Address:1300 Army Navy Drive #822 Neighborhood: Pentagon City Type: 2 BR, 2 BA condo – 1255 sq. ft. Listed: $499,900
Noteworthy: This property features 2 balconies and lots of upgrades throughout the residence
Welcome to this corner unit at Horizon House! Walk to Pentagon Row, Harris Teeter, and the Metro! This residence tops out at 1,255 square feet and features a dramatic living room with floor-to-ceiling windows that lead out to a wrap-around balcony. The open kitchen provides a great entertaining space and it looks out over the dining and living space.
The renovated kitchen is outfitted with stainless steel appliances, granite countertops and custom backsplash. The dining and living areas feature laminate flooring. The entrance foyer separates the bedroom quarters from the living quarters. The primary suite has plenty of room for a king-sized bed to go along with all of your additional bedroom furniture.
The walk-in closet with closet organizers will satisfy even the most methodical individuals. The en-suite bathroom features a sleek glass shower door and a floating bathroom vanity. The secondary bedroom functions well as a bedroom, home office, or both! Both bedrooms have access to the second balcony overlooking the treetops from the 8th story.
The renovated guest bathroom is conveniently located in the hallway. The condo fee includes all utilities and two garage parking spots. The community is located just steps to Pentagon Row, Pentagon City Metro, National Landing and National Airport.
Residents at Horizon House enjoy a staffed front desk, outdoor pool, tennis court, almost 7 acres of landscaped grounds and a rooftop deck with incredible views of Washington D.C.
What if, during your life, you could only practice your chosen profession 45 times? Well, that’s winemaking! Think about it: 45 times, that’s it. And you have to get it right each time, no matter the circumstances. Mother Nature is rarely consistent, perhaps never. Every year a winemaker has to make an enormous amount of decisions based on what the vintage gives them to work with.
Let me explain: we discussed the notion of “terroir” before. A “successful” wine must transfer or speak of the place it is from; that’s the whole enchilada, nothing less, or why drink wine in the first place?
We choose a particular varietal, a Pinot Noir or Sauvignon Blanc, from a “specific place” with an expectation of what it will taste like and how it will work with a particular food or moment. But how do we form these expectations?
Glass of wine at a winery (Photo by Kym Ellis on Unsplash)
The winemaker’s job is to seamlessly get the land’s soul into the bottle without screwing it up. And, to capture not just the particular varietal or blend but to bottle “the vintage,” to pleasantly give you the flavors or expression of that particular growing season, that is the Art, my friends! And great winemakers embrace this challenge.
They know they are working with a product that doesn’t lend itself well to intervention, manipulation, or strongarm tactics. As a winemaker, you listen to the grapes, they don’t listen to you. No matter what you could do to change the nature of the fruit (technology today allows for this, lipstick on a pig), a cosmetic. Trying to change the soul of the wine is a fool’s errand.
I took 25 clients on a river cruise five years ago. I planned each visit, and when I sat back and looked at each winemaker I selected to visit, women ran 80% of them! Some of you might disagree, but I believe women are better suited for making wine. Women seem to approach winemaking from a more cerebral, nurturing perspective. They are more apt to deal with the realities of the vintage, to let the vintage speak, allowing the wine to be what it is intrinsically, and not forcing it to do or taste as they “think” it should. Perhaps it has something to do with maternal instincts. I’m not a psychologist, so I can only guess.
Now for the nitty-gritty, decisions, decisions. It all starts with picking the harvest date. The hard and fast rule is harvest takes place 100 days after flowering. But it’s not that easy; here’s why; when I started in this business 45-plus years ago, “Brix” were everything. People harvest according to the sugar content of the fruit. Winemakers squished a grape, placed the juice on a refractometer, and read the sugar content of the juice. That told you the potential alcohol level, and when you hit “your number,” you picked. Today winemakers get more up-close and personal. They go into the vineyards weeks before the harvest and observe.
They examine the stalks. Are they ripe, woody (overripe), shriveled, or green and healthy? Then they look at the all-important skins (healthy mature skins are everything in making red wine, especially). Grape skins are the primary source of tannins, allowing the wine to age gracefully. The all-important skins also contain phenols or compounds that enable the wine to develop complex aromas. Are the skins ripe and not bitter when you bite into them? Are they fragile, easily broken, damaged, or sunburned?
Then comes tasting the entire berry, not just for sweetness but maturity; the skins, the flesh, and the pips. Then you are ready to go, or maybe not? More on that next week!
We’re in the middle of September with a much cooler weekend ahead.
Currently, the median sales price is $637,000 with a median list price of $699,000. There are 528 homes for sale. Of those homes for sale, 311 are condos, 174 are detached homes and 43 are townhomes according to Homesnap.
