real estate

Ask Eli: Condo Smoking Ban Panel Next Week

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!

Due to the amount of interest I’ve gotten over the last few years on smoking bans in condos, and the number of buildings currently trying to ban smoking, I decided to organize a panel discussion/information session on it.

Next Tuesday, October 15 from 7-8:30 p.m. I’m hosting four Board/Committee members who led the smoking ban effort in their respective (Arlington) buildings to share their approach, lessons learned and more. We will also be joined by the Northern Virginia Regional Manager for Virginia’s Tobacco Control Program.

You do not have to be Arlington-based to attend. If you can’t make it in person, I plan on broadcasting on Facebook Live and having the recording available afterwards for anybody who wants to watch.

If you’d like to attend or to view the live or recorded version, please email me at [email protected].

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.

Listing of the Day: 2320 N. Vernon Street

By ARLnow.com Sponsor
1/9

Address: 2320 N. Vernon Street
Neighborhood: Lee Heights
Listed: $1,799,000
Open: Sunday, October 6 from 1-4 p.m.

Set admist the venerable tree canopy of Lee Heights, this new Springstreet home offers four versatile levels of space for everyone and everything.

The gorgeous kitchen features linen white cabinets, quartz tops, consumer friend KitchenAid appliances and a walk in pantry. It flows into the family room, centered by a fireplace and the open dining area. Gorgeous views of the private backyard highlight these spaces.

The top floor is given over to a fifth bedroom, bathroom and bonus room with dormered ceiling and “treehouse” views of the neighborhood. Enter through the oversized two car garage to a mudroom and bright lower level rec room with bedroom, bath and separate laundry area. Ideal for an in-law, au pair or teenager.

Desirable details include wood floors on two levels, Coretec flooring in the lower level, extensive wainscoting and moldings to enhance the pleasing lines of the home, coffered ceiling in the family room and butler’s pantry off the convo room.

Walk to Lee Heights for shops, restaurants and parks. The home is within the Donaldson Run Recreation Association and is served by Taylor Elementary School, Dorothy Hamm Middle School (both walkable from the home) and Yorktown High School.

A new home with quality, style and space — all in an enviable location.

Listed by:
Betsy Twigg
Associate Broker, Licensed in Virginia
McEnearney Associates
4720 Lee Highway
Arlington, VA 22207
703-967-4391
[email protected]
betsytwigg.com

New Homes in Arlington: October 4

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. 

The thought of building your own new construction home can be thrilling.

It is an exciting process, but one you should approach carefully and with an experienced builder to avoid potential issues down the road. Here are a few things to consider when looking for a lot of land for your new home.

  • Topography: The layout of the lot will play the biggest factor in how your home is built and what work needs to be done prior to construction. Are there hills or low spots that could potentially put your home in the way of a water runoff? Are there brooks or streams near the lot that could flood? This is what you’ll need to consider to avoid potential issues down the road, for you and your neighbors.
  • Home Style Options: The lot layout will also play a determining factor in the style of home you are able to build. When choosing your builder or architect, we suggest doing your homework to find someone who is able to provide you with a variety of customizable options to best fit the lot you’ve selected. Not all are equal!
  • Property Line Restrictions: Before you purchase your lot, you should have an idea of the size of the home you are looking to build. Will it fit on the lot with enough room for the local setback requirements, regulating how close to the property line you can build? If you are looking to have yard space, make sure to accommodate for this as well.
  • Utilities: It is important to make sure the lot of land you are planning to build on will be able to support the utilities you’ll need for your future home. If you are buying land that had an older home on it previously, do the homework to find out what condition the utilities are in. Does plumbing need to be updated? Is there a gas line? Is there a sewer hook-up? These things can add up.
  • Excavation: Does the lot require any excavation work? Are you looking to have a walk-out basement? This could potentially run upwards of thousands of dollars. Be sure to assess the land to see what needs to be removed prior to buying or building.
  • Zoning and Property Condition: Be sure to review the zoning, grade, and soil quality information before purchasing land. It would be a shame to buy a beautiful lot of land to later find out you aren’t able to build on it!

