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.

It was a blockbuster week in Arlington real estate, and we continue our upward trend of increased activity!

Sellers listed some 86 properties for sale this week while buyers ratified 72 contracts. 44 of the ratified contracts were on homes that had been on the market one week or less. What a crazy metric — over half of brand-new entrants to the market went under contract in less than seven days and yes, it’s correct that many of those received multiple offers!

I’m continuing to watch the numbers in Arlington go up week over week, and we’re close to eclipsing what we were doing this time last year in many metrics. The unsatisfied demand of buyers throughout the spring is about to explode! Add another new low in mortgage rates, now below 3% in many instances, and we’re heading into a very busy summer for Arlington.

Traditionally, things slow just a bit from the highs of the spring, but this year will be much different. Plans were put on hold during the pandemic, but as restrictions continue to ease, expect to see more real estate signs and open house visitors.

Consumer confidence is coming back quickly, though to be honest it barely left the Arlington housing market at all. Internet traffic, showings, mortgage applications and closings are all on the rise. If you’re considering selling a home, give me a call at (703) 203-1117 so we can position you in the best way possible for success in Arlington. The Andors Real Estate Group has almost three decades of experience in Arlington and has sold hundreds of millions worth of Arlington real estate. You can count on us to get the job done right, every time.

PICK OF THE WEEK — The Andors Real Estate Group is proud to have JUST LISTED 2655 S. Walter Reed Drive #C, Arlington, VA 22206 — $379,900. This secluded 2-bedroom condo is sited in a park-like setting backing to nothing but trees. Freshly painted top to bottom, brand new flooring throughout and new appliances — not to mention the wood-burning fireplace and large balcony — look no further because this one is move-in ready!

There are currently 288 homes for sale in Arlington, 10 more than last week. 135 are detached homes, 23 are townhouses/semi-detached, and 130 are condos. Average days on market (DOM) is 44 and median DOM is 30.

The median list price of currently available properties is $1,005,000, while the average is $1,155,840. Last year for the same week, sellers listed 72 homes and buyers ratified 64 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: 5941 Oakdale Road

By ARLnow.com Sponsor
1/10

Address: 5941 Oakdale Road
Neighborhood: Chesterbrook Woods
Listed Price: $3,199,000
Tour: Virtual & Private Tours available

Welcome home to Classic Cottages’ newest Estate in Chesterbrook Woods! This stately 7,927 SF home boasts 7 bedrooms (including one on the main level), 7 full baths and a half bath off the mudroom.

The blue double doors and open foyer immediately set the inviting mood of this home. A beautiful dining room is to your left and a home office/in-law suite with full bath is to your right. Immediate views of the lush backyard take you from the front door to the rear of the home where you’ll find the bright white, open concept kitchen. A convenient and spacious butler’s pantry and walk-in pantry are tucked away off the kitchen and dining room. The butler’s pantry includes a second dishwasher, wine fridge, refrigerator and ice maker.

The kitchen opens to a warm great room with large floor to ceiling windows that let the beautiful summer light shine right in! With sweeping yard views from every room, you are instantly connected with the natural beauty that surrounds you. Indoor-outdoor living is what this home is all about, including the spacious screened porch with gas fireplace right off the luxury kitchen.

Upstairs is the owner’s bedroom with large owner’s bath, custom closets, gas fireplace and a beautiful terrace overlooking the trees. Three other bedrooms with private baths are on the second level in addition to an open loft suitable as a tv lounge, homework station or reading nook. The fourth floor includes a 5th bedroom and bath.

You won’t even know you are in a lower level “basement” because of all the large windows that span across the entire back of the house. You’ll enjoy hosting wine tastings from your private wine storage room and fully equipped wet bar. A spacious exercise room, storage room and bedroom with full bath are also located on the lower level. This is a walk-out lower level with siding doors that lead you onto a stone patio and flat backyard.

This estate features an attached three car garage and plenty of additional parking in the circular driveway. Landscaping includes sprinkler system and lighting.

Contact Classic Cottages today to schedule a private tour or take the virtual tour online today.

Schools: Chesterbrook Elementary School, Longfellow Middle School, McLean 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.

And just like that, spring 2020 is officially in the books.

This Saturday, June 20, marks the first day of summer. Hopefully amid the COVID-19 lockdown, you’ve been able to enjoy some of the springtime temps while they’ve lasted?

If not, it looks like we’re hovering in the 70s for a couple days here before hitting the 90s (eeeek!) this weekend.

Speaking of cranking it up, now is the time to optimize your AC system for the sweltering days ahead, if you haven’t already. In addition to an annual tune-up, make sure to change your air filter if it’s been a few months, check your door and window sealings to ensure AC isn’t seeping out and take a look at your lightbulbs to see if there are cooler/more sustainable options.

