Katie Wethman's Northern Virginia & Washington, DC, Real Estate Blog

The Jefferson at Ballston: North Arlington Condos for 55+

Mon, 16 Nov 2009 21:04:50 -0600

Two words: Retirement Community. The Jefferson is a Sunrise Senior Living Community. It consists of two high-rise condominium towers within a block of the Ballston Commons Mall and Ballston metro, and as such they get plenty of hits from buyers looking for affordable options along the Orange Line in North Arlington. So why are these condos so cheap?

First, you must be 55 or older to purchase there, and all units come with not only a condo fee (about $100-150/month for a 1BR), but a hefty Service Fee which is mandatory for all residents. Service Fees start at approximately $1925/month for a 1BR and can go up to over $3700 for a 2BR/den and even more for larger units. Continue reading the post here.

The Impact of the $6500 Repeat Buyer Credit

Mon, 16 Nov 2009 21:00:32 -0600

By this time, most people are aware of the extension and expansion of the $8000 first time buyer tax credit, and many even know about the new "category" of "first time buyers" who are eligible for a $6500 credit. You can read more details here.

Income limits were raised (previously $75,000 AGI for a single up to $125,000), and the new deadline is April 30 (under contract). These changes obviously made a lot of buyers very mad; those who purchased in 2009 but didn't meet the income eligibility now look like suckers (but take heart...at least you had low prices, fantastic interest rates, and likely a lot more choice in inventory than today's buyers have.) And what about those souls that purchased back in 2008 when the "credit" was just a $7500 loan? (Again, take heart...low rates, low prices, and you really did have the pick of the litter on inventory. Just look at the inventory lines on this graph of Northern Virginia Homes for Sale and compare the 2008 line to today. What good is a big credit if everything available to buy is not worth buying?)

With inventory so tight, why do we need an extension and expansion, and on top of that a new category (the so called "move up" buyer, though in reality it could just as easily be a "move down" buyer, or even just someone who wants to convert their current residence into an investment property)?

Continue reading the post here.

North Arlington Neighborhoods: Waverly Hills

Sat, 07 Nov 2009 10:21:00 -0600

About the Neighborhood

Waverly Hills (often misspelled as Waverley Hills) in North Arlington consists mostly of single-family homes that are primarily in the Cape Cod and Colonial styles, and one story bungalows. Bounded by Glebe Road , I-66, Lee Highway, and Utah Street, it is very close to Ballston metro and major commuting routes like I-66, Rt 29, and Washington Blvd.

The oldest and most significant building in Waverly Hills is the Glebe House, originally built in 1770. The Glebe House was established as a 500 acre farm and provided for the rector of Fairfax Parish, which included both Christ Church, Alexandria and the Falls Church. Built in 1775, it burned in 1808 and was rebuilt in 1820 as a hunting lodge. Subdivision of the Glebe lands began in 1846. The octagon wing was added about 1850.

Nearby neighborhoods include Willet Heights (often misspelled as Willett Heights), Waycroft, Woodlawn, and Ballston. Woodlawn Park is located nearby, and a stream runs through the park.

The neighborhood has a very active Civic Association. View the Waverly Hills conservation plan.

Neighborhood History

From the Arlington County website:

Throughout most of the 17th century all of Northern Virginia remained Indian territory until the restoration of King Charles II to the English throne in 1660. The majority of Waverly Hills was included in a land grant to James Brechin, rector of St. Peter's Parish in New Kent County in 1716. Brechin never lived on his Arlington holding and upon his death in 1721, Daniel Jennings, the surveyor of Fairfax County (in which Arlington was then included), purchased the land. A small portion in the northwest corner of the Waverly Hills area, was part of a grant in 1731 to James Robertson, a large landholder in what is present-day Arlington. The lower part (the area south of 19th Street) grew in the period between World Wars I and II, while the area north of 19th Street was developed in the years immediately after World War II.

Waverly Hills was named a "Great Place to Live" by Washingtonian Magazine.

Homes for Sale

As of November 7, 2009, there is just 1 home on the market in Waverly Hills, a colonial priced at $975,000. In the past year, 10 homes sold with list prices ranging from $589,000 to $1.875 million (average sold price $881,560). Average days on market was 81. (Source: MRIS as of 11/7/09)

Looking to buy a home in Waverly Hills? I live nearby and keep a close watch on the listings in the neighborhood - contact me!

See Homes for Sale in Waverly Hills.

Are you getting ready to sell your Waverly Hills home? As an Arlington resident, I can help you best highlight all the positives of living here!

Not all agents are alike -- ask me about the services that I provide my sellers including professional photography, staging, and custom websites--after all, most buyers start their home search on the web and DEMAND high quality photos. For a free pricing analysis and comprehensive marketing plan, contact me or visit my Sellers Resource Center.

Other Arlington Neighborhoods:

Tara - Leeway Heights

Waycroft - Woodlawn

Westover

Extension and Expansion of First Time Home Buyer Credit

Fri, 06 Nov 2009 22:32:56 -0600

It's officially passed the House and Senate, and is now awaiting the President's signature. Along with the extension of the $8000 First Time Buyer credit (now applies to any buyer under contract by April 30, 2010 and settling by June 30, 2010), there is now a new credit category: long-time residents of the same principal residence which has been given the shorthand name of "move up buyers"--though in reality it could just as easily apply to "move down buyers."