Here’s a look at some of the open houses taking place in Arlington (and elsewhere of potential interest) this weekend:
818 N. Fillmore Street, Lyon Park*
5 BR, 3 BA (+1 half) single-family detached Noteworthy: A classic from Lyon Park that has been expanded and updated Listed: $1,660,000 Open: 1-4 p.m. (Natalie Roy – Keller Williams Metro Center)
80 Holly Hill Court, Berkeley Springs, WV*
2 BR, 2 BA single-family detached Noteworthy: Custom home on 2.56 acres, private community Listed: $470,000 Distance from Arlington: 107 miles (~1 hour, 45 minute drive) Open: Sunday, 1-4 p.m. (Megan Rippon – Long & Foster Real Estate, Inc.)
5325 16th Road N.
4 BR, 3.5 BA single-family detached Noteworthy: Wooded corner lot, four brick fireplaces, two-car garage Listed: $1,425,000 Open: Saturday, 1-3 p.m. (Reem Trahan – Compass)
4408 1st Street S.
3 BR, 1 BA (+1 half) condo Noteworthy: Brick front, wood burning fireplace, patio Listed: $899,990 Open: Sunday, 1-3 p.m. (Shane Canny – Long & Foster Real Estate, Inc.)
Here are some other options to consider if you’re in the market to rent or buy:
1300 Army Navy Dr #822*
2 BR, 2 BA condo Noteworthy: This property features 2 balconies and lots of upgrades throughout the residence Listed: $499,900 (Matt Leighton – The Battle Group with Century 21 Redwood Realty)
2600 N. Nottingham Street
4 BR, 3 BA single-family detached Noteworthy: New oak hardwood floors, expansive kitchen, refinished garage Listed: $1,350,000 (Jason Walder – Compass)
989 S. Buchanan Street #206
1 BR, 1 BA condo Noteworthy: Waterfall quartz kitchen island, assigned parking space, in-unit washer/dryer Listed: $1,950/mo (Kay Houghton – KW Metro Center)
Want your listing to appear here or as the Listing of the Day? You can now submit sponsored listings.
Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.
Hey, Arlingtonians, and welcome to JUST LISTED!
Mortgage rates just topped 6%, another fresh new high since 2008. The persistent inflationary environment is spooking banks and it’s really showing up in the cost of borrowing money.
“Will this make home prices go down?” No, it will not, not necessarily. Nationally, there are some indications that home prices are falling, though only in certain instances or price points. With that being said, overall inventory nationally, but especially locally, is very low. This means that prices will stay propped up; remember, at the end of the day this is still and always will be, a supply and demand equation. If there are more buyers than sellers, prices generally will remain the same, or rise.
Another week of solid new listings has resulted in slight growth in available inventory — expect this to continue for at least the next few weeks, possibly longer, as fall approaches. After all, fall is the “second spring market” and is historically a great time to sell a home.
As I write this, there are 30 properties in “Coming Soon” status, a good indicator that more and more properties will become available over the next 21 days.
This week in Arlington, sellers listed 82 homes for sale (14 more than last week), while buyers ratified 59 contracts (16 more than last week), 27 of which were on homes just listed in the last seven days. Of the 394 homes currently available for sale (2 more than last week), 134 are detached homes, 57 are semi-detached/town houses, and 203 are condos.
Of those currently available properties, the average asking price is $926,076 and the median is $699,999. These properties have been sitting on the market for 55 days on average, while the median is 34.
This week last year, there were 555 properties available for sale, sellers listed 107 homes and buyers ratified 79 contracts. Mortgage rates were 2.86%!
Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call! Our team are experts at WINNING when it comes to Arlington real estate — our agents routinely outmaneuver others when it comes to multiple offer scenarios — call us to find out how!
Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight properties I think you might light to check out!
Come check out Brass Rabbit, the swanky spot to grab lunch, brunch or dinner with friends!
Make a reservation for brunch this weekend. From 10 a.m.-4 p.m., enjoy a variety of sweet or savory brunch dishes. We recommend Carrot Cake Pancakes or Monte Cristo Sandwich! Check out our full Brunch menu.
If you’re looking for dinner reservations, check out our Dinner Menu which offers a variety of elevated pub fare, from handhelds like Lobster Sliders or Lettuce Wraps, to entrees such as Clam Linguine or Steak & Potatoes.
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 Arlington, Virginia. The legal information given here is general in nature. If you want legal advice, contact us for an appointment.
We are delighted to share the big news with our readers at ARLnow: we opened a new office in Falls Church! And we’re hiring! And we’re having a party to celebrate opening the new office.
Time for a quick Q&A plus some sweet, sweet amateur photography.
Q: What’s your new address?
A: 306 N. Washington Street, Falls Church VA 22046.