Stay cool out there, friends. And, if your summer journey calls for a real estate pit stop, the team at Arlington Realty, Inc. is here for you.

Now, on to this week’s Just Reduced figures.

As of June 15, there are 161 detached homes, 29 townhouses and 139 condos for sale throughout Arlington County. In total, 19 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: COVID-19 Market Impact Update

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 impact is Coronavirus having on the regional and local real estate market?

Answer: COVID-19 has had a similar impact on new listings in Arlington as it has across Northern Virginia and the D.C. metro area with each market dealing with a ~30-35% year-over-year drop in April and May. However, demand in Arlington has tapered off from 2019 highs, while demand in Northern Virginia and the D.C. metro area is steadily increasing, despite everything we’ve gone through with Coronavirus.

The tapering of Arlington demand, which is still very strong relative to historical numbers, is bringing the Arlington market more in-line with supply/demand readings of the Northern Virginia and D.C. metro markets.

The below chart shows Months of Supply (a good supply/demand ratio) for each market. Months of Supply calculates how long it would take for the existing housing inventory to sell out, if no additional inventory was supplied.

Prices Up Regionally

Year-over-year prices for May sales and year-to-date sales are up significantly across the region. Across all of the counties/regions listed below, Arlington’s year-over-year growth is the lowest, which is almost certainly due to the significant appreciation in Arlington last year, after the Amazon announcement.

Keep in mind that sales data lags actual market activity because it usually takes 30-45 days for a property to close, so May sales are more reflective of March and April activity than what we’re currently seeing. This is particularly interesting because March and April were the peak of Coronavirus concerns/lockdowns. Barring any major shifts in the D.C. area economy, I expect year-over-year prices to show even more growth as we get further into the year and sales reflect an even stronger buyer market.

Arlington New Listings Down

We’re used to seeing new listing supply peak from March-June, after November-February lows, with April and May almost always exceeding March’s supply. Unfortunately for many home buyers, new inventory tumbled in April and continued dropping further in May.

The May 2020 drop in new inventory represents a 32.1% decline compared to May 2019, which is particularly concerning when you consider that new inventory in May 2019 was already down 21.3% from May 2018, giving us a 47% decline in new inventory from May 2018 to May 2020.

The decline in new inventory was distributed pretty evenly across property type (single-family vs condo) and price point.

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Listing of the Day: 2107 N. Taft Street #16

By ARLnow.com Sponsor
1/10

Address: 2107 N. Taft Street #16 
Neighborhood: Palisade Gardens
Listed: $365,000

Imagine yourself putting the key in the front door of your very own charming condo. Opportunity awaits in this 2 bedroom/1 bath bright and sunny top floor unit located in lovely Palisade Gardens.

Walking into the home you are greeted with an open, light-filled room featuring vaulted, beamed ceilings, skylights and a wood-burning fireplace. The kitchen has wood floors and plenty of room for stools at the granite-counter breakfast nook. Down the hall from the kitchen and living room you will find two bedrooms and the full bathroom. The master bedroom has a bonus attic storage space with finished flooring. The second bedroom includes a stacked in-unit washer and dryer. Fob access to the secure building, off-street community parking lot, LOW condo fee, PLUS an additional storage unit.

Palisade Gardens offers a park-like setting with garden-style buildings surrounded by courtyards and landscaping with benches for sitting. Located under a mile walking distance to both Rosslyn and Courthouse Metro or jump on the Circulator bus to D.C. Located in front of Dawson Terrace Park and the historic Dawson-Bailey House. Dawson Terrace Park contains a playground, picnic areas (one with a charcoal grill), a lighted, multi-use court that incorporates a high school-sized basketball court that is also suitable for volleyball and other court games, rectangular field and connection to the Fort Bennett Park & Palisades Trail… an amazing 11 acres of space to explore!

Walk to MOMs Organic Market down the street, stroll to all the shops and restaurants in the Courthouse area, or even walk across Key Bridge to Georgetown! So convenient to so much!

Listed by:
Donna Hamaker
Buck & Associates
703-582-7779
[email protected]
www.DonnaHamaker.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:

1313 N. Herndon Street
7 BD/7 BA single-family home
Agent: William G. Buck & Associates, Inc.
Listed: $2,478,000
Open: Virtual Tour/Sunday 1-4 p.m.

 

3114 N. Pershing Drive
5 BD/5 BA, 1 half bath single-family home
Agent: Re/Max Allegiance
Listed: $1,499,000
Open: Virtual Tour/Sunday 1-4 p.m.

 

3405 N. Peary Street
4 BD/3 BA single-family home
Agent: Re/Max Allegiance
Listed: $1,150,000
Open: Virtual Tour/Sunday 1-5 p.m.

