Thoughts on the Washington, DC, and Northern Virginia Real Estate Market » Condos

North Arlington (Orange Line) Condo Update: September 2011

wethmangroupadmin — Mon, 12 Sep 2011 20:04:33 +0000

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

See market data for all of Arlington.

See last month’s post on Orange Line Condo prices.

Ready to start your search? Sign up for a free first time home buyer class in Arlington (registration required).

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

	1 BR Units	2BR Units
ACTIVE LISTINGS as of September 12, 2011
Average List Price	$336,744	$477,847
Number of Active Listings	26	38
Average Property DOM(P) – Actives	48	87
SOLD LISTINGS for August 2011
Average Sold Price for Previous Month (does not include seller subsidies)	$348,315	$514,395
Number of Sold Listings in Previous Month	20	19
Average Property DOM(P) – Solds	28	41

North Arlington (Orange Line) Condo Update: April 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: March 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: August 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...

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North Arlington (Orange Line) Condo Update: August 2011

wethmangroupadmin — Fri, 12 Aug 2011 15:31:05 +0000

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

See market data for all of Arlington.

See more Buyer Resources.

See last month’s post on Orange Line Condo prices.

Ready to start your search? Sign up for a free first time home buyer class in Arlington (registration required).

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

	1 BR Units	2BR Units
ACTIVE LISTINGS as of August 12, 2011
Average List Price	$312,453	$457,674
Number of Active Listings	29	39
Average Property DOM(P) – Actives	64	79
SOLD LISTINGS for July 2011
Average Sold Price for Previous Month (does not include seller subsidies)	$330,764	$496,395
Number of Sold Listings in Previous Month	21	19
Average Property DOM(P) – Solds	25	47

North Arlington (Orange Line) Condo Update: July 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: April 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: June 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...

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North Arlington (Orange Line) Condo Update: July 2011

wethmangroupadmin — Tue, 12 Jul 2011 14:24:57 +0000

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

See market data for all of Arlington.

See more Buyer Resources.

See last month’s post on Orange Line Condo prices.

Ready to start your search? Sign up for a free first time home buyer class in Arlington (registration required).

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

	1 BR Units	2BR Units
ACTIVE LISTINGS as of July 12, 2011
Average List Price	$329,274	$483,969
Number of Active Listings	37	41
Average Property DOM(P) – Actives	52	70
SOLD LISTINGS for June 2011
Average Sold Price for Previous Month (does not include seller subsidies)	$325,460	$463,282
Number of Sold Listings in Previous Month	20	19
Average Property DOM(P) – Solds	45	68

North Arlington (Orange Line) Condo Update: April 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: June 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: March 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...

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North Arlington (Orange Line) Condo Update: June 2011

wethmangroupadmin — Mon, 13 Jun 2011 18:24:03 +0000

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

See market data for all of Arlington.

See more Buyer Resources.

See last month’s post on Orange Line Condo prices.

Ready to start your search? Sign up for a free first time home buyer class in Arlington (registration required).

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

	1 BR Units	2BR Units
ACTIVE LISTINGS as of June 13, 2011
Average List Price	$316,762	$499,683
Number of Active Listings	37	42
Average Property DOM(P) – Actives	52	68
SOLD LISTINGS for May 2011
Average Sold Price for Previous Month (does not include seller subsidies)	$368,467	$478,863
Number of Sold Listings in Previous Month	18	23
Average Property DOM(P) – Solds	36	41

North Arlington (Orange Line) Condo Update: May 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: April 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: February 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...

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North Arlington (Orange Line) Condo Update: May 2011

wethmangroupadmin — Thu, 12 May 2011 20:13:09 +0000

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

See market data for all of Arlington.

See more Buyer Resources.

See last month’s post on Orange Line Condo prices.

Ready to start your search? Sign up for a free first time home buyer class in Arlington (registration required).

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

	1 BR Units	2BR Units
ACTIVE LISTINGS as of May 12, 2011
Average List Price	$328,901	$498,622
Number of Active Listings	36	45
Average Property DOM(P) – Actives	49	55
SOLD LISTINGS for April 2011
Average Sold Price for Previous Month (does not include seller subsidies)	$325,304	$497,700
Number of Sold Listings in Previous Month	20	18
Average Property DOM(P) – Solds	37	47

North Arlington (Orange Line) Condo Update: February 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: March 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: April 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...

