Buy Alexandria Real Estate: December 2009

People buying condos are often shocked, surprised, deterred, upset, disgusted, confused, aggravated, insulted, scared, cautious, and multiple other adjectives (which cannot be printed on this family-friendly blog) upon hearing about the monthly condo fee payments.

Those Condo Fees are Too High!

To get an idea of average area condo fees, take a look at Alexandria Virginia Average Condo Fees -- 2009 which I wrote earlier this year, comparing the fees at some of the more popular condo complexes in Alexandria, Virginia.

So, yes, the average condo fee for a two bedroom high-rise condominium unit easily exceeds $600.  Yes, that $600 is not deductible from your taxes like your mortgage interest payments are.  The condo fee is an added expense of living in a condominium.

Wouldn't It Be Cheaper to Buy a Townhouse or Single Family Home?

Whoa!  A $600/month payment is equivalent to an extra $105,000 mortgage loan at today's 5.5% interest rates.

These numbers are true and can be astonishing to the otherwise ready-to-buy-a-condo purchaser.  However, there is one more very important factor that must be considered.

Costs to Maintain the Home

The screenshot below is from a website called BrickBits.  It has a nifty tool that allows you to enter your zip code and general information about a home (age, lot size, number of rooms, square footage, etc.) and it will determine an estimate of maintenance and utility costs for that type of home in that location.

For purposes of this example, I entered a 2 level, 3 bedroom, 1800 square foot townhouse in Alexandria and got the following results, which we'll then compare to a condo (and condo fee).

Now, let's subtract out a few things to make the comparison legitimate.  Property taxes are present for both the townhouse and condo.  Everyone pays internet, tv, and phone, and needs to have the home professionally cleaned from time to time.

That leaves an annual total of maintenance costs for the hypothetical townhouse at $8293, or $691/month.  Already well above the average condo fees in the area.

Remember most high-rise condo fees include all your utilities, trash removal, building and outdoor maintenance, landscaping, and security services.

In addition, living in a townhouse (or single family home), you'd probably being paying extra for a gym membership ($35-75/month), pool membership for the summer, etc.

While on initial impression, condo fees may seem oppressive, after this analysis, the condo might be looking like a better deal after all, huh?

Condo fees aren't so bad... Help me find a Northern Virginia condo, Brian.

 I can also help you search for and buy a Northern Virginia or D.C. townhouse or single-family home.

Inventory -- in real estate, it's a fancy way of saying how many homes are available for sale.  It's fancy because most real estate agents are used to talking in single syllable REALTOR-speak, to wit:

buy, sell, rent, sold, price, sale, home, house, etc.

As we approach 2010 (not the sci-fi sequel to 2001, but the year), it is clear when analyzing the Northern Virginia real estate market that The Story is Inventory, or more appropriately, the lack of inventory.

Take a look at some charts that vividly show you the picture of inventory in Northern Virginia, comparing today's numbers to those of 4 weeks ago, January 1, 2009, and January 1, 2008.  The graphs speak for themselves.

Just to highlight, in Fairfax County, there is just under 50% as many homes available for sale today as there were on January 1st, 2009!

With many real estate listings set to expire on December 31, 2009 (2 days from now), I'm expecting that inventory numbers will be even lower as we enter the new year.

Currently there is approximately a 1.9 month supply of homes on the market when you combine these three Northern Virginia jurisdictions.

What does this mean? 

• Demand for homes in the Northern Virginia and D.C. region has not dissipated.  With the growth of the federal government and our relatively stable (and best) job market in the country, people are relocating to the area.
  
  
• The $8000 first time homebuyer tax credit and $6500 move-up tax credit available until April 30, 2010 will continue to fuel housing demand.
  
  
• Unless inventory increases significantly, in 2010, you should expect to see 2004/2005 style bidding wars and the continued rebound from pricing lows.
  
  
• If you are selling your home, there may be no better time than 2010 to get it sold fast (as long as you price it right and use a skilled REALTOR). 

I am not by any means, a Powerpoint master.  I'd rather be out and about helping people buy and sell real estate in Northern Virginia than sitting in front of a Microsoft program designing charts, graphs, slides, and presentations.

