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.

Needless to say, these are certainly interesting times.

On behalf of the Arlington Realty, Inc. team, we’re continuing to keep our community, state and nation at the top of our thoughts.

We encourage our neighbors to be safe out there and adhere to the latest recommendations as made by the Centers of Disease Control and Prevention (CDC) as well as local authorities.

Amid the COVID-19 crisis, we will continue to keep our pulse on the local real estate market, just as we have throughout our decades in Arlington County.

We know that these are stressful times with many, many questions and concerns. And, just as we’ve ridden the highs together, we’ll certainly be there when the times are tougher.

When you’re ready to chat about one of your most valuable current or future assets, we are too. And, in the meantime, here are this week’s Just Reduced figures:

As of March 16, there are 136 detached homes, 22 townhouses and 83 condos for sale throughout Arlington County. In total, 16 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: Impact of Coronavirus on the Real Estate Market, Part 2

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 has been the impact of the Coronavirus/COVID-19 on the real estate market?

Answer: What a difference a week makes. Last Tuesday I started off semi-apologetic for writing what felt like a click-bait article at the time and this week it feels like writing about anything else would be absurd.

Last week I wrote that the impact of COVID-19 on real estate thus far was business as usual with a few big “What Ifs.” Those What Ifs came to fruition within 24-72 hours of Tuesday’s column — major changes to our daily routines (school closures, work closures) and significant changes in the global/domestic economy.

It is no longer business as usual in real estate, but the show still goes on for most buyers and some sellers… for now.

This week and in the following weeks I will do my best to communicate the impact of the Coronavirus on the local real estate market through my experiences, experiences shared by my colleagues/industry partners (inspectors, lenders, etc), and market data.

What I’m Seeing/Hearing

Combining the reactions of my clients and clients of the 15-20 agents I’ve spoken with over the last few days to gauge shifts in supply (sellers) and demand (buyers), it seems that many/most buyers are staying the course with their purchase but the jitters seem to be setting in more over the last couple of days, especially for those who also need to sell a home. Sellers are much more nervous, understandably so, and many are questioning their need/plans to sell their home.

Most agents experienced noticeable drops in Open House and showing traffic over the weekend, although I spoke with a few agents who hosted 20+ groups during an Open House. My guess is that there are fewer people visiting homes who aren’t serious/ready buyers and that usually makes up a large percentage of total foot traffic.

Many of the agents I spoke with who submitted an offer this weekend still found themselves competing against multiple offers with strong terms, but the number of competing offers seemed less than what they would have expected a few weeks ago.

I experienced this on a house in South Arlington that 2-3 weeks ago would have probably gotten 5-10 offers, but my client was up against just one or two, albeit strong, offers (they won!).

I think one of the best measures of buyer demand/activity is home inspection bookings. I spoke with Ken Humphreys, the Area Manager of Virginia and Maryland for BPG Inspections, one of the largest inspection companies in the country, and he shared some valuable insights on his activity, as well as regional and national activity.

Almost all of Ken’s business is in Northern Virginia and during a hot market (like the last 8 weeks) he’s often booked out for 5-7 days. His schedule is full this week Monday-Wednesday but wide-open starting Thursday, which never happens.

In Virginia and Maryland, their bookings are down 15% from where they were last week and they were projecting a 10% increase in bookings this week over last, given the time of year. Bookings are down about 20% nationally.

Transactions Still Going

There was some concern that transactions would be halted due to courts, appraisers, and loan underwriters shutting down due to Coronavirus but so far everybody is operational, with some adjustments to adhere to social distancing practices.

Arlington County courts, like many others, have restricted walk-in business but essential services are still available which includes e-recording of deeds (allows property ownership to officially transfer). Lenders and appraisers are still operational, but people should prepare for longer turn-around times.

(more…)

Open Houses in Arlington This Weekend

By ARLnow.com Sponsor

Looking for a home? There are plenty of houses and condos open for viewing this weekend.

