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.

Okay, so I know I’ve been talking about mortgage rates for the past couple weeks, but now they just hit ALL TIME record lows! The average for a 30-year fixed just hit 3.29%, and it’s very possible you can get lower than that, perhaps below 3%!

But enough about mortgage rates! Usually this low-rate environment would spur an uptick in purchases, and while that is true around the country, it is not true in Arlington as there is almost nothing to buy. We have a very unique and dynamic market here in Arlington!

There are currently 171 homes for sale in Arlington, 100 are detached homes, 11 are townhouses/semi-detached and 60 are condos.

Sellers listed some 68 properties for sale this week. Buyers ratified 46 contracts, 29 of which were homes that had been on the market one week or less.

Inventory has crept back up to about one month’s worth of inventory, up a bit from our low of ¾ month in February. This is something I’ll be watching closely as the spring market shifts into an even higher gear to see if this is a trend upward or just a brief slowdown in absorption of available properties. Ratifications on new listings are still quite strong — almost 50% of new inventory is being absorbed week over week.

Global market turmoil is on the minds of buyers and sellers alike, and we’re all curious how things will shake out. The rapid spreading of coronavirus cases and extreme fluctuations in stock markets have many wondering if we’re on the brink of a recession. While I can’t answer that definitively, what we’re still seeing here in Arlington is full speed ahead.

Remember, markets go up over long enough periods of time, but in the short term, they can either jump up sharply or decline similarly. The price of your home only matters on the day you sell it and should always be looked at as a long-term investment.

To help differentiate our current situation to that of the Great Recession a bit, we’re in much better shape than we were in 2007 and 2008. Mortgage lending is still much more restrictive and I’m seeing mostly very well qualified purchasers in the marketplace. I don’t see those who are stretched too thin and buying something they can’t afford.

Buying power is way up from pre-Great Recession. This is a result of already-low interest rates so buyers are also getting more home for their money. This presumably allows them to stay put for longer as they have more room to grow into it, which can have positive effects down the road — again, a home is supposed to be a long-term play.

Thanks for reading and enjoy your weekend! I’d love to hear from you in the comments below — let me know how I’m doing and if there is anything you would like to see covered in Just Listed.

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.

Dominion Hills Mansion With a Curious History Could be Headed to Market

By Vernon Miles
1/4

Rumor has it the Febrey-Lothrop House (6407 Wilson Blvd) — the home on a huge lot at the corner of Wilson Blvd and N. McKinley Road — could be headed to market soon.

The 9+ acre parcel, which includes the main house and two other side buildings, is one of the last large pieces of contiguous property of its kind in space-constrained Arlington.

Officials have recently been made aware that the property was for sale, according to Arlington County spokeswoman Jennifer Smith. The property is listed as a “generational” site in the county’s Parks Master Plan (page 162) — a place that could be potentially acquired and turned into a public park, although it’s just a block from Upton Hill Regional Park.

The county, with its need for land for schools and public facilities, might also consider it for other uses.

The house sits removed from the main road, near Seven Corners, on a long driveway. It’s an isolated, wooded retreat even though it’s just two miles down Wilson Blvd from the high rises of Ballston. The exterior of the house is in a disheveled state. Windows are broken, paint is peeling away from the side of the building, foxes drink from rainwater in the clogged pool.

The property’s financial value is in the large tract of mostly undeveloped land.

“In terms of development potential, the price (of around $30 million) is reasonable, as the land is already zoned for single-family homes and/or townhouses development,” local activist Suzanne Sundberg, who supports converting the property into a park and potentially a school, told ARLnow. “With so little undeveloped land in the county that comes on the market once in a blue moon, we cannot afford to be picky about location. Land is land.”

Sundberg noted that, should the property be developed as housing, it could stress already-crowded local schools.

“With the proposed upzoning of single-family neighborhoods, the property could hold 2, 3 or even 4 times as much housing as the current estimate [of] 67 townhouses,” she wrote.

The property also holds some sentimental value in its long and curious history of opulence.

“The expansive size of the property… with a number of domestic and agricultural outbuildings surrounded by mid-twentieth-century development, adds to the grandeur of the main dwelling,” an architectural survey of Arlington prepared in 2009 said.

The earliest records of the property show a house being built at the then-rural property in 1855. The original building, called Fairmount, no longer exists but later additions to the property were incorporated into the new structures.

The property was purchased by Alvin Lothrop — one of the founders of the Woodward and Lothrop department stores chain — in 1898. By 1907 the Fairmount building was destroyed and replaced with the colonial revival style home, inspired by George Washington’s Mount Vernon.

