real estate

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.

During a normal year, this would be a particularly exciting time for families on a couple of fronts.

Kids would be gearing up to go back to school. And, some families would be doing everything possible to get settled into a new home before the school year starts.

Well, this is 2020.

Last week, Arlington Public Schools agreed to change the first day of school (to September 8) and will start with a full-time distance learning schedule. So, going “back” to school will be different this year.

Amid the change, we’re still seeing many families looking to settle elsewhere before the school year starts. For some, being quarantined in the same ole residence has gotten old. And, for others, it’s time to embark on a new adventure, pandemic or not.

Regardless of the factors that may be impacting your day-to-day lives here in this wild year, the team at Arlington Realty, Inc. is ready to help you navigate your unique scenario. If and when you’re ready to get rolling on a real estate adventure, we’re here for you through thick and thin.

Now on to this week’s Just Reduced figures.

As of July 20, there are 166 detached homes, 36 townhouses and 196 condos for sale throughout Arlington County. In total, 27 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: 2712 N. Buchanan Street

By ARLnow.com Sponsor
1/10

Address: 2712 N. Buchanan Street
Neighborhood: Yorktown
Price: $2,100,000

Spectacular custom home with 5 bedrooms and 4.5 bathrooms newly built in 2016 by Tradition Homes. This immaculate home boasts unique and luxurious features from top to bottom.

Instantly upon entry, you are greeted by gleaming, wide-plank hardwood floors, high ceilings and tons of natural light. The open floor plan provides plenty of space for entertaining or relaxation, with gourmet kitchen with Wolf appliances, large center island, adorable breakfast nook, and cozy family room with exposed beams and fireplace. The wide staircase with distinct shiplap walls leads you up to 4 spacious bedrooms and plenty of closet space.

The master suite has gorgeous sunset views, a massive double walk-in closet and relaxing en suite bathroom with marble finishes. There is a recreation room in the basement with space for games and a theater, plus a custom wine closet, additional bedroom and gym or additional bedroom. The fenced in backyard provides a stone patio, green space and mature greenery for privacy. The 2 car garage has custom mudroom built-ins.

Situated on a quiet cul-de-sac, you have space for outdoor play and additional parking. Located less than 5 miles to D.C., this is the ideal location for a quick commute.

Listed by:
Keri Shull
Keri Shull Team
(703) 413-7713
[email protected]
www.kerishull.com

Ask Eli: Impact of New Homes on Housing Prices

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 much of Arlington’s high housing prices are attributed to new homes?

Answer: So far this year, the average sold price of a single-family detached (SFD) home in Arlington is $1,146,000, but if you remove the sales of new homes, which are averaging $1,810,000 in 2020, the average price for a SFD home in Arlington drops 7.4% to $1,060,000. Since 2015, the average price of a new SFD home in Arlington has increased by 21.6%, while the average price of resale homes has increase 25.3%.

Important note: I removed one sale from the 2015-2020 sales data; a January 2020 sale of 409/411 Chain Bridge Road for $45M, because it is such an extreme anomaly in Arlington real estate data that it skews everything else too high. This is important to understand because most likely in other assessments of Arlington real estate data you see, this data point will be included and it will make it seem like the average sale price in Arlington, especially 22207, has increased much more than it actually has.

New Home Prices vs Resale Prices

The charts below compare the annual change in the average price of a new SFD home and a resale SFD home. The first chart shows all Arlington SFD sales and the second chart is just for the 22207 zip code which accounts for 54% of all new SFD home sales since 2015.

I was a little surprised by how uncorrelated average prices were between new and resale homes some years, I would have expected a strong linkage.

One data point that stands out is the huge jump in new home prices from 2017 to 2018, which seems to be tied to a significant drop in the number of transactions (lower supply) in 2018. It highlights just how sensitive the new home market is to supply swings and I wonder if that forecasts less growth in the future as more homes built in the last 5-8 years come up for resale, competing with similar new homes.