If a homeowner has owned and used the same residence as their principal residence for any five consecutive years in the last eight (as of the date of purchase of a subsequent residence), then they are treated as a "first time home buyer" eligible for a $6500 tax credit when they file their next return.

Click here to continue reading the post for more information about the $6500 home buyer credit.

How do I buy and sell a house at the same time?

Thu, 05 Nov 2009 10:22:57 -0600

Now that the first time buyer rush is nearing its end (unless it’s extended…stay tuned…), and there’s a lack of inventory for entry-level price points (below $450k-ish) in much of our area, this might be the ideal time for owners to start thinking about putting their homes on the market in our area. Yes, despite the holidays coming up…especially if the credit gets extended.

But many sellers worry:

* What happens if I can’t sell my home and I’m already under contract on another?

* What if I have a contract on my home but it falls through?

* What if I can’t even find a home that I want to buy and someone has already bought mine?

* How do I coordinate the closings so that I’m not homeless?

Click here to continue reading the post.

Up & Coming in Petworth: Chatting with Mayor Fenty

Wed, 04 Nov 2009 21:25:54 -0600

I happened to stop by a client’s new house today–a fantastic renovation of a rowhome in Petworth–and whom should I see walking down the street but Mayor Fenty himself! He was checking out the neighborhood, shaking hands, etc.–no doubt checking up on all the recent development in the area! He was very interested in the recent sales in the neighborhood, which obviously has been undergoing a lot of changes lately, so we chatted for a few minutes.

Read the rest of the post here.

Northern Virginia & Washington, DC, Real Estate Market Update - September 2009

Sat, 26 Sep 2009 09:16:20 -0500

This is the monthly market update I provide to my clients. To be added to the mailing list so that you receive these updates as soon as they are available, please email me.

The market doesn't seem to have slowed down very much this Fall.

There are plenty of buyers playing beat-the-clock, but the big news continues to be the lack of inventory in the greater NoVA area. The lack of homes for sale, primarily spurred by lower prices that are driving sales, is compounded by increasing new construction sales. KB Home has announced it intends to resume building in the DC area after curtailing operations in late 2007, as described in this article. The article notes that Toll Brothers has also started snapping up properties, now that listings for sale have reached their lowest level since January 2006.

Rumors abound about a potential extension of the $8000 tax credit currently scheduled to expire November 30, but no official word yet. Stay tuned. Given our lack of inventory, if the credit gets extended then we better hope that entry-level owners decide to sell or we will have even more frustrated buyers in our area.

On the lending front, FHA may be heading for problems. The agency, which is responsible for many purchase money loans given the current environment, recently announced its cash reserves will drop below its Congressionally mandated level. This sparked a number of program changes, including special appraisal rules, similar to the HVCC that was instituted for conventional loans a few months ago--so buyers and sellers should be prepared for even more appraisal headaches to come!

In other news, here are some good articles I came across this month: 7 New Rules for the First Time Buyer and Credit Scores: What You Need to Know.

As always, please let me know if I can do anything to help you or your friends with your real estate needs.

Free First Time Home Buyer Class - Arlington VA - September 2009

Tue, 01 Sep 2009 17:07:12 -0500

Are you one of the estimated 53% of buyers in 2009 who will be buying for the first time?

Then register for a free first time home buyer seminar at Arlington Central Library to be held Wednesday, September 16 at 7:15 pm.

As with our other classes, there is absolutely no cost or obligation to attend this one hour educational session where we will recap the current market conditions, discuss the future outlook, and provide an overview of the home purchase process.

We'll also discuss the impact of the banking system collapse and bailout, the home purchase process and common pitfalls, financing basics and a how to get started checklist.

Details and registration information can be found here.

Search the MLS

See more Buyer Resources

Contact Katie to start your home search

Short Sale Statistics for Northern Virginia

Tue, 18 Aug 2009 16:47:51 -0500

I got to wondering today whether more short sales are closing and thought I would share some interesting data I found. All data is per MRIS as of today.

Number of active listings designated "potential" short sales in NoVA* = 607 (# in Arlington = 57)

Number of short sales that have closed in NoVA in past 30 days = 199 (# in Arlington = 7)

Close Price to Last List Price Ratio for Short Sales that Closed = $302,258/$306,505 = 98.6%

Average Days on Market (Property) of Short Sales that Closed = 83 (Highest was 631 days). Note this represents the number of days until they got an offer, NOT the number of days that it took for the bank to approve the transaction.

A quick look at the listings that closed in the past 30 days showed "contract dates" of as far back as November 2008, but most seemed to have been put under contract in the March-April-May 2009 timeframe, meaning about 3 month waiting period for bank approval and settlement. As a point of comparison, "regular" contracts tend to settle about 30-45 days after the contract date.

I have to say that I was surprised that so many short sales closed in the past 30 days. I went back for a few months to spot check and the average seems to be roughly 200-250 closing each month going back to this Spring. This data leads me to believe that not only are banks approving more and more short sales, but they've gotten more efficient at that approval process.

