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1800 Wilson Condo Bomb Hits Arlington VA Real Estate

Posted by Jay Seville on Thursday, February 12th, 2009 at 3:42pm.

(NOTE--THIS POST WAS REALLY FROM MARCH 2007 SO YOU CAN SKIP IT UNLESS YOU WANT A GOOD LOOK AT THE BUILDING) Sorry about that--the transition to the new website/blog has had a few hiccups.

A bomb of sorts just hit the orange line  Arlington VA condo market.  It's called 1800 WILSON condominium.  Many owners just lost $25,000+ instantly....The good news it's somewhat temporary and only affects knowledgeable buyers so that leaves a  LOT of buyers left for you to sell your condo at the price you had been thinking.  For those buyers "in the know", they will not pay the same for your orange line condo for awhile.  Why?  Because 1800 WILSON condominium just delivered with 25 more units to sell.  Probably many of those are from freaked out investors who backed out at delivery.
1800 Wilson condo in clarendon va


 

Classic view
Thumbnail view

Luxury Condo open living space 9ft ceilings NEW Gourmet kitchen include NEW Kitchen Aid SS...

Price: $359,900
City: ARLINGTON
Bedrooms: 1
Bathrooms: 1
Property Type: Residential
MLS ID: AR7785015
Original Price: $372,000
Office: Jobin Realty

JUST LISTED*OPEN SUN. 5/20 2-4 p.m.*SMART,SLEEK & STYLISH CONDO so close to Rosslyn &...

Price: $395,000
City: ARLINGTON
Bedrooms: 1
Bathrooms: 1
Property Type: Residential
MLS ID: AR7842501
Original Price: $395,000
Office: Weichert, REALTORS

TOP FLOOR CORNER UNIT IN DESIRABLE 1800 WILSON* 1BR 1BA W/LOFT SURELY WON'T DISSAPOINT...

Price: $460,000
City: ARLINGTON
Bedrooms: 1
Bathrooms: 1
Property Type: Residential
MLS ID: AR7828149
Original Price: $460,000
Office: Long & Foster Real Estate, Inc.

1 Bedroom + DEN. Den has a closet and doors. Stackable washer/dryer in hallway, huge master...

Price: $469,900
City: ARLINGTON
Bedrooms: 1
Bathrooms: 1
Property Type: Residential
MLS ID: AR7779168
Original Price: $474,900
Office: Keller Williams Realty

Seller Financing Available: 5 Minute walk to Rosslyn / Courthouse metro stations. Gorgeous...

Price: $543,750
City: ARLINGTON
Bedrooms: 2
Bathrooms: 2
Property Type: Residential
MLS ID: AR7837730
Original Price: $543,750
Office: Select Premium Properties, Inc


They are listed at $359,900 for a one bedroom on the orange line in the urban village of Clarendon in Alington VA.  For that you get over 700 square feet with 42 inch maple cabinets, granite countertops in ktichen and bath, hardwoods, ceramic tile in bathroom, large stacked washer & dryer and a very modern looking building that is new, new, new!   It can't be you say...well it is!  The 2 main negatives are that instead of being 2 blocks to the metro you are 5 blocks away.  And there is no pool.  But for many those issues will be irrelevant.  For awhile anyway, there are 25 units to sell.  Here are some photos:


kitchen 2
kitchen 1800 wilson condos arlington

All of this includes parking and a good size exercise room as well.  The lobby is gorgeous and filled with modern designs and pictures.  The courtyard is done very well with lots of room for sitting and chatting it up....Of course there is a lounge as well. 

The great majority of "luxury" condos on the orange line from the last 10 years are trying to sell their one bedrooms--many of them Ballston condos further out--in the low $400,000 for similar square footage.  Why would a buyer go for that when they can have brand spankin' new much closer in for $50,000 less with a garage space?  I don't know   Probably that buyer is for whom they designed these type of signs:


Arlington VA Real Estate and Washington DC Condos

However this does bring up a larger issue that could be around for the next 2 years.  There are probably another 20,000 or more  Washington DC condos and Arlington Virginia condos--especially in Clarendon VA-- that are planned to deliver in the near future.  That is a very general number because I don't know where the count is now exactly.  Some builders plans have been canceled and some others will follow no doubt that have not yet begun construction. 