Q: Pix or it didn’t happen!
A: We are here to satisfy reader expectations.
Q: Did you close your old office at 5233 Wilson Boulevard?
A: Yes. We keep prices low for immigrants. This isn’t about building a real estate empire.
Q: Why did you move?
A: Have you ever tried to pack three lawyers into 400 square feet? It’s rough! We have 2000 square feet now, plus another 1200 square feet to sublet. We’re so happy.
Q: Will you keep advertising on ARLnow?
A: Yes! ARLnow covers Falls Church. Plus, we still love local journalism and want to support it.
Q: You’re hiring? I’d like to ask a softball question so you can provide more details. What’s your favorite color?
A: Glad you asked: Blue. Also, we’re looking to hire a new immigration lawyer! Recent law grads are welcome to apply. Midcareer lawyers who want to try a new field are welcome to apply. We pay well and offer generous benefits. Email [email protected]. He does the hiring.
Homeownership is an investment toward building long-term wealth and financial freedom!
However, buying a home, whether it is your first time or not, can be a complex process that calls for expert help.
The Keri Shull Team, the top-producing real estate team in the D.C. metro area, is hosting a seminar to help aspiring buyers navigate the competitive DMV real estate market while saving time, money and hassle. In 2021, our agents helped over 1,100 families with their real estate needs, and we would love to do the same for you.
Angela Decint, ranked as a top realtor by the Washingtonian, and Lane Brenner will be leading this seminar at our Rosslyn office.
Attend to learn:
How to find off-market homes — hidden gems that don’t appear on popular home search websites
How to get out of your lease so you can move on your timeline
The “4 C’s” that determine home prices in any market
How to set a realistic budget for your home search
And much more!
Join us on Thursday, September 22, from 6 to 7 p.m. for this FREE in-person seminar! This is your chance to take the stress out of your home search by working with seasoned realtors.
This article was posted on WTOP News and written by Vanessa Roberts as part of BizLaunch’s collaboration with WTOP News on Small Business September.
Although budding businesses in Arlington have long had BizLaunch as a stalwart partner, the county organization radically reimagined itself in several ways during the pandemic. And many of the changes it made to help small and midsize businesses survive are here to stay, says Director Tara Palacios.
“The pandemic I don’t think was on anybody’s bingo card,” Palacios told WTOP during Small Business September. “We did not know that this was going to happen.”
Palacios created BizLaunch within Arlington Economic Development 20 years ago with the goal of providing local government resources to small businesses and startups. “It really is a local municipality wanting to support its local small businesses so that they can thrive, survive, succeed, grow and build sustainably,” she said.
We talked with Palacios about BizLaunch programs and asked how they help SMBs launch and succeed. During the discussion, she shared ways that BizLaunch has evolved over the past two years and where it’s going next to continue its mission to help local businesses grow.
BizLaunch Flex 1: Engage with small businesses and underserved communities any way possible.
BizLaunch is no stranger to using digital and social tools to reach entrepreneurs and business owners in the community. It connects with people on all social channels, even TikTok, Palacios said. But it upped its game during the pandemic.
“We had to get extremely creative,” she said. “We were out putting up yard signs about our grants, about different marketing promotions and programs that we were having. And believe it or not, people were getting in their cars, they were seeing the yard signs, and calling and reaching out.”
It reinforced the importance of being adaptable. Palacios pointed out that it’s unfortunate when a business shares that it wished it had heard about a program or a support service available.
“The way we were using social media prior to the pandemic has shifted, and how you use search engine optimization and how you get your content out there is so different,” she said.
BizLaunch Flex 2: Ensure even the smallest businesses are digitally savvy.
“We were worried about the businesses that were used to having a storefront and people coming to the storefront,” she said. “With the stay-at-home orders, the whole way people buy products and services shifted.”
At first, BizLaunch focused on establishing new programming, webinars and educational materials to help SMBs learn how to market themselves in this new environment. But it increasingly began also expanding technical assistance so the businesses could establish online storefronts and offer other ways to sell and deliver their goods and services.
Given that many small businesses are micro businesses with often just a handful of employees, the organization also partnered with Amazon Web Services to help businesses design websites and ecommerce tools to compete in the world’s new normal, Palacios said.
“It’s very come as you are. Don’t feel that you need to be an expert. We’ll bring the experts to you, and we’ll help you through the process,” she said. “It’s been great. We’ve had about 200 very diverse entrepreneurs go through the program, and they have gone viral. They’ve had influencers come and visit them because now they’re discoverable. That’s been a lot of fun.”
Plus, it’s not a one-and-done program. BizLaunch gives each business a marketing and branding guidance book and a technical tactics book. It also continues to connect with businesses after the initial design and development phase to provide support, Palacios said.
