AJ Heidmann ~CRS, CDPE, ABR~Arlington/Alexandria, VA

Weekend Street Parking at the Palazzo

After 18 months of research, compiling data, communicating with the association in numerous meetings, and a public hearing last week; we have 24 hour parking on Northampton Drive on weekends!

The City of Alexandria approved the change from parking from 7PM to 7AM seven days a week to parking 7PM to 7AM Monday through Friday (excluding holidays).

The new times apply to both sides of Northampton Drive between Ford Ave. & Kirkpatrick Lane and it anticipated that it should generate space for 24-28 vehicles. Restrictions already exist against the parking of commercial vehicles overnight in Alexandria City, so this is for the sole benefit of passenger vehicles.

As part of the City’s approval, a study will be completed within the next 6 months to determine if it is feasible to address the second portion of the Palazzo’s request, which was to allow later parking until 9AM in the morning and start evening parking at 5PM. Additionally, the City will determine if implementation of the Complete Streets concept should be implemented. Complete Streets basically involves making roads & sidewalks more accessible to forms of transportation other than cars; adding bike lanes, enlarging sidewalks, etc.

The Palazzo at Park Center was constructed in 2000 and converted into a condominium in 2005, with 392 units is four buildings. It offers amenities that are not available in most of older condominium communities in the Shirlington real estate area: underground parking, elevators, and 2 Bedroom/2 Full Bath floorplans on one level. Additionally, there is an outdoor pool, nicely equipped gym located in the clubhouse, along with a party room that is available for use by residents.

If you are considering selling or leasing your unit in the Palazzo at Park Center, please contact for a confidential meeting to explore your options. As an owner in the community, I have a vested interest to see that you get the best possible terms for your unit.

~ The Shirlington Report ~

The Shirlington real estate report for February shows the impact of the huge jump in contract activity in January. There were 17 units that reached the settlement table, which was just one unit shy of the results in February 2011. Coincidentally, there were 17 new listings in February, so the net number of available units is the same as in January at 37.

I hate keep singing the same refrain (and re-use verbiage from the previous months’ report), but here it is. Inventory… or more correctly the lack of inventory is an issue currently, with the Shirlington real estate market having less than 2 months of inventory at the curent sales pace. Open house activity remains robust and rates remain near historic lows, so that competition remains light for properly priced and well presented units.

The Shirlington area is surrounded mainly by condominium developments, with some fee simple town home/row homes & apartment buildings, and has a main street section with restaurants, movie theatre, award winning live theatre at the Signature, County library, and boutiques. Shirlington Village, which is the proper name, also hosts community activities from the Christmas Tree lighting to Octoberfest to a pet adoption festival, so that on any given weekend the streets and outdoor restaurant seating in filled with local residents. Since it is not on a Metrorail line (but next to I-395 to get to the Pentagon & Washington DC), housing prices are lower per square foot than condos near the Orange line in North Arlington or the Yellow/Blue line to the East in Alexandria City. For all these reasons, it is a preferred destination and location to buy a condo by first time home buyers, military/relocation, and a few empty nesters looking to downsize into a vibrant area.

The distribution of sold units in February is almost a mirror image of the January graph. Just 1 unit settled in the $300K - $400K range versus more than 50% of units in January coming in this range. Additionally, the high end of the area rebounded smartly this month after having just 1 unit settle in January.

With that in mind, you have to be properly priced for condition in today’s market and avoid “testing” the market for a higher price. The market has very little sympathy or patience for a "good try"; so you need an agent that has proven experience in Shirlington and can help you interpret the market to get you settled.

Please contact me today so that we can start the process of getting you to SOLD!

The Shirlington real estate market has been plugging along, steady eddy style for the past 4 years, with the number of units sold has staying within a narrow 5% range. This is a contrast to the 2006-2007 years that marked the end of the market bubble in condominiums in our area.

However, it is incredibly important to point out that 2011 was the first full year without any home buyer tax credit in a while, yet the Shirlington real estate market maintained sales on par with those years that were “goosed” by the credit.

As we begin 2012, the main refrain for this market, and greater Northern Virginia real estate market, is “Where is the Inventory?”. Based on the contract activity so far since the new year began, which has been hitting ball out of the park, the primary constraint in the market is the lack of inventory. Open houses are seeing large crowds, nicely updated units are under contract within days or a few of weeks, and even those units that withered on the vine for whatever reason last year are getting offers.

For 2012, the local trend should be for a stable to moderate increase in prices, updated units garnering a premium, and buyers making a quality of life decision by purchasing in the closer-in locations and leaving the huge daily commute behind. Even with small increases in mortgage rates, the Shirlington area offers such a rich living experience, on top of what metro Washington DC offers, that it will continue to be a neighborhood of choice in the future.

