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 Team Cathell, “Your Orange Line Specialists.”

With the Holidays just around the corner, Arlington’s real estate market remains healthy and stable while any potential craziness is held in check by low inventory. Demand remains strong, as this week testifies, but there’s just not enough homes for sale to satisfy the eager buyers.

This week only 22 homes were listed for sale, while buyers ratified 33 contracts. Many of those homes that sold would be considered stale inventory as they had been on the market 2-3 months. Without enough fresh inventory, buyers are turning to homes still for sale after 60 days or more. And that’s great for everybody. The average days on market is now up to 31, and there are currently only 166 homes available for sale.

The National Association of Realtors reported this week that inventory is down 5.7% nationally over last year while the median home price has increased 5.6%. NAR’s economists project that next year home values will go up only 3.6% and there is a low likelihood of any recession. They expect economic growth of just 2%.

They would like to see a surge of home builder activity that would both stimulate the economy while delivering more inventory to help keep down the increase in home prices and the increase in rental rates which is the untold victim of low inventory. They expect rent rates to increase 3.5% next year.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

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.

Sure, the temperatures may be falling.

BRRRRRRR.

But our Northern Virginia real estate market remains hot, hot, hot.

As we’ve covered time and time again, things (especially in Arlington County) have been absolutely booming over the past year. And, inventory is particularly tight.

A new Realtor.com report on “The Amazon Ripple Effect” stated that the amount of listings were down 49 percent year-over year in Arlington (folks are clearly holding on to their property in many instances!), while prices were up a whopping 32.9 percent.

The big question that looms as we enter 2020 is: Can we possibly keep this up?

In the heart of one of the hottest real estate markets in the U.S., it’s never been more important to have a trusted team by your side. With in-market experience and leadership since 1984, the team at Arlington Realty, Inc. has seen the ebbs and flows throughout the years.

And, we have the most up-to-date data, insights and more to ensure your transaction is as seamless as possible. Frigid temps or not, we’re always ready to roll on your behalf!

As of December 16, there are 104 detached homes, 13 townhouses and 69 condos for sale throughout Arlington County. In total, 6 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: The Real Story About 22202 Property Values (Amazon Zip Code), Part 1

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: I have read articles about the 22202 zip code suggesting everything from extreme appreciation to homes now selling for pre-Amazon prices. Can you shed some light on what’s actually happening in that market?

Answer: After months of articles about extreme appreciation in 22202, the Amazon HQ2 zip code making up neighborhoods like Crystal City, Pentagon City, Aurora Highlands/Hills and Arlington Ridge, there was an article published last week by the Washington Business Journal claiming that prices are now below pre-Amazon HQ2 announcement levels. The supporting data was that median sold price in November 2019 was 12% lower than November 2018 prices.

This is yet another example of lazy reporting on Amazon’s impact on local real estate with the sole intention of generating clicks.

First of all, if you use the average sold price instead of median, there was a 2.3% increase in prices from November ’18 to November ’19, not a 12% decrease. Second, with a drop in total sales from 30 in 2018 to just 12 in 2019, with prices ranging from $255,000 to $1,145,000, there’s just not enough data to draw any sort of reliable conclusion on market performance by comparing the two months.

To generate reliable real estate trends, you either need a lot of data points (sales) or drill into smaller data sets. With that said, let’s dive into some real analysis on how Amazon HQ2 has impacted residential real estate for its new neighbors in 22202.

Market Make-up

The 22202 market offers a diverse supply of housing. This year, condos have sold from as little as $195,000 for a 500 sq. ft. studio to $1,250,000 for a 2,900 sq. ft. 3 BR/3 BA penthouse. The least expensive detached home sold for $630,000 to be torn down and the most expensive a 6 BR/4.5 BA for $1,600,000.

Homes in the area tend to be pretty old with most detached homes being built prior to the 1960s and only one condo building has delivered since 1990.

Of the 135 homes to sell so far in 2019, 76 were in condo buildings, 47 were detached homes and 11 were townhouses.