Are these new condos  of Arlington real estate going to be offering prices from 2004 as well?  If so it makes it hard on current owners, especially those who purchased new construction in 2004-2006.  These new condos are being offered for less $$$ than what some owners paid for theirs in the last 2 years.  This also hurts Arlington condo owners who purchased at the peak in 2005 and early 2006 depending on the Arlington condominium in Virginia.  Owners gladly paid $400,000+ for 1 bedrooms in Lexington Square back in Spring 2005. 

There may be 2 preferable groups from whom to buy  Arlington condos now in Clarendon, Ballston, Rossly and Washington DC condomiums:
  • builders offering units that defaulted at delivery for prices from 2004-2005
  • owners who bought their condo from 2004 and earlier who are not upside down with the amount they owe and the value of their home.
 Most owners selling who purchased in 2005 and forward are trying to recover costs for value that is not there anymore.  At least the value is not what it used to be.  This is not meant to be insulating or blaming those purchasers.  Nobody knew when the "bumps" would end.  It's a brutal situation to be in and often the best option is to rent it out if one must move away from the area.  After all if it brings you $3000/month (my sample guess on a 1 bedroom rental 30 years from now) that's probably a nice cash flow to have in retirement and a great asset to pass on to your family some day. 

I must take some credit for an article I wrote around November 2005 where I gave the advice to not buy a new construction condo for awhile.  Of course my website had no rankings then and hardly anybody read it    I could have saved some people tens of thousands of dollars.

Home values would appear to have some short fluctuations depending on the section of Arlington where a new condo delivers and whether it is offering such a bargain price or not.

To learn more about Arlington VA try my friends at wiki.  For Arlington Virginia weather click here.

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71 Responses to "1800 Wilson Condo Bomb Hits Arlington VA Real Estate"

million wrote:
you forgot to mention its attractive "urban" style such as close proximity to a gas station (almost as bad as Joule) and noisy roads/car fumes on either side.

Posted on Wednesday, March 28th, 2007 at 2:51 PM.


To some people being close to a gas station is a plus. For many "noisy" roads are background noise that are preferable to silence. Depends on the individual. What matters is if there is any noise when the doors and windows are shut.

Any comments on the bigger questions I raised in the article? That would be more interesting to discuss than superficial likes/dislikes.

jay

Posted on Wednesday, March 28th, 2007 at 2:55 PM.


K wrote:
Any idea what the condo fees are going to be like and what will be included? Most in the area border on outrageous.

Posted on Wednesday, March 28th, 2007 at 3:57 PM.


Yes, K, the condo fee is currently set at $243.00/month. Not too shabby at all. Fees in North Arlington are generally pretty low compared with Alexandria City. There you many 1BRs with $450/month fees and into the $600-700 range for 2BRs.

The condo fee includes the following: Ext Bldg Maint,Gas,Lawn Maintenance,Management,Master Ins Policy,Other,Reserve Funds,Snow Removal,Trash Removal,Water

Posted on Wednesday, March 28th, 2007 at 4:04 PM.


million wrote:
yeah, having a gas station right below your window is pretty sweet.

here's a serious question for you... for those buyers that took an instant $25k bath that you helped get into this sterling building w/ no pool and condo fees 1/5th my rent, would you be willing to refund a commensurate portion of your commission?

Posted on Wednesday, March 28th, 2007 at 5:03 PM.


I think you misunderstood. Some owners in surrounding buildings take a hit to some degree because of these low priced listings. It makes it hard for them to justify their list price. I didn't help any buyers purchase at 1800 Wilson. What I am saying is that for those who NOW take advantage of this listing priced to sell, they are getting the best deal out there right now on the orange line about which I'm aware.

Posted on Wednesday, March 28th, 2007 at 5:09 PM.


Tom, you are correct. This is more accurately described as the Courthouse area in 22201. However, many refer to the Courthouse and Clarendon together as Clarendon. And the post is optimized for the keyword Clarendon since it is likely searched for more often that Courthouse.

A large portion of people who in practical terms are looking for a condo in the Clarendon area just include Courthouse as part of the term when discussing real estate. Otherwise you'd need to slice up the orange line corridor into a number of sections whenever discussing condos on the orange line. Ballston area for example to most buyers includes Virginia Square.

Posted on Saturday, March 31st, 2007 at 12:48 PM.