I also wonder if a pause in buying by builders in the first half of this year may lead to a material shortage of new homes in 2021 and drive prices up for new homes selling next year.

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

Listing of the Day: 5120 3rd Street N.

By ARLnow.com Sponsor
1/10

Address: 5120 3rd Street N.
Neighborhood: Arlington Forest
Listed: $850,000
Open: Sunday, July 19 from 1-4 p.m.

You will love this quiet cul-de-sac location on a beautiful corner lot, off the normal traffic path, in Arlington Forest!

Enter through a main level family room addition with full bath + custom built-ins off living room & kitchen. You can also access the deck from here. A bright sunroom off the dining room features skylights, a vaulted ceiling and a sliding door that accesses the large wood deck. The updated kitchen features granite counters and stainless-steel appliances and it opens to the dining room & family room.

Upstairs are 3 bedrooms + renovated bath. The lower level features a rec room and utility/laundry room. It is sited on a beautiful treed lot with fenced-in rear yard (perfect for kids and pets). The sloped backyard is great for sledding. The front yard is great for picnics, reading a book, slip-n-slide and sprinklers. A fun deck has hosted many dinners.

One mile to Ballston Metro and Ballston Quarter with numerous restaurants and shopping. Right around the corner is easy access to Lubber Run park with an amphitheater hosting free outdoor concerts. Convenient to D.C. and Pentagon via Rt. 50.

Listed by:
Casey O’Neal
Compass
703-217-9090
[email protected]
www.caseyoneal.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:

3542 N. Dickerson Street
5 BD/5 BA, 1 half bath single-family home
Agent: McEnearney Associates, Inc.
Listed: $1,965,000
Open: Virtual Tour

 

1610 N. Queen Street #251
2 BD/2 BA, 1 half bath condo
Agent: Kw Metro Center
Listed: $1,499,000
Open: Saturday 2-4 p.m.

 

879 N. Harrison Street
4 BD/4 BA single-family home
Agent: Re/Max Realty Group
Listed: $1,100,000
Open: Sunday 1-3:30 p.m.

 

4730 24th Street N.
4 BD/3 BA, 1 half bath villa/townhouse
Agent: Re/Max Allegiance
Listed: $985,000
Open: Sunday 2-4 p.m.

 

5120 3rd Street N.
3 BD/2 BA single-family home
Agent: Compass
Listed: $850,000
Open: Sunday 1-4 p.m.

 

3409 Wilson Boulevard #610
2 BD/2 BA condo
Agent: Optime Realty
Listed: $699,900
Open: Sunday 2-4 p.m.

 

103 N. George Mason Drive #130-2
3 BD/2 BA condo
Agent: Kw Metro Center
Listed: $554,990
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.

Huge news this week in the lending industry — mortgage rates dropped again to another fresh new historical low, the seventh time this year.

The national average for a 30-year fixed is now below 3% for the first time ever. If you didn’t refinance earlier this year to get a great new mortgage in the low 3’s, your procrastination will have paid off — now you can get one that starts with a 2! And the 15-year is below 2.5%.

My recommendation — call Jawad Hamandi (703) 587-6059 of Intercoastal Mortgage today to talk about refinancing. The Andors Real Estate Group has been working with Jawad for 22 years and he has handled our personal mortgages as well as countless mortgages for our clients. We know you’ll enjoy working with him and also enjoy the savings a refinance can provide!

It was a ridiculously busy week in Arlington as our housing market continues to rock. Optimism about an economic recovery coupled with our historic insulation and resistance to economic downturns in Arlington have led to a bullish market that shows ample resilience.

Sellers listed some 123 properties for sale this week while buyers ratified 71 contracts, 48 of which were on properties listed since just last week. These numbers are absolutely crazy for Arlington, especially in July! With that many new properties in one week, even while buyers are ratifying over 70 properties, we’re still going to see inventory continue to build.