Check out the Arlington Realty website for a full list of homes for sale and open houses in Arlington. Here are a few highlights:

3169 Key Boulevard
5 BD/4 BA single-family home
Agent: Ttr Sotheby’s International Realty
Listed: $2,650,000
Open: Sunday 2-4 p.m.

 

1201 N. Nash Street #302
2 BD/2 BA, 1 half bath condo
Agent: Re/Max Distinctive Real Estate, Inc
Listed: $1,550,000
Open: Sunday 2-4 p.m.

 

4408 Henderson Road
4 BD/4 BA, 1 half bath villa/townhouse
Agent: Redfin Corporation
Listed: $1,115,000
Open: Sunday 1-4 p.m.

 

6053 22nd Street N.
4 BD/3 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc
Listed: $949,000
Open: Saturday 1-3 p.m.

 

2040 N. Woodstock Street
3 BD/2 BA single-family home
Agent: Weichert Realtors
Listed: $769,900
Open: Sunday 2-4 p.m.

 

2400 Clarendon Boulevard #904
2 BD/2 BA condo
Agent: Compass
Listed: $650,000
Open: Saturday 1-3 p.m.

 

2921 S. Buchanan Street
2 BD/2 BA condo
Agent: Kw Metro Center
Listed: $524,900
Open: Sunday 2-4 p.m.

Photos: Tiny House Built Near Clarendon

By ARLnow.com
1/10

An open house is currently scheduled this weekend to tour a new “tiny house” built in the Clarendon area.

Tours will be offered to interested members of the public from 2-4 p.m. on Sunday, according to local home builder Arlington Designer Homes. The 860 square foot house, at 1031 N. Cleveland Street, was “custom designed and built for an environmentally-conscious family that values smaller, simpler living.”

“This sensibly-organized, energy-efficient home could be a model for accessory dwelling units throughout the county,” said Andrew Moore, President of Arlington Designer Homes. “The home offers the latest in energy saving technology, including energy efficient Jeld-Wen windows and doors, Hardie siding, low VOC paints, and LED lights,”

The tiny house — which, to be clear, is not for sale — is expected to be certified under the Arlington Green Home Choice Program.

“Proving that good things do come in small packages, this tiny home features two bedrooms, two baths, a full galley kitchen, a front porch, tons of light, and is walking distance from restaurants, shops and Metro,” a press release noted.

“Home trends in Northern Virginia are changing. More and more of our clients are looking for smaller, well-designed and well-organized spaces – especially in Arlington,” Moore said. “This tiny house demonstrates that you can build smaller and smarter, without sacrificing style or comfort.”

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.

Will the housing market be impacted by the stock markets dropping into bear market territory?

Probably. When? It’s simply too early to tell. Expect a delay.

Fear and even panic over coronavirus are setting in, and the impact may have ripple effects for a long time to come. Even though the stock market has swung wildly and lost much value recently, we are not in a recession at this time. And, if we do experience a recession, it is likely to be less severe here than in other parts of the country, just as it was during the Great Recession.

Is real estate less volatile than stocks? YES, and “by a lot” is an understatement.

The housing market operates on a delay, relative to the stock market. We don’t complete a transaction in fractions of a second, but rather in 30-60-90 day timelines depending on how you measure start to finish. Most of Arlington’s housing purchases are not reliant on how the buyers’ stock portfolios are performing that day, week or month.

Instead, they are tied to the need for a roof over a family’s head and the desire to participate in price appreciation as opposed to sitting on the sidelines of it. Arlingtonians and prospective Arlingtonians are largely very well qualified for their purchases, with cash already set aside for down payments, closing costs and even renovations.

Arlington real estate agents are already talking about how this will impact open house traffic. We are taking preventative measures to enable visitors to still get into see homes without too much increased risk. This means to expect that as much as that Realtor wants to shake your hand, they’ll probably elbow-bump you instead — no surprise there!

