Buy Alexandria Real Estate

REALTOR Magazine gets mailed out to over 1 million subscribers.  That's a fairly strong subscription base making it the publication for our industry.  Published by the National Association of REALTORS, the magazine calls itself "The Business tool for Real Estate Professionals" 

So, when you're extensively quoted in a publication of this magnitude, it's a pretty big deal, particularly when the writers have over 1 million REALTORS who they could come to as sources for their articles.  It's an even bigger deal when the article is a featured article mentioned on the cover.

Warning: Shameless horn-tooting here!

One of the cover articles in the January/February 2012 issue of REALTOR Magazine (currently in the mailboxes of REALTORS around the country and online) is "Real Estate's Strongest Sectors for 2012" -- take a look at page 24 if you have the magazine.  Inside the magazine, the article is actually entitled "The Year Ahead: Real Estate's Best Bets in 2012." 

Here's a link to the online version of the article so you can read it in full: REALTOR Magazine article "The Year Ahead: Real Estate's Best Bets in 2012"

I'm excited to be quoted throughout the section on residential real estate trends for 2012.  It's always an honor to be relied upon by the media as a trusted source of real estate information.

Here's just one sample quote from the article:

"Affordable housing in inner-ring suburbs or center city areas may be real estate's sweet spot in 2012, Block says, because buyers today aren't looking just for bargains, they're looking for convenience and lifestyle amenities."

Check out my other recent press coverage at my online newsroom.

NEWSFLASH:  Buying a Home May Be One of the Best Ways to Achieve Happiness!

The pursuit of happiness... It's what we all seek isn't it?  After all this ideal finds prominence in the founding document of our country thanks to Thomas Jefferson who borrowed from John Locke and changed property to "pursuit of happiness."

People try many things to try to find happiness.  And there are many paths to achieving happiness.  You may find it at church, at synagogue, on the sports field, or the dance floor.  Some find it through charitable endeavours and others pathways include Zen meditation.  Helping others, finding new and exciting challenges, life-long learning... any of these things can lead to a happy life.

It's been said that "Money Can't Buy Happiness!"

Well, last week I read an article called "8 Ways that Money Can Buy Happiness" and I concluded that buying a home for the reasons I'll cite below may just be a great way to help achieve happiness!

Why Buying a Home Can Make You Happy:

"Buy more experiences and fewer material goods." -- the article states that:

Asked which of the two purchases made them happier, fully 57% of respondents reported that they had derived greater happiness from their experiential purchase, while only 34% reported greater happiness from their material purchase.

What?  You might say that a home is a material good!  Whatch'a talking about Brian?  And yes, technically a home is a material good -- it's made up of bricks and siding, a roof, plumbing, electrical systems, appliances, etc.  However a home is much more than that.  Homes are much more than the sum of their material parts.  You make memories in your homes.  You raise your families in your homes.  You have good times (and bad) in your homes.  You entertain, you wine, you dine.

Before you buy it, it's a house -- you have an inspection, you make sure everything's working, you negotiate a price.  Once you've been living there, it becomes a home -- or the sum of all the experiences you have there.  No wonder selling it can be such an emotional experience.

Ready for some happiness?

Search for Homes in Northern Virginia

It was just here.  Now it's gone.

Ooohhh.  Here's another one.  Looks promising. Gone too! 

Okay... Don't blink.  Don't turn the other way for even half a second. 

Gonna find that home.

Wait, could've sworn this one was still available.  After all, it was on Zillow, Trulia, and REALTOR.com.  But, yet... it's gone.

What's happening? 

Where'd that home go?  That was our dream house!  Will we ever find one?

...

If you're like many home buyers today, you've had a fairly similar internal dialogue while searching the dearth of homes on the market in Northern Virginia. 

A quick look at inventory numbers tells the story.