 

1207 N. Livingston Street
3 BD/3 BA single-family home
Agent: McEnearney Associates, Inc.
Listed: $889,900
Open: Virtual Tour

 

1101 S. Arlington Ridge Road #309
2 BD/2 BA, 1 half bath condo
Agent: Samson Properties
Listed: $735,000
Open: Virtual Tour/Saturday 1-3 p.m.

 

3625 10th Street N. #203
2 BD/1 BA condo
Agent: Keller Williams Realty
Listed: $615,000
Open: Sunday 2-4 p.m.

 

1016 S. Wayne Street #612
2 BD/ 2 BA, 1 half bath condo
Agent: Compass
Listed: $499,900
Open: Virtual Tour/Sunday 1-4 p.m.

Morning Notes

By ARLnow.com

Rent Protest Today — Starting at the shopping center parking lot at 5001 Columbia Pike, a caravan of cars adorned with signs will travel to local apartment complexes to support “rent cancellation during this pandemic plus two months following the ability for community members to work and pay rent,” among other aims. The protest is being organized by La ColectiVA and other groups. [Facebook]

Animal Control Rescues Turtle from I-395 — “A few days ago, we got a call about a turtle very close to traffic on I-395. When Sgt Ballena arrived, he found a young snapping turtle who’s beak was fractured and bleeding. He took the turtle to Blue Ridge Wildlife Center, who will care for him until he can be released.” [Twitter]

Arlington Officers Injured During D.C. Protests — Despite an earlier comment by the police chief that no officers were injured, “a spokesperson for Arlington County Police told us, ‘one Arlington officer suffered a concussion and several others suffered bruises and abrasions.'” [WUSA 9]

Home Sales Downs, Prices Up — “May is usually one of the best months for housing sales, but the COVID-19 pandemic and a lack of listings sidelined many potential buyers. The D.C. area had its slowest May for sales in a decade. But more sellers stepped up from April and prices continue to rise year-over-year… The median price of what sold in Arlington County was $622,500, up 1.2% from last May.” [WTOP]

Could HQ2 Be Downsized? — Amazon prizes in-person interactions among employees, but there are still questions as to whether the company will proceed with the second phase of its 4+ million square foot permanent second headquarters in Pentagon City. [Washington Business Journal]

Orange Line Platform Work Moving Along — “Two weeks into the summer shutdown, construction activity is well underway at Vienna, Dunn Loring, West Falls Church and East Falls Church stations. So far, construction crews have focused on demolition work, including the removal of all tiles from the platforms, mezzanines and pedestrian bridges.” [WMATA]

Two Recent Drownings Near Chain Bridge — While D.C. Fire and EMS warns of dangerous waters near the Chain Bridge, the department said another grim discovery was made Thursday. “There have been 2 drownings in the past 3 weeks near Chain Bridge and a body was recovered today,” DCFEMS said. [Twitter]

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.

Another week of ramped up activity in Arlington!

Sellers are listing homes at a faster pace than buyers can ratify contracts despite strong showings, fantastic interest rates and beautiful weather. Buyers are still doing their part, with pending sales increasing for the past three weeks.

We’ve been hearing questions and concerns about local protests and how that may be impacting Arlington’s real estate market. We haven’t seen any direct impact on housing thus far but are closely watching current events as always.

Buyers — I encourage you to take a second look at properties that have been sitting on the market a little longer. Some of these are likely contemplating a price reduction and getting to them before that happens can spell huge opportunity. We’ve heard plenty of talk about how frequently price escalations occur — but they almost exclusively occur on newly listed homes, rarely on properties on the market for 2-3 weeks or longer.

There are currently 278 homes for sale in Arlington (256 last week). 137 are detached homes, 26 are townhouses/semi-detached, and 115 are condos.

Average days on market (DOM) is 41 and median DOM is 30. Average DOM dropped 19 days! This was helped by a number of properties going under contract that were listed many months ago as well as others being taken off market.

Sellers listed some 81 properties for sale this week. Buyers ratified 58 contracts, 30 of which were homes that had been on the market one week or less. Average DOM for ratified contracts this week was 16, and median 6!

The median list price of available properties is $1,087,000, while the average is $1,184,691. Last year for the same week, sellers listed 91 homes and buyers ratified 78 contracts. This was a huge drop last year from the previous week, and now we have the first time in many months that our 2020 activity is stronger than the 2019 data.

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: 888 N. Quincy Street, PH 2001

By ARLnow.com Sponsor

Address: 888 N. Quincy Street, Penthouse 2001
Neighborhood: Ballston | The Residences at Liberty Center
Listed: $899,900
Open: Open Virtual Tour

Welcome to the top of Arlington in this one of a kind penthouse with private 20th floor access.