Lothrop died in 1912, and the family maintained the estate through the Second World War, when it was reportedly leased to Howard Hughes, according to Arlington Magazine. Among the guests entertained at the house were movie star Jane Russell.

After the war, the home was purchased by local real estate developer, socialite and expert horseman Randy Rouse. When Rouse purchased the property, most of the acreage was broken up to form the Dominion Hills neighborhood, though he kept the house and the surrounding property.

Rouse was briefly married to The Honeymooners star Audrey Meadows. The stress of her commute from Arlington up to New York on Fridays reportedly took a toll on their short-lived marriage, according to local historian Charlie Clark.

Rouse died in 2017 at the age of 100. The business Randolph Rouse Interprises is still listed as operating out of the building.

Map via Google Maps

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.

Amid an incredibly wild ride for the stock market, we have a nugget of stability to report on the local level.

At the end of February, the Arlington County Board voted to keep the real estate tax rate steady for the 2021 calendar year. This means that the tax rate will remain at $1.013 per $100 of assessed property value through 2021.

This marks a change compared to the last two years in which Arlington residents experienced tax rate hikes as a result of approved county budgets.

Particularly in the heart of tax season, it’s vital to have your finger on the pulse on anything and everything that could affect your bottom line both now and in the future. Also, if you’re in the market for a new home, the experts at Arlington Realty, Inc. are always ready and prepared to help you navigate the complexities.

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

As of March 3, there are 116 detached homes, 12 townhouses and 62 condos for sale throughout Arlington County. In total, 5 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: (Tax) Assessment Values Well Below Market Values

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 County significantly increased the assessment value of my home this year, should I appeal it?

Answer: It’s that time of year again… time for homeowners to find out they’ll be paying more in real estate taxes this year due to an increase in the assessed value of their homes. Arlington increased the assessed value of residential real estate by an average of 4.3%, which is less than the 6.3% increase in average sold price in 2019 and much less than the 8.9% increase in median sold price.

Tax assessments are based on the sum of the County’s determination of the value of the land your home sits on and the value of the improvements made to that land (your home). The County adjusts each of these values every year to generate the total assessed value, of which Arlington homeowners pay about 1% of each year to the County in real estate taxes.

Based on conversations I’ve had with homeowners around the County, it sounds like most of the increase in assessments this year were driven by increases in the land value, which makes sense.

Assessed Value vs Market Value

While it is frustrating to see your assessment increase so much, costing homeowners an average of a few hundred dollars in additional tax payments, it’s highly unlikely you’re in a position to challenge your assessment. Over the last 14 months, the County’s assessed value was an average of 14.2% below what homes actually sold for.

Here’s a breakdown of how the County’s assessment compared to actual sold prices since 2019, broken out by zip code, property type and price range. Here are some highlights from the data:

  • If the County’s assessment matched actual market values, homeowners would pay an average of about $800 more per year in taxes
  • Unsurprisingly, the zip codes with the greatest difference between market values and assessed values were all three South Arlington zip codes (22202, 22204, 22206), with homes in 22202 (home to Amazon HQ2) selling for nearly 20% more than the County’s assessment
  • The County has the most difficult time assessing home values in 22205 compared to other zip codes and, unsurprisingly, detached homes compared to condos or townhouses
  • Residents who own homes worth over $1M benefited the most by the County’s low assessments, with market values nearly 19% higher than their tax assessment, resulting in an average annual savings of about $1,900 if the County’s assessments were on par with market values

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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:

2747 N. Nelson Street
6 BD/6 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc
Listed: $3,400,000
Open: Sunday 2-4 p.m.

 

2511 16th Street N.
5 BD/5 BA, 1 half bath single-family home
Agent: Kw Metro Center
Listed: $2,450,000
Open: Sunday 1-3 p.m.

 

4637 13th Street N.
5 BD/3 BA single-family home
Agent: Compass
Listed: $1,200,000
Open: Saturday 2-4 p.m.

 

2500 N. Upshur Street
3 BD/2 BA, 1 half bath single-family home
Agent: Kw Metro Center
Listed: $966,000
Open: Sunday 2-4 p.m.

 

6721 Little Falls Road
4 BD/2 BA, 1 half bath single-family home
Agent: Ttr Sotheby’s International Realty
Listed: $885,000
Open: Sunday 1-3 p.m.

 

1800 Wilson Boulevard #318
2 BD/2 BA condo
Agent: Rlah Real Estate
Listed: $699,900
Open: Saturday 1-3 p.m.

 

1633 N. Colonial Terrace #106
1 BD/1 BA, 1 half bath condo
Agent: Bmi Realtors, Inc
Listed: $569,900
Open: Sunday 1-4:30 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.