If you are looking to go through the process of building a new construction home, we recommend working with an experienced builder. At Three Stones Residential, we can also offer assistance in finding the best location for your dream home. To contact us, send an email to [email protected] or call (571) 429-7670.

Below is a list of new homes currently on the market in the Arlington areas.

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:

822 18th Street S.
6 BD/6 BA, 1 half bath single-family home
Agent: Samson Properties
Listed: $1,999,990
Open: Saturday 1-4 p.m.

 

4812 37th Street N.
3 BD/3 BA, 1 half bath single-family home
Agent: Mcenearney Associates, Inc
Listed: $1,199,000
Open: Sunday 2-4 p.m.

 

1106 S. Edgewood Street
4 BD/4 BA, 1 half bath condo
Agent: Kylin Realty Inc
Listed: $899,900
Open: Sunday 12-3 p.m.

 

1200 N. Nash Street #551
2 BD/2 BA condo
Agent: Weichert Realtors
Listed: $749,900
Open: Sunday 1:30-3:30 p.m.

 

3219 13th Road S.
3 BD/2 BA villa/townhouse
Agent: Redfin Corporation
Listed: $546,000
Open: Sunday 1-4 p.m.

 

1530 Key Boulevard #927
1 BD/1 BA condo
Agent: Optime Realty
Listed: $450,000
Open: Sunday 2-4 p.m.

 

2904 13th Road S. #201
2 BD/1 BA condo
Agent: Mcenearney Associates, Inc
Listed: $312,00
Open: Sunday 1-3 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.”

For some unknown reason, Arlington’s real estate market slid back into summertime doldrums this week.

Sellers listed only 46 homes, and buyers ratified only 48 contracts. Some 22 of those homes sold within seven days on the market. Arlington’s inventory has improved a bit to 1.3 months with 257 homes actively for sale. A balanced inventory level is about 5.5 months where it’s neither a buyers nor sellers market. If no additional homes in Arlington went on the market, all 257 active homes would be sold in 1.3 months.

Perhaps some bad economic news this week influenced buyers and sellers. A report indicated that U.S. manufacturing contracted for a second consecutive month in September. U.S. exports are down as several European countries economies are weakening and the U.S.-China trade war is showing its effects.

The manufacturing news, and the incessant impeachment news this week, prompted uncertainty and concern on Wall Street and the Dow Jones dropped 838 points in two days. Some investors are seeking the safety of less risky securities and moving their capital into 10-yr U.S. Treasury bonds which pushes the yield downward.

That’s good for homebuyers, as a lower yield influences lower mortgage rates. The current rate on a 30-yr fixed rate mortgage is 3.625%. With more capital moving into 10-yr bonds, that rate could come down further.

There’s some good news for many, but not all, Arlington home owners. The average value of most homes has gone up since last year, especially for condos in South Arlington. Those home owners enjoyed an average of 23% increase in their condo’s value, from $350,720 in September last year to $431,475 last month. Perhaps Amazon’s announcement had something to do with that. Perhaps.

Owners of detached homes in South Arlington saw their values go up by 6% to an average of $773,681, while owners in North Arlington experienced 6.2% increase to an average of $1,174,865.

Unfortunately, condo owners in North Arlington didn’t fare so well. Their average sales price dropped by 0.2% to just $520,47.

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

Listing of the Day: 1300 4th Street SE, Unit 512

By ARLnow.com Sponsor
1/7

Address: 1300 4th Street SE
Neighborhood: The Yards (Navy Yard)
Listed: $769,900 for Unit 512
Open: Sunday, October 6 from 1-4 p.m.

Own a piece of D.C.’s most exciting neighborhood at The Bower.

With only 11 units remaining now is your chance to call The Yards home. Tour The Bower this Sunday and explore unit 512 with floor-to-ceiling windows, wide-plank hardwood floors and Mecho shades.

Write a contract on this two-bedroom two bath unit by October 11 and receive a $10,000 closing cost credit.

*Living and bedroom photos are virtually staged.

