Arlington Condos
A Year in Review: 2008 for Lexington Square in Arlington Virginia
January 16th, 2009 Categories: Arlington Condos, Arlington Dirt, Market Stats, Neighborhoods
I promised to give you a snapshot of some condo buildings and some neighborhoods for 2008 – it was overall a good year for Lexington Square - located between Ballston and Virginia Square metro stops. It’s a gorgeous property that was developed right around 2000. It offers a pool, exercise facility, party room, etc… The lobbies are tastefully decorated and I have found the residents LOVE living here!
So, 23 units changed hands in 2008. To get an idea how that looks compared with historical sales, see below:
2003 – 66 units
2004 – 64 units
2005 – 34 units
2006 – 42 units
2007 – 32 units
So it fits with the trend - also, sellers, if they are trying to protect their investments, are waiting for the market turnaround and I expect 2009 to bring more Lexington Square listings than 2008 and for that number to be on the rise each year over the next few years.
Let’s take a closer look at the units that sold this year:
ONE BEDROOM
TEN 1–bedroom units changed hands this year ranging in price from $315K to $357K. We’re seeing on average, a little over 1% of seller subsidy, but interestingly, I only saw it for the 1 bedroom units. They are selling for an average of 95% of list price and on average, the contract is coming after 47 days on the market.
ONE BEDROOM/DEN
THREE 1–bedroom/den units were sold this year, all within a very tight settled price range of $395K-$400K – almost no seller subsidy as I mentioned earlier but these units sold for only 92% of list (on average) and days on market was the longest of all categories as well at 76 days. Perhaps if these units had been priced better at the onset, we would’ve seen that percent of list much higher and perhaps days on market much lower? Food for thought…
TWO BEDROOM
EIGHT 2–bedroom units moved this year selling for an average of 96% of list! Almost no seller subsidy and sales were after an average of 65 days on the market. They sold for as low as $413K (this was a bank owned property - for more information on bank owned properties, email me directly to discuss) and as high as $455K.
LARGE TWO BEDROOMS
TWO of these “jumbo” units sold this year – both are 1,358 square feet and both sold in under 20 days. One was priced at $535K and sold for list price; and the other sold for $575K which was 96% of list. Again, no seller subsidy. These units are a little more in demand as there are fewer of them - they also have an additional half bath.
Overall, while the sales numbers are down, as a whole, the units that sold went for 95.5% of original list price (this takes into account any price reductions) and averaged less than 60 days of marketing time. It’s a good solid property and whether you’re considering purchasing to live in, purchasing for investment, or selling your Lexington Square unit, give me a call. I have a lot of experience in the building (also lived there for a little while) and would love to help you with this great property.
Happy HAPPY Friday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! And remember, spring is RIGHT around the corner!
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2008 in Review - Arlington County Home Sales - Stats, Stats and more Stats…
January 8th, 2009 Categories: Arlington Condos, Arlington Dirt, Market Stats, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt
As we sit her amidst possibly the greatest financial crisis in modern times, we do tend to think “how could this possibly be the best time to buy or sell real estate?” (I’m sure that’s the first thought you have - ok, well maybe not the first, but if it’s on the list at all - keep reading…)
I read a blog post of a colleague of mine a few days ago and a reader absolutely slammed the real estate agents/industry for the mess we’re in – as one colleague so nicely put it, most of us are not representing misguided investors who are looking (or WERE looking) for a quick buck in flipping 
and/or rehabbinb and reselling properties. Most of us were working with people who were looking for homes to live in. Most of us were making sure that they were working with reputable lenders and that they understood what they were getting into - what the tax benefits are of home ownership, and what the risks are. We were (and still are) educating our buyers and sellers about the times and hopefully setting correct expectations… OK, I digress a bit - but a word for the readers, people will always need to buy and sell homes when they outgrow them, or they need less space; when they change jobs, or a family situation changes. There are a multitude of reasons people need to move - but it happens every day – and I will be there to represent at least some of them and I am committed to doing my job well and giving my clients the best representation possible.
