Theresa Kim

Halstead at the Dunn Loring Metro Market and Listings Mid-Year Report

The owners of Halstead at the Metro should be happier this year and were busy! So far the Halstead at the Metro had 28 transactions for week ending June 4^th of this year. These transactions broke down in the following order: 19 (1 still remains active) RENTAL LISTINGS AND 9 RESALE LISTINGS. Further review of the 9 listings sold or currently under contract showed there were 2 foreclosed REO listings; 4 short sale listings; and 3 regular non-distressed listings.

The 18 rental listings moved very quickly with the longest listing period lasting 45 days on the market , (listed in January of this year) to 0 days on the market with both the mean and median DOM being 15 DOM! Rental Prices ranging from $1,400 per month for a 1 BdRm/1FBa to $2,000 for 2 BdRm/2Fba.

The Resale activity has also shown to move quickly. As mentioned above, there were 2 REO ( Real Estate Owned)listings by the banks . The DOM for these units were 6 and 13 days; 4 units for short sale or financially distressed listings. The DOM on these were 0, 3,8, and 13 days. There were 2 regular sales 4 and 14 DOM. One of these regular listings is still under contract. Buyer seems to be late on settlement due to lender withholding loan approval. The other non-distressed listing sold on time and for $10,000 above asking price with no seller subsidy.

All in all, I see continued upward re-adjustment for the Halstead at the Metro. There has been continued re-vitalization in the area from Merryfield Town center developments, the surrounding areas and the Tyson's Corner metro developments which will bring more residential demands from buyers of all price ranges, including retirees looking to downsize and have a more urban life style. The poster of this blog has worked and sold to these buyers as well as many others. Finally, the management of the Halstead property just installed another fountain in front of building II! The condo association must be feeling good about the state of it's budget.

Currently, there is only, one rental listing of 1 bdrm/1bath for $1550, available, in the Halstead at the metro community.

Any comment, questions or inquiries regarding this blog posting or any other matters regarding real estate, should be sent to theresadmin@gmail.com

Theresa Kim,

NVAR Top Producer

RE/MAX ALLEGIANCE

License in VA, DC and MD

Direct: 703-725-4585

Fax: 1-866-735-2557

Serving all your real estate needs, now and for your future!!

This blog is about Halstead at the Metro. Halstead is a condo community of about 440 units with 4 stories at the Dunn Loring metro- an orange line stop in FFX, VA.

For those buyers who are looking for a " Walk to metro" property and do not have the desire or capacity to spend more than $350,000 and need more space than 850 sqft- This is the right community for you!

Not only is Halstead next to the metro stop, it's a less than a 5 minute dive from multiple shopping and transportaion centers; two miles from Tyson's Corner Center and all that has to offers; 3 miles from Rt 7, where there is a Whole Foods and the West Falls Church metro, down the street; and the upcoming Merrifield Town Center... all of this and more, which I believe will raise the current listed sales prices of this complex.

One reason for the downward pressure on the prices in this convenient and desirable building may be attributed to the many "investor" purchasers who bought at the Halstead. These investment minded purchasers bought in 2004 from the builder. Yhey were lined up at the sales office with salivating mouths... at the anticipation that once the complex delivers, they could sell, with huge upside potential since that was the happening all around them at that time. These investors did not forecast that our metro area's real estate market, especially in VA, would come to a grinding halt of the sort, only a year later and a full year before delivery of this complex. No, these investors did not anticipate this at all. So when the building did come to full delivery in 2006, some investors walked away, others flipped as soon as they took ownership, since the builder's sale's people told them that as long as the units were taken to settlement, the builder didn't care what happened, the next day, and other owners rented thinking, oh, it'll comeback over 500K pretty soon!!!...

It reminded me of myself, watching my Fannie Mae stock, the other day, go down to 70 cents from having reached $1.43 shortly after the market opened, I was trying to sell without leaving any money on the tabel, but it never reach the 2.12 sell order I put in before leaving the house, hopeful :(!

Currently, Halstead at the Metro is filled with Short Sales, Foreclosures and Rentals of unsold units. Below has a link of a current listing of a 2 bdrm, 2 full baths, with over 1050 sqft listed, for Short Sale, at $299K( not my listing, I may add). Another 1 bdrm/1fba unit with 748 sqft just came on for an unbelivable price of $220K.

Let me know if you would like to have a shot at getting these units at these prices. You'll thank me for it!! I also have lots of pictures of Halstead- feel free to ask for them.

Click the following URL to see the listing:
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=29745187489

Ask about Arlington, DC or other Pre-Foreclosure list, today!

Theresa Kim, Realtor
License in VA, MD and DC
Re/Max Allegiance,
6226 Old Dominion Dr.
McLean, VA 22101
F)1-866-735-2557
M)703-725-4585

Do you know anyone who is planning to move?
Referrals are always appreciated!!

Nov. 12, 2008- Arlington, VA Real estate Market Observations:

Found several N Arlington condos heading for foreclosure auction in the next two weeks. The disturbing thing is that these are coming on from the most prized areas of N. Arlington. Saw one 2bdrm/2fba at the Odyssey heading for the auction block later this month. That building was popular and expensive when delivered in 2006. This was also a period in our credit markets where credit was cheap to say the least. I'm sure many if not most of these units were financed using now the infamous "100% financing"! And needless to say, are under water! But among the rubbles, there are gems to be found in the foreclosure markets:

Found a 2bdrm 2fba unit in Lexington Sq. will be going to auction for the 1st trust amount. Since the owner purchased this back in 2001, pre-bubble era?, the 1st trust amt. should be in the mid $200K.

There's a similar 2bdrm 2.5 fba unit at the newest delivered condo complex in Clarendon for a price you haven't seen, even from the builder back in 05 when they were selling this stuff...

Email or call me for more information on this gem or if you are in the market for a property and would like to catch a bargain, rather than a falling knife, please see below for ways to contact me.

**Ask to be on my sifted list for Arlington or DC's Pre-Foreclosures!

Theresa Kim, Real Estate Specialist

Licensed in VA, DC and MD

Re/Max Allegiance-McLean Office

6226 Old Dominion Dr.

McLean, VA 22101

M)703-725-4585

F)1-866-735-2557

Do you know anyone who will be moving in or out of the DC metro area? Your referrals are really appreciated!