Who doesn’t love a 3-day weekend? If you’re looking for something fun to do this weekend, here’s a list of some of the local events in celebration of Memorial Day:
Saturday, May 23
Wreath-laying ceremony at the Navy Memorial, starts at 11am. Live performances by the Gaslight Society begins at Noon.
Sunday, May 24
Rolling Thunder Motorcycle Rally – departs from the Pentagon at Noon, with a musical tribute and speakers at 1:30pm at the Reflecting Pool (near the Lincoln Memorial).
Kennedy Center Choral Festival – 90 minute program starting at 2pm.
PBS’ Annual (Free) Concert on the West Lawn of the Capitol. Show starts at 8pm, gates open at 5pm
Wolf Trap Kick Off! – Starting at 8pm, Wolf Trap will kick off the summer season with a free performance by the U.S. Marine Band and fireworks.
Monday, May 25
Wreath-laying ceremony at the Arlington National Cemetery, starts at 11am.
Memorial Day Parade - Marching Bands & Veterans units march from Constitution and 7th St NW, along Constitution ave, until 17th Street (near the White House). Starts at 2pm.
Memorial Day Jazz Festival – Located at the Fort Ward Park in Alexandria, admission is free for the music, dancing, and celebrating. Festivities are from 1-7pm.
There are more services at individual memorial sites for Vietnam, Air Force etc. Check for more details on their websites.
While building permits have seen a decline of late, there are still some construction sites in Arlington in the Courthouse/Rosslyn corridor. Here’s a summary of some of the projects underway:
Courthouse
Residence Inn (Marriott Hotel) - A future 10-story Marriott Residence Inn with 176 rooms and retail space, plus a parking garage. Construction is nearing the end – with an expected opening date at the end of this year. It’s located on the corners of Clarendon Blvd, N Adams St, and 14th Street.
Rhodes Hill Square - An 89 unit building with luxury condominiums, expected to be completed at the end of this year. Located near Colonial Village, on the corners of N. Rhodes, N 14th St, N. Rolfe St, and N 16th Street.
1310 N. Courthouse Rd - A renovated building with office space, located at N Courthouse Rd and 14th Street.
Rosslyn
Turnberry Tower - A luxury high-rise (26 stories), with 337 condominium units located on N Fort Myer Drive and N Nash Street. The building is already selling units!
Hilltop House 100 - A condominium building with 100 units, expected to deliver in mid-2010. Located at 1221 N. Pierce Street.
April numbers for Arlington are below…it’s been a crazy time here in Arlington. Inventory is at historic lows in some price ranges (mostly anything under about $500k), as first-time buyers are scooping up new listings as fast as they come on the market! A total of 190 properties sold in April in Arlington alone. Here’s the breakdown by zip code:
North Arlington:
22201 – 31
22203 – 26
22205 – 16
22207 – 23
22209 – 11
22213 – 6
South Arlington:
22202 – 12
22204 – 34
22206 – 31
The price range from lowest to highest:
Lowest: A bank-owned condo in 22204 for $75,000
Highest: A house in Bellevue Forest in 22207 sold for $2,116,000
Detached – Single Family Homes
North Arlington: Avg Net Sale Price: $722,206 after 79 days on the market (DOM)
South Arlington: Avg Net Sale Price: $553,114 after 124 DOM
Townhouses
North Arlington: Avg Net Sale Price: $722,619 after 123 DOM
South Arlington: Avg Net Sale Price: $350,199 after 55 DOM
Condos
North Arlington: Avg Net Sale Price: $451,711 after 106 DOM
South Arlington: Avg Net Sale Price: $293,287 after 154 DOM
*remember all of these numbers are averages….they don’t reflect specific neighborhoods, styles, room counts, etc. For more specific information on properties similar to yours, please email me!
Here’s some of the numbers for last month in the Falls Church (both the city of and the part in Fairfax County) area.
