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, from July 22 to July 28, we had 11 condos that went to settlement. The sold prices ranged from $199,988 to $880,000 — a good week for the number 8, which is considered the luckiest number in Chinese culture. The pronunciation of the number 8 is similar to the word for ‘wealth’ or ‘fortune’.
Only 2 of the condos that sold were in high-rise buildings:
- Woodbury Heights #1401, a 2 BR/2 BA condo, in Courthouse sold for $565,000. Built in 1983, Woodbury Heights Condo has some beautiful 2 level units on the top floor and if you are fortunate to be on the eastern side, you get some incredible monument views.
- Tower Villas #802, a 3 BR/2 BA condo, in Virginia Square sold for $870,000. Tower Villas is built like a tank — it is as solid as they come. Built in 1974, it was one of the highest residential buildings in the area at the time.
The most expensive sale last week was in a mid-rise building:
- The Flats at Pierce Court #12, also a 3 BR/2 BA condo, sold for $880,000. Unit #12 is a beautiful penthouse unit with two levels and a private rooftop. The Flats at Pierce Court is a newer building, 2018, but is on the south side of Route 50. If it was a half mile to the north, it would have sold for twice the price. Location matters — see the post below.
For a complete list of sales, visit ArlingtonCondo.com Just Sold Condos page.
What Didn’t Sell?
If you are following the real estate market, while it is important to watch what sells, it is also important to watch what doesn’t sell. Last week there were 11 condos removed from the market. When a listing is removed, it can have one of three status’:
- Expired — The listing term has reached its end and the listing agreement is over.
- Cancelled — The listing term hasn’t reached its end, but the seller decided to cancel the agreement with the agent.
- Withdrawn — There is still a listing agreement in place but the seller has decided to take it off the market. A number of listings will be withdrawn in December around the holidays and then put back on the market a few months later.
For a complete list of what didn’t sell last week, visit ArlingtonCondo.com Just Expired Condos page.
How Sellers Determine an Asking Price
A frequent question people have is how do sellers decide how to price their home. Setting the right asking price for a home is a critical decision a seller will make. It can mean the difference between selling quickly and lagging on the market, or even selling below market value. But how exactly are asking prices determined, and what factors should sellers and their real estate agents consider? In this post, I’ll walk through the intricacies of asking price determination, the methods used by professionals, and what to watch out for when pricing a home.
Understanding the Real Estate Pricing Game
Real estate pricing is part art, part science. It requires a deep knowledge of the local market, a clear understanding of a property’s unique features, and sometimes, just a dash of intuition. There are multiple prices that come into play in any real estate transaction:
- Assessed value: This is what the county believes your property is worth for tax purposes. In Arlington, it is usually adjusted every year in January. The county assessor does not examine every property every year — that would be impossible. Rather, they make blanket adjustments for entire groups of properties or apply a certain percentage increase from the year before.
- Appraised value: An appraiser’s estimation of your property’s value, usually carried out for the benefit of a lender. You can ask for three different appraisers and you can get three different answers, but they should be close to each other.
- Fair Market Value (FMV): This is the most likely price that a property would sell for on the open market.
- Asking price: The initial price at which a property is listed. Depending on the strategy, this could be at market value, below market, or above market.
- Sales price: The agreed-upon price between buyer and seller, which may be different from the asking price. The final sales price could be more or less than the asking price, depending on a number of factors.
- Net price: The net price is the Sales price minus any seller concessions to the buyer.
For the same property, all of these can be different!
To learn more about appraisers’ derive values and how agents create a comparative market analysis, read more here.
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
