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.”

Our real estate market in Arlington has slid backward this week with only 41 ratified contracts and a meager 43 new listings. Last year at this time, we had 63 ratified contracts and 50 new listings.

Can anyone remember what else happened this week a year ago? Amazon announced it was moving its HQ2 to Arlington, and the town was abuzz with the news and wild speculation on its impact on our housing market.

The lack of inventory continues to plague our market. A year ago, we had 476 active listings of homes for sale, resulting in 1.9 months of inventory. This week we have only 236 homes actively for sale, and at our current rate of absorption we now have just 1.4 months of inventory. Compare that to the current national inventory rate of 4.3 months. So Arlington home buyers are super challenged.

There’s finally a glimmer of good news on the national front. Housing starts have increased for both single family and multi-family homes. So we’ll see more inventory coming into the market. Single family starts are up 3.8% over last year, and multi-family starts are up 8.6%. This is the highest level of housing starts in 12 years. It’s about time.

When a buyer can’t find a home to purchase, their alternative is to rent. And so the rental market both here in Arlington and nationally is hot hot hot, if you’re a landlord; and horrible horrible horrible if you’re a tenant. Rental inventory is also down by about 1 percent, and rent rates are up about 3.8% for lower end homes. With the rental market so hot, it attracts more investors who in turn compete with end-user buyers for the available inventory putting an ever greater burden on buyers to compete.

Meanwhile, mortgage rates held steady this week with the 30-yr fixed rate at 3.75%-3.85%…

Best wishes to all for a wonderful Thanksgiving holiday next week. Let your family and friends know how much you love them.

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.

We love a quirky holiday or two around here and today, November 20, is G.O.H.A.R.D. Day. So, what does that stand for exactly?

Globally Organized Hug A Runner Day. That’s a new one for us, but for all those folks inspiring us locally with their running endeavors (many of which have a charitable benefit!) we salute you and give you a big air-hug.

Speaking of running (and outdoor activities in general), Arlington County is an outdoor lovers’ paradise. Here are a few stats to throw your way: 98 percent of residents are within a 10-minute walk of a park; there are more than 150 parks and 49 miles of trails throughout the county; and many of our park facilities boast programs galore, spanning 55-plus activities and camps throughout the summer.

So, if any active lifestyle is up your alley, we can help you find the home of your dreams nearby. When you’re ready to get running (pun intended, obviously) on your real estate search, the team at Arlington Realty, Inc. is ready to roll.

As of November 18, there are 136 detached homes, 17 townhouses and 88 condos for sale throughout Arlington County. In total, 19 homes experienced a price reduction in the past week:

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.

Ask Eli: The Missing Ultra High-End in Arlington

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 recently saw a home listed in Arlington for almost $30M. Are there neighborhoods in Arlington with ultra-expensive homes like this?

Answer: We hear a lot about the “missing middle” in Arlington housing, but there’s another market that Arlington struggles to support that nobody is talking about… the super-rich. Sure we have plenty of homes that sell for $1M-$2.5M (457 sold in 2019) but in 2019 there were only seven sales over $2.5M and just one over $3M (and that was a sub-dividable lot). So what gives with everybody calling Arlington “expensive” if we can’t support the super-rich? Where do they live? (I hope my sarcasm is coming across…)

Arlington’s Most Expensive Homes

The recently listed $28.5M home, by Mark Lowham of TTR Sotheby’s, on the Potomac River side of Chain Bridge Road is an anomaly in Arlington. Outside of the prestigious Country Club Hills neighborhood and Turnberry Tower penthouse-level condos, sale prices in Arlington rarely eclipse the $3M mark and even in those communities the handful of $3M+ sales historically top out at $4M. And then you have a very small pocket of ultra-luxury homes at $5M+ along the Potomac, off Chain Bridge Road, which fall within Arlington County, but actually have a McLean mailing address and zip code (22101).

Note: There are dozens more homes in Arlington worth $3M-$5M that just haven’t been sold. Many are custom built in the last 10-15 years with the original owners still occupying them. There are also a handful of private sales that aren’t entered into the MLS because they were sold off-market.

Why Doesn’t Arlington Have Ultra-Expensive Homes?

So with so much wealth and close proximity to D.C., why doesn’t Arlington have more ultra-expensive homes? The answer is lot size.

For anybody that has looked for a home with a little elbow room/privacy in Arlington, you’ve reached the unfortunate conclusion that it’s very difficult to find anything with more than ¾ acres (even ½ acre is highly coveted) and there are just a small handful of properties with more than 1.5 acres. Smaller lots make it difficult to build enough house to justify a $5M+ price tag.