Arlington is TOUGH right now!

A lot of buyers are asking us when this is going to let up. While we can’t entirely see into the future, I do have some insight into it… and the best answer I can give is… it doesn’t look like it will slow anytime soon.

We’re out every day on listing appointments, so we do actually have insight into the short-term future of Arlington real estate. With that said, it will take a lot more listing appointments by us and other agents to even start to change this story.

Now is the time to sell your home — if you’re even partially on the fence, give me a call so we can talk about a realistic outcome for your sale.

Short inventory will be the story well into 2020, and likely beyond.

Arlington buyers are getting so discouraged they are starting to look elsewhere. Neighboring counties are the logical next step for buyers who can’t find or ratify on a suitable property in our county. Some of the holdover inventory from these slightly-less-hot markets is being absorbed almost by necessity. With rents expected to continue to rise, especially as Amazon HQ2 ramps up in Arlington, this is going to further squeeze first-time home buyers and move-up buyers as well.

There are 155 homes for sale in Arlington. 91 are detached homes, 11 are townhouses/semi-detached, and 53 are condos.

Sellers listed some 67 properties for sale this week. Buyers ratified 53 contracts, 37 of which were homes that had been on the market one week or less! Buyers have to be decisive and prepared to move at lightning speed to even have a chance in this market.

Mortgage rates are now the lowest they have been in 8 years! If you own a home and have a mortgage over 4%, you should SERIOUSLY consider refinancing — it could save you a TON of money!

Rates dipped to 3.375% this week on coronavirus fears as the benchmark 10-year treasury yield dipped to its lowest point ever.

Some extremely competitive lenders are locking homeowners in at 3.25% for a refinance. Rates for a new purchase are even lower in some cases — but that only matters if you can find a home to buy and get a ratified contract!

My recommendation — call Jawad Hamandi (703) 587-6059 of MVB 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!

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.

Listing of the Day: 2546 23rd Road N.

By ARLnow.com Sponsor
1/10

Address: 2546 23rd Road N.
Neighborhood: Woodmont
Listed: $1,275,000
Open: Sunday, March 1 from 1-4 p.m.

You’ll look forward to spending time in the serene and private setting of this lovely home in the sought-after Woodmont neighborhood.

Situated on a 10,000 square foot lot on a cul-de-sac within steps of the Fort CF Smith parkland and only one light to D.C., you’ll appreciate the proximity to the GW Parkway, Georgetown, Amazon’s HQ2 and so much more.

This is a distinctive home with over 4,400 square feet of living space. On the main level there is a living and dining room, powder room, kitchen with beautiful blue eco-friendly “ice stone” countertops, family room with wood burning fireplace, and sliding doors leading out to the deck from both the family room and the breakfast area.

An oversized mud room/laundry room and main floor bedroom/home office with outside entrance complete the main level. On the second floor you’ll find the exceptionally large master bedroom with walk-in closet and en-suite bath, 3 additional bedrooms and another full bath.

The lower level is like having another home within the home, making it a fantastic retreat for guests, in-laws or the au pair. On this lower level you’ll also find two more bedrooms, a full bath, and a bonus room with walk-in closet and another full bath. Nine-foot ceilings add to the sense of spaciousness and double sliding doors in the recreation room open up to a convenient deck. The additional refrigerator, dishwasher and sink on this lower level are ultra-convenient when entertaining or gathering with friends!

You’ll love coming home to 2546 23rd Road N. in Arlington!

Listed by:
Donna Hamaker
Buck & Associates
703.582.7779
[email protected]
www.DonnaHamaker.com
www.OneLightToDC.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 Fat Tuesday in the books, Ash Wednesday happening today and Leap Day on Saturday… what a week!

To our rare friends (but they absolutely do exist) that have a b-day on Leap Day, we hope you enjoy your well-deserved day that’s been four years in the making.

For the rest of us, let’s get down to the core of what Leap Day is: an extra day in our calendar year to get things done (or just totally relax, because it is a Saturday after all).

So, what are you going to do with it?

Sure, chain stores and restaurants galore have enticing specials today. But remember the best possible investment you can make is in yourself and your future.

If you’re looking to leap into the market and make those real estate dreams a reality, the team at Arlington Realty, Inc. is ready for you. Whether on Leap Day itself or well beyond, we’ll always advocate for your best interests and the absolute best deal possible.