BizLaunch Flex 3: Help SMBs create financial resiliency to pivot and be ready for future challenges.
A continual issue for startups and small businesses throughout the pandemic has been access to capital, Palacios said. It was why Arlington Economic Development immediately established grant programs. But access to funding has continued to be a chief challenge for SMBs, she said, and having a solid financial foundation is critical for resiliency and long-term success.
“On our horizon is looking at programming where we can educate people no matter what background, color, creed you are. We want to be able to help empower women-owned businesses, BIPOC — Black, indigenous and people of color communities — everyone to understand what you need to do to access capital and make that process very transparent and very understandable,” she said “We’re going to be doing a lot of work in this upcoming year on whether it’s debt equity, or venture funds, or whatever it is that you’re looking to do.”
To discover more insights for entrepreneurs, startups and SMBs shared during WTOP’s Small Business September, click here.
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 September 12, there are 157 detached homes, 60 townhouses and 229 condos for sale throughout Arlington County. In total, 33 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.
Under the direction of Maestro James Ross, the Alexandria Symphony Orchestra launches the 2022-2023 season on Saturday, October 1 at 7:30 p.m. and Sunday, October 2 at 3 p.m. at the Rachel M. Schlesinger Concert Hall and Arts Center.
ASO presents Beethoven’s unifying and empowering Symphony No. 9 (Ode to Joy) in collaboration with the Coalition for African Americans in the Performing Arts (CAAPA) and the Fairfax Choral Society. Soloists Dara Rahming, Marquita Raley-Cooper, Rodrick Dixon and Daniel Rich appear courtesy of CAAPA.
Beethoven’s greatest masterpiece will be set to a new English text by former U.S. poet laureate and Pulitzer prize-winner Tracy K. Smith. The program opens with Vaughan Williams’ Fantasia on a Theme by Thomas Tallis.
Adult prices start at $20, $5 for youth and $15 for students. Military, senior and group discounts are also available.
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.
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: I have recently seen two properties from Open Door listed for less than what they paid for it. Is that common for them or are these outliers?
Answer:
What is Algorithm-based Real Estate?
Algorithm-based buying and selling, also known as iBuying (2019 article here for more details), is when large companies/investors use algorithms (e.g. Zestimates) to assess a home’s value, purchase it (cash), and then resell it for a (hopeful) profit. These are arms-length transactions using corporate-level strategies rather than local ones.
The idea is that there are enough homeowners who value the ease and flexibility offered by iBuyers (cash, quick closings, no showings, etc) over getting a higher price that there’s billions in business for these companies (Open Door is currently valued over $3B). The acquisition and resale values of homes are determined by algorithms that these companies believe give them a clear picture of local markets across the country and competitive advantage at scale.
Zillow lost about $1B over 3.5 years using their pricing algorithms and shut down their iBuying business last year (article here for more details). After Zillow shuttered their iBuying business, it left Open Door as the biggest player in the industry. What makes them different than Zillow is that iBuying is their core business; for Zillow it was a supplemental revenue stream that risked hurting their core business.
I think the business in fundamentally flawed for many reasons, one of them being the massive disadvantages iBuyers are at during shifting market conditions. In strong markets, sellers can achieve the same or similar terms from everyday buyers and iBuyers are competing with everyday buyers on a house they haven’t seen, in a market they don’t know. In a weakening market (like we’re in now), properties they bought months earlier may be worth the same or less than they are when they’re being resold, so profits are smaller and losses much more common.
The greater D.C. Metro area is a relatively small, unattractive market for iBuying for multiple reasons, one being our diverse housing stock makes it difficult to value/project using algorithms; areas with large scale tract housing tend to much more popular with iBuyers (and corporate buy and hold investors) because it’s much easier to calculate market values.
How It’s Going…
As noted earlier, Zillow exited the iBuying business after ~$1B in losses over 3.5 years, leaving Open Door (market cap $3B+) as the main players in this category. I was curious how Open Door’s business is performing in Northern Virginia so I dug into their data from this year.
I looked at all of Open Door’s currently active (88), currently under contract (29), and sold (35) properties in 2022 and found 152 properties. I was able to find Open Door’s purchase price on 112 of those properties via public records.
Of the 112 homes I found Open Door’s purchase price on, the total acquisition price for these properties was $63,464,400, for an average of $566,646 per property, ranging from $207,100 to $1,031,800. If we assume their average purchase price held for the 40 properties I couldn’t find an acquisition price for, we can estimate their total acquisition price for all 152 properties in this data set (Northern Virginia sold in 2022 or currently under contract or listed for sale) to be $86,130,257.
Based on the analysis below, I think they may end up losing $5M-$6M+ on these investments.