Where To Spend $5M+?

So where do people with $5M+ to spend on a home live? In Northern Virginia, most of those homes are in McLean or Great Falls, as well as further west in Loudoun County’s horse/wine country. D.C.’s most popular ultra-expensive neighborhoods are Georgetown and Kalorama, with a spattering of other neighborhoods west of Rock Creek Park. In Maryland you’ll find the most expensive homes in Potomac along River Road, as well as Chevy Chase and Bethesda.

Enjoy Some Photos

For those of you who are here just for the pictures, here you go! I’ve linked to $5M homes either for sale or sold in the last few years in the area:

Whether or not you’re looking for a $5M home or $50k parking spot, feel free to reach out to me at [email protected] to schedule a meeting to discuss your real estate plans!

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 Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.

Photo via Mark Lowham, TTR Sotheby’s

New Homes in Arlington: November 15

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. 

If you’re looking to update your home but not quite ready to purchase New Construction, a kitchen remodel may be a great option for an upgrade. The kitchen tends to be the center gathering space in a home, and is one of the most common rooms buyers look to for updates. It is a big project to take on, so we’ve put together a list of guidelines to consider before getting started.

Set Your Budget: Kitchen renos take time and money. Think realistically about how much you can spend on this project. When budgeting out, you may want to aim more conservatively in case there are unplanned costs during the process. A great rule of thumb is to have around 10% to 20% for those extra costs as a buffer. You can visit kitchen and home stores to look at a variety of styles and designs, look at costs, and determine what you really need and can afford.

Plan The Layout: It may benefit you to work with a kitchen designer during this portion of the process to determine how the space you are working with can be best remodeled into your dream kitchen. Do you want to add an island? Is there realistically enough space to do that? These are the types of questions you can work with your designer around. While a space for entertaining, the room also should be practical and functional. Your designer can also work with you on layout and materials options, so you can see what will look best at different costs, fulfilling all your dream kitchen desires. To help save a bit of cash, try and keep the same footprint of your existing kitchen, unless it’s necessary to move. Moving plumbing and electrical could bring unforeseeable issues.

Find The Right Contractor: It has been said that a contractor is only as good as his last job. Choosing someone to work with for a large project like a kitchen renovation should be done thoughtfully. Don’t be afraid to ask for references and inquire about how their work habits on-site – were they timely, did they supervise subcontractors? Did anything go wrong and how did they handle it? Ask if they work with a variety of subcontractors or if they have a usual team they work with.

Prepare for the Reno Lifestyle: While you are preparing to get a brand new kitchen that will host all your future yummy family dinners, you also need to think about how your family will eat during the course of the renovation. These projects can take anywhere from 4 months to a year depending on the size. You may want to budget for take-out, and also prep meals that can be frozen & microwaved, or if you’re lucky – rely on friends and family to host you!

Renovations are exciting but can be daunting. At Three Stones Residential, we are here to help. We can not only help you buy or sell a home, but we are your real estate consultants for life. If you have any questions about a renovation or home upgrade project, we have the resources to help and can guide you in the best direction. Contact us at [email protected] or 571-429-7670.

Below is a list of new homes currently on the market 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:

928 26th Street S.
5 BD/4 BA single-family home
Agent: Neighborhood Real Estate, Llc
Listed: $1,299,000
Open: Sunday 1-4 p.m.

 

2131 N. Nottingham Street
3 BD/2 BA single-family home
Agent: Re/Max Allegiance
Listed: $874,900
Open: Sunday 2-4 p.m.

 

101 N. Granada Street
3 BD/2 BA single-family home
Agent: Long & Foster Real Estate, Inc
Listed: $775,000
Open: Sunday 2-4 p.m.

 

2200 N. Westmoreland Street #209
2 BD/2 BA condo
Agent: Weichert Realtors
Listed: $599,900
Open: Saturday 1-3 p.m.

 

4818 28th Street S.
2 BD/2 BA condo
Agent: Samson Properties
Listed: $499,900
Open: Sunday 1-4 p.m.

 

1210 N. Taft Street #203
1 BD/1 BA condo
Agent: Redfin Corporation
Listed: $340,000
Open: Sunday 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 Team Cathell, “Your Orange Line Specialists.”

Generally, our fall market runs strong right up to Thanksgiving and then slows until the first week of January.

It’s unusual for the market to get stronger as it approaches Thanksgiving, although last year the market paid no attention to the holidays. It stayed strong right through to Christmas. It’s looking like this fall might be a repeat.

