Adam's Blog

Recycling is Good, but Waste Reduction is Better!!!

2008-11-26T09:38:55Z

There is no doubt that recycling is key to an environmentally conscious lifestyle, but the critical first step has to be waste reduction. If you ask a majority of people what the most important process to saving the environment is, nearly all would answer recycling. This response is due largely to the fact that recycling has overshadowed the whole process of waste reduction, but if you think that with out additional waste, the process of recycling would be lessened.

Waste reduction is simple, and can be easily added to your day-to-day routine. Reduce your purchases; before you buy a product think do I really need this. Calculate how much raw material went into the product, and what impact disposal of it will have on the environment. Buy in bulk, generally bulk items have less packing compared to single items, and avoid buying individual servings. Consider buying a full size product and making single serving for the family using reusable containers.

Think outside the grocery store, there are many other ways to reduce our waste, including creating a ‘Tree Free Home’, which involves replacing paper for cloth (i.e. Napkins, Cleaning Clothes etc) whenever possible. Additionally think about local companies you use, switch to environmentally conscious companies, those who focus on reducing their carbon footprint, and waste production. These companies can range from Hotels, to Taxi Cabs(EnviroCab) and even Real Estate Companies Arbour Realty(Arbour Realty).

How are you planning on reducing your waste today?

Green Your Thanksgiving!

2008-11-25T14:52:42Z

Whilst enjoying the Thanksgiving festivities this year, add a little environmental feel to your day. We make efforts throughout the year to green our lifestyle, so Thanksgiving should be no different. Here are a few tips to help you give back to the local economy and environment this year.

1. Try to buy local and organic products for your Thanksgiving feast. The local Farmers Market is a great place to purchase fresh organic produce and in turn help local growers.

2. Use an alternative to refined white sugar, natural sweeteners works well, for example honey, which contains healthy antioxidants, vitamins, and minerals. You can use honey in place of white sugar in your pies and custards at a ratio of ¾: 1, and reduce other liquids by a quarter of a cup.

3. I know it is tempting to use disposable plates and cups to avoid the clean up task, and sometimes due to not have sufficient plates to go around. But instead of creating all that additional waste, ask friends to bring an extra dish. Consider visiting your local thrift store, this way you can give a little back to charity. And at the end of the day, I am sure your guests will be more than happy to help clean a few dishes after enjoy your hospitality.

4. Use your leftovers; so much food gets wasted over the holiday season. There are so many dishes you can make, and then freeze using leftovers. I suggest Chili, Curry, Soup, Hot Turkey Sandwiches, be creative. Also consider making a plate for an elderly or less fortunate person you know. People who have to work the holidays will also appreciate some festive food.

5. Don’t forget to give a little, when buying your Thanksgiving supplies pick up some extra canned goods for those who need it. There are normally drop off points in most food stores for local food banks and missions. Additionally, if you have a little time to donate on Thanksgiving, why not volunteer at the DC Union Mission they are always in need of some extra hands to help feed the homeless.

What are your plans are this Thanksgiving to help society and the environment?

Arlington County Help Affordable Housing Residents Save More Money.

2008-11-20T11:03:59Z

Arlington County are helping affordable housing residents save more money on energy bills and also reducing their green house gas emissions. Last week the county donated 1,000 Compact fluorescent light bulbs (CFLs) to the residents of affordable housing. According to the energy star if every American home replaced just one light bulb with an ENERGY STAR qualified bulb, we would save enough energy to light more than 3 million homes for a year, more than $600 million in annual energy costs, and prevent greenhouse gases equivalent to the emissions of more than 800,000 cars.

In the long-term this generous donation will not only help residents save money on electricity cost, which is on average about $30 over a bulbs lifetime, but it will also help educate them on the importance of being environmentally focused.

Arlington County won the Compact fluorescent light bulbs (CFLs) as a prize in the 2007 Change a Light Campaign. This campaign challenged local residents and businesses to pledge to replace a traditional bulb for a CFL bulb; Arlington County obtained the most pledges.

We know that residents in Arlington County are very environmentally focused, but if you have not already made the change to CFLs, why not make the change this weekend.

Perhaps Times Are Not So Bad For Arlington, VA Real Estate.

2008-11-19T15:20:05Z

We hear that times are bad for real estate and developer, especially with the current economic problems. But a recent news story on WRC-TV, News Channel 4 about Turnberry Towers in Arlington VA could suggest otherwise. Turnberry Towers in Arlington VA is a 26 story luxurious condominium building. This building is the height of sophistication, with every detail thought out from meticulous craftsmanship, floor to ceiling glass in every residence and direct entry elevators. The Turnberry Tower in Arlington VA has been described as “Mansions in the Sky”!!

Of course all of this comes with at a price, these Arlington Condos start at 800’000 up to 7 million. One can’t help but think that during these turbulent times will these units actual sell. Well, representatives from the Arlington Turnberry Towers state that from the 244 residences 50% of them have contracts, and these contracts require 30% down. They also stated that there had been increased interest in the last couple of weeks from locals in Virginia, Maryland and DC. Who’s main inquiries where focused in the 2-3 million-price range.