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North Arlington (Orange Line) Condo Update: April 2011

wethmangroupadmin — Tue, 12 Apr 2011 20:08:28 +0000

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

See market data for all of Arlington.

See more Buyer Resources.

See last month’s post on Orange Line Condo prices.

Ready to start your search? Sign up for a free first time home buyer class in Arlington (registration required).

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

	1 BR Units	2BR Units
ACTIVE LISTINGS as of April 12, 2011
Average List Price	$329,510	$485,818
Number of Active Listings	30	41
Average Property DOM(P) – Actives	54	89
SOLD LISTINGS for March 2011
Average Sold Price for Previous Month (does not include seller subsidies)	$320,888	$430,713
Number of Sold Listings in Previous Month	18	16
Average Property DOM(P) – Solds	59	61

North Arlington (Orange Line) Condo Update: March 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...
North Arlington (Orange Line) Condo Update: February 2011 Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)...

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I Got My Condo Docs – Now What??

Katie Wethman — Mon, 14 Mar 2011 16:50:53 +0000

In Virginia, buyers of condominiums and properties within a homeowner’s association have a three (calendar) day review period to review the “resale package” or “condo docs” following a ratified contract. In the District buyers have three business days. (Typically these are not available in advance because associations charge a fee, and most sellers are reluctant to incur that fee before receiving an offer. Several items in the package are also time-sensitive, so if the package is too old then sellers will need to pay for an updated package, so most sellers choose to wait until the offer is received before ordering.)

Sometimes the documents are electronic or online, or often they come in a big binder for your reading pleasure. Some of the items that are supposed to be included* the resale package are:

- Bylaws, rules, and regulations of the community (e.g., pet, noise, and rental policies)

- The annual association budget

- Two months of Board minutes

- A statement from the property manager about whether the unit is currently in compliance with rules (do NOT assume that if there is a violation the seller will remedy it prior to settlement!)

- Master insurance policy

*Unfortunately sometimes items are missing from the resale package. You can ask for the missing items, but it does NOT extend your three day window for rescission.

There will be a lot of information to read through in a short amount of time, so I recommend buyers first prioritize these three items:

- Review the rules and regulations to make sure you can live with them. Even if you’ve verbally been told otherwise (e.g., “oh, no one actually carpets over the hardwoods and it’s never a problem” or “there are lots of owners with dogs even though the policy says no pets”, or “of course you can install a washer/dryer.” These are the rules and you should be prepared to have them enforced. There are no guarantees that a lax Board will always remain lax.

- Look at the percentage of units that are more than 30 days past due on fees. Could it be indicative of a financially strapped community with short sales and foreclosures to come?

- Compare the reserve balance to the engineering study, which is a study that estimates the remaining useful life and cost to replace or repair for community items such as parking lots, roofs, and common areas. Engineering studies are typically performed every five years.

- Is there a move in fee or capital contribution required at settlement? This is becoming a big trend for condos to assess buyers a fee to help fund their reserves, sometimes it can run into the thousands of dollars.

The three day period can be a stressful one, because it’s difficult to get more details if needed in such a short amount of time. Property managers are often restricted from giving information to non-owners, further complicating the ability to get details related to a buyer’s concerns. The remedy is to negotiate with the seller for an extension of the period, or to void the contract, so it’s best to read the documents immediately upon receipt to identify any potential issues early.

More resources:

Search the MLS for properties

Attend a free First Time Buyer Seminar

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Why are these condo fees so high?

Katie Wethman — Mon, 07 Mar 2011 16:42:45 +0000

I’m often told by buyers “I won’t look at anything with high condo fees.” Often this can be a mistake. We need to look at what condo fees cover, and why some buildings may be higher (or lower) than others.

