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.

On the real estate front, what are we in for in the months ahead?

Well, like many industries in our area and beyond, so much is contingent on a number of factors, including a trusted COVID-19 treatment, vaccine, existing and forthcoming regulations (spanning local, state and federal) and so much more.

Based on just how booming our local market was prior to COVID-19 — fueled in large part by incredibly low unemployment rates, the pending arrival of Amazon’s HQ2 and more — there is surely to be a comparative lull of some sorts in the times ahead. And, we’re starting to see a bit of that now, in the form of a rising influx of Just Reduced homes.

Regardless of where you may find yourself in today’s turbulent times, it has never been more important to have a trusted expert advocating on your behalf. Just as before the pandemic struck, every single buyer/seller/renter/landlord’s scenario is different, and your unique scenario must be carefully examined.

When you’re ready to embark on your real estate journey, the team at Arlington Realty, Inc. has your back. Until then, here are this week’s figures.

As of May 4, there are 146 detached homes, 29 townhouses and 102 condos for sale throughout Arlington County. In total, 12 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: April Real Estate Market Review

By ARLnow.com Sponsor

This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: How did the April real estate market compare to what you would have expected if we weren’t going through the COVID-19 pandemic?

Answer:

Expectations vs Reality

The 2018 Amazon HQ2 announcement sent demand up and supply down, creating a frenetic real estate market across Arlington and Northern Virginia in 2019 (2019 Review One and Two). The party continued into 2020, with rapid price growth and intense competition amongst buyers, setting the stage for the market to establish new highs.

It also seemed that the volume of new listings would finally go up, after YoY increases in December and January, the first YoY gains since October 2018.

All of those expectations were put on hold when the Coronavirus outbreak shut down the economy two months ago. For the first 4-5 weeks, the market froze up, with buyers and sellers unsure if we were on the verge of a market collapse and how to safely navigate critical real estate activities. Over the last few weeks, demand seems to be coming back and there are signs that sellers are more confident in listing their homes, which should lead to more supply.

April 2020 Market Report

April was our first full month living with Stay-At-Home orders, so let’s take a look at how last month compared to April 2018/2019 and February 2020 (last full month of normalcy).

Extremely Low Supply

Low supply was part of every Arlington real estate conversation in 2018. Then Amazon came and supply got so bad that the County Board launched Housing Arlington, but 2019 felt like the trough. Then COVID-19 hit and April 2020 produced 18% fewer homes for sale than April 2019.

The condo market has been hit the hardest by low supply with an unfathomable 55% decline in condo listings in April 2020 compared to April 2018.

For additional context, new listings in April are usually 25-40% higher than in February, but this year they were only 10% higher and actually lower in the condo market.

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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:

2330 N. Vermont Street
6 BD/6 BA, 1 half bath single-family home
Agent: Compass
Listed: $2,100,000
Open: Virtual Tour/Sunday 2-4 p.m.

 

3425 N. Randolph Street
5 BD/5 BA single-family home
Agent: Avery-Hess Realtors
Listed: $1,485,000
Open: Virtual Tour

 

5638 19th Street N.
4 BD/2 BA single-family home
Agent: Re/Max Allegiance
Listed: $924,900
Open: Virtual Tour/Sunday 2-4 p.m.

 

3704 Arlington Boulevard
3 BD/3 BA single-family home
Agent: McEnearney Associates, Inc
Listed: $744,000
Open: Virtual Tour

 

3409 Wilson Boulevard #206
2 BD/2 BA condo
Agent: Realty One Group Capital Properties
Listed: $650,000
Open: Virtual Tour

 

1001 N. Vermont Street #307
2 BD/2 BA condo
Agent: Maram Realty, Llc
Listed: $575,000
Open: Virtual Tour

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.

Sellers — It’s time to list your home! Seriously, the buyers are still out there and continue to clamor for inventory.

The hottest price sector is still those below $1 million, but there is still excellent movement up to $1.5M. Condos continue to sell at the most aggressive pace due to their relative affordability when compared with single family properties.

Mortgage interest rates have dropped again and are now lower than the all-time lows of February and March. 30-year fixed is a flat 3% and we’re seeing some buyers lock in rates that begin with a 2…

We should talk about virtual showings for a moment. The vast majority of buyers will not buy a home they have not actually stepped foot in. Despite great technology making it easier to visualize the property without being there, most simply will not spend near $1M without visiting in person. I am seeing the properties offering only virtual showings sit on the market despite being priced properly. If you’re getting ready to sell, expect the buyers will want to come tour in person.

