Good Thursday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar.
The following articles were published earlier today — Apr 25, 2024.
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McKinney returns to head the varsity hoops program
By being hired as the new head girls basketball coach, Marcus McKinney is again fully invested at Wakefield High School, not splitting his time elsewhere.
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].
Question: Does the cost of renting a home in Arlington increase at a similar rate as the cost of buying a home in Arlington?
Answer: The cost of renting and buying a detached home increases at a similar rate, but the cost of renting a condo has outpaced the cost of buying a condo.
Condo Rents Rising Faster than Condo Prices
Since 2020, the cost of renting a detached home in Arlington increased at a similar rate as the cost of buying a detached home; 26% and 28%, respectively.
However, the cost of renting a condo increased significantly faster than the cost of buying a condo; 21% and 6%, respectively.
Sale Price to Rental Rate Multiple Shifts with Interest Rates
The table below shows the average price and $/SF of buying a detached home or condo relative to the average annual rent for a detached home or condo, in Arlington. Higher multiples show that buying is becoming more expensive relative to renting.
Takeaway: Condo buyers are more rate sensitive than detached home buyers and are more likely to rent (higher rental demand = strong condo rent appreciation) than buy (weakened purchase demand = low condo value appreciation) when interest rates increase. Notice how quickly the sale price to rental rate multiple drops from 2020/2021 to 2022/2023 (rates skyrocketed spring/summer 2022). (more…)
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A “waterless” nail studio and an “athletic country club” in Clarendon are two examples of how the neighborhood has been evolving into a hub for self care and wellness.
Keen Self-Care, the studio, and Life Time, the athletic center, offer a fresh approach to both beauty and fitness. Life Time offers a range of amenities like coworking in addition to its workout area, seeking to cater to the many different ways people approach wellness.
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AGAIN BOUTIQUES LUXURY RESALE IN MCLEAN
A middle school student who allegedly brought a BB gun to school is facing a potential weapons charge.
The incident happened Wednesday morning after school administrators found a BB gun and called police.
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The environmental nonprofit Rails to Trails will host a W&OD Trail clean-up day this weekend.
Celebrate Trails Day will take place this Saturday, April 27, along the W&OD from 8:30-11:30 a.m. Volunteers can sign up to select an area from the 45-mile trail to work on, the trail spans from Shirlington to Purcellville.
Arlington has awarded $2.4 million to nonprofits in a new equity-based grant program.
The county announced yesterday (Wednesday) that a total of 22 nonprofits received funding through the RACE to Rebuilding Trust and Community grant, designed to “support historically marginalized communities, ensuring equitable access to resources, transparency and accountability.” The Arlington County Board approved the grants in a unanimous vote.
A Florida man is facing a criminal citation after being caught with a gun at an airport checkpoint for the second time, according to federal authorities.
The man was stopped at Reagan National Airport on Tuesday, trying to bring a loaded 9mm handgun through a security checkpoint. He told officers that “he wanted to travel with the firearm for protection,” according to the Transportation Security Administration.
Good Company Doughnuts and Cafe is about to open another location, this time in D.C.
The Arlington-born, all-day cafe, also known as GoCoDough, has a new spot near the Waterfront Metro station in the Westerly apartment building at 1000 4th Street SW. The cafe is currently under construction, slated to open in early May, owners Charles Kachadoorian and Kate Murphy said.
Thank You, Savannah! — Today is the last working day for Savannah Taffe, ARLnow’s spring semester intern. Thank you to Savannah for her hard work over past few months.
Rosslyn WeWork May Be in Trouble — “CoStar Group Inc., which became a WeWork landlord earlier this year when it bought an Arlington high-rise office building, wants a court to reject WeWork’s attempt to extend the time it has to review its existing lease under its Chapter 11 bankruptcy filing. The D.C. real estate data company filed a motion April 18 saying the coworking giant does not have cause for such an extension.” [Washington Business Journal]
Local Space Tries to Lure WeWorkers — “To all Rosslyn We-Workers: you don’t deserve this uncertainty — it’s not what you signed up for. But there is a new, more certain, accommodating, and affordable alternative just steps away: Office Evolution Arlington-Rosslyn. If you want to keep your business in the neighborhood, we want to help you do that.” [LinkedIn]
Peterson Gets Union Endorsement — From a press release: “Today, Tenley Peterson is pleased to announce the endorsement of the Northern Virginia Labor Federation, AFL-CIO (NoVA Labor). Tenley Peterson is seeking the Democratic nomination for an open seat on the Arlington County Board in 2024.”
Nonprofit Hoping for Obsolescence — “Fifty years since its founding, Offender Aid & Restoration (OAR) is now gazing a half-century into the future. It is a future, organization leaders hope, where its services will no longer be needed… OAR’s social-safety-net services (which cover Arlington, Alexandria and Falls Church) provide support to those who are, or may become, involved in the criminal-justice system.” [Gazette Leader]
WHS Is Arlington Track Champ — “The Boys and Girls outdoor track teams both won Arlington County Championships on Tuesday evening. The Boys defended their 2023 title and the Girls improved on a close 2023 second-place finish.” [Wakefield Warriors]
Hot Summer Predicted — “D.C. is expected to have a hotter-than-usual summer, according to new forecasts and scientific research… D.C., along with areas spanning from Florida up to southern New Jersey, has a 40% to 50% chance of an unusually hot summer.” [Axios]
It’s Thursday — Expect partly sunny skies today with a high near 61 and a north wind of 6 to 8 mph. Thursday night, the weather will be partly cloudy, and temperatures will drop to around 43, accompanied by a southeast wind at around 6 mph. [NWS]
Flickr pool photo by Jason Gooljar