real estate

Ask Eli: The Shifting Condo 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’ve seen a lot more condos come to market and also some staying on market longer than before, is that part of a larger trend in the condo market?

Answer: In July, I predicted there would be a surge in housing inventory that was held off the market this spring because of COVID. That has proven to be moderately correct for single-family housing and very accurate for condos. The market has had no trouble absorbing the extra single-family housing, albeit with less competition than before, but the condo market has not absorbed the extra inventory and has undergone a significant shift in the last two months.

In short, listing volume for Arlington condos reached historically high levels in July and August, absorption (demand) is down, and months of supply is the highest it’s been since the fall of 2017.

Historically High Listing Volume

July (253 listings) and August (229 listings) had the 5th and 13th highest months for listing volume in the last ten years. Prior to this year, the top fifteen months for condo listing volume fell in April or May (peak demand offsets higher listing activity), with the exception of June 2015. This is the first time that the number of condos listed in July or August has ever exceeded 200.

Pre-Amazon HQ2 Demand

Since Amazon announced plans for HQ2 in November 2018, condo demand was through the roof with 15 straight months of more condos going under contract than listed for sale (over 1.0 in the chart below), beginning January 2019. Absorption levels, a strong indicator of demand, are now more reflective of 2016-2017 which brought very little real appreciation in the condo market.

Monitor Months of Supply

The Months of Supply metric combines inventory levels and rate of absorption (supply and demand). It measures how long it would take to sell out of existing inventory given the current pace of sales. Most housing economists say that ~6 months of supply is needed for a well-balanced housing market, a number we’ve never come close to in Arlington.

Given that it takes ~6 months of supply for a balanced market, Arlington is still very much a seller’s market, but nowhere close to what it’s been over the last two years. In August, Months of Supply exceeded 2.25, higher than it’s been since October 2017 (2.32). Compare that to December 2018 — March 2020 with an average of .67 (just over two weeks of supply) and high of .88, and it becomes clear why many buyers and sellers are experiencing a different market now than they were as recently as June.

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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:

6625 24th Street N.
5 BD/3 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc.
Listed: $1,349,500
Open: Virtual Tour

 

2415 2nd Street S.
5 BD/4 BA, 1 half bath single-family home
Agent: Ttr Sotheby’s International Realty
Listed: $1,199,000
Open: Sunday 1-3 p.m.

 

1418 N. Rhodes Street B414
2 BD/2 BA, 1 half bath condo
Agent: Pearson Smith Realty, Llc
Listing: $967,000
Open: Sunday 1-4 p.m.

 

1703 S. Walter Reed Drive
4 BD/3 BA, 1 half bath villa/townhouse
Agent: Compass
Listed: $850,000
Open: Sunday 1-3 p.m.

 

3800 Lee Highway #408
2 BD/2 BA condo
Agent: Keller Williams Realty
Listed: $719,000
Open: Saturday 2-4 p.m.

 

900 N. Stafford Street #2228
2 BD/2 BA condo
Agent: Weichert Realtors
Listed: $619,900
Open: Virtual Tour

 

4612 28th Road S. #C
2 BD/1 BA condo
Agent: National Realty, Llc
Listed: $409,900
Open: Sunday 2-4 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.

Just throw caution to the wind?

Well, over the past 30 days, there have been almost 70 homes in Arlington selling for 2% or more over list price. Crazier still, some of these sold 5%, 10%, 15% and even 18% over list price. 25% of homes sold in Arlington over the past month sold for 2% or more over ask, and the running average is 101% with a median of 100% sale price to list price ratio. Buyers, prepare yourselves to get out of your comfort zone if you’d like to call Arlington home.

I’ve said it about half a dozen times this year, but mortgage rates have hit another all-time low! We’re seeing most new mortgages start with a 2 in Arlington, and more and more buyers are electing to put less money down to further leverage the bank. Nationally, purchase demand is up 25% year over year — it’s going to be a busy fall!

Arlington numbers are up… like way up! We’re looking at over 100% increase for new inventory compared to last year — even though late summer is a historically slow time for new listings.

This past week in Arlington, sellers listed some 92 properties for sale while buyers ratified 55 contracts. 21 of the ratified contracts were on homes listed just within the past week.

There are currently 428 homes for sale in Arlington, 42 more than last week. 116 are detached homes, 32 are townhouses/semi-detached, and 236 are condos. Average days on market (DOM) for currently available homes is 48 and median DOM is 30. Condo inventory makes up for 61% of the available housing inventory in Arlington at present. Condo absorption is only making up about 50% of ratified contracts, explaining the continued increase in availability.

The median list price of currently available properties is $642,000, while the average is $881,281. Last year for the same week, sellers listed 44 homes and buyers ratified 45 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.

