This past week saw 42 homes sold in Arlington.
The least expensive condo, single-family home or townhouse sale over the past seven days was $190,000 while the most expensive was $2,625,000.
|
A driver ran off the road and into the woods along the ramp from N. Glebe Road to Military Road during this evening’s commute.
The crash was reported shortly after 5:15 p.m., just up the hill from Chain Bridge. The driver and lone occupant of the vehicle, which ended up on its side, was reportedly able to crawl out.
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…)
|
One person’s weed is another’s protected native species.
Arlington naturalists argue that local ordinances do not distinguish the two, leaving neighbors who have certain native species that can be mistaken for weeds in their gardens prone to visits from the county’s code enforcement division.
Local rising kindergartener, Phin, has advanced to the Top 5 in his group in the national Jr. Ranger Contest, a competition that celebrates children who are passionate about nature, wildlife, and exploration. After making it through earlier rounds with strong community support, Phin is now in 4th place and working toward the top spot needed to move on to the quarterfinals.
The contest encourages kids to engage with the outdoors and highlights their curiosity and love for learning about the natural world. For Phin and his family, this experience has been both exciting and meaningful, made even more special by the encouragement from friends, neighbors, and the broader community.
|
The northbound lanes of the GW Parkway will be closed this Sunday between Spout Run in Arlington and Chain Bridge Road in McLean.
The closure, from about 6 a.m.-4 p.m., is for the removal of “an abandoned vehicle that is below the road near the Potomac River.”
Join us for a delightful Sunday afternoon at the BlackRock Center for the Arts as Cruise Planners Beth & Rod present a special travel-inspired matinee featuring the beloved film Under the Tuscan Sun.
Date & Time: Sunday, May 31 | 3:00 PM – 6:00 PM
|
(Updated at 4 p.m.) There seems to be bipartisan agreement among state lawmakers about at least one issue: something must be done about the popping and roaring of noisy mufflers.
On Saturday (Feb. 25), the Virginia General Assembly adjourned its 2023 winter legislative session, which some say has been too short to get vital work done. These bills will now head to Gov. Glenn Youngkin to review before March 27.
Since last fall, residents in the 22204 zip code, which includes a large swath of south Arlington around Columbia Pike, say they’ve been getting their mail two to three times a week or not at all.
“Our mail delivery in 22204 had been irregular, sporadic or often non existent for past 5 or so years,” writes resident Nancy Miller. “Frustration abounds! Meanwhile in other Zip Codes in Arlington, mail delivery has not been a problem.”
In 1989, when Raffis Cleaners opened at 5119 Langston Blvd, the Berlin Wall came down, the Game Boy was released, and Taylor Swift was born.
Now, after 33 years, the owners of Raffis Cleaners say the business never fully came back post-Covid, forcing the alterations and dry cleaning service to close.
You won’t have to go across the Potomac to enjoy cherry blossom festivities this year.
The National Landing BID is hosting Pink in the Park, a celebration of the region’s cherry blossoms sans D.C. tourist crowds.
|
New County Board Candidate — Updated at 7:45 a.m. — “The March 1 Arlington County Democratic Committee meeting brought a sixth candidate for County Board into the mix. Susan Cunningham launched her bid for the Democratic nomination, saying she would provide common-sense leadership. She also attacked the county government’s Missing Middle housing proposal as ill-conceived and not fleshed out.” [Gazette Leader]
Marymount Donation for Renovation — “Marymount University said it plans to renovate a historic building that’s sat empty in recent years into a new campus center… A $2.8 million gift from the Reinsch Pierce Family Foundation is fully funding the new, 6,240-square-foot Reinsch Pierce Family Campus Hub, a university spokesman said. It will house a Barnes & Noble student bookstore, a “spirit shop” with university merchandise, Lola’s Café and space for faculty, students and visitors.” [Washington Business Journal]