real estate

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:

4515 39th Street N.
4 bed/3 bath, 1 half bath single-family home
Agent: A. Casey O’neal
Listed: $1,248,000
Open: Sunday 1-4 p.m.

 

3004 20th Street S.
5 bed/4 bath, 1 half bath single-family home
Agent: Margaret Richardson
Listed: $1,090,000
Open: Sunday 2-4 p.m.

 

430 S. Park Drive
3 bed/2 bath, 2 half bath villa/townhouse
Agent: Jacob Taylor
Listed: $849,900
Open: Sunday 12-3 p.m.

 

1305 S. Rolfe Street
3 bed/2 bath, 1 half bath single-family home
Agent: Azmi Al-Kurd
Listed: $675,000
Open: Saturday and Sunday 1-4 p.m.

 

2200 N. Westmoreland Street
2 bed/2 bath condo
Agent: Harry Brubaker
Listed: $569,000
Open: Sunday 1-3 p.m.

 

2926 S. Buchanan Street #C2
2 bed/1 bath condo
Agent: Joyce Abdallah
Listed: $353,900
Open: Sunday 1-4 p.m.

 

4373 N. Lee Highway #306
1 bed/1 bath condo
Agent: Dawn Troutman
Listed: $229,900
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.”

Arlington’s fall real estate market was a bit sluggish this week as sellers listed only 65 homes and buyers ratified only 54 contracts. Perhaps the dismal rainy weather has kept buyers unusually inactive. In a typically strong fall market we should see 60-70 ratified contracts this time in September.

While the mid-price points are still very robust, the upper end market of homes priced $1.5 million and above is showing some softness. We are starting to see more price reductions and longer days on market at this price level.

The Fed once again raised short terms rates by 0.25% this week which will effect consumer loans, but long term rates for mortgages backed off a little after last week’s sudden spike. Most lenders are quoting 4.75%-4.875% for 30-yr fixed rate mortgages. But shop around. It’s a volatile week for mortgages and rates are varying greatly.

Your renovation or new home could cost more in the coming months. The Trump Administration tariffs are impacting the cost of numerous building materials and fixtures from lumber, drywall and granite to light fixtures and toilets.

Contractors are considering including “escalation” clauses in their contracts that allows them to adjust their pricing based on future costs.

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: 3305 N. Albemarle Street

1/10

Address: 3305 N. Albemarle Street
Neighborhood: Country Club Hills
Listed: $1,849,000
Open: Sunday, Sept. 30 from 2-4 p.m.

This beautiful, luxury custom Craftsman home is ready for you to move in. See more photos and video at 3305NAlbemarleSt.com.

The first floor features a spectacular open floor plan with soaring 10-foot ceilings. The striking chef’s kitchen offers top quality appliances, custom cabinets and built-in wine cooler. A family room with fireplace and coffered ceilings, built-in cabinets and shelves and floor-to-ceiling windows on three sides overlook the professionally landscaped backyard.

Upstairs is a luxurious main master bedroom suite with vaulted ceilings, immense closet with custom built-ins and spa bath. A second master bedroom suite with designer bath plus two additional bedrooms with a Jack and Jill bath complete this level.

The lower level features a rec room with built-ins, exercise/game room, additional laundry room with loads of storage, full bath, mudroom and garage.

A private flagstone patio with gas fireplace and island with built-in gas grill is perfect for outdoor entertaining.

Additional Features:

  • 5,184 square-foot custom home
  • 4 BR; 4 full & 2 half BA
  • 1/4-acre+ lot
  • Gourmet kitchen with large center island and second sink, custom Cherry cabinets with decorative glass, built-in wine cooler and top-of-the-line appliances
  • 3 fireplaces
  • In-ceiling speakers on all levels
  • Alarm system
  • 2-zone HVAC
  • Quiet street

Listed by:
Meg Ross
Keller Williams Realty
703-447-0970
[email protected]
www.MegRoss.com
@meg_ross_arlingtonvaagent

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’re on the homestretch — the re’s officially less than a week left in September. Pretty nuts how quickly this year is going by, right?