Listing of the Day: 1908 N. Underwood Street

By ARLnow.com Sponsor
1/10

Address: 1908 N. Underwood Street
Neighborhood: East Falls Church
Listed: $1,898,648
Open: Sunday, September 13 from 1-3 p.m. at Richmond Model (2230 N. Kensington Street)

Just listed in East Falls Church! Local builders Classic Cottages and Backyard Cottages team up together to bring you a one-of-a-kind property featuring Classic Cottages’ popular Richmond Model (5 Beds, 4.5 Baths, 5,026 Finished Sq. Ft.) as well as a detached accessory dwelling unit (ADU) which includes a private bedroom, full bath, laundry, kitchen and living room (558 sq. ft).

This home has everything you’ve been looking for, including a main level home office with beautiful no-grid French doors and large windows for an abundance of natural light! There is plenty of play space between the open concept sunroom just off the spacious great room as well as the large lower level entertainment room featuring a complete wet bar perfect for entertaining.

In addition to the eat-in kitchen island that can accommodate seating for four, there is also a breakfast nook that can accommodate additional seating (up to 6) for everyday living. A convenient mud room sits off the gourmet kitchen as a casual entry from the rear deck.

Don’t miss out on the opportunity of making this unique property yours today! Make this home your own by choosing the finishes that matter the most to you from cabinetry color and countertop selections to hardware, plumbing and lighting fixtures. You can also choose your hardwood floor stain color, and interior and exterior paint colors!

Want to learn more? Join Classic Cottages at its Richmond Model Open House (2230 N Kensington Street) this Sunday, September 13 from 1-3 p.m. to tour the floor plan, meet the builder, ask questions, and learn how you can customize this home to suit your everyday lifestyle wants and needs!

Please note, the listed property is currently under construction and available for customization. If you wish to walk the homesite, please email [email protected] to schedule an appointment. Expected delivery is spring 2021.

Schools: Tuckahoe Elementary School, Swanson Middle School, Yorktown High School

Listed by:
Michelle Lynch
Classic Cottages Realty LLC
433 E Monroe Avenue
Alexandria, VA 22301
Phone: 571-366-3324
[email protected]
www.ccottages.com

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.

There is plenty going on in our world to keep us more than occupied these days.

But amid the current happenings, we can never forget what our community endured 19 years ago this week.

September 11, 2001 was a dark day for our country and certainly here in Arlington County. Among the nearly 3,000 folks that perished as a result of the September 11 terror attacks, 125 were killed in Arlington at the Pentagon.

It’s a day that is etched forever in our memories. On behalf of our team and certainly so many in our community, our hearts continue to be with those that were affected on that day and well beyond.

Now nearly two decades beyond that dark day, our community is stronger than ever. In light of our current challenges — which certainly stretch well beyond our confines — we will rise yet again.

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

As of September 7, there are 149 detached homes, 38 townhouses and 269 condos for sale throughout Arlington County. In total, 30 homes experienced a price reduction in the past week:

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: 2035 N. Harrison Street

By ARLnow.com Sponsor
1/10

Address: 2035 N. Harrison Street
Neighborhood: Leeway Heights
Listed: $850,000
Open: Sunday, September 13 from 1 to 4 p.m.

Conveniently located between Westover Village and the Lee-Harrison Center, this 1925 home brings a bit of history with it. It was originally the “kitchen house” for the larger Hall’s Hill farm house which adjoins it. The home was recently expanded and renovated and now offers the modern amenities that were the stuff of dreams for 1920s kitchen workers.

Enter the home through a sweeping front lawn graced by mature trees and shrubs to a foyer with bench and coat closet.  This leads to the expansive living room with a wood burning fireplace, built-ins and space for a desk and several seating areas. The large kitchen features crisp white cabinets, granite tops, stainless appliances and a breakfast area set in a bay window. Adjoining the kitchen is a dining area with seating area for family and guest to catch up with the sociable cook.

A powder room is tucked off the kitchen and entry to an area with sliding doors to the large deck and stone patio. The backyard has large trees providing shady spots for play and sports and sunny spots for gardening. The main level has excellent flow for daily living and a time when entertaining will be renewed.

Upstairs, the primary bedroom is anchored by built-ins surrounding space for a sitting area or second desk. A renovated hall bath with double sink vanity serves the three upstairs bedrooms.

The lower level has a bathroom and laundry room and is otherwise freshly painted and provides clean space for a workout area, storage, hobbies or a private Zoom room. A door leads to the back yard, making it convenient to have a quick clean up in the bath after sports or gardening.

The home is blocks from Big Walnut Park, the bike path and Parkhurst Park, the shops, restaurants, library, grocery stores, and farmer’s market at Westover Village and Lee-Harrison. The home is served by Glebe, Swanson and Yorktown schools.