You’re probably inundated with national news, mostly mentioning how COVID-19 is negatively affecting markets, consumer spending is down, and home builders aren’t starting new projects. I’ve said it before, but I’ve got to say it again — that just isn’t our reality in Arlington! Lines at the coffee shop, Amazon delivery drivers on every block all day long, and showings piling up at fresh new inventory for Arlington listings is our continued normal.

PICK OF THE WEEK — The Andors Real Estate Group is proud to have JUST LISTED 923 N. Barton Street, Arlington, VA 22201 — $1,100,000! This awesome Lyon Park home sits on a 7,200 sq. ft. lot, backs to an alley with a detached 2-car garage and has space to grow! 4 bedrooms, 3.5 baths and 2,800 sq. ft. of finished space just blocks to Clarendon. Built 28 years ago, it has the generous proportions of a newer vintage home without the absurd price tag. Give me a call to arrange a private tour — (703) 203-1117.

There are currently 242 homes for sale in Arlington. 125 are detached homes, 26 are townhouses/semi-detached, and 91 are condos. Average days on market (DOM) is 56 and median DOM is 35. Median is creeping up a few days per week, while average is holding quite steady.

Sellers listed some 54 properties for sale this week, down from 60 last week. Buyers ratified 47 contracts, 26 of which were homes that had been on the market one week or less.

The median list price of available properties is $981,950, while the average is $1,126,855. Last year for the same week, sellers listed 67 homes and buyers ratified 65 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.

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 love a quirky holiday around these parts. And, mark your calendars, because Monday, May 4 is Greenery Day.

Officially established in Japan as Greenery Day in 1989, the annual observance encourages folks to be one with nature and to be thankful for their blessings. As we find ourselves in the heart of a global pandemic, it can be hard to find the time and energy to be thankful, particularly as life throws many of us unexpected curveballs.

But, amid the madness, we really do have so much to be thankful for here in Arlington County. On the greenery front, our parks, trails, bike paths and so much more are among the top in the state, if not the nation. And soon, hopefully we can return to enjoying them all at full speed.

Until then, the team at Arlington Realty, Inc. is wishing you health and happiness.

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

As of April 27, there are 136 detached homes, 32 townhouses and 96 condos for sale throughout Arlington County. In total, 14 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: Technology and Innovation in Real Estate

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 well prepared is the real estate industry to use technology and innovation to adapt to social distancing?

Answer: With around $2.3T in new and existing home sales in the U.S. in 2019, you would think that the real estate industry would be a catalyst for technology development and innovation to support the purchase and sale of the most valuable asset most people will ever transact.

Unfortunately, that’s not the case and the real estate industry often lags well behind other industries in technology adoption, innovation and consumer experience. Why is that?

Role of Tech/Innovation in Real Estate

The conversation starts with one critical question — what is the role of technology and innovation in residential real estate? I’ve noticed two schools of thought amongst start-ups and innovators. One is that technology should reduce or eliminate the role of professionals (broker/agent, title attorney, lender) in the transaction and the other is that technology should improve the quality of service and efficiency of those professionals.

I’ll save a lengthy discussion on the value of (professional) real estate agents for another day, but history and many failed start-ups have shown that most consumers want professionals advising them during a home sale or purchase, despite numerous DIY options. I’ll also save commentary on people hiring non-professionals for 6 or 7-figure transactions.

It’s my opinion that the prevailing goal of technology and disruption in residential real estate is to help professionals deliver higher quality service more efficiently, which will in turn improve the experience and reduce cost (commissions/fees) for the consumer. I think it’s important to also improve technology that allows buyers and sellers who prefer a DIY approach, but that isn’t where the lion’s share of investment should be.

#1 Challenge: Fragmented Buying Power

The biggest challenge start-ups face in residential real estate is the fragmentation of the industry’s buying power, which makes widespread adoption difficult and expensive. Most real estate agents are independent contractors who make their own decisions about what systems and technology to pay for so a start-up/entrepreneur with a great idea has to convert tens of thousands (or more) of individuals instead of just a handful of decision-makers with large spending power.

Most agents are loosely organized into offices, brokerages and brokerage franchises that theoretically have stronger buying power to support start-ups, but it can be difficult to find technology that will be useful for, or adopted by, enough agents and their clients to justify the cost of organization-wide implementation because of so many niche practices and the independent nature of agents.

As they say: technology made for everybody, is good for nobody.

Some brokerages implement top-down in-house technology development and have produced great platforms/systems as a result, but even those technologies lack the disruptive innovation industries need from start-ups because they can’t risk their core business on failed technology development.

Many of the large brokerages that practice top-down technology development suffer from common ailments like expensive systems becoming legacy systems before they generate enough value to justify the cost. The cost of in-house development is too high in many cases, which is why many of the technology/disruptor-branded companies announced the first and largest furloughs/layoffs in the industry just a few weeks into the COVID-19 pandemic.

