I had the pleasure of trying out Alexandria’s new Italian/Greek/American restaurant – Mamma’s Kitchen.Open just 6 weeks now, the restaurant was busy, the service was great, and prices affordable. Here’s a snippet of the menu:
Appetizers (Tzatziki w/pita, Hummus w/pita, Calamari, Fries, and more)
Gyros (Beef, Lamb, Chicken, Original)
Gourmet Pizzas with any topping you want: PEPPERONI, ITALIAN SAUSAGE, HAM, BACON, GROUND BEEF, GYROS MEAT, ANCHOVIES, Fresh MOZZARELLA, FETA CHEESE, PROVOLONE, RICOTTA, GREEN PEPPERS, ONIONS, BLACK OLIVES, MUSHROOMS, ROASTED RED PEPPERS, BROCCOLI, BABY SPINACH, FRESH GARLIC, SUN DRIED TOMATO, EGGPLANT
Paninis (I had the CHICKEN, SPINACH, PORTOBELLA & CHEESE – excellent!!)
Subs (Italian Sub, Chicken Cheesteak, Steak & Cheese, Chicken Parm…etc)
Sandwiches (Reuben, Club, Hamburger, Cheeseburger, and more)
Pastas (Moussaka, Lasagna, Chicken Parm, Chicken Florentine, and more)
Desserts (Baklava, Flogeres, Cheesecake, Tiramisu, and more)
Where: 7601 Fordson Rd off Rte 1
Alexandria, VA
Enjoy!!
Much to my dismay, I still can not believe I walked away from a listing priced near $1M. Why did I walk away? Because that’s about $130-$140k over what it’s currently worth.
I just celebrated my 1 year anniversary as a licensed agent in Virginia. So needless to say I get excited at every opportunity I have to work with either a buyer or seller in this market. So this weekend when I was holding an open house in Arlington, I had a neighbor come through with a few questions about selling. Much to my surprise, I learned she was trying to sell her house herself – with no luck. She invited me to her house for a 2nd opinion of her price and techniques. Before going to the meeting, I pulled some comps to support my opinion of her pricing.
After Mrs. Seller showed me her wonderful house, which is in a prime location for Arlington.
We began some dialogue about pricing and how the market has been in North Arlington. It became very clear to me almost immediately that Mrs. Seller and I would not be coming to an agreement on price. Unfortunately, my analytical mind lets the market determine how much I think we should price the property - with influence on their motivation. So after much deliberation, I was very honest with her and said,
“I’m afraid I don’t think I can sell your house for the value you’re looking for. I fear that you will be unhappy with me when/if I can’t sell it for that price, therefore, I think it would not be in our best interests to work with each other. However, if your situation changes, and you’re willing to reconsider, I would love the opportunity to talk with you again.”
I got into real estate to help people buy and sell their homes. In taking a listing I knew was overpriced, I believed I would be doing both of us a disservice. In this market, it’s a “price war in a beauty pageant.”
Built in 2002, this 14-unit luxury condo building is located at 1555 Colonial Terrace in Arlington, Virginia, near Rosslyn. The 7-floor building features 2 bedroom, 2.5 bath units with open floor plans, high-upgrades, and beautiful views of Georgetown. Units feature garage parking, balconies/decks, and so much more.
The Dakota is surrounded by other condos and townhomes, and is ideally located near the Rosslyn Metro, and I-66 and Rt 29 into Georgetown and the District of Columbia.
Search The Dakota Condominium Homes For Sale
At the end of January the numbers indicated that prices were about 20% lower than those of January 2008. If you’re looking to broaden your investment portfolio to add some real estate, now is definitely the time to start looking! With changes on the horizon, some people will greatly benefit from the tax breaks and incentives the stimulus bill offers.
So why not work with an REO (Real Estate Owned, i.e. Bank Owned) Specialist? I recently received a certification from theLoss Mitigation Institute as a Certified REO Specialist. Over 50% of my buyer activity last year was focused on foreclosures in Arlington, Alexandria, Falls Church, and Woodbridge.
Looking to learn the difference between a Short Sale – Foreclosure Auction – Bank Owned Property? Let’s talk about it!
I can’t believe we’re already into March! Nor can I believe it actually snowed on March 1st and 2nd!! Here the numbers for January and February 2009 (as of 3/2/09):
Total Arlington Sales: 209
22201 – 23
22202 – 15
22203 – 30
22204 - 58
22205 – 14
22206 – 28
22207 – 22
22209 – 15
22213 – 4
Did you know the even zip codes (22202, 22204, 22206) are the South Arlington Zip Codes? All of the other Zip codes are North Arlington.
22201 – Of the 23 sales, 4 were townhomes, 14 were condos, and 5 were single family homes.
22202 – Of the 15 sales, 5 were single family homes, 6 were condos, and 4 were townhomes.
22203 – Of the 30 sales, 8 were single family homes, 3 were townhomes, and 19 were condos.
22204 – Of the 58 sales, 15 were single family homes, 15 were townhomes, and 28 were townhomes.
22205 – Of the 14 sales, 12 were single family homes, 2 were towhnomes, and none were condos.
