real estate

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.

We hope your appetites are ready for tomorrow. But, before you dive into your massive Turkey Day feast, our team wanted to take a moment to wish you and yours a happy Thanksgiving!

We’re thankful for your readership, your engagement and your business here in Arlington County and beyond.

Beyond our gratitude to you, we collectively have so much to be thankful for here in our area. Our local economy is thriving, our schools are among the best in the nation, our outdoor amenities are world-class and there are so many promising things on the horizon, spanning new real estate projects to Amazon’s HQ2 arrival.

When you’re ready to chat real estate, our team is ready (and thankful!) for you — we’re always happy to help you GET MORE out of your transaction. But, for now, enjoy your holiday and the leftovers that may come with it. Cheers!

As of November 17, there are 181 detached homes, 44 townhouses and 197 condos for sale throughout Arlington County. In total, 17 homes experienced a price reduction in the past week.

Here is this week’s selection of Just Reduced properties:

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 Amazon Impact — Part 1 of Many

By ARLnow.com Sponsor

This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: What impact has Amazon’s announcement had on Arlington’s real estate market?

Answer: Wouldn’t it be funny if I wrote about something other than Amazon this week? I’ll come back to this topic every 4-8 weeks to provide an analysis on how Amazon’s decision (and probably Apple too) is changing our local real estate market by combining my normal data analysis with experiences of my clients and my colleagues around the D.C. metro area.

Key Data Following the Announcement

On Saturday, November 3 the Washington Post broke news that Amazon HQ2 was in final discussions with Crystal City and by Monday, November 5, the impact on property values was all over the national news.

Late on Monday, November 12, the Walls Street Journal reported the decision was final, and the next day, it was confirmed by Amazon. Let’s take a look at market activity in Arlington over the last two weeks since the news broke:

  • The November 3 WaPo announcement created the biggest surge with investors pouncing and owner-occupants accelerating their timelines. From November 4-12, 100 properties went under contract. Historically, about 200 properties have gone under contract the entire month of November.
  • Since the news became official the night of November 12, 46 more properties went under contract, for a total of nearly 150 properties under contract in a two-week period, surpassing the activity during the same period in previous years by over 50%.
  • I figured a lot of the increased activity would be in the condo market, but the percentage of contracts on condos is in-line with historical trends (about half of all contract activity)
  • While we won’t know how much the market is appreciating until these properties close (when purchase price is released) investors and owner-occupants seem willing to spend more.
    Historically, properties that have gone under contract in November averaged an asking price in the low $600’s and median asking price in low/mid $500’s. Properties under contract in the last two weeks averaged an asking price of $698,000 and median asking price of $625,000.
  • The surge in purchase activity has not been off-set with a surge in new inventory. We’ve had 89 properties listed for sale since the November 3 WaPo announcement, which is barely higher than the same period in prior years.
  • After removing age-restricted housing and the River Place Cooperative, there are less than 350 properties currently for sale and the average asking price of those properties skews abnormally high. The current average asking price is over $995,000 and median asking price is $812,500, compared with an average asking price in the mid $800’s and median price in the mid/upper $600’s historically during this time of year.

My Experience So Far

I knew we were in for a wild ride when buyers I was working with started running into multiple offers and escalations on properties that had been sitting for weeks/months.

Generally, the odds of running into multiple offers after a property has been on the market for a full week are slim, yet every one of the buyers I worked with on an offer in Northern VA over the last two weeks found themselves competing against at least one other very strong offer.

Another investor I’ve been working with ran into 11 competing offers on an old condo in northern Alexandria that normally would have sat on the market for a couple of months.

On the listing side, we’ve had people reaching out about properties that were already under contract and off the market (rarely happened previously). Remember the new 12-unit condo building near Rosslyn I wrote about on October 30? All six of the two-bedroom units are under contract at full price and with the six three-bedroom units almost finished, we expect those to move just as quickly.

From what I’ve gleaned from offers I’ve been part of and activity my colleagues have seen, there’s been an almost overnight increase of 2-5% on most properties in Arlington and northern Alexandria. It doesn’t seem like D.C. or outside the beltway in Northern Virginia is experiencing as notable of a bump, at least not yet.