Who said we were in or near to a recession. Once again more research to suggest that maybe Arlington, Virginia is the place to live during economic turmoil.

The Residences At Liberty Center: A New Condominium At Ballston Metro

2008-11-18T12:16:34Z

The Residences at Liberty Center is the most recent Arlington condominium building to deliver. Liberty Center is located just steps from Ballston Metro on North Quincy Street and North 9th St. It's a great addition to Ballston even including a Marvelous Market on the ground floor.

If you are not familiar with Marvelous Market, it is a blend of Panera, Starbucks, Potbelly, Dean & Deluca, and 7-11. Baked goods are delivered fresh each day. Within a 5 minute walk you have Harris Teeter grocery store, shopping, dining and entertainment.

The condo building itself has all the luxury amenities you would hope for in a high-end Arlington condominium. The rooftop has one of the nicest terraces and swimming pools in Arlington with views of DC. The fitness center is well equipped and completely state-of-the-art. There is a grassy courtyard and nicely furnished party room for residents of Liberty Center. Of course there is also a 24x7 concierge. Every unit comes with at least one parking space and the option of purchasing storage. You can buy brand new and move in within 30 days. Liberty Center i already FHA approved. If view is important, you may want to consider visiting Liberty Center soon as units with a view are selling out quickly. The building seems to be well thought out. The floorplans are all very open and do a great job taking advantage of natural light (passive solar energy). I give high marks for the detail that went in to each unit. They all come with granite counters, maple cabinetry, stainless steel appliances and hardwood floors. The granite counters are not only in the kitchen but also included in the bathroom(s). The cabinetry comes with under-mount lighting showing off the ceramic tile backsplash. The hardwood floors are wide plank and eco-friendly.

If you are looking for a new or newer condo in North Arlington along the Orange Line I highly recommend putting Liberty Center at the top of your list of places to check out. Prices are competitive with other condos in that Rosslyn to Ballston corridor. Prices start in the mid $300's. There are one-bedrooms, one-bedroms with a den, two-bedrooms and penthouse units available.

I just put a one-bedroom + den on the market at Liberty Center a few days ago.

Please let me know if you have any question or would like to set up an appointment to see the homes in person.

Adam Gallegos (askforadam@gmail.com)
Arbour Realty - A Greener Way To Buy And Sell Homes

Should Recycling Be Mandatory?

2008-11-13T15:38:57Z

I was wondering whether recycling should be made mandatory. Although, many fellow Americans recycle their waste, there are many people who do not. There are so many benefits of recycling, for example recycling saves money, when new products are made from recycled products it takes less energy than if the product was made from virgin material. Recycling also saves natural resources, for example when we recycle a newspaper then we don’t need another tree to further produce that paper product. Plus there is the economic benefit associated with recycling, the whole process creates employment opportunities and contributes to economic development.

In many European Countries and the United Kingdom recycling is a way of life, different containers for a variety of waste products that can be recycled. They take it pretty seriously, and in some of these countries not recycling can result in a nasty fine. The waste collection agencies conduct regular checks of the non-recyclable garbage can, and the discovery of recyclable items will result in a fine.

This raises the question whether the enforced recycling in Europe/UK goes too far and whether recycling should be the personal choice like that that currently exists here in the US?

Is there a need for the Housing Authority to be activated in the County of Arlington?

2008-11-06T15:44:05Z

Arlington’s Green Party placed this referendum on the ballot this year; it basically addressed the question of whether Arlington should have a Housing Authority, which is an independent governmental unit separate from the County Government. Under current state law Arlington County cannot own or operate rental housing. Therefore, when they see a need to develop affordable housing, Arlington partner with developers or non-profit housing operators to create apartments with rents lower than market rate.

The Green Party states that creating a Housing Authority in Arlington would allow the county to purchase own and operate rental housing. They could also turn buildings and lots in an extreme state of neglect and disrepair into affordable housing. Which would make use of run down abandon unsightly property for those in need.

There seems to be disagreement between the Green Party and the Democratic Party on whether activation of a Housing Authority would have access to new sources of revenue. Although, it appears that The County Board would still be the primary source of funding, which comes from local taxes. An authority could also compete for grants but the current housing program can as well.

I can’t help but think that if “it’s not broken then why fix it”. There doesn’t seem to be a huge difference between the current provisions for affordable housing and that which would be brought about if a Housing Authority were created. So after looking at all the facts, it raises the following question, wouldn’t the assemble of a Housing Authority create unnecessary cost, and take from tax dollars that could be put to better use?

Arbour Realty’s EcoBrokers Are Excited About the Recent Bailout Tax Incentives

2008-11-04T13:58:45Z

Here at Arbour Realty the recent bailout/recue plan has some exciting news for the environmentally friendly nature of our company. Our EcoBrokers are always looking for new ways to advise clients on the benefits of buying or renovating their home with energy conservation in mind. Now the following incentives for solar, wind and geothermal just gives one more financial advantage to reducing ones carbon footprint:

An eight-year extension of the investment tax credit (ITC) for solar energy.

