Arlington, VA

The Shirlington Report

~ November 2009 ~

It was a busy month for settlements of Shirlington real estate with 33 units reaching that milestone, presumably in part due to November 30^th being the deadline of the original 1^st Time Homebuyer Tax Credit. New condo listings hitting the market in November were down by almost half from October at 18, the normal seasonal slowdown appears to on track, bringing total amount of active listings to 47 which matched the previous month's number. New this month, contingent offers with unresolved contingencies have been separated from those units fully under contract. Surprisingly, not a single unit in the market report area is in that full contract status; either it settled in November or is working with a relatively fresh offer, which further supports the effect of the tax credit in this market.

The unknown aspect this year is the extension & expansion of the Home Buyer Tax Credit and it will be interesting to see if that motivates buyers to stay focused during the holidays. There is ample inventory and many sellers may be in more of a deal making mood the further we get into holiday season.

AJ Heidmann, CRS, ABR, e-PRO

Cell 703-474-1260 ~ Office 703-518-8300 ~ Fax 703-518-8314

AHeidmann@CBMove.com

Coldwell Banker Residential Brokerage

310 King Street, Alexandria, VA 22314

"Serving Distinctive Clients & Properties in Northern Virginia"

Licensed in Virginia

* Information taken from the MRIS system deemed reliable, but not guaranteed.

** For the purposes of this report, the Shirlington area includes the following condominium associations: Courtbridge I & II, Heatherlea, ParkFairfax, Shirlington Village, The Arlington, Windgates I, II & III, and all Fairlington communities.

The Arlington Report for YTD November 2009

Model # Sold Sales Range Ave. Price Ave. Subsidy

A Lower 1 $300,000 $300,000 $9,750

B Upper 8 $260,000 - $295,000 $281,375 $3,795

C Lower 6* $275,000 - $293,000 $284,167 $1,667

L Lower 1* $345,000 $345,000 $ 0

M Upper 4* $300,000 - $311,000 $306,250 $4,831

*Excludes a short sale due to the distressed nature of the sale

Data source: MRIS settled transactions 1/01/2009 - 10/31/2009, deemed reliable, but not guaranteed

Compliments of AJ & Jodee Heidmann
YOUR Resident Specialists for The Arlington

The YTD November numbers for The Arlington look very much like the YTD October numbers... because there weren't any new settlements in November. Additionally, not a single one of the 7 available condos received an acceptable offer. At this time of year, there is a normal slow down in sales activity as a lot of potential buyers shift their focus to the coming holidays rather than home shopping.

An extension of the $8,000 1st time home-buyer tax credit, with an expansion to include owners that have owned their current home for at least 5 years worth $6,500, was approved by Congress in early November. However, it does not appear to have done much to motivate buyers since it was passed, as it provides that the property must be under contract by April 30th, 2010 and settlement must occur by June 30, 2010 and has not created a sense of urgency with 5 months to find a home.

Respectfully,

AJ Heidmann ~ CRS, ABR, e-PRO

Cell 703-474-1260 ~ Office 703-518-8300 ~ Fax 703-518-8314

AHeidmann@CBMove.com

Coldwell Banker Residential Brokerage

310 King Street, Alexandria, VA 22314

Licensed in Virginia

The rental market in Shirlington appears to have entered it's normal fall/holiday slowdown versus the summer to early fall time frame. It doesn't appear that an unusually large landlords are making the decision to sell, as absentee sales have not ticked up appreciably on a percentage basis in the past few months.

Due to the close proximity to Downtown DC and the restaurant & nightlife / cultural opportunities / shopping of the expanded Shirlington, the area remains a desirable area for those individuals looking for a rental home

UNITS APPLICATION
MONTH RENTED REGISTERED ACTIVE AVE RENT RENT RANGE

OCT 18 6 22 $1,685 $1225-2400
SEPT 17 $1,523 $1195-1950
AUG 23 $1,614 $1295-2300
JULY 32 $1,762 $1250-2600
JUNE 24 $1,625 $1200-2125
MAY 21 $1,643 $1125-2500
APRIL 19 $1,590 $ 990-2100
MARCH 16 $1,458 $1195-1875
FEB 13 $1,705 $1295-2100
JAN 13 $1,665 $1150-2400

I posted some October Statistics for 22205 a week or so ago. Here is some information from our neighbors in 22207.

These statistics come from the multiple listing system so are only as accurate as the posted stats and will not include FSBOs or unlisted transfers.

Total Sales:

2008-$17,862,476

2009-$28,749,242

This is a whopper of an increase of 60.95%

Average sold price:

2008-$776,629

2009-$756,629

A relatively low decrease of 2.58%

Median Sold Price:

2008-$709,000

2009-$662,500

A decrease of 6.56%

23 homes were sold in October of 2008, and 38 in 2009. An increase of 66.52% Perhaps a takeaway from this is that a modest decrease in prices has resulted in a significant increase in sales.

At the end of October there were 161 active listings. 149 were residential houses and 10 were condos.

I view these numbers as showing a strong market. Homes priced well are selling well. There are lots of buyers for this zip code and if they perceive the home is a value at the list price they will buy.

The Federal Government just released a study showing a link between copper corrosion in home on pipes and wiring, and drywall imported from China during the housing boom.

The consumer product safety commission also found a possible link between higher-than-normal levels of hydrogen sulfide gas emitted from the wallboard coupled with formaldehyde, which is commonly found in new houses.

Fortunately, there haven't been any instances of Chinese drywall being used in our area, but there are problems that have been reported in Northern Virginia.

The suspect building materials, found mostly in new homes in the southern part of the country, have previously been found by state and federal agencies to give off "volatile sulfur compounds" and produce a rotten-egg odor. Homeowners have complained the fumes are corroding copper pipes, destroying TV's, blackening jewelry and making them sick.

This is a step in the right direction for people who are suffering from the problem right now, as there is now scientific evidence of the problem in place, and hopefully this can lead to favorable resolution for the thousands of people who are suffering due to the use of this building material.

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell

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