What I’m Watching For

I am really interested in how the Amazon news fits in with the winter market we usually experience, highlighted by fewer homes listed for sale and slower buying activity.

December historically produces the fewest new properties for sale, by a wide margin, and also tends to offer buyers the best opportunity to negotiate bigger discounts, but I highly doubt this December will offer buyers much in the way of negotiating.

The big question is whether the Amazon news will push a higher number of home owners to sell and buck the low-inventory trend. If new inventory remains low as sellers prepare their homes for the spring market, I wouldn’t be surprised if home owners who make it to market in December/January walk away with significant returns. The pace of new inventory will be key.

I also doubt the purchase momentum will continue at this pace, but will be watching closely with interest. A lot of the activity over the last two weeks was driven by investors, but I suspect many who didn’t get under contract in the first two weeks will hesitate for fear of not getting in early enough (I’ve heard this from a few of my investor clients already).

While many investors will take a step back, I think owner-occupants will continue to be active in the market and willing to pay the new premium, knowing that there is still a much higher ceiling for appreciation over the length of their ownership.

If you are interested in testing the market as a buyer, seller, or investor and want to talk in more detail about your options, feel free to give me a call at 703-539-2529 or email me at [email protected]

If you’d like a question answered in my weekly column, 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 DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.

Listing of the Day: 3804 14th Street N.

1/10

Address: 3804 14th Street N.
Neighborhood: Ballston-Virginia Square
Listed: $998,000
Open: Sunday, November 25 from 1-4 p.m.

This charming, single-family home places you in the heart of Arlington. Enjoy neighboring trails, shopping, restaurants, parks, library and great schools all less than a mile walk to the Clarendon or Ballston Metro. A great investment that offers metropolitan living in a welcoming neighborhood.

A solid, well-maintained brick home with expansive first floor layout is perfect for entertaining. The classic country kitchen has plenty of cabinets and counter space. Vintage French doors in the formal dining room connect an enormous living room and family room with stone trimmed gas fireplace.

Step out onto a bluestone patio and fenced-in flat back yard with raised organic garden beds. The second floor’s uncommonly large four bedrooms are a must see. The master bedroom with ensuite includes the option to double in size to a master suite with a balcony, dressing room and office, nursery or gym.

Attached garage with automatic garage door, plus off-street parking for two cars in driveway and room for more.

The updated efficient ENERGY STAR HVAC, double pane windows and added insulation assure comfort year-round.

Ready to move in with updated bathrooms, new carpets, fresh paint, hard-wired CAT5e and ready-to-go security system.

Listed by:
Miriam Gennari
Ikon Realty
Office: 703-658-3999
Cell: 703-309-1600
[email protected]

Morning Notes

By ARLnow.com

Activists Speak Out Against Amazon — “Activists who believe the fix is in and the Arlington government already has rolled over for Amazon used what limited opportunities they had at the Nov. 17 County Board meeting to demand more accountability and transparency from elected officials… The confrontational stance taken Saturday by a coalition of left-leaning groups on the issue ended the five-day high Arlington officials had been on since” the Amazon HQ2 announcement last week. [InsideNova, YouTube]

Experts: Amazon Real Estate Boost May Take Awhile — “The arrival of Amazon is likely to help boost parts of the local real estate market… But pump the brakes on the enthusiasm just a bit — any growth regionwide in home sales due to Amazon will be a plus, but not so large that it overshadows overall market dynamics. ‘My sense is that Amazon’s arrival will not have an immediate noticeable impact, but will over time be a contributor to increased values in close-in Northern Virginia,’ said Carol Temple, a certified residential specialist with Coldwell Banker Residential Brokerage.” [InsideNova]

Op-ed: Build More Housing in Arlington — “New jobs don’t have to mean displacement. It comes down to a choice on the part of Arlington County policymakers: Revise local zoning rules to allow for new housing to accommodate new residents, or require a growing population to compete over a stagnant supply of housing.” [Washington Post]

Home Shopping in Arlington on a Tight Budget — “If you’re like my fiancée and me, with good jobs and ‘professional’ graduate degrees but attendant student loan debt and slightly delayed careers due to school and the recession, you probably can’t even buy into the ‘starter’ segment of the market without significant savings or a sudden gift or inheritance. However, we did manage to buy a home in Arlington for $425,000. Here’s how we did it.” [Greater Greater Washington]

