FILE - Assault style weapons and hand guns are displayed for sale at Capitol City Arms Supply on Jan. 16, 2013, in Springfield, Ill. (AP Photo/Seth Perlman, File)
Despite pending legal challenges at the state and local level, Arlington prosecutors still consider Virginia’s new assault weapons ban the law of the land.
“Yes, we plan to prosecute cases under the assault weapons ban if they are brought to us by the police,” Commonwealth’s Attorney Parisa Dehghani-Tafti told ARLnow, taking a position that tracks with the view of Virginia Attorney General Jay Jones.
This regularly scheduled column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. If you would like to work with Eli and his team in Northern Virginia and the greater D.C. Metro area, you can reach him directly at[email protected].
Fannie Mae sets the rules for (most) residential lending and just released new requirements for condo loans. Here’s a link to the full release and I’ll highlight a few changes that have the biggest implications for Arlington/Northern VA condos.
Thanks to the always-on it, Trey Reed of Cross Country Mortgage ([email protected], 703.297.9382), for the notice and helpful explanation on these changes.
Elimination of 50% Investor-Owned (rental) Unit Limits
This rule caused mass confusion for years for condo boards/owners and is now eliminated.
The actual rule: No second-home or investment loans in buildings with 50%+ units owned by investors (rented), loans for primary residences were always permitted
What people thought the rule was: No loan of any type in buildings with 50%+ units owned by investors (rented)
Effective Immediately: The 50%+ investor-owned limit is eliminated for ALL loan types.
Why it Matters: This should increase the buyer pool for investor-heavy buildings which is good for values, but may push rental percentages even higher, which most owner-occupants consider a negative.
What to Watch: Many condo buildings with rental caps set them at, or just below, 50% because of this rule (I’m generally opposed to rental caps) so it makes sense that some buildings will drop their rental caps. On the other hand, the elimination of this rule may increase the number of investor purchases and owner-occupants may play defense by adding a rental cap. It’ll be interesting to see how this plays out over the next 2-3 years.
Increased Reserve Allocation to 15%
What Changed: For loan applications dated after Jan 4 2027, condos must budget at least 15% of their total income from assessments (condo fees) toward Reserve contributions.
Background Context: Previously, the requirement was 10%. Reserves are a building’s savings account for the maintenance and replacement of common elements (e.g. HVAC, roof, carpet, paint, parking garage, etc).
Between the Lines: Underfunded Reserves are the biggest financial risks for a condo association; and thus for the banks that lend to its owners. The minimum contribution requirement is an effort by Fannie Mae to reduce this risk exposure.
Why it Matters: This is a nationwide rule, but Arlington/Northern VA condos tend to be in a better financial position, with stronger reserve balances, than many others across the country and do not need 15%+ annual reserve contribution to properly maintain their Reserves. As a result, this rule will force these buildings, that have been financially responsible for years/decades, to increase condo fees unnecessarily to meet the new requirement. This will result in an unnecessarily overfunded Reserve account and put downward pressure on market values because monthly fees are higher. (more…)
Each week, “Just Reduced” spotlights properties in Arlington County whose prices have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!
Please note: The properties featured here may be listed with other brokerages– but that doesn’t limit your options. Arlington Realty, Inc. is ready to represent you, arrange showings, analyze value, and negotiate the best possible terms on your behalf. We understand the neighborhoods, pricing trends and market timing — and we usethat knowledge to your advantage.
As of June 29, there are 170 detached homes, 50 townhouses and 280 condos for sale throughout Arlington County. In total, 54 homes experienced a price reduction in the past week, including:
Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.
The current hotel at 1200 N. Courthouse Road (staff photo by Dan Egitto)
A hotel in Courthouse has been sold for conversion into multifamily units, the latest in a series of adaptive reuse projects around the county.
Arlington Court Suites, a Clarion Collection hotel, will be closing at 1200 N. Courthouse Road following a $35 million sale to GoodHomes Communities, the real estate brokerage firm KLNB announced yesterday (Monday). The conversion project, which will turn 187 hotel rooms into 180 multifamily units, was approved by the Arlington County Board back in October 2020.
One of them will be for the 2028 presidential race. Although party chair Paul Ruiz acknowledged it was “way too early” to be focusing that, he said adding the straw poll will be a worthwhile addition to the summer gathering.
Running the Army Ten Miler or the fall half marathon? We’re kicking off our fall training programs with a free training run, followed by an introduction to training, and a chance to ask some coaches questions about your own training. Run is free. We’ll chat after the run at post-run coffee. We will have two distances: 4 miles and 7 miles. We will have pacers running everything from a 7:30 mile to a 12:30 run-walk, so everyone will have someone to run with. No need to RSVP, just come out and run!
Large crowds in the Rosslyn Metro station after the fireworks early Sunday morning (courtesy anonymous)
Ballston Firm Acquired — McLean-based CrossCountry Consulting has acquired Dupont Circle Solutions, a Salesforce-focused consulting firm headquartered at 4075 Wilson Blvd in Ballston. Terms were not disclosed. Founded in 2015, the firm has around 60 employees, and its co-founders will lead an expanded Salesforce practice for the combined company. [WBJ]
Gun in Boy’s Backpack — An 8-year-old was found sitting alone at Reagan National Airport in March after his mother was arrested on larceny, credit card theft and assault charges elsewhere in the airport, according to a recently released search warrant affidavit. The boy was later found with a loaded handgun in his backpack in Alexandria. His mother has an August court date for charges of assault and battery and contributing to the delinquency of a minor. [ALXnow]
N. Va. Data Centers Past & Present — “From AOL’s arrival in Ashburn to today’s AI-driven boom, Virginia became the backbone of the internet economy. Now lawmakers are debating how to manage the industry’s soaring energy demands and economic influence.” [Virginia Mercury]
It’s Tuesday — Expect a partly sunny day with a high near 86 and a chance of showers and thunderstorms, becoming likely by late afternoon. Rain chances climb to 80% overnight, with a low around 71. Winds stay light out of the northeast around 5 mph. [NWS]
Want more local news from around the region? Check out our newest sister site, WSHnow.
Expect patchy fog before 10am, then partly sunny skies with a high near 85°F and light northeast winds at 3 to 5 mph. There’s a 50% chance of showers and thunderstorms after 2pm. In the evening, showers and thunderstorms are likely before 3am, continuing with a chance of showers and a low around 70°F, with northeast winds around 6 mph. Precipitation likelihood is 80%, with rainfall between a tenth and a quarter of an inch, with higher amounts possible in thunderstorms. See more from Weather.gov.
💡 Quote of the Day
“Great minds discuss ideas; average minds discuss events; small minds discuss people.” – Eleanor Roosevelt
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Commonwealth's Attorney Parisa Dehghani-Tafti speaks (staff photo by Scott McCaffrey)
House Republicans are compelling Arlington’s top prosecutor to testify next week in a pair of ongoing disputes over politically charged topics.
House Judiciary Committee Chairman Jim Jordan (R-Ohio) is requiring Commonwealth’s Attorney Parisa Dehghani-Tafti to appear for a deposition on Thursday, July 16. This caps months of written clashes between the two officials — first over Dehghani-Tafti’s handling of a criminal case involving a political activist, and later over her policies restricting contact with immigration enforcement.
An Arlington man has been arrested over alleged sexual offenses involving a teenager, and police are seeking additional possible victims.
Jeremy Mishler, 42, was arrested today (Monday) on charges of “taking indecent liberties with a child by a person in a supervisory or custodial relationship.” He also faces charges of assault and battery and contributing to the delinquency of a minor, the Arlington County Police Department said in a press release.