On the fence wrote:
1800 Wilson does tout its low condo fee as a great feature, but I have heard that it is pretty typical for new construction condos to raise their condo fee by about 5% after the first year. Also, considering the fact that it does not have a pool and most units will not be many floors about retail (ie: restaurants), how will 1800 wilson stack up against buildings like the Palatine, Odyssey, and Hawthorne?

Posted on Tuesday, April 3rd, 2007 at 9:01 AM.


Great questions. If you are wanting to buy a unit at 1800 Wilson or Hawthorne contact me 703-624-3270 and will pay some of your closing costs since you've already picked out the home you want saving me much work.

Regarding Hawthorne, which is a beautiful condo that shows very well, you get 140 sq. ft. more space for an extra $60,000 to live significantly further out than 1800 Wilson. Most orange crushers (riders of the orange line) prefer the Clarendon area which ads more value. Without a doubt I'd prefer 1800 Wilson.

Regarding being above retail and restaurants. As long as it's quiet this is a plus not a minus for most urban village dwellers and for its value. The Royalton in Alexandria sits on top of a new Whole Foods. Talk about convenient! Same applies to living above other retail venues. You have a parking space so that's not an issue. Why not have some convenient retail to take advantage of saving you time and gas money....

Yes, condos do raise condo fees. Often a timetable of proposed increases is put forth on the front end. When it is fully delivered and in the hands of the association and management company they can choose to go along with the proposed condo fee increases or adjust them according their needs. I'm not sure how the decision making process works between the association (condo owners) and the management company and won't pretend to. However I will use The Brittany as an example which is selling out their remaining units. The proposed cond fee was to increase from $325ish to $365ish this year but did not. It was decided the funds in the bank were plenty and the building was in excellent shape so they are not increasing their fees on the initial timetable. So don't freak out on that variable.

Palatine? Haven't seen pics and it does not deliver till mid 2008. I have no comments on it other than I like the location.

Posted on Tuesday, April 3rd, 2007 at 9:16 AM.


Una, as I've said before, if you've already picked out your condo I'd be glad to rebate you a significant portion of your closing costs if you select me to be your realtor. It's only fair if you've done the work on searching already.

The units I've seen listed at Eastview do not have wood floors. Perhaps your would be different? I would ask about that. There is more new retail coming in the Courthouse area where Dr. Dremo's is/was. This will only help maintain values of condo owners in that area. I really think 1800 Wilson closer in to DC amidst much more retail and entertainment (whitlows, movie theater, grocery store, clarendon ballroom, clarendon grille, cheesecake factory, Rays steakhouse, La Tasca, Iota, etc. At Ballston you have retail, but so much of it is in the Ballstoon Mall.

Another benefit of 1800 Wilson is that the whole building is new...not just the unit. And that maintains value nicely when you walk in 5 years from now and it does not "feel" old or look old like Eastview.

Hope to hear from you soon.

jay

Posted on Tuesday, April 3rd, 2007 at 10:03 AM.


Finally people are using my blog!!!! This is what it's all about. :)

Una, I honestly don't think Eastview holds its value as well as 1800 Wilson. I can tell you want me to tell you it does, but if it were my mother...I'd beg her to buy over in Courthouse instead. Next year Palatine delivers which will mean more new condos priced in the $360ish+ range. I don't think that bodes well for Eastview at $400,000. In fact I would push my mother hard to not buy there. I'm sorry if this isn't the answer you wanted from me.

Sorry Eastview, don't take it personally....In the end, Una, a condo is a home, not just a financially planning decision. When I counsel people, I try to do so from the latter perspective as it's hard enough to quantify...much less from the subjective condo as a home vantage. I am not a prophet, but I'm giving my honest appraisal of the situation. One wants to be careful when buying a condo these days.

Posted on Tuesday, April 3rd, 2007 at 10:24 AM.


On the fence wrote:
Una, I too was looking at the Eastview/Westview - it\'s a tough decision esp since Eastview/Westview was (is?) offering incentives.

Jay -

Thanks for the responses. On the retail comment, I'm more concerned about the possible pests that restaurants generaly attract. But on a different topic, what do you think about Senate Square Towers in DC? For that matter how do you think the Arlington new construction stacks up against the DC new construction (downtown and close in downtown area)?

Posted on Wednesday, April 4th, 2007 at 8:04 AM.


million wrote:
Zoso just went rental, who's next? Palatine, Phoenix? take a guess, Jay.

want to know why? prices are too high.