A multi-year extension of the production tax credit (PTC) for energy derived from biomass, geothermal, hydropower, waves and tides, landfill gas and solid waste (through September 30, 2011).

A one-year extension of the PTC for energy derived from wind.

Incentives for carbon capture and sequestration demonstration projects.

Incentives for the production of domestically-produced renewable fuels, such as biodiesel and renewable diesel, and for the installation of E-85 pumps for consumers to fill up flex-fuel vehicles.

Tax credits of $3,000 or more toward the purchase of fuel-efficient, plug-in hybrid vehicles.

Incentives for energy conservation in commercial buildings, residential structures and energy-efficient appliances.

In recent blogs we have talked about the benefits of Solar Power and how it is becoming more affordable, this new legislation is particularly favorable to Solar Power. Homeowners who install a new system can now claim a 30 percent federal tax credit, which brings the initial installation costs down considerable.

Click here for more information on the bill, and when embarking your next home search consider working with an EcoBroker to get the best advice on energy conservation, which will in the long run save you financially and environmentally.

Calculate Your Solar Potential For A Greener Lifestyle.

2008-10-30T15:46:37Z

We all want to reduce our energy bills and naturally our impact on the environment. There are many possibilities from small actions like turning down the thermostat, to going full out, and generating our own power. Solar power has been around for several years but is still considered a costly investment, with uncertain future savings. This may all be about to change. A new website called Roofray.com uses technology that can answer these types of questions.

Roofray.com can help you evaluate whether solar is feasible for your roof and help you compare costs. Roofray.com cleverly uses satellite images to help users see for themselves how useful solar arrays might be. The easy solar modeling service even lets you compare utility costs over time. Users simply type in their street address and nearly instantly a rooftop picture of their home appears. Then a few point-and-clicks later you quickly get an estimated percentage of potential for solar, power per square foot, the area of the solar arrays you drew and a total peak power estimate.

For anyone who has ever wondered about the possibilities of solar, this website might just give you the answers you needed to take one more step towards a greener lifestyle. Just one click is all it takes, and the long-term environmental & financial savings could be huge. What’s stopping you from taking a look?

SunTrust Takes Top Spot in Customer Satisfaction

2008-10-29T09:12:34Z

Finding good customer service these days can be a difficult process, and mixing that with the cumbersome issues associated with home loans, can turn the whole process into a horrific experience. Thankfully SunTrust Bank may be able to make life just a little sweeter.

A recent article in the Winston-Salem Journal (NC) (10/21/08) states that Home-loan customers experienced more satisfaction with SunTrust Banks Inc. than any other mortgage originator this year, according to the results of an annual J.D. Power and Associates survey. The Atlanta-based lender earned a score of 790 out of 1,000, placing it ahead of No. 2-ranked National City Corp., No. 3-rankedWachovia Corp., No. 4-ranked Wells & Fargo Co. and No. 5-ranked Bank of America.

Despite a downturn in the housing market and turmoil in the mortgage business, customer satisfaction with the application and approval process, the loan professional, the settlement process and problem resolution was generally higher among the 10 firms monitored. The industry average score was 757 for 2008, up from 750 in the 2007 survey.

Bailouts May Be A Blessing For the DC Metropolitan Area!!

2008-10-23T13:13:15Z

We hear so much about various bailouts, but there seems to be so much uncertainty who will actually benefit. Although we may never really know the beneficiaries of these bailouts, there could be areas within the US that may see an economic boost as a result. A recent article in Washington Business Journal states that Washington DC will see an increase in jobs and economic activity. Due to the huge government takeover of private capital, the government will need to employee more personnel and expand office space.

The Washington Business Journal states that these bailouts are going to create a whole new industry of services for all of us, including the banking sector, commercial real estate, the advisory & broker sector and legal & accounting.

In an earlier blog, we talked about how Arlington VA has been named as the number one town in the US that may not feel the full effects of this recession, and now with the Washington Business Journal article stating the above mentioned benefits of the bailout to the DC and surround areas, perhaps Northern Virginia makes economic sense to call home.

Arlington VA Maybe Recession Proof.

2008-10-21T16:23:39Z

There are many great reasons to live in Arlington; it has a great transit system, which in turn helps reduce our Carbon Footprint and fuel bills, great entertainment options, and lovely neighborhoods to name just a few. Now there is another positive reason.

According to a recent study in BusinessWeek, Arlington, VA was named as the top place to live during a period of recession. The article states that due to Arlington having a highly educated community, many residents being employed as government employees, and the government also keeping lawyers, lobbyists, accountants and journalists busy, that Arlington would have fewer issues, which are normally associated with recession.

Therefore, if you don’t already live in the Arlington VA, now maybe the time to look into Arlington’s Real Estate.

Arbour Realty Says Goodbye To Direct Mail!

2008-10-16T14:08:23Z

Arbour Realty, Northern Virginia’s first green real estate company has taken even further steps to reduce their carbon footprint. With immediate effect Arbour Realty has discontinued all direct mail. All current and future recipients of the Arbour Realty newsletter will be receiving it in electronic format, as will the recipients of all marketing campaigns.