Perhaps buyers got spooked by rising interest rates this week and decided to ratify on something so they could lock in their rate before it increases further. Early this week rates jumped to 3.875%-4% for a 30-yr fixed rate mortgage, the highest mark in the last three months.

While home buying sentiment runs strong in Arlington, nationally it has waned in the last two months. A new report from Fannie Mae indicates that while still strong, their “home purchase sentiment index” (HPSI) dropped last month by 2.7%. That’s not a big deal, except that its the second month in a row that it’s dropped. There was a 7% decrease in Americans saying it is a good time to buy.

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

HQ2 Business Boom Strains County — “A full year after Amazon.com Inc. announced that it would set up shop in Arlington, there’s little doubt the company has drawn the sort of surge in business and development interest that local leaders promised as they pursued HQ2 — but all of that activity has also put a strain on the local government as it prepares for the tech giant’s arrival.” [Washington Business Journal]

Tour of Amazon’s Temporary Crystal City Office — “Amazon almost has 200 employees working in leased space in @ArlingtonVA, with more on the way.” [WJLA, Twitter]

‘National Landing’ Name Falls Flat — “It’s been one year since the HQ2 announcement, and with it the coordinated airdrop of the name, ‘National Landing,’ on an unsuspecting and bewildered population… So has National Landing stuck? Not really, at least among the common people, according to the folks I interviewed.” [Washington Business Journal]

Amazon Adjacent Real Estate Skyrockets — “The median home price in the 22202 ZIP code, which encompasses all of HQ2, was $815,000 in October. That’s about a 51% year-to-date increase or a $275,000 difference, according to data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.” [Washington Business Journal, WTOP]

Housing Affordability Increasing? — “With mortgage rates at a three-year low and a healthy job market, housing affordability rose to its highest level in three years in the third quarter of 2019… for the Washington area, high incomes helped to offset the pricey cost of housing, with the resulting regional opportunity index higher than the national average.” [InsideNova]

County Pleased With Water Main Break Response — “How well did Arlington County in Virginia think it handled the water main break that triggered a boil water advisory for more than 100,000 customers in the county and parts of Northwest D.C.? Pretty well, it seems.” [WTOP]

New American Legion Bridge Coming — “Commuters heading to and from Maryland on the Beltway may see some relief from the constant traffic woes. The governors of Virginia and Maryland announced an agreement Tuesday morning that would see the construction of a new American Legion Bridge.” [Tysons Reporter]

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.

Before we jump into today’s Just Reduced overview, Monday was Veterans Day.

Our area — including not just Arlington County but our nation’s capital — is steeped in military tradition, spanning picturesque monuments, centuries of history and thousands upon thousands of military families that call these beautiful confines home.

To wonderful veterans and their families: The sincerest thank you to you all… every single day.

On the note of thank yous and kindness, today is World Kindness Day. So, let’s keep the love for our military and each other going strong. In an increasingly wacky world, let’s think about the positive impact we can have on each other, especially locally here in our own community.

On the kindness front and when you’re ready to embark on your real estate journey, the Arlington Realty, Inc. team will always greet you with professionalism, keen local knowledge and a smile. When you’re ready to roll, we are, too.

And now on to this week’s numbers.

As of November 11, there are 150 detached homes, 19 townhouses and 94 condos for sale throughout Arlington County. In total, 19 homes experienced a price reduction in the past week:

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.

Ask Eli: How Agents and Agent Teams are Structured

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’m in the process of searching for a real estate agent and having trouble understanding the different organizational structures. Can you explain how it works?

Answer: Most real estate agents operate as independent contractors within their brokerage (office), thus have autonomy to operate their business/service model as they choose. With over 12,000 Realtors in the Northern Virginia Association of Realtors alone, the organizational structures and business models vary widely to suit an agent’s style of business and/or target clientele.

I think it’s almost as important for home buyers and sellers to learn about their prospective agent’s operating model as it is to make sure they know your market. An agent’s operating model will impact your experience and you need to make sure it aligns with your expectations.

I’ll break down some of the organizational structures that are most common today so you have an idea of what to look for.

Brokerage

At the top of the organizational structure is the brokerage, which is best described as the office your agent works for. The brokerage is the legal entity involved in the transaction and when you sign a Buyer Representation or Listing Agreement, it’s actually with the brokerage, with your agent as the assigned representative of the brokerage.

Currently in D.C., most brokerages are made up of multiple agents, often dozens to hundreds, and function like a shared office. An agent cannot operate independently outside of a brokerage, but an individual agent can have their own broker’s license and operate an independent brokerage.