Posted on Wednesday, April 4th, 2007 at 9:13 AM.


That's right, million. And I am suspicious about Palatine. If I recall they've been delaying or moving back delivery. I'll have to check but I'm so busy.

That's sort of the main point of the post: you can get new for just $359,000--holy smokes! What does that do to surrounding condo prices??? Most builders were counting on prices much higher and therefore some are going rental. There will be others, if you hear of them let me know.

On the fence...well said about Eastview/Westview.

Posted on Wednesday, April 4th, 2007 at 9:20 AM.


mary francis wrote:
what is your honest opinion of waterview in rosslyn? do you think the amenties adn rooftop deck will make up for less space per $$$ and, in some cases, views of the water or monuments? appreciate your view.

Posted on Thursday, April 5th, 2007 at 7:46 AM.


On the Fence wrote:
I was seriously considering East/Westview, but in the end I wanted a shorter commute to work so now I'm thinking about DC proper.

Has anyone else done the DC-Arlington comparison?

Posted on Thursday, April 5th, 2007 at 7:46 AM.


I'm very busy today and may not be able to comment....

Posted on Thursday, April 5th, 2007 at 7:46 AM.


I'll send you my fave pics in that range. One can get a very respectable condo for that price. Send me your email addy by filling out the contact form at the contact menu button on my website. Prices came down since last year so it's safer to buy now that a correction has occurred. In some places I've seen prices slight up a bit since a low around Dec. Look forward to your email....

jay

Posted on Thursday, April 5th, 2007 at 8:03 PM.


sal wrote:
Jay, i just found your blog. its very helpful. i'm looking at 1800 wilson vs. others in the area. I'm wondering whether $370K is worth it for a 1 bdrm when you could get one in the atrium for $360K, and the atrium has a pool, tennis courts, 24 desk service, hot tub, gym, etc. granted, atrium is built in the 80s, but i like the quiet setting and proximity to rosslyn metro. your thoughts?

Posted on Tuesday, April 10th, 2007 at 9:57 AM.


Sal, I'm not finding a 1BR at Atrium listed, and there is wide range of value to 1BRs at atrium depending on its square footage, etc. as I just pulled the numbers. Call me about it for some specs....703-624-3270 and we'll talk business. If you are working with a realtor already, then please direct all your questions to him/her. I'll be doing a walk-thru at 1pm on The Brittany Condo but will be connected.

Posted on Tuesday, April 10th, 2007 at 10:05 AM.


matt wrote:
What happened with 1800 Wilson that it was sitting for so long as if very little work was being done? It seemed it sat like that for almost a year after the main extreior was finished?

Posted on Tuesday, April 10th, 2007 at 11:27 AM.


Sal, it was good speaking with you. I'll send those listings and we'll talk again when you are back in town. As I said before, I'll set you up on HBSR--the home buyers scouting report that offers more features/tools than the MLS on my website. You can learn more about it by going to the "Buyers" menu button on home page and I go into its specs there. You'll love it as most everybody that has tried it out is sticking to it as their main MLS tool.

Posted on Tuesday, April 10th, 2007 at 11:29 AM.


publius wrote:
Eastview seemed nice enough but I agree with Jay--why buy in a 20-year-old building when you can have brand new at 1800 Wilson for about the same price? What concerned me about Eastview was that it was only being remodeled--things like the roof and elevators are still 20-years-old. How long will it be before there needs to be structural repairs and the condo fees (already higher than 1800) go higher still? I\'m not in construction so maybe that\'s not a legitimate concern, but why take the chance when you can buy new?

The other thing that personally bothered me about Eastview is that it is one block from the funeral home--a big eyesore in my opinion. I will take the gas station versus the funeral home anyday. Also, Arlington has extensive plans for redeveloping the area inbetween Rosslyn and Courthouse metro stations, including the WRIT project underway at 1650 Wilson and the proposed residential/retail project at 2000 Wilson. Looks like 1800 Wilson was the first part of this redevelopment as many of the buildings features incorporate key aspects of the developoment plan. See: http://www.arlingtonva.us/Departments/CPHD/planning/docs/pdf/rosslyn_courthouse.pdf

Posted on Thursday, April 12th, 2007 at 7:42 PM.


Publius, great post! And thanks for the link. Call me Friday and let's connect....
703-624-3270

Posted on Thursday, April 12th, 2007 at 7:44 PM.