Arbour Realty already use 100% paperless real estate contracts, plants a tree for every home-buyer and seller to offsetting the adverse affects of this driving, use recycled paper printed with soy ink, and uses Richlite (a renewable & recyclable resource) for their yard signs. Arbour Realty also encourages potential buyers to visit the on-line virtual tour of their listed properties before making an unnecessary car journey to view an unsuitable home.

Arbour Realty realize the importance of being a green business, and hopes that their efforts will set an example to other real estate company’s in Arlington, Virginia and surrounding areas.

THE INTEREST RATE PUZZLE.

2008-10-15T14:25:49Z

Have you ever looked at a very rare coin (say a penny) that could be purchased for $2,000 and thought – that’s only worth once cent?!    It’s funny how the overall scarcity or surplus of a given item can “trump” it’s actual worth or value.

Ok, great, you may be saying … what does the above have to do with why interest rates are higher than one would expect or desire them to be, especially when the economy is extremely weak (meaning rates should be lower)?

The answer is that the above example is actually a less-than-perfect way to describe what is happening with interest rates today – scarcity is trumping value.

Let me explain …

Given the events of last week, rates should have decreased.    The Fed made a huge rate cut.   The economy is weak.    The government has taken many extraordinary actions to secure the credit markets.   All of these should have equaled lower mortgage interest rates.

However …

People (both individuals and investing institutions) are frankly scared with all that is going on in the economy today.   Collectively, many are taking money out of the market and holding onto cash.   Metaphorically, we are burying money in a mayonnaise jar in the back yard instead of investing in stocks, bonds or even putting it in a money market fund.

The result of people being very conservative is that we are not investing in things like mortgage backed securities.   Since few dollars are being invested into the mortgage backed securities, there is less money available for mortgage loans over the past few weeks – creating a scarcity of money to lend.    Since the demand for mortgages is greater than the supply of money, rates have gone up.

Said differently, given the events of last week, money should be less expensive to borrow, but since money to borrow is scarce, it is actually more expensive to borrow this week because of that scarcity.

Ok, so what’s next?

Let’s go back to the very rare penny worth $2,000.   Suppose someone discovered a chest containing an enormous quantity of these pennies.   Since the penny was no longer scarce, the market price would fall and begin to represent its true value.   A penny that is not rare or scarce is just a penny.

The same may happen to interest rates over the next few weeks – namely, if investors become more confident and begin to invest again (making more money available for mortgages), the money “drought” would go away.   If money is no longer extremely scarce, rates would fall closer to where you would have expected them to have fallen as a result of last week’s rate cuts.

Hence, if you are in the market to refinance: (a) today is not the best time to lock in a rate, because rates are quite high due to the scarcity of funds to borrow, but (b) it is wise to keep in touch with your lender and prepare for a refinance, as rates may come down quickly if the money drought starts to ease up.

This blog was brought to us courtesy of our trusted lender, Paul Nagel of SunTrust Mortgage. If you have questions or need information, feel free to contact me at pnagel2@cox.net or 703.201.5147.

Arbour Realty is Nominated For Arlington's Best Business Award's (ABBIES)

2008-09-23T07:53:49Z

THANK YOU to everyone that helped us get nominated for an ABBIE Award in two categories:
* Arlington's Best New Business
* Arlington's Best "Green Business"

Now we need your vote to help Arbour Realty win. Please click here and scroll down to the categories listed above (both are in the right hand column about half way down the page) and place your vote.

Thank you for all your support.

Sincerely,

Adam Gallegos
Principal Broker and Founder of Arbour Realty
www.ArbourRealty.com

Northern Virginia's First Green Real Estate Company

2008-08-20T22:53:28Z

It is with a lot of excitement that I announce the start of our new real estate company, Arbour Realty. We will be providing Northern Virginia with a greener way to buy and sell homes. It is not secret that green homes provide cost savings, a more comfortable living environment and less damage to the earth. Innovation in the automobile design and home building are bringing these improvements to the forefront of our buying decisions. We want to help lead this movement by helping buyers become more informed consumers.

People have asked if we will only sell green homes or work with buyers exclusively interested in finding green homes. The answer is no. We provide all the services you have always received from me. In fact, are going above and beyond what I was able to provide in the past.

Our objective is to continue adding value to buyers after you purchase a home. For example, all buyers that purchase with Arbour Realty will receive an energy audit of their future home from the leading energy consulting firm in the area. Arbour Realty will subsidize the cost of this inspection. The audit provides an intensive report on the condition of the home, pointing out defects and providing a list of recommendations for improving the efficiency of the home. The result from implementing these recommendations is often lower utility bills and a more comfortable living environment.

Many homeowners and home developers invest money in energy efficient upgrades such as Energy Star appliances, windows and insulation. We think it is important to have an agent marketing these properties who knows how to shine a light on the benefits of these upgrades.