Listed by:
Hoffman Realty
202-869-5233
[email protected]
www.thebowerdc.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 licensed broker Aaron Seekford of Arlington Realty, Inc. GET MORE out of your real estate investment with Aaron and his team by visiting www.arlingtonrealtyinc.com or calling 703-836-6116 today!

Please note: While Aaron Seekford provides this information for the community, he may not be the listing agent of these homes.

Hello, October.

Now that 10th month of the year has officially arrived, there’s a lot to look forward to. With foliage predicted to peak in mid- to late-October, make sure your best camera is ready-to-go as it’s always stunningly beautiful in and around Arlington County.

On the home and bargains front, October is a wonderful time to stock up on anything and everything outdoor-related. Those summer patio items, grilling equipment and camping sets are generally primed to sell, so get moving. But, don’t go too wild beyond that because Black Friday is next month (yes, time is flying!).

If you haven’t checked off “purchasing a home of your own” on the fall to-do list, there is still time and our trusted team is ready to roll. Regardless of the season, we’ve been helping sellers, buyers and renters achieve their real estate goals since 1984.

So, let’s make your goals and dreams a reality. This October, there is surely something awesome out there just waiting for you to “fall” for.

As of September 30, there are 148 detached homes, 28 townhouses and 101 condos for sale throughout Arlington County. In total, 26 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 Aaron Seekford.

Ask Eli: The 20% Down Payment Myth

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: Is it possible to buy a home with less than 20% down?

Answer: I’m always surprised by the number of people who assume they have to put 20% down to buy a home and delay their goal of becoming a homeowner for years because of it. Studies show that the most common reason people give for not buying a home is that they don’t have enough for a down payment.

In reality, about 1/3 of Arlington buyers purchase a home with less than 20% down and for many buyers, especially first-time home buyers, they’re putting as little as 3-5% down.

Programs For Everybody

For those with good credit, there are popular Conventional Loan programs allowing for as little as 3% down and for those with lower credit scores, FHA Loan programs range from 3.5%-10% down. There are also some exceptional programs available to those with great credit and strong incomes allowing for 10%-15% down at great rates.

Specialty Programs For Military and Doctors

If you are an active-duty or former service member you likely know about VA Loans that allow purchases with zero down. Doctors also have access to special loan programs offering great rates with low down payments for large loan amounts.

Mortgage Insurance

Most loans with less than 20% down will include mortgage insurance, which I wrote about here. It will increase your monthly payment and generally represents a higher percentage of your loan amount the less you put down. However, there are options to get rid of the mortgage insurance fees by buying it out or applying for early removal after a couple of years. There are also some programs that do not include mortgage insurance at all.

Impact on Negotiations

Clients often ask me how much a lower down payment will impact their ability to negotiate, so last year I ran the numbers on the impact of different down payments on the percentage buyers were negotiating off the sale price.

The results showed that only cash buyers (100% down) and buyers not putting any money down were materially impacted by their down payment, the negotiation leverage was pretty similar for everybody in between.

However, it would be misleading to suggest that down payment percentage doesn’t have any impact. Most sellers will respond more enthusiastically to higher down payments and this comes into play in competitive scenarios (multiple offers), which has become common in Arlington and the surrounding D.C. Metro neighborhoods. When sellers are choosing between multiple, similar offers, buyers with higher down payments have an advantage.

Buyers can combat the potential negative impact of a lower down payment in multiple offer scenarios by getting a strong pre-approval letter from a reputable local lender, offering to get pre-approved by a lender of the seller’s choosing, increasing the Earnest Money Deposit, or a number of other tweaks to the contract that will be looked at favorably by the seller, without increasing risk to the buyer or increasing the offer price.

Favorite Mortgage Programs

Here’s a link to an article I wrote with some of my favorite mortgage programs and contact information for great lenders who offer them.

If you’d like any additional information or recommendations on lenders or loan programs, don’t hesitate to reach out to me at [email protected]. If you’re thinking about buying a home in Arlington or the surrounding Northern VA/D.C. Metro neighborhoods, I’d be happy to meet with you to discuss your options.