CURIOUS wrote:
Would you say that the 1800 Wilson complex is a better bet than the Park at Courthouse, which is closer to the metro? They appear comparable in price (though 1800 seems to offer more without need to upgrade), though the location of the Park seems preferable. Thoughts?

Posted on Monday, April 16th, 2007 at 8:27 AM.


Tim wrote:
Jay, do you think you could respond to CURIOUS's comment? I also think that The Park's pricing is very attractive. I don't know about the location though.

Posted on Friday, April 20th, 2007 at 8:39 PM.


Tim, I've been too busy to get the specs on Park at Courthouse. My initial impression is that their supposed offer of $328,000 for a 1 BR is a bit too good to be true. Sometimes builders advertise some lower price condos of which there are only a few available so they can use that as the bait to get people into their buildings viewing higher priced units some $30-50,000 higher.

I am NOT saying that this is the case with Park at Courthouse at all. I am saying I need more info and verification because it sounds great. This would go along with my premise that perhaps there are 2 groups to purchase from now:
1) builders offering old prices
2) people who have owned their condos at least 3 years who can afford them at realistic prices since new units are available so much lower than before by some of these builders.

My number is above, Tim, and I'll try to get more info. I'm showing to 5 new buyers this weekend so it's hard to have time for some things, especially when I have 3 kids now which is a total blessing.

Posted on Friday, April 20th, 2007 at 8:48 PM.


Una wrote:
I'm trying to decide between 1800 Wilson and the renovated Eastview. Eastview is 100 sq. ft. bigger w/a sunroom (extra space for guest) for $400k. Once renovated, unit will look just as good as 1800. But, I like the new look but much smaller.

Posted on Friday, April 20th, 2007 at 8:59 PM.


Una wrote:
I\'m trying to decide between 1800 Wilson and the renovated Eastview. Eastview is 100 sq. ft. bigger w/a sunroom (extra space for guest) for 0k. Once renovated, unit will look just as good as 1800. But, I like the new look but much smaller.

Posted on Friday, April 20th, 2007 at 8:59 PM.


Una wrote:
Actually, mine will have wood floors and it will be a little less than $400k. The lobby has already been renovated. Do you think it won't maintain it's value as well as 1800 will, even with the extra 100 sq. ft.?

Posted on Friday, April 20th, 2007 at 8:59 PM.


Una wrote:
I meant to say less than $400k

Posted on Friday, April 20th, 2007 at 8:59 PM.


Una wrote:
On the fence, East/Westview is still offering incentives. Now, I'm thinking that a 20-yr old construction may be more solid, reliable and less noise between condos than new construction?

Posted on Friday, April 20th, 2007 at 8:59 PM.


Una wrote:
On the fence, have you abandoned Eastview as an option? If so, why? Thanks!

Posted on Friday, April 20th, 2007 at 8:59 PM.


Una, how many square feet? I showed Eastview yesterday and they have 1BR listed for $339,000 I thought with $15,000 in incentives such as closing costs. I noticed a wide range of SOLD prices there by the builder though. Are you buying a 1BR for $400,000???#!#! There are several listed there MUCH lower.

Posted on Friday, April 20th, 2007 at 9:10 PM.


Badaba wrote:
The reason for the great condo fees at 1800 Wilson is BECAUSE there is no pool. Honestly, how often do you go to the pool a year? Does it warrant increasing your fees by as much as it would? Gas (for cooking) is also included in the condo fees at 1800 Wilson. As for condo fee increases they've budgeted for that in their docs. In 2009 (2 years) it's estimated to be $270.85, in 2011 (4 years) it's estimated to be $296.97. To me that seems like it is still a great deal for what you are getting with minimal increases for inflation and such.

As for proximity to a metro, it's 1700 feet to the Rosslyn metro...a downhill walk. You can walk to Georgetown in 20 minutes or less.

Posted on Sunday, April 22nd, 2007 at 5:43 PM.


Phil wrote:
I am going to settlement on a 2br condo in Shirlington's West Village this Friday. I originally put money down on a $480K 2br 1300+ sf, but the delivery date kept getting pushed back. I decided to downsize to a smaller (1100+ sf) w/sunroom, with $10K closing incentive. We did manage to secure the second parking space from the original contract, as only about 5% of purchasers were even offered additional spaces. Now our total purchase price is about $415K, condo fees about $385.