Buyers, short sales are certainly not without their own risks, delays, and headaches, but maybe it's time to put them back on your shopping list. To start your home search, visit my website or contact us.

* NoVA = Arlington, Alexandria, Fairfax, Fairfax City, Falls Church City

State of the Northern Virginia & DC Real Estate Market - August 2009

Mon, 10 Aug 2009 15:16:30 -0500

Summer has been surprisingly busy this year in the DC real estate world. Here's the latest:

Buyers are in a race against the clock to claim the $8000 tax credit by November 30, which has spurred activity in lower price ranges ($500k-ish and below) dramatically.

Northern Virginia inventory, in particular, is significantly lower than past years - check out this inventory graph, and the surprising uptick in average sales price just below it. There is still a lack of "good" inventory out there, resulting in a lot of very frustrated buyers who are moving quickly and at full price when they see something they like that is priced right. At least half of the offers I've written the past few months (and there were a lot) were competing against other buyers and, even with very solid terms, often losing to others with equally solid terms.

The lack of new construction in the area is also adding to the inventory drop. As this article notes, condo prices are down, driving sales up. But this little bit in the middle is particularly intriguing: "Because the number of projects set to deliver inside the Beltway will drop to near zero, Leisch said prices will rise sharply between 2010 and 2011."

Even with buyers jumping to write offers, it's important to structure the contracts to protect yourself. I was quoted in this Express article last month about creating "safety nets" for buyers.

In related news, and adding frustration to the market for both buyers and sellers, there are continuing challenges with appraisals, as noted in this WSJ article.

I'm hosting a free first time home buyer class at Arlington Central Library on Tuesday, August 18 at 7:15 pm. This month is really the latest that a buyer should start their search if they hope to make the November 30 deadline. If you or a colleague would like to attend, please email me to register so I can reserve a seat.

As always, please let me know if I can do anything to help you or your friends with your real estate needs.

State of the DC Area Real Estate Market: June 2009

Sat, 13 Jun 2009 08:42:07 -0500

The Spring market is hopping, but some recent changes are making it difficult to predict what's around the corner. Here's what's going on in the local real estate world:

Interest Rates Jump: Mortgage rates took a significant jump in the past few weeks. The short story is that optimism about the economy combined with fears about inflation are pushing rates up. But if you want the long story, you can read more about the relationship between the bond markets and MBS markets here.

Foreclosures and short sales continue to be a very active segment. Banks have finally figured out that the trick to selling foreclosures quickly is to price them ridiculously low and get a bidding war going. It's not uncommon to have dozens of offers in during the first few days for entry-level price points ($200-300k). Short sales continue to be a source of frustration for buyers, as noted in this good NPR story.

The area's inventory remains flat (Arlington and DC) to declining (NoVA)--check out the significant decline in Northern Virginia inventory here.

Case-Shiller is still reporting significant price declines year-over-year, but here's a good article explaining why, if you read the data more carefully, the news is much less ominous.

New Appraisal Code Scuttles Deals: The new Home Valuation Code of Conduct was implemented in May, and is wreaking havoc with deals. This Code created intermediaries to manage the appraisal process, and some argue that quality has dropped. Many appraisals are coming in low, opening the door to a secondary round of price negotiations in many transactions.

Monetization of Tax Credit: Of significant note to first time buyers is the emergence of programs that will allow a buyer to "monetize" the $8000 tax credit. VHDA has developed a program to structure a second trust of $8000 with no principal or interest payments due during the first 12 months. Details are still evolving, but it is expected that a buyer could use this $8000 second trust as part of their downpayment.

If you are a first time buyer hoping to take advantage of the $8000 tax credit - start your search NOW! The lack of "good" inventory may make it difficult to find something that fits your needs and your price range. Settlements must occur by November 30 to file for the credit, and with the current volume of lending and refinancing banks are backed up. No doubt this backlog will increase for both lenders and settlement companies as we approach November 30 - plan ahead! Contact me to start your search - I'd love to help you!

And finally, just for fun: For all you Arlingtonians and those who want to be an Arlingtonian -- check out this rap.

As always, please let me know if I can do anything to help you or your friends with your real estate needs.

Ready to start your search? Visit my website or contact me!

Free First Time Home Buyer Class in Arlington, VA

Fri, 29 May 2009 21:08:02 -0500

Are you a first time buyer thinking of starting your search? Low pries, historically low interest rates, and the $8000 tax credit have many people in our area wondering if it's time to buy. Join us for a free educational session at Arlington County Library.

Wenesday, June 10

7:15 pm - 8:30 pm

Arlington County Library

1015 N Quincy St

2nd Floor Mtg Room

Ballston (Orange Line)

We cover a recap of the market, current trends and market stats including days on market, average sales prices, and inventory levels. We'll also discuss the impact of the banking system collapse and bailout, the home purchase process and common pitfalls, financing basics and a how to get started checklist. Specific topics covered:

- Northern Virginia, DC, and Montgomery County market analysis

- Mortgage basics: rates, points, fees

- Financing basics: FHA, Conventional, Conforming, and "Jumbo" loans

- Calculating the tax benefits of homeownership

- Short Sale, Foreclosure/REO/Bank Owned basics

- Search tips - Fees and closing costs

- Buyer agency and choosing an agent

There's never any cost or obligation to attend our classes. Simply email katie@katiewethman.com to register so that we may have materials available for you.

