Condos
Condo Focus – Lexington Square 2010 style
July 12th, 2010 Categories: Arlington Dirt, Condos, Market Stats
As most of you know, the Lexington Square condo complex between Ballston and Virginia Square is one of my favorites. Not just because we lived there once, but it just seems to have it all! Great location, great pool, exercise room, grilling area, decent street parking, etc!
So I thought I’d give you a brief rundown of the activity in the Lexington Square complex so far in 2010…
So far this year there have been 17 closed sales compared with only 10 by this date in 2009!! They are summarized as follows:
4 – 1br units have closed between $324K-$348K
4 – 1br/den units have closed between $375K-$389K
7 – 2br/2ba units have closed between $415K-$435K
1 – 2br/2ba/den unit has closed at $520K
2 – 3br/2ba units have closed for $695K and $755K respectively
Currently there are only 2 active units: a 1 bedroom unit listed for $339K and a 3br unit listed for $759K… there are also 2 under contract, both 2br units listed between $425-$430K
This is a fantastic building – nicely managed with great amenities in a wonderful location. If you have any questions about living here please don’t hesitate to call. I have helped clients buy, sell and rent in this great complex and I’ll look forward to helping you, too!
Happy Monday!
Jennifer
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Colonial Village – 2009 A Year in Review
February 15th, 2010 Categories: Condos, Market Stats
If you’re a long time reader of mine, you know that one of my favorite 
complexes in Arlington is Colonial Village. I feel sort of self-conscious even having a “favorite” because in my line of work, I sort of need to stay impartial, but having said that, this complex has a lot going for it!
I’ve written about it before, so for a history lesson, you can click here to read up on an earlier post written more about the history of Colonial Village!
For now, I thought I’d give you the run down on what happened there in 2009 as far as sales… There are only studios, 1br/1ba and 2br/1 ba units. (If there are other floorplans I’m completely unaware of them). There aren’t very many studios and actually in 2009 none traded hands.
The Stats:
A few notables:
*As far as the super high DOM for the 1br units, there were a few anomalies (i.e., units that took forever to sell, for whatever reason I cannot speculate). But the MEDIAN (see yesterday’s post for the discussion of average vs. median) is only 16.5 – that’s a big difference!
*There was only 1 transaction for a 2br/1ba unit with a subsidy and that was $7,000… generally speaking it is much more common to see the subsidies on the 1br units.
*the Lowest/Highest prices for 1 br units were $248,500 and $298,500 respectively (as an aside, the lowest priced sale at $248K were ORIGINAL owners in Colonial Village and apparently this unit had not seen an update since 1940 – so keep it all in perspective)
*the Lowest/Highest prices for 2 br units were $300,000 and $355,000 respectively. (The low end in this case was a bank owned property)
So Why is Colonial Village is so great?
1) It is nestled between 2 metro stops – Rosslyn “down the hill” and Courthouse “up the hill” Take your pick depending on if you want your exercise or not. If you drive, you’re merely a hop/skip/jump to get on Lee Highway, Rt 66, Rt 50 OR the GW Parkway – so terrific access any way you look at it.
2) For the location, these condos are still very reasonably priced and represent one of the best deals around!
3) They were built in the 1940’s – so they have a lot of the old world charm that many are looking for.
4) The surroundings are beautiful – it’s hilly and beautifully treed & landscaped. The buildings are generally small and clustered around small courtyards.
5) Most of these units are designed such that they get light on at least 2 sides and some, on 3!
Now they aren’t for everyone – the biggest negative I hear is that they have common area laundry rooms – no in-unit laundry – but this hasn’t been a big deal for the folks I’ve sold to in Colonial Village.
So, as for now… what’s current? There are only 2 – yes TWO – active listings right now – a studio listed for $220K; and a short sale 1br for $240K. If you like Colonial Village and you’re thinking of selling; give me a buzz. Likewise if you think this might be a place you’d like to call home, keep me in mind. We would need to act quickly as units rarely stick around very long here!
Happy Monday!
Jennifer
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Condo Focus – Station Square, Arlington Virginia – 2009
February 2nd, 2010 Categories: Arlington Dirt, Condos, Market Stats
Station Square Condos in the heart of Clarendon continue to be one of the most popular complexes in the entire area. Why? Location – Location -
Location mainly. Also, it was one of the last buildings to be completed before the market fell apart, so it’s among the newbies at 4-5 years old. However, not only is it the location, it’s the quality of construction and nice high end modern finishes that help to keep this building among the hottest around!
2009 saw 22 units change hands compared with 17 units in 2008. While we’ve seen a slight decline in sales prices, units are selling and it remains very competitive.
As is typical, the larger units take more of a hit, the smaller and more “mainstream” (meaning 1br/1ba, 2br/2ba, etc…) seem a little more insulated with only slight declines. the 1br/den unit sold in 2009 even sold a tad higher than the 1 sold in 2008.
What’s for sale now, you ask?
Not much is the answer;
1br/den unit for $419K
2br/1ba unit for $485K
2br/2ba Penthouse unit for $699K
Seems like the 1br/den unit is a good deal. For more info, whether you’re considering buying or selling, I’d be happy to help you buy and/or sell in this great complex.
Happy Tuesday
Jennifer
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How to Squash the Arlington Condo Market in ONE FELL SWOOP
February 1st, 2010 Categories: Condos, Home Buying, Home Selling
c’mon class, say it with me F-H-A. I know that was a pretty dramatic statement and really, the ENTIRE condo market isn’t squashed – only *most* of those instances where the buyer is
obtaining FHA (or VA) financing…. read on……
New FHA guidelines went into effect today (Feb 1, 2010) whereby any building that isn’t on the “master list” (which is NOT the list of the past) will have to re-apply for FHA approval. HEADS UP this could take 60-75 days according to my lender sources.
Here’s the skinny… if I have a buyer interested in a particular building (or put the shoe on the other foot – if I have a listing in a particular building, you get the drill….) I am going immediately to that list to check. If it is on the list – we’re home free – well, at least as far as building approval goes. However, if it’s not on the list, prepare for a long ride.
Gone are the days of FHA spot approval… the lender will now have to put an application together to get that building approved for the loan they are processing. We are told that for the first 5 packages any given lender submits they will need to go through an FHA audit to be sure they understand the process. Once the building has been approved, it will remain on the approved list for 1-2 years, so realistically, by the summer I would HOPE that most all buildings would have been through this process already but we still have to sell condos this spring, ya know!
Now I don’t know about you, but I’m now picking my chin up off the floor – WHAT???? We have 90 days left to have buyers with a contract and they will need to settle within 150 days and NOW WE HAVE THIS KINK to deal with??
So my best advice is proceed with caution; give yourself a lot of extra time. IF you’re thinking of selling your condo?? Get it ready and get it on NOW… if you’re interested in buying one, get out there NOW with a competent, knowledgeable, experienced, perhaps even fun agent who can guide you through the process (can you tell that I have someone in mind??? ME)
If you want more info whether your building is on the master list, give me a buzz… Always happy to help.
Happy Monday and Happy February
Jennifer
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