There is a massive opportunity for disruptive technology in residential real estate, but the fragmented nature of the industry makes it difficult for great start-ups to get off the ground and reach profitability fast enough to survive.

This is one reason why VC money has poured into the PropTech (Property Technology, which also includes commercial real estate) industry over the last few years, with investments increasing from $491M in 2013 to $12.9B in the first half of 2019.

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Morning Notes

By ARLnow.com

County Board Defends COVID-19 Response — “Arlington leaders continue to push back against accusations they could be doing more to address the COVID-19 crisis within the county’s 26 square miles. A number of civic-activists used the public-comment period of the County Board’s April 25 meeting (held ‘virtually’ after the government received state authority to do so) to rap officials for not imposing more aggressive regulation of daily life.” [InsideNova]

More Contributions for Small Biz Grant Fund — “The Arlington County Industrial Development Authority has joined Arlington Economic Development’s (AED) efforts to help small businesses… [The authority] approved a contribution of $326,000 of its own funding. Together with the $674,000 of funding from the County, and the recently announced contributions of $100,000 each by the Crystal City and Rosslyn Business Improvement Districts, total GRANT program funding has reached $1.2 million.” [Arlington County, Rosslyn BID]

Ballston Hotel Donates Rooms to Healthcare Workers — “The Ballston BID is collaborating with local organizations to coordinate free accommodations at the Holiday Inn Arlington at Ballston for essential healthcare workers in the community. Chesapeake Hospitality, which manages the Ballston-based Holiday Inn on North Fairfax, is donating a complimentary block of 50 rooms per day… to frontline medical staff, their families, and those most vulnerable within the community.” [Press Release]

Arlington Gets Okay Social Distancing Marks — “Falls Church has a C+, Fairfax County has a C and Arlington gets a B- in social distancing grades from @Unacast. Virginia’s grade is D- and the U.S. as a whole gets a D+.” [Falls Church News-Press, Twitter]

New Deputy Chief for ACPD — “Arlington County Police Chief M. Jay Farr is pleased to announce the appointment of Captain Adrienne Quigley to the position of Deputy Chief of Police, effective Sunday, May 10, 2020. Deputy Chief Quigley will assume command of the Systems Management Division at a later date.” [Arlington County]

Historic Home and Huge Lot Not for Sale, Yet — “Long coveted by developers and planners for schools and parks, the home built just after the Civil War has stirred interest since the death in 2017 of owner Randy Rouse, the homebuilder and equestrian. But his widow still lives in the home. And this week, it appears that some speculation on marketing the house was premature, the chances that the county could purchase it almost nil.” [Falls Church News-Press]

COVID Case Shuts Down Credit Union Branch — “The Arlington Community Federal Credit Union is closing one of their branches after a staff member tested positive for COVID-19, the disease caused by the new coronavirus, the credit union announced Monday morning.” [Patch]

Bankruptcy for Hair Cuttery, Bubbles — “Ratner Cos., the Vienna-based parent company of hair salon chains including the Hair Cuttery, Bubbles and Cielo, has filed for bankruptcy protection after closing more than 80 locations across the country in March. The company and related entities, including Creative Hairdressers Inc., filed for Chapter 11 in the U.S. Bankruptcy Court.” [Washington Business Journal]

Flickr pool photo by Lisa Novak

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:

3156 N. Pollard Street
8 BD/6 BA, 2 half bath single-family home
Agent: Weichert Realtors
Listed: $2,700,000
Open: Virtual Tour

 

2366 N. Oakland Street
4 BD/4 BA, 1 half bath single-family home
Agent: Compass
Listed: $1,425,000
Open: Virtual Tour

 

1029 N. Kensington Street
4 BD/4 BA, 1 half bath condo
Agent: Re/Max Gateway Llc
Listed: $1,100,000
Open: Virtual Tour

 

6930 27th Road N.
4 BD/3 BA, 1 half bath single-family home
Agent: Redfin Corporation
Listed: $944,999
Open: Virtual Tour

 

2660 S. Kenmore Court
3 BD/3 BA, 1 half bath villa/townhouse
Agent: Ttr Sotheby’s International Realty
Listed: $819,900
Open: Virtual Tour

 

5920 5th Road S.
2 BD/1 BA, 1 half bath single-family home
Agent: Weichert Realtors
Listed: $718,590
Open: Virtual Tour

 

2035 N. Glebe Road
2 BD/3 BA, 1 half bath villa/townhouse
Agent: Compass
Listed: $650,000
Open: Virtual Tour

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 takes a while for trends to become apparent in many things, and real estate is no exception. Now that we have been experiencing the impacts of COVID-19 for over a month, I’m able to start drawing some conclusions.