Arlington, VA Neighborhoods: Waycroft - Woodlawn

Thu, 30 Apr 2009 08:39:52 -0500

About the Neigborhood

Waycroft-Woodlawn consists of about 585 single-family homes that are primarily in the Cape Cod and Colonial styles, common in the 1920s, 30s, and 40s when the area was developed. Bounded by Glebe Road , I-66, 17th Street , and George Mason Drive/Frederick Street, it is very close to Ballston metro and major commuting routes like I-66, Rt 29/Lee Hwy, and Washington Blvd. Nearby neighborhoods include Tara - Leeway Heights and Westover.

Woodlawn Park is located nearby, and a stream runs through the park. Virginia Hosptial Center is adjacent to the neighborhood. The neighborhood's abundance of trees and greenery (it's known as the "Garden Spot" of Arlington) and bicycle- and pedestrian-friendly sidewalks make it a charming locale.

The neighborhood has a very active Civic Association. View the Waycroft-Woodlawn conservation plan.

Neighborhood History

Waycroft-Woodlawn is anchored by the Mt. Olivet Methodist Church, first built between 1855-1860 and was born in the name of dispute resolution. Two of Waycroft-Woodlawn residents, William Marcey and John Brown, had a dispute over a parcel of land and to resolve the matter, they both gave up their claims and donate the land for a church site. The current church structure was built in 1948 is the fourth building on the same site. Mt. Olivet Church served as a hospital for wounded Union soldiers during the Civil War.

Arlington County's website provides more background on the evolution of the neighborhood:

Following the Civil War, a Union officer, Major R. S. Lacey of Ohio bought a farm in the southern part of the Waycroft-Woodlawn area and built a house, Broadview. This house stands today, still a private home, at 14th and Evergreen Streets. The Brumback firm built Woodlawn Village in the years 1934-1939. In the area named Waycroft, lots were sold and individual houses built rather than the entire development being built by one builder as was the case in Woodlawn Village. In the years following World War II, the remaining vacant lots in Waycroft-Woodlawn were then built up with individual dwellings.

Homes for Sale

As of April 30, 2009, there are 5 homes on the market in Waycroft-Woodlawn, ranging in price from a $559,000 Cape Code to a $897,400 Colonial. In the past year, 24 homes sold with list prices ranging from $482,500 to $1.37 million (average sold price $744,404). Properties don't last long in this charming neighborhood - average days on market was just 38. (Source: MRIS as of 4/30/09)

Looking to buy a home in Waycroft - Woodlawn? I live nearby and keep a close watch on the listings in the neighborhood - contact me!

Search the MLS or contact me to set up a custom alert for Waycroft Woodlawn homes!

Are you getting ready to sell your Waycroft - Woodlawn home? As an Arlington resident, I can help you best highlight all the positives of living here! Not all agents are alike -- ask me about the services that I provide my sellers including professional photography, staging, and custom websites--after all, most buyers start their home search on the web and DEMAND high quality photos. For a free pricing analysis and comprehensive marketing plan, contact me or visit my Sellers Resource Center.

Other Arlington Neighborhoods:

Tara - Leeway Heights

Waverly Hills

Westover

Arlington, VA Neighborhoods: Berkshire Oakwood

Mon, 27 Apr 2009 14:49:40 -0500

Located in the furthest western corner of Arlington County, close to commuting routes I-66, Rt 29, and the East Falls Church metro station (orange line), lies Berkshire Oakwood.

As of April 27, 2009, there are 25 homes on the market in Berkshire Oakwood, ranging in price from a $529,900 rambler to a $1,599,000 Arts & Crafts model. In the past year, 53 homes sold with list prices ranging from $525,000 to $2,199,000 (average $801,719). And properties don't last long in this popular neighborhood - average days on market was just 57. (Source: MRIS as of 4/27/09)

Looking to buy a home in Berkshire Oakwood? I live nearby and keep a close watch on the listings in the neighborhood - contact me!

See Berkshire Oakwood Homes For Sale

Are you getting ready to sell your Berkshire Oakwood home? As an Arlington resident, I can help you best highlight all the positives of living here! Not all agents are alike -- ask me about the services that I provide my sellers including professional photography, staging, and custom websites--after all, most buyers start their home search on the web and DEMAND high quality photos. For a free pricing analysis and comprehensive marketing plan, contact me or visit my Sellers Resource Center.

Other Arlington Neighborhoods:

Tara - Leeway Heights

Waycroft-Woodlawn

Westover

Arlington, VA Neighborhoods: Tara - Leeway Heights

Sun, 26 Apr 2009 11:34:57 -0500

Located in North Arlington and bounded by Washington Blvd, George Mason, Lexington/Jefferson streets, and 22nd St N, the neighborhood of Tara - Leeway Heights remains one of Arlington's most popular. Nestled between Ballston and East Falls Church metro stations along the orange line, and with easy access to major transportation routes I-66 and Route 29, the subdivision has many advantages for commuters.