That's why I'm happy and thrilled when someone else has created a Powerpoint presentation which helps to explain the real estate market.  Especially when it tells the story in a simple and easy to understand way.

The four slides below are part of a recent presentation given by Christine Todd, CEO of the Northern Virginia Association of REALTORS.

They point to the market shift and slow but active recovery in the Northern Virginia housing market by looking at sales and sales prices over the last four years around this time of the season.

Enough from me.  The slides tell the story.  Look below.

THIRTEEN OUT OF ELEVEN THOUSAND

With over 11,000 members, the Northern Virginia Association of REALTORS (NVAR) is the largest local REALTOR association in Virginia and one of the largest in the United States.

Thus, it was a proud moment last week, when I received a letter informing me:

"Congratulations!  You have been selected as one of thirteen REALTORS to participate in the NVAR Leadership Institute"

NVAR LEADERSHIP INSTITUTE PROGRAM

According to Vinh Nguyen, 2010 Chairman of the Board of the association, "[t]he objective of the Institute is to familiarize future NVAR leaders with all aspects of the REALTOR family, including the Virginia Association of REALTORS, the National Association of REALTORS and MRIS," through unique 'hands on' opportunities to learn more about the inner workings of the association.

Throughout 2010, I will have the privilege of participating in 12 different sessions including the following exciting opportunities.

• Legislative Bus Trip to Richmond, Virginia
  
  Here we'll gain insight into the lobbying process on the state level and observe how the Northern Virginia Association of REALTORS works with the General Assembly and the staff of the Virginia Association of REALTORS. 
  
  
• Ethics and Leadership
  
  During a discussion with NVAR's Associate General Counsel and a panel of past NVAR Presidents, we'll learn about enforcing the Code of Ethics, arbitration and mediation, leadership, team building and association decision-making.
  
  
• National Association of REALTORS Mid-Year Meeting
  
  At this annual event in Washington D.C., we'll attend a leadership luncheon, two Leadership Express Series sessions, and the Region 3 RVP Regional Caucus
  
  
• Working with the Media
  
  A training session on the dynamics of working with the media.
  
  
• NVAR Role in MLS
  
  During a field trip to Rockville, MD, we'll meet the leadership and staff of MRIS and attend a presentation of MRIS key operations and an outlook on the future of MLS.
  
  
• Annual Press Conference at the National Press Club
  
  We'll attend an observe the NVAR Annual Press Conference at the National Press Club in Washington D.C.

All of this should make for a very exciting and educational year in 2010.

I'm looking forward to all of the learning and challenges ahead.

While certainly not good news, there's some silver lining to this report that Craig Richardson (an agent in my office) discusses below regarding traffic congestion in the D.C. and Northern Virginia areas:

• The traffic congestion points to the fact that our region is growing -- people are coming to the area.

• Some of the congestion is temporary, as Craig points out, due to the current construction surrounding Tysons Corner and the Metro extension.
  
  
• Finally, the completion of the Metro extension over the next few years should alleviate some of the road traffic as public transportation will reach out further into the Northern Virginia suburbs, and eventually to Dulles Airport.

THE QUESTION

It happened to me just a few weeks ago.  One of those ah-hah moments, which I'm sure you've all had.

I was walking out the door from my condo, and a fellow approached me with a question: "Who's the cable t.v. provider in this area?"  An innocuous question, to be sure.  I quickly answered Comcast, who's been my cable t.v. provider for as long as I could remember.

THE WORD

Immediately thereafter, one word kept ringing in my head.  Provider.  Provider.  Provider.  Hmmm...

The dictionary has several definitions of the word "provider".  Among those definitions are these: "One who supplies a means of substinence," and "One that makes something, such as a service, available."

Now granted, the cable companies operate as a government induced pseudo-monopoly.  Depending on where you live, there may be no choice of which cable company serves your home.  You're basically forced to get your cable from the single company providing service to the town in which you live.  Of course, you are not required to have cable television or television at all, or you may choose to get satellite t.v. service.  That's up to you.  However, if you choose cable, you've got a provider.

The word provider has another, more nurturing definition: "a person who supports a family or another person," and "a person who provides" (DISCLOSURE: That's from Random House Dictionary.  My first grade English teacher taught me never to use a word in its own definition.)

In other words, it's good to be a provider.  The word itself has a happy connotation.