My concern at this point is about the future of the market in that area. I know the IO and Shirlington Village are comp'd for least 100K more, but I'm worried if it's going to remain stable, or start creeping upward as the projects are completed and communities settled...

Posted on Tuesday, April 24th, 2007 at 11:00 AM.


million wrote:
Jay,
Who's TB Venture? On 9-11-06 they bought 14 condos at Odyssey (on floors 2 thru 9) and 6 of the townhouses (THs 1 - 6) alongside it on Scott St. Did Odyssey go quasi-rental last September or what?

Posted on Tuesday, April 24th, 2007 at 2:48 PM.


Fascinating. I wondered why I never saw any of those townhouses listed except one. They are really cool looking. I googled TB Venture and found some India company. Perhaps some foreign investors bought into the building. I have no idea. Anybody want to check it out. I'm juggling contracts and making up for the lack of diligence on them of the other realtors involved!#@#!#!

Posted on Tuesday, April 24th, 2007 at 3:26 PM.


Jackson wrote:
How do the remaining units at 1800 Wilson stack up to the Park at Courthouse? (1205 North Garfield Street)

Posted on Friday, May 4th, 2007 at 2:39 PM.


Jackson wrote:
Nevermind about that last question. Thanks.

Posted on Friday, May 4th, 2007 at 2:39 PM.


Amy wrote:
I was interested to hear more about your thoughts on the Park at Courthouse and how it compares to other places. I just put money down there for a one bedroom/1 bath with a balcony. I added hardwood floors, stainless steel applicances, and a storage unit for a grand total of 345K...not bad??

Posted on Thursday, May 17th, 2007 at 12:46 PM.


Sounds rad to me...that's been one of those best buys out there (if the location works)as of late and it has impacted local condo prices. See this article where I mention Park at Courthouse:
http://www.justnewlistings.com/arlington-virginia-blog/jay-seville/the-new-value-of-a-1-bedroom-condo-in-clarendon-ballston-courthouse/show/

Posted on Thursday, May 17th, 2007 at 12:48 PM.


Todd wrote:
I was wondering what company is selling those new townhomes they are building on fairfax drive along rt 50 right before North Courthouse Road. I currently rent at courtland towers and I am looking for a one or two bedroom in the clarendon/courthouse area. Thanks for any info.

Posted on Thursday, May 24th, 2007 at 9:44 AM.


Todd, I've tried reaching them several times through the listing agent but the mailbox is always full. I noticed the commission on that listing changed at least 1 percent and maybe 2 percent down. The builder may be upside down....I don't see that any have closed in the MLS and it's been listed about 2 years:
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=19686500166

Call me to get started 703-624-3270 on that 1-2 BR. Here is the URL to get us started of some listings for you to be aware of:
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=19686808811

I'd recommend take a look at 1800 Wilson together as well--will explain on the phone....

Posted on Thursday, May 24th, 2007 at 9:53 AM.


sleepy wrote:
jay--

about 1800 wilson; you mentioned 1BRs, 700 sf at $359,000. any 1BR plus den at similar prices? what sf? thanks

Posted on Wednesday, May 30th, 2007 at 5:07 AM.


On the Fence wrote:
What's with the units at 1800 Wilson going for 319,000?

Posted on Sunday, June 17th, 2007 at 7:40 AM.


Funny you ask because I'm calling Bostson right now (Father's Day morning) to go over the contract w/ my client and get our contract faxed in asap.

There are several units that were going to be affordable housing units. They are not owned by 1800 WILSON. 1800 WILSON is not involved in these units. They are owned by ACH, Inc. I believe that's the Arlington Housing Commission. But for some reason they are being sold quickly to the general public at below market values (at least the list price). However there does not seem to be a limit on who can buy them, so they are not being sold as affordable housing units.

What will happen to them? Well they got listed Friday before Father's Day as the market is entering it's summer slow down. So maybe some buyers will get some serious bargains. DO NOTE THEY ARE NOT FINISHED UP W/ GRANITE AND HARDWOODS, etc. But they are in excellent condition w/ everything new. It is very likely that several offers will be put in on these so that they get bid up some, but not as much as they would have gotten bid up 2 months ago when the market was in full swing. But like I said, because things are so slow right now, somebody may luck out & get a bargain.