There are currently 340 homes for sale in Arlington, 31 more than last week. 133 are detached homes, 31 are townhouses/semi-detached and 176 are condos. Average days on market (DOM) is 47 and median DOM is 26.

The median list price of currently available properties is $849,975, while the average is $1,025,777 (both about $50k less than last week). Median price has stayed below $1M for a month now, and this is the lowest average price for active properties since I started tracking it months ago.

Last year for the same week, sellers listed 49 homes and buyers ratified 32 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: 3818 Randolph Court

By ARLnow.com Sponsor
1/9

Address: 3818 Randolph Court
Neighborhood: Chain Bridge Terrace
Listed: $1,750,000
Open: Sunday, July 19 from 1-4 p.m.

An elevator extends to each floor of this all brick end townhouse with a 5,000 square foot lot featuring a flagstone patio, burbling fountain, hot tub and extensive gardening areas.

With five bedroom, five baths, two powder rooms and a two car garage, the home accommodates multiple uses. A lower level in-law suite has French doors opening directly to the patio, kitchenette, bedroom, bathroom and living area. The principal suite has a large bedroom, office with built in bookcases and gas fireplace, and a bathroom offering separate vanities, soaking tub and spa style shower. Each of the bedrooms has a private bathroom, and one bedroom has built in office cabinetry for use as another office.

The traditional living room and dining room flow into the family room with a fireplace and French doors to a deck overlooking the patio. The kitchen features Viking appliances, a center island, abundant cabinets and stone and granite countertops. A breakfast area is nicely nestled beneath windows with pleasant open views.

Located at the end of a tree-line cul-de-sac with just seven other townhouses, the home provides privacy, space and style. It is located near Fort Ethan Allen Park with a playground, dog area and acres of beautiful grounds to explore. Easy commute to Washington via nearby Chain Bridge or to Tysons by way of Route 123. The home is in the Jamestown, Williamsburg, Yorktown school district.

A spacious home with many fine appointments and in an enviable location.

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

We have a yummy week ahead of us.

Today is National Hot Dog Day. Saturday is National Caviar Day. Sunday is National Ice Cream Day. And, as icing on this delicious week’s cake, Tuesday, July 21 is National Junk Food Day. By this point in quarantine/lockdown/the COVID madness, perhaps you are tired of the same ole crock-pot meal you’ve been churning out for months.

With so many fun culinary days ahead, it’s a perfect reminder to support our local restaurants when and where you can. They need us, now more than ever, to survive and there are safe ways to enjoy your favorite treats.

With many long-time local residents/natives on our staff, we know our restaurants are certainly a big part of what makes Arlington such a special place to call home.

And, when you’re ready to look for (or sell) your home, the team at Arlington Realty, Inc. is here for you through thick and thin. Now on to this week’s Just Reduced figures.

As of July 13, there are 171 detached homes, 39 townhouses and 181 condos for sale throughout Arlington County. In total, 23 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.

Ask Eli: New Construction Tips and Learning Opportunity

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: What recommendations do you have for somebody just beginning to consider building a home?

Answer: If you’re considering building a home and looking for a great educational opportunity, I’d like to invite you to a walk-through with the builder of a home that’s currently under construction (3196 N. Pollard Street). The builder, James McMullin, is a 3rd generation Arlington home builder. At the end of July, he’s offering two educational walk-throughs for small groups during the framing stage of construction to provide a peek behind the walls.

If you’re interested in attending, please email me at [email protected] (I promise you won’t get spammed with marketing!).

I sat down with James McMullin to outline the key phases of building a new home from acquisition through post-completion, along with some helpful tips at each stage.

Lot Acquisition

  • You can do this yourself or through a builder. A key competitive advantage for builders is a pipeline of quality lots.
  • If you acquire your own lot and find yourself in competition, it’s important to understand what type of offer terms you’re up against. Builders frequently offer existing homeowners months of free rent-back.
  • If you acquire a lot, make sure you establish a relationship with a builder before making an offer so they can provide necessary feedback on the feasibility of building the home you want either before making an offer or after (Study/Feasibility Study).
  • There are special loan programs available if you plan on acquiring your own lot. Troy Toureau ([email protected]) of McLean Mortgage is an excellent resource for construction loans.
  • Cost: Lots in Arlington are currently selling from $500,000 for less desirable lots/locations to well over $1,000,000.