OK – on to why you’re here – STATS… first, let me start off with December numbers – some good, some not so good – here’s how the month looked:
In order to provide some perspective, I keep running tallies and here are the stats for the entire year for both Condos and Single Family Homes:
What I see from these is that the condo market seems off – active listings are holding, but contract writing was down – settlements were up from November, but I think that’s a trickle down of the rate and availability of money issues that we saw in the October/November time frame. After all, more condos settled in December than since August.
For the Single Family market, I see somewhat of a trail off in contract writing, but solds are holding – fewer than in the past few months, but not dramatically so…
In any event, I decided I wanted to look at some trending – 2008 as it compared with 2007 - so here are what I think are the most interesting tables of all: the Condo market and the Single Family market broken down by sales, Average Selling prices and Days on Market in 6 month chunks.
Look at the unit trail-off in 2008 - we had a total of 1700 units sell in 2007 and only 1,110 units in 2008. WOW - that’s a 53% decline in unit sales – however, I would say overall, prices are holding; up in the 2nd half of 2007, down in the 1st half of 2008 and back up again in the 2nd half of 2008 – Days on Market have also increased on average. This is interesting to me because being IN the market, it doesn’t feel this way. It could be a result of financing restrictions, fha restrictions on certain buildings/complexes, etc…
Now, for Single Family:
We see the same drop off in unit sales - down from a total of 1,034 in 2007 to just 851 in 2008 for a 21% decline. Average Selling Prices have declined as well - but days on the market have held pretty steady. These are very interesting numbers to look at.
I try not to get too bogged down with numbers and here’s the bottom line I see.
1) Houses are still SELLING – Buyers are still buying
2) FEWER houses and condos are selling this year than last - there are fewer buyers in the market
3) IF you decided you need to or would like to sell your home – you can still expect the marketing time to AVERAGE 60–80 days, depending on what and where you’re trying to sell
4) Interest rates are at record lows - this will begin to bring buyers into the market.
Have we reached bottom? Who knows - depends on who you listen to. We have some exciting changes in store for us and a sort of new beginning to look forward to when our new president takes office on January 20th.
If you’d like to discuss your options, whether buying or selling, I would be honored to receive your inquiry and look forward to working with you on a successful (and pleasant) real estate transaction!
Happy Thursday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! And remember, spring is RIGHT around the corner!
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Colonial Village 2008 - A Year in Review
December 30th, 2008 Categories: Arlington Condos, Arlington Dirt, Market Stats, Neighborhoods, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt
I thought this might be a good time to go over some sales statistics from 
some of the larger and more popular buildings, developments and neighborhoods in Arlington Virginia for 2008. Since I have previously written about Colonial Village, I thought it a good place to start.
Looking back at the condo sales in Colonial Village for 2008, there have been 24 units sold (settled) since January 1, 2008 which is 17 1–bedroom units and 7 2–bedroom units. Let’s first look at the 1–bedroom stats:
Average sales Price: $276K (highest was $286K, lowest was $239K)
Average (net) Sales Price as a percentage of list: 96%
Average seller subsidy: $5,000 (so expect about 2%)
Average Days on Market: 36 (however, the median was only 16 since there was 1 unit that took 196 days to sell)
Then - for the 2–bedroom stats:
Average Sales Price: $343K (highest was $364K, lowest was $315K)
Average (net) Sales Price as a percentage of list: 95%
Average Seller Subsidy: $3,700 (so relatively less than for the 1–bedroom units)
Average Days on Market: 44
As for right now, there are 6 1–bedroom units on the active market listed between $265K-$292K. There is only 1 2–bedroom unit currently available and it’s listed for $349K.
If you are interested in learning more about Colonial Village as a place to live OR if you’re interested in listing your home there, please give me a call to discuss.
Happy Tuesday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! And remember, spring is RIGHT around the corner!
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Neighborhood Focus: Ballston - Arlington, Virginia
June 26th, 2008 Categories: Arlington Condos, Arlington Dirt, Neighborhoods, Northern Virginia Home Buying, Northern Virginia Real Estate Dirt
Ballston has certainly been around an awfully long time. For some of us, we remember it as Hechts Parkington! (now I’m aging myself a bit here - but I’m sure I wasn’t more than a baby at the time! wink wink)
Today’s view of Ballston is quite different than that of 40 years ago!