Single Family Homes (Detached)
Average Selling Price: $460,972 after 84 days on the market
Townhouses
Average selling price: $458,413 after 41 days on the market
Condos
1 bedroom, 1 bath: average selling price of $142,583 after 98 days on the market
2 bedroom, 2 baths: average selling price of $254,622 after 46 days on the market
The real estate market in McLean Virginia has not been immune to some of the foreclosures that have hit Fairfax County. McLean still has mutli-million dollar properties selling, but there are still some hidden gems of affordability in the area. Here’s the breakdown for April 2009:
Single Family Detached Homes
Average Selling Price: $954,149 after 139 Days on the Market
(we saw everything from a $500k house to a $2.5M in April)
Townhouse
Average Selling Price: $511,775 after 80 days on the market
Condos
1 bedroom, 1 bath: $209,255 after 129 days on the market
2 bedrooms, 2 baths: $310,600 after 117 days on the market
As I keep saying – real estate values are influenced greatly by many different factors. This is an attempt to capture the market at large…if you’re interested in specific statistics closer to your own property, or one you’re interested in purchasing, please let me know! I am happy to provide more detailed pricing valuations for you.
This Saturday, May 16th is Arlington’s Neighborhood Day. Started in 1997, it’s a way for Arlington Community building. The day is filled with block parties, festivals, and yard sales throughout Arlington County. Some groups organize community service projects like planting trees and cleaning up trash.
More information about Neighborhood Day can be found here.
Sunday, May 17th is “Taste of Arlington” Day
If you’ve ever wanted to know what a restaurant in Arlington has to offer – this is a must-attend event. With over 40 restaurants participating, this event promises to please any palate! The event will be held across from the Ballston Mall, beginning at Noon and ending around 5pm. Alcohol will be available until 4:30pm. Admission to the event is free, however, to sample the food and/or beverages, you must buy a booklet with tickets. Booklets have 8 “tastes” and may be purchased for $20 (or $25 the day of). For entertainment, vendor participation, and ticket information visit the Taste of Arlington website.
Local projects along the Ballston corridor are starting up soon, and some are already under construction. Here’s the rundown of local projects:
Founders Square
Located on about 5 acres of land between Wilson Blvd, N Randolph, and N Quincy Streets, this future site will hold 362 residential units (17 and 12 stories high), with office and retails space. Delivery is expected in late 2011.
800/900 N. Glebe Road
Located on the corner of Glebe Rd and Wilson Blvd (across from Ballston Mall), is planned for 2 office buildings, 28 townhouses, and a 90-unit rental residential building. 800 N Glebe will have office and retail space, while 900 N Glebe will be purchased by Virginia Tech and Ballston Science and Technology Alliance for office space. Delivery of 900 N. Glebe is anticipated first, in late 2010, with 800 N Glebe to follow in early 2011.
The Fairmont
Not yet under construction, is this 23-story building with residential units and retail space that will occupy the property located between Wilson Blvd, N Glebe, and Fairfax Drive. Construction is planned to begin in early 2010, and completed by 2012.
Local governments *tried* to make budget cuts to keep costs down…but apparently, Northern Virginia homeowners should prepare to see a slight increase in their real estate taxes.
Arlington, Virginia, Arlington County: current tax rates are .838 for every $100 of the assessed value. The budget for 2010 has that increasing to $0.865
Fairfax County, Virginia: tax rates are 0.92 for every $100 of the assessed value. The 2010 rate appears to be $1.04
Alexandria City, Virginia: tax rates are currently $0.845, they will be going up to $0.903
Sorry to be the bearer of bad news!
Read on at the WashingtonPost.com article.
Bob Dylan said ”Take me as I am, or let me go…”
How applicable this statement is in this housing market. Here are some things you should know about buying anything “as-is”…
1. What kinds of properties are usually sold “as-is”?
Almost every short sale and/or bank-owned property I have seen has been sold “as-is.” The banks make no representations about the house or any of the mechanical, electrical, or structural systems of the property or the appliances (if any) of the house. Also, many estate sales or older homes can be sold “as-is,” and with the common occurrence of it these days, is happening more frequently.