Planning/Design

  • Designing the floor plan and elevations (exterior design) can be fun for some, but it’s easy for people to let this process drag on for months if they’re indecisive or unprepared.
  • Having a great architect who understands your vision and current home design trends is critical.
  • Full custom vs semi-custom: A fully custom home is designed from scratch to suit your tastes and will take much longer and cost much more in design fees. A semi-custom home uses a pre-designed floor plan and elevation template and you make small adjustments to suit your taste.
  • Cost: Semi-custom homes often range from zero design cost to a few thousand dollars, while fully custom homes usually cost tens of thousands in design fees.

Permitting

  • In Arlington, you will submit plans for County review/approval including demolition, building (architectural) and civil (engineering) before any work can begin.
  • It usually takes four months for permits to be approved by the County, assuming everything is submitted correctly.
  • Cost: Permit fees vary based on a number of factors but will generally be $25,000 + for new construction.

(more…)

Listing of the Day: 5711 15th Street N.

By ARLnow.com Sponsor
1/10

Address: 5711 15th Street N.
Neighborhood: Westover
Listed: $875,000
Open: Sunday, July 12 from 1-4 p.m.

Light fills the inviting space of this updated pre-war Colonial just a few blocks to Westover Village. The renovated kitchen opens to the dining area and features crisp white cabinets, marble countertops, backsplash and breakfast bar. An atrium door opens to the driveway, making it convenient to bring groceries directly into the home.

Just off the kitchen is a den with doors leading to the patio and level, fenced, rear yard. Mature trees, shrubs and perennials ensure shady spots for play, gardening, sports and outdoor dining. Woodburning fireplace in the living room, refinished wood floors on two levels and fresh paint throughout enhance the home’s appeal. Upstairs, there are three bedrooms, and the second bedroom has wainscoting detailing. The renovated hall bathroom completes this level.

In the lower level, there are built-ins in the large rec room, and a den with door to the side yard. The renovated bathroom on this level allows the area to be used for a private guest space.

Enjoy Westover Village’s shops, restaurants, library, the legendary Ayer’s Hardware Store, Sunday’s farmer’s market, easy access to the bike path, and four parks. McKinley, Swanson and Yorktown schools. A home in pristine move-in condition and an exceptional location.

Listed by:
Betsy Twigg
McEnearney Associates
703-967-4391
[email protected]
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:

2538 N. Greenbrier Street
5 BD/6 BA single-family home
Agent: Exp Realty, Llc
Listed: $1,745,000
Open: Virtual Tour/Sunday 2-4 p.m.

 

3801 Washington Boulevard
4 BD/4 BA single-family home
Agent: Weichert Realtors
Listed: $1,450,000
Open: Virtual Tour/Sunday 2-4 p.m.

 

6325 19th Street N.
5 BD/3 BA, 1 half bath single-family home
Agent: Avery-Hess Realtors
Listed: $1,075,000
Open: Virtual Tour/Saturday 1-3 p.m.

 

5072 37th Street N.
4 BD/2 BA single-family home
Agent: Compass
Listed: $949,000
Open: Virtual Tour/Sunday 1-3 p.m.

 

6227 19th Street N.
4 BD/2 BA single-family home
Agent: Condo 1, Inc
Listed: $825,000
Open: Sunday 2-4 p.m.

 

1111 19th Street N. #1503
2 BD/2 BA condo
Agent: Long & Foster Real Estate, Inc
Listed: $725,000
Open: Sunday 1-3 p.m.

 

3600 S. Glebe Road #428W
1 BD/1 BA Condo
Agent: Weichert Realtors
Listed: $499,900
Open: Sunday 2-4 p.m.

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