June 16th, 2008 Categories: Arlington, Buying, Keller Williams
Lexington Square is a condo building located at 3830 and 3835 9th St N., in Arlington, just a few short blocks from both the Ballston and Virginia Square metro stops. Built in 2000, the 2 buildings have a total of 367 units (ranging from 1-3 bedrooms). Amenities include: garage parking, exercise room/gym, party room, courtyard with tables and gas grills, spa pool and hot-tub, on-site manager, and electronic entry access to the building! Now for the goods! Check out the sales and current listings in the building since the beginning of 2008:
Total Sold: 12
Total Currently Under Contract: 6
Total Current Active Listings: 3
(1) 1 bed, 1 bath
(2) 2 bed, 2 bath
Sales in the building have returned:
1 bed, 1 bath units: 55 days on the market, average sale price of $343k
2 bed, 2 bath units: 48 days on the market, average sale price of $470k
*Some units have fireplaces, storage units, and/or extra parking spaces that will make the average sale price differ from a standard unit for sale. For more detailed sale information, call us today: 703.283.4524 (Scott) or 703.283.6120 (Laura)
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June 2nd, 2008 Categories: Arlington, Buying, Keller Williams
The Eastview at Ballston Metro, located at 1001 N. Randolph Street in Arlington, a 10 story, 226-unit condo conversion is located 1.5 blocks from the Ballston metro in the heart of Arlington. We’ve had some recent inquires about the building, so we’re going to do a condo spotlight on this building, and it’s sister- the Westview at Ballston Metro.
Since January 1, 2008, the Eastview has sold 4 units….3 of them were 1 bed, 1 bath condos:
Average NET Selling Price: $337,497
Average Days on the Market: 39
Currently, there are 4 properties on the market in the building (and 1 under contract):
(3) 1 bed, 1 bath condos ranging from $339,990 to $375,000
(1) 2 bed, 2 bath condo listed at $445,170
The Westview at Ballston Metro, located at 1001 N. Vermont St, is also a 10 story building, but with 185 units.
Since January 1, 2008, the Westview has also sold 4 units…3 of them were 1 bed, 1 bath condos:
Average NET Selling Price: $328,745
Average Days on the Market: 38
Currently, there are 2 units for sale in the building:
1 bed, 1 bath: $359,493
2 bed, 2 bath: $429,281
**Remember, lots of things go into consideration when pricing these units. For more information about a specific units, amenities, or to schedule a showing, please call us today! 703.283.6120 or 703.283.4524
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May 27th, 2008 Categories: Arlington, Buying, Keller Williams, Properties
Looking for a luxury condo in Ballston? Look no further than the Ballston 880 Condo building on Pollard St, between Wilson and Fairfax in Arlington! Our listing is a 1 bed + Den (used as a 2nd bedroom now by the tenants) and 1 bath, on the 4th floor. Since the beginning of 2008, 3 other 1 bed + den units have sold in the building. Their stats look like this:
Average Days on the Market: 61
Average Net Sale Price: $405,000
OUR PRICE: $399,900
The building is equipped with all of days essentials for luxury, condonium living: staineless steel appliances, hardwood floors, washer/dryer in unit, granite counters, fitness center, parking garage, Business center, Media Room, Grill area, pool, and more! For more information on the building and/or our unit for sale (#422), please call us today to talk!
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May 19th, 2008 Categories: Buying, Keller Williams
Beginning June 1st, Fannie Mae will implement a revised National Down Payment Policy (to replace the “Declining Market” initiative implemented in December 2007). According to the policy, Fannie Mae will begin accepting up to 97% Loan-To-Value (LTV) ratios for Conventional, Conforming mortgages processed through its automated underwriting system, and 95% LTV ratios for loans underwritten outside of this system - for ALL geographic locations in the US. The former policy was based on local real estate market conditions. The new policy affects single-family homes used as primary residences, other investments will have varying policies.
The change comes after months of meetings from the National Association of Realtors (NAR), who claimed the former policy was discouraging potential homeowners from entering markets that were once labeled in a “declining market.” The “Keys to Recovery” initiative will hopefully help “to support successful home-owning, not just home-buying, as we seek to bring liquidity to all communities and help the housing market recover,” says Marianne Sullivan, Senior Vice President, Single-Family Credit Policy and Risk Management. For the complete Fannie Mae press release, click here.
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May 13th, 2008 Categories: Buying, Keller Williams
April 2008 Market Stats for the Northern Virginia area, include Arlington County, Fairfax County (Reston, McLean, Great Falls, and Fairfax) Alexandria, Falls Church, Vienna, and Herndon.