2. Why would something be sold “as-is”?
Well first of all, every buyer out there should know that banks look out for THEMSELVES, first, foremost, and only. By declaring a property to be sold “as-is” they release themselves from any liability of having to abide by our regional sales contract that says that all systems must be in NORMAL WORKING ORDER at the time of settlement. Take it or leave it. ”take me as I am, or let me go…” for another buyer!
3. Can we still do a home inspection?
That depends. I always, ALWAYS recommend my buyers do a home inspection. If it’s the biggest investment of your life, you should go into the union with the most information possible, right? So sometimes they’ll tell you that a home inspection may be done “for information purposes only.” Many times, this allows you to retain the right to make the contract contingent on a home inspection…so if the report comes back with more than you bargained for, you have the absolute right to void the contract and get your deposit back.
4. Well, can’t we TRY for money from a bank or seller?
Of course you can. The worst case scenario – they say no. Then you’re right back where you started. I have however seen banks grant some money to a buyer depending on their requests (one of my buyers once got $2k towards a new furnace!)….the asset manager is driven 100% by their bottom line. Getting any money, whatsoever from a bank or seller is the exception, it is definitely NOT the rule.
5. What if I am doing an FHA or VA loan and there are red flags on the appraisal?
Before I answer this question, let me say: I am NOT a lender, underwriter, appraiser, or have any affiliation or inside information about the processing of a government backed loan. However, that said, most banks realize that FHA loans are the most common right now…and they also have a higher standard for appraisals. Things like water damage, mold, code violations, etc will be red flags on an appraisal, and will most likely be a “Lender Required Repair.” That term is important!!! In order for your loan to be approved and funded, any lender required repair will have to be completed PRIOR to closing, otherwise, it’ll be no-go. Hopefully the seller will comply with these requests, and you can proceed to settlement. However, if they are not willing to complete the repairs, you can void the contract.
Each situation is different…there’s always a learning curve with real estate!! That’s why it’s important to use a) someone you trust, and b) someone knowledgeable to serve you and your interests to the best of their abilities. Also, just because something is being sold “as-is” doesn’t mean it’s a lemon…that’s why a home inspection is important! Feel free to contact me with any other questions!
Yesterday, I held a great listing on 934 N. Daniel St in Arlington, VA. It’s located in a great neighborhood of single family homes called Lyon Park. Close to the Clarendon metro, close to the major highways leading to Tysons Corner as well as downtown D.C. Currently there are 11 properties listed in the neighborhood, with 3 under contract. In our market, you can count on a few open houses every weekend, regardless of how long the property has been listed.
The house I held open, has been on the market for 25 days, still listed at the original list price of $699,900, and is a 2 bedroom, 1 bath updated bungalow. After 25 days and 3 open houses, it’s amazing that I still got 21 groups through a 1-4pm open. I am continuously blown away by the questions buyers are asking…
-How long has it been on the market?
-Have there been any price reductions?
-Does it have A/C….no? Well then it’s $XX over priced
-I saw a window from the outside, is there an attic or just storage/crawl space?
-The listing on Main Street has an extra bathroom and bedroom, and a bigger kitchen….but it’s priced only $15k higher than yours….what do you think of that listing and your price?
The other amazing thing about this buyers market, is that they’ve seen EVERYTHING that’s held open. They’re comparing listings on their own and know what they’re capable of getting at different prices ranges. Since my personal goal each month is to do 3 open houses, and I mostly work the North Arlington area – I tend to see some of the same groups of people come to each open. It reinforces the need to KNOW YOUR MARKET and know your competition. I try to go to most of the Arlington Brokers Opens and see the new listings coming on for sale. You have to be able to talk apples to apples with your open house traffic…because some of them will know more than you if you don’t.
The other thing about proactive buyers that go to see these opens is that they don’t like the B.S., they don’t need hand-holding…they just want the facts. I like this, I want to buy this…what do I need to do next? That’s when they need you, the expert. But you have to show them you’re the expert first….
