Each week, “Just Sold Condos” spotlights condos in Arlington that have sold over the previous week. The market summary is crafted by Rick Bosl, the Arlington Condo Expert, founder of ArlingtonCondo.com, and an agent with KW Metro Center. Contact Rick and make your next move the right move.
Welcome to Just Sold Condos in Arlington!
Last week, July 15 to July 21, we had 24 condos that went to settlement — the exact same number as the week before. The sold prices ranged from $191,000 to $887,000 with a median price of $420,000.
What can you get for the median price of $420,000? Here were several that sold:
- Located just off of Columbia Pike, this 2 BR/2 BA at 3842 9th Road S at Dundree Knoll condo listed and sold for $410,000 after 22 days on the market. It has renovations throughout and has french doors that open to a large deck.
- A 2 BR/1 BA at Cambridge Courts, 2703 Arlington Blvd #202, only lasted 5 days on the market. It listed for $415,000 and sold for $420,000. This top level condo has vaulted ceilings in the living room making it feel much larger than 781 square feet.
- If amenities are more important than size, this 1 BR/1 BA at the Continental in Ballston, 851 N Glebe Road #1202, sold for $425,000. Amenities at the Continental include a 24×7 front desk, theatre room, party room, fitness center, rooftop pool, and an awesome rooftop with gas grills and fire pits.
For a complete list of sales visit ArlingtonCondo.com Just Sold Condos page.
Rent or Sell? Cash Flow is Key
Are you planning on moving and are mulling over the big decision of whether to keep your current place and rent it out or to sell it and be done with it? For most people the answer is easy as they have to sell it to be able to buy the next place. For those in the position of not having to sell, the question is should you? In this post I’ll give you a few questions to ponder and a short cash flow calculator to give you a clearer picture of the costs involved.
Real Estate Investing
First, let me start out by saying I’m a huge advocate of investing in real estate. More wealth is created through real estate than any other form of investing. A few reasons why people invest in real estate include: cash flow, inflation hedge, leverage, appreciation, forced equity, depreciation, and tax advantages. I won’t get into all of these here but if you want to learn about real estate investing, my go to source is the Bigger Pockets podcast and website.
Real estate is a great investment vehicle, but it doesn’t mean every property is a good investment and nor does everyone want to be a landlord.
Will You Ever Move Back Into the Property?
Washington, D.C. is a very transient town where people move and move back all the time. If you are moving out of the area, ask yourself will you ever move back to the area and would you realistically move back into the property? If the answer is yes and yes, then it might make sense to rent out the property for a while. But be real, how likely are you to move back into the property and do you want to?
Do You Want to be a Landlord?
Another good question to ask yourself is whether you want to be a landlord. Real estate investing can be a mostly passive investment, but it does require some oversight and involvement. And of course filing your taxes will be a little more complicated.
Do You Want to be a Property Manager?
Being a landlord doesn’t automatically make you a property manager as you can hire someone to manage the property for you. Remember though, every property has a property manager. If you don’t hire a property manager, you are the property manager.
Do you want to deal with tenant complaints? Can you deal with a plumbing problem in the middle of the night? Do you know how to evict a tenant? It only takes one bad tenant to turn a new real estate investor into a never again investor.
Does it Cash Flow?
Many people think “if I can rent it for X and my mortgage is Y, then my cash flow is X-Y”. That simplistic formula is what gets many newbies in trouble. There are a number of other costs to factor into the equation. To see the full list of expenses to consider and a quick cash flow calculator, visit:
To read more go to Rent of Sell? Cash Flow is Key.
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
