Inquiring minds want to know: you have 90 days to Find, Buy, and Settle on a property to qualify for Uncle Sam’s $8,000 gift, which really gives you about 45 days (max) to find a place. So…should you buy RIGHT NOW? Is it the right time?
Well, that depends. And that’s my official answer.
There are several factors that determine whether it may make financial sense to buy a house right now:
1) Do you plan on staying in the area or holding onto the property for at least 2-3 years?
2) Has the combination of prices and interest rates made your preferable housing “affordable”?
3) Are you sick of paying rent to pay someone else’s mortgage? (Ask me about how your mortgage payment compares to your rent….what’s deductible, and what’s not)
4) Are you ready to be a homeowner?
If your answer to the questions above were all “yes,” then maybe it’s time to see what you can get for your money. But if not, maybe it’s best to continue renting until you’re in a more ideal situation to buy. Nobody should be house-poor!
There are SO many reasons to move, but whatever YOUR reason is, it has to be RIGHT for YOU – and only you. I’m a good agent, but nobody can force you to buy something that’s not right for you, or when you’re not ready. Nobody’s that good, not even me 
I hope you woke up hungry today!! It’s the first official day of Washington, D.C.’s Restaurant Week! It’s that time where over 180 of the D.C. Metro Area’s finest open up their menus pre-fixed three course meals for Lunch and/or Dinner.
Restaurants from Downtown D.C., Arlington, Alexandria, Rockville, Gaithersburg, Tyson’s Corner, and all over the neighboring cities of D.C. are participating. Get a Full List of Participants to find your favorites. You can also make reservations online through OpenTable here. Reservations are strongly encouraged!!
Bon appetite!!!
The Bromptons at Cherrydale is a neighborhood along North Oakland Street and Lee Highway comprised of 25 townhomes and a condo building (currently up for either repair or bulldozing: Full Story Here). However, the townhomes built in 2005 were successfully completed and sold.
The 3-4 level townhomes have 3-4 bedrooms, 2-3 full baths, 1-2 half baths, garage parking, front porches, upgrades, etc. Builder Ed Peete & Co. spared no details when building these. Master bedrooms have bay windows, luxuries bathrooms, and great attention to detail.
Properties are located on the 2000 block of N. Oakland Street in Cherrydale, Arlington, VA.
Search Homes For Sale at The Bromptons at Cherrydale
Statistics for Falls Church City and the city of Falls Church within Fairfax County are both grouped into the summary statistics below.
Single Family Homes
Price Range: $200,000 – $1,330,000
Median Sale Price; $445,000
Average Sale Price: $471,547 after 57 days
Townhomes
Price Range: $269,000 – $961,262
Average Sale Price: $450,466 after 39 days
Condos
1 bedroom, 1 bath
Average Sale Price; $155,175 after 48 days
Laura@TheLJRGroup.com 
703.283.6120
McLean, VA has seen some interesting developments over the past month from July 2008. For 22102, themedian sales price has fallen by 39%, but the average is only 1.6% down. This is a testament to where the activity is – in the lower price ranges. 22102 is dominated by detached property sales (39 of the 49 total sales in July were detached/single-family homes). For 22101, both the average AND median sales prices have fallen 25% since July 2008. The properties that sold in 22101 was evenly split between townhomes, condos, and detached properties. Here’s the breakdown:
22101
49 Total Sales
Detached Properties
Price Range: $416,000 – $2,590,000
Average: $952,752
Average Days on the Market (Property): 72
Townhomes
Price Range: $520,000 – $1,185,000
Average: $729,480
Average Days on the Market (Property): 50
22102
28 Total Sales
Detached Properties
Price Range: $775,000 – $4,150,000
Average: $1,786,444
Average Days on the Market (Property): 130
Townhomes
Price Range: $291,000 – $740,000
Average: $518,640
Average Days on the Market (Property): 80
2 bedroom, 2 bath Condo
Average: $300,000
Average Days on the Market (Property): 56
While they say 75% of all statistics are lies (ha!), you can see the numbers show it’s a great time to buy in McLean. For a more detailed Free Comparative Market Analysis with specifics about an individual property, please call or email me!
Laura@TheLJRGroup.com
703.283.6120
Arlington statistics are in! Here’s how the month of July shaped up for both North and South Arlington.