This past Saturday was the first day of fall. And, with a new season, there are certainly some things you should do around your home. In Virginia, the pleasant fall temps can extend well into the end of the year… or be gone in a jiffy. So, it’s a good time to be prepared for the worst (translation: for it to be really cold out of nowhere)!

A few spots most people forget in their winter prep are hoses and lawn furniture. When hoses are full of water and it’s freezing outside, they burst. So, it’s time to store them somewhere safe.

As for lawn furniture, if you know you won’t be lounging outside anytime soon, it’s time to cover it or store it inside as well. No need to have to buy all new stuff next year, when you can easily preserve what you have.

Happy Fall cleaning, y’all!

And, now on to this week’s facts and stats…

As of September 24, there are 211 detached homes, 61 townhouses and 256 condos for sale throughout Arlington County. In total, 57 homes experienced a price reduction in the past week.

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

1922 N. Madison Street, 22205 — NOW: $1,264,000 (Reduced $11,000 on 9/23)
2610 N. Marcey Road, 22207 — NOW: $1,099,000 (Reduced $16,000 on 9/23)
5005 11th Street S., 22204 — NOW: $853,000 (Reduced $19,000 on 9/23)
4445 20th Road N., 22207 — NOW: $829,750 (Reduced $20,249 on 9/21)
1635 13th Road S., 22204 — NOW: $704,999 (Reduced $11,501 on 9/24)
1101 S. Arlington Ridge Road #209, 22202 — NOW: $535,500 (Reduced $13,500 on 9/23)
229 S. Thomas Street #301, 22203 — NOW: $384,900 (Reduced $4,300 on 9/22)

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: Amazon HQ2, My Opinions and its Impact on Housing (Part 2 of 2)

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!

Last week, I published Part 1 of my opinions on why Amazon HQ2 is likely to come to the Northern Virginia/Washington, D.C. region and this week I am adding my thoughts on where I think they will/should locate and (sort of) answering the most common question I get — how it will impact the housing market.

Amazon Shouldn’t Pick One Location

The popular choice for Amazon’s second headquarters in Northern Virginia seems to be Crystal City for a number of reasons including immediately available office space, proximity to National Airport (DCA) and Government, Metro access, a well-educated population and more. While I do agree that Crystal City is the best primary location for HQ2, I hope they take advantage of the entire Northern Virginia — Washington, D.C. — Maryland region to prevent overloading the infrastructure (specifically schools and traffic) and housing market in a single jurisdiction.

According to the RFP, Amazon spreads 8.1M square feet of office space across 33 buildings in Seattle, so I would expect a similar make-up for HQ2 (projecting 8M square feet of office space).

Amazon can distribute these offices from Arlington County to Loudon County in Virginia, K St. to Congress Heights in Washington, D.C. and Montgomery/Prince George’s County to Baltimore in Maryland. They can also benefit from Metro/Commuter Train connectivity between every site, frequent domestic and international flights within 30 minutes, shipping ports, data centers, a diverse and educated workforce, affordable and diverse housing options and almost everything else that they mention in their Key Preferences and Decision Drivers.

Based on conversations, news articles and personal opinion the following locations are where I think Amazon should spread its 8M sq. ft. of office space for HQ2. I highlighted the locations I think should have the largest concentration of Amazon jobs.

Northern Virginia

  • Crystal City/Rosslyn-Ballston (majority presence)
  • Tysons
  • Reston
  • Loudon One
  • Richmond Highway (Alexandria)

Washington, D.C.

  • K Street/Foggy Bottom
  • D.C. Armory/RFK Stadium
  • Anacostia/Congress Heights

Maryland

  • College Park/Greenbelt
  • Bethesda/Rockville
  • Baltimore (City)

All of this can be done to strategically improve local economies and infrastructure without the devastating effects of adding 50,000 jobs to one or two locations. Plus, Amazon already has enticing incentive packages from all of them!