Off to make my phone call. By the way, you still haven't called me to do business??? :) 703-624-3270 If you do we can put a contract down tomorrow....

Posted on Sunday, June 17th, 2007 at 7:47 AM.


JEM wrote:
I recently purchased a unit at 1800 Wilson and I am very happy with my choice. These less expensive units just listed (around 5K) do not come with all the bells and whistles the other units have and they are handicapped accessible, meaning they are configured differently. Granted they are less expensive, but I was told a non-handicapped person would have to redo some things in the unit, adding to the price. Also, handicapped units are harder to resale. Rumor has it tons of people came to the Open House this weekend but not a single offer was made. So they can\'t be that great.

Posted on Monday, June 18th, 2007 at 3:18 PM.


million wrote:
and here's a 2br 1.5bth for 408k...

http://nvfh.com/detail/AR6444979

prices are dropping quick after the slow spring selling season.

Posted on Monday, June 18th, 2007 at 3:18 PM.


JEM, as you noted those units are configured differently and priced lower to accommodate about $20,000 needed for upgrades and includes the monetary value of one taking the time to organize all those renovations. I would agree that the universal configuration makes them a slightly harder resale.

Rumors tend to be pathetic. This is a good example. They received at least 5 contracts w/ at least 2 units getting bid up. 2 are open w/ no contracts as of a few hours ago. So there is a good chance for somebody to get an exciting sales price for the area.

AHC (Arlington Housing Commission) decided they could better serve the affordable housing community by selling these off to use the money to buy more units in other parts of Arlington that are not so expensive. What do you know...a government agency is being commonsensical :)

And Mr. Million, the unit listed at 408 is worth much more than that as tax records will show when the successful purchaser records the deed. One doesn't list a 950 sq. ft. unit for 408 in Courthouse without receiving several contracts immediately. 950 sq. ft usually sells $500,000+. But as was mentioned, there is a universal design so likely aren't worth as much as pure comps would show. But still it's worth a lot more than $408,000 for 2BR overlooking courtyard.

And prices always drop in the summer, Million, so that is to be expected. Read my article on Best and Worst Months to Buy and Sell a Home in the Articles section written 2 years ago.

Posted on Monday, June 18th, 2007 at 3:34 PM.


tom wrote:
1800 Wilson is NOT in Claredon. It is in Rosslyn, or maybe east Courthouse.

Posted on Tuesday, June 19th, 2007 at 7:37 AM.


Tom, your are correct. Although many lump Clarendon/Courthouse together.

The unit listed for $408,000 received 5 contracts alone, much less several other units that also received multiple offers.

jay

Posted on Tuesday, June 19th, 2007 at 2:26 PM.


million wrote:
all full price offers, i presume :)

i just got another email from them for an open house/happy hour Tuesday the 26th. it has a pretty martini drink in the email... nothing like drinking when deciding to make the biggest purchase of you life! :)

Posted on Tuesday, June 19th, 2007 at 5:19 PM.


InTheMarket wrote:
Do you know which handicapped units are still open w/ no contracts in 1800 Wilson?

Posted on Wednesday, June 20th, 2007 at 10:40 AM.


They are reviewing contracts at 5pm today (wed June 20th).

Posted on Wednesday, June 20th, 2007 at 10:43 AM.


Million--that's funny stuff....

Posted on Wednesday, June 20th, 2007 at 10:44 AM.


InTheMarket wrote:
Wed, June 20 - I went to sales office at 1800 Wilson today, and thought you might be interested to know that there were only 4 one BR units under 0K left for sale in the entire building. They are really cute, but I don\'t know where you are getting that 9,900 number. The least expensive of the one bedrooms was 6K & the most expensive was a bit over 0K & that one had a cute balcony overlooking the courtyard. So I guess the ones that were going for 9K are all sold out....
I also called Park at Courthouse today & they only have 2 1 BR units left. Both are lofts on the 1st floor & they sound awesome... one is 750 sq. ft. for 5K. They are being delivered in August. I was looking for the 1 BR w/ balcony & hard-wood floor unit that someone on this blog said they bought, but those are all sold out. Unfortunately, my price range was more around the 345K range.

Posted on Thursday, June 21st, 2007 at 8:11 AM.


InTheMarket,

1800 Wilson told me 3 months ago there were just 5 1BR left. So they lied to me and I would take any of their proclamations about how many units they have with a grain of salt :) Maybe the "4 units left" is true and maybe it isn't. At least at Hawthorne they show you the list of solds and unsold units on a wall. They are around 47% sold out as of June 18, 2007.