April 2008 Avg Sales Price: $484,432 (down 9% from 2007)
April 2008 Avg Days on the Market: 100 (up 22% from 2007)
YTD Avg Sales Price: $481,266 (down 8% from 2007)
YTD Number of Homes Sold: 4,390 (down 29% from 2007)
There’s just under 11,000 homes on the market for sale right now. It’s a great time for buyers to afford homes they didn’t think they could, or for first-time home buyers to jump into the real estate market!! Time to BUY! Let’s talk today about how these numbers can affect your buying power.
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May 9th, 2008 Categories: Buying, Keller Williams
While we could write a long list of things first-time home buyers should know, and you might believe half of it…because we’re not lenders, and we’re not accountants, we can only help you find great value real estate, we like to defer to the subject matter experts. Every potential first-time home buyer, and every real estate investor in general, should read David Bach’s book: The Automatic Millionaire Homeowner. This book covers every aspect of home buying, from initial savings, to mortgage options, to tax benefits, to how Realtors can help you. It’s a great education tool for soon-to-be homeowners. I’ve read the book several times, and each time I relearn something, or something new catches my eye. In it, Bach goes into detail about HOW Realtors can help, and you benefit from our expertise in this local market. Call us today to discuss how you can get on the path to becoming a homeowner!!
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April 24th, 2008 Categories: Buying, Keller Williams
USA Today and the Washington Post both report that as of March 2008, new construction is down to the seasonally adjusted pace of around 526,000 units, the slowest sales in 16.5 years. Median sales prices are also about 13% less than what they were at this time in 2007. BUT keep in mind, these are nationwide statistics for the US housing market.
For an example closer to home, let’s take a look at the new condo building in Arlington: The Phoenix at Clarendon Metro. The mixed-use residential/commercial building that sits atop and next to the Post Office has 181 residential units, and 13 commercial units. As of Mid-March, The Phoenix has sold about 50% of it’s residential units, and about 50% of it’s commercial space. These sales have taken place since July 2007, about 9 months. With more units under contract and closings scheduled, the building has consistently been getting contracts ratified at a pace of 3-4 units per week. PER WEEK! At this pace, it should take until the end of 2008 for The Phoenix to sell most of their units!
Keep in mind when you’re reading all of the stories about the housing market, that living in the Northern VA area gives you some peace of mind in your investments. With DC being a transient city, with constant turnover - especially with the upcoming elections, there will always be demand for housing by residents of this area. There’s so much more to this story, let’s talk!!
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April 23rd, 2008 Categories: Buying, Keller Williams, Selling
Let’s check out how all of the Northern Virginia area did in March with real estate sales. The following information is from Fairfax and Arlington County, Alexandria, Falls Church, Fairfax, Vienna, Herndon, and Clifton.
Total Properties Sold: 1,250
Average Days on Market: 109
Average Sales Price: $476,342
Median Sales Price: $401,380
How does this compare to the Year To Date Numbers?
YTD Home Sales: 2,935
YTD Average Sale Price: $479,696
Overall, prices are about 8% less than this time last year, but with Spring fever rapidly approaching, the 4-5 month absorption rate is already better than last month. It’s a great time to jump into the real estate market!
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April 17th, 2008 Categories: Buying, Keller Williams
Fannie Mae, a publically traded financial services company that helps lenders serve homebuyers, has been issuing declining market flags during recent computerized underwirting review. The flag calls for a closer look at the property’s appraisal to verify the value accurately reflects current market conditions. Unfortunately, it appears most of Northern Virginia is included in this “declining market” area (speculation from the Washington Post says this includes Alexandria, Arlington, Fairfax County and city, Falls Church, and other counties).
But what does all of this mean to you, the buyer?? It means that you’re going to have to put down more cash IF you want to buy a property located in one of these markets right now. A 20% down payment will now be 25%, 5% will now be 10%, etc. Mortgage applicants seeking 100% financing will now only receive 95% funding, requiring you again to come up with an additional 5% in cash.
Don’t let this discourage from looking for and buying your new home. There are ways around this….let’s talk!
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April 10th, 2008 Categories: Buying, Keller Williams
We LOVE first-time home buyers!! The reason why? The look on their faces when they finally find “the one!” There’s nothing that can relay the feeling a Realtor has when your client finally walks into what will soon be, their first home. The place of new beginnings! To be a part of it is something special. Our new clients, soon to be proud owners of a beautiful townhouse in Fairfax, VA, after seeing about 10 properties in a single day, walked into this one and said “I’m done! This is it!”
No matter how many times, this is still WHY we got into this business!! Keep sending your first-time home buyers to us, please!! This is why we do the job we do.