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.

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:

4731 34th Street N.
6 BD/5 BA, 1 half bath single-family home
Agent: Tradition Realty, Llc
Listed: $2,399,000
Open: Sunday 2-4 p.m.

 

1402 S. Randolph Street
5 BD/4 BA, 2 half bath single-family home
Agent: Re/Max Allegiance
Listed: $1,088,000
Open: Sunday 11 a.m.-1 p.m.

 

3967 26th Street N.
3 BD/2 BA, 1 half bath single-family home
Agent: Ttr Sotheby’s International Realty
Listed: $850,000
Open: Saturday 1-3 p.m.

 

2220 Fairfax Drive #310
3 BD/2 BA, 1 half bath condo
Agent: Weichert Realtors
Listed: $749,900
Open: Sunday 2-4 p.m.

 

1849 N. Uhle Street #1
2 BD/1 BA, 1 half bath condo
Agent: Rlah Real Estate
Listed: $689,000
Open: Sunday 2-4 p.m.

 

3204 13th Road S.
2 BD/2 BA villa/townhouse
Agent: Residential Properties, Inc
Listed: $535,900
Open: Sunday 1-4 p.m.

 

2101 N. Monroe Street #118
1 BD/1 BA, 1 half bath condo
Agent: Redfin Corporation
Listed: $419,000
Open: Sunday 1-4 p.m.

Morning Notes

By ARLnow.com

‘Moderate Drought’ in Arlington — “A significant lack of rainfall and unusual late season heat has led to flash drought conditions across a large portion of the area.” [Twitter]

Extended Closures Expected at Local Metro Stations — “The next round of work is scheduled to include platform repairs and other station upgrades at Vienna, Dunn Loring, West Falls Church, East Falls Church, West Hyattsville, Prince George’s Plaza, College Park and Greenbelt…. In summer 2021, Metro plans closures or long-term single tracking… at Arlington Cemetery on the Blue Line in Virginia; and Reagan National Airport on the Blue and Yellow Lines.” [WTOP]

MoCo Worried About Being Lapped By N. Va. — “Ten jurisdictions – Arlington, Fairfax, Fauquier, Loudoun and Prince William counties and Alexandria, Fairfax, Falls Church, Manassas and Manassas Park cities – are teaming up to market themselves to employers… If these jurisdictions can truly put aside their own rivalries and form a bona fide joint marketing authority, this will be a big problem for suburban Maryland – and especially Montgomery County.” [Bethesda Magazine]

Beyer Champions Ranked Choice Voting Bill — “‘Ranked choice voting can play a significant role in addressing our hyper-partisan, polarized political environment by discouraging negative campaigning and promoting majority support’ said Congressman Don Beyer about… the Ranked Choice Voting Act (HR 4464).” [Press Release]

Real Estate Investor Expects Rent Increases — “‘We believe Amazon’s decision to establish Northern Virginia as its East Coast headquarters location will drive significant future rent growth in nearby markets such as Falls Church and beyond,’ said Blackfin Co-Founder and managing partner Doug Root.” [Press Release]

Flickr pool photo by Tom Mockler

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.”

Arlington’s real estate market picked up some steam this week after a sluggish start to the fall season.

Sellers listed 69 homes and buyers ratified 61 contracts. These numbers are more in line with previous robust fall numbers. While the U.S. continues its historic economic expansion into the 11th year, there were signs this week of concern. Job growth has slowed, although unemployment remains at a near historic low of just 3.7%. And the consumer confidence index dropped this week.

Economists have cited consumer spending as the main pillar supporting continued economic growth. Well, consumer confidence, as measured by the non-profit Conference Board since 1985 (index started at 100), dropped from 134.2 in August to 125.1 in September. Economists expected a drop, but not that much.

Mortgage rates meanwhile improved early this week and have held at 3.75% for a 30-yr fixed rate.

The improved rate of ratified contracts this week didn’t help our inventory level. The supply of active homes for sale (271) dropped from 1.3 months to 1.1 months based on the current rate of absorption. It’s still a tough market for home buyers.

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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