What’s included in condo fees varies—sometimes widely—from building to building. First you need to be sure that you’re looking at a condominium, rather than a co-operative. While they may appear similar, in legal terms that are very different (see my page on condos vs co-ops here.) When it comes to fees, co-ops appear much higher because they include property tax and occasionally an underlying mortgage, which results in fees that look much higher on paper, but when a buyer calculates their all-in housing expense, can actually be a bargain compared to condos.

Condo fees generally include a master insurance policy for the dwelling. You will need to have an HO-6 (aka “condo rider” or “walls-in”) policy, but this is much cheaper than the policy you would need to purchase for a townhouse or single family home.

Units in older buildings generally are not individually metered, meaning that certain utilities are often included in the condo fee. Heating and air conditioning bills can add up!

Are there expensive amenities like an indoor pool or a staffed front desk? These drive up fees quickly.

Is the building new construction and still being managed by the builder? Builders are notorious for underestimating fees (and often not adequately funding reserves.)

Finally, a buyer needs to look at reserves. There is no right or wrong answer on funding reserves. Condo boards make decisions annually about the amount they need for their annual operating expenses, and the amount they want to put aside for future capital repairs and improvements (new roofs, new windows, redecorating common areas, etc.) Board members are owners that are elected by other owners. Just like some owners save for a rainy day, so do some Boards. And just like some owners live paycheck-to-paycheck and pray that nothing breaks, so do some Boards. So having fees that are too low could indicate that a building is not properly funding its reserves, which could lead to future special assessments.

More Resources:

Search the MLS for properties

Attend a free First Time Buyer Seminar

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North Arlington (Orange Line) Condo Update: February 2011

wethmangroupadmin — Thu, 17 Feb 2011 10:16:54 +0000

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

See market data for all of Arlington.

See more Buyer Resources.

See last month’s post on Orange Line Condo prices.

Ready to start your search? Sign up for a free first time home buyer class in Arlington (registration required).

Source: MRIS. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

	1 BR Units	2BR Units
ACTIVE LISTINGS as of February 14, 2010
Average List Price	$330,727	$492,919
Number of Active Listings	26	33
Average Property DOM(P) – Actives	61	117
SOLD LISTINGS for January 2011
Average Sold Price for Previous Month (does not include seller subsidies)	$333,818	$465,635
Number of Sold Listings in Previous Month	11	14
Average Property DOM(P) – Solds	40	89

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Washington, DC Neighborhoods: Glover Park

wethmangroupadmin — Thu, 18 Nov 2010 17:56:40 +0000

Glover Park is located just north of Georgetown, bordered by Glover-Archbald Park to the west, Whitehaven Park to the south, Wisconsin Avenue to the east, and Fulton Street to the north.

On Saturdays from May through October, you can enjoy the Glover Park-Burleith Farmers’ Market, located at the Hardy Middle School parking lot. You can stock up on fresh produce and local goods, and enjoy some live bluegrass music to boot.

Glover Park is also loaded with popular restaurants and bars, including Angelico Pizzeria, Bourbon, Old Europe, Rockland’s, and Town Hall, just to name a few.

The Wethman Group just listed a condo in Glover Park located at 4000 Tunlaw Rd NW, unit #1119. It’s a great two-bedroom, one-bath condo in a first-rate building. This unit includes an assigned parking space and storage unit. The bathroom has been renovated with custom imported tile, and the kitchen features stainless steel appliances. The condo fee includes most utilities except cable, phone, and internet. Building amenities include an on-site convenience store and dry cleaners, an outdoor pool, rooftop deck with spectacular views, and laundry facilities. The building also offers a 24-hour manned desk and a metro bus stop at the back of the building. And for all you buyers using an FHA mortgage, the building is FHA approved!

There are currently three units currently listed for sale in this building (not including the Wethman Group’s listing mentioned above). All three units have one bedroom and one bath and range in price from $239,000 to $289,900.

In the last year, eight units have sold at 4000 Tunlaw. Six of those units had one bedroom and one bathroom. The average sales price for those was $257,833, and they sat on the market an average of just 28 days before selling. The remaining two units had two bedrooms and one bath, with an average sales price of $447,000 and an average of 67 days on the market.

If you have any questions about our listing, or about buying or selling a home, please contact us!

Source: MRIS as of the date of this post. All information deemed reliable but not guaranteed.

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