Foreclosures For Sale in Arlington VA

On September 2, 2010, in Arlington, Foreclosures, by Laura

We’ve had pretty low numbers lately of bank owned properties for sale in Arlington. In fact, as of today, only 17 of the currently 678 properties for sale are foreclosures. I’ll be posting a weekly list of properties that are new foreclosures. To see details about this week’s foreclosures:

If you’re interested in more information about any of the properties you view, please contact me.

  • Twitter
  • Tumblr
  • Google Reader
  • Posterous
  • Technorati Favorites
  • PrintFriendly
  • Blogger Post
  • Delicious
  • Google Gmail
  • Share/Bookmark
 

FHA loans are Government backed loans, provided by the Federal Housing Administration (FHA), so they’re easier programs to qualify for when buying a house/condo/townhouse. To use an FHA loan to buy a property, you need a minimum credit score of 620, a minimum down-payment of 3.5% (for now), and you can qualify for one just 3 years after a foreclosure. Of course to make this loan product available, the Government must collect some money somehow to provide the insurance to lenders and that will be going up after October 4th.

As is standard in the industry for anything with less than a 20% down payment, there’s a monthly Mortgage Insurance Premium (commonly referred to as PMI) in addition to your actual mortgage payment. This is money you’re paying to insure your ability to repay the loan. In the unfortunate scenario you’re unable to repay, or a bank forecloses, the mortgage insurance company pays the lender for their loss. PMI rates vary (but the rate is currently 0.55 and will go to 0.90.) However, after October 4th, this monthly premium will be increasing by over 63%.

Specific to FHA loans, we have an Upfront Mortgage Insurance Premium, which is currently 2.25% of the loan value. Ex: A sales price of $500,000 with 3.5% down has a loan value of $482,500. Your Upfront Mortgage Insurance Premium on this loan would be $10,856.25. After October 4th, this will be reduced to 1% (or in this example: $4,825). Buyers can choose to pay the full amount at the time of closing in addition to their standard closing costs, or roll them into their monthly payments (amortize the amount over the life of their loan, ex: 30 years).

Note: Even with the upfront rate reduced, the monthly premium increase will INCREASE your overall payment/costs. Remember when I said I think the FHA is running of out money? Well….what do you think of this move?

Here’s an example courtesy of Gleyde Schatz, Senior Loan Officer with InterCoastal Mortgage:

Before October 4th a $350,000 purchase would require $20,997 in cash for closing with a mortgage payment of $2,211
After October 4th a $350,000 purchase would require $20,981 in cash for closing with a mortgage payment of $2,292

Some stats for how many people will be affected by this change:

In July, 23% of the sales were FHA loans in Arlington, while June was 22% and May was 28%. Numbers for Northern Virginia (Fairfax & Arlington County, Alexandria, Fairfax & Falls Church City) have similar numbers: 20%, 23%, and 28% respectively. (Statistics provided by MRIS.com, our local MLS provider). The National Average is 30%.

  • Twitter
  • Tumblr
  • Google Reader
  • Posterous
  • Technorati Favorites
  • PrintFriendly
  • Blogger Post
  • Delicious
  • Google Gmail
  • Share/Bookmark
Tagged with:
 

In a recent article on CNNMoney.com, experts say the average size home American’s are buying has been reduced from 2,300 sq ft to 2,135. That doesn’t seem to be a huge difference when you’re talking 2,000+ sq ft, but how does this size change effect your bottom line? Let’s take a look at some recent sales based on square footage and age strictly for detached, single family homes.

22207 & 22213 (Country Club, Country Club Hills, Berkshire Oakwood, Bellevue Forest, Cherrydale, Country Club Manor, Crescent Hills, Dover Balmoral, Golf Club Manor, Lee Heights, Maywood, Highview Park, Minor Hill, Shirley Woods, Waycroft, Willet Heights, Williamsburg Village, Woodmont, Wavery Hills, etc.)