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

Ask Eli: Why Is My Neighbor Mowing My Lawn

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: My neighbor is mowing a portion of the lawn I thought was mine, but my neighbor claims it is his. Is this something I can prove through my title work?

Answer: Clients often ask me whether or not they should purchase a property survey, which is optional, when they buy their home. I think that in almost every case it is worth the relatively small investment (usually about $300-$400 for a standard survey). I was chatting with the folks at Universal Title, my preferred title company in Northern Virginia (they also serve D.C. and MD), and heard a story about somebody who did not order a survey and ended up incorrectly assuming that a section of land was theirs.

Given how frequently I am asked about ordering surveys, I thought it was a good opportunity to share the story and provide some reasons why it’s a good idea to order a survey when you buy a home. Take it away Universal Title…

A new homeowner noticed a neighbor mowing part of her front lawn. When she asked the neighbor why he was mowing her lawn, the neighbor replied the property he was mowing belonged to him, even though the line of trees separating the two houses looked as if the property belonged to the new homeowner. She called her title agent and found out the neighbor was correct. “How can that be? Didn’t you search my property?”

Unfortunately, the new homeowner did not understand the difference between a title search and a survey and failed to purchase a survey. A title search confirms ownership of property, but it does not show the details of the property location.

A survey is a map of real property that shows where the property is located on the earth, the boundary lines of the property, the improvements on the land and access to the property.

Five Great Reasons To Purchase A Survey

  1. Undisclosed Rights and Easements: You may own your new home and its surrounding land, but someone else might have a right to use a portion of your property. A survey will show physical evidence of the rights of others to use your property for access, parking, utilities and other situations.
  2. Undiscovered Encroachments: A survey may be the only way to tell if a third party holds a claim to part of your property because their improvements such as a garage, fence, or swimming pool, are on your land.
  3. House Built on Incorrect Lot: It may seem impossible, but sometimes a house is built on the wrong lot. A survey provides peace of mind by showing the exact location of the house you are buying.
  4. Size of the Property: A survey shows the exact dimensions of the property’s boundary lines and how much land is included within those lines.
  5. Adding on in the Future: Many residential platted lots have building restrictions known as setbacks which prohibit building anything within a certain distance from the boundary lines. If you are thinking of adding on in the future, a survey will help you determine if the property is right for both your current and future plans.

Thank you for sharing the story and information Universal Title. I’d also like to add that you can order a survey at any time if you did not do so when you purchased. If you are in need of a survey, planning to sell or purchase a home and would like to work with a great Title company, or have title questions in general I highly recommend reaching out to Universal Title.

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 D.C., and Maryland with RLAH Real Estate, 4040 N. Fairfax Dr. #10C Arlington, VA 22203, (703) 390-9460.

Listing of the Day: 4411 7th Street N.

By ARLnow.com Sponsor
1/10

Address: 4411 7th Street N.
Neighborhood: Ballston Place
Listed: $799,000
Open: Sunday, September 6 from 1 to 4 p.m.

When John Ball received a 166 acre land grant from Lord Fairfax in 1742, he may not have  imagined that his land bordering Four Mile Run would lead to the Ballston community that now bears his name.

Nor could he have imagined that the fruit, vegetables and livestock that he and his wife, Elizabeth, grew on their farm in the Glencarlyn neighborhood would now be readily available at Ballston’s Harris-Teeter grocery store or in the many nearby restaurants and cafes. What John Ball could not imagine is available to the new owner of this two or three bedroom, three level townhouse on a quiet street in the heart of Ballston.

The kitchen has been renovated with white cabinets, granite tops, stainless appliances and wood floors. Wood floors continue into the dining room and living room, where a wood burning fireplace is flanked by new built-ins. The main level powder room has been renovated along with the two upstairs bathrooms. Each of the bathrooms has stylish tile, vanities, fixtures and accessories.

The primary bedroom has double closets and a vaulted ceilings with a loft above it. The loft has both skylights and sliding doors to a balcony with treed views of the courtyard and Ballston’s  northwestern skyline. It could be enclosed for a third bedroom or an office, workout space or Zoom room.  The second bedroom has a wall of closets and pretty views of greenery. The second bathroom, linen closet, washer and dryer complete this level.

The roof, heat pump and water heater have been recently replaced, and the home has fresh paint and new carpeting on the second and third levels. Many details such as crown molding, chair rail, and a built-in cupboard for shoes and coats distinguish this pristine urban home. Parking is included and the home is convenient to Ballston Metro, bike paths and walking trails.

Enjoy an enviable location with easy access to Washington, Rossly-Ballston business corridor, airport, Pentagon, Fort Myer/Henderson Hall, Crystal and Pentagon Cities at National Landing, and the Foreign Service Institute.

Happy Labor Day to all.