Ballston Common Mall is still there – Macy’s and Macy’s Furniture anchor the mall while there are nice dining options at street level.
Additionally, the new world renowned Kettler Capitals IcePlex is on the roof level of the parking deck. This is the home of the Washington Capitals and it’s an awesome rink.
As far as the feel of the area - it’s certainly become somewhat of a concrete jungle, with high rises everywhere you look. I can think of 10 major residential buildings (condominiums only here, there are MANY MANY rental apartment buildings, too) off the top of my head – and I’m certain there are many other smaller complexes, but I’m just looking at Ballston corridor along Fairfax Drive & Wilson Blvd. They are:
Alta Vista – 2 units currently for sale
The Continental – 9 units currently for sale
Hyde Park – 4 units currently for sale
880 Pollard – 4 units currently for sale
Lexington Square – 3 units currently for sale
Tower Villas – 2 units currently for sale
These are all wonderful places to live each with their own personality, and if you’d like, you can always get in touch with me for further info.
There are also 2 brand new building projects being sold right now: The Hawthorn and The Residences at Liberty Center. Both of these are fabulous projects – here are some highlights:
Residences at Liberty Center:
Liberty Center is a mixed use project with fabulous, dramatic architecture – 1/2 of the building are condos, 1/2 of the building are apartments for rent. Each half has their own private roof-top pool/sun bathing deck, workout room, etc… Street Level is home to some wonderful shops and restaurants including one of my personal favorites, Marvelous Market.
Additionally they have done an exceptional job of working in nice green spaces with benches, fountains and art.
There are 1 and 2 bedroom units available; additionally, there is still at least 1 penthouse unit available to my knowledge!
The Hawthorn Condo
The Hawthorn Condo is located just a block away from Liberty Center. This is a smaller building, more intimate in feel.
With super cool modern accents… check out this trim on the exterior of the building:
There are 1 and 2 bedroom units for sale here as well…
…as evidenced by the signs in all of the windows.
Last but not least, because there is something here for everyone, there is also The Jefferson Retirement Condos. So if you’re looking for something as you reach retirement age, but want to stay here with all of the local amenities, The Jefferson is just your spot!
Ballston has so much more to offer than what I can say here in 500 words – the METRO, Golds Gym, Metro, Cosi, Harris Teeter, Starbucks (of course!), Best Buns burger joint, Va Piano, Ted’s, The Willow Restaurant and so much more. It’s definitely an area worth checking out. Give me a call anytime to discuss –
Happy Thursday!
Jennifer - your Ballston area expert!
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! No time like the present!
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Condo Focus: Residences at Station Square in Clarendon Virginia
May 4th, 2008 Categories: Arlington Condos, Arlington Dirt, Neighborhoods, Northern Virginia Real Estate Dirt
I haven’t done a condo focus in a while, but I was showing a few units in Station Square yesterday and it’s such a great property in such a HOT area, that I thought I’d share.
The complex is made up of 3 buildings that take up the 2 blocks between Garfield and Fillmore Streets and bordered by Clarendon Blvd to the north. They were built in 2006/2007 and range in size from 500 square foot studios to monstrous 1760 square foot units with 2 bedrooms, 2 baths and a den. The complex shares a pool, fitness center, party room (s) — they receive discounted membership to the Gold’s Gym in the building.
This area is the hub of urban chic in the Arlington area – the neighborhood grew up around the Clarendon metro stop and now stretches west almost all the way to the Virginia Square area and east almost all the way into the Courthouse area. There are shops (Apple Store, Container Store, Crate & Barrel, Williams-Sonoma, Pottery Barn, Barnes & Noble, Ethan Allen etc…), restaurants (Cheesecake Factory, Harry’s Tap Room, Restaurant 3, Mexicali Blues, Baja Fresh, and so many more that I can’t begin to list), condos, apartments, Whole Foods… you get the idea.
Here are some streetscape photos I took yesterday:
Currently on the market for sale in Station Square:
1 studio – $339K
1 1 bedroom/den – $525K (this is a fabulous unit looking over all the hustle/bustle of Clarendon!)
2 other 1 bedroom units in the high $300’s
3 2bedroom/2bath units that range from $555K – $585K
THAT’S IT! Not much to choose from… but if you’re interested in seeing more about what Station Square has to offer - give me a call. I’d be happy to show you around this fun area!
