Buy Alexandria Real Estate: June 2009

"Everywhere is Walking Distance if You Have The Time"

-- Steven Wright, American comedian

The problem is these days people don't have the time.  Gone are the days of walking 4 miles uphill both ways to school.  Nowadays, parents pack the kids in the car and drive them the quarter mile door to door to drop them off to 2nd grade.  We're increasingly dependent upon our cars, even moreso the further out from a city we decide to live.

As people tire of the expenses and hassles of commuting and having to hop in the car for everyday errands and to just to grab a bite to eat, walkability has become a more important criteria for neighborhood home searches in Northern Virginia and Washington D.C.

Maybe you want to be close to the Metro, close to stores and restaurants, and leave the car at home after a long work week of commuting to the office. 

While determining where you want to live in the Metro D.C. area, you should visit the Walk Score Website.  This site was developed out of the need for homeowners to calculate the convenience of homes to stores, restaurants, work and other quality aspects of a neighborhood.

Walk Score can range from 1 to 100 depending on the proximity of the address to grocery stores, restaurants, coffee shops, bars, movie theaters, schools, parks, libraries, bookstores, fitness centers, drug stores, and other amenities.

The Walk Score website describes what makes a neighborhood walkable:

• A center: Walkable neighborhoods have a discernable center, whether it's a shopping district, a main street, or a public space.
  
• Density: The neighborhood is compact enough for local businesses to flourish and for public transportation to run frequently.
  
• Mixed income, mixed use: Housing is provided for everyone who works in the neighborhood: young and old, singles and families, rich and poor. Businesses and residences are located near each other.
  
• Parks and public space: There are plenty of public places to gather and play.
  
• Pedestrian-centric design: Buildings are placed close to the street to cater to foot traffic, with parking lots relegated to the back.
  
• Nearby schools and workplaces: Schools and workplaces are close enough that most residents can walk from their homes.

Washington D.C. was ranked the 7th Most Walkable City.  Click here to view the Walk Scores of various D.C. Neighborhoods.

Here's a screenshot of the WalkScore results and map for a home I sold in Old Town Alexandria last year:

Try it for yourself while looking at different home locations:

Get your Walk Score!

Everyone enjoys a good fireworks display for July 4th. In the D.C. area there are some great ones -- whether it's down on the National Mall, at Fort Belvoir, over the Potomac River, or in various locations throughout Northern Virginia.

However, while some jurisdictions allow people to shoot off their own private fireworks displays, there are other cities in Northern Virginia where doing so is illegal.

The City of Alexandria is one such place. Here's a public service reminder that's out on the streets right now, just 10 days before Independence Day (this one's located on Duke Street at the exit ramp for Van Dorn Street -- right by Landmark Mall):

Ready to become a REALTOR?

Evening classes -- Mon, Tues, Wed, Thurs: July 13, 14, 15, 16, 20, 21, 22, 23 5 p.m. - 9 p.m.

REGISTER ONLINE HERE: REAL ESTATE COURSE

By the way, your teacher has PERSONALITY, will train you for success and will make sure that you do not become a DESPERATE REALTOR!

Feel free to call or e-mail me for more information.

By the way, we're hiring real estate agents.

Everyone buying a home wants to know the average home prices in the areas that interest them.  People planning to sell their homes like this information too.  While real estate is extremely hyper-local, just getting an idea of prices in a particular area can be helpful.  Home prices vary greatly from one locality to the next.

Here's a quick and easy guide to the average prices in different cities and towns in Northern Virginia -- note that within each of these areas prices can vary widely depending upon particular neighborhood.  This is a general guide just to prices within the cities and towns.

I've broken it down by type of home -- detached single family, townhouse, and condo.  You should also note that these averages are based on MRIS data of currently listed homes.  The data does not include for sale by owner properties, and does not necessarily indicate the prices for which these homes will eventually sell.  The numbers are meant to give you a general landscape of the different average prices by jurisdiction.

ALEXANDRIA

Detached         $975,816
Townhouse       $909,432
Condo             $323,811

ANNANDALE

Detached          $614,283
Townhouse       $339,196
Condo              $139,810

ARLINGTON

Detached          $995,863
Townhouse        $718,379
Condo              $522,667

BURKE

Detached          $644,839
Townhouse       $311,589
Condo             $189,975

FAIRFAX

Detached        $746,033
Townhouse      $450,917
Condo            $261,364

FALLS CHURCH

Detached        $776,188
Townhouse     $467,817
Condo           $423,050

MCLEAN

Detached       $2,085,052
Townhouse       $853,474
Condo             $500,265

RESTON

Detached        $777,019
Townhouse     $478,080
Condo           $365,362

SPRINGFIELD

Detached       $565,446
Townhouse    $315,143
Condo           $159,780

You can certainly see the disparity between the different locations.  Use this as a handy-dandy guide to helping you choose where to purchase your next home.  The average home in McLean is obviously very different from the average home in Springfield.

Of course, for a more detailed pricing guide broken down to a more micro level including zip codes or particular neighborhoods, feel free to contact me anytime.

