While watching the 30+ inches of snow fall last week, I was grateful that I didn’t need to dig my car out, shovel my driveway, shovel the roof, clear snow away from my Air Condition unit, etc…the list goes on. Let me tell you - i’ve never been more grateful to be living in a condo than during the Snowmageddon last week! So if you’ve been thinking lately that it’s time to sell that house and move into something smaller – a condo or townhouse – here’s what you need to consider!
Financing the the purchase: you’ve got 2 options on how to buy your next home. If you don’t need the cash and don’t mind carrying the mortgage for 2 places, just in case it takes longer to sell your home than it takes to find you a new one, we can start looking at new properties while we put your house on the market. We can proceed with each as if it was a separate transaction. You can buy the new house you want, and sell the other whenever it sells!
Now, if you need the cash from selling your house to pay for the new one, we’ll have to do coinciding settlements. You’ll have to sell your house first, and get the proceeds from the sale, and then close on your purchase, so the attorney can apply the proceeds to your new house! We have a couple ways to protect you in either case – we have things called “Subject to Home of Choice” (meaning you can’t sell your house until you find something you want to buy), or “Contingent on Home Sale” (meaning you can’t buy the new house until you sell your current one). They give you extra protection during the process.
If you’re thinking about it, let’s talk. I can help with both sides – buying and selling, and show you how we can get you into something smaller and easier to maintain!
Search Arlington Condos for Sale or Search Arlington Townhomes for Sale
I went to visit clients of mine who bought a few months ago in the Berkshire Oakwood neighborhood. Down the street from them was the site of what I am sure will be a lovely new McMansion in Arlington. Here are some pictures:
Then:
Now:
Which got me thinking…if you’re ready to demo a house, or reface/renovate a home in Arlington – what does it take?
I would first talk to several local builders and contractors to find out the financial obligation and commitment before you ever start looking at properties. Many times, the builders will buy the land or existing house under their name for you and start building/renovating from there.
Otherwise, spend some time getting familiar with the Arlington County Permits:
The county has built a great website with lots of information you’ll find useful.
Curious to see what’s available on buildable land? Search Arlington Lots For Sale
I’ve been so focused lately on individual condo building and townhouse community blogs, that I neglected my monthly market updates! So here goes with the numbers:
August 2009 Sales for Arlington County Virginia
Detached Properties
North Arlington
Average Net Sale Price: $815,959 after 73 days on the market (DOM)
Range: $350,000 – $1,769,000
South Arlington
Average Net Sale Price: $535,547 after 94 DOM
Range: $205,000 – $950,000
Studio Condo
North Arlington
Average Net Sale Price: $228,150 after 25 DOM
1 Bedroom Condos
North Arlington
Average Net Sale Price: $311,106 after 41 DOM
Range: $134,000 – $447,820
South Arlington
Average Net Sale Price: $196,937 after 90 DOM
Range: $70,000 – $355,000
2 Bedroom Condos
North Arlington
Average Net Sale Price: $479,115 after 50 DOM
Range: $273,000 – $638,500
South Arlington
Average Net Sale Price: $424,029 after 111 DOM
Range: $155,200 – $740,000
Townhouses
North Arlington
Average Net Sale Price: $691,137 after 72 DOM
Range: $432,900 – $1,075,000
South Arlington
Average Net Sale Price: $381,131 after 70 DOM
Range: $175,000 – $592,495
These are all averages. Please don’t use them to place any value on your particular unit. For example, the most expensive townhouse sold in South Arlington this past month was a brand new unit with a garage at the Shirlington Crest – you can’t use that as a comp for a 2 bedroom 60 year old unit.
Anyhow, what the numbers are telling us for August is that Arlington is running about average with just over 200 sales last month. The overall average sales price is down about 7% from last year, but the median price is 7% higher! Average days on the market before going under contract is also down – mostly because inventory levels are so low (about 3.5 months worth), that properties in decent condition and priced fairly, are selling within days!
