real estate

Ask Eli: Positive Signs in the Condo Market, Finally

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: Can you provide an update on how the condo market is doing?

Answer: Arlington’s condo market began shifting in favor of buyers this summer, after two years of a very strong seller’s market, when historical numbers of condos began hitting the market at the same time demand subsided. I’ve written about these changes four times since (falling values, visualizing high inventory, first signs of a trend, and first signs of a shift).

November Might Be a Turning Point

For the first time since June, we’ve seen a reduction in the Months of Supply (MoS) of Arlington condos. Months of Supply is a great measure of supply and demand (lower MoS = stronger market with higher demand and less inventory).

While the reduction in MoS is slight, it’s a positive sign nonetheless that the market is either closer to finding its level again or may soon show signs of strengthening. However, one month, particularly a winter month, is not enough to establish any real change, we will need to see what the next three to six months bear.

Multiple Key Indicators Show Positive Signs

My hope for a settling or strengthening of the condo market is not solely based on one metric. There are other key metrics that suggest November may be the first month of a settling or strengthening condo market.

Absorption Rate (Figure 2), a measure of demand, increased ever-so-slightly in November, the first increase since May, albeit still down nearly 68% from the December 2019 Absorption Rate.

The number of condos for sale during November decreased for the first time since May (Figure 3), albeit slightly. The better news, however, is that the decrease in total condo inventory doesn’t seem to be caused by frustrated sellers pulling their condos off the market, rather due to promising contract activity (Figure 4), which was up 41% year-over-year in November.

Looking Ahead, Eyes on March to May

Over the next few months, I’ll be looking closely at whether these trends (stronger demand, falling inventory) continue, find a level or revert back to what we’ve seen since this summer. I’ll be particularly interested in what year-over-non-COVID-year numbers look like and if we settle into normal spring activity for inventory and demand.

For example, while the charts above are positive indicators for the condo market, Figure 5 shows just how much inventory (new listings) is still coming onto the market, with November generating nearly 79% more condo listings in 2020 than in 2019, but only a 41% increase in contract activity.

I think March to May 2021 are going to be very interesting months, statistically speaking, and will be excellent indicators of what the market might look like for the next few years, until the next major market event (e.g. Great Recession, Amazon HQ2, COVID). I think/hope that by then, we will also have a better understanding of how the Federal Government and private companies will address teleworking beyond COVID and thus whether commute time will be prioritized differently by buyers.

If you’d like to discuss buying or selling strategies, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to set-up an in-person meeting to discuss local Real Estate, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at 703-539-2529.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703-390-9460.

Listing of the Day: 5214 11th Street N.

By ARLnow.com Sponsor
1/10

Address: 5214 11th Street N.
Neighborhood: Lacey Forest
Listed: $1,675,000

Conveniently located between Ballston and Westover Village, this light-filled new home from A&N Builders is blocks to Lacey Woods Park and the bike path.

Constructed with quality and style by A&N Builders, the home offers Pella double-hung, Low-E windows, a 30-year architectural shingle roof, HardiePlank siding with stone water table and porch, and low maintenance Miratec exterior trim. The kitchen offers crisp white cabinets with silent close drawers and doors, quartz countertops, ceramic tile backsplash, and sleek Bertazzoni appliances, including a pro gas range and a range hood venting to the outside. The dining area is nestled into a walk-in bay window, and the breakfast bar provides space for casual dining.

The focal point of the 21-by-20 family room is the gas fireplace vented to the outside, a handsome mantel and surround. Solid hardwood floors, stained and finished in place, and abundant recessed and task lighting add to the room’s appeal. French doors lead from the family room to the deck overlooking the level, fenced rear yard. A walk-in pantry and powder room complete the main level.

Upstairs, the primary bedroom provides two walk-in closets with organizers and an ensuite bathroom with double vanity, linen storage, soaking tub and shareable shower. The second bedroom has a walk-in closets, double windows for cross ventilation and linen storage in the private bathroom. The third and fourth bedrooms share a bathroom with double bowl vanity and separate bathtub and toilet area. Also upstairs is the laundry with utility sink, linen closets and utility room for the second HVAC system.

Downstairs features a rec room with full-size windows, tray ceiling and a door with a few steps to the backyard. The fifth bedroom is on this level and is ideal quiet space for working from home, distance learning or Zoom calling. Two more closets are on this level along with a utility room with even more storage. The home is served by McKinley, Swanson and Washington-Liberty schools. It’s a wonderful home in an enviable location.

Listed by:
Betsy Twigg
McEnearney Associates
703-967-4391
[email protected]
www.betsytwigg.com

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:

3118 17th Street N.
4 BD/5 BA, 1 half bath single-family home
Agent: TTR Sotheby’s International Realty
Listed: $1,995,000
Open: Saturday, 2-4 p.m.

