This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: Can you provide insight into how much a tear-down home costs in Arlington and how lot size effects sale price of a single-family home?
Answer: Breaking News… land is very hard to come by in Arlington. Only 11 homes sold in the last ten years had one or more acres, and it’s going to cost you over $1M to buy one. The average lot size of a single-family home in Arlington is about 8,400 sq. ft. or .19 acres with about 70% of homes on 6,000-10,000 sq. ft. lots.
Here’s a look at the impact of lot size on sold prices of single family homes over the last three years broken out by zip code:
Cost Of Arlington Homes By Lot Size
The data above takes homes of all sizes and condition into account so it doesn’t do a great job of isolating the actual market price of the land or how much people pay for tear-down lots in Arlington.
To summarize that data, I pulled out the cheapest 15% of sales in each zip code over the last three years. I felt that the cheapest 15% of sales in each zip code were probably good bets for homes being bought for the land/location with the intention of tear-down or major renovations. Note: 22209 didn’t have enough sales to include in this table.
Cost Of Land In Arlington
If you’re thinking of buying a tear-down and building new, a good way to estimate how much your home will cost is to add the following:
- Land acquisition (see above table for estimated land cost by zip code)
- $75,000-$100,000 for demolition, preparing the lot for construction, and permits
- $400,000-$800,000 on construction
- Carrying costs of the loan and taxes during construction of the new home
Earlier this year I wrote about the variance in County tax assessments and market data. How do the market prices for land compare to the County’s tax assessments, which are broken out by land assessments and improvement assessments (assessed value of the home)? Let’s take a look at how the County has assessed land values on homes sold over the last three years and compare that to the market assessment of land values above.
The County Values Land Less Than The Market
Based on this data, the County values land at about 72% of the market value for land on the open market.
Once you’ve had some time to digest the cost of land in Arlington, let me know if you’d like to meet to discuss the process of buying a tear-down lot and building your own home! Email me at [email protected] to schedule an appointment.
If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
Recent Stories
The passenger in a car that was pulled over for a traffic stop apparently shot himself, prompting a large police presence in the Clarendon area.
After years of consideration, and multiple days of public testimony and County Board discussion, one of Arlington’s most contentious local proposals in memory is becoming a reality.
Arlington County’s Dept. of Parks and Recreation says it has a surfeit of programs for teens — but not enough teens to fill them. Between July 2021 and June 2022,…
The Old Bike Shop closed earlier this year in Lyon Park, after a decade in business, but a new bike shop is moving in. Vélocity Bicycle Cooperative, based at 2111…
EDBS Dental Billing Solutions is pleased to announce that it has achieved compliance with the federally mandated standards of the Health Insurance Portability and Accountability Act (HIPAA) through the use of Compliancy Group’s proprietary HIPAA methodology, The Guard® compliance tracking software, and HIPAA Seal of Compliance®.
The HIPAA Seal of Compliance is issued to organizations that have implemented an effective HIPAA compliance program through the use of The Guard, Compliancy Group’s proprietary compliance tracking solution.
Clients and patients are becoming more aware of the requirements of HIPAA compliance and how the regulation protects their personal information. Forward-thinking providers like EDBS Dental Billing Solutions choose the HIPAA Seal of Compliance to differentiate their services.
“Since the nature of our business being exclusively remote, we take HIPAA compliance very seriously. With the help of Compliancy Group, we are able to take steps to fortify our systems to protect PHI information and familiarize each employee about HIPAA and how we can further safeguard PHI data.” said EDBS Dental Billing Solutions founder Goldie De Leon.
Are you feeling overwhelmed or struggling to cope with life’s challenges? You’re not alone. Mental health issues are more common than you might think, and seeking help is a sign of strength, not weakness.
Our counseling service provides a safe, supportive environment where you can explore your feelings, identify negative thought patterns, and learn coping skills to manage your symptoms. Lauren is trained in evidence-based practices and specializes in a range of mental health concerns, including anxiety, depression, trauma, and addiction.
We understand that seeking counseling can be intimidating, but we believe that everyone deserves to live a fulfilling, happy life. Our approach is non-judgmental and compassionate, and we work collaboratively with you to develop a personalized treatment plan that meets your unique needs and goals.
We offer a free 15-minute consultation to see if our service is a good fit for you. Reach out at https://peacefulmindsolutions.com or call (703) 994-0300 to set up a consultation.
District 27 Toastmasters 2023 Virtual Conference
District 27 Toastmasters invites you to its annual conference where you can hear phenomenal speakers, attend professional development and personal growth seminars about leadership, negotiation, communication, teamwork, and mentorship. Learn how to develop your personal story and how to improve
Singin’ in the Rain
The “Greatest Movie Musical of All Time” is faithfully and lovingly adapted for the stage by Broadway legends, Betty Comden and Adolph Green, from their original award-winning screenplay. Each unforgettable scene, song and dance is accounted for, including the show-stopping