I’m closely watching a realtor favorite, sale price to list price ratio (SP%/LP%). For sales closed in Arlington over the last 30 days, that ratio is 101.59% meaning, on average, sellers pocketed nearly $12,000 more than they were asking (average sales price $748,421).

If we drop to 15 days of properties sold, that average goes up to 102.24% and will encompass more, but not all properties that went under contract post-COVID-19 restrictions/impact. Conclusion — by and large sellers are still getting what they want in the housing market and buyers are still having to pay up!

Many Arlington homes are still getting multiple offers, but we are seeing fewer offers in these scenarios. Homes that might have attracted 8-12 offers last spring, or even in early January or February, are mostly only getting 2-3 offers right now, and it’s still happening in the first few days of public marketing.

Of course, this does not represent all properties. Some homes don’t receive multiple offers or sell in the first week. Some take multiple price reductions in order to find the market — they were on the market, but not really in the market. This is leading to some head scratching from sellers and maybe realtors alike. Your absolute best bet, sellers, is to hire an experienced Arlington expert and follow guidance on proper pricing and presentation. These are always important considerations and even more so now as the dynamics of our market begin to shift substantially.

There are currently 239 homes for sale in Arlington (a bit over 1.25 months’ supply at current demand). 127 are detached homes, 26 are townhouses/semi-detached, and 86 are condos. Average days on market (DOM) is 55 and median DOM is 31. These stayed almost constant from last week.

Sellers listed some 60 properties for sale this week, up from 44 last week! Buyers ratified 45 contracts, 25 of which were homes that had been on the market one week or less. Average DOM of the ratified properties this week is 13, median is 11, furthering my point about being left on the market instead of in it.

The median list price of available properties is $­­­1,022,500, while the average is $1,154,701.

Last year for the same week, sellers listed 84 homes and buyers ratified 64 contracts. Though the volume is down right now, the absorption rate of new properties is remarkably similar. The supply/demand characteristics are very similar — sellers, make no mistake, this is still very much a seller’s market!

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.

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.

A happy Earth Day to our readers here. It’s certainly a bit of a different Earth Day here in 2020.

No, we’re not going to encourage you to go celebrate our green and blue planet in masses out in public. But there are a couple of things on the real estate front that you can do from your own home to make a difference.

The first thing is examining how you can make your home more energy efficient. Whether it’s upgrading your old HVAC set-up or giving your insulation a refresh, these fixes not only protect Mother Nature, but put dough back in your pocket. And, in many cases, these upgrades can be tax deductible.

Also, as you weather the COVID-19 storm, it’s a good time to think about your property’s curb appeal. If you have the green light to plant a tree where you live, they give off oxygen and a little extra never hurts us humans.

And now on to this week’s Just Reduced facts and stats.

As of April 20, there are 148 detached homes, 30 townhouses and 88 condos for sale throughout Arlington County. In total, 9 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: Landscaping to Improve At-Home Living

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: We want to make our time at home more enjoyable by improving our outdoor space. What are some of the most common landscape/hardscape improvements you see in Arlington?

Answer: After six weeks in a row of Coronavirus market analysis/updates, I thought it would be a nice change of pace to talk about some ways you can improve your outdoor space to make staying at home more enjoyable. A nicely landscaped yard can also provide a strong return on resale, especially while stay-at-home orders are fresh in buyers’ minds.

To provide the best perspective on popular landscaping projects around Arlington, I asked Robert Groff of Groff Landscape Design, an Arlington-based landscape and hardscape firm, to share some of the most popular projects they do.

Thank you for sharing your insights Robert, take it away…

Thank you Eli and hello ARLnow. If all of this time at home has inspired you to invest in your outdoor space, I hope some of these projects are an inspiration.

April Showers Bring…Wet Basements and Mosquitos

We’ve all been reminded lately to be prepared for possible threats. Now is the time to make sure rainwater is directed away from your home foundation and mosquito breeding grounds (standing water) are minimized.

Create Family Experiences

Patios — Patios are not only for dining and grilling anymore. Patio activities can include yoga, outdoor office, study space, play space or even an outdoor movie theatre! With infinite amounts of material options here are our top recommendations:

  • Least Expensive: Concrete Slab. In our region, concrete cracks but when necessary it absolutely has its place.
  • Most Dynamic & Most Popular: Concrete Pavers. We highly recommend Techo-bloc manufactured materials because of their lifetime warranty, density rating and wide range of colors, textures and styles.
  • Favorite for Contemporary Style: Porcelain Tile for Exterior Use.
  • Natural Stone: Flagstone is still extremely popular especially for our traditionalists!

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