Condo Market

Inventory levels in the 22202 condo market took a huge hit, dropping 40% from 130 sales in 2018 to just 76 in 2019 (with two more scheduled to close in 2019). The decline is attributed to owners choosing not to sell (holding out for more appreciation), certainly not lack of demand.

As a whole, the average sold price in the 22202 condo market increase 22.8% ($402k to $492k) and median price increased 18.6% ($379k to $450k) for properties that went under contract after Amazon’s November 13 HQ2 announcement.

However, don’t think individual property values appreciated ~20%. The entire market is skewed higher because of a big drop-off in less expensive studios (60% decline) and 1 BRs (33% decline).

Let’s take a deeper look at how property values actually changed by looking at similar sales within comparable buildings. I’ve grouped all buildings along Arlington Ridge and Army Navy Drive, along Crystal Drive, and both Eclipse buildings so that we have larger sample sizes to compare pricing activity from within comparable buildings. I limited this data set to one- and two-bedroom units.

The percentages for each building group represent the change from properties sold in 2018 and 2019 that went under contract pre-Amazon announcement vs post-Amazon announcement (November 13, 2018).

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New Homes in Arlington: December 13

By ARLnow.com Sponsor

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

It has been 13 months since Amazon made their announcement that they had selected Arlington as the location for its second headquarters, or HQ2. The impact that this has had on Arlington County and Northern Virginia as a whole has been felt by all in the housing market.

In a recent article, Realtor.com reported that the median listing price in Arlington County reached $863,000 in October, up almost 33% year over year. While listing prices increase, the number of Active listings is falling, down 49% year over year in October. Some of this is likely due to homeowners holding out on selling their home in anticipation that prices will only continue to rise, contributing to the low inventory issues.

Additionally, we are seeing the days on market timelines drop, making it difficult for potential buyers to even get in line to get their offer in. October’s average days on market in Arlington was around 19, down almost 39% from October 2018.

We live in one of the nation’s hottest and competitive housing markets right now. Investors have already and continue to swoop in to purchase homes quickly, putting local potential buyers in a tough position, especially first-time home buyers. So what does this mean for you if you’re looking to buy or sell a home in Arlington or the surrounding counties? We are here to help! Contact us today for a free buyer consultation or to set up a listing appointment, 571-429-7670 or [email protected].

Below is a list of new homes in the Arlington area:

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn 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:

314 N. Barton Street
4 BD/3 BA, 1 half bath single-family home
Agent: D.S.A. Properties & Investments Llc
Listed: $1,399,000
Open: Sunday 1-4 p.m.

 

5702 7th Street N.
5 BD/3 BA, 1 half bath single-family home
Agent: Kw Metro Center
Listed: $1,275,000
Open: Saturday 1-3 p.m.

 

1501 23rd Street S.
4 BD/3 BA single-family home
Agent: Real Living Reserve Realtors
Listed: $975,000
Open: Sunday 2-4 p.m.

 

5720 3rd Street S.
5 BD/3 BA single-family home
Agent:Kw Metro Center
Listed: $795,000
Open: Saturday 1-3 p.m.

 

3600 S. Glebe Road, 223W
2 BD/2 BA condo
Agent: Compass
Listed: $649,990
Open: Saturday 1-3 p.m.

 

1024 N. Utah Street, #721
2 BD/2 BA condo
Agent: Kw Metro Center
Listed: $550,000
Open: Saturday 1-3 p.m.

 

3800 Lee Highway, #206
1 BD/1 BA condo
Agent: Samson Properties
Listed: $434,900
Open: Sunday1-4 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 Team Cathell, “Your Orange Line Specialists.”

You know it’s holiday shopping season when there’s total gridlock on the roads within five miles of any shopping center.

Us consumers are doing our part to keep the economy humming along. Buying and selling homes is not typically a priority for most people this time of year. But homes must be on their shopping list.

Buyers ratified an amazing 44 contracts this week, and sellers listed 33 homes. Those are good numbers this close to the holidays.