Taking the current inventory of homes on the market in each jurisdiction and dividing by the average amount of monthly sales during the last 12 months, here's the state of Northern Virginia housing inventory expressed in number of month's worth of inventory:

Alexandria City:              2.11 months
Arlington County:           2.32 months
Fairfax County:               2.05 months
Falls Church City:            1.37 months
Loudoun County:             3.02 months
Prince William County:  2.28 months

Wow! Considering that a balanced market is defined by 5-6 months' worth of housing inventory, there's almost nothing available.  If no other homes were to go on the market for sale in Falls Church for example, houses would completely sell out there by mid-February 2012!  It's no wonder that homes are nowhere to be found. 

As a Northern Virginia homebuyer, you've got to be prepared to jump when the right available home comes along.

Take a look at the chart below which compares the average days on the market recently with the same statistic 4 years ago (blue line represents recent time period). Boy, has the market changed!  Houses in Northern Virginia are selling on average a full 30 days or more faster than they did back then.

Advice for Buyers:  Search for Northern Virginia homes today!  Contact me to see them as soon as you see something you like so that you don't miss out.

Advice for Sellers:  If you are serious about selling your Northern Virginia home, let's price it right, put it on the market and watch the buyers swarm!

Thinking about living in Old Town Alexandria, Virginia? Get a feel for this vibrant historic area just 7 miles south of the Nation's Capital. Brian Block, a real estate broker with RE/MAX Allegiance provides a guided tour to the sights, sounds and highlights of Old Town.

Search for homes in Old Town Alexandria

Alexandria Virginia Real Estate Market Statistics

HAPPY NEW YEAR!

Before looking ahead, it's important to take a look back at real estate sales for 2011.  At the start of 2011, inventory of homes on the market was way down from 2010, the federal homebuyer tax credit was over, and the economy was still in flux. The home sales news for 2011 in Northern Virginia was a mixed bag.  Prices were up in most areas and the market has generally stabilized.  However the overall number of homes sold was down in almost all jurisdictions.

Whether you are planning to sell your home in 2012 are are interested in purchasing a home this year (I know it's on some of your New Year's resolutions lists), it's necessary to understand some numbers -- the number of sales and the amount of inventory available.

How many homes sold in Northern Virginia in 2011?

                                                                                                                                                                                                                          % Change from 2010
ALEXANDRIA CITY                 1,970 Homes Sold in 2011                    +3.6%
ARLINGTON COUNTY              2,355 Homes Sold in 2011                     -9.1%
FAIRFAX COUNTY                 12,541 Homes Sold in 2011                    -8.7%
FALLS CHURCH CITY                   193 Homes Sold in 2011                  +36.0%
LOUDOUN COUNTY                   4,773 Homes Sold in 2011                    -2.5%
PRINCE WILLIAM COUNTY    5,752 Homes Sold in 2011                   -12.2%

In almost all markets with the exception of Alexandria and Falls Church, volume of sales were down.  Prince William County sales numbers dropped by the largest amount.  Overall there were 2,234 less home sales in Northern Virginia in 2011 as compared to 2010 or a total decrease in volume of 7.5%

How many Northern Virginia homes will sell in 2012?  Pull out your crystal balls.  There's a ton of variables this year and the experts and prognosticators vary widely on their predictions of a real estate recovery, the economy, how much foreclosures and short sales will continue to impact our market, the job market, and the new Congress.

INVENTORY ALERT!!

As of the start of 2012, here are the inventories of resale homes listed for sale on the Multiple Listing Service:

                                                                                        % Change from 1/1/11
ALEXANDRIA CITY                    347 Homes Available                                 -32.9%
ARLINGTON COUNTY                 455 Homes Available                                  -5.0%
FAIRFAX COUNTY                   2,142 Homes Available                               -14.4%
FALLS CHURCH CITY                     22 Homes Available                                -15.4%
LOUDOUN COUNTY                  1,202 Homes Available                                 -4.2%
PRINCE WILLIAM COUNTY    1,094 Homes Available                               -19.1%

Overall, inventory numbers are way down from already low inventories at the beginning of 2011.  This could be very good news if you are planning to sell your home this year.  If 2012 home sales continue even at the sluggish 2011 pace, most jurisdictions currently have less than 2-3 months of inventory supply! Incredibly good news if you plan to sell your home and price it right!

