real estate

Ask Adam: ‘Million Dollar Listing’ vs. Real Life

By ARLnow.com

Editor’s Note: This periodic sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty. The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com. Please submit follow-up questions in the comments section or via email.

How similar is the TV show Million Dollar Listing to real estate in Arlington?

Probably not that much more similar than your life is to the Real Housewives franchise. The shows are crafted for entertainment, featuring plenty of showboating and drama.

My favorite scenes are the face to face negotiations. They’re a great way to breed drama. In contrast, almost every real estate offer in Arlington is presented over the phone and then transmitted via email. I’ve only ever had one agent deliver an offer in person, but the negotiation had already taken place.

What’s also interesting is that they negotiate verbally without anything in writing. As a listing agent, you’re not going to get me to present anything to a seller without all the terms written out and signed by the buyer. There’s way too much that could go wrong and there are a lot more variables involved than price.

The broker open houses are much more fabulous on TV. The nicer broker open houses in Arlington usually consist of a catered lunch and maybe a drawing for a $50 gift card. In reality they are probably just as effective as the lavish events you have seen in Million Dollar Listing. In my opinion, brokers opens are as much about educating the realtor community about a home as they are about creating buzz. Education is especially important with some of the high performance green homes being built.

One practice some of us share in common with the agents on TV is staging . I’m sure this sounds like a waste of money to some of you, but I can tell you from experience that how a home shows goes a long way towards how it sells. According to the staging company I use, 94.9% of their staged homes sell in 45 days or less.

Though the guys on TV drive around in Porsches, wear $25,000 watches and strut around town in Gucci loafers, this is not how we roll in Arlington. Maybe there is a little of that in Great Falls, but I don’t see it around here. I should point out that far less than 1% of realtors earn the level of income that these guys on TV are making. According to CNBC.com 12 Most Overrated Jobs, the average annual income of a realtor is $40,357. That’s a respectable income, but it doesn’t get you far in Arlington and it sure doesn’t look anything like the $594,000 commission I just saw Ryan earn on Million Dollar Listing New York.

So how many million dollar listings actually sell in Arlington? Thus far in 2012, 63 homes have sold for $1,000,000 or more. The two most expensive homes sold in Arlington this year, went for $3,100,000 and $4,200,000. The latter is a penthouse condo at Turnberry Towers.

I have to give Bravo TV a lot of credit. If they can make real estate look cool or at least entertaining, then they are good at what they do. Today I had a walkthrough, closing, home inspection to negotiate and emails to respond to leading up to writing this article. Trust me, it had very low entertainment value.

Continue to send your real estate-related questions to: [email protected]

Morning Notes

By ARLnow.com

Bikes Stolen From Arlington Found on Craigslist — A woman who had her bike stolen from the Ballston Metro station last month ended up finding the bike for sale on Craigslist by a dealer in the District. When she went to D.C. police for help recovering the bike, however, she was reportedly told that police there can’t help her because she’s an Arlington resident. [DCist]

Pike Development Voted Down by Planning Commission — Last week the Arlington County Planning Commission voted against plans for a residential development at the corner of Columbia Pike and S. Glebe Road. Planning commissioners objected to the project’s plans for routing traffic only onto eastbound Columbia Pike and southbound Glebe Road, as well as to the composite siding that will be used to cover the buildings. The vote against the project was made despite the fact that it complies with existing zoning codes. [Arlington Mercury]

Va. HOV Rules Clarified — “Virginia’s rules for who’s legal in the HOV lanes are a mess — and they keep changing,” writes Robert “Dr. Gridlock” Thomson, who goes on to explain what exactly the current HOV rules are for highways like I-395 and I-66. [Dr. Gridlock]

Real Estate Rise in Arlington — April was a good month for real estate sellers in Arlington. The number of sales and the average sales price were both up by double digits compared to one year prior. The average residential real estate sales price in Arlington is now $613,421 — $809,450 for single family homes only. [Sun Gazette]

Options for Recycling a Computer — If you have some old computer equipment you need to get rid of, there are several options for recycling a computer in and around Arlington. [Arlington Virginia Computer Repair]