 

1570 N. Colonial Terrance
4 BD/4 BA, 1 half bath townhouse
Agent: Samson Properties
Listed: $1,449,900
Open: Sunday, 1-3 p.m.

 

3201 N. Tacoma Street
3 BD/4 BA, 1 half bath townhome
Agent: Long & Foster Real Estate
Listed: $1,150,000
Open: Sunday, 2-4 p.m.

 

1418 N. Rhodes Street, B107
2 BD/2 BA, 1 half bath condo
Agent: Redfin
Listed: $950,000
Open: Sunday, 1-3 p.m.

 

851 N. Glebe Road, #820
2 BD/2 BA condo
Agent: Compass
Listed: $734,900
Open: Sunday, 12-2 p.m.

 

3715 2nd Street S.
2 BD, 1 bath, 1 half bath single-family home
Agent: Long & Foster Real Estate
Listed: $685,000
Open: Saturday, 1-3 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.

Wow — Arlington available inventory contracted 9% in just one week. That means we have the lowest available inventory in Arlington in 13 weeks. There are 467 available properties for sale in Arlington.

If you want a single-family home, you’ve got the least amount to choose from in at least six months. With just 106 on the market, the demand continues to be unparalleled. Condos — well, that inventory, which had exploded throughout the year, is down by 15% in the past four weeks. Townhomes/semi-detached properties make up 47 of the available properties this week.

Days on market (DOM) continue to creep up, but there is more to that story. The average for currently available homes is 73 while the median is 56. Take a look at the numbers for properties that went under contract this week, and there’s a stark contrast. The average for those just put under contract is 36, and the median just 15.

This week, sellers listed 31 homes and buyers ratified 46 contracts. 10 of those contracts were on homes listed within the past week. Last year for the same week, sellers listed 33 homes and buyers ratified 44 contracts.

The median list price of currently available inventory in Arlington is $525,000 and the average is $746,790.

This week last year, Realtor.com made some predictions about what the 2020 market would look like. While they couldn’t have predicted the economic upheavals surrounding COVID-19, our local market outperformed their estimates, as did the nation as a whole. Realtor.com predicted median home prices would rise less than 1%, but they’ve risen more than 15% since last year. They also predicted we would have about 2% fewer existing home sales, but, in fact, we’ve had over a 26% increase.

Click here to search currently available Arlington real estate. If you see a home that 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…

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.

You deserve a treat.

Amid a stressful year — which has included a pandemic, very contentious election and likely other happenings on a personal level — has there ever been a better time for National Chocolate Covered Anything Day?

Well, today (Wednesday, December 16) is that day, so treat yourself. With a number of quirky holidays scattered throughout December (and the year!), there are plenty of opportunities to be kind to yourself and others. So, go for it. And, as always, we encourage you to support the local businesses that continue to make Arlington an amazing place to call home.

On the real estate front, when it’s time to up your game and invest in your future (whether buying, selling or renting in and beyond Arlington County), the time-tested team at Arlington Realty, Inc. is here for you.

And now for this week’s Just Reduced figures…

As of December 14, there are 125 detached homes, 48 townhouses and 332 condos for sale throughout Arlington County. In total, 35 homes experienced a price reduction in the past week:

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: Deep Dive Into Arlington’s Townhouse Market

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: I need more living space and single-family homes are out of my budget, so I’ve been searching for townhouses in Arlington, but finding that the options are limited. Can you provide some guidance on what the townhouse market in Arlington looks like?

Answer: I spend a lot of time digging into the condo and single-family home markets but not much time on the townhouse/duplex market. Why? Because townhouses and duplexes make up such a small part of our housing inventory. According to a Missing Middle study, townhouses and duplexes make up just 5.9% of Arlington’s housing inventory (3.7% are townhouses).

Fortunately (for some), we’ve recently had an unusual surge in new townhouse developments hit the market including:

  • Arlington Heights: 27 townhouses developed by NV Homes, walking distance to the East Falls Church Metro, ranging in price from about $1.1M-$1.4M
  • Trenton Square: 19 townhouses developed by Madison Homes, near the intersection of Rt 50 (north side) and Glebe and a short distance to Ballston, starting at around $1M
  • Morrison Hill: 17 townhouses developed by Beazer Homes, near the intersection of Columbia Pike and George Mason (across from the new Harris Teeter), ranging in price from about $800k-$900k+
  • Towns of 24th: 8 townhouses built by Evergreene Homes, in the Green Valley neighborhood situated between Shirlington and Columbia Pike, starting in the mid-$800s
  • Park Nelson: 3 townhouses developed by District Line Development, in the Green Valley neighborhood situated between Shirlington and Columbia Pike, ranging from $900k to $935k
  • Townes at South Glebe: 16 townhouses across two sites developed by Christopher Companies, off of South Glebe between Columbia Pike and Shirlington, with prices starting in the upper $800s

Explanation of Data

For the data below, I looked at sales of townhouse and duplex properties over the past five years (except the last chart). I decided to separate these properties into ownership type: Condominium and Fee Simple.

