real estate

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,  August 12-18, we had 33 condos and co-ops that went to settlement, ranging in price from $145,000 to $1,040,000. The median price was an even $417,000 and the median days on the market were 7 days. 

What can you get around the median price of $417,000? In Arlington, you can get: 

• 2 BR/1 BA condo at Colonial Village: 1748 N Rhodes Street #319, built in 1940 for $417,000 and a condo fee of $464/month. Located in the Courthouse area, this is a short walk to the metro. 
• 1 BR/1 BA condo at West Village of Shirlington for $377,000. The complex of the West Village of Shirlington was originally built in 1966 as rental apartments and then completely gutted in 2005 and converted to condos. 
• 2 BR/2 BA condo at the Carlyle House at 5300 Columbia Pike #1007 for $375,000. This Penthouse level unit boasts a large 1,325 square feet plus an extended balcony. 

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 8 condos removed from the market. Four were withdrawn, 1 expired, and 3 cancelled. 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• Withdrawn – There is still a listing agreement in place but the seller has decided to take it off the market. A number of listings will be withdrawn in December around the holidays and then put back on the market a few months later.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.

Selling Your Condo in the Fall: Smart Move or Missed Opportunity? 

If you’re considering selling your condo in Arlington, you might be wondering if the fall is the right time to do so. While most people associate spring with a bustling real estate market, fall has its own unique advantages that can make it an ideal season for selling. 

Understanding Market Trends 

One of the key trends to note is the uptick in activity after Labor Day. Historically, there is a noticeable jump in new listings come September, as evidenced by market data. This increase in listings suggests that sellers are capitalizing on the heightened buyer interest returning from their summer hiatus. 

The chart below shows the number of new condo listings by month for the past ten years. The red arrows point to the bar for September and, as you can see, there is a noticeable jump. 

Benefits of Selling in the Fall 

Motivated Buyers 

Come September, buyers who delayed their home search during summer vacations are back in action. They are often motivated to close deals quickly, especially before the holiday season sets in, making them more likely to make competitive offers. 

Moreover, fall is also a transitional period when people start planning for the upcoming holiday season. This creates a sense of urgency among buyers who want to finalize their housing situation before the busy holiday season begins. As a seller, this means you have a higher chance of attracting serious and motivated buyers who are looking to make a move quickly. 

To see more reasons and other considerations when selling, read the full post here: Selling Your Condo in the Fall Smart Move or Missed Opportunity.

Be sure to try the short assessment to test your readiness.  

Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.

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,  August 5-8 and 11, we had 21 condos and co-ops that went to settlement, ranging in price from $135,000 to $1,100,000. Price is one thing to consider when buying a condo, but don’t forget about the condo fee. The important number to look at is the total monthly payment, which is the mortgage + condo fee + taxes + insurance. 

The condo fees for the units that sold last week ranged from: 

• $361/month for a 2 BR/1 BA unit at Palisade Garden 
• $2,132/month for a 3 BR/3 BA unit at the Waterford House 

And the Median condo fee for units that sold last week was:

• $501/month for a 2 BR/1 BA unit at Rosslyn Heights

Another way to compare condo fees is by condo fee per square foot. That is a more consistent approach when you are dealing with condos of various sizes. Calculating it this way gives a range of: 

• $0.39 per sq. ft. for a 941 sq. ft. condo at West Village of Shirlington (4179 S Four-Mile Run Drive # 401) 
• $1.20 per sq. ft. for 3 BR/3 BA unit at the Waterford House (1200 Crystal Drive # 1513) 

Why such a discrepancy? Read below on what the condo fee covers.

For a complete list of sales, visit ArlingtonCondo.com Just Sold Condos page.

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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 29 to August 4, we had 22 condos and co-ops that went to settlement, which was twice as many as the week before. The sold prices ranged from $108,000 to $1,375,000 with an average price of $473,710 and an average of 24 days on market.

One of the many unique things about Arlington real estate is the wide variety of price ranges within close proximity to each other.

The lowest priced and highest priced sale last week were:

• River Place — 1121 Arlington Blvd. #339 for $108,000
• Gaslight Square — 1610 N Queen St. #241 for $1,375,000

They are both in zip code 22209 and are only 0.44 miles or 777 yards apart. Compare that to many suburban neighborhoods where all the homes are priced within 5%-10% of each other.

For a complete list of sales, visit ArlingtonCondo.com Just Sold Condos page.

(more…)

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.