IMPORTANT MESSAGE TO NORTHERN VIRGINIA BUYERS AND SELLERS:

You can't control the market.  You can't control the prices or the number of sales. 

The market is constantly changing. 

2012 IS THE TIME to get expert advice, a skilled negotiator, and a savvy real estate broker who knows how to navigate this market to help you with your real estate goals.

Curiously, if you drive by almost any gas station, convenience store, or grocery store, you'll see posted the current price of a gallon of milk, and the cost of a pack of cigarettes.  Since I don't consume either product, these prices don't mean much to me.  However, for others these staple items are benchmarks of the economy as a whole.

So, what do you think?  Should real estate offices post the average sales price each month for homes in the neighborhood right above the entrance?

• A gallon of milk this week was $2.99 at the local gas station. 

• The average sales price for a home in Arlington, VA last month was $512,725.

Would you like to pick up a house on your drive home from work?

Here's the average sales prices around the Northern Virginia area for homes sold in November 2011:

ALEXANDRIA          $450,602

ARLINGTON              $512,725

FALLS CHURCH        $476,768

GREAT FALLS       $1,279,767

MCLEAN                     $851,102

WASHINGTON DC   $514,274

Perhaps we should post a price range, since while the average price in McLean is $851,102, homes sold between $185,000 and $3.5 million.

What's Happening today in the Arlington, Virginia Real Estate Market?

The chart below details all of the closed home sales activity in Arlington, Virginia for November 2011:

And, here's a snapshot of Arlington Virginia home sales in the last 30 days from the middle of November through now:

ARLINGTON VIRGINIA HOME SALES:

• Active homes for sale: 530 -- 119 of those have come on the market within the last 30 days.  Compared to previous months, inventory and listing activity is down significantly.
  
  
• Average listing price in Arlington: $719,806.  Homes are available in Arlington from $59,900 to almost $7 million.  Do you want to see available homes in Arlington by price range?  Click on one or more of the following links (updated every day):
  

  Under $200,000
  $200K to $300K
  $300K to $400K
  $400K to $500K
  $500K to $600K
  $600K to $700K
  $700K to $800K
  $800K to $900K
  $900K to $1M
  $1M to $1.5M
  $1.5M to $2M
  $2M+

• Arlington homes sold in the last 30 days: 175.  At this rate, it would take just 3.03 months for the current Arlington inventory to sell.  If you're considering selling your home in Arlington, the odds are certainly in your favor!
  
  
• Average sales price: $536,012
  
  
• Median sales price: $487,514
  
  
• Average days on market: 45 -- homes are selling on average quite quickly in just over 6 weeks
  
  
• Average sales price/original listing price: 95.18% -- there's some negotiating room.

The highest priced Arlington home sold in the last 30 days was for $1,775,000.

Arlington Virginia Market Statistics Charts

Find a Home in Arlington

You should take your time when searching for a home. 

That's worth repeating:  You should take your time when searching for a home. 

If such an important project is rushed too quickly then you're susceptible to making mistakes not achieving good long-term results.  A home search and home purchase ranks really high on life's priority list.  If you're like most people, you (and your family) will be spending many waking hours and almost all of your sleeping hours in that home for the next 5-7 years.  You don't want to screw this decision up -- the consequences are much farther reaching, much more costly, and much longer-lasting than simply picking the wrong item off the menu at Ruth's Chris (as if that's possible) or bringing home a wrong sized shirt from Macy's.

That being said, there's no reason to waste time either when you are out on a home tour looking at potential homes.  Real estate is a process of elimination.  Working with a good REALTOR and viewing photos, descriptions, and virtual tours online, you've likely eliminated a good many homes before you physically go to view the remaining candidates. 

Take your time and linger in the homes that you like.  Test things.  Search around.  Explore.  That's what the home tour is all about.