Consider it a chicken and the egg question. You know, which came first?

What's the Starbucks Effect?

It's the idea that super-cool Frappuccino joints increase the value of homes in the neighborhoods where they decide to locate their coaches, cappuccinno makers, and coffee bean grinders. Do these caffeine peddling haunts increase property values or do they just open up in communities where the more expensive homes already exist -- thus taking advantage of a customer base that can presumably afford the Vente Iced Skim Mocha No Whip?

I decided to find out by taking a look at some of the facts and statistics here in Northern Virginia.

First, I watched the following video about Arlington, Virginia which has been making the rounds towards the end of last week. If you live in the area and haven't seen it yet, it means you haven't been on the internet in about a week. If you are outside Northern Virginia, you may miss some of the inside jokes but understand that this spoof hits it on the head about the culture of Arlington (or at least North Arlington). Make sure you watch this through the end...

So, inspired by this recent video, I decided to examine whether the Starbucks Effect existed in Arlington and Alexandria by reviewing the hard data about housing prices. It was only after completing this research that I discovered that the The Starbucks Effect is a well-documented phenomena. Follow along.

Arlington Virginia boasts 12 Starbucks stores -- 3 in zip code 22201, 3 in zip code 22209, 4 in zip code 22203, and 2 in zip code 22207. The areas located in Arlington zip codes 22202, 22204, 22205, 222206, and 22213 have no Starbucks stores, in other words, they are Starbuck-less.

Let's examine the average listing price of homes in the various Arlington locales:

Arlington Areas with Starbucks:

Zip Code       # of homes available       Average Price

22201                     129                       $696,923

22203                       54                       $519,798

22207                     143                     $1,197,137

22209                       87                        $945,433

TOTAL                         443                                 $856,981

Arlington Areas without Starbucks:

Zip Code        # of homes available     Average Price

22202                    76                          $727,312

22204                   144                         $423,608

22205                    39                          $906,418

22206                    40                          $392,451

22213                    10                          $871,315

TOTAL                     309                                   $569,698

Wow! The average listing price for a home in a Starbuck-less neighborhood is nearly $300,000 less than those in the high-caffeine areas of Arlington. Note to Starbucks management: You may want to consider opening up a branch in the 22205 zip code of Arlington!

Thinking this might just be an anomaly, I took a peek at the data for neighboring Alexandria. 11 Starbucks stores grace the streets of Alexandria Virginia. Not surprisingly, 9 of these are in zip code 22314, the Old Town Alexandria area of town which gets the most tourist traffic, and yes, the most expensive homes are located. The other 2 stores are located in zip codes 22301 and 22302. There are no Starbucks stores in zip codes 22304 or 22305.

Let's take a similar look at the data for Alexandria:

Alexandria Areas with Starbucks:

Zip Code        # of homes available      Average Price

22301                     37                          $778,912

22302                     46                          $434,531

22314                    240                         $923,212

TOTAL                      323                                   $837,087

Alexandria Areas without Starbucks:

Zip Code      # of homes available       Average Price

22304                 166                          $420,382

22305                   42                          $598,279

TOTAL                     208                                 $456,304

Once again, the numbers show that on average your purchase of a home in an Alexandria area served by Starbucks will cost you an additional $300,000+.

Starbucks Effect? Yes or No. You decide. I'm going to have my morning coffee tea.

One final note: It's no surprise to me that a two story Starbucks, and one of the busiest branches on the East Coast is located right next to my office in McLean Virginia -- zip code 22101. The average listing price of a home in that zip code is $1,657,101. McLean was recently named the most affluent community in America.

Maybe, just maybe, it was The Starbucks Effect!

This morning, Inman News reported that RE/MAX has national TV to itself.

As a managing broker of an office at one of the largest, and the most productive RE/MAX franchise in the entire RE/MAX system, I greeted this news with excitement.  I already knew that RE/MAX dominated national television, and in fact, almost all advertising mediums -- print, online, radio, and t.v.  At the RE/MAX Convention back in March, the company told us that they expected their share of television advertising to increase this year from 50% to probably about 65%.

However, nobody predicted that RE/MAX would be the ONLY real estate company to advertise on national television.

As soon as I saw this news, I immediately e-mailed it to our brokerage CEO and our lovely Director of Career Development (a nice title for our head recruiter). 

I also tweeted this news.  This afternoon, I saw that somebody (an agent from another company -- which has no television advertising, and in fact, very little advertising at all), retweeted my post and sarcastically added:

"AND?"

Well, here's the AND...

And, why RE/MAX National Television advertising matters, whether you are somebody looking to buy or sell a home, or an agent looking to align themselves with a real estate company.

Some basic facts:

• According to the latest data from the World Bank, over 95% of American households own a television.
  
• According to that same data, about 75% of American households use the internet.
  

Advertising online is great, but for the best branding, those who ignore television in favor of an internet only strategy miss out on many potential buyers and sellers.

According to the article, "RE/MAX says it "vigorously promotes its brand" with a mix of television, cable, radio, print and Internet advertising, and has recently made the move into social networking. In addition to YouTube, RE/MAX also maintains a presence on Twitter, Facebook and LinkedIn."