THE AH-HAH MOMENT

As real estate professionals, it should be our goal to be looked upon as providers. 

We are providers of market information -- what's for sale, what's selling, prices, inventory, neighborhood data.

We are providers of knowledge and expertise -- about the selling process, about the buying process, about current rules and regulations affecting real estate.

We are providers of counsel and support -- home buying and selling can be a very emotional time with ups and downs throughout the transaction.  We're here to both empathize with our clients' emotions regarding their purchase or sale and to break through those emotions and see clearly to negotiate the best deals for our clients.

Unlike cable television, you've got many choices when it comes to your real estate broker.

If you're ready to buy or sell a home in Northern Virginia, or D.C., I'd love to be your provider.

The title of this blog post pretty much says it all.

I'll repeat it here:

If you've been thinking about selling your house in Northern Virginia, follow these four important steps:

1. Stop what you are doing right now.  Seriously.  Stop!
   
2. Stop "thinking" about selling your house.
   
3. Tidy up the house.
   
4. Call me to help sell your house.  (Call today at 703-626-0715)

Why?

Northern Virginia Housing inventory is at EXTREMELY low levels.  A "normal" or balanced market means that there is 6 months of inventory of houses on the market.  More than 6 months inventory favors buyers who have lots of homes to choose from.  Less than 6 months inventory favors sellers who can take advantage of the lack of inventory to entice the buyers to buy their home.

In Northern Virginia, housing inventory is VERY VERY low.

Consider:

City of Alexandria:

• 446 homes on the market
• 1,103 sales in last 6 months or 183.8 Alexandria home sales/month
• Currently ONLY 2.4 Months of housing inventory in Alexandria, VA

Arlington County:

• 593 homes on the market
• 1,495 sales in last 6 months or 249.2 Arlington home sales/month
• Currently ONLY 2.4 Months of housing inventory in Arlington, VA

Fairfax County:

• 2,455 homes on the market
• 8,300 sales in last 6 months or 1,383 Fairfax County home sales/month
• Currently ONLY 1.77 Months of housing inventory in Fairfax County, VA

Okay, review the 4 steps above.  I'll have my cell phone in hand all month.

Oh, one more reason to get started now: Buyers have until April 30th to take advantage of the extended homebuyer tax credit.  You might be able to take advantage of the move-up tax credit yourself.

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 2009.  All information was obtained through MRIS.

Overall, there were 48 Northern Virginia home sales topping $1 million during the month of November 2009, just slightly down from the 55 in October.

Currently, there are 708 homes on the market in Northern Virginia with list prices topping $1 million down from 798 that were on the market last month.

NOVEMBER'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 7804 Montvale Way, McLean, VA 22102-- Sold on November 13 for $3,967,500
  This 6 bedroom, 6 full and 3 half bathroom home was built in 2001.  The stone colonial style home has a 4 car garage with a lift, a wine room, media center, and a heated pool with 700 square foot pool house, all on over an acre of land.
  
  
• 644 Deerfield Farm Court, Great Falls, VA 22066 -- Sold on November 17th for $2,600,000
  On almost 2 acres and walking distance to the Village of Great Falls, this stunning home has over 8300 square feet of living space and 5 bedroom, 5 full and 3 half bathrooms.
  
  
• 1970 Rockingham Street, McLean, VA 22101 -- Sold on November 20th for $2,202,550
  On half an acre of wooded property, this newly built home in McLean features 6,800 square feet of space and an elevator to the four levels.
  
  
• 4722 N. 33rd Street, Arlington, VA 22207 -- Sold November 13th for $2,010,000
  This Country Club Hills home with 5 bedrooms and 4.5 bathrooms on 1/3 acre in Arlington is convenient to D.C. and was built in 2009.
  
  

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA 

Townhouses: 

• 16 Wolfe Street #54, Alexandria, VA 22314 -- Sold on November 18th for $2,450,000.
  This Harborside townhouse in Old Town Alexandria has Potomac River views and a boat slip that conveyed.  There's an elevator that goes to all four levels and over 4200 square feet of living space.
  