How Virginia Sealed the HQ2 Deal — Amazon’s decision to split HQ2 between two different places actually helped convince some skeptical Virginia state lawmakers to support the deal. [Richmond Times-Dispatch]

Road Closures Planned for Thanksgiving 5K — “The 13th Annual Turkey Trot 5K will take place on Thursday, November 22, 2018. The Arlington County Police Department will conduct [a number of] road closures from 6:30 a.m. until approximately 10 a.m. to accommodate this event.” [Arlington County]

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:

6050 28th Street N.
5 bed/4 bath, 1 half bath single-family home
Agent: Optime Realty
Listed: $1,399,900
Open: Sunday 2-4 p.m.

 

1531 12th Street S.
3 bed/3 bath, 1 half bath single-family home
Agent: Berkshire Hathaway Homeservices Penfed Realty
Listed: $934,500
Open: Saturday 12-4 p.m. and Sunday 1-4 p.m.

 

5727 2nd Street S.
3 bed/2 bath single-family home
Agent: Mcenearney Associates
Listed: $895,000
Open: Sunday 1-4 p.m.

 

314 S. Cleveland Street
3 bed/1 bath, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc.
Listed: $694,500
Open: Sunday 1-4 p.m.

 

1530 N. Key Boulevard #527
1 bed/1 bath condo
Agent: Ttr Sotheby’s International Realty
Listed: $499,995
Open: Sunday 2-4 p.m.

 

900 N. Stafford Street #2010
1 bed/1 bath condo
Agent: Keller Williams Realty
Listed: $324,900
Open: Sunday 1-3 p.m.

 

4600 S. Four Mile Run Drive
3 bed/2 bath condo
Agent: Keller Williams Realty
Listed: $260,000
Open: Sunday 2-4 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.”

It’s official and Arlington is abuzz with the excitement that Amazon’s HQ2 is coming to “National Landing”, a newly branded area that includes parts of Crystal City and Pentagon City in Arlington, and Potomac Yards in Alexandria.

A huge congratulations to the dynamic team in Arlington’s Economic Development Division that has been negotiating this deal for several years. And our condolences to residents and neighbors who were in opposition…

Here’s what we know so far: Amazon has decided to split its HQ2 between here and Long Island City in New York. So Amazon will add about 25,000 jobs to northern Virginia over the next 12 years.

About 80% of those workers are expected to be hired locally from the greater DC area, and about 15%-20% hired from outside of the area. We also know, according to a 25 page agreement between Amazon and the Commonwealth of Virginia (Amazon Memorandum of Understanding) that there will be 400 jobs rolled out in 2019 and another 1,180 in 2020.

While all this hype is great for getting everyone fired up about our local housing market and hopefully rustling up more listings for our still under-stocked market, the real question is will 1,580 jobs over two years really make property values jump up over night? Probably not. Have some Amazon employees already started looking at property in our areas? Probably…

Home owners and investors have already begun speculating on the impact that HQ2 will have on our real estate market and home prices. I think the best analysis so far has come from the Stephen Fuller Institute at George Mason University.

“While HQ2 will generate additional demand for housing, its effects will be geographically dispersed and gradual. Even so, the additional demand would likely increase both home sales prices and rental rates, albeit only marginally above the rise that is expected to occur without these households,” according to their initial report.

So what does all of this mean if you’re thinking of selling or have been on the fence about buying? Well that depends on your situation.

If you would like more specific information on how HQ2 may impact your home’s value, call me today and let’s chat! Here’s my direct line: 703-975-2500.

Click here 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: 4075 35th St. N.

1/10

Address: 4075 35th St. N.
Neighborhood: Gulf Branch
Listed: $1,149,999
Open: Sunday, November 18 from 2-4 p.m.

Adjacent to Country Club Hills, this stunning renovated colonial boasts one of a kind design and thoughtful detail throughout.

Situated on a flat quarter-acre lot with a serene, wooded backdrop, the home is surrounded by some of Arlington’s best parkland. The private backyard looks directly upon the lush woods of Gulf Branch and is accessible to Broyhill Forest Park.

