The Shirlington Report
~ October 2009 ~
It was a busy month for Shirlington real estate with 50 new condo listings hitting the market in October, 23 of 30 units under contract getting ratified within the month, and 34 units making it to the settlement table. Early contract activity in the month was skewed towards lower priced properties, presumably 1st time home buyers trying to get in under the original deadline for the tax credit, while activity in the latter half of the month was geared to higher priced units.
The normal seasonal slowdown appears to have started, with only 8 new contracts being ratified in first third of November and even fewer contracts expected once we get to Thanksgiving week. 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
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 October 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
There were 3 additional closings in the month of October, which brings the total number of market rate units sold to 20 for the year, though as of November 1st there aren't any more units fully under contract. This appears to be the result of buyers trying to meet the deadline to qualify for the $8,000 First Time Home Buyer Tax Credit and after early October it is doubtful that a contract would make it all the way to settlement by the 11/30/09 deadline. Accordingly, the inventory of fully available units has grown from 2 in September to 6 of the 2Bed/1Bath configurations today.
An extension of the tax credit through April 30, 2010, with an expansion to include owners that have owned their current home for at least 5 years, is working it's way through Congress as an attachment to extending unemployment benefits. It appears to have a good chance of surviving intact with a vote anticipated sometime in the next few weeks. This would be a boost to the market during the holiday season, which is generally a very slow period for new contracts. Time will tell and we look forward to keeping you up to date on the happenings in The Arlington.
Respectfully,
AJ Heidmann, ABR, CRS, e-PRO
Cell 703-474-1260 ~ Office 703-518-8300 ~ Fax 703-518-8314
Coldwell Banker Residential Brokerage
310 King Street, Alexandria, VA 22314
Licensed in Virginia
James K. Polk elementary school, in the West End of Alexandria, is in the home stretch for it's fund raising effort to raise $4,000 to obtain more technology resources for the school. To find an earth friendly, fair trade item perfect for a gift or personal use, just go to www.greenraising.com, select James K. Polk Elementary School - VA from the drop down list in the upper right corner and then start shopping! The school will receive 40% of the purchase price towards the goal. Personally, I think the soy candles & chocolates make great gifts.
This is a great opportunity to help the children at the school, as well as the environment and fair trade practices. Please take the time to stop by the website and see if you would be so good as to help us out.
AJ Heidmann, ABR, CRS, e-PRO
Cell 703-474-1260 ~ Office 703-518-8300 ~ Fax 703-518-8314
Coldwell Banker Residential Brokerage
310 King Street, Alexandria, VA 22314
Licensed in Virginia
The Arlington Report for YTD September 2009
Model # Sold Sales Range Ave. Price Ave. Subsidy
A Lower 1 $300,000 $300,000 $9,750
B Upper 7 $260,000 - $295,000 $283,714 $3,623
C Lower 5* $275,000 - $293,000 $282,600 $2,000
L Lower 1** $345,000 $345,000 $ 0
M Upper 3*** $307,000 - $311,000 $308,333 $4,666
*Excludes short sale at $265, 000 due to distressed nature
**Excludes short sale at $269, 000 due to distressed nature
***Excludes short sale at $255, 000 due to distressed nature
Data source: MRIS settled transactions 1/01/2009 - 9/30/2009, deemed reliable, but not guaranteed
Compliments of AJ & Jodee Heidmann
YOUR Resident Specialists for The Arlington
We are closing in on the generally accepted cut-off date for a first-time home buyer to make an offer using FHA financing and still make closing by the November 30th deadline to receive the $8,000 tax credit. As we approach the finish line, there were 3 more settlements in the month of September and 4 more units are in some state of contract. The current supply of available units is extremely low with only 2 of the 2Bed/1Bath configurations on the market and just 1 of the 3Bed/2Bath units.
Respectfully,
AJ Heidmann, ABR, CRS, e-PRO
Cell 703-474-1260 ~ Office 703-518-8300 ~ Fax 703-518-8314
Coldwell Banker Residential Brokerage
310 King Street, Alexandria, VA 22314
Licensed in Virginia
The Shirlington Report
~ September 2009 ~
A total of 32 units went to settlement in the month of September, while 25 of the 27 units under contract were ratified during the month. Of this activity, 1st time home buyers continue be the driving force as they scramble to qualify for the $8,000 tax credit, which requires settlement take place on or before November 30th. At our open house this past weekend, 75% of attendees were 1st time home buyers scrambling to find units to make an offer on.
In September, the units sold were much more tightly grouped vs August, without any units selling below $250K or over $500K. Over 56% were in the narrow $350K-$450K range, while August had 50% of transactions below the $350K threshold.
AJ Heidmann, CRS, ABR, e-PRO
Cell 703-474-1260 ~ Office 703-518-8300 ~ Fax 703-518-8314
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.
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We're a husband and wife realtor team that excels in helping sellers properly prepare, stage, and price their home for a swift sale at the highest possible net price!
I believe that selecting an agent to assist with your real estate needs is an incredibly important, though often overlooked, step in the real estate process. You should feel comfortable dealing with and spending time with your agent, as the process generally takes longer than just a few years ago. If a personality/style clash impedes communication, both you and your agent will become very frustrated. Be honest with what you want in an agent and expect the same from the agent you select, as they will act in many roles such as a counselor, friend, and sounding board throughout the process. My wife and I concentrate on trying to understand what our clients really want and need before we start viewing homes or planning an open house, as the investment at the beginning of the process will pay off handsomely in the end with a successful, stress-free transaction.
Each year since entering real estate in 2005, we have attained the NVAR Multi-Million Dollar Sales Club and were Top Producers in 2007. The success that my wife Jodee (also a licensed agent) and I have attained is in direct proportion to the effort we put into every listing or home search. For a listing that is lingering a decade or two behind current tastes, we have contractors in multiple fields to assist in bringing it into the 21st century or they can work for buyers who are interested in a property that needs the same updating. This attention to detail has created a faithful following of owners that exceeded their sales expectations or buyers that are in love with their renovated "ugly duckling".
CRS 
Certified Residential Specialist
ABR Accredited Buyer Representative
e-PRO
Transnational Referral Certificate
Our expertise is in 2 areas:
1) listing homes in the Alexandria, Arlington, and close-in Fairfax County area. We are particularly good with vacant properties as we do light staging on them from our inventory of furniture and household goods. A vacant home never shows as well as one that has been tastefully staged to make the home feel larger and accentuate it's best features.
2) working with first time or relocation buyers that really want to get an understanding of the pros and cons of all the neighborhoods that fit into their basic criteria. From commuting info, mass transit, and other quality of life considerations, we strive to provide the most complete picture so that buyers can make an educated decision.
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