Here are a few potential scenarios I see in our future, and I’m not going to profess that any are more likely than the other.

  • Some buyers step out of the market, making it a bit easier for those who stay in to finally get a place to call home. Moderate/low impact on a still squeezed supply/demand equation.
  • Many buyers get scared and step out of the market, resulting in inventory building up. At minimum this slows appreciation, and if inventory increases too much it could push home prices lower.
  • Sellers continue to stay put at a high rate as they have been for many years now, and buyers continue to buy out of desire and necessity. Relatively little impact, Arlington housing market proceeding as normal.

There are currently 182 homes for sale in Arlington. 101 are detached homes, 12 are townhouses/semi-detached, and 69 are condos. Median list price of available properties is $1,052,000, while the average is $1,209,000.

Sellers listed some 93 properties for sale this week. Buyers ratified 68 contracts, 46 of which were homes that had been on the market one week or less. 93 new properties this week is a large jump from last week’s 68 (almost 37%)! 68 ratified contracts this week compared to last week’s 48 (almost 42%)!

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.

Morning Notes

By ARLnow.com

More Signs of Coronavirus Preps — Emptier shelves at local grocery stores, less traffic on the roads: there are signs that locals are taking the coronavirus threat seriously. During the first hour of yesterday’s evening rush hour, traffic on I-395 was relatively light. Last night, there was barely any canned soup left on the shelves at the Lee-Harrison Harris Teeter. [Twitter, Twitter]

Some Churches Close, Others Announce Changes — Episcopal churches in the D.C. area have suspended worship services, while the Catholic Diocese of Arlington announced a series of measures intended to help prevent the spread of disease. [Washington Post, Press Release]

Events Are Being Cancelled in Arlington — “Out of an abundance of caution, the Rosslyn BID has decided to cancel our Arts & Beats series this March and April. We are hoping to run these events later this year and we will be evaluating future events on a case-by-case basis.” [Twitter]

Arlington Conferences Cancelled — “Code for America was scheduled to host its annual summit at the Crystal Gateway Marriott in Arlington, Virginia, from March 11 through 13. A Code for America spokesperson told Technical.ly that this would have been the first time the nonprofit was hosting the annual summit in the D.C. area, as it normally takes place in San Francisco. Code for America release a statement on Friday announcing the summit’s cancellation.” [Technically DC]

Local Real Estate Still Hot, Though — “Listing service Bright MLS said closed sales throughout the Washington metro area were up 13% from a year ago to a 10-year high… In Arlington County, Virginia, the median overall price of what sold was $635,000, up 12.4%. But the median price of a stand-alone house that sold in Arlington last month was $1.14 million, up 19.2% from last February.” [WTOP]

Arlington Works on Tree Preservation — “It’s not just housing affordability and increased traffic Arlington County officials are concerned about in the wake of Amazon.com Inc.’s arrival. They’re also watching out for the trees. County officials are proposing to add one urban forester position to the Department of Parks and Recreation. The new hire is needed to expand tree preservation efforts and work through the surge of site plans developers are pitching in the area of Amazon’s HQ2.” [Washington Business Journal]

Biz Talk: Arlington Partners with the Real Estate Community

By ARLnow.com Sponsor
Photo via David Hills

This article was written by Alex Taylor, Senior Business Development Manager for Arlington Economic Development.

Arlington Economic Development has many evolving strategies to attract business to the County, but one consistent piece is cultivating our partnership with the commercial real estate community.

In February, we hosted the first Broker Breakfast, a series of events that will occur over the coming months and will focus on synchronizing messaging to enhance our efforts to bring business to our commercial corridors.

Companies looking to expand into a new market often rely heavily on real estate experts to be the front door into the locations that best suit their needs. Whether it’s a new gym, rooftop employee lounges or just easy access to metro, there are dozens of factors that can drive a real estate decision within a building itself. And while buildings are important, the key drivers for most of these decisions boil down to one thing: attracting and retaining a quality workforce.