The Impact to the Housing Market Will Be…

Everybody wants to know how much home values will rise and how quickly… and it would be irresponsible of me to answer that question. Until we know how the jobs will be distributed, how they’ll hire (local vs. new residents), the timeline and the types of jobs then there is no basis for quantitative analysis. However, I’ll share some thoughts that may help answer some of your questions…

If the announcement is made in favor of Northern Virginia or the D.C. Metro, I believe we will witness two opposing market forces at play:

On one side, prices will push upward as sellers demand a premium for being part of the new Amazon market area and buyers are eager to purchase before the wave of Amazon employees. In direct opposition to price appreciation will be a significant increase in homes for sale because many home owners are waiting for a decision before putting their house on the market. If you plan to buy or sell in the wake of Amazon’s decision, you’ll want a pre-decision strategy and access to daily analytics after the decision.

This is where I’ll happily plug myself and my team. If you’re a weekly reader of my columns, you’ll know this is what we do best. If you’re new to my columns because of the click-power of an Amazon HQ2 article, here are two recent examples (one and two) of custom, hyper-local data analysis. Personalized analytics is a pillar of our service offerings.

Ultimately, I think price appreciation will win out because the market is already hungry for more supply, but the appreciation will be limited until the demand curve shifts when Amazon’s employees, and the employees of companies that support Amazon, start buying and renting.

To get a sense of what could happen to the housing market over time, let’s take a look at the Seattle area since Amazon started taking off in 2012. Remember, with a company like Amazon, it’s not just their employees but the employees of companies with direct and indirect business relationships.

Median Home Prices Have Doubles Since Jan 2012


Courtesy of Zillow

Amazon Stock Growth Since Jan 2012


Courtesy of Yahoo

Conclusion

As a homeowner and real estate agent, I am excited and hopeful for Amazon to select our region as the location of their second headquarters. As an Arlington resident frustrated by congestion and concerned about the impact rapid housing price appreciation will have on our community, as well as a father of a future Arlington Public Schools student, I hope that Amazon makes a conscious decision to spread their wealth across the entire Northern VA-Washington D.C.-Maryland region. We will have our answer within 100 days.

P.S. — Jeff, I’d be happy to assist your employees with their relocation. My cell phone number is 703-539-2529 if you’d like to discuss privately :)

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.

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:

4619 32nd Road N
3 bed/3 bath, 1 half bath single-family home
Agent: Billy Buck
Listed: $1,399,900
Open: Sunday 1-3 p.m.

 

408 N Florida Street
5 bed/3 bath, 1 half bath single-family home
Agent: Kathryn Dwyer
Listed: $955,000
Open: Saturday 1-3 p.m. and Sunday 1-4 p.m.

 

4624 19th Road N
3 bed/2 bath, 1 half bath single-family home
Agent: Renee Fisher
Listed: $835,000
Open: Sunday 1-4 p.m.

 

6555 28th Street N
3 bed/1 bath, 1 half bath single-family home
Agent: Jean Benedett-Matich
Listed: $779,500
Open: Sunday 1-4 p.m.

 

618-B 15th Street S
2 bed/2 bath, 1 half bath condo
Agent: Troy Sponaugle
Listed: $579,000
Open: Sunday 1-4 p.m.

 

1021 S Garfield Street #348
1 bed/1 half bath condo
Agent: David Moya
Listed: $459,900
Open: Sunday 2-4 p.m.

 

5308 8th Road S #110G
1 bed/1 bath condo
Agent: Dalil Ahmed
Listed: $138,900
Open: Saturday 2-4 p.m.

Morning Notes

By ARLnow.com

Arlington Names New Resident Ombudsman — “Ben Aiken has been named as Arlington’s Resident Ombudsman and Director of Constituent Services in the County Manager’s Office, effective October 8, 2018. Arlington’s Resident Ombudsman is part of the Constituent Services Team helping to ensure Arlington’s government works effectively and maintains a high degree of transparency.” [Arlington County]

Senior Alert for Man Last Seen in Arlington — “The Virginia State Police Department has issued a Senior Alert for 78-year-old James Oliver… Oliver was last seen in Arlington around 3 p.m. Sept. 19, walking near the intersection of North Wakefield [Street] and 24th Street. He was reportedly wearing a blue blazer, silver shirt, pink neck tie and blue jeans.” [WDBJ7]

