Laura Rubinchuk - The LJR Group - Your Northern Virginia and D.C. Realtor

Time to bring out my statistician side again! Here’s the breakdown for Arlington County real estate sales in October 2009, for both North (22201,22203,22205,22207,22209,22213) and South Arlington (22202,22204,22206).

Total Arlington Sales: 221
North Arlington Sales: 140
South Arlington Sales: 81

Studio Condo

North Arlington
Average Sales Price: $243,248
Range: $191,090 – $262,000
Average Days on the Market: 16
Median Days on the Market: 6

1 Bedroom Condos

North Arlington South Arlington
Average Sales Price: $299,144 Average Sales Price: $260,081
Range: $169,000 – $437,000 Range: $123,500 – $337,638
Average Days on the Market: 33 Average DOM: 40
Median Days on the Market: 15 Median DOM: 14

2 Bedroom Condos

North Arlington South Arlington
Average Sales Price: $487,708 Average Sales Price: $325,294
Range: $208,000 – $730,000 Range: $136,000 – $670,000
Average Days on the Market: 44 Average DOM: 40
Median Days on the Market: 35 Median DOM: 10

Townhouse

North Arlington South Arlington
Average Sales Price: $702,524 Average Sales Price: $380,269
Range: $427,000 – $1,130,000 Range: $130,000 – $670,000
Average Days on the Market: 36 Average DOM: 29
Median Days on the Market: 15 Median DOM: 9

Detached – Single Family Homes

North Arlington South Arlington
Average Sales Price: $787,559 Average Sales Price: $472,311
Range: $350,000 – $1,866,107 Range: $175,000 – $900,000
Average Days on the Market: 66 Average DOM: 58
Median Days on the Market: 27 Median DOM: 33

As a whole, Arlington had 9 short sales and 14 foreclosures (bank owned properties) that sold in October of the 221 units. Also, 43 of the sales sold at or above list price – thats almost 20%.

Volume and the number of units sold are both up in 2009, compared to this time last year. Average sales price is down by about 7% and the days on the market is down about 30% (selling faster!).

The market in Arlington, VA 22201 is moving QUICKLY. Check out these stats:

Total Sales: 40
Sold in less than 30 days: 26 (65%)
Sold between 31 – 60 days: 4 (10%)
Sold between 61 – 90 days: 3 (7.5%)
Sold in over 91 days: 7 (17.5%)

Shows you the importance of pricing the property correctly. Research shows that a property has to be within 10% of the perceived market value, by buyers, for an offer to be made. If you price right correctly to begin with, you’re more likely to get more for the house, rather than chasing the market.

Some overall statistics for 22201:

1 Bedroom Condos 1 Bedroom with Den Condos

Average Sale Price: $324,708 Average Sale Price: $371,438
Average Days on the Market: 30 Average Days on the Market: 45
Median Days on the Market: 8 Median Days on the Market: 42
Range: $241,350 – $437,000 Range: $295,000 – $459,000

2 Bedroom Condos Townhouse

Average Sale Price: $516,248 Average Sale Price: $781,000
Average Days on the Market: 46 Average Days on the Market: 43
Median Days on the Market: 33 Median Days on the Market: 22
Range: $451,900 – $543,000 Range: $570,000 – $1,000,000

Single Family House

Average Sale Price: $801,086
Average Days on the Market: 82
Median Days on the Market: 11
Range: $499,000 – $1,440,500

Enacted on November 7, 2009 – the $8,000 tax credit has been extended and expanded, and has added an additional $6,500 tax-credit for “move-up buyers.” Below is a synopsis of the new regulations:

First-Time Buyers

• $8,000 Tax Credit
• Must not have owned a principal residence for any part of the past 3 years
• Income Restrictions:
  • Single: $125,000
  • Married: $225,000
  • For those who have incomes exceeding these, there will be a phase out or partial tax credit up to $20,000 above these limits
• Maximum Sales Price: $800,000
• Must have a ratified contract as of April 30, 2010, and close on or before June 30, 2010

Move-Up Buyers

• $6,500 Tax Credit
• Must have lived in the home sold or used it as primary residence consecutively for 5 of the previous 8 years
• Income Restrictions
  • Single: $125,000
  • Married: $225,000
  • For those who have incomes exceeding these, there will be a phase out or partial tax credit up to $20,000 above these limits
• Maximum Sales Price: $800,000
• Must have a ratified contract as of April 30, 2010, and close on or before June 30, 2010

I think, personally, this may cause a stir in some parts of the country, but I fear some “move-up buyers” may price themselves out of qualifying in the DC Metro area. I wish I had a crystal ball, but we’ll have to see what the market tells us to measure how much activity this causes.

The National Association of Realtors(R) has prepared this handy chart with the information above.

A recent article in the Washington Post says that Loudoun County, Virginia has the highest concentration of 25 – 34 year olds with an annual income exceeding $100,000. The article also says that these 20-3o somethings, spend weekends at the local Virginia wineries. I decided to test this article and head up to Bluemont Vineyard in Bluemont, VA.

Located at 18755 Foggy Bottom Road, Bluemont, VA 20135. It took us about an hour and 15 minutes from Arlington, VA. But the ride is beautiful – Loudoun County has some beautiful houses on tons of land, trees, views of hills, and the occasional cow.

Bluemont Vineyard does $5 tastings of their wines with knowledgeable and friendly staff. Tastings in April through October are 12pm to 6pm, and during November through March from 12pm to 5pm.

Editors Note: During your tasting, there are 2 ceramic jugs in front of you – one for water (to clean your glass before the dessert wine) and another to pour your discarded wine and/or water into (if there’s a handle on the jug – it’s the one for water. Oops.)

You can choose to enjoy their wines by the glass or the bottle. They have cheese, fudge, apple butter, dipping oils, and fresh baked bread for purchase from Goot Essa with your wines. Goot Essa is a cooperative of Central Pennsylvania Amish and Mennonite dairy farmers.

You can sit outside or inside and enjoy their live music and views. You’ll notice on their wine glasses, labels, t-shirts, and most other things with the Bluemont Vineyard label, has “951″ printed on it. The Vineyard is located at 951 feet above sea level. The boutique winery says that on a clear day, you can see the top of the Washington Monument (as you can see from the picture below, it was a beautiful day, but I didn’t see the monument…maybe someone else did!) My friend, and former client, Colleen, enjoyed the views with me:

Day after Day, as new condo buildings are being built in the Washington D.C. Metro area and nearby Arlington, VA, I read new descriptions that say “cozy boutique condo building.” But what does a “boutique condo building” really mean? Here’s my personal (i.e. others may have other viewpoints) definition:

Dictionary.com defines ”boutique” as:

“1. a small shop or a small speciality department within a larger store

2. any small, exclusive business offering customized service

So how does that apply to real estate?

I tend to think of a Boutique building as a smaller building, with fewer than 100 units, under 5 floors. Sometimes they have a front desk, but often they don’t. They also usually have fewer amenities, as the feel/atmosphere of the building is much like a single-family home/personal residence; it tends to be a nice foyer/lobby and that’s it. Often times, this results in lower condo fees.

Examples of Arlington VA Boutique Condo Buildings:

1800 Wilson

The Berkeley Condo

Examples of Washington DC Boutique Condo Buildings:

Harvard Lofts in Columbia Heights

Adams Station in Adams Morgan

Of course, there are more than the few examples I listed above. Have questions? Feel free to contact me.

Laura J. Rubinchuk
Keller Williams Realty
703.283.6120
Laura@TheLJRGroup.com