  
• 511 Lee Street, Alexandria, VA 22314 -- Sold on November 30th for $1,300,000.
  This Old Town Alexandria townhouse had not been on the market for 50 years!  It overlooks Lee Street Park and the Potomac River.  With 6 bedrooms and 3.5 bathrooms, this Pommander Walk townhouse was originally built in 1820.
  
  
• 227 S. Fairfax Street, Alexandria, VA 22314 -- Sold on November 13th for $1,200,000.
  Built in 1862, this home needed some repairs and was sold "as is."  It's actually a free-standing townhouse with 5 bedrooms, 3.5 bathrooms, and 7 fireplaces!

Looks like all the million dollar townhomes this month were in Old Town Alexandria.

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums: 

• 1555 Colonial Terrace #200, Arlington, Va 22209 -- Sold on November 13th for $922,500.
  This 2 bedroom, 2.5 bathroom condo at the Dakota has over 2,600 square feet overlooking Key Bridge and the Potomac River. 
  
  
• 1200 Nash Street #1140, Arlington, VA 22209-- Sold on November 30th for $840,000.
  Prospect House in Rosslyn is a perennial favorite and this 2 bedroom, 2 bathroom condo has the spectacular view of the Washington D.C. monuments.  It comprises almost 1400 square feet of space with soaring ceilings.
  
  
• 1000 Randolph Street #909, Arlington, VA 22201 -- Sold on November 12th for $694,500.
  This top floor Ballston condo at the Berkeley has 3 bedrooms and 2.5 bathrooms and close to 1600 square feet of living space.  It also has 3 balconies and 2 garage parking spaces. 
  
  
• 11990 Market Street #1615, Reston, VA 20190 -- Sold on November 10th for $628,000.
  16th floor at Midtown at Reston Town Center!  Imagine the views.  This 3 bedroom 2 bathroom unit is the ultimate in luxury with 1,619 square feet of space.

If Old Town Alexandria is the place for luxury townhouses, than North Arlington is the king of the luxury condos.

SEE AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA 

Contact Brian Block, Managing Broker, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C.  703-626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Great Falls, Lorton, McLean, Springfield, Washington D.C., contact Brian today.

It's back on the market.  After taking a breather off the market, this Alexandria Knolls West condo is back.  It's at a better price ($250,000) and it's still beautiful. Not only is the condo great, but so is the building.

How do I know? Well, I've lived there for over 6 1/2 years. Doesn't that add some credibility to the neighborhood when your real estate broker lives in the community?

One thing is for sure. Alexandria Knolls West has the biggest balconies around.   While it's getting chilly outside these days, during the warmer weather, my wife and I enjoy eating many of our meals in our own "Garden of Eden."

Check out the new & improved listing located at 6101 Edsall Road #1405, Alexandria, VA 22304:

Awesome in Alexandria -- Alexandria Knolls West Spacious 2 Bedroom Condo -- $250,000

Location: Alexandria Knolls West

Looking for a condo in Alexandria? Look no further!

Great 2 bedroom 2 bath condo in very popular and convenient Alexandria Knolls West.

You've got to see the stunning renovations in the two bathrooms.

Updated kitchen with great floors. Easy to do laundry with the front loading washer and dryer.

Lots of space & terrific view from huge 14th floor balcony. Condo fee includes all utilities. Close to 395, Beltway, Old Town, Pentagon, D.C.

Put this on your must view list of properties and see it today!

Information

Contact Information

Brian Block

brian@brianblock.com

703-626-0715

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Pricing

Price: $250,000.00

Condo Fees: $557/month

Property Location

6101 Edsall Road #1405
Alexandria, VA 22304
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Features

Bedrooms: 2

Bathrooms: 2

Parking Spaces: 1

Year Built: 1975

Subdivision: Alexandria Knolls West

Located on Floor #: 14

Floors in Bldg: 18

Square Footage: 1178

Agent Name: Brian Block

Broker: RE/MAX Allegiance

MLS #: AX7213118

Attributes

Appliances

Range/Oven

Full Refrigerator

Washer/Dryer

Dishwasher

Sink Disposal

Microwave

Interior Amenities

Wet Bar

Huge Balcony

Building Amenities

Swimming Pool

Guest Parking

Recreation Center

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3 comments • Brian Block -- Northern Virginia & D.C. Real Estate • December 01 2009 04:23PM