The Shirlington area is surrounded mainly by condominium developments, with some fee simple town home/row homes & apartment buildings, and has a main street section with: restaurants, movie theatre, award winning live theatre at the Signature, County library, and boutiques. Shirlington Village, which is the proper name, also hosts community activities from the Christmas Tree lighting to Octoberfest to a pet adoption festival, so that on any given weekend the streets and outdoor restaurant seating in filled with local residents. Since it is not on a Metrorail line (but next to I-395 to get to the Pentagon & Washington DC), housing prices are lower per square foot than condos near the Orange line in North Arlington or the Yellow/Blue line to the East in Alexandria City. For all these reasons, it is a preferred destination and location to buy a condo by first time home buyers, military/relocation, and empty nesters looking to downsize into a vibrant community setting.

If you are ready to make a move, please contact me today so that we can start the process of getting you to SOLD!

Here in the close-in Northern Virginia market, (which is composed of Fairfax & Arlington Counties and Alexandria, Fairfax & Falls Church Cities), the lack of quality inventory is THE story now. This is particularly true in the $500K-$300K and <$300K price ranges, where available inventory is down (19%) & (37%) respectively, but new contracts for January came in at 1% & (12%) respectively. The drop in contract activity is believed to be related to the lack of desirable listings at this point, as opposed to a reduction in the desire to buy. Open house attendance for the Arlington office of McEnearney Associates has been very since the start of the new year.

Cries of a buyers market have long faded away in all price points except the very high end. In fact, below the $1M price point, the market is decidedly a sellers market with multiple contracts & escalation clauses becoming fairly standard again. The drop in available units in the two lower price points mentioned above, coupled with relatively stronger sales in the month, has led to a depleted inventory to below a 2 month supply. The bar graph below shows Months’ Supply for 1/2011 vs. 1/2012 by price range.

Overall, the Northern Virginia real estate market will be driven by employment, just like other locales across the country. The presence of the Federal Government, Contractors to the Government, and Military installations have provided greater stability of employment and liquidity in the market with a steady stream of people locating to the region & transferring out. The forecast is for this to continue into the foreseeable future, so the future continues to look bright for real estate here.

*Statistics are courtesy of McEnearney Associates, Inc. and based on MRIS data, which is deemed reliable but not guaranteed.

If you would like additional information about your specific neighborhood, as all real estate is local, please contact me and I would be happy to personalize this information to your needs.

~ January 2012 ~

The Shirlington real estate may have limped in with just 9 condos going to settlement in January, which was below the 13 units that sold in January 2011, though it is historically a slow month following the holidays. What does stand out is the number of units with ratified offers, at 28, in normally slow January. Apparently, many potential buyers had holiday visions of home ownership and made an offer once the holidays were over.

Inventory… or more correctly the lack of inventory is an issue currently, with the Shirlington real estate market having less than 2 months of inventory at the January sales pace. Further, many of the units currently on the market have been gathering Days On Market, either due to over pricing or poor condition for the price, so the number of truly move in ready units is probably below 1 month of inventory. Those sellers that can bring there unit onto the market before the traditional Spring market should find that competition is light and works to their advantage.

The Shirlington area is surrounded mainly by condominium developments, with some fee simple town home/row homes & apartment buildings, and has a main street section with restaurants, movie theatre, award winning live theatre at the Signature, County library, and boutiques. Shirlington Village, which is the proper name, also hosts community activities from the Christmas Tree lighting to Octoberfest to a pet adoption festival, so that on any given weekend the streets and outdoor restaurant seating in filled with local residents. Since it is not on a Metrorail line (but next to I-395 to get to the Pentagon & Washington DC), housing prices are lower per square foot than condos near the Orange line in North Arlington or the Yellow/Blue line to the East in Alexandria City. For all these reasons, it is a preferred destination and location to buy a condo by first time home buyers, military/relocation, and a few empty nesters looking to downsize into a vibrant area.

An interesting point is that more than half of the settlements occurred on units priced in the $300K-$400K range, versus December when 60% of units were below the $300K mark. Due to Shirlington’s close-in location, the $250K-$300K price range represents the entry point for most of the sought after developments in the area. There are lower priced units available, but they tend to be in high rise buildings or developments with poor financials, so that resale down the road can be an issue. To this I would add properties that have all the utilities included in the condo fee, which is an idea that I advise buyers to avoid. This almost always leads to increases to the monthly condo assessment that are above the average for the area, which slows down appreciation of the unit and how attractive it is in the marketplace.

With that in mind, you have to be properly priced for condition in today’s market and avoid “testing” the market for a higher price. The market has very little sympathy or patience for a "good try"; so you need an agent that has proven experience in Shirlington and can help you interpret the market to get you settled.

Please contact me today so that we can start the process of getting you to SOLD!