Not to put any pressure on you buyers out there, but the spring real estate market starts the second week of January. Check the calendar. That’s only three weeks away. That means you have a window of opportunity of just three weeks to find the right home, negotiate relatively aggressively and ratify a contract. In three weeks, buyers will be out in volume with limited inventory and the battles will begin. So quickly finish your holiday shopping and find the right house.

Realtor.com just issued its housing market forecast for 2020, and it’s mostly not good. Here are some key projections:

  • A relatively stagnant market with 1.8% fewer sales of existing home
  • A national median price increase of only 0.8%
  • 25 of 100 top US cities will experience a drop in average home prices
  • Weakened buyer affordability, and even lower inventory levels than today
  • Millennials will account for over 50% of home purchases for the first time ever
  • Gen Xers will follow with 38% of purchases, trailed by Boomers at 17%
  • About the only good news is mortgage rates will remain steady peaking at 3.85%

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

Morning Notes

By ARLnow.com

Home Sale Prices Near HQ2 Drop — “Home prices in the neighborhoods where Amazon.com Inc. is setting up its second headquarters dipped to below pre-HQ2 prices for the first time since the company made the announcement just over a year ago. The median sale price for [the 22202 ZIP code] was $507,500 — a 12% drop from median prices in November 2018.” [Washington Business Journal, Twitter]

HQ2 May Help Balance Local Dating Scene — “For every 100 single, college-educated individuals in the Washington area, women outnumber men 53-47. And single women with college degrees are coming here at a faster clip than men in the same demographic, census data show… could Amazon’s expansion into Arlington import enough men to give some local women a statistically better shot at love?” [WAMU]

Big Emergency Response in Pentagon City — From Arlington County Police, regarding a large emergency response outside the Pentagon City mall around 8 p.m. last night: “Police responded to the report of a fight. One victim suffered minor injuries.” [Twitter, Twitter]

New Art Installation on ART Buses — “The latest Art on the ART Bus exhibit is up! The exhibit features seven letter-pressed placards that honor Arlington’s 60th anniversary of the seven lunch counter sit-ins from June 9 to June 22, 1960. The sit-ins were peaceful protests to challenge widespread segregation policies.” [Arlington Transit]

Nearby: Alexandria Also Ends Glass Recycling — “Alexandria will no longer collect glass curbside for recycling… Starting Jan. 15, if you’re hoping to get your glass recycled rather than just tossed out with the trash, you’ll have to take it down to the purple bins at one of four facilities in southern Alexandria.” [ALXnow]

Photo courtesy Dave Statter

Morning Notes

By ARLnow.com

Lessons Learned from Amazon in Seattle — A local real estate agent traveled to Seattle to learn what Arlington can expect from Amazon’s arrival. Among the things Arlington might see, as Seattle did: a “restaurant boom” with lots of new eateries opening, and big property price increases over the course of several years. [NBC 4]

County May Extend Signature’s Annex Lease — The Arlington County Board this weekend is set to consider renewing Signature Theatre’s lease for the county-owned building at 3806 S. Four Mile Run Drive through 2032. The theater uses the building “for set, costume, and prop fabrication and storage and for general office purposes in connection with Signature’s stage productions at 4200 Campbell Avenue in Shirlington Village.” [Arlington County]

Arlington Chamber Has New Logo — “Introducing the Chamber’s NEW LOGO! We updated our logo this past year to better match the mission of our organization. The new design is intended to increase the prominence of Arlington & give the logo a more modern feel.” [Twitter]

Beyer on Impeachment, Trade Deal — Rep. Don Beyer (D-Va.) says the impending vote on impeaching President Donald Trump “is a sad moment for our country, and a solemn one.” Also, of the US-Mexico-Canada trade deal, Beyer said yesterday: “I will have the best interests of my constituents in mind as I evaluate the text of this agreement in days to come.” [Press Release, Press Release]

AWLA Recreates Viral Moment With Bunny — ” Days after Italian artist Maurizio Cattelan’s duct-taped banana artwork went viral with a whopping $120,000 sale price, a cute Arlington bunny has come along to give him a run for his money. Her latest masterpiece involves a tasty carrot duct-taped to a tiled wall.” [Patch]

Hope Named Chair of Public Safety Committee — “Del. Patrick Hope (D-Arlington) has been named chairman of the House Committee on Militia, Police and Public Safety… Hope, the most senior member of the Arlington delegation to the House of Delegates, was the only one of the four-member Arlington delegation to be tapped for a committee chairmanship.” [InsideNova]

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.