It is PARK(ing) Day — Today is PARK(ing) Day, ” an annual international event where the public collaborates to temporarily transform metered parking spaces into small parks to elicit a reconsideration of the designation of public space.” There are five PARK(ing) day sites in Arlington: AECOM (2940 Clarendon Blvd), “The Bird Nest” – Communal Space (555 23rd St. S.), Bike Arlington et al (2040 15th St. N.), Solid Waste Bureau (4115 Campbell Ave.), Little Diversified Architectural Consulting (1061 N. Taylor St.). [Arlington County]

Log Cabin For Sale Near Marymount — The log cabin on 26th Street N. near Marymount University is listed for sale. Built in 1836, the home was later a favorite destination for Theodore Roosevelt, who would ride horses and eat ice cream there. [Washington Post]

Video Tour of New ART Buses — The new buses in the Arlington Transit fleet are more comfortable and feature-rich than older models, according to a video tour posted online. The 13 buses will allow ART to add new service. [YouTube]

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 fall real estate market is starting to show some trends already. Sellers are actively listing their homes, with 95 fresh listings this week. But buyers are lagging, ratifying only 65 contracts. This slow pace of buyer activity is showing up nationwide.

The canary in the coal mine is San Francisco, the hottest market in the US. Higher end homes are lingering on the market and price drops have started. It’s the same case with upper end prices in other markets as well. Abundant supply and record prices are causing buyers to pause. Many markets are seeing a shift from seller’s market to buyer’s market.

The low price market is just the opposite. There’s still a shortage of homes and buyers are snatching up what’s available.

The issue is affordability. Prices have hit record highs, while mortgage rates keep creeping up, and only in the last few weeks have workers started to see a small increase in average household income.

Mortgage rates jumped this week to their highest levels in seven years with the predominant rate for 30-yr fixed at 4.875% and some major lenders are at 5%. Next week it’s expected to get worse.

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.

Arlington is and always has been my home. And, one of the great things about calling a place home for so long is having a grasp of the local professionals you can trust to get a job done.

For instance, if you’re looking to boost your curb appeal through a wise investment, Affordable Door can hook it up. Give them a shout today by calling 888-997-3667 or visiting www.affordabledoor.com.

And, now on to this week’s numbers…

As of September 17, there are 199 detached homes, 57 townhouses and 252 condos for sale throughout Arlington County. In total, 41 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: Part 1 of 2 — Amazon HQ2, My Opinions and its Impact on Housing

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 would the impact of Amazon HQ2 be on housing in the D.C. Metro, Northern Virginia and Arlington?

Answer: Welp, here we go… On the heels of Jeff Bezos’ trip to D.C., where he confirmed an Amazon HQ2 announcement would be made by the end of the year, I figured there’s no better time to get maximum internet clicks on an Amazon article!

In all seriousness, this is a topic I think and talk about almost daily (jealous?) so I wanted to share my thoughts with you, with a focus on ideas you may not have read in other forums or articles (e.g. Bezos buying a house in D.C. is not mentioned beyond this point).

I’m Confident Amazon HQ2 is Coming to Northern VA/D.C. Metro

Criteria: I won’t bore you with a breakdown of Amazon’s RFP criteria, but the Amazon RFP is a quick read and it’s clear this region meets and exceeds their priorities and everything on their list of “Key Preferences and Decision Drivers.” 

Tech’s Shifting Role: It seems that the long-term success of tech giants will depend on their ability to lobby and direct favorable public policy just as much as it will depend on their ability to develop innovative products. I believe that Amazon HQ2 is only the beginning of a massive tech migration to the D.C. region (see recent Facebook and Apple news).

Bezos v Trump: Don’t you think that with every Trump tweet or comment about Bezos/Amazon/WaPo, the decision becomes more and more personal for Bezos? Can you think of a more tempting power-play by Bezos than moving in next door? I have no doubt that Bezos knows where he can put an Amazon building with a direct line-of-sight from the White House.