We will make many aspects of the company green by limiting waste and use of renewable products. All business cards, advertising material and stationary (including the one used for this letter) are made from recycled material. Even the yard signs are made from a recycled, renewable wood. We will continue to have a tree planted in one of the damaged National Forests every time someone buys or sells a home with Arbour Realty.

Another major initiative is to keep our clients more informed. We will post frequent home ownership suggestions on the Arbour Realty blog at http://arbourrealty.com/blog. We are developing relationships with many great green service providers around Northern Virginia. You will be surprised at the choices from cabinet makers to moving companies that can do the same job with less impact on the environment.

Our office is in Ballston on Glebe Rd. We have space in a beautiful office building that you will be proud to send your friends to. We plan to grow the team slowly only adding agents that share our passion for people, real estate and a better tomorrow. Dave Moya is the first agent to join our team. He has been living in Northern Virginia most of his life and currently resides in the Rosslyn area of Arlington. He and I have been friends for many years going back to JMU. Dave has been a licensed real estate agent in Virginia for 5 years and ran his own real estate brokerage in Florida for 2 years. Many of you have already met Sonia as she has been working with me for a year and a half. Sonia has become an expert at marketing your listings and she will start spending more time helping buyers. Dave and Sonia are both working on their EcoBroker certification, which will put them in the upper echelon of green home experts in the Northern Virginia area.

We hope you share our excitement and will help us spread the word. Arbour Realty is the first green real estate company in the area. We know that the only way we will grow is by taking great care of you and the people you know.

There is a lot to talk about so please give me a call and check out www.ArbourRealty.com as we post new information about Arbour Realty.

-Adam Gallegos

Plain Speak Summary of The 2008 Housing Recovery Bill

2008-08-06T17:46:57Z

The 2008 Housing Recovery Bill:
What You Should Know

H.R. 3221, the "Housing and Economic Recovery Act of 2008," was signed by President Bush on July 30, 2008. It is a comprehensive and bipartisan bill that includes improved oversight of Fannie Mae and Freddie Mac, FHA modernization, permanent increases in conforming and FHA loan limits, and a temporary tax credit for first-time homebuyers.

The Key Provisions Of The Act Include
First-time Homebuyer Tax Credits: Credits are provided for 10 percent of the home purchase, not to exceed $7,500. The full credit is available to those with an adjusted gross income under $75,000 (individual) or $150,000 (joint); a lesser credit is phased out for those earning up to $95,000 (individual) or $170,000 (joint). The credit must be repaid over 15 years. Buyers using the D.C. Homebuyer Credit are not able to also receive this credit.

Read the details of the credit at:
http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf

and a digest of frequently asked questions at:
http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.pdf/$FILE/hbtaxcreditqa2008.pdf

Permanently Increased FHA/Conforming Loan Limits
Loan limits for the Washington, D.C.-metro area (including most Virginia andMaryland suburbs) are projected to reach the maximum of $625,000.

View the limits for all regions here:
http://www.realtor.org/gapublic.nsf/files/fhagse2009loanlimits.pdf/$FILE/fhagse2009loanlimits.pdf

Downpayment Assistance Programs
Conflicting reports have appeared in the media regarding prohibitions on down payment assistance programs. The bill does prohibit the use of down payment assistance programs funded by those who have a financial interest in the sale, such as the seller or another individual who is party to the transaction. However, assistance is still permitted from family members, government programs, or charities that are not seller-funded, including the American Dream Downpayment and many state and local programs. This provision goes into effect October 1, 2008.

Read more about these changes, the rationale for enactment, and how to locate allowable assistance programs athttp://www.realtor.org/gapublic.nsf/Pages/hr3221sellerdap?OpenDocument

Foreclosure Rescue
Lenders would write down qualified mortgages to 85 percent of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90 percent of appraised value. Borrowers would share 50 percent of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. The program is effective October 1, 2008.

View a chart of these provisions athttp://www.realtor.org/gapublic.nsf/files/fharefinancechart2008.pdf/$FILE/fharefinancechart2008.pdf

To read about other provisions of the Housing and Economic Recovery Act of 2008, visit http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions .
How They Voted:

H.R. 3221 passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, the Senate passed the bill by a vote of 72-13.

Learn how your Senators and Representatives voted on this measure by visiting:http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00186

and
http://clerk.house.gov/evs/2008/roll519.xml

The information in this blog entry comes courtesy Ellen Wilson at Bank of America Mortgage. 703-750-4039

How Long Do You Plan To Live In Your Next Home?

2008-07-28T19:32:22Z

I love this Edward Jones Commercial!

Constantly buying and selling homes doesn't make much sense either. At some point during the late 1990's our short attention spans and the supercharged stock market taught us to day trade. Fast forward to the early 2000's when flipping homes became the easy money. All I have to say is be careful. If you want to create wealth with real estate, time can often be your best friend.

I often remind my clients to be patient and find a home you can be happy in for the longest period of time you can imagine yourself living in one home. If you think there is a good chance you will want/need to move within 3 years, it may be a better move to rent.