The neighborhood consists entirely of single family, detached homes, most of which were built in the 1940s. Similar to nearby neighborhoods like Westover Overlee Knolls, and Larchmont, the homes are primarily brick, and in the cape cod, colonial, and rambler styles.

Tara - Leeway Heights is a neighborhood steeped in Civil War history. After the battle of Bull Run, Union forces built up defences around Arlington, and "Halls' Hill" as the home of Basil Hall's home was called, was between Union and Confederate encampments. It was home to the only major defensive battle in Arlington County during the Civil War. Following the war, Basil Hall began to sell off lots from his Homestead Tract.

Though there are no parks within its boundaries, Parkhurst Park, High View Park, and Lacey Woods Park are all nearby.

At the time of this writing in April 2009, there are just TWO active listings! In the past year, there have been 24 homes sold, with list prices ranging from $499,900 to $1,179,000 (average of $731,323), and were on the market an average of 51 days. (Source: MRIS 4/26/09)

Visit the Tara - Leeway Heights Civic Association

View the Tara - Leeway Heights Conservation Plan

See demographic data for Tara - Leeway Heights and County provided demographic data here.

Looking to buy a home in Tara - Leeway Heights?

I live nearby and keep a close watch on the listings in the neighborhood - contact me!

Search for a home in Tara - Leeway Heights

Are you getting ready to sell your Tara - Leeway Heights home?

As a long-time Arlington resident, I can help you best highlight all the positives of living here! For a free pricing analysis and comprehensive marketing plan, contact me or visit my Sellers Resource Center.

Or sign up for a free automated market summary.

Other Arlington Neighborhoods:

Free First Time Home Buyer Class in Arlington, VA

Thu, 09 Apr 2009 20:42:10 -0500

Are you one of the estimated 53% of buyers in 2009 who will be buying for the first time?

Then register for a free first time home buyer seminar:

Arlington Central Library (Orange Line: Ballston)

Wednesday, May 20

7:15 pm - 8:30 pm

As with our other classes, there is absolutely no cost or obligation to attend this one hour educational session where we will recap the current market conditions, discuss the future outlook, and provide an overview of the home purchase process. We'll also discuss the impact of the banking system collapse and bailout, the home purchase process and common pitfalls, financing basics and a how to get started checklist.

The class is free, but registratin is required. You can register here.

Arlington, VA Neighborhoods: Westover

Sun, 29 Mar 2009 18:05:52 -0500

Westover has long been known as a quiet, eclectic "urban village" in North Arlington. Home to shops and restaurants, it has a very small town feel, but with big city advantages, like being close to the Metro and major commuting routes. Westover is on the National Register of Historic Places.

Westover has a small "main street" area with a hardware store, post office, and restaurants including the very popular Lost Dog Cafe (great pizza and sandwiches), its sister restaurant the stray cat, and Lebanese Taverna. Westover is an enclave of mostly small colonials-- some with just 2 bedrooms and 1 bath and quite affordable for the very convenient location nestled between Ballston and East Falls Church metros along the Orange Line.

As of May 1, 2009, there is just ONE home listed for sale in Westover, a 2br Colonial listed for $525,000. In the past year, there were 14 homes sold, ranging in list price from $425,000 to $649,000. The average days on market for sold properties was 88, and the average sold price was $522,979 (Source: MRIS as of 5/1/2009)

Here is the summary from the Register:

Located in northwestern Arlington County, Virginia, the Westover Historic District is a residential neighborhood of 418 primary resources on 143.363 acres. The neighborhood was constructed in five phases: Westover Apartments (1939), Westover Hills (1940-1941), Keene's Addition to Westover (1941), Westover Park (1942, 1943, 1947, 1948), and Mason's Addition to Westover (1955-1957). It is bounded by 18th Street North and North Longfellow Street on the north, North Jefferson Street on the east, Interstate 66 (I-66) on the south, and McKinley Road on the west.

The residential streets of Westover are lined with Colonial Revival-style single-family dwellings, twin houses, duplexes, and multi-family garden apartments primarily constructed by Mace Properties, Inc. with mortgages insured by the Federal Housing Administration (FHA). The buildings are sited away from the streets to provide for ample yards and many of the houses have paved driveways to provide for off-street parking. Rolling hills and clusters of woodland define the neighborhood, which is interspersed with winding streets and cul-de-sacs.

The commercial district, centered along North Washington Boulevard and Patrick Henry Drive, contains a shopping center, the Claude A. Swanson Junior High School, and the Westover Baptist Church. Swanson Park, located along the southwest border of the school site, connects the school grounds and the neighborhood with pedestrian paths. A planned park is located in the southern section of the neighborhood and is presently known as Westover Park.

Get an updated market summary of activity near your Westover home.

Other helpful links and information about Westover:

About Westover

Westover Library

Master Planning for the Library/Reed site

Wikipedia Entry with More on Westover

Bike Arlington's Westover Tour

Map of Westover Village

Westover Market - over 50 years old!