Condominium ownership is generally used in multi-family buildings (apartment-style) but was popular in many of South Arlington’s townhouse communities in the mid-1900s. In condominium ownership, the HOA is generally responsible for what’s outside the walls of the home (roof, fencing, some plumbing, etc.), and HOA fees are therefore (significantly) higher.

Fee Simple ownership means you own the entire structure and the land your home sits on. The HOA fees are usually much lower because there’s less common ownership.

Over the past five years, we’ve had a nearly 50/50 split between condo and fee simple townhouse/duplex sales.

5-Year Townhouse Market Performance

Unsurprisingly, the townhouse/duplex market has followed the same general trends as the rest of the housing market, with a strong 2018, followed by a white hot 2019 and 2020, where the average townhouse/duplex sold for more than the asking price and 60% or more of homes listed sold within the first week.

Here are a few highlights from the data below:

  • There are a few ways of looking at appreciation here, but overall, the data suggests the townhouse/duplex market has appreciated ~20% in the past five years, with most of that coming in the last two years.
  • The apparent drop in market value, by average sold price, of Fee Simple in 2019 is a misrepresentation of the market ,and due to the difference in the distribution of sales (more inexpensive/fewer expensive listings), the $/sqft tells a more accurate story for 2018-2019 Fee Simple pricing.
  • The ~10% appreciation of the Condominium townhouse/duplex market (smaller, older and less expensive than the Fee Simple market) in 2020 is likely due to buyer demand shifting away from similarly priced apartment-style condos in buildings towards private entry townhouse/duplex living with easier access to outdoor space (COVID related).
  • Although quite different in size, price, age and HOA fees, the Condominium and Fee Simple styles of townhouse/duplex ownership generally move in close parallel.

(more…)

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:

3540 N. Valley Street
6 BD/5 BA, 1 half bath single-family home
Agent: Washington Fine Properties
Listed: $2,365,000
Open: Sunday 2-4 p.m.

 

224 N. Nelson Street
6 BD/5 BA, 1 half bath single-family home
Agent: William G. Buck & Associates
Listed: $1,789,000
Open: Sunday 2-4 p.m.

 

3014 12th Street S.
5 BD/4 BA, 1 half bath single-family home
Agent: KW Metro Center
Listed: $1,250,000
Open: Sunday 12-2 p.m.

 

1507-F N. Colonial Terrace
3 BD/2 BA, 2 half bath townhouse
Agent: Long & Foster Real Estate
Listed: $1,100,000
Open: Saturday 1-4 p.m.

 

3713 N. Military Road
6 BD/3 BA single-family home
Agent: Weichert, Realtors
Listed: $979,000
Open: Saturday 2-4 p.m.

 

1411 Key Boulevard, #603
2 BD/2 BA condo
Agent: Berkshire Hathaway HomeServices PedFed Realty
Listed: $859,000
Open: Saturday 1-3 p.m.

 

820 N. Pollard Street, #214
2 BD/2 BA condo
Agent: KW Metro Center
Listed: $674,000
Open: Sunday 1-3 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.

Hello, Arlingtonians!

We’re still slow for the winter, but as anticipated, things picked back up from last week. Expect one more week of decent activity before things slow until the new year. The most seasonal part of our market is the holidays, but other than that, expect full speed ahead come early January.

Right now, sellers are strategizing with local Realtors on how to take advantage of 2021… Pro tip: Get ready to list early, before the “snow” melts, before the grass is green and before the weather warms. As sellers, this is your opportunity to compete against the fewest sellers, because the buyers are already out there. Call me at 7030203-1117 to put together a custom plan to get you top dollar in our market. Your home has never been worth more!

Now for the numbers…

This past week in Arlington, sellers listed some 47 properties for sale while buyers ratified 41 contracts; 16 of the ratified contracts were on homes listed just within the past week. Last week, only four of new homes were ratified within a week.

There are currently 512 homes for sale in Arlington, six less than last week. Of those listed, 118 are detached homes, 59 are townhouses/semi-detached and 335 are condos.

Average days on market (DOM) for currently available homes is 67 and median DOM is 52. These keep creeping up as fewer new listings come on to weigh down the average. Unless a big chunk of the holdover inventory is absorbed in the coming weeks, we’ll probably see these go up week over week until mid-January.

The median list price of currently available properties is $549,450, while the average is $751,175.