The lowest rates at Park at Courthouse were teasers with just a few units avail at that price range initially.

Posted on Thursday, June 21st, 2007 at 8:15 AM.


million wrote:
Jay, thanks for your blunt perspective. the developers do leave you guys hanging in the wind when they say they're sold out and then release another round of units expecting you guys to smooth things out w/ previous buyers.

Posted on Thursday, June 21st, 2007 at 9:34 AM.


InTheMarket wrote:
Jay,

Why did you cut off the prices I listed? Anyone could call or go to the sales office & get the same information, so it seems like this info. should not be private. What is the deal with not listing prices here? I think it is helpful information to prospective buyers, and would appreciate anyone else submitting their findings as well.

Posted on Thursday, June 21st, 2007 at 2:30 PM.


InTheMarket,

You submitted 2 copies of your post and I deleted one (accidentally) where prices were cut off. I was assuming that's why you submitted it 2x. Then I realized I had deleted wrong copy. Feel free to resend or just post the numbers again.

The point of this blog is that there is nothing to hide. Search the "truth vs bullcrap" article in the search bar for example and read the article.

peace :)
J

Posted on Thursday, June 21st, 2007 at 2:33 PM.


wondering wrote:
Are you still at myrtle beach? When would your next vacation be?

I'm thinking about starting a search for an Arlington condo but am not yet wedded to a particular time to start looking. Just curious as to when you will be available.

Also, what are your thoughts of a 1 bedroom versus a 2 bedroom. I can afford either. I am just one person and I don't want a roommate. I'm looking for what will provide the best value now, as well as later when I sell it.

Thanks.

Posted on Sunday, July 22nd, 2007 at 8:39 PM.


Wondering,

I'm back in town and already need another vacation! So shoot me email through my contact form at top of my website. And we can chat. Based on your being open to 2BR but not needing it, I'd say considering a BR+den would be in order....

Posted on Sunday, July 22nd, 2007 at 8:43 PM.


tony favazza wrote:
looking for a condo for my daughter, just graduated from college, first job, etc. hate to see her pay rent, trying to help her find something in arlington, she will be going to George Mason and working in Rosslyn (200,000-275,000)

Posted on Monday, July 23rd, 2007 at 6:06 AM.


Michael, send me your contact info by using my contact button at top of the menu bar....
j

Posted on Sunday, July 29th, 2007 at 8:20 AM.


DL wrote:
What's the going rate for a 2BR in the 1800 Wilson building? Saw one listed at $540K -- how does that compare for that building/area?

Posted on Sunday, August 5th, 2007 at 2:44 PM.


DL, I've shown that listing several times and close on a 2BR there on Tues. She almost got the the $540,000 unit. In the units I've sold my clients have paid less than list price....

I think it's better than other 2BRs that often are listing much higher. The wood floors are great and it gets a lot of light overlooking Wilson Blvd with big windows.

Contact me and I think I'll be able to save you some $$$. Just fill out my contact form at top of page w/ phone # or go to the Plugoo instant message widget at top of this page and contact me that way w/ your info.
j

Posted on Sunday, August 5th, 2007 at 2:49 PM.


Jim wrote:
Jay,

I visisted the one remaining 1 BR unit and the 2 BR units today. I was impressed with the building, but don\'t have a baseline to go by. How do the other new contruction condo\'s compare in the area? Through the blog I\'ve read about Park, Waterview, and Westview. What are you thoughts and these condo\'s.

Posted on Friday, October 26th, 2007 at 6:57 AM.


Jim, call me at 703-624-3270 as I've spent a lot of time in Park at Courthouse, Phoenix Condo, Westview, Station Square, etc. lately. I've got eome frank advice for you....

Posted on Friday, October 26th, 2007 at 6:59 AM.


michael wrote:
Retired couple looking to rent three bedroom condo with two car covered parking in the Wilson Blvd corridor. Non-pet building. $3500.00 range

Posted on Friday, October 26th, 2007 at 1:41 PM.


sandra stukel wrote:
Hi Jay, We met you at your listing that backs to filmore. Do you know anything about the Palatine? # of units sold? status of project? Any good/bad news?

Posted on Thursday, November 15th, 2007 at 9:34 PM.




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