In the spirit of eliminating homes from your list of potentials and not wasting time, keep reading below:

HOW TO SIZE UP A HOME IN 8 MINUTES OR LESS

• You Hate The Neighborhood:  Keep on driving!  The home looked perfect online and in the description, but then you got to the neighborhood.  Uh oh.  Abandoned cars.  People storing boats.  Pink flamingoes on the neighbor's lawn.  This is not your idea of the ideal neighborhood.  You can fix up the house but you can't do much about the neighborhood.  No need to get out of the car.  Your REALTOR will understand and will not be offended.  No need to waste your time looking at this house!
  
  
• Match up your priorities:  You've got your wants and needs list.  There are certain things you'll compromise on but others that are dealbreakers.  If you walk into a home and see a dealbreaker, walk right out.  There's no reason to keep looking and to keep saying to yourself "if this home only didn't have..." or "if only this home had..."  Move on.
  
  
• Quick Cursory Glance:  Walk the main floor first -- kitchen, dining room, living room -- these are the important rooms where you'll be spending a lot of time.  Head upstairs.  Look at room sizes, closet space, bathrooms.  Unless you like these areas and want to see more, skip the basement.  If the main levels pass the "smell" test, then explore further.
  
  
• Same floor plan. Look for differences:  Often times when viewing numerous homes, you'll come across similar floor plans.  Don't waste time looking at the same stuff.  Look for differences between this home and others you've seen.  It's the little (and big) differences that matter.
  
  
• Split up:  Want to really save time?  If you're searching for a home with another family member or friend, split up and view different parts of the home simultaneously.  If one of you sees something you love or hate, call the other one over to see it.  If one of you sees a dealbreaker, call the other one and scram.
  
  
• Realize that your first impressions are usually right:  Whether you love the home or you hate it, you'll likely know pretty quickly.  Learn to trust your first impressions.  If you love it, or even really like it, keep exploring the home.  Don't bother pulling out the tape measure and flushing toilets if the home doesn't have the walk-in closet or is in the wrong school zone.

You're on your own timetable.  There's no rush when purchasing a home, but wasting time is an anathema, isn't it?  My favorite home inspector likes to say "Festina Lente -- Make Haste Slowly" -- look it up.

Are you wondering about Northern Virginia real estate and pondering what has sold recently?

Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for November 2011. All information was obtained through MRIS.

Overall, there were 50 Northern Virginia home sales topping $1 million during November 2011, just a slight decrease from October.  The numbers continue to decrease from this Summer.  Things are a bit slower in the luxury market right now.

Currently, there are 619 homes on the market in Northern Virginia with list prices topping $1 million - this is a  large decrease from the number that were on the market in recent months.

NOVEMBER 2011'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 7714 Georgetown Pike, McLean, VA 22102 -- Sold on November 30th for $3,049,500
  Built in 2008, this 10,000+ square foot home in McLean features 7 bedrooms, 7 full and 2 half baths and 8 fireplaces on 2.5 acres.
  
  
• 1173 Dolley Madison Blvd., McLean, VA 22101 -- Sold on November 3rd for $2,700,000
  Located at Ballantree Farms in McLean, this gated estate on an acre offers 6 bedroom suites, 7 full bathrooms, a gourmet kitchen, mahogany library, two offices, lots of built-ins, and enough space to entertain about 300+ guests.  This magnificent home was built in 1985 and sold for $662,000 under the asking price!

• 1051 Brook Valley Lane, McLean, VA 22102 -- Sold on November 21st for $2,520,000
  On 2 acres in Prospect Hill in McLean, this Tusan styled villa has open floor plans with all kinds of architectural details including dramatic 30 foot ceilings.  the owners spent over $500K on landscaping alone in this home built in 2006.  The almost 7000 square feet of luxury living space is complemented by a 4 car garage and gated entry.

• 938 Leigh Mill Road, Great Falls, VA 22066 -- Sold on November 16th for $1,925,000
  Built in 2007 on 4 acres in Great Falls, this home features hardwood floors, flagstone paitos, marble and granite countertops.  There's 6 bedrooms, 5.5 bathrooms, 3 fireplaces, and an additional carriage house with a kitchenette.  It sold for just $55K under the asking price.