Workforce is currency that every tenant in the market is working to leverage. A highly-educated and reliable workforce is pivotal for business success and overall economic growth. Arlington is fortunate enough to sit at the center of the second largest tech talent pool in the U.S., and our universities are near the top of every ranking in the country for graduating technology and professional degrees.

The smartest and hardest working employees reside here, and the future workforce will be here as well. The Commonwealth’s $1.1 billion investment in the Tech Talent Pipeline is set to create nearly 31,000 tech degrees in the next two decades between Virginia Tech in Alexandria and George Mason in Arlington.

The County’s public infrastructure, built environment and overall quality of life are huge draws for companies and their employees. Arlington is the model for urban-suburban development, a product of smart planning during the 1960’s and 70’s as Metro began expanding into the suburbs, a decision that has paid dividends ever since.

There are many factors that lead to a high quality of life, but the ones at the top of the list typically involve easy walkability, quality transit, access to amenities, high quality of life and a strong public education system — all things that Arlington has in abundance, and all important factors for workers when choosing where to live and work.

Quality environment, product and workforce are true drivers of real estate decisions on the commercial side. Fortunately, Arlington, along with the rest of the region, is very well positioned in these areas as well. Amazon, Nestlé, Lidl and dozens of other small and medium-sized businesses have had success in our market due to these features.

While many companies have struck gold here in Arlington, not all companies in the U.S. know these stories and statistics. It is our job to help relay these themes, but we are a small staff with limited resources. We must maximize and leverage our partners in the real estate industry at every opportunity.

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.

Germs — and the spread of them — are certainly top-of-mind during these interesting times.

In addition to being cognizant of your surroundings and taking preventative measures out in public during this flu (and now COVID-19) season, there are some steps everyone should be taking at home.

Among them are these three quick tips:

  1. Take your shoes off at the door and encourage your guests to do so, too. Germs can travel on the soles of your shoes and, depending on the virus, can live on your shoes for up to 48 hours. Hey, at the very least, your floors will be cleaner.
  2.  Sanitize surfaces frequently. If you are carrying items in and out of your home — setting them on your counters, dressers and more — you’ll want to do some cleaning once those surfaces are clear again.
  3. Be aware of your guests. While your family may be perfectly healthy, you may have a guest that’s not. And, in a matter of minutes, they may touch your remote, thermostat, doorknobs, refrigerator door and more. A periodic cleanse of these areas certainly can’t hurt either.

Stay calm and smart out there, friends.

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

As of March 9, there are 119 detached homes, 14 townhouses and 79 condos for sale throughout Arlington County. In total, 11 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: Impact of Coronavirus on the Real Estate 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: How will the threat of Coronavirus impact the real estate market in 2020?

Answer: I wasn’t planning to write this, it seems a little click-baity (now my “Trump’s Impact on Real Estate” column has some competition!), but I got the question four different times in under 24 hours last week so here I am writing about it.

Too Early To Know

Nobody knows how Coronavirus is going to impact the real estate market over the next month or the next ten months because we don’t know what the real impact of the virus will be on public health and markets. According to President Trump, it could disappear one day “like a miracle” and according to others, we could face a devastating pandemic.

Yesterday’s stock market closed down nearly 8% and this morning, the Futures were up almost 4%. Uncertainty slows the real estate market down and the only certainty right now is how uncertain the markets and public are about COVID-19. It’s hard to see how this type of uncertainty doesn’t create a drag on real estate across the country, the question is how long it will last.

Beyond the uncertainty, you have the very real impact of a sharp decline in investment/retirement accounts that many people use for down payments. With many accounts down double digits over the last two weeks, some buyers may reconsider their decision to sell stocks right now.

On the other hand, interest rates are historically low, hitting all-time lows last week and the real estate market across the greater D.C. Metro has been on fire since January so it’ll take a major shift in demand to slow things down as we head into peak buying season.