$1M+ Typically buys you a renovated/newer house that’s about 3,000 sq ft or more, and usually 4+ bedrooms
$800k-$1M Typically buys you about 1,800 – 2,999 sq ft, usually about 3-4 bedrooms, most renovated
$600k-$800k Typically buys you about 1,400-1,799 sq ft, usually about 3-4 bedrooms, sometimes renovated
<$600k Typically buys you <1,400 sq ft, 2-4 bedrooms, few renovated

22201 (Lyon Village, Lyon Park, Clarendon, Ashton Heights, Kirkwood Terrace)

$1M+ Typically buys you a renovated/newer house that’s about 2,100 sq ft or more, usually 3+ bedrooms
$800k-$1M Typically buys you a renovated house that’s about 1,700 – 2,099 sq ft or more, usually 3+ bedrooms
$600k-$800k Typically buys you a house that’s about 1,400 – 1,699 sq ft, usually 3-4 bedrooms, some are renovated
<$600k Typically buys you <1,400 sq ft, few are renovated, and are usually 3 bedrooms

22203 (Ballston, Arlington Forest, Spy Hill Blvd, Brandon Village, Bonair)

$1M+ Typically buys you 2,500 sq ft or more, usually new, 3+ bedrooms
$700k – $1M Typically buys you about 1,500 – 2,499 sq ft, usually renovated, 3-4 bedrooms
$500k – $700k Typically buys you 1,200 – 1,499 sq ft, mostly renovated, 3-4 bedrooms
<$500k Typically buys you <1,200 sq ft, some renovated, 2-4 bedrooms

22205 (Westover, Bonair, Brockwood, Dominion Hills, Falls Church Park, Lacey Forest, Garden Commons, Larchmont, Leeway Heights, Madison Manor, Over Lee Knolls, Summit & Veitch, Tara, Tuckahoe Village, Waycroft)

$1M+ Typically buys you a newer or totally renovated house, 2,700 sq ft+, 4+ bedrooms
$800k-$1M Typically buys you a renovated house, 1,900 – 2,699 sq ft, 4+ bedrooms
$600k – $800k Typically buys you a renovated house, 1,200 – 1,899 sq ft, 3-4 bedrooms
<$600k Typically buys you a <1,200 sq ft house, sometimes renovated, 2-3 bedrooms

22209 (Potomac Reserve, Dawson Terrace, Palisades Park)

Very few single family homes sell in the Rosslyn area and most are about $1M+

22202 (Addison Heights, Aurora Hills, Oakcrest)

$1M+ Typically buys you a completely renovated house, 3,000 sq ft+, 4+ bedrooms
$700k-$1M Typically buys you a renovated house, 1,500 sq ft – 2,999 sq ft, 4+ bedrooms
$500k-$700k Typically buys you a mostly renovated house, 1,100 sq ft – 1,499 sq ft, 3-4 bedrooms
<$500k Typically buys you an older, somewhat renovated house,<1,100 sq ft, 3 bedrooms

22204 (Alcova Heights, Arlington Heights, Arlington Village, Barcroft, Barcroft Forest, Columbia Forest, Douglas Park, Forest Glen, Glen Carlin, Johnson’s Hill, Nauck Green Valley, Southgate, Virginia Heights)

$700k+ Typically buys you new/completely renovated, 2,000 sq ft+, 4+ bedrooms
$500k – $700k Typically buys you a mostly renovated house, 1,200-1,999 sq ft, 3+ bedrooms
<$500k Typically buys you a house in need of renovations, <1,200 sq ft, 2-3 bedrooms

22206 (Claremont, Shirlington, Oakcrest)

$500k+ Typically buys you a completely renovated house, 1,500 sq ft+, 3+ bedrooms
<$500k Typically busy you a somewhat renovated house, <1,500 sq ft, 2-4 bedrooms

  • Twitter
  • Tumblr
  • Google Reader
  • Posterous
  • Technorati Favorites
  • PrintFriendly
  • Blogger Post
  • Delicious
  • Google Gmail
  • Share/Bookmark

Courthouse Hgts is a townhome community of just 3. Built in 2004, the townhomes are located at 1920, 1928, and 1936 N 13th St, Arlington, VA 22201 and each have a 1-car garage.

