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.
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)?
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.
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.
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!
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.
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.
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?
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.
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.
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.
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.
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
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.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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