-Adam

p.s. Congress passed a big one today. If you are a first time home buyer, the advantages keep stacking up! Now the government is going to offer you a tax credit to buy a home. I am happy to provide you with more information about this new bill and how it can benefit you. AskForAdam@gmail.com

Arlington VA Housing Inventory Remains Low

2008-07-16T06:52:14Z

You may already be keeping track of what is selling in your building, but isn’t it important to know how much condo inventory is on the market and how quickly it is selling? I have taken a look at the sales of Arlington VA condos built after 2000 along the Orange Line from Rosslyn to Ballston.

Absorption Rate
The absorption rate refers to the number of properties in a given location, price range and style that a real estate market can absorb in a given amount of time. This rate is influenced by the demographic and economic factors that exist in the marketplace, and as a result the absorption is subject to constant change. In most cases the absorption rate of properties in one price range may be totally different than the absorption rate in another.

One-bedroom Condos:
Active Inventory = 26
Average Number of Properties Sold Per Month = 13
Months Supply of Homes = 2

Two-bedroom Condos:
Active Inventory = 44
Average Number of Properties Sold Per Month = 14
Months Supply of Homes = 3

It is generally believed that a buyer’s market exists when there is more than 6 months of inventory on the market. A buyer’s market usually applies downward pressure on home pricing until demand catches up with supply.

If this is the case, then why with only 2 & 3 months of inventory on the market does this feel like such a seller’s market? Most of it has to do with buyer psychology. Everything you read and everything you hear describes an ugly situation in the housing market. Even though condos are still selling in Arlington VA it is important to be a prudent seller. We have started offering free staging for our clients to make sure their home shows with its full potential. We have developed a proven marketing plan starting with a detailed analysis of your target market and pricing. Some of our home sales in 2008 have even received multiple offers. If you would like to talk about what your home might be worth, please contact me at AskForAdam@gmail.com or 703-627-1255.

You can receive home sales updates delivered directly to your inbox at the frequency you select, for free of course. Just visit the following link and enter some basic information about where you live. www.HomeValueChart.com

$8000 First Time Homebuyer Credit

2008-07-07T06:58:57Z

Congress is considering a package of items that are meant to boost the housing market nationwide. Many of my clients happen to be first-time homebuyers so one item in particular grabbed my attention. They are proposing an $8000 tax credit for couples and $4000 for individuals on your first home purchase. This is not a deduction, it is an actual $8000 reduction on your next tax bill. This will be a major motivation for renters that have been sitting on the fence of home-ownership. The credit program is designed to cover qualifying home purchases between April 9, 2008 and April 1, 2009. Some of the details we are waiting for include income restrictions and possible re-payment plans. Please let me know if you would like to be kept in the loop as more information unfolds.

More Arlington Condos Turn Rental

2008-07-02T06:00:26Z

During the real estate boom developers took advantage of the undeveloped land throughout areas in Western Fairfax County, Loudon County and Prince William County. Though they would have loved to build up Arlington VA, there really isn’t much open land left to develop. They were forced to build up. As a result, many new condo buildings were planned along the Orange Line.

When the real estate market slowed in Northern Virginia developers have been able to easily convert these condos into rentable apartments. The Arlington real estate market benefits because there is less inventory for sale. Supply and demand in Arlington has continued to stay relatively balanced.

There are two new condos that have been added to the list in Arlington and one in Merrifield. The Vista on Courthouse is a new 11-story building with 213 units. It is being built along route 50 in the Courthouse area of Arlington. The name alludes to a view, but I can’t confirm that. Some of the upper floors may have views of Iwo Jima and some of the outer facing monuments of DC. The Vista also includes 40 townhouses. The latest news is that the condominium units will be rented as luxury apartments and a majority of the townhouses will be sold. From talking with the sales manager of the Vista townhouses they will have open floorplans, 2-car garages, high-end finishes and rival re-sale townhouses on a cost-per-square-foot comparison. Delivery will take place towards the end of 2008.

The other Arlington condo to go apartment is The Palatine. Like The Vista it is located in the heart of Courthouse about 3 blocks from the Courthouse Metro Station. The Palatine is 12-stories with 274 units. The tiered design reminds me of luxury buildings I have seen in South Beach. Monument Realty reluctantly returned deposits to contract holders last month.

If you want to buy a new condominium in Arlington the choices are getting slim. The Phoenix and The Residences at Liberty Center still have some nice choices, but sales have been hot in both of these buildings. If you want something a little more unique and luxurious, I recommend Wooster & Mercer Lofts and The Waterview. Both buildings are towards the end of their sales cycle so it may be a good time to get a great deal.

The third condo to go rental is The Vantage. I don’t have any solid information to back up this claim. It is simply the signal they are giving off with their behavior over there. The Vantage is a first phase addition to what will become The Merrifield Town Center. This building sold out in days when it hit the market in 2005. I had clients with their name on the list that never even had a chance to visit the sales center because it sold out so quickly. How times have changed. Undoubtedly, there are a lot of would-be-purchasers backing out of their contracts at The Vantage. It’s a big project and there are some beautiful units. Some of the prices range well past the million-dollar mark. Is there still a market for those condos in Merrifield? Personally, I would love to see this building continue as a condominium. Merrifield is becoming more and more desirable because of its central location, proximity to Dunn Loring Metro and promise of the Merrifield Town Center. Of course they will need to adjust their prices down a bit from where they were in 2005.

If you would like information about new or almost new condominiums in Arlington and Merrifield please send me a quick email. I’m happy to provide you with the latest details. AskForAdam@gmail.com

1800 Wilson is Arlington's Favorite Boutique Condo

2008-06-19T06:57:25Z

Maybe you're looking for the conveniences Arlington has to offer such as walkable Metro access, restaurants outside your front door and 200,000 other fun loving people. But, your not too excited about the idea of living in a high-rise or paying an inflated condo fee for a pool and concierge you won't ever use. 1800 Wilson might be a good compromise for you. It sits only five stories high. There are four floors of condos and the top floor units are 2-levels. Some look out into the world and the others share a view of the courtyard. The amenities don't get more exciting than a bare-bones fitness center and Internet cafe. There are shops along the street level and a restaurant opening up soon. The courtyard at 1800 Wilson has a gas-flame fire pit that has yet to breath fire. A little patience is always required when owning a newly constructed home.

It's located in-between Courthouse and Rosslyn. You can walk downhill to the Rosslyn Metro station on your way to work and walk downhill from Courthouse metro station on your way home. Maybe you're the ambitious type and like to switch it up. Across the street from 1800 Wilson is the best steak restaurant in the entire DC area (Ray's The Steak), the first Pho restaurant in the country (Pho 75) and my favorite coffee shop (Greenberry's). The coffee is great and it always smells like a mix of ground coffee and fresh baked muffins. On the weekends you can walk up the street farmer's market in the morning and into Clarendon in the evening. A sometimes underrated benefit of Arlington is that you are close enough to DC that heading into the city is never a major consideration. I can't say the same for my friends living in Fairfax or Reston.

If you want a brand new unit at 1800 Wilson, you better move fast. There are only a couple of the two-bedrooms left and no one-bedrooms. There are some nice one-bedrooms on the resale market that are damn close to being new. I'm happy to get you details on either of these scenarios. The 2-level units are pretty cool as well. They have a refined loft feel. Every home at 1800 Wilson comes standard with hardwood floors, granite counters, GE stainless steel appliance, maple cabinetry and a full-size washer and dryer. Yep, you also get a secure underground parking spot and maybe even a storage space. The floorplans are airy with high ceilings.

Let me know if you would like more information or a chance to check it out. AskForAdam@gmail.com

Address: 1800 Wilson Blvd., Arlington VA 22101

Foreclosures in Virginia - A blessing in disguise?

2008-05-02T07:30:46Z

Some believe there is a housing bubble that surrounds Northern Virginia. Towards the end of 2005, word of it spread and the housing market has been deflating ever since. Home sales have slowed and home values are decreasing in some areas. Areas like Arlington have continued to hold strong, but as you move away from DC the losses contrast the gains we saw in 2003 and 2004. It wasn't long before people started using the F word. Foreclosures became the buzz for good reason. As a homeowner the worst thing for home values in your neighborhood are multiple foreclosures. One or two can be considered distress sales, which shouldn't have a direct affect on your home's value. If foreclosures are the only thing selling in your neighborhood, they create the market. They even start competing with each other. I recently sold a home in Woodbridge, Virginia where we competed with seven other foreclosure listings.

The irony is that foreclosures are what is re-igniting the housing market in Virginia. Investors are already on to it. The last eight foreclosure homes I listed had multiple contracts inside of a week. It is hard to even keep up with all the phone calls. It is not just investors anymore. It is all of us that couldn't afford the type of home that we wanted. If you could only afford a two-bedroom condo before, now you might be able to consider a townhouse that has been foreclosed on. Maybe you can even afford a single family home that needs some TLC. What is important is that people are buying again. The momentum has to get started somehow. I am hoping that when the foreclosures start to peter out, the appetite for real estate will remain.

When I say foreclosure homes, what I am really talking about are REO (real estate owned) properties. In Virginia foreclosures still go to auction on the courthouse steps. When it doesn't sell at auction the lender buys the property back and sells it as an REO.

There are some things you should know about buying REO properties in Virginia. They have a lot more promise of making it to settlement than a short sale, but they require more patience than a traditional home purchase. If you are not ready for the pace you will likely lose out on the first one or two. If you expect multiple offers, be prepared to pay at least asking price but don't be afraid to ask for closing cost concession from the "seller". If possible, try to settle within the month you are in. Always check with your lender before committing to a settlement date. If possible, use a conventional loan. FHA and as-is properties don't mix very well (I will write more about this in a future blog). Ask for a home inspection, but remind yourself about 10 times that this is an AS-IS SALE. You can walk away from the contract if the items found are unsatisfactory, but you should not ask for repairs. Provide a lender letter. Some may require it to be from the selling institution, such as Countrywide. It's a great idea to have this letter before the property ever goes on the market, but at least make sure you or your Realtor have connections that can get you a solid letter quickly. Get your offer in fast! Make sure the listing agent has received it and will be submitting immediately. Once your offer is accepted, be prepared to wait for responses and act quickly when needed. Is it all worth it? Usually it is. You can get to settlement without too much turbulence and you can get a great deal on a home you wouldn't have otherwise been able to afford. There are some gems out there!

