About Arlington's Shirlington

~ 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!

~ 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!

January came in like a Lion!

Let’s just hope that the Spring market for the Shirlington real estate market doesn’t go out like a lamb. For the month of January, 6 units went under contract in The Arlington, leaving just 2 properties fully available for sale. Of those two available properties, one is a ground floor short sale, while the other is the larger 3 bed/2 bath L Model. In an average year, roughly 35 units will go to settlement.

This sudden burst within The Arlington is a big contrast with the entire 4^th quarter of 2011 when there were only 6 settlements. However, it appears that the community was simply playing catch up with the rest of Northern Virginia properties priced under $330K. At the end of December, the available inventory at this price point stood at just 1.5 months, which would signify a sellers market. Now I don’t think that market has swung that far that fast, but it does show that there is a demand for properly priced for condition homes. The trick is pricing your home right and getting the proper exposure.

The Arlington is a garden style condominium development of 518 units that were originally built as apartments and then converted into condos in 1980. Spread over 24 acres, the community boasts 2 outdoor pools, 2 tennis courts, well over 500 trees (yes, they count and log all the major trees in the community), ample green spaces, unassigned surface parking in 17 parking lots and street parking on Wakefield Rd and S. 28th St. The close-in location is a community within the Shirlington real estate market and is conveniently located well within the Capital Beltway (I-495) and close to the Pentagon and Washington, DC.

If you are thinking of putting your unit in The Arlington, or elsewhere in Shirlington on the market this Spring, give me a call for a confidential consultation on your unit to see if it is ready for the current market conditions.

The Arlington Condominium is on a tear!

So far through the first 22 days of 2012, 5 units have gone under contract in the association… which equals the total number of units that went under contract in the October – December period at the end of 2011.

This is equal to 36% of the 14 units in the greater Shirlington area that have gotten a contract since the 1^st of the year. It seems that many potential buyers had dreams of a new home over the holiday season and with interest rates at or below 4% (depending on product) have motivated many to get off the fence & make an offer.

The Arlington Condominium specifically, and the Shirlington real estate market in general, are a sought after because of the location: close-in proximity to Washington DC-Ballston to Rosslyn corridor-Alexandria dramatically cuts down commuting time, fantastic quality of life with the Village of Shirlington within a mile with shops/restaurants/theatre/movies/County Library, and a suburban feel with the amenities of an urban setting.

The Arlington is a garden style condominium, within the Shirlington real estate market, of 518 units that were originally built as apartments and then converted into condos in 1980. Spread over 24 acres, the community boasts 2 outdoor pools, 2 tennis courts, well over 500 trees (yes, they have counted all the trees in the community), ample green spaces, unassigned surface parking in 17 parking lots and street parking on Wakefield Rd and S. 28th St.

If you are thinking of putting your unit in The Arlington, or elsewhere in Shirlington on the market this Spring, give me a call for a confidential consultation on your unit to see if it's ready for the market. I lived in the community with my wife and son for 6 years and view listings as they come on the market, so I know the association well.