Points of interest in Westover

Westover Park

Arlington, VA Neighborhoods: Colonial Village

Sat, 28 Mar 2009 21:15:32 -0500

History

Colonial Village was built between 1935 and 1940 and was one of the first garden-style apartment complexes in the United States and the first large-scale rental housing project to be financed by a mortgage issue by the Federal Housing Administration. Designed in the Colonial Revival style, the community became the prototype for most of the garden area apartments in the Washington area during the 1930s and 1940s. The concept was so popular that 15,000 applications were received for the first 276 units. According to a long-time resident, “Young brides in Washington set their marriage dates by (when) their applications for an apartment in the village (were accepted).”

Originally, the complex consisted of 24 freestanding clusters of buildings containing 1,059 units. In the early 1980s, it was redeveloped and divided into three condominiums (Colonial Villages I, II and III), a cooperative (The Commons), and two rental properties. Colonial Village is listed in the National Register of Historic Places.

Location

Colonial Village is bounded by Wilson Boulevard, Queens Lane, Veitch Street, and Lee Highway. The complex is located near the Arlington County Court House in Clarenden, close to Rosslyn Circle and the Key Bridge and lies between the Courthouse and Rosslyn Metros.

Neighborhood Highlights

Colonial Village is just a very short distance to the Court House Metro, the Clarenden, Court House and Roslyn neighborhoods, and is in close proximity to the Key Bridge with quick access into Georgetown and DC. The neighborhood has access to a variety of restaurants, grocery stores (Giant and Harris Teeter), services, schools and nightlife. The buildings feature courtyards that were designed as a park within a park and offer a variety of walkways and landscaping including magnolia trees that flower in late spring and early summer.

Demographics

According to city-data.com, Colonial Village has 2,431 residents (47% male; 53% female). The median age of residents is 31.5 and the average household size is 1.5 people. 14.7% of the population is married vs. 35.3% in Arlington and 2.5% of its households has children vs. 14.8% in Arlington. Property Prices According to Redfin, there are currently 7 condos on the market ranging from a low of $278,500 for a 1 bdrm, 1 bath condo with 675 sq ft to $423,750 for a 2 bdrm, 2 bath with 1,000 sq ft to a high of $610k for a 2 bdrm, 2.5 bath unit that is 1,500 sq ft. The average list price for a condo is $367,500, average unit is 946 sq ft and properties are on the market for an average of 55 days.

Ready to start your search for a Colonial Village home?

Click here to see homes for sale in Colonial Village.

Are you getting ready to sell your Colonial Village home? As a long-time Arlington resident, I can help you best highlight all the positives of living here! For a free pricing analysis and comprehensive marketing plan, contact me or visit my Sellers Resource Center.

Other Arlington Neighborhoods:

Maywood

Lyon Park

Arlington Forest

Tara - Leeway Heights

Arlington, VA Neighborhoods: Arlington Forest

Sat, 28 Mar 2009 21:07:00 -0500

ARLINGTON FOREST is an established community of over 750 households in Arlington County, Virginia. The proximity to DC combines the benefits of living in an urban area with the comfort and security of a quiet, wooded neighborhood. The community is located about a mile west of the Ballston Common Mall, bordered by Carlin Springs Road and George Mason Drive on the north, North Henderson Road, 2nd Street north, North Pershing Drive and Arlington Boulevard on the east, and Glencarlyn Park and the W&OD trail on the south and west.

Arlington Forest derives its name from the forested residential terrain and neighboring parkland. Glencarlyn and Lubber Run Parks contain some of the largest remnants of natural forests in Arlington County. At the time of its development in 1939, Arlington Forest was on the cutting edge of community planning. Design concepts such as using curved streets instead of rigid rectilinear plans and locating power lines between back yards rather than on the street were considered innovative at the time.

Neighborhood Highlights

Arlington Forest is home to the Lubber Run amphitheater, which was built in 1969, and since then has hosted dozens of performances each summer, including live theater, music, dance, and comedy. It is one of several venues that are part of Arlington County's "Arts al Fresco" program. In addition to the convenience of being close to the Ballston Mall, residents have the convenience of the Arlington Forest Shopping Center, which has been a staple of the neighborhood since 1941. The community also is home to the Arlington Forest Club (AFC), a private pool and tennis club owned by the 675 families that have purchased member certificates.

Demographics

According to Redfin, 34% of households have children and 82.2% of residents own their homes. 51% of residents have lived in their home for 5 or more years so the population is fairly stable. The median age is 40.02. 35.1% of residents hold a bachelor’s degree, 40.6% of residents have obtained a graduate degree and the median income is $117,258 Property Prices The median list price for a single-family home is $549,000 (according to Redfin). The price points of the properties currently on the market range from a low of $475,000 for a 2 bdrm, 1 bath Colonial to a high of $679,000 for a 3 bdrm, 2 bath Colonial with a fireplace. This is slightly lower than the median price ($569,900) of the 6 homes that have sold over the past 8 months. A house is on the market for an average of 97 days before it is sold.