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA

Townhouses:

• 708 Duke Street #6, Alexandria, VA 22314 -- Sold on November 17th for $1,065,000
  In the heart of Old Town Alexandria, this townhouse features almost 2,000 square feet of living space, 3 bedrooms, 2.5 baths, a dramatic gourmet kitchen and a stylish patio with fire pit.  There's a sauna inside, 2 assigned parking spaces, and the home is within easy distance of the Metro, Old Town restaurants, and the Potomac River.

• 1551 N. 22nd Street, Arlington, VA 22209 -- Sold on November 23rd for $1,052,000
  Built in 1995, this Palisades Park townhouse has 4 levels, lots of natural light, high ceilings and seasonal views of the Potomac River and Georgetown.  Near the Rosslyn Metro, this home also has a 2 car garage.  With 3 bedrooms, 3 full and 2 half baths, this home sold for just $75K under the asking price.

• 107 Princess Street, Alexandria, VA 22314 -- Sold on November 30th for $1,009,000
  This brick end townhouse is just 500 feet from the Potomac River waterfront.  Built in 1969, this home has over 2000 square feet of space, a gourmet eat-in kitchen, gas fireplace, and the roof was just replaced in 2011.  The listing price was $1,095,000.

• 420 S. Lee Street, Alexandria, VA 22314 -- Sold on November 17th for $1,000,000
  Rounding out the top townhouse sales is this one within steps of Lee Street Park.  Four bedrooms, 2.5 bathrooms, this townhouse was built in 1850 and features views of the gardens, front and rear stairs, tall ceilings, hardwood floors, and unique woodwordk.  It was sold in "as is" condition and went for $195K less than the asking price.

SEARCH AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums:

• 1450 Emerson Avenue #414, McLean, VA 22101 -- Sold on November 29th for $1,150,000
  Located at the Palladium at McLean, thid downtown McLean 2 bedroom 2.5 bathroom condo is a corner unit with 2,633 square feet of space and windows on 3 sides!  The private elevator opens directly into the condo unit which features maple floors, 10 foot ceilings, 2 balconies, and a whirlpool bath.  Sold for just $45K under the asking price.

• 11990 Market Street #1002, Reston, VA 20190 -- Sold on November 28th for $1,099,000
  This 10th floor condo at Midtown at Reston Town Center has mountain and sunset views.  The 3 bedroom, 3 bathroom condo has 2,111 square feet of space and sold for the listing price.

• 8220 Crestwood Heights Drive #1604, McLean, VA 22102 -- Sold on November 1st for $1,000,000
  Harris Teeter's in your basement here!  This 16th floor unit at One Park Crest is just minutes to shopping, dining and the future Tyson's metro stations.  The 2 bedrooms and 2 bathrooms are just a part of what makes this 1,940 square foot condo special.

• 1530 Key Blvd. #1115, Arlington, VA 22209 -- Sold on November 9th for $950,000
  Another condo sale at the always popular Atrium Condo in Arlington!  This 11th floor unit features hardwood floors, and updated kitchen and bathrooms, 3 separate balconies with views of Georgetown and the Potomac River and two garage parking spaces.  Plus almost 1900 square feet of living space.
  
  

SEARCH AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA

Are you wondering about Northern Virginia real estate and pondering what has sold recently?

Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for October 2011. All information was obtained through MRIS.

Overall, there were 52 Northern Virginia home sales topping $1 million during October 2011. The numbers continue to decrease from this Summer.  Things are a bit slower in the luxury market right now.

Currently, there are 708 homes on the market in Northern Virginia with list prices topping $1 million - this is a  decrease from the number that were on the market in recent months.

OCTOBER 2011'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 903 Turkey Run Road, McLean, VA 22101 -- Sold on October 27th for $7,501,310
  This brand new luxury home was custom built on one acre in Turkey Run in McLean.  With over 9,300 square feet of living space, 6 bedrooms, and 7 full bathrooms on 3 levels, the new owner will have plenty of area to spread out.
  