The home features 3 beds and 2 baths up including an expanded owner’s suite. Main level includes an expanded eat-in kitchen, family room addition and half bath. Lower level is finished and includes a bonus room for a true home office or bonus bedroom.

Picture yourself in this serene setting. Welcome home.

Listed by:
Holly Tennant Billy
TTR Sotheby’s International Realty
703-928-3764
[email protected]
www.4075ThirtyFifthStreetNorth.com

Morning Notes

By ARLnow.com

Restaurant Owners Eye Crystal City — “Andrew Dana, owner of Parkview bagel sensation Call Your Mother and lauded Petworth pizza spot Timber Pizza Co., texted his business partner Jeff Zients on Tuesday night with one question: ‘How do we get into Amazon HQ2?’ It’s a question many restaurant and bar owners will likely be asking in the coming months as Crystal City and Pentagon City prepare to host parts of Amazon.com Inc.’s HQ2 and its eventual 25,000 employees.” [Washington Business Journal]

Last Vehicle Decal Deadline is Tomorrow — “Nov. 16 is the deadline for owners of vehicles garaged in Arlington to display the 2018-19 county vehicle decal. Decals, which signify payment of vehicle taxes, should be placed adjacent to the state-inspection sticker on the driver’s side of the windshield.” [InsideNova]

Columnist: Ban Cars in National Landing — “It seems pretty obvious what Arlington, Amazon, and JBG Smith (Amazon’s future landlord) absolutely need to do: Take the dramatic but wholly necessary step of banning cars and closing all the parking lots throughout National Landing.” [Washington City Paper]

Home Sales Down, Prices Up — “The arrival of Amazon may change things over the long haul, but for now, the Arlington real estate market seems to be moving through a dormant period, sales-wise – with few signs of improvement on the near horizon. But while sales were down, the average sales price was up slightly and prices of single-family properties averaged more than $1 million during the month, according to new figures.” [InsideNova]

First Word of HQ2 Win Received in Wendy’s Parking Lot — “Virginia learned it had won the biggest economic development contest in U.S. history when a low-profile state official got a phone call in the parking lot of a Wendy’s restaurant in the Shenandoah Valley at 2 p.m. Monday.” [Washington Post]

Tips for Thanksgiving Travel at DCA — “Construction delays and big holiday crowds mean you’ll have to add extra time to fly in or out of the D.C. region’s airports for much of the next month and a half.” [WTOP, MWAA]

Flickr pool photo by Lisa Novak

Compass Agents Discuss the Impact of HQ2 in Northern Virginia

Now that Amazon has formalized their plans to launch a new headquarters at National Landing, the greater D.C. region is gearing up for expansive changes.

At Compass, our agents stand poised to put their local expertise to the ultimate test as they empower both new and current residents to navigate the complexities of the changing market in the wake of this historic announcement.

Are you looking to buy or sell, or simply seeking insight into what this news means for you? Now that Amazon has found their newest place in the world, let Compass guide you to yours.

Below, Compass agents weigh in on the impact that Amazon’s HQ2 will have on the real estate market in the Virginia area.

“Arlington is America’s only boutique county and Amazon picking Arlington was no accident. Arlington is the most educated community in the U.S. and coupled with quality housing, public transportation, the region’s best school district and exceptional lifestyle offerings in culture, fitness, shopping and restaurants, Arlington was the region’s best pick for the new headquarters.”– John Eric, Compass Agent

“Single family home stock in the Crystal City area has always been notoriously low. Families brought to the area by Amazon will likely be drawn to the established neighborhoods of North Arlington, while the adjacent neighborhoods such as Potomac Yards, Del Ray and the further south Old Town may see an increase in housing activity as well. Across the bridge in D.C., current Amazon employee clients are looking to remain on the blue and yellow line, focusing on the West End and Foggy Bottom area.”
— Marian Marsten Rosaaen, Compass Agent

“The news of Amazon coming to Crystal city should make home sellers in the entire D.C. metro area feel confident in making the decision to sell and achieve top dollar due to enhanced demand thanks to the thousands of Amazon employees flooding into our market.