What I’ve Heard

So far, what I’m hearing from clients, colleagues and other industry partners (lenders, title, etc) is that buyers are hoping the Coronavirus slows the market down so they can have a better opportunity to buy, but there seems to be very few people actually pulling out of the market or reducing offers because of it.

Currently, buyers still seem more motivated by historically low rates and lack of buying opportunities than they are concerned that the likely impact of the virus. It seems that long-term confidence in local real estate is still a stronger influence on people’s decisions.

I think this mindset could change quickly, having broad negative effects on the local real estate market, if markets continue to tank, systematic failures in the market appear (e.g. Mortgage-backed Securities in 07-08), or people begin experiencing more direct effects of the virus like work/school closures or people they know testing positive.

This is an important change to watch for if you’re considering putting your home on the market in the coming weeks.

Don’t Overvalue Speculation

It’s important to distinguish between fact and speculation and not overvalue speculation. If you spend 30 minutes online today, you’ll be able to find an assortment of well-supported reasons why the markets is on the brink of another recession as well as well-supported reasons why everything will be just fine, with growth ahead.

Your decision should be rooted in things you can rely on like how long you can live happily in a home (nothing creates value like longer ownership periods) and what your best alternatives are to buying (renting, staying put) or selling (do you have a better utilization of your equity?).

Of course, you want to consider the national, regional and local economy as well as neighborhood trends, development pipelines and other factors that will influence appreciation/depreciation potential, but be careful not to overvalue speculation. 

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: 3411 N. Woodrow Street

By ARLnow.com Sponsor
1/10

Address: 3411 N. Woodrow Street 
Neighborhood: Country Club Hills 
Listed: Auction 
Open: Weekends 1-3 p.m.

Auction Date: March 24 at 1 p.m. Previews: Weekends 1-3 p.m.

Beautiful new construction in the heart of Country Club Hills.

This 6,700+sq. ft. custom home has been designed to incorporate the rich architectural details prevalent on homes throughout the surrounding neighborhood. The home features traditional high ceilings on all levels, hardwood floors, dormers, transoms and arches. There are 6 bedrooms, 6 full baths, 2 half baths and each of the bedrooms has an en-suite bathroom.

The owner’s suite features a huge walk-in closet with dressing table and a lavish bathroom. There is a gourmet eat-in kitchen, a main level guest suite with private bath, state of the art high speed wiring, two car garage and one car garage. View the virtual tour on www.tranzon.com/FX7330.

Listed by:
Jeff Stein
Tranzon Fox
888-621-2110
[email protected] 
www.tranzon.com/FX7330

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:

1335 14th Street N.
3 BD/4 BA, 1 half bath villa/townhouse
Agent: Kv Realty
Listed: $1,998,888
Open: Saturday 2-4 p.m.

 

1819 N. Highland Street
3 BD/3 BA, 1 half bath single-family home
Agent: Prestige Realty, Llc
Listed: $1,450,000
Open: Sunday 2-4 p.m.

 

424 N. George Mason Drive
4 BD/3 BA, 2 half bath villa/townhouse
Agent: Compass
Listed: $1,049,000
Open: Sunday 1-4 p.m.

 

2319 N. Glebe Road
4 BD/3 BA, 1 half bath villa/townhouse
Agent: Re/Max Distinctive Real Estate, Inc
Listed: $869,000
Open: Sunday 1-4 p.m.

 

2628 N. Potomac Street
3 BD/2 BA single-family home
Agent: Optime Realty
Listed: $750,000
Open: Sunday 2-4 p.m.

 

1245 N. Pierce Street #1
2 BD/2 BA condo
Agent: Samson Properties
Listed: $625,000
Open: Sunday 1-4 p.m.

 

1200 Crystal Drive #514
2 BD/1 BA condo
Agent: Optime Realty
Listed: $499,900
Open: Sunday 2-4 p.m.

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