real estate

Just Listed in Arlington

By ARLnow.com Sponsor

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.

Good morning Arlington!

It was quite a week for ratified contracts in Arlington, with 72 buyers finding a new place to call home in just the past seven days — 24 of those were on homes listed within the past week. Sellers are doing their part, listing 62 homes for sale. So far, demand is definitely outpacing supply for 2021, as we anticipated.

We’re down to just 375 homes of all different types, shapes and sizes currently available for sale, down 22 from the previous week. Of the currently available homes, 83 are single-family properties, 28 are townhomes/semi-detached and 264 are condos.

The average list price for currently available properties is $740,899 and the median is $515,000.

The Andors Real Estate Group has been fielding a lot of questions recently from prospective purchasers and home sellers alike. One question I’ve heard a few times that I want to bring up here in today’s column is not a new one…

“Why is inventory so tight?”

Well, like all good questions, it has many answers. The simplest version is that homeowners are staying put for one reason or another.

A more elaborated answer has to do with at least three factors: interest rates, life in general and property availability.

  1. Market conditions are bringing buyers into the market in high numbers. Low interest rates continue to bring many would-be renters into the market for a new purchase, and it has fueled the highest-ever purchasing power across all buyers, probably most noticed by first-time buyers. First-timers are able to buy enough home to potentially skip the small condo and jump straight to a townhome or even a single-family property. Perhaps this is an additional factor to take into consideration when figuring out why condo inventory is so high.
  2. The desire or need for more space, fueled by pandemic-related needs: changes such as work from home or school closures have had an outsized impact over the past year. But even with the pandemic, regular life continues — the typical family/job/life events we all experience from time to time are also making people move, as per usual.
  3. Lastly — and this is not going to be nearly as big a story in Arlington as it will in many other parts of the country, but it’s worth mentioning, nonetheless — the moratorium on evictions and foreclosures (enacted under the previous administration and just extended by the new administration through March 31) means the negative side of this pandemic economy has yet to be felt in local housing markets. This is further tightening supply that otherwise would have been freed up in previous recession-like economic cycles, where evictions, foreclosures and then subsequent sale of these properties is pushed out indefinitely. Owners staying in place or choosing to hold their property as an investment when moving also lends to decreased resale availability, a popular option in Arlington, increased in the post-Amazon announcement era.

Rents are decreasing. According to a recent ARLnow article, rents have dropped by nearly 15% in Arlington since March. This is something to watch for; I suspect some landlords will see this as an ideal time to consider selling, possibly freeing up some long-lost inventory in the not-too-distant future. If an income-generating asset like a home stops generating, investors will look to other areas to generate revenue. Houses aren’t generally considered to be very liquid investments… unless you own a home in Arlington, where it can take one day to market/go under contract and as little as two weeks to settle.

Click here to search currently available Arlington real estate. If you see a home you’re interested in purchasing, give us a call.

Call the Andors Real Estate Group today at 703-203-1117 to talk more about buying or selling Arlington real estate. Below are eight new listings I think you might like to check out:

6629 Williamsburg Boulevard

Morning Notes

By ARLnow.com

Arlington Spots with Great Fried Chicken — Washington Post food columnist Tim Carman lists three Arlington eateries among the seven serving some of the best fried chicken sandwiches in the D.C. area. The Arlington locations on the list are Queen Mother’s Fried Chicken, Etta Faye’s Fried Chicken, and Fuku. The latter two are “ghost kitchens,” available via delivery only. [Washington Post]

Regional Real Estate Record — “Average home-sales prices across Northern Virginia reached an all-time high in 2020, and total sales volume was second only to the pre-recession boom of 2005, as the market shrugged off COVID and the resulting government-imposed lockdown to see its first year-over-year sales increase since 2017.” [InsideNova]

DCA Still Struggling During Pandemic — “Only three states in the nation are faring as poorly in an aviation rebound as Ronald Reagan Washington National Airport, according to new data. In December, the year-over-year passenger count at the airport was down 74.3 percent from December 2019, according to figures from the U.S. Transportation Security Administration.” [InsideNova]

Nearby: Atlantis Restaurant Closing — “After nearly 40 years in business, Atlantis Pizzeria and Family Restaurant will close on Jan. 24… The Greek and Mediterranean restaurant at 3648 King Street in the Bradlee Shopping Center has been open sporadically throughout the pandemic, and has only served carryout.” [ALXnow]

Just Sold in Arlington: Jan. 21, 2021

By ARLnow.com Sponsor

We’ve been cautiously optimistic as we tread further into 2021, but it’s safe to say the Arlington real estate market is off to a strong start.