Buyers who have been on the fence should also feel the same confidence knowing that they will be purchasing in a thriving area that is about to flourish and appreciate to new levels due to the same demand that will occur over the next few years.”
— Nick Dorcon, Compass Agent

“Once Amazon relocates their headquarters to Northern VA, all property values from Loudoun County to D.C. proper will be positively impacted. Period. No one city or town will be significantly better off.

Some people prefer to live close to the action and are okay with a smaller bungalow house or condo in Arlington while others want space, land and the sense of community Reston offers. Not everyone needs or wants to live right next to their place of employment, and HQ2 won’t change that. Don’t underestimate options to move people such as Metro, commuter share lines, telework, etc.”
— Jonathan Fox, Compass Agent

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.

The buzz has proven true.

And, no, we’re not talking about a coffee high or a late-afternoon happy hour here, folks. We’re talking about the now fact that our very own Crystal City was just selected as a location for Amazon’s HQ2.

This is a very big deal for our community, spanning employment, real estate and virtually every economic touchpoint. And, if we may say so — having done business in Crystal City for 20-plus years and having an office smack-dab in the middle of the hype — we are super-pumped to welcome some new folks to our friendly confines. In fact, CNBC recently visited our neighborhood and we talked to them about it!

There is a lot to think about on the real estate front. Do you sell soon? Do you buy now? And, if you’re a prospective Amazon employee in and around Crystal City, where in the world do you live?

Well, when it’s time to make a big-time decision in and around Crystal City, our team is ready to help you get more out of your transaction. Welcome, Amazon!

As of November 9, there are 195 detached homes, 49 townhouses and 218 condos for sale throughout Arlington County. In total, 45 homes experienced a price reduction in the past week.

Here is this week’s selection of Just Reduced properties:

Ask Eli: Department of Veterans Affairs (VA) Loans

By Sponsor

This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: Are funding fees on VA loans eligible for seller credits?

Answer: Loans guaranteed by the Department of Veterans Affairs are known as VA Loans and provide current and former service members with an opportunity to purchase a home with as little as 0% down.

In addition to the normal closing costs (title fees, transfer taxes, etc.), a funding fee is charged at settlement, which is equal to anywhere from 1.25-3.3% of the loan amount, depending on size of down payment, type of service and whether or not it’s the borrower’s first time using the VA loan program.

It’s a fee paid to the VA on every loan to offset the cost of loans that default (similar to mortgage insurance on non-VA loans). Disabled veterans are eligible to have the entire fee waived.

In a previous column, I explained how buyers can negotiate for seller credits to reduce or eliminate the out-of-pocket expense of closing costs at settlement. Fortunately, the funding fee falls into this category, along with the rest of the standard closing costs associated with a VA loan, and buyers are eligible to have all of these costs covered by the seller.

In theory, if a buyer is able to negotiate 100% of closing costs paid by the seller and chooses a 0% down payment loan, a home can be purchased cash-free.

If you’re unable to negotiate seller credits to cover the funding fee and are concerned about having the cash to pay for closing costs, you’re also allowed to roll the funding fee into your mortgage so that it becomes part of your monthly payment.

Some Other Facts about VA Loans You May Not Know

  • Financing is available up to $1,500,000, just not at 0% down
  • You can use your VA entitlement more than once
  • VA loans are assumable (can transfer from seller to buyer at seller’s rates) which is a big deal in today’s market because rates have been increasing steadily
  • Adjustable Rate Mortgages (ARM’s) are also available, not just fixed-rate

Arlington Veterans Affairs (VA) Loans by the Numbers

  • In 2017, 261 of 3,130 buyers (8.3%) used a VA loan. By comparison, 2,173 used a Conventional loan (69.4%)
  • The average purchase price for homes purchased using a VA loan was just over $615,751
  • 38% of VA loans were used to purchase a condo, 29% to purchase a townhouse and 33% to purchase a single-family home
  • On average, buyers using a VA loan negotiated 2.3% off the original asking price. By comparison, buyers using a conventional loan negotiated 2.2% off the original asking price and cash buyers negotiated 4% off the original asking price

I hope the veterans and active duty military readers had a great Veterans Day Weekend. Thank you for your service!

If you’d like a question answered in my weekly column, 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 DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.

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