  
• 9600 Ferry Harbour Court, Alexandria, VA 22309 -- Sold on October 28th for $3,500,000
  Expansive views of the Potomac River from this 5 acre estate include a 340 foot waterfront, dock, and gated entry.  The home itself has 5 bedrooms, an elevator, new hardwood floors and a 40X60 foot garage (enough for 7 cars).  There's also a pool with a cabana.  This Georgian Colonial was built in 1942.

• 8537 Old Dominion Drive, McLean, VA 22102 -- Sold on October 6th for $2,950,000
  This was a foreclosure sale and sold for $450K under the asking price.  The home has over 14,000 square feet of space on 4 levels and over 3 acres in McLean.  Wow - 9 bedrooms, 8 full and 5 half bathrooms, and 7 fireplaces.  It was built in 1990.

• 129 Commonage Drive, Great Falls, VA 22066 -- Sold on October 6th for $2,695,000
  Situated on over 5 acres, this custom built home features an award winning garden pavilion overlooking 3 ponds with waterfalls!  There's a 4 car garage, a screened porch with fireplace, and 6 bedrooms, 5 full bathrooms.

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA

Townhouses:

• 608 Fords Landing Way, Alexandria, VA 22314 -- Sold on October 14th for $1,860,000
  An end model townhouse at Fords Landing with a riverfront terrace, French doors and wonderful views of the Potomac River!  With anewly renovated kitchen, master suite and sitting room, and $150,000 or more of upgrades, this Old Town Alexandria townhouse sold for just $90K below the asking price.  It has over 3,100 square feet of living space on 4 levels.

• 1406 N. Meade Street, Arlington, VA 22209 -- Sold on October 28th for $1,650,000
  Built in 2000, this townhouse at Monument Place in Arlington overlooks Iwo Jima Memorial and Washington D.C.  It has over 3,000 square feet of livable space with 3 bedrooms and 3.5 bathrooms on 5 levels.

• 702 Fords Landing Way, Alexandria, VA 22314 -- Sold on October 6th for $1,792,000
  Another great Fords Landing townhouse with river views and spacious living.  The great kitchen features cherry cabinetry and granite countertops.  Sold for $180K below the asking price.

• 106 Princess Street, Alexandria, VA 22314 -- Sold on October 7th for $995,000
  This Old Town Alexandria townhouse rounds out the list.  With 2,629 square feet of space, this home was built in 1971 and features incredibtle river views, a huge loft with a wet bar and a spiral staircase that leads to a unique glass enclosed sunroom with 360 degree views.  There's also a rooftop deck and a one-car garage, plus a private brick patio.

SEARCH AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums:

• 1830 Fountain Drive #1502, Reston, VA 20190 -- Sold on October 21st for $1,200,000
  Located in Reston Town Center, this penthouse at the paramount has views from Tysons to the Blue Ridge Mountains.  With over 3,000 square feet of space, this 3 bedroom 3.5 bathroom condo is huge and features a large master bderoom, large balcony and a kitchen with granite counters and stainless steel appliances.  It sold for just $100K under the asking price.

• 1600 Clarendon Blvd #W405, Arlington, VA 22209 -- Sold on October 6th for $1,165,000
  At the desirable Wooster and Mercer Lofts, this 1,768 square foot 2 bedroom 2 bathroom condo features a 900 square foot terrace with a Jacuzzi and 75 foot wraparound balcony.

• 1450 Emerson Avenue #403, McLean, VA 22101 -- Sold on October 14th for $1,050,000
  Built in 2005, this condo at the Palladium at McLean has over 2,500 square feet of living space and is close to all the local shopping of downtown McLean.

• 1615 N. Queen Street #M401, Arlington, VA 22209 -- Sold on October 14th for $1,005,000
  Another Wooster and Mercer Lofts condo -- this one slightly larger with 1,829 square feet sold for just $24K under the asking price and features a gourmet kitchen with Wolf and SubZero appliances.
  
  

SEARCH AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA