real estate

Morning Notes

By ARLnow.com

Bronson Opening on Friday — “The owners of A-Town Bar and Grill are opening a new German beer hall this week that will replace the popular gathering place for hard-partying bros in Ballston. Bronson is scheduled to open Thursday, August 29 Friday, August 30 in the 6,000-square-foot space at 4100 Fairfax Drive in Arlington.” [Eater]

Rising Home Prices Not Caused By HQ2 Workers — “The first Amazon employees have barely arrived in Northern Virginia, but the housing market close to the company’s new headquarters in Arlington County is behaving as if all 25,000 workers are moving in next week… The lightning speed of sales, the shortage of homes on the market and the elevated prices for available stock are all being driven by those who already call the Washington region home, real estate agents say.” [Washington Post]

HQ2ers May Work on Hardware Development — Amazon “said that its second headquarters would work on device development, specifically naming Amazon Fire TV… And it expressed interest in students who study ‘data science,’ they said. Amazon also said there will be plenty of non-tech related jobs at HQ2, such as in administration, human resources and program management.” [Washington Business Journal]

PSA: Move Over for Emergency Vehicles — “ACFD, @ffxfirerescue and @AlexandriaVAFD units battled major traffic in efforts to provide help on a serious accident with a person trapped on I395. Remember, if you can’t pull to the right, help open enough space lane for emergency vehicles to pass.” [Twitter]

Review of Signature’s ‘Assassins’ — “An odd little smile crosses the face of Bobby Smith as he relates the disordered thoughts of presidential killer Charles J. Guiteau in Signature Theatre’s perversely entertaining revival of ‘Assassins.’ In what twisted frame of mind would this man have to be to boast of his horrific homicidal achievement — and not just boast, but sing about it, too?” [Washington Post, Playbill]

Nearby: Man Dies After Bailey’s Crossroads Crash — “Detectives from our Crash Reconstruction Unit have preliminarily determined that Solomon Zelelew, of Alexandria City, was walking on a sidewalk near Columbia Pike and Carlin Springs Road. A 2015 Toyota Corolla was traveling west on Columbia Pike when the driver, in an attempt to avoid another vehicle, drove onto the sidewalk and hit Mr. Zelelew.” [Fairfax County Police Department]

Flickr pool photo by Kevin Wolf

New Homes in Arlington: August 23

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. 

When you’re buying a home, you have to make lots of decisions — where you want to live, what type of house you want to look at, and most importantly, deciding between moving into an older home or building a brand new one.

There’s no getting around it: up-front costs of building a new home are more expensive than buying one that already exists. However, the average home sales price continues to climb in the Northern Virginia region. In July, the average home sales price was $619,082, up 1.58% from July 2018.

But just because the sticker price of an older home is significantly less doesn’t mean that there aren’t additional hidden costs associated with it. Older homes can potentially come with a barrage of problems, which requires extra cash to fix.

So, should you buy a new home — and can you actually afford to do it? Here’s a breakdown of everything you need to know about buying a new home versus an old one, plus the logistics of securing a loan.

Weighing The Pros And Cons

When trying to determine if you can afford a new home, it’s important to know all of the pros and cons before you buy. Here are some things to consider:

Additional Maintenance: An older home may be fine today, but eventually there will be maintenance that you’ll have to take on.

Warranty: An old home doesn’t always come with a warranty like a new home will. In many states, including Virginia and the District of Columbia, home builders are legally required to provide a home warranty for at least a year on workmanship and materials.

Age of Appliances: An older home may come with new appliances or may not. The average cost of replacing appliances can range between $350 and $8,000.

Renovation Costs: Not every room in an older home will be your taste, which could cost extra money for renovation. A new home can be designed exactly to your specifications.

The Logistics Of Buying A New Home

Buying a new home has a slightly different process than buying an existing home. Here’s what you need to know:

You’ll need to secure a construction loan — A construction loan is needed to pay for the work to be completed on your home. You can secure a stand-alone construction loan and then get a regular mortgage later, or a construction-to-permanent loan (which combines the two).

A construction loan requires a bigger down payment because it is considered “riskier” for the lender, and the interest rates are typically higher than a traditional home loan.

You may need a jumbo mortgage — Because new builds are more expensive, you may need a “jumbo mortgage,” or a home loan that is bigger than the conforming loan limits (a fancy term for the maximum amount Freddie Mac or Fannie Mae is allowed to loan). To qualify, you’ll need a credit score of at least 680 and a debt-to-income ratio of 43% or lower.

Here are some current options for buying new homes in the Arlington area:

Want to learn more about buying or building a brand-new house?  Three Stones Residential specializes in matching homeowners with the right builder and lot location. If you have any questions about new homes or builders, please email us at [email protected] today to get into your dream home. Let us help you love where you live.

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:

4784 N. Old Dominion Drive
5 BD/4 BA single-family home
Agent: Washington Fine Properties
Listed: $1,699,000
Open: Sunday 2-4 p.m.

 

2309 N. Monroe Street
3 BD/3 BA single-family home
Agent: Coldwell Banker Residential Brokerage
Listed: $979,999
Open: Sunday 1-4 p.m.

 

5013 34th Street N.
3 BD/2 BA single-family home
Agent: Arlington Realty, Inc
Listed: $799,000
Open: Sunday 1-3 p.m.

 

2270 S. Garfield Street #4
4 BD/4 BA, 1 half bath condo
Agent: Arlington Realty, Inc
Listed: $595,000
Open: Sunday 1-3 p.m.

 

4119 S. Four Mile Run Drive #401
2 BD/2 BA condo
Agent: Kw Metro Center
Listed: $424,900
Open: Sunday 1-4 p.m.

 

4636 B 28th Road S.
2 BD/1 BA condo
Agent: Classic Realty Ltd
Listed: $360,000
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.”

This week has been one of the most quiet weeks of the year for real estate activity in Arlington.

The summer doldrums finally kicked in. Sellers did their part listing 43 properties, but buyers ratified only 31 contracts. They must still be at the beach.

There’s only 10 more days before the fall market begins right after Labor Day. That will usher in lots of fresh new inventory, but also many more buyers so we will likely start to see competitive bidding again.

Interest rates dropped another 1/8th% to 3.5% this week, the lowest rates since 2011. So buyers have a window of opportunity over the next 10 days to ratify and lock in a great rate before the buyer frenzy starts and they lose their negotiating power.

With these low interest rates, you may consider refinancing your existing loan. If you can lower your rate by 5/8th% or more, it’s definitely worth talking to a reputable lender who can help you analyze your cost/benefit and breakeven point.

A home safety travel trip: If you’re going to be gone more than four days for vacation, turn off your water main valve. Water appliances like refrigerators or dishwashers seem to always time their failures when the owner is away. The owner returns to a watery mess costing thousands in repairs and hours of hassle.

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 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.

A happy Senior Citizen’s Day to my fellow Arlingtonians.

Okay, so a “senior citizen,” age-wise, is open to debate. But, in honor of today’s holiday, I wanted to share a pretty cool local perk for those 55-plus.

Arlington County’s Parks & Recreation department has a 55+ Pass and 55+ Gold Pass that provide access to local programs and facilities at heavily-discounted rates. With the pass, residents may enjoy swim lessons, nature and history programs and even the periodic group trip organized by the county. Within Arlington, there are also five dedicated senior citizens with activities galore

Sure, our friendly confines are a growing hotspot for young workers, but we’re also a stellar spot (with lots of options) for the older crowd, too.

When you’re ready to call Arlington home and embark on a real estate search of your own, our team is ready to GET MORE out of your transaction.

As of August 19, there are 139 detached homes, 14 townhouses and 85 condos for sale throughout Arlington County. In total, 17 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: How to Know if a House Has “Good Bones”

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’re looking for a house that needs to be completely remodeled, but want to make sure it has good bones. Do you have any tips on things to look for?

Answer: When I’m looking for a house with “good bones” I’m looking for a structurally sound house that offers a good canvass for updating to today’s standards. I’m cheating a bit this week and using a recent article written by Stephanie Dickens of BOWA, a local design-build firm that specializes in luxury renovations from kitchens to whole-home remodels.

Below are some of the best tips from BOWA as well as some of my own:

Level Floors

A nice, level floor indicates good structural support. If you look up to where the ceiling and the wall meet, the corner crease should be fairly straight. If it looks wavy or dips down in the middle, the floor joists above are sagging and may need reinforcement.

You can also check for sagging or tilting by measuring the ceiling height at various points in the room. Some variation is normal, but it should not be off by more than 1″ at any point.

Jump Around! (Jump Up, Jump Up, And Get Down!)

Now that you have House of Pain stuck in your head… Stand on your tiptoes then drop down hard on your heels. Do this at various points in the house to test the deflection in different areas. All wood framed floors are going to have some deflection, but you don’t want it to feel like your jumping on a trampoline. Too much bounce is an indicator of insufficient structural support.

Know Your Cracks

Sometimes structural issues reveal themselves in unexpected ways. Something as small as a crack in the drywall could be sign of larger structural issues. Straight, hairline cracks above openings or at joints, like the one pictured below to the left, are nothing to be alarmed about.

If you see jagged, diagonal cracks that are wider than 1/8″, like the one below to the right, the house may have settlement issues or insufficient framing.

Water Management

Water is a home’s worst enemy and poor water management can lead to water pooling against a home and getting into the cracks of the foundation, which can lead to structural deterioration over time. A musty smelling basement is a sign of poor water management. Look at where gutters drain — I often find that they’re dropping water right next to the house instead of sending it away.

Look at the grading (slope of the yard) and if water is running towards the house, look for drainage systems. Sump pumps are nice, but they should be connected to a battery back-up in case power goes out.

Young At Heart

A house with newer core systems is not just a sign of good maintenance, but it’s a huge money-saver in renovations. Check on the age of the windows, roof, HVAC, water heater, plumbing, electrical and main sewer/water lines. Any of these systems that are in the first half of their expected useful lifespan add tremendous value.

If you’re looking for a home with good bones that offers an efficient remodeling opportunity, feel free to reach out to me at [email protected] to schedule some time to speak with me. Once you’ve found that home, or if you’d like to make updates to your current home, reach out to BOWA’s Caroline Goree at [email protected] if you’re looking for high-end design and remodeling services.

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.

Morning Notes

By ARLnow.com

Arlington: Most Competitive Housing Market in U.S. — “The most competitive U.S. housing markets are the two that are closest to Crystal City, home of Amazon’s upcoming second headquarters (HQ2) in Virginia: Alexandria and Arlington. This is according to the latest ranking of cities by Redfin Compete Score.” [Redfin]

County Hits Record Low Tax Delinquency — “Treasurer Carla de la Pava announced that the delinquency rate for real estate and personal property had fallen to 0.177 percent, down from 0.21 percent a year before and the lowest not just in county history, but perhaps the lowest ever among any jurisdiction in Virginia history.” [InsideNova]

AWLA Hosts Successful Adoption Event — “40 cats and 14 dogs found their forever homes at [Saturday’s] Clear The Shelters event! Thank you to everyone who found space in their hearts and homes for our animals today.” [Facebook]

Flickr pool photo by Erinn Shirley

Morning Poll: Should John Glenn’s House Be Torn Down?

By ARLnow.com

Astronaut John Glenn was the first American to orbit the earth. He was also an Arlington resident for about 5 years.

The group Preservation Arlington points out that Glenn’s former home, a mid-century rambler near Williamsburg Middle School, is now for sale with the listing hinting — “the value is in the land,” it says — that it will likely be a tear-down. The property is listed for $1,050,000.

During the lead-up to Glenn’s historic Friendship 7 mission, reporters camped outside the house on N. Harrison Street and Vice President Lyndon Johnson tried to visit, but was rebuffed by Mrs. Glenn. After, Glenn continued working in D.C., and at one point hosted at his home a cookout with special guest Gherman Titov, the Russian who was the first human to orbit the earth, according to an Arlington Public Library history.

Glenn moved with his family to Texas in 1963, but his presence in Arlington is still felt. In 2012, the home’s owners told WUSA 9 that people still stopped by to gawk at the space hero’s former house. Glenn died in 2016 and was interred at Arlington National Cemetery.

There’s likely little that could be done to legally prevent the house from being torn down at this point, if that’s what the eventual buyer wants to do. But if you could call the shots regardless, what would you do? Would you allow the owner of the property to do whatever they want with it, or prevent demolition on the basis of the house being historic?

Photo via Washington Fine Properties

Morning Notes

By ARLnow.com

Now Might Be the Time to Sell Your Home — “‘Some sellers are thinking ‘gosh, why don’t I just wait until Amazon gets into full bloom before I sell my house, because maybe values will go up even higher,” Christine Richardson, president of the Northern Virginia Association of Realtors, told WTOP. ‘But I’m not sure that is necessarily the right way to think about it, because often that initial exuberance is actually higher than reality turns out to be.'” [WTOP]

Local CVS Sold Millions of Opioids — “The largest recipient of pain pills in Arlington, according to the database, is a CVS Pharmacy located at 3133 Lee Highway. A total of 1,465,700 pills were shipped to this pharmacy between 2006 and 2012, which would be enough for one pill per year for each of the 106,612 people who live within five miles of the pharmacy.” [Patch]

Lots of Booze Sales in Arlington — “The eight Alcoholic Beverage Control (ABC) stores in Arlington accounted for 2.8 percent of total ABC purchases Virginia-wide during the state government’s last fiscal year, which saw a new statewide record set in total sales volume. A total of $29,052,507 in sales (excluding tax) were made at Arlington’s ABC stores from July 2018 to June 2019.” [InsideNova]

Cristol on Kojo — Arlington County Board member Katie Cristol went on WAMU’s Kojo Nnamdi Show on Friday. Among the topics she discussed: the federal government’s search for a new shelter for detained, unaccompanied immigrant children in Northern Virginia. [Kojo Nnamdi Show, Twitter]

Local Restaurants Coming to Memphis — A pair of local restaurants — Matchbox American Kitchen and Arlington-based Big Buns Best Damn Burger Co. — are opening new locations in Memphis, Tennessee. [Washington Business Journal]

Flickr pool photo by Kevin Wolf

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:

2408 16th Street N.
5 BD/5 BA, 1 half bath single-family home
Agent: Ttr Sotheby’s International Realty
Listed: $2,135,000
Open: Saturday 2-4 p.m.

 

2011 N. Pollard Street
4 BD/3 BA, 1 half bath single-family home
Agent: Re/Max Allegiance
Listed: $1,100,000
Open: Sunday 1-4 p.m.

 

749 S. Granada Street
4 BD/3 BA, 1 half bath villa/townhouse
Agent: Fairfax Realty Select
Listed: $850,000
Open: Sunday 12-6 p.m.

 

510 S. Kensington Street
3 BD/2 BA single-family home
Agent: Re/Max Allegiance
Listed: $699,000
Open: Sunday 1-3 p.m.

 

4823 29th Street S.
2 BD/2 BA condo
Agent: Kw Metro Center
Listed: $515,000
Open: Sunday 1-4 p.m.

 

4500 S. Four Mile Run Drive #1115
2 BD/2 BA condo
Agent: Fairfax Realty of Tysons
Listed: $369,000
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.”

The wild and crazy economic news this week didn’t discourage home buyers and sellers from conducting business.

Buyers ratified 47 contracts and sellers put 59 homes on the market this week. Some 20 of those new listings were sold in seven days or less. Who said the real estate market slows in August? They need to wake up and smell the coffee. One property over the Arlington border in Del Ray, Alexandria, attracted 44 offers and escalated nearly 40% above the list price.

You’ve already started to hear the big “R” word in the news, and you’ll hear plenty more in the weeks and months ahead. Is a recession really looming over the horizon? Economists say it’s inevitable that our economy is due for a normal cyclical cooling down after a historic nine years of uninterrupted growth. Remember, a “recession” is just two quarters (6 months) of negative growth.

The U.S. economy is slowing, but not nearly as much as other major economies like China, Germany, the UK, Argentina and Russia. Sustaining the stronger U.S. economy is consumer confidence and spending. But that could change. Events like the Dow Jones index dropping 800 points on Wednesday could begin to influence consumer confidence.

Don’t let the hype of left and right media scare you into thinking our economy is about to tank like it did in 2008. That is highly unlikely. A slowdown in U.S. gross domestic product, yes. But a meltdown? Not likely.

Actually, the bad economic news brings short term good housing news, temporarily. The fear of a global economic recession prompts investors to seek safe havens for their capital, like U.S. Treasury bonds. That flood of capital into T-bills drives down the yield, which influences our mortgage rates. So we are likely to see a drop in rates. And this week already, in the last few days, the rate on the 30-yr fixed mortgage dropped from 3.75% to 3.625%.

For home buyers, there is a narrow window of opportunity to ratify a contract between now as rates drop and Labor Day weekend. After that, there will be much more buyer competition as the market heads into the active Fall season. So go for it!

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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