22206 – Of the 28 sales, 2 were single family homes, 19 were townhomes, and 7 were condos.
22207 – Of the 22 sales, 15 were single family homes, 4 were townhomes, and 3 were condos.
22209 – Of the 15 sales, none were single family homes, 2 were townhomes, and 13 were condos.
22213 - Of the 4 sales, 1 was a single family home, 1 was a townhome, 2 were condos.
Who had the most expensive sale? 22207 – in Lee Heights for just over $1.44M
Look for more specific market data by zip code to follow.
Real estate investing, a great way to diversify your portfolio for long-term planning. Especially now.
With rates low, and prices hit, it’s like we’re having a “Real Estate Sale.” Meaning – it’s a great time to invest! Arlington was voted one of the best places to live during a recession, since Northern Virginia and the Washington, D.C. Metropolitan area is in it’s own bubble. Since real estate is local, each market has individual characteristics that make investing smarter. Some of them are:
1. Real Estate Type. You’ll get faster and greater gains by investing in a single-family home, versus a townhouse, and even more so than a condo. Condos make for great living, but high condo fees eat into cash flow. Also, single-family homes appreciate at a faster rate than condos
2. Location, Location, Location! Staying along the orange line corridor (Rosslyn, Courthouse, Clarendon, VA Square, Ballston, East Falls Church, West Falls church, and Vienna) will warrant higher prices than those outside of walking distance to the metro.
3. Comps. Have your Realtor run rental comps for the neighborhood and similar properties. Your safest estimate for rental income should be the lowest rental comp. If you end up getting a higher rent – GREAT! – but better to estimate low, than estimate high and have to shell out additional money to cover your mortgage.
4. Fixer-Uppers…sweat equity is great potential for a higher return on your investment, especially if you intend to hold it for a few years before you flip it. For example, many of the Falls Church properties up for sale now are in the $300k range – rewind to 2005, and they were in the $500k’s (there’s an example of where the market went wrong!). Look for the potential to knock down a few walls, redo a bathroom, etc. to improve market value.
5. Intangibles. Look for the intangibles of a property that will make it more appealing to buyers and tenants. Charm? Character? Or better yet, the possibility to add some.
There are so many great books on investing in real estate, but if you’re curious to see how you can become an investor in your local market, talk to a local Realtor. We’re always willing to help!
Some potential benefits for buyers from Obama’s 2009 Stimulus Plan:
- $8,000 tax credit – a true credit to a first-time buyer, does not have to be paid back if the buyer lives in the subject property for at least 3 years (begins to phase out for couples earning more than $150k, and singles earning more than $75k) for purchases before December 1, 2009
- Increased Conforming Loan Limits - for the Washington, D.C. metro are, loan limits are back up to $729,750; after Jan 1, loan limits were dropped to $625,500
Some potential benefits for home owners from the plan:
- Home Improvement Tax Credit- Everyone’s talking about going “Green” – now you can get paid for it. Making your condo energy efficient makes you eligible for a credit of 30% of the cost of the improvement, up to a maximum of $1,500 (or a total cost of $4,500).
We will see when these become official, and how they’ll affect the market. With spring around the corner, buyer and seller activity will/is picking up.
I always dread driving on the I-395 from Rt 50 (New York Ave) in Washington, D.C. into Virignia because I know there’s a TINY little camera at the end of the tunnel waiting to snap a photo of my license plate and slap me with a $100 fine if I go above 40 miles/hour. So bad news for me - those cameras will soon return to Arlington, Faifax County, and Alexandria.
Arlington visitors should take note - cameras will be operational by April. Locations for the cameras have been decided:
- 4 Cameras along Lee Highway (Rt 29)
- N. Glebe and Fairfax Dr (Ballston)
Fairfax County is still waiting for the Virginia Department of Transportation approval for installation, but they expect those cameras to be operational by the Fall of 2009.
Maximum fines? $50.
The Williamsburg Condo is located at 1276 N. Wayne St, Arlington, VA 22201 – right on the edge of clarendon and courthouse. The building is a short walk to either metro stop, located near Whole Foods, Barnes and Noble, Office Depot, the Courthouse, Cheesecake Factory, and many more bars, restaurants, and shopping. The Williamsburg was built in 1992, and was built well!! The 13-story, 266 unit building features a pool, sauna, gym, outside gazebo, conference and community room, on-site management, underground parking, and much more.
Search Homes For Sale at The Williamsburg Condominium
With so much change in the past year, it comes as no surprise to find out that Tobacco Country will ban smoking inside bars and restaurants, finally! Following in the footsteps of states like California, New York, and neighbor the District of Columbia, Virginia will soon be among the smoke-free states. With some exceptions, like rooms with their own private ventilation system, and/or private clubs…July 1st will mark the beginning of this new era.
For those of you who don’t know why I called Virginia “Tobacco Country,”Richmond, VA is home to Phillip Morris, one of the largest manufacturers of tobacco products in the country.
I once did an economic analysis paper for my graduate degree on the Clean Air act in New York City to see the effect of the smoking ban on sales in bars and restaurants. The data collected showed no significant economic effects for local owners in their sales receipts.
