Arlington Virginia Blog

This is one of my favorite regular posts to make...probably each month I find time to do it. There are times showing property when I just have to tell me buyers, "I'm sorry about the price on this one. The owner just doesn't get it. He's still trying to sell his home at the peak price of 2005." Often the investors are the worst about this. Also the FSBOs tend to be guilty as well more often than the regular listings by listing agents. I had compiled this list a few weeks ago but was too busy to post. Since several have been withdrawn, expired or dropped their price. So here's what's left of that list of Clarendon and Arlington Condos and a few newcomers in the last 10 days. And any time search the cutting edge Arlington Virginia MLS by clicking on…
17,763 Views, 3 Comments.

(preface--the comments feature is broken but I'd like any feedback you have on the topic/article...write me here) There is one question I get asked weekly by people from around the country, "What's going to happen in the real estate market next year? Should I buy now or wait?" Well based on my experience the last 12 months and a lot of research I've done I have much to proffer on the issue. My previous post noted how much inventory had declined since the peak in March 2006. Well I just pulled the November numbers and found some interesting trends. For Northern Virginia real estate the number of units sold in November 2006 was 24% lower (1,475) than in November 2005 (1,933). And the average sales price was 4% lower than in Nov. 2005. The average…
5,715 Views, 1 Comments.

Virginia Real Estate Inventories Declining Rapidly....

Percent Change in Inventories of Existing Homes: Month Over the Year Change RE Graph 1992-1996RE Graph 2001-2006Back in March 2006 the inventory peaked at 1.5 times higher than March 2005: 10,444 home for sale versus 4,294 in March 2005. This was the inventory peak for Northern Virginia real estate. However nationally the inventory peak occurred in May 2006 which means our region is ahead of the curve in its return to normal market conditions. At our peak inventory of March 2006 we were around 150% of the inventory from the previous year. However that has fallen dramatically so that by September 2006 we were at 40% more inventory than Sept. 2006. And based on my experience the past few weeks with more buyers than ever wanting…
2,127 Views, 0 Comments.

So what has been going on or is to come in the Tysons Corner area? Recently announced is a plan being presented to Fairfax County to create a mini-city of sorts which would expand the 2,000,000 square feet of Tysons Corner Mall to 5,500,000 that would add high rise (350 feet) apartments, condos and office buildings. Along with those would be an ice skating rink, rooftop bar and performance space making for a pedestrian friendly community where cars would not be needed as one could hop on the metro (subway) to head into DC. Click here to search for surrounding real estate of Northern Virginia real estate and condos. You can read the link to Tysons Corner to learn more....Or for insight on the Tysons Corner plans from a cyclist's perspective click here…
3,750 Views, 0 Comments.

I've noticed an intersting phenomenon this year as far as new listings are concerned. There aren't any! Well, of course, there are new listings...but not nearly as many as there should be. Why? I told a number of people that there would be new inventory in the Fall for us to look at based on experience the last 5 years. The lack of new listings is frustrating to many realtors who are trying to assist people ready to buy Northern Virginia real estate or Washington DC real estate. I've figured it out and recently came across a graph to illustrate. This year when people were aware at the outset that some home values were headed downward or "correcting", many would be home sellers who had plans to sell their homes in the Fall, rushed their homes out to…
2,299 Views, 0 Comments.

After reading the article feel free to view the current active listings in our area for these "hot searches"--and you'll find the other articles in the overpriced category to be much more humorous and biting so check out the menu bar to the left to access those other posts on overpriced listings:

  • Clarendon Condos 2BR $400,000-650,000
  • Orange Line Condos 1BR $250,000-480,000
  •  

    As I've pointed out in detail before (Arlington VA Condo Prices Must Come Down,) there are new kids on the block such as Odyssey and Clarendon 1021 for Arlington Virginia Condos that now offer large rooftop pools with great views of the monuments and Potomac, large exercise rooms (at least 3x larger than other condos) with multiple tv sets or private TVs on the equipment,

    5,535 Views, 2 Comments.

    As some of have been in touch with me as a result of some of my recent posts in Market Observations for condo Arlington Virginia I thought I'd add some examples of overpriced condos in Arlington Virginia. Here are a few on the orange line to which my original post referred: Arlington VA Condo Prices Must Come Down You'll notice here some of the older condos in Clarendon VA that now are trying to compete with brand new condos that are more conveniently located in most instances. Also older condos do not have the cutting edge ameneties such as huge rooftop deck/pools with views of the monuments & Potomac or LARGE exercise rooms with flat screen TVs, etc. You can get those units in the new buildings for $370+ so why would I pay more than $340 to live…
    6,138 Views, 7 Comments.

    Last week I wrote an article regarding condo prices in Arlington Virginia with this title: Arlington VA Condo Prices Must Come Down. The title created some confusion that I'd like to clarify with several points:
    • the post was in regards to a niche of real estate in Arlington--condos on the orange line (Rosslyn VA, Clarendon VA & Ballston)
    • for condos elsewhere in Arlington the observations do not apply in many cases.
    In recently examining condo prices for a client I compared prices from a year ago and then subsequent trends this year to decide if the value of the condo was really firm/established or not. In other words, if he bought this condo would he be losing $1000s of value in coming months. We looked at 2 condominiums in depth: 1)…
    19,031 Views, 0 Comments.

    So what is this Fall Market stuff to which realtors refer so often? Northern Virginia real estate like many industries has an annual cycle it typically follows. This pattern of activity or lack thereof inludes the Fall Market. The summer time is one of the best times to buy in real estate--especially July/August. The reason being that the buyers to a very large degree leave the marketplace. They have either just succeeded in buying their home in the Spring, taken vacations and lots of weekend trips or got burnt out from not finding what they were looking for in the Spring. Hence, the demand for real estate is very low in the latter weeks of the summer. Thus, sellers are typically much more open to negotiating and a good portion of them are actually…
    2,166 Views, 0 Comments.

    PREFACE--AFTER READING THIS POST YOU NEED TO READ THE FOLLOWING POST SO THERE ARE NO MISUNDERSTANDINGS BASED ON ONE GENERALIZING THE TITLE OF THIS POST TO ALL OF ARLINGTON OR ALL ARLINGTON CONDOS: Condo Arlington Virginia Clarifying the Prices Post. Most people know there has been some deflation of home values in the last year. The peak was the Summer of 2005 and the correction may or may not be over depending on which aspect of real estate one is discussing. One area in which there is still much correction--prices lowering--to take place is luxury condos in Arlington. Specifically with Clarendon VA condos there is a whole new breed of condo being offered for sale. These condos include The Odyssey, Clarendon 1021 and Station Square. They should hold their…
    2,946 Views, 0 Comments.