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:

3815 30th Road N.
4 BD/4 BA single-family home
Agent: Keller Williams Realty
Listed: $1,598,000
Open: Saturday 1-4 p.m.

 

3732 N. Oakland Street
4 BD/3 BA single-family home
Agent: Compass
Listed: $1,195,000
Open: Sunday 1-3 p.m.

 

879 N. Harrison Street
4 BD/4 BA single-family home
Agent: Re/Max Realty Group
Listed: $899,990
Open: Sunday 1-4 p.m.

 

3200 12th Street S.
4 BD/3 BA single-family home
Agent: Compass
Listed: $749,000
Open: Saturday 11 a.m.-1 p.m.

 

1805 Crystal Drive #205S
2 BD/2 BA condo
Agent: Long & Foster Real Estate, Inc.
Listed: $635,000
Open: Sunday 1-4 p.m.

 

1111 19th Street N. #1805
1 BD/1 BA condo
Agent: Re/Max Realty Services
Listed: $525,000
Open: Sunday 1-3 p.m.

 

801 S. Greenbrier Street #413
2 BD/2 BA condo
Agent: Compass
Listed: $430,000
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.

Condo inventory shrinks for the first time in nine weeks! Arlington’s available inventory as a whole declined, while demand remains very strong.

As we head into fall, with more and more COVID-19 restrictions and concerns eased, I’m expecting we’ll see abundant market activity. Historically speaking, the fall market is kind of like our “second spring” market. Pent up demand is still substantial; if sellers are ready to list, buyers will be there to scoop them up. This is especially true for single family homes and town houses.

Working from home may or may not be here to stay, but it is absolutely impacting the decision making of buyers and sellers alike. Many of our buyers and open house visitors over the past few months have said that having a dedicated space for their work has jumped nearly to top priority in their wants/needs lists.

That might translate to needing another bedroom or convertible living space. I’ve also been asked “can we put doors on this room” during home tours multiple times. Similarly for sellers, they are finding their existing space just isn’t adequate, especially with more than one family member spending time working remotely.

This past week in Arlington, sellers listed some 82 properties for sale while buyers ratified 72 contracts. 38 of the ratified contracts were on homes listed just within the past week!

There are currently 384 homes for sale in Arlington, 31 less than last week, our first decline in available inventory in nine weeks. 116 are detached homes, 32 are townhouses/semi-detached and 236 are condos. Average days on market (DOM) for currently available homes is 51 and median DOM is 35.

The median list price of currently available properties is $689,000, while the average is $906,613. These numbers have been falling consistently, but that doesn’t mean prices are declining in Arlington. The median of currently pending properties is $101,000 higher than those currently available, and days on market are slowly creeping back up. This demonstrates a mismatch between what buyers want and what sellers are offering, and also shows we still have a healthy dose of price escalations occurring.

Also, condos generally sell for less than single family homes, and as that inventory lags, it is weighing down the average.

Last year for the same week, sellers listed 40 homes and buyers ratified 49 contracts.

Click here to search currently available Arlington real estate. 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.

Listing of the Day: 2544-E S. Arlington Mill Drive

By ARLnow.com Sponsor
1/10

Address: 2544-E S Arlington Mill Drive
Neighborhood: Shirlington
Listed: $599,000
www.WindgateTownhome.com

Step inside this lovely 3-story townhouse and immediately feel at home! Nestled away in Arlington’s Windgate II neighborhood, surrounded by manicured landscaping offering a park-like setting, yet close and convenient to everything!

Be greeted by warm hardwood flooring as you pass through the foyer and enter the bright and updated kitchen with stainless steel appliances, granite countertops, a built-in pantry and direct sightlines to the entire main level. Pull up stools and dine at the breakfast bar or enjoy a meal in the separate yet connected dining room. The dining room leads to a relaxed living room accompanied by a brick wood-burning fireplace and French doors to the outside deck, with plenty of space for your herb garden and seating to enjoy the great outdoors.

Upstairs, you’ll find a large primary bedroom with multiple closets and a spectacularly updated full bathroom with a shower and separate tub. A sunny second bedroom completes the upper floor. On the lower level, stretch out in the family room and even find an additional bedroom with an egress window and full bathroom. Recessed lighting, laundry and extra storage can also be found on the lower level. Some of the many updates include remodeled bathrooms on all levels, all new interior doors and hardware, recently replaced fireplace insert, a shoe closet in the master bedroom, and more!

This townhouse is conveniently located a short stroll to Four Mile Run, the W&OD Trail and the always fun Village at Shirlington! Whether summer, fall, winter or spring, you’ll find the best of everything at any time of year when you move into this beautiful home!

Listed by:
Donna Hamaker
Buck & Associates
2519 Wilson Boulevard
Arlington, VA 22201
703-582-7779
[email protected]
www.DonnaHamaker.com

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