Most agents operate as independent contractors within their brokerage, but there are some models, Redfin being the most popular, where agents are employees.

Agent Models

In most cases agents operate individually or within a team, structured in some common ways:

1. Individual Agent, No Support: Many agents work independently without any sort of support staff. The advantage for clients is that you always know who you’ll be working with and who is handling every detail of your transaction. The main disadvantage is that there is a single point of failure if that person is unavailable.

2. Individual Agent With Administrative Support: Some independent agents hire one or more people to support administrative tasks like scheduling and marketing. Some brokerages also offer this type of administrative support to their agents. This should be an advantage over #1 because the agent has more time for high-value tasks, but it also requires the administrative support to be on top of things and strong communication between agent and admin.

3. Team Partnership: Two or more experienced agents with strong individual businesses may partner to share some administrative support costs and build a stronger brand together. For the client, it has many of the same qualities as #2, but there’s usually an added benefit of knowing that there’s at least one other experienced agent available as back-up in case your agent in unavailable.

4. Team Lead With Coordinators: An individual agent or partnership with a large book of business that uses specialized buyer and seller coordinators to support client activities. An advantage to clients is that the transaction is generally led/directed by an experienced agent and that there is no single point of failure, you’re working with a support team. A disadvantage is that some or many high-value pieces of the transaction are handled by coordinators, not the lead (experienced) agent.

5. Team “CEO” With Junior Agents: An experienced agent who acts more as a CEO, overseeing the operations of a large team of agents, and personally handling very few transactions, if any. Clients should benefit from systems and processes the “CEO” agent used to become successful, imparted on the junior agents. A disadvantage is that these teams often have dozens or more agents and the experience of those agents varies widely and don’t necessarily reflect the talent of the “CEO” agent.

(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:

4611 36th Street N.
6 BD/5 BA, 1 half bath single-family home
Agent: Washington Fine Properties
Listed: $2,699,00
Open: Saturday 2-4 p.m.

 

1236 Oakcrest Road
4 BD/3 BA single-family home
Agent: Re/Max Allegiance
Listed: $1,149,900
Open: Sunday 1-4 p.m.

 

1418 N. Rhodes Street #B102
2 BD/2 BA, 1 half bath condo
Agent: Kw Metro Center
Listed: $919,900
Open: Sunday 1-3 p.m.

 

1034 N. Randolph Street
2 BD/2 BA condo
Agent: Century 21 Redwood Realty
Listed: $839,00
Open: Saturday 1-3 p.m.

 

3604 8th Street S.
3 BD/2 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc
Listed: $ 699,00
Open: Sunday 1-4 p.m.

 

939 S. Scott Street #1
2 BD/2 BA, 1 half bath condo
Agent: Re/Max Distinctive Real Estate, Inc
Listed: $514,500
Open: Saturday 2-4 p.m.

 

2821 Wakfield Street S. #7-8
2 BD/1 BA condo
Agent: Kw Metro Center
Listed: $407,500
Open: Sunday 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 Team Cathell, “Your Orange Line Specialists.”

The best way to describe Arlington’s fall real estate market is consistent. It’s not particularly exciting, nor is it ever boring. It just keeps plugging along at a steady pace.

This week mirrors last week with 43 new listings and 44 sales. Of those homes that sold, some 17 were gone within seven days, pushing our average days on market (DOM) down to just 20. At that rate of absorption, and with only 244 homes actively available for sale, we have only 1.4 months of inventory.

The average DOM for those 244 homes still actively for sale is 80. So what makes the difference between 20 DOM for those homes that sold this week compared to 80 DOM for those that haven’t sold yet? Well, it’s more than just location, location, location. It boils down to two things: price and condition.

Pricing a home properly can overcome location and other handicaps. Pricing is the most important factor that sellers can control, followed closely by condition. Buyers today are maxing out their purchasing power just to buy the home. They have no cash left for upgrades. So they want homes that are in pristine condition needing nothing else but love from the new owners.

Arlington’s problem with low inventory is the national story as well. The inventory level nationally has dropped 2.7% from last year’s third quarter, according to a new report from the National Association of Realtors.

The report also shows that our DMV area is ranked 14th among 176 major metro areas in the U.S. for the most expensive homes. Of course San Francisco/San Jose/San Diego rank at the top. But those three areas also saw their home prices drop in the third quarter compared to last year by about 3.5% average. If it’s true that trends start in California, then we all need to pay attention in the months ahead.

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

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