This past week, 34 properties were reported sold across the county, up slightly from the past two weeks.

As of Jan. 17, there were 536 homes listed for sale in Arlington, according to Homesnap. This includes 368 condos, 133 detached homes and 35 townhomes.

“The median list price is $571,500, and the median sales price is $622,500,” Homesnap reports. “There have been 125 new listings in the last 4 weeks and 174 sales.”

Here are a few of the properties sold in the past seven days:

In the market? See properties that have been Just Listed and Just Reduced.

Just Reduced Properties in Arlington

By ARLnow.com Sponsor
1/7

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.

It’s Inauguration Day in America. Wherever you are on the political spectrum, it’s always a day to reflect on the start of something new or the next chapter.

On this day, let’s look at the definition of inaugurate and apply it to the real estate realm: “to begin or introduce a system, policy or period.” For so many folks in and around Arlington County, they may be stuck in a routine or system that just doesn’t work for them.

The team at Arlington Realty, Inc. is here to inspire you to inaugurate a new living situation for yourselves. Whether it’s selling a residence you’ve had on your hands for years, embarking on a new rental journey or finding the home of your dreams, you can make it happen.

You just need to take that first step.

When you’re ready to chat about your aspirations, the team at Arlington Realty, Inc. is always here for you.

And now on to this week’s Just Reduced figures…

As of January 18, there are 107 detached homes, 39 townhouses and 283 condos for sale throughout Arlington County. In total, 27 homes experienced a price reduction in the past week, including:

Please note 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.

Ask Eli: 2020 Housing Market Review — Single-Family Homes

By ARLnow.com Sponsor

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. Enjoy!

Question: How did Arlington’s single-family housing market perform in 2020?

Answer: Despite the pandemic, the single-family housing market produced strong growth locally and nationally, primarily due to interest rates setting record lows throughout the year and a sharp change in housing criteria due to ongoing work/school-from-home demands. While Arlington experienced strong growth, less expensive markets farther from D.C. saw sharp increases in demand and explosive growth.

More Expensive…

In Arlington, the average and median price for a single-family home increased by 4.9% and 5.7%, respectively, after similar increases in 2019. The growth showed up in all ends of the market, including Arlington’s most expensive homes, with another record-shattering year for the number of $2 million to $3 million homes sold. Only 17% of single-family homes sold for less than $800,000 and about half of those were tear-downs or required major renovations.

Volume Still Down…

Despite a very slow rollout of homes for sale in the first half of the year due to lockdown measures and pandemic fears, market volume caught up quickly in the second half of the year, ending up with 13 more homes sold in 2020 than in 2019, but still approximately 10% lower than 2015 to 2018.

Faster Pace Sales…

Average and median days on market dropped for the fifth year in a row to 7 and 22.2 days, respectively, and the percentage of homes selling in the first week increased for the fifth year in a row, hitting the 50% mark in 2020. The average and median price for a home purchase within the first week on the market was 1.1% and 2% over the asking price, respectively. The takeaway? If you’re searching for a home, be prepared to act quickly and pay above the asking price for something new-to-market.

Six Interesting Charts

Below, I put together a series of charts to visualize how the Arlington housing market performed in 2020 and how that performance compares to the 2015 to 2019 markets.

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BREAKING: Arlington Residential Property Values Soar

By ARLnow.com

The value of homes in Arlington County has soared during the pandemic.

Residential property values in Arlington are up 5.6%, while commercial property values slumped 1.4% from last year, according to newly-released stats. Arlington County is starting the process of mailing the new assessments out to homeowners and commercial property owners.

“Arlington’s overall property tax base grew modestly from last year due to continued residential growth despite a slowdown in some commercial sectors due to the impacts of the COVID-19 pandemic,” the county is saying in a letter to property owners. “Property values increased 2.2% overall in Calendar Year (CY) 2021 compared to 4.6% growth in CY 2020. New construction contributed to 1% of the 2.2 % overall property assessment growth.”

The sharp rise in residential property assessments shows “the continued attractiveness of our Arlington community, even as our businesses and residents face the burdens and challenges brought by the COVID-19 pandemic,” said County Manager Mark Schwartz. The average value of existing residential properties is now $724,400, up from $658,600 two years ago.

The average value of hotels, meanwhile, plummeted amid the pandemic, while apartment and office buildings increased in value — with the latter propped up by the arrival of Amazon.