Happy Sunday – enjoy the absolutely beautiful weather we’re having here today!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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Shirlington… A Great HIP Spot!
March 16th, 2008 Categories: Arlington Condos, Arlington Dirt, Neighborhoods
I had an opportunity to eat someplace new the other day - always great fun for me! A colleague and fellow blogger asked if I would join her for lunch at one of her favorite spots, Busboys and Poets! What a cool place - it’s part book store, part cafe, part restaurant, part bar… very casual, great atmosphere and great food, too.
Shirlington has really turned out to be a great place to hang out. The movies there are always playing some great off-beat shows – fun restaurants for every taste - a brand new Harris Teeter and a really nice, brand new Arlington County Public Library – Shirlington Branch.
There are a lot of places to live around Shirlington, too! The very well known Fairlington is just up the hill. They offer condos and townhomes and it’s a great community! There’s also the new community of Shirlington 
Village. Currently there is only 1 1bed/1ba unit on the market for $359K and 1 2bed/2ba unit on the market for just under $500K. It’s certainly conveniently located and surrounded by amenities!
If you’d like to check out Shirlington or any other area, give me a jingle.
I’m off to an open house – enjoy the Sunday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is right around the corner!
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February Sales Numbers are in for Arlington - Early Spring?
March 8th, 2008 Categories: Arlington Condos, Arlington Dirt, Market Stats, Northern Virginia Real Estate Dirt
Well, as expected we are seeing quite an improvement over January when everyone is hibernating! Yes, things are still volatile in the world of real estate right now, but we are seeing signs pointing to a typical spring market around these parts! Good activity, especially in the contract writing segment. Take a look…
“Sold” units have doubled for single family homes since January and contract writing is up about 25%. I’m fascinated by trends, so once again, I think it’s wise to look at these numbers as they’ve trended for almost the past year:
More contracts for single family homes were ratified in February than in any single month since last July. That’s big! Similar numbers posted for condos. Lastly, let’s look at absorption rates:
Looking pretty good and very consistent. These are only interesting to a point - they rely on the sales numbers for this month to determine how long it will take to sell through our inventory at THAT rate… so it’s different every month. But any way you slice it, single digit numbers are good to see here.
So, I will leave you with a few comments. I worked an open house last weekend and had over 50 sets of guests! FIFTY!!! That’s HUGE. There’s definitely activity picking up in the market and that’s exciting to see.
On the financial front, with the new conforming loan limits, some are nervous about where that will push interest rates; however, a jobless report came out which may help temper them and we might find ourselves in a nice little pocket for now. Stay tuned.
If you’re considering buying or selling – give me a call to discuss. As you can see, the spring market is shaping up nicely and I’d be happy to be YOUR go-to resource for all of your real estate needs!
Happy (rainy) Saturday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! The Time is NOW!
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Condo Focus - Colonial Village - Arlington, VA 22201
November 7th, 2007 Categories: Arlington Condos, Arlington Dirt
Today’s condo focus will highlight the quaint community of Colonial Village – nestled between Lee Highway and Wilson Blvd stretching almost the length between the Courthouse and Rosslyn Metros. Construction began on this complex was in 1935 and was completed by 1940 - it was one of the area’s first apartment complexes and really set the standard for garden styled apartments for the era. They are low brick buildings situated with appealing, landscaped courtyards and charming interiors.
Conversion to condominium began in the late 1970’s and by the late ‘80’s all 700+ units were totally converted to condominium. It’s a wonderful and desirable place for many to call “home.” There are many restaurants and bars in close proximity – and with the metro accessibility, combined with affordability, Colonial Village continues to gain in popularity.
Currently there are only 4 one-bedroom units available with an average list price of $282,000; there are just 2 two-
bedroom units available with an average list price of just $372,000. Over the last 6 months, 16 one-bedroom units have sold at an average net sales price of $279,000 (by net, I mean sales price less seller concessions). Similarly, over the last 6 months, 4 two-bedroom units have sold for a net sales price of $367,200.
If you’d like to check out Colonial Village or have more questions, I’d be happy to help.
Happy Wednesday!
Jennifer
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