Top 10 Reasons to live in ARLINGTON FOREST

1. Easy access to Washington, D.C. – short distance to Ballston metro

2. Lovely colonial style homes on tree-lined streets

3. Close to 5 schools, churches, shopping center & shopping mall

4. Limited traffic on roads internal to the FOREST

5. Low taxes yet effective and responsive county services

6. Shaded, well-established residential sites

7. A historic area in the midst of national historical sites (Arlington Forest was named a National Historic District in 2005)

8. Attractive parks and recreational opportunities which include a community center, swimming pool and tennis club, and amphitheatre

9. Active Citizens Association with regular newsletter

10. Neighborhood Organized Babysitting Co-op

Ready to start your search for an Arlington Forest Home? Click here to see homes for sale in the neighborhood.

Are you getting ready to sell your Arlington Forest home? As a long-time Arlington resident, I can help you best highlight all the positives of living here! For a free pricing analysis and comprehensive marketing plan, contact me or visit my Sellers Resource Center.

Other Arlington Neighborhoods:

Maywood

Lyon Park

Tara - Leeway Heights

North Arlington (Orange Line) Condo Market Update: March 2009

Mon, 09 Mar 2009 12:48:57 -0500

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities.

	1 BR Units	2BR Units
ACTIVE LISTINGS as of March 4
Average List Price	$348,898	$546,430
Number of Active Listings	37	62
Average Property DOM(P) – Actives	73	87
SOLD LISTINGS for Feb 2009
Average Sold Price for Previous Month (does not include seller subsidies)	$348,370	$466,829
Number of Sold Listings in Previous Month	5	12
Average Property DOM(P) - Solds	73	100

Washington, DC & Northern Virginia Real Estate Update: Stimulus Package. Budget Update and Foreclosures

Sun, 08 Mar 2009 11:57:44 -0500

Stimulus Package & Budget Overhaul

The final stimulus package is the news of the day - the final credit for first time buyers only is $8000. No repayment as long as you own the house for 3 years, and some other limitations apply, but generally this is great news for buyers. Read the details in my blog post here, and a chart comparing the old $7500 credit to the new $8000 credit here. The credit is good for purchases that close before December 1, 2009 (I think Thanksgiving week is going to be very busy with settlements this year.) But remember that time of year has the lowest level of "good" inventory, so don't wait too long to start your search if you're planning to take advantage of the credit.

A lesser known perk in the bill is the reinstatement of the conforming loan limit increase to $729,750 for our area - that means more competitive pricing on loans below that amount.

On the 'bad news' side, Obama's proposed budget includes a provision limiting the mortgage interest deduction for those with an AGI over $200K ($250K for marrieds). Important to watch how this evolves going forward--it will have a huge impact on the affordability of high end properties.

Search for properties online here, or register to attend one of my free first time buyer classes.

Foreclosures & Short Sales in the Washington, DC, Area

Foreclosures and short sales continue to be a huge segment of the properties listed for sale in parts of our area. An interesting study by UVA maintains that the problem is relatively concentrated in certain states and counties, a claim I've long been writing. The study states:

"In the Washington, D.C. metropolitan area, for example, prices have barely changed in the District of Columbia, Alexandria and Arlington County, and parts of Fairfax County in Virginia. The largest price declines (more than 30 percent in 2008) have been in Prince William County, Va., but even there, the range of price declines in its six zip codes ranged from 49 percent to only 6 percent."

Anecdotally I can tell you that I see more and more short sales closing. Banks are getting better at this process and have better incentives to get the deals done. Fannie Mae has even launched a pilot program in Florida and Phoenix, areas particularly crushed by short sales, specifically to speed up the approval process. President Obama's foreclosure prevention package was announced last month, though the jury's out on whether or not it will truly help anyone. As this blogger points out, few homeowners in trouble have enough equity in their property to take advantage of the offer.

This WSJ blog article makes a good point about our local area though: Virginia, being a non-judicial foreclosure state and thus having a quicker timeline to foreclosure than its neighbors MD and DC, may have reached the bottom more quickly and with dramatic price drops, and now is poised for a rebound sooner. It states

"In sum, Northern Virginia's home price "correction" to date has been more severe than Maryland's, but it's now much closer to being over, and home sales are recovering and unsold inventories are dropping sharply. In Maryland, in contrast, reported home price drops have not as yet been as dramatic, but home sales continue to languish and unsold inventories remain bloated."

Thinking of buying a foreclosure? Make sure you know the risks by reading my blog post series here.

Visit my blog to read more news about the DC area market.

Contact me to start your home search in Washington, DC, Arlington, or Alexandria.

Arlington, VA Neighborhoods: Lyon Park

Sat, 28 Feb 2009 16:11:00 -0600

Lyon Park, just a short distance from Clarendon, is one of North Arlington's most popular neighborhoods. It's an extremely walkable neighborhood, as this tour shows. The 300-acre neighborhood, bounded by Arlington Boulevard on two sides, North Irving and North 10th Street, has a population of 4,775, according to the 1990 census. Within its borders are a shopping center at Pershing Drive and Arlington Boulevard and a dozen restaurants, including EatBar and Tallulah's in the space of the old "Whitey's."

Lyon Park is particularly known for mail-order homes known as "Sears houses" built in the 1920s and 1930s.