Flickr pool photo by ddimick

Morning Notes

By ARLnow.com

Arlington, Alexandria Compete for Federal Funds — Alexandria’s planned transit corridor along Route 1 is competing with Arlington’s proposed Columbia Pike streetcar for a limited pool of federal transporation funds. Meanwhile, Alexandria officials are still upset that Arlington declined to help pay for a study that could have helped Alexandria obtain federal funding for the Route 1 transit project, which the two jurisdictions have been otherwise cooperating on. [Connection Newspapers]

Democratic School Board Slate Set — Incumbent Emma Violand-Sanchez and political newcomer Noah Simon have received the Democratic endorsement for Arlington County School Board, all but guaranteeing their election in November. [Sun Gazette]

Condo Building Sells Out in Weeks — A new condo building at 1221 N. Quinn Street, in the Radnor/Fort Myer Heights neighborhood, sold out of all 13 units  in just a matter of weeks this past winter. [CityBiz List]

Ask Adam: Choosing a Realtor

By ARLnow.com

Editor’s Note: This periodic sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty. The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com. Please submit follow-up questions in the comments section or via email.

A reader asks: How should I go about choosing a Realtor to sell my house?

I’ve made my living off of referrals so obviously I am biased towards the recommendations of people you know, like and trust. But, let’s just say you don’t know anyone who can provide a good referral.

You could go old school and write down the names you are seeing most frequently on for sale signs near you home. Preferably, you would also get some feedback from the homeowner about their experience working with the Realtor.

Try Googling your neighborhood to see if there are some Realtors writing about your particular neighborhood. It’s a good way to preview their market expertise.

You may want to look at online reviews on Yelp, Google Places or Angie’s List. I think that Yelp would be my top choice. Yelp is developing into good source for finding Realtors based on reviews. It also allows you to search based on location to help filter out realtors who don’t specialize in Arlington.

Okay, so you have a few names, now what?

Recently I received an email from a homeowner I had never met before. He introduced himself and the home he and his wife were planning to sell. He then requested my response to the following questions.

  1. Do you work full-time or part-time as a real estate agent?
  2. How many homes have you sold in my neighborhood?
  3. How many other sellers are you representing now?
  4. Will you handle all aspects of my transaction or will you delegate some tasks to a sales associate or administrative assistant?
  5. What are your fees and are they negotiable?
  6. At what price do you think my home can sell given the current market?
  7. Can you give me a comparative market analysis (CMA) of recent sales in the area and homes currently on the market?
  8. What does your marketing package contain in addition to a comparative market analysis?
  9. Can I list the house with you for 60 to 90 days?
  10. Is your license in good standing?
  11. How many years of education and experience do you have?
  12. Are you also a broker and/or a Realtor?
  13. Can you provide me with the names and phone numbers of past clients who have agreed to be references?

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Morning Notes

By ARLnow.com

Defibrillator’s Batteries Weren’t Charged — Metro General Manager Richard Sarles has ordered a review of the agency’s automated external defibrillator (AED) program after it was revealed that the AED used to try to revive a man suffering a heart attack at the Pentagon Metro station on Monday had “insufficient battery charge.” The man later died. [Dr. Gridlock]

Favola Gets Top Business Rating — State Sen. Barbara Favola was the most “business-friendly” member of the Arlington legislative delegation in 2012, according to the Virginia Chamber of Commerce. During her recent campaign Favola was criticizing for taking big donations from real estate developers. [Sun Gazette]

Clock Ticking for River Place Owners — It may be 40 years away, but owners of the 1,720 co-ops and apartments at River Place in Rosslyn may no longer have a home after 2052. That’s because the sprawling residential complex sits on land that the River Place Owner’s Association doesn’t own, but rather leases from an estate. [UrbanTurf]

Man Chases iPad Thief at Airport Metro Station — An alleged 18-year-old thief was eventually apprehended after he reportedly stole an iPad from an auxiliary police officer on a Metro train at Reagan National Airport. The auxiliary cop, whose day job is at the Pentagon, chased the thief and was able to get his iPad back. [Washington Post]

