped and enjoy a fully sensory experience. A portion of the proceeds will benefit the Arlington Food Assistance Center and Arlington Thrive.
Vendors interested in participating in the market should apply online.
When: Saturday, December 17 at 10 a.m., Sunday, December 18 at 4 p.m.
Where: Hyatt Regency Crystal City, 2799 Richmond Highway Arlington, VA 22202
Cost: $10-$15
Forever Grateful Market “Shop Local” — Winter Bazaar Tickets Saturday, December 17 at 10 a.m.
This column is sponsored by Arlington Arts/Arlington Cultural Affairs, a division of Arlington Economic Development.
Looking for one-of-a-kind gifts this holiday season?
Returning after a two year hiatus, the studio artists of Arlington’s LAC Studios will hold their Annual Holiday Fine Crafts Show and Sale on Saturday (10 a.m.-4 p.m.) December 3 at the LAC Studios, 5722 Langston Boulevard, in Arlington, Virginia.
Some of our regions finest artists work out of Arlington’s LAC Studios (formerly Lee Arts Center), a quaint 1920’s elementary school was converted into a community cultural center by Arlington’s Cultural Affairs Division.
Participating artists include: Amit Jalan; Claudia Vess; Dana Lehrer Danze; Donna Downing; Elke Seefeldt; Emily Shepardson; Haruko Greenberg; Helen Hensgen; J. S. Herbert; Laura J Fall; Maddie Palmer; Mary Kovis Watson; Susan Elliot; Susanne Seefeldt; Terry Young; Zachary Norrbom; Marsha Lederman, and others.
For information on the Annual LAC Show and Sale, call the LAC Studios at 703-228-0560 or visit arlingtonarts.org.
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 November 28, there are 130 detached homes, 48 townhouses and 187 condos for sale throughout Arlington County. In total, 13 homes experienced a price reduction in the past week, including:
1833 N. Columbus Street, 22207 — NOW: $1,799,900 (Reduced: $100,000 on 11/26)
905 Patrick Henry Drive, 22205 — NOW: $1,147,000 (Reduced: $20,000 on 11/25)
3830 9th Street N. #PH3E, 22203 — NOW: $771,000 (Reduced: $14,000 on 11/23)
1200 N. Nash Street #555, 22209 — NOW: $750,000 (Reduced: $25,000 on 11/26)
2028 S. Quincy Street, 22204 — NOW: $525,000 (Reduced: $60,000 on 11/26)
5300 Columbia Pike #916, 22204 — NOW: $469,000 (Reduced: $20,000 on 11/25)
1200 S. Arlington Ridge Road #407, 22202 — NOW: $337,900 (Reduced: $2,000 on 11/26)
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.
Under the direction of Maestro James Ross, the Alexandria Symphony Orchestra presents Home for the Holidays on Saturday, December 17 at 7:30 p.m. (Rachel M. Schlesinger Concert Hall and arts Center) and Sunday, December 18 at 3:00 p.m. (George Washington Masonic Memorial).
ASO welcomes back dancers from the premier dance studio BalletNova to accompany selections from Tchaikovsky’s Nutcracker. Enjoy music from Anderson’s A Christmas Festival, Ellington’s Nutcracker Suite, and selections from Messiah. Soprano Helena Colindres will enchant with classical and popular holiday favorites. This family-friendly program will delight all ages, including a sing-along!
The concert will be presented with no intermission. Vaccinations are no longer required but strongly recommended. Masks are recommended for high-risk individuals. For information based on current health guidelines, please visit our website.
Adult prices start at $20, $5 for youth and $15 for students. Military, senior and group discounts are also available.
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 Ask Eli, Live With Jean playlist. Enjoy!
Question: How have you seen the Arlington housing market react to higher interest rates?
Answer: I hope everybody had a fantastic Thanksgiving. The results of last week’s Dark Meat vs White Meat poll were impressive. With 559 votes in as of this morning, only three votes separated white meat as the preferred part of the turkey over dark meat! We may have found the only vote closer than a Georgia Senate Race!
National vs Local Market Expectations
With daily news about the nationwide (and global) housing collapse resulting from parabolic price appreciation followed by parabolic interest rates, I want to use this week’s column to check-in on what we’re seeing locally and remind everybody that what you read in the news is generally going to be the most attention-grabbing data points and that our market is likely to experience a much more modest correction than many other markets nationwide, as we saw during the Great Recession.
My Take on Local Pricing Behavior
I shared some detailed thoughts and observations last month in a column addressing price drops in Arlington and the TL;DR version is that 1) yes prices have dropped relative to their peak this spring, 2) there’s not nearly enough data available locally to say with any statistical confidence how much that drop has been, and 3) my observation was/is that market-wide in Arlington we’ve lost most/all of the appreciation we saw in the first 4-5 months of 2022, but 2021 prices are still mostly holding up.
Keep in mind that in a volatile, low inventory market (current state) pricing is more randomized and case-by-case than it usually is, so you’ll see plenty of individual examples that buck the aggregated trends/assumptions.
Underlying Arlington Market Performance Data for Detached Homes
This week, I thought I’d share some charts of underlying market performance metrics to help illustrate what our market is experiencing. Here’s how I approached the data this week:
**An important caveat to this data is that I either did not use or must caution your interpretation of this year’s September, October, and November data because it is incomplete for purposes of this analysis. There are 15, 22, and 19 homes actively for sale that were listed in September, October, and November, respectively, which will have a significant influence on the performance metrics for those months when they do contract/close and most likely will result in worse performance metrics than those months currently show.
Note there are 2 homes for sale listed in each month May-July and 7 for sale from August that will likely pull down the performance metrics for those months once they contract/close, but not enough for me to be concerned about the resulting data being presented for those months.
Net Sold Price to Original Ask down 9.3% in 6 Months
The average net sold to original ask dropped from a March peak of 105.9% to 96.6% in August. I suspect that once September-November listings close and we can start filling in those fields, we’ll see that number fall further but maybe not significantly because asking prices have started to react to weaker market conditions and many sellers are coming off their expectations for spring 2022 prices.
Of note, this performance metric is coming more in-line with 2017 metrics. I’ll be interested to see if performance metrics stabilize around 2017 numbers, pre-Amazon HQ2, or if they worsen. My guess is that they’ll worsen slightly compared to 2017 through the end of the year and come more into balance in 2023 (pending interest rate movements).