Thinking about buying? Search the current Arlington VA Homes For Sale
CNNMoney.com published an article this morning called: Same 4-Bedroom house – wildly different prices. They provided a list of the most expensive and most affordable cities for a 4 bedroom, 2.5 bath house with 2,200 sq ft. Well, their headline rings true: different cities, WILDLY different prices:
So where does Arlington, VA fit in? Well that depends…
South Arlington: defined as the zip codes of 22202, 22204, 22206
Average Sale Price for a 4-Bedroom, 2.5 Bath with 2,200 sq ft since January 1, 2009: $614,245
North Arlington: defined as the zip codes of 22201, 22203, 22205, 22207, 22209, 22213
Average Sale Price for a 4-Bedroom, 2.5 Bath with 2,200 sq ft since January 1, 2009: $809,583
They’re not kidding….that’s a $200,000 difference within the same COUNTY!
Search Current 4 Bedroom, 2.5 bath Homes For Sale in Arlington VA
Lyon Park is one of the many residential neighborhoods located throughout Arlington. Lyon Park consists of about 5,000 residents. It was founded in 1919 by developer Frank Lyon. It’s also on the National Register of Historic Places as a planned community. Lyon Park goes from Clarendon, to Rt 50 to Pershing St in Arlington – all in all, about 102 acres originally were used to form Lyon Park. Lyon Park has it’s own community center, citizens association, Women’s Club, and so much more. It’s a very community orientated area.
Today, there are mostly Single Family homes (Cape Cods, Bungalows, Ramblers, etc) and some townhomes throughout the area.
Search Lyon Park Homes For Sale
Located in the western part of Arlington County, near the East Falls Church Metro, is the neighborhood of Berkshire Oakwood. The neighborhood has somewhere between 1,700-1,800 homes. This area is in the Arlington-East Falls Church area, which broke away from Falls Church in 1936, when it formally joined Arlington County. Located in the 22207 zip code, bordered by Lee Highway (Rt 29), Fairfax Blvd (and Rt 66), and many other side streets including John Marshall and N. Trinidad, Berkshire Oakwood is a very popular area.
Originally built homes were mostly constructed in the 1930s and 1940s, however, Berkshire Oakwood has been a popular site for Arlington McMansions. There are many homes that retain their charm of yester-year, but there are also many, many homes that have been remodeled from top to bottom with today’s popular features.
The map below is a ROUGH estimate of the neighborhood. This part of Arlington had some side streets that are part of a near-by neighborhood, some of Falls Church, etc. But you can see the general area of this neighborhood.
Search Berkshire Oakwood Homes For Sale
A neighborhood of about 500 homes, most of which were built in the 1930s and 1940s, Alcova Heights is located in South Arlington. The neighborhood is bordered by Glebe Rd (Rt 120), Arlington Blvd (Rt 50), Columbia Pike (Rt 244), and S. George Mason Drive, in the zip code 22204.
Most of the detached properties are brick colonials, but there are some bungalows, and contemporary homes. Some have also been updated since their original construction.
Search Alcova Heights Homes For Sale
A historic neighborhood of Arlington, Lyon Village, is located near Clarendon. Bordered by Lee Highway, Wilson Blvd, Veitch and Kirkwood Roads, Lyon Village is known for it’s suburban feel of tree-lined streets and 1920s and 1930s mix of single fam
ily homes. The neighborhood is also just a few blocks from both Clarendon and Courthouse metro stations.
The community has it’s own park, located at 1800 N. Highland St. The park has a basketball court, tennis courts, picnic tables, playground, and a spray park in the summertime for kids.
Prices in this area of Arlington have generally been higher than neighboring Lyon Park. But there are have been several new houses added to the neighborhood in recent years.
Search Lyon Village Homes For Sale
A North Arlington neighborhood consisting of about 600 single family homes, Waycroft-Woodlawn is bordered by N. Glebe Rd, Rt 66, 17th St, and N George Mason Drive, just to the north of the Ballston area and metro. The neighborhood spans over the zip codes 22205 and 22207, and includes Woodlawn Park (a family-friendly area for the community).
Search Waycroft- Woodlawn Homes For Sale