“Overall commercial property assessments decreased by 1.4% over the previous year, mainly driven by a double-digit decrease in the hotel sector where operations have been significantly impacted by the COVID-19 pandemic,” the county said. “Apartment and general commercial (malls, retail stores, gas stations, commercial condos, etc.) property values saw small decreases offset by new construction. After strong growth in CY 2020, apartment property assessments increased by 0.8% overall in CY 2021. General commercial property assessments increased by 0.1% overall.”

“While many office property assessments decreased due to increases in vacancy rates and changing demand for office space, total office property values increased by 0.8% over last year,” the county added. “The overall office market tax base increased, in part, due to the increased presence of Amazon and the related development activity.”

Last year, assessments rose 4.6% on average — 4.9% for commercial properties and 4.3% for residential properties. The big rise in 2021 residential assessments will likely result in another effective tax hike for homeowners.

Last year, Arlington’s property tax rate — $1.026 per $100 in assessed value — was held steady despite the higher property values. This year, budget pressures brought on by the pandemic have prompted the county to warn of the likelihood of both budget cuts and tax rate hikes.

The height of Arlington’s budget season is set to kick off on Feb. 20, with the release of the County Manager’s proposed Fiscal Year 2022 budget. The final budget is expected to be adopted on April 17. The county’s new fiscal year begins July 1.

“The County continues to feel the economic impacts on local revenues, including the slowdown in sales, meals and hotel taxes, as well as cost increases and additional costs related to the pandemic,” the county said in a press release today. “The projected budget shortfall remains at more than $40 million, excluding the needs of the Arlington Public Schools (APS).”

Open Houses in Arlington This Weekend

By ARLnow.com Sponsor

Looking for a home? There are plenty of houses and condos open for viewing this weekend.

Check out the Arlington Realty website for a full list of homes for sale and open houses in Arlington. Here are a few highlights:

2750 N. Nelson Street
7 BD/7 BA, 1 half bath single-family home
Agent: Washington Fine Properties, LLC
Listed: $2,200,000
Open: Sunday, 2-4 p.m.

 

2645 N. Ohio Street
5 BD/4 BA, 1 half bath single-family home
Agent: Keller Williams Capital Properties
Listed: $1,575,000
Open: Sunday, 1-4 p.m.

 

5840 18th Street N.
6 BD/3 BA, 1 half bath single-family home
Agent: Keller Williams Realty
Listed: $1,425,000
Open: Sunday, 2-4 p.m.

 

900 S. Wakefield Street
4 BD/3 BA single-family home
Agent: KW Metro Center
Listed: $999,900
Open: Saturday, 1-3 p.m.

 

3145 14th Street S.
4 BD/3 BA, 1 half bath townhouse
Agent: Compass
Listed: $815,000
Open: Sunday, 2-4 p.m.

 

236 N. Greenbriar Street
4 BD/2 BA single-family home
Agent: Living Realty, LLC
Listed: $750,000
Open: Sunday, 1-3 p.m.

 

1600 N. Oak Street, #1505
2 BD/2 BA condo
Agent: Long & Foster Real Estate
Listed: $619, 990
Open: Sunday, 11 a.m.-1 p.m.

Just Listed in Arlington

By ARLnow.com Sponsor

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.

Inventory continues to decline in Arlington, bolstered by strong buyer demand through the second week of January. With just 397 total available properties, we haven’t been this strapped for homes since early August 2020. Ninety of these are single family, 37 are townhouses/semi-detached and 270 are condos. Condo inventory is down 100 from the week of November 22, when it peaked at 370 available units.

Arlington sellers listed some 55 homes this past week, up from 49 the week prior. Buyers really did their part, virtually keeping pace with 54 contracts ratified, 22 of which were homes on the market seven days or less. Last week we had 42 ratified contracts.

Mortgage rates just ticked up about one-eighth of a point in the past week — still historically low but perhaps indicative of a trend upward. We haven’t seen this large of a move in a one-week increment since last March, when Covid-19 and associated lockdown measures were threatening the liquidity of capital. It’s still an amazing time to refinance an existing loan, invest in more real estate to lock in a low fixed payment, or buy a new home for your family.

Currently available homes across all property types have an average list price of $754,824 and median of $544,500.