My Network: Did I mention I talk about Amazon HQ2 almost every day?

That has led me to some interesting conversations with folks in my network including recruiters for Amazon, employees and former employees of Amazon and other tech companies, local corporate relocation insiders, home inspectors and general contractors. Each offering their own industry-specific signs of a decision in favor of our region.

Vegas: There is nobody better at predicting the future than Las Vegas bookmakers so when Bovada.lv, the largest online gambling site in the US, came out with odds heavily favoring Northern Virginia (#1) and Washington, D.C. (#2), I knew the hype wasn’t just local.

Available Office Space: Amazon is projecting a need for 8M square feet of office space to house 50,000 employees. According to John Redeker, a Senior Associate for Cushman & Wakefield, the Rosslyn-Ballston Corridor alone currently has 5,375,000 sq. ft. of available (“available” sounds better than “vacant” right?) office space and Crystal/Pentagon City is sitting on over 2,177,000 sq. ft. of available office space.

Hmmm… sounds a little too perfect, doesn’t it?

Oh, and don’t forget that Tysons has over 1,564,000 sq. ft. of brand-new office space under construction.

By the way, if you’re a business-owner and planning on moving or adding office space in the next year, you may want to reach out to John now while rents are still on the downward trend.

In next week’s Part 2 column, I will detail where I think Amazon should locate its 50,000 employees across 8M square feet of office space and what that will mean for the housing market in the near-term and long-term.

P.S. — Jeff, I’d be happy to assist your employees with their relocation. My cell phone number is 703-539-2529 if you’d like to discuss privately :)

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

Without a Surge in Construction, Planners Warn of a Massive ‘Housing Shortfall’ Across D.C. Region

By Alex Koma

Arlington and the rest of the D.C. region could face a massive “housing shortfall” in the coming years without a surge in new construction, according to a new analysis by regional planners.

A study presented to the board of the Metropolitan Washington Council of Governments last Wednesday (Sept. 12) suggests that the region needs to add 100,000 more homes than are currently projected to be built between now and 2045.

Otherwise, planners expect the surge in workers moving to the region will drive up housing prices to even higher levels, imperiling the region’s economy and further driving workers out into increasingly distant suburbs.

“The projected gap — or housing ‘ shortfall’ — will only worsen without intervention,” MWCOG researchers wrote. “The region should continue to create and/or preserve housing at a higher rate than has been achieved in the recent past to close the gap and provide adequate housing options to be able to sustain strong regional economic growth.”

The researchers based that warning on population estimates for the region suggesting D.C. and its suburbs will see its employment base of 3.28 million jobs balloon to 4.27 million by 2045 — a forecast that only takes regional trends into consideration and doesn’t specifically account for the arrival of a tech giant like Amazon in the region. By contrast, the planners expect the D.C. metro area to see its housing stock rise by roughly half that amount, going from 2.08 million homes to 2.66 million.

Accordingly, they project that the region will need to add 690,000 new homes, rather than the 575,000 currently projected, in order to have a desirable ratio of workers to homes.

To reach that figure, the analysts expect that the region will need a “sustained housing production of 25,600 units each year” through 2045. The group noted that the region added about 23,500 new homes in 2017, and has persistently upped its housing production each year as the area’s recovered from the Great Recession.

Even still, the researchers note that in the early 2000s, the region was averaging nearly 30,000 new homes built each year, making such a boost feasible.

“Although we are on the right trajectory, it is possible to produce even more,” the analysts wrote.

The researchers urge leaders in Arlington and other localities with access to “high capacity transit stations” to take up such a challenge, particularly by identifying ‘planning and zoning tools and policies to ensure preservation of existing housing and production of new affordably priced units.”

“It is important to note again that this goal of increasing housing production by slightly more than 100,000 units is to ensure a sufficient supply of housing for workers to fill current and anticipated jobs,” the researchers wrote. “Although it will mostly address need from an economic competitiveness and transportation infrastructure standpoint, it will have broad significance for the future of our region and its residents.”

File photo. Chart via Metropolitan Washington Council of Governments

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