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April 2nd, 2008 Categories: Buying, Keller Williams
Here’s an investing tip that should be well known by now:
Buy Low
Sell High
So why are so many people shying away from buying? Isn’t this the perfect time to invest in real estate (and/or many other ways of investing)? When people are running away from the housing and stock markets, prices are dropping! READ: Falling prices = LOW.So what should savvy investors be doing? Buying in at these low costs. Take note: yes, the numbers don’t lie, while some prices in some areas have taken a (small) hit (in the Northern VA area), real estate generally doubles in value over a 10 year span. And this DOUBLE in value, is when you sell. READ: SELL HIGH and PROSPER!
For those of you that missed it, Time Magazine published an article in February called “Ignore the Headlines, Except this One.” The takeaway from the article: “Finance costs will rise as the economy recovers, so trying to time real estate might not pay off.” If you missed it, email us today and we’ll send you the article from the magazine that includes the table and metrics that show that even if you waited until the market recovers, you might not have saved a penny.
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March 27th, 2008 Categories: Buying, Keller Williams, Selling
NO! A common misconception is that these two terms mean the same thing for those of us in the real estate profession. In reality, they actually mean:
Real Estate Agent: A licensed individual that may represent either the buyer or the seller in a real estate transaction. The agent is supposed to look after the best interest of their consumer
Realtor:A licensed individual that is also a member of the National Association of Realtors, a trade association that acts on behalf of the nation’s real estate sales force. Membership is voluntary, but only those who are members may call themselves Realtors. Members must abide by a strict Code of Ethics, in order to maintain their membership. When looking for a REALTOR, make sure you look for the trademark “R” shown above!
Scott and I are both REALTORS, we both belong to the NAR and would be happy to represent YOU in your next real estate deal. Please call us today to talk about how we may be able to help you find your dream home.
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March 18th, 2008 Categories: Buying, Keller Williams
In another anti-recession move, the Fed cut the interest rate again, this time by 3/4 of a point - bringing the current rate to 2.25%. It is the 6th cut in as many months by the Federal Reserve, as they try to stimulate economic growth and prevent a recession. For those of you who don’t know, a recession is defined by 2 consecutive negative quarters of economic growth.
I certainly hope this rate cut encourages new customers to begin actively searching for a new home. With this recent rate cut, the buyer’s market continues to get better! With spring right around the corner, and more properties being listed for sale, “Spring Fever” for buyers is about to hit! Call me today to discuss how this rate cut can help you afford your new home! 703-283-4524
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March 14th, 2008 Categories: Arlington, Buying, Keller Williams, Properties
Open House: Sunday, March 16, 1-4 pm
Station Square Condo in Arlington, VA
1205 N. Garfield St Unit 708
2 bed, 2 bath
7th Floor Corner Unit
**2 Parking Spots + LARGE Storage Unit**
$585,000
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March 11th, 2008 Categories: Buying, Keller Williams
We hear about the foreclosure rates going up, and more and more people in financial trouble in this “weakened” economy. So with all of the chatter on foreclosure processes, it begs the question, what’s a short sale? And how is it different from a foreclosure?
A short sale is the “preforeclosure” sale of a property.When the homeowners run into financial trouble, it may be in both their, and the banks’ best interest to sell the property this way, rather than waiting to put it on the market as a foreclosure. A short sale will often allow the property to be sold for less than the remaining balance owed to the bank - it will save the bank money on holding/fixing the property as a foreclosure, and will hopefully be sold faster, paying the bank “quickly.”
–But beware!! Much like foreclosures, where the banks can take their sweet time in responding to your offer, short sales are also up to the discretion of the lender! They can take upwards of a month to respond! It may be a viable option for investors with time and money to spare, but the process is long and complicated!! The properties are sold “as-is” and without a warranty!
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Did you know you could find KW Mclean on ActiveRain.Com too? July 23rd, 2008
Scott Montgomery and Team can also be found participating in the ActiveRain Community. For over a year now we have been an active member of www.ActiveRain.com. In the past and even today we […]
Read MoreNorthern Virginia Real Estate Prices continue to FALL… July 23rd, 2008
Northern Virginia’s year to date average real estate sales price is down from last year.
Last years average sales price was $537,339.00 and this years grand total is $482,197.00. Thats is a […]
Keller Williams Mclean Virginia Realtor Scott Montgomery pledges…. July 23rd, 2008
We will never do this to your listing….
http://www.youtube.com/watch?v=sNSWccfdO3Y
Give us a call today to learn more about how we can help you sell your property the right way.
Scott Montgomery
703-283-4524
scottmontgomery@kw.com
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Read Moremidtown Reston Town Center July 23rd, 2008
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Nestled among giant hardwoods near the growing suburb of Reston, Virginia, Hidden Creek Country Club is a privately-owned, quiet and secluded oasis that’s just minutes from downtown Washington, D.C.. This information […]
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Read MoreCongratulations and Good bye to Laura Rubinchuk! July 8th, 2008
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