Pick of the Week: 1745 S. Hayes Street #2, Arlington, VA 22202 — $635,000

Southampton is one of the most conveniently located townhome developments in Arlington. Walk across the street to Pentagon City and Metro or to Costco, or take a short stroll to Amazon’s HQ2. This 3 BD/2.5 BA two-level townhome has assigned parking at the front door and is 1,400 square feet plus has a large covered balcony. Find me here on Sunday, from 1-4 p.m. for the in-person open house, or call me at 703-203-1117 to make arrangements to tour privately.

Click here to search currently available Arlington real estate. If you see a home you’re interested in purchasing, give us a call.

Call the Andors Real Estate Group today at 703-203-1117 to talk more about buying or selling Arlington real estate. Below are eight new listings I think you might like to check out:

Stylish Trenton Square at Ballston — Just Around the Corner

By ARLnow.com Sponsor
1/10

Just around the corner from Washington, D.C., in North Arlington, is Ballston. A reflection of the nation’s capital, Ballston blends some of the city’s highlights with its own unique rhythm, creating a vibrant and exciting place to work and play.

Just around the corner from the heart of Ballston, is Trenton Square at Ballston. Down tree-lined streets, the townhome community of Trenton Square provides the perfect balance to the cosmopolitan cadence of Ballston, creating a relaxing and spacious place to live. This boutique community of just 19 townhomes is selling quickly and won’t last long. Make an appointment to visit our beautifully decorated model today, and lock in today’s low mortgage rates with our homes available for immediate delivery.

The homes at Trenton Square would make anyone in D.C. envious. Four levels of luxury and elegance, and with the space and comfort to stretch your legs, take a deep breath and bathe in the light pouring through all the large windows.

The entry level is all about productivity. A two-car garage protects your vehicles and gives you some extra flex space, should you need it. Dedicated office space lets you easily work from home without taking over the dining room table.

The next two levels provide fuel, fun and recharging. A designer kitchen with quartz countertops, stainless steel appliances and a large island will inspire many delicious meals. A spacious dining and family room fill out the floor, providing all the room you need to entertain. Above that, on the third floor, is your owner’s suite. Decadent. Refreshing. A sanctuary within a sanctuary.

The fourth floor is special, because that’s where a large and airy loft space leads out onto your private outdoor terrace. Dine under the stars, dance with the rising sun or share a glass of wine and a good book with the fresh air. Your private terrace provides the ultimate natural recharge.

Just around the corner from home, right down the road, you’re back in the heart of Ballston. All the best dining, shopping and entertainment await you. Any flavor you crave can be found within five blocks at one of over 80 restaurants. Scores of essential services and boutique shops are ready to brighten your home and life. Parks, movie theaters, immersive virtual experiences and even an ice rink (home of the Washington Capitals) — can’t get much cooler than that!

4 levels, 3 bedrooms, 3.5 baths, 2-car garage, beautifully finished — from $974,900

Immediate delivery homes are available!

Just Sold in Arlington: Jan. 14, 2021

By ARLnow.com Sponsor

As we ease into 2021, Arlington’s real estate market continues to look strong. This past week, 31 properties were reported sold across the county, up slightly from last week.

As of last month, there were 622 homes listed for sale in Arlington, according to Homesnap. This includes 427 condos, 146 detached homes and 49 townhomes.

“The median list price is $549,450 and the median sales price is $615,000,” Homesnap reports. “There have been 136 new listings in the last 4 weeks and 239 sales.”

Here are a few of the properties sold in the past seven days:

In the market? See properties that have been Just Listed and Just Reduced.

Just Reduced Properties in Arlington

By ARLnow.com Sponsor

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.

We’ve made it through one of the slower times of the year.

In the heart of Hanukkah, Christmas, New Year activities and everything in between, folks typically aren’t pushing the gas on their real estate aspirations. Now, nearly two weeks into 2021, we are starting to see things rev up again.

After a few weeks of steady declines on the listings front, we’ve seen our first uptick on detached home, townhouse and condo listings. Additionally, the number of Just Reduced properties has skyrocketed more than 200% over last week (from 12 to 36).

What’s between the numbers, you ask?

With the holidays in the books, folks are resetting and kicking things into high-gear to get properties sold. So, if you are in the market for buying, now is a wonderful time for you.

When you’re ready to embark on your real estate journey, the time-tested team at Arlington Realty, Inc. is ready to advocate and negotiate on your behalf.

And now on to this week’s Just Reduced figures…

As of January 11, there are 104 detached homes, 42 townhouses and 280 condos for sale throughout Arlington County. In total, 37 homes experienced a price reduction in the past week, including:

Please note 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.

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