Detached Properties
North Arlington
Average Days on the Market: 69
Average Sale Price: $775,609
Median Sale Price: $665,000
South Arlington
Average Days on the Market: 62
Average Sale Price: $525,354
Median Sale Price: $521,000
Townhouses
North Arlington
Average Days on the Market: 47
Average Sale Price: $610,533
Median Sale Price: $610,000
South Arlington
Average Days on the Market: 30
Average Sale Price: $401,706
Median Sale Price: $427,400
1 Bedroom, 1 Bath Condo
North Arlington
Average Days on the Market: 51
Average Sale Price: $318,228
South Arlington
Average Days on the Market: 58
Average Sale Price: $205,493
2 Bedrooms, 2 Baths Condo
North Arlington
Average Days on the Market: 74
Average Sale Price: $538,877
South Arlington
Average Days on the Market: 47
Average Sale Price: $382,719
When the FY 2010 budget for D.C. was released, an important change was noted: As of October 1st, 2009, Co-op sales will be subject to an “Economic Interest Tax.” Currently, Co-ops are exempt from Recordation and Transfer Taxes (to be paid by buyers and sellers, respectively) paid on other types of residential real estate (condos, townhomes, detached properties).
The new tax schedule looks like this:
1.1% of Fair Market Value if less than $400,000
1.45% of Fair Market Value if at or above $400,000
If you have questions about other differences between Co-op sales and condos, please call me! 703.283.6120
For those of you who read my monthly statistics regularly, you know I normally break out Arlington statistics by zip codes and styles. Well this month, something struck me as so important, that it deserves a blog to itself: Days on the Market.
The MRIS tracks the number of days from when a property is first listed, until it is under contract (regardless of whether it’s contingent on anything). Days on the Market (DOM) is a good indication of buyer activity and pricing. Take a look at the chart below for July 2009:
North Arlington: 22201, 22203, 22205, 22207, 22213 - On average, 57.4% of all the listings sold in July sold within the first month!
South Arlington: 22202, 22204, 22206 - On average, 51% of all the listing sold in July sold within the first month!
This to me is absolutely incredible. It’s also indicative of the level of inventory we’re experiencing right now. For some people, there’s just nothing to buy! Or when something comes on the market that’s in decent shape, a good location, and a reasonable price – it’s literally FLYING off the market (and more often than not, after multiple offers).
With the December 1st deadline for eligibility for the $8,000 tax-credit quickly approaching, buyers are not hesitating to make an offer when they find something they like!
*Data provided from MRIS. All information deemed reliable but not guaranteed.
It’s almost time for the Arlington County Fair!
When: Wednesday, August 19th – Sunday, August 23rd
Where: Thomas Jefferson Community Center
3501 S. 2nd St
Parking is free, or you can take a $1 Shuttle Ride (each way) to the event.
Arlington will have everything you’ve come to expect from your favorite fair:
- Food: hot dogs, popcorn, cotton candy, lemonade, & pretzels
- Entertainment: pony rides, carnival rides,taming area, movie night (Friday), Police K-9 demos (Saturday)
- Vendors: arts & crafts, jewelry, commercial exhibitors
- Special Guest Appearance: Ambre Lake
Hours:
- Wed, 8/19: 5pm – 10 pm
- Thurs, 8/20: 5pm – 10 pm (indoor opens at 7pm)
- Fri, 8/21: 10am – 10 pm (indoor closes at 9pm)
- Sat, 8/22: 10am – 10 pm (indoor closes at 9pm)
- Sun, 8/23: 11am – 10pm (indoor open 11am to 5pm)
If you’ve ever driven down Lee Highway in Cherrydale, you’ve noticed this partially-finished, fenced in condo building that has stood there for the past few years, crying for help. The would-be condo/retail building is called the Bromptons at Cherrydale, part of a development where most of the detached and townhomes were completed a long time ago.
The construction of this project was put on hold in 2006 when engineers found signs the building was sinking – there were signs of stress on beams and walls. Nearly sold out, you can imagine the nightmare that ensued from buyers with contracts and deposits on the hook for a building that was sinking into the ground!
In May 2009, the county officially gave the developer, Ed Peete, an ultimatum - either bring the building up to code and finish the construction, or Arlignton County will bulldoze it.
It’s going to cost a lot of money, but either way, soon Arlington County residents will no longer have to look at this partially finished eye-sore!