Enter this luxury condo to a dramatic open floor plan with floor to ceiling walls of windows in the living room, allowing for amazing sunsets and Arlington views. Gorgeous Brazilian teak wood floors were just installed throughout the living area. The kitchen has black granite counters, Meile appliances, a Subzero refrigerator, Sneidero cabinets and a breakfast bar accented by pendant lighting.

The master bedroom measures 14 x 13 and features two large closets and a luxury bathroom. The beautiful master bath has a soaking tub and separate shower both with Italian tile surrounds and a dual, raised bowl sink vanity with granite counters. The second bedroom and bathroom are conveniently located on the opposite side of the living space for maximum privacy. The unit comes with 2 full sized, side by side parking and extra storage.

The Residences at Liberty Center is a luxury condo building with a 24-hour concierge, a rooftop pool and gym with views of D.C. and is conveniently located just two blocks to the Ballston Quarter. This is your rare chance to own one of the best in Arlington!

Listed by:
Shawn Battle
Orange Line Condo | Century 21 Redwood Realty
703-999-8108
[email protected]
OrangeLineCondo.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.

With national economic headlines starting to edge positive, the real estate market in Arlington County remains hot.

According to newly released April data from Bright MLS, the median sale price of homes in Arlington County increased by 5% from April 2019 to April 2020. Inventory throughout the county remains tight, with a 12% decrease year-over-year.

The list versus sale price average hovered at 100.5% and the average days-on-market is 12. The bottom line: Inventory remains tight, homes are moving quickly and pricing is strong/competitive.

The broader Washington, D.C. region has historically been anchored by high salaries, low unemployment rates and a strong infrastructure, all of which continue to positively contribute to our real estate market here.

During these certainly interesting times, when you’re ready to navigate the waters, the time-tested team at Arlington Realty, Inc. is ready to roll on your behalf.

Now, on to this week’s Just Reduced figures.

As of June 8, there are 158 detached homes, 26 townhouses and 119 condos for sale throughout Arlington County. In total, 19 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: How to Write a Strong Offer

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: The last time I bought a house, the market was much more favorable for buyers. I’ve heard so much about competing offers and the need to submit a strong offer, but what exactly does that mean?

Answer: Other than price, there are about a dozen terms included in your offer that will determine its strength — the value/appeal it has to the seller. Of course, every home owner wants to get the most money possible, but they also care about when the sale is executed, the likelihood of getting to settlement, renegotiation periods, risk and more.

Sometimes a seller takes a lower offer price in exchange for better supporting terms. Understanding what type of offer is appropriate/necessary for a property and how certain terms change your (buyer or seller) risk exposure on the transaction is critical.

Let’s take a look at some of the terms included in most contracts that have the biggest impact on the actual or perceived strength of an offer.

Price/Escalation Addendum

This is an obvious one. Higher price = stronger offer. Escalation Addendums are common when there are multiple offers, but how and when to use them is a nuanced, yet critical, decision.

The Escalation Addendum allows you to beat any competing offer by a specified amount, up to the highest amount (ceiling) you’re willing to pay for a property. Used correctly, it prevents you from leaving money on the table, while not paying too far above what the rest of the market is willing to offer.

Contingencies

The three most common contingencies are for the home inspection, appraisal and loan. Each provide the buyer with a set of protections that allow them to renegotiate and/or terminate the contract, without losing the deposit. Removing a contingency or shortening the contingency timeline increases the strength of an offer.

  • Home Inspection: It used to be standard for Arlington buyers to include a negotiation period in the home inspection contingency, allowing them to negotiate for repairs or credits based on the results of the inspection or terminate the contract. Now it is much more common for buyers to forego the negotiation period and simply retain the right to void (aka a pass/fail inspection), which is much more attractive for a seller. Even more attractive is when buyers perform a pre-inspection on the property (inspect before submitting an offer) and remove the home inspection contingency altogether.
  • Appraisal: If you’re using a mortgage to purchase a home, your lender will almost always require a property appraisal. The appraisal contingency allows you to renegotiate or terminate the contract in the event the home appraises for less than the purchase price. It is common for buyers to remove the appraisal contingency or agree to cover up to a certain amount on a low appraisal to increase the strength of an offer.
  • Financing: The financing contingency allows you to terminate the contract without losing your deposit if your loan isn’t approved. Many buyers who have undergone a thorough pre-approval process have enough confidence in their ability to secure the mortgage that they remove this protection, thus conveying a strong financial position to the homeowner.

Speed of Sale

Most sellers want to close (executed sale) as quickly as possible so cash-buyers have the biggest advantage here because they can usually close in a week or less. For the more than 80% of Arlington home buyers relying on a mortgage, many choose to work with smaller, local lender who can sometimes close in as little as 2-3 weeks. Offering a quick-close to a seller can give your offer a significant boost.

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