Map powered by MapPress
  • Twitter
  • Tumblr
  • Google Reader
  • Posterous
  • Technorati Favorites
  • PrintFriendly
  • Blogger Post
  • Delicious
  • Google Gmail
  • Share/Bookmark
Tagged with:
 

A small 11-unit townhome community located at 1209 N Taft Street, Arlington, VA 22201. Units were built in 2006 and feature 2-car garages.

Map powered by MapPress
  • Twitter
  • Tumblr
  • Google Reader
  • Posterous
  • Technorati Favorites
  • PrintFriendly
  • Blogger Post
  • Delicious
  • Google Gmail
  • Share/Bookmark

Courthouse Square is a 23-unit townhome community located along Lee Highway in Arlington, VA 22201. Built in 2002, these townhomes feature 2-car garages.

Search Courthouse Square Townhomes for Sale

Map powered by MapPress
  • Twitter
  • Tumblr
  • Google Reader
  • Posterous
  • Technorati Favorites
  • PrintFriendly
  • Blogger Post
  • Delicious
  • Google Gmail
  • Share/Bookmark

Courthouse Triangle townhomes is a 14-unit community built in 1999. Units are located along N. Cleveland Street, Clarendon Blvd, and Fairfax Drive, Arlington, VA 22201. These luxury townhomes feature 2-car garages.

Search Courthouse Triangle Townhomes for Sale

Map powered by MapPress
  • Twitter
  • Tumblr
  • Google Reader
  • Posterous
  • Technorati Favorites
  • PrintFriendly
  • Blogger Post
  • Delicious
  • Google Gmail
  • Share/Bookmark

Courthouse Walk is a 30-unit townhome development located along the 2000 block of S 6th Street and the 400 block of S Wayne St, Arlington, VA 22204. Built in 1989, some units have a 1-car garage and assigned spot, while others just have assigned parking spots.

Search Courthouse Walk Townhomes for Sale

Map powered by MapPress
  • Twitter
  • Tumblr
  • Google Reader
  • Posterous
  • Technorati Favorites
  • PrintFriendly
  • Blogger Post
  • Delicious
  • Google Gmail
  • Share/Bookmark

Courthouse Park is a 16-unit townhome community built in 1983. Most units are about 2,160 square feet. Units are located on the 1000 block of N Cleveland Street in Arlington, VA 22201.

Search Courthouse Park Townhomes For Sale

Map powered by MapPress
  • Twitter
  • Tumblr
  • Google Reader
  • Posterous
  • Technorati Favorites
  • PrintFriendly
  • Blogger Post
  • Delicious
  • Google Gmail
  • Share/Bookmark

Get ready for the 13th Annual Clarendon Day festivities coming to Clarendon on Saturday, September 25, 2010.

The festival, to be held rain or shine on Saturday, September 25 from 11 a.m. to 5 p.m., is geared toward all ages and offers a day full of food, music, art, fitness classes, kids’ activities, health screenings and more.

This year will differ from years past, as the Clarendon Alliance has teamed up with the Virginia Hospital Center Foundation to combine this event with VHCF’s Family Fun Day, creating two events for you to enjoy.

Things to look forward to this year: 5k/10k Run and Kids Dash Hosted by Pacers, live music on 2 stages hosted by local celebrities  Morris Jones and Ben Eisler, food from over 15 local restaurants, vendors, and other entertainment. For more details as they’re unveiled, visit the Clarendon Day website.

Don’t forget, proceeds from the event go to benefit our local non-profit Doorways for Women and Families, the Clarendon Alliance, and the VHCF.

Event location will take place all around the Clarendon Metro.

  • Twitter
  • Tumblr
  • Google Reader
  • Posterous
  • Technorati Favorites
  • PrintFriendly
  • Blogger Post
  • Delicious
  • Google Gmail
  • Share/Bookmark