Teen Job Fair This Weekend — The 16th annual Arlington Teen Summer Expo is being held from 11:00 a.m. to 1:00 p.m. on Saturday. The event brings Arlington teens, businesses and non-profits together to help teens find “the perfect summer job or volunteer experience.” [Arlington Teen Summer Expo]

Morning Notes

By ARLnow.com

Man Arrested in Videotaped Beating — A 21-year-old man has been arrested in connection with the videotaped beating of an Arlington man in Baltimore on St. Patrick’s Day. [WUSA 9]

County Mulling Home Ownership Grants for Employees — Only about 25 percent of Arlington employees live actually in the county. To help make it easier for county employees to live here, the Arlington County Board is considering creating a $114,000 fund that would offer one-time grants to employees buying a house in Arlington. [Patch]

Library Archive Contains Lincoln Letter — Today is Emancipation Day: President Abraham Lincoln freed the slaves in the District of Columbia exactly 150 years ago, on April 16, 1862. Meanwhile, Lincoln was assassinated 147 years ago Saturday, on April 14, 1865. A letter from Arlington Public Library’s Virginia Room archives provides a personal, handwritten account of the assassination. [Arlington Public Library]

Ask Adam: Ballston Common Mall

By ARLnow.com

Editor’s Note: This periodic sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty. The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com. Please submit follow-up questions in the comments section or via email.

Lisa says she’d like to know the following about Ballston Mall:

  1. “Are there plans for renovation? If so, will it be a complete tear down, face lift, efforts to get new stores in etc.?”
  2. “What stores might be considered? Has there been a reason to date that better stores have stayed away? (I’m assuming there is low rent, based on who has been there.)”
  3. “If no plans, given the whirlwind of other development of the Ballston area, how do the owners of the mall expect to be taken in a newer and nicer Ballston?”

I wish I could tell you that Ballston Common Mall has definite plans to redevelop itself into a fresh new option that will replace your need to hike over to Pentagon City or fight the traffic surrounding Tysons Corner.

There are three major stakeholders in Ballston Common Mall: Macy’s, Forest City Enterprises and Arlington County. Macy’s owns their respective stores at either end of the mall. Forest City owns the remaining shops and offices. Arlington County owns the parking garage. Substantive changes to the property as a whole will need to involve the consent and participation of the owners of all the various connected parcels.

The Arlington County official I spoke to said that they have not received any formal requests to modify the mall at this point. In fact, he made it seem as though they are content with the current limitations of the mall, which I find hard to believe. I expected that Arlington County would be keen on maximizing the revenue of this prime piece of real estate. More revenue equals more tax dollars coming into Arlington County.

Founders Square, located next door to Ballston Common Mall, is a great example of maximizing revenue while adding value to the community. They displaced a Metro bus garage and are building two office towers, a hotel and an apartment building with a number of new retail options on the ground floor.

The person I spoke with at Arlington County took time to point out how well the food court serves local employees. Seriously? The Arbour Realty office is a block from Ballston mall and I have to say that it is a very rare occasion that you will find me at the food court because there are at least 10 better options on the way over there.

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Apartment Building Planned for Courthouse Delayed

By ARLnow.com

A 16-story, 254-unit mixed-use apartment building planned for Courthouse is still on hold thanks to a lack of financing.

The Washington Business Journal reports that this month the Arlington County Board gave the developer behind the proposed Tellus apartment building an additional three years to get the project off the ground.

Construction had been set to begin in 2010, but “changing market conditions” mean that the building is still just a twinkle in the eye of its architect. For now, a 60s-era office building remains at 2009 N. 14th Street, where construction would be well-underway had the money been available to build the apartment complex.

2009 N. 14th Street is located one block away from both the Arlington police station and the proposed year-round county homeless shelter.

 

Ask Adam: Columbia Pike Corridor Real Estate

By ARLnow.com

Editor’s Note: This periodic sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty. Please submit follow-up questions in the comments section or via email.