That's why "Nobody in the World sells More Real Estate than RE/MAX"

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 April 2009.  All information was obtained through MRIS.

Overall, there were 61 sales topping $1 million during the month of May 2009, a 50% increase from the 40 that sold in April.   The luxury market seems to be heating up a bit.  Or maybe it's just those Maryland Millionaires moving down our way to Virginia.

MAY'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 7724 Georgetown Pike, McLean, VA 22102  -- Sold on May 8th for $7,850,000.
  Wow!  What a sale.  Though the economy has surely taken its toll since this one sold for $2.65 million below the asking price of $10.5 million.  This stone mansion custom built in 2006 has over 22,000 square feet of living space!  On 5 acres, this magnificent home features 9 bedrooms, a 6 car garage, 12 full baths and 5 half bathrooms.  Space to entertain, for sure.
  
  
• 860 Nicholas Run Drive, Great Falls, VA 22066  -- Sold on May 5th for $2,600,000.
  With over 12,000 square feet of space, this home includes an elevator and a first floor "Grand Ballroom."  This house was built in 2007 and sold after over a year on the market for about $400K under the $3 million asking price.
  
  
• 909 Whann Avenue, McLean, VA 22101  -- Sold on May 14th for $2,600,000.
  5 bedrooms, 4 full bathrooms in this large Colonial home in the Langley Forest area of McLean.  The home features a gourmet kitchen, patio, and landscaped gardens.  The finished 3rd level is perfect for an office or second master bedroom.
  
  
• 1324 Ballantrae Farm Drive, McLean, VA 22101  -- Sold on May 15th for $2,360,000.
  Even though this home is 25 years old, Ballantrae Farms in McLean is perenially popular.  The interior features a marble foyer and gourmet kitchen.  There's a billiards room, 6 bedrooms, 6 full bathrooms, and an outdoor pool.
  
  
• 9211 Black Riffles Court, Great Falls, VA 22066 -- Sold on May 6th for $2,250,000.
  On 5 acres in Great Falls, this home sits on a circular dirveway at the top of a scenic knoll in a cul-de-sac.  There are 5 bedrooms and 10 full bathrooms!  With 5 fireplaces and 8 garages, a pool, gym, and maid's quareters, this home will delight its new owner.
  

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA 

Note: 26% of the million dollar plus single family homes that sold in May were sold in McLean.  It's a Great Place to Have a Real Estate Office, I Can Tell You That.

Townhouses: 

• 114 Madison Place, Alexandria, VA 22314 -- Sold on May 8th for $1,175,000.
  Overlooking the Potomac River, this townhouse features an open floor plan with a gourmet kitchen.  It has 3 bedrooms, 4.5 bathrooms, and is steps away from the bike path, health club, and shops and restaurants in Old Town Alexandria.  It has a 2 car garage and 4 levels of luxury living.
  
  
• 1510 Colonial Terrace, Arlington, VA 22209 -- Sold on May 15th for $1,100,000.
  2.5 blocks from the Rosslyn Metro and 3/4 mile from Georgetown, this townhouse features of 3,200 square feet of living space with an enormous master suite with luxurious new bath.  The townhouse was built in 1991.
  

• 421 S. Lee Street, Alexandria, VA 22314 -- Sold on May 1st for $1,075,000.
  Right in the heart of Old Town Alexandria, this 3 bedroom townhouse was originally built in 1810.  There's a 2 story addition of a kitchen and master suite.
  
  
• 325 N. Pitt Street, Alexandria, VA 22314  -- Sold on May 29th for $945,000.
  Also in Old Town Alexandria, this brick townhouse built in 1971 was renovated with wood floors, and a sleek kitchen.  4 bedrooms 3.5 bathrooms on 3 levels.
  

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums: 

• 11776 Stratford House Place #1404, Reston, VA 20190 -- Sold on May 15th for $745,000.
  This Penthous condo in Reston offers great views of Tysons Corner.  With 3 bedrooms and 3 bathrooms, it is walking distance to the Reston Town Center and the first Penthouse to sell at the Stratford in 5 years.
  
  
• 888 N. Quincy Street #1512, Arlington, VA 22203 -- Sold on May 15th for $696,000.
  A 2 bedroom 2 bathroom condo at the Residences at Liberty Center.  From the 15th floor there's a panoramic view of the entire DC area -- not to mention the 24 foot balcony!
  
  
• 1600 N. Oak Street #527, Arlington, VA 22209 -- Sold on May 20th for $657,500.
  1420 square feet of space in this 2 bedroom 2 bathroom condo at the popular Belvedere in Rosslyn.  The large gourmet kitchen with new cabinets and granite counters complete the package.
  
  
• 2101 N. 15th Street #1201, Arlington, VA 22201 -- Sold on May 20th for $610,000.
  Often on the list of highest price condos sold, here's another sale of a 2 bedroom 2 bath condo at the Odyssey condos in Arlington.  When you get bored of your 1,135 square foot unit, head up to the rooftop pool!
  

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.