As of February 24, there are 106 detached homes, 10 townhouses and 65 condos for sale throughout Arlington County. In total, 5 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: Pierce Condos Pre-Sales

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: Do you know when Pierce condos sales will begin?

Answer: Penzance’s ambitious Pierce condo project, the high-end 104-unit building that is currently under construction in Rosslyn, began setting pre-sale appointments last week and taking their first deposits this week for condos expected to deliver in 2021. Their sales team set over 50 appointments during an invite-only event last week, indicating plenty of interest in the building… but will that interest turn into the 10% deposit needed to secure a unit in Northern Virginia’s most expensive building?

When 2000 Clarendon in Courthouse began sales there was no question the demand would be through the roof given the lack of condo supply and that pricing was within range of other condos in the Rosslyn-Ballston Corridor. However, Pierce is a different product and very different price point with over half of the units priced over $2M and many units going for $1,100-$1,200/sq. ft.

The most comparable building we have to this in Arlington is Turnberry Tower in Rosslyn (the blue glass building) which has had 85 sales in the last five years, 20 of which have been over $2M and only seven at $1,000/sq. ft. or more. Pierce will need to sell 104 units in a lot less than five years with more than 50 units being $2M+.

Is the luxury buyer market in Arlington/Northern Virginia deep enough to support these sales? I’m looking forward to finding out.

What Will You Get?

The amenity package at Pierce includes a 24hr concierge staff, rooftop pool, two-level gym, and a rooftop club room and terrace.

Each unit is being designed with the same finishes and color package; there will not be any options/upgrades for buyers. The package includes Thermador and Bosch appliances, custom Snaidero cabinetry, hand-scrapped hickory floors, quartz countertops and many units with direct-access elevators.

There have been other high-end condo projects in the region that have taken a similar approach of not offering finish options for buyers, so there is some precedent.

(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:

4503 32nd Road N.
6 BD/6BA, 2 half bath single-family home
Agent: Long & Foster Real Estate, Inc
Listed: $3,675,000
Open: Sunday 2-4 p.m.

 

4917 15th Street N.
5 BD/3 BA single-family home
Agent: Re/Max Allegiance
Listed: $1,399,900
Open: Sunday 2-4 p.m.

 

3812 37th Street N.
3 BD/3 BA single-family home
Agent: Century 21 New Millennium
Listed: $995,000
Open: Saturday 1-3 p.m.

 

906 N. Edison Street
3 BD/2 BA single-family home
Agent: Kw Metro Center
Listed: $885,000
Open: Saturday 1-3 p.m.

 

2819 N. George Mason Drive
2 BD/1 BA single-family home
Agent: William G. Buck & Associates, Inc
Listed: $769,000
Open: Sunday 2-4 p.m.

 

1121 Arlington Boulevard #1006
2 BD/2 BA condo
Agent: Compass
Listed: $549,888
Open: Sunday 1-4 p.m.

 

3301 S. Stafford Street #A1
1 BD/2 BA condo
Agent: Redfin Corporation
Listed: $449,000
Open: Saturday 1-4 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.

It’s been an interesting week in Arlington real estate.

On one hand, we’ve seen some crazy bidding wars that continue to push home prices higher. On the other hand, a buyer had a contract accepted on a new listing that included a home sale contingency, meaning they need to sell their home before they can complete the purchase. Home sale contingencies are rarely accepted in Arlington as the risk to the seller is generally unnecessary due to such high buyer demand.

A home in North Arlington settled this week for $132,000 over list price — that was 13% above what the sellers were asking for. Buyers were conducting pre-inspections, removing all contingencies and doing everything they could to have their offers be accepted.

Sellers listed some 68 properties for sale this week. 31 of those were under contract within a week, while buyers ratified a total of 53 properties.

Global concerns over coronavirus do not seem to be impacting our local housing marketplace whatsoever. Some U.S. markets like New York City and Los Angeles have seen a slight slowdown in foreign investment, but fears of broader potential economic ripple effects haven’t really shown up. Arlington has so far shrugged it off.

Arlington inventory is creeping up very slightly, something we begin to see each year around this time — there are now 157 active properties for sale vs. 150 last week.

44 of the available properties in Arlington are new builds — only one of which is priced below $1 million!

We’re still hovering at about three quarters of a month of inventory in Arlington, just about as far into seller’s market territory as it gets. This is not going to even out any time soon, folks. If you’re thinking about selling, now is the time!

Mortgage rates have been holding pretty steady for weeks now, still hovering right around 3.5% for a 30-year fixed rate mortgage. For comparison, this week last year the rate was 4.375%.

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.

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