“Just wondering what you think about the 22204 market. Do you foresee all the development around Columbia Pike having an impact? I see quite a few knock-downs and new homes springing up within blocks of my house but don’t really seem to feel full-scale gentrification. Still a ways off?” -Sean

As a resident of Arlington County I’m sure you’ve heard the buzz term “Smart Growth”. In my opinion, Columbia Pike is a great example of what is considered to be smart growth. I’ll explain why I think so.

You may already know that the Columbia Pike corridor was a vibrant artery in Arlington between the 1940’s and the arrival of the Metrorail. At the time, approximately one out of three Arlingtonians lived along the Pike. When decisions were made to run the Orange Line through the Rosslyn-Ballston Corridor and the Blue Line through the Eisenhower Corridor, development froze along the Columbia Pike corridor and it took a back seat. Between 1970 and 2002 not a single multifamily residential building was constructed along the Columbia Pike corridor and the relative value of land became stagnant or began to decline.

Step one in reviving Columbia Pike was a change to the zoning code. Arlington County and the Pike community introduced a new form based code that provides developers a lot more flexibility with the buildings as long as they conform to a certain look and size. The review period for plans could be reduced from years to months while providing a high degree of predictability for developers, businesses and the community at large. Adoption of form based code in 2002 coincided with what I consider the beginning of Columbia Pike’s revitalization.

We are in the midst of step two. New grocery stores, restaurants, bars, shops and multi-family residences are slowly moving-in along the Pike. There is a blend of old school and new school, which planners intend to maintain. Columbia Pike’s smart growth plan favors diversity among residents, buildings, retail options and homes. The benefit is realized by greater financial and social resiliency. If you are hoping for a Reston Town Center, then I think you will be disappointed with the direction of Columbia Pike. I compare the vision more closely to some of the neighborhoods in the San Francisco area.

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Owner Looking for New Tenant for 3100 Clarendon

By ARLnow.com

With its sole office tenant set to move out by May 2013, the owner of 3100 Clarendon Boulevard is looking for a new occupant.

Floors 2 to 14 of the 14-story Class A office building are for rent for an asking price of between $44 and $48 per square foot, according to a real estate website. The building offers tenants “direct access to the Clarendon Metro via a below grade walkway from the lobby,” “panoramic views” and a “great signage opportunity,” according to the commercial real estate firm that’s helping to lease it.

The ground floor of the building has retail tenants like Mister Days and Mad Rose Tavern.

As reported in September 2010, the Defense Intelligence Agency will be moving out of the building by May 2013, in favor of a leafy, tech-oriented office park in Reston. That is leaving nearly 215,000 square feet of prime Clarendon real estate open for new potential office tenants.

The new tenants can move in as early as July 2013, according to the real estate listing.

Flickr pool photo by wfyurasko

Morning Notes

By ARLnow.com

Wienermobile Spotted in Arlington — The Oscar Mayer Wienermobile was spotted yesterday afternoon at the entrance to Bluemont Park (above). No word yet on what it was doing there.

Vornado Hurt By BRAC — Vornado Realty Trust, one of the primary commercial landlords in the Crystal City area, is hurting due to the Base Realignment and Closure Act. The company is currently “staring down the barrel of nearly 2.4 million square feet of vacant space” as the U.S. military continues to move offices and departments from leased buildings to forts and other owned properties.. [Washington Business Journal]

One Handgun a Month Law Repealed — Yesterday Virginia Gov. Bob McDonnell (R) made it official and signed a bill that repeals the state’s 19-year-old “One Handgun a Month” law. In response, Rep. Jim Moran (D) said in a statement: “Today Virginia retreated from sensible gun control policy… The repeal of this law will return Virginia to being the nation’s number one gun-running state, putting more guns into the hands of criminals and traffickers.”

Hotels Gouging For Inauguration? — Booking a room in Arlington for Inauguration Day 2013 is going to cost you. Hotels have already jacked up prices in anticipation of the crush of visitors to the D.C. area for the inauguration. TBD.com compiled a list of notable examples, and found $479 per night rooms at the Rosslyn Hyatt, $399 per night rooms at the Ballston Comfort Inn, and $299 per night rooms at the Lee Highway EconoLodge.

Courtesy photo

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