Count this as your official two-week heads-up… Christmas will be here in two weeks, y’all!

So, how is that shopping coming along?

More specifically, how many Nintendo Switches have you purchased? Any Instant Pots for the stragglers that didn’t get on board last year? Or, perhaps a Razor scooter or two (P.S., those were super-cool like a decade ago, too)?

Regardless, our team wishes you the best of luck with your holiday-related endeavors.

And, if a real estate gift is at the top of your wish list this year — whether buying or selling — we’re ready to jump into action on your behalf. While we’re certainly on the homestretch of 2019, it’s never too late to achieve those goals of yours.

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

As of December 9, there are 112 detached homes, 22 townhouses and 78 condos for sale throughout Arlington County. In total, 10 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: Tips to Start Your Home Search

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 are looking forward to buying our first home in 2020. Do you have any recommendations on how we should start the home buying process?

Answer: Google “home buyer tips” or “what to know before buying a home” and you’ll find plenty of advice on the topic, so I’ll include some suggestions I don’t see on most of those lists and also put my own spin on others that you have heard before.

Weighted Criteria

It’s easy to come up with 3-5 things that are most important to you, but challenge yourself early to come up with 12-15 things that are important to you. Then give yourself 100 points and allocate points to each based on how important they are to you and you’ll end up with a weighted criteria list to help you focus your search and objectively compare properties.

If you want to take it to the next level, bring your weighted criteria list with you on showings and score each house out of the total points allocated to it.

Length of Ownership

This is one of the most important conversations to have with yourself/your partner. You should focus on the following:

  1. Likely length of ownership
  2. Difference in criteria for a 3-5 year house vs a 10-12+ year house
  3. Difference in budget requirements for a 3-5 year house vs a 10-12+ year house

Appreciation is not guaranteed and difficult to predict, but the value of longer ownership periods is undisputed. One way longer ownership adds value is the potential for eliminating one or more real estate transactions, and the associated costs (fees, taxes, moving expenses, new furniture, etc) and stress that comes with moving, over the course of your lifetime.

If you have an opportunity to significantly increase your length of ownership by stretching your budget, it’s often justifiable. On the other hand, if your budget or future plans restrict you to housing that’s likely to be suitable for just 3-4 years (and buying now still makes sense), it’s generally better to stay under budget.

Influencers (not the Instagram ones)

Family, friends, colleagues… they’re all happy to offer opinions and contribute to your home buying process, but the input can be overwhelming and unproductive if you don’t set boundaries. Try to determine up-front who you want involved in the process and how you’d like them to be involved.

Think about how you’ve made other major decisions in life — what college to attend, what kind of car to buy, where to get married, whether to change jobs — and if you’re the type of person who likes input from your friends and family, you’ll likely do the same when buying a house. Plan ahead with those influencers so their input is productive.

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Neighborhood Spotlight: The Top Places to Live in Clarendon

By ARLnow.com Sponsor

This content was written and sponsored by The Keri Shull Team, Arlington’s top producing residential real estate team.

Have you seen the heights of luxury living in Arlington? Let us show you the top places to live in Clarendon!

All of these condos offer the unique blend of urban and suburban living that comes with living in the D.C. area — it’s truly an environment unlike any other!

When you’re looking for a home, what are your “must-haves”? We’d love to hear from you, so let us know in the comments below!

Want to learn more about the best places to eat, play and live in Arlington? Check out the Keri Shull Team on YouTube to get the latest neighborhood guides!

Are you interested in moving to Clarendon, or any other unique neighborhood in D.C., Maryland, or Virginia? Contact The Keri Shull Team today to learn how we can help you find and win your dream home — for a price that you’ll love!

Do you know anyone looking to buy or sell a home in the DMV? We’d love for you to introduce us! Click here to contact us today.

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