Last year for the same week, sellers listed about 36 homes and buyers ratified 26 contracts.

Click here to search currently available Arlington real estate. If you see a home you’re interested in purchasing, we’d love to help! Call the Andors Real Estate Group today at 703-203-1117 to talk more about buying or selling Arlington real estate.

Below are eight homes that are new this week that I think you might like to check out:

Prelude to Demolition for Circa 1907 Dominion Hills Mansion?

By ARLnow.com
1/4

A permit filed with Arlington County suggests that a potentially historic house in Dominion Hills may not be long for the world.

The Febrey-Lothrop House at 6407 Wilson Blvd, also known as the Rouse estate, has been the subject of sale speculation this year. The 9 acre property on which it sits is considered to be a “generational” land acquisition opportunity for the county and a prime site for a potential residential development, should it sell to a developer.

A historic designation for the property has been proposed, however. From a Sun Gazette article last week:

Members of the Arlington government’s Historical Affairs and Landmark Review Board (HALRB) voted 10-0 on Nov. 17 to move forward on a preliminary study toward determining whether the 9-acre Rouse estate at the corner of Wilson Boulevard and North McKinley Road meets qualifications to be designated as a local historic district.

The bone of contention? The trust that controls the property doesn’t want the study, or the historic designation, to move forward.

The property is owned by a trust set up by sportsman Randy Rouse, who purchased the estate (then consisting of 26 acres) in 1951 and owned it until his death at age 100 in 2017. His widow currently resides on the circa-1907 main house.

Not only is the house more than a century old, but its former residents are of some note: Alvin Lothrop, one of the founders of the Woodward and Lothrop department stores chain; business magnate and aviator Howard Hughes; and actress Audrey Meadows of The Honeymooners fame.

A historic designation, should it be approved, may limit the development potential of the property. Also from the Sun Gazette:

Inclusion in a county-government local historic district in Arlington restricts the maneuverability of property owners in terms of what they can do with their property.

While owners of properties being considered for inclusion as a local historic district could always attempt what might be considered a nuclear option – razing the structures to the ground before a vote on such a designation takes place – such a move likely would result in a reaction that would complicate efforts to redevelop the parcel down the road.

A recent permit filing could be a prelude to the aforementioned “nuclear option” of a preemptive demolition.

This week the county approved a permit application to cap off the property’s sewage line. A sewer cap is one of the requirements for obtaining a demolition permit.

“[The] kiss of death of any house is the sewer cap on,” a tipster tells ARLnow.

Demolition of the house would forestall restrictions that may be imposed by a historic district designation. The actual plans for the property could not be immediately confirmed, however.

In April, Falls Church News-Press columnist Charlie Clark reported that while the trustees for the property were not actively marketing it, they had received an unsolicited offer that was seriously considered.

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.

Consider this your two-week heads up!

Christmas Day is just two weeks and two days away. So if you haven’t (safely and carefully) completed your holiday shopping, now is the time.

In addition to your Amazon sprees, let’s not forget to support our oodles of amazing small businesses this holiday season here in Arlington County. Now, more than ever, they need our love. So whether it’s a tchotchke one of your kids have been wanting or it’s a restaurant gift card for your boo (and, maybe you, too!), let’s shop local. And, as a bonus, there are plenty of stellar deals out there right now, so get moving.

On the real estate front, when you’re ready to embark on your buying or selling journey, the time-tested team at Arlington Realty, Inc. is ready to roll on your behalf.

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

As of December 7, there are 138 detached homes, 56 townhouses and 342 condos for sale throughout Arlington County. In total, 44 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.

Listing of the Day: 2911 S. Dinwiddie Street, Unit A2

By ARLnow.com Sponsor
1/10

Address: 2911 S. Dinwiddie Street, Unit A2
Neighborhood: Fairlington
Listed: $445,000

This bright and airy 1-bed plus den and bonus room/2-bath garden-style condominium in Fairlington has been beautifully updated from top to bottom.

The main level features a generous living/dining area with access to the private balcony, an updated kitchen with new kitchen appliances, a newly renovated full bathroom and a spacious primary bedroom.

This Hermitage model is highlighted by the lower level with its separate entrance, living area, a full bath and a bonus room that is perfect for an in-law suite, home office or den. Updates to this home include remodeled bathrooms, new windows, new flooring and fresh paint throughout.

The award-winning location on a quiet cul-de-sac provides easy access to the new Harris Teeter, shops, restaurants, the farmers market and much more. Community amenities include pools, tennis and a community center. It’s also close proximity to major commuter routes including 395, Route 7, D.C. and Alexandria.

Listed by:
Steve Wydler
Wydler Brothers of Compass
703-348-6326
[email protected]
wydlerbrothers.com

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