It has a very active civic association. The Lyon Park Community Center, located on three acres of park land, holds up to 150 people and can be used for receptions, dinners, and parties. The community center and park are owned by Lyon Park citizens, and is the only private park open to the public.

See homes for sale in Lyon Park.

See photos of my listing in Lyon Park.

Search the MLS.

Looking to sell your Lyon Park home? As an Arlington resident, I know how to best sell the joys of living in Arlington! Contact me to buy or sell your Lyon Park home.

Other Arlington Neighborhoods

Tara - Leeway Heights

Waverly Hills

Waycroft-Woodlawn

Arlington, VA Neighborhoods: Maywood

Sat, 28 Feb 2009 15:52:35 -0600

The Maywood community is one of Arlington’s oldest neighborhoods and an example of a “trolley neighborhood” because its development was tied to the development of commuter railroads that served the area from 1906 to 1934. It was initially planned in five sections, with its primary development taking place between 1909 and 1929. It is bounded by Lorcom Lane, Lee Highway, Oakland St., and I-66.

The initial platting for the neighborhood began in 1909 and consisted of single family homes. Maywood homes today are primarily four-square, cottage, bungalow, Cape Cod, and two-story gable-front houses executed in the Queen Anne, Colonial Revival, Craftsman, or Tudor Revival styles. Maywood was designated an Arlington Historic District in 1990, and added to the National Register of Historic Places in 2003. You can read more about Maywood as a historical area at the Department of the Interior’s Register of Historical Places here.

Maywood is home to the ¼ acre Maywood Park that features a school-age and pre-school playground. Maywood also is home to the Thrifton Hill Park (bordering Cherrydale and Woodmont.) Arlington County’s website contains demographic data for Maywood’s 1,023 residents (as of 2000 census).

As of April 30, 2009, there are just FIVE homes for sale in Maywood, ranging from $559,500 to $1.299 million. In the past year, 13 homes sold, with an average close price of $791,565 (source: MRIS 4/30/09) with an average days on market of 76.

See homes for sale in Maywood.

Search the MLS for all Homes.

Get a custom report on the value of your Maywood home at www.maywoodhomevalues.com

Contact me to discuss buying or selling a home in Maywood

Nearby Arlington Neighborhoods:

Berkshire Oakwood

Lyon Park

Maywood

Tara - Leeway Heights

Waverly Hills

Waycroft-Woodlawn

Westover

Stimulus Bill: $8000 First Time Home Buyer Credit & Conforming Loan Limit Increase

Sat, 14 Feb 2009 11:46:03 -0600

The stimulus bill, having had its original House and Senate versions reconciled in Committee, is now on its way to President Obama's desk in time for his President's Day goal. I'm still wading through the Committee report text, but here is what I can see:

Credit is $8000 (up from the House version of $7500 but down from the Senate's $15,000)
Does not have to be repaid as long as you own the house for 36 months from the date of purchase and you purchased in 2009. If you sell before 3 years then you have to repay the entire thing.
Applies to purchases from January 1 through December 1, 2009. (Note: I've seen some other reports saying 12/31, but from what I read in the Conference report posted online, it says 12/1) If you bought in 2009 you can elect to treat it as purchased on 12/31/2008 so you can claim it on your 2008 return.
Is a refundable credit - so if you don't owe $8000 in income taxes then you get the difference back (Note this is an update from a previous post which stated non-refundable.)
DC buyers cannot claim both this credit and the $5000 DC homebuyer credit.
Unlike the previous $7500 credit, you can claim the credit even if your mortgage was financed by a mortgage revenue bond (like with VHDA loans) - check with your tax advisor!
Limitations are similar to the previous $7,500 "credit" (interest free loan) in 2008: income restrictions start at $75,000 (single) or $150,000 (married filing joint), and have not owned a home in previous 3 years.

Continue reading the post here.

$15,000 Home Buyer Credit - What's the Deal?

Mon, 09 Feb 2009 22:17:55 -0600

The big headline is the news of the most recent stimulus package with a special home buying credit. So what's the story?

In short, we don't know yet. It's still in Committee because the House version and the Senate version are different (Remember "I'm just a Bill, on Capitol Hill..." if there two versions don't match--and they never do--then it goes to a committee.)

As of right now, according to CNN:

The Senate bill would double the size of an existing temporary home buyer credit to $15,000. It would also allow all home buyers to claim it and remove the requirement under current law that the credit be paid back. The House bill also removes the repayment requirement but leaves the credit maximum at $7,500 and would offer it only to first-time buyers.

If the Senate version wins out - that is HUGE! $15,000 of free money to ANY home buyer with NO income restrictions!

The current Senate version has the credit going into effect the day it is signed and lasting for one year. The Senate version is also non-refundable, meaning that if you don't owe at least $15,000 in taxes, you can't take advantage of the full credit (it does, however, let you spread it over two years.) In that way, the Senate version has been criticized as being disproportionately favoring the wealthy. This WSJ blog has some interesting detail though -- again, this is all preliminary, so don't get too excited--or disappointed--just yet.

Stay tuned!

Ready to start your search for a home in the DC or Northern Virginia area? Consider attending one of my free first time home buyer classes - details are here. Or start searching for homes in the MLS here.