The real estate market for orange line condos in Clarendon, Ballston, Courthouse and  Rosslyn has traditionally--at least the past 6 years or so--been the hottest condo market of Northern Virginia.  Most of you are well aware of the hipness factor  of the urban village of  Clarendon with its shiny condos, movie theaters, restaurants, bars retail galore and instant access to county services buildings.  And what is great about the Clarendon condo market in Arlington VA is that there is something for everyone.  One can get 1BRs for less than $250,000 or buy into a luxury building such as the Wooster and Mercer Lofts where the 1BR were selling for nearly $700,000.  The latter affords the chance to put a jacuzzi on your terrace  whereas the former means you go…

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Media Predicts 25% Decrease in Arlington Virginia Home Values?

Once in awhile I get so frustrated about the lack of either forthrightness, common sense or expertise demonstrated by various real estate media sources both locally and nationally.  A classic example recently came out in this article in BusinessWeek titled Housing Meltdown.

    It stated that housing prices would come down 25% with some of their sources claiming up to 40%.  Nowhere in the article is any strong point for how hyperlocal real estate is including Arlington real estate for sale.  Such stories are in essence fear mongering & hype when no disclaimers or explanations are given for how the story has almost nothing to do with any particular reader's local real estate market.   That's…

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Short Sales in Northern Virginia....

"What the heck is a short sale?" is a question many buyers, sellers, lenders and REALTORS are trying to figure out these days.  It's the wild, wild west of northern virginia real estate or Arlington real estate where any party can just throw up a listing calling it a "short sale" and then make up the rules from there.   I was involved with 3 short sale situations today with different clients.  So what is the difference between a regular sale and a short sale?


Imagine going to a bank and saying, "Yeah, I'd like to sell my home for $100,000 less than what you loaned me last year and call it even.  What do you say bro?" 


Click here for the rest of this article on Northern Virginia short sales in real estate…

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The Phoenix at Clarendon Metro Having Issues

As I spent 22 years growing up in a swimming pool in Phoenix I've been looking forward to the delivery of The Phoenix condo for awhile.  While on vacation in July a soon to be owner in the Phoenix Condo at Clarendon Metro emailed asking me if he should take his condo or walk away from his deposit.  Then I got home and another soon to be owner who was scheduled to close the following week called me with the same question.  And he had $24,000 on the table that he was prepared to walk away from.  So there are some serious issues there regarding closings, legal action, suspect appraisals, etc. at The Phoenix.  The most recent account I've heard from....

To hear the rest of this dramatic story go to the full…

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There is a lot of talk out there about a buyer's market.  I hear the phrase from condo buyers weekly and need to set the record straight.  In general, for Arlington VA real estate there is definitely not a buyer's market.  However there is a particular price bracket where that is accurate.  And on the front end I do want to acknowledge some inspiration for this post from my comrade and blogroll partner at urban trekker who wrote Spotting Trouble in Metro DC Housing.

Arlington VA Condos in the Clarendon Real Estate Area

Usually when I write about the condo market I focus on the orange line corridor of Ballston, Clarendon, Courthouse and Rosslyn condos.

For the rest of the article on whether there is a buyer's market for Arlington VA real estate and… Read Full Post

Real Estate in North Springfield VA & Virginia Homes for Sale

It is generally  known that the North Springfield VA real estate market has been in transition the past 18 months.  How have the Springfield real estate sales fared compared to a year ago and to the rest of Fairfax County.  Have home sales increased?  Have prices come down?  In general the peak of the market for the region was the summer/fall of 2005.  Since then buyers and sellers have been negotiating on what the new market value is of most North Sprinffield VA single family homes.


I live in North Springfield VA and love it.  The lots are larger than some parts of Northern Virginia and it is also quieter.  Residents take pride in their yards and it is very convenient as it's just off… Read Full Post

Market Values for Condos in Arlington VA

I've noticed in the last 2 weeks the emergence of a new market value for 1 bedroom condos in Arlington VA on the orange line in Clarendon, Ballston & Courthouse.  What used to be in the low $400,000s may now be worth in the upper $300,000s.  Here are some recent Arlington condo listings--some of them in my favorite buildings such as Continental, Odyssey and 1800 Wilson.



What is interesting is that 2 of them are in Odyssey--in my opinion the premier condo of Arlington VA on the orange line.  Another is in Continental and 1800 Wilson and Clarendon 1021.  These are cutting edge communities and for 4 listings to come out recently under $400,000 in these buildings could be a sign of what I'm expecting--a… Read Full Post

It's common knowledge that the market shifted in the last 18 months.  But it's only now that the statistics are verifying some of the price corrections....Many of us on the front lines knew prices in reality were different a long time ago, however this was not being illustrated by the monthly stats as far as the price variable was concerned.   Why not?  Well the stats on price only reflect sold homes.  Thus all the homes that

did not sell,

rented

expired

or were withdrawn due to not being able to get a price the owner wanted

did not get factored into selling price statistics the previous year.  Thus the public kept hearing about a buyers' market but the market reports showed no drop in sold prices. … Read Full Post