You are welcome to use my free Foreclosure Finer if you would like to receive alerts as soon as new foreclosures come on the market in Northern Virginia.

Good luck and let me know if I can help.

-Adam Gallegos

The 2008 Buzz About Northern Virginia REO Properties

2008-02-25T16:06:29Z

REO properties are the buzzword for 2008, but what exactly are these properties? REO stands for Real Estate Owned. Basically, this means the homeowner was unable to make payments on the property and it was seized by the lender. When the foreclosure process is complete, the home becomes Real Estate Owned (REO) by the lender. In the past, lenders traditionally attempted to auction the foreclosed home at this point to recoup the outstanding balance of the loan, accrued interest and related fees. In the current real estate market, most homes pass through this step and must be placed on the on the market for sale as an REO. Banks are eager to get rid of these properties to recover their losses which means both individual buyers and investors can find an incredible deals on REO properties in Northern Virginia right now.

Although there are few foreclosures in the affluent communities around Arlington and McLean, there are numerous REO listings to consider in Northern Virginia. A seasoned real estate agent can help you field these listings to select potential homes that closely meet your criteria. I offer prospective buyers an opportunity to sign up for alerts about foreclosure properties that match their criteria so they know about available REO properties in Northern Virginia right away.

Because the price of REO properties is usually well below market value, they can be a great investment. With a few repairs, you may have the potential to receive significant profits within just a few months after purchasing the right REO property. Many of these homes are sold “as is”. They may allow home inspections, but will not honor repair request resulting from the home inspections, so it is important to make sure you are getting a deal you can handle. If the house is in such poor shape you are unable to afford the repairs, remember there are plenty of REO properties to choose from. You may wind up seeing several properties before you find a viable deal for your circumstances.

REO property deals also tend to move more slowly because there are a few more steps and approvals to get to closing, but they are worth the wait because of the savings you realize. If you are functioning under a certain time frame, remember that patience and timing are involved with REO property deals. As a real estate agent who is familiar with the REO buying process, I can help move the process along as quickly as possible.

The current housing market conditions have made an increasing number of REO properties available in Northern Virginia as of 2008. Another person's loss can be your gain during these difficult economic times so remember to check out REO properties during your real estate search.

Foreclosure Listings Alert in Northern Virginia

Arlington VA, and EcoFriendly Leader

2008-02-19T14:06:36Z

While it is well-known that Arlington is a great place to live because of the booming community and access to employment, it is also a premier location for people concerned about the environment. Arlington's Green Initiative programs include a variety of facilities with enlightened land use, controlled parking spaces for new buildings, the metrorail, zip cars, pedestrian-friendly neighborhoods and even Enviro Cab hybrid cabs. The green building initiatives coupled with the eco-friendly mass transit options make Arlington a model for other counties throughout the country to emulate.

Because of the variety of stable neighborhoods developed in an environmentally friendly way, Arlington received the Environmental Protection Agency's highest award for “Smart Growth” in 2002. In 2003, the Arlington Green Home Choice Program was developed as an incentive to encourage homeowners to build green. Builders participating in the Green Home Choice Program gain recognition as green builders.

So what exactly is green building? I wanted to know myself and decided to learn more about it through the EcoBroker program for real estate professionals. I learned about the “performance home” movement and earned my EcoBroker Certified® designation so I can assist my customers in getting the best value by understanding basic energy and environmental issues. A loose definition of green building is a collection of land use, construction strategies and building designs that reduce the environmental impact on their surroundings. Green building is essential because traditional building practices are consuming more of our resources than necessary and generating significant waste.

Arlington County uses the US Green Building Council criteria, the Leadership in Energy and Environmental Design (LEED), to measure the performance of county buildings. Through a points system within seven categories, the LEED rating system determines how green a building is. Green buildings have many unique qualities including natural lighting, non-toxic and recycled building materials, preservation of natural vegetation and efficient use of energy and water. This saves the environment while saving the customer money on utilities and protecting their overall well-being. If I can help customers save the earth, their health and their budget with the information learned through EcoBroker, I am part of the Arlington solution.

National surveys reveal that 80 percent of consumers consider themselves “green minded”. Arlington is at the forefront of the environmental movement with their Green Initiative, which is another reason to live and work in this progressive county. Originally part of a 10 mile parcel of land surveyed in 1791 that included the National Capitol, Arlington is now a self-governing county with incredibly innovative ideas. Home to some of the most influential people and places in the world such as the Pentagon, Arlington is an outstanding place to live and do business. With the Green Initiative, an efficiently convenient mass transit system and even hybrid cabs, owning Arlington real estate is more valuable than ever before.

Search homes for sales in Arlington VA.

-Adam Gallegos (www.surfNOVAturf.com)