Table of Contents 

• Search the MLS for Condo Listings
• Market Data & Pricing Trends
• North Arlington Condo - Avg Sales Price Data - June 08 - Zip Code 22201 & 22203
• Northern Virginia and Washington, DC, Real Estate Blog
• Arlington Real Estate Data
• Getting Started
• First Time Buyer Classes
• Understanding Condo Fees
• Common Mistakes of Condo Buyers
• Closing Costs
• Risks When Buying New Construction
• Why use an agent when buying new construction?
• New Construction Condos
• Interested in buying or selling an Arlington condo?
• Arlington Condos
• Real Estate Resources
• Arlington Resources
• New Guestbook
• About Me

Search the MLS for Condo Listings 

Search all listings in the metro area

MLS

Customize your own search criteria

Orange Line 1BR Condos

View 1BR condos along the orange line (zip codes 22201, 22203)

Orange Line 2BR Condos

View 2BR condos along the orange line (zip codes 22201, 22203)

1BR Condos Under $375K

1BR condos in zip 22201, 22203 under $375K

2BR Condos Under $410K

2BR condos in 22201, 22203 for under $410K

Liberty Center

Select listings from the Residences at Liberty Center

Clarendon1021

Active listings at Clarendon 1021

Hawthorn

Active listings at the Hawthorn

Phoenix

Active listings at the Phoenix

Continental

Active listings at the Continental

Charleston

Active listings at the Charleston

Berkeley

Active listings at the Berkeley

Odyssey

Active listings at the Odyssey

Market Data & Pricing Trends 

Sales Prices, DOM, Interest Rates and More

July 2008 Market Statistics

Average Sales Prices, Sales/List Ratios, Days on Market, Interest Rates, and more compiled monthly. Data compiled from MRIS and bankrate.com. All data deemed reliable but not guaranteed.

North Arlington Pricing Trends

Has the Orange Line corridor pricing reached a "balanced" level? Prices of 1BRs may be ticking up, while 2BRs are ticking down every so slightly. Look at the data in a blog post here.

June Condo Prices

A monthly snapshot of 1BR and 2BR condo sales in 22201.

Northern Virginia and Washington, DC, Real Estate Blog 

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Arlington Real Estate Data 

Source: MRIS, RECharts.com

Getting Started 

Talking with a Realtor - Not As Scary As You Think!

You can visit my website or my Northern Virginia and Washington, DC, Real Estate Lens for more info, but the best way to get started is to have an informal chat with a real estate agent to talk about your situation (don't sign anything unless it is easily cancelable or has a very short duration, like one day--you haven't even been out to see a single condo with this person!)

You should discuss what you're looking for, how stable your situation is, and renting versus buying. You also need to talk to a lender to make sure that it makes financial sense and fits your budget.

You want to work with an agent who: understands the market, has worked with other condo buyers, will have enough time for you, and answers your questions thoroughly. You'll be spending a lot of time with this person, so it's important that you like and trust them and their experience.

First Time Buyer Classes 

Free Seminar, But Registration Required

Two more classes have been scheduled at Central Library:

August 20 and September 17
7:30 - 8:30 pm
2nd floor meeting room
1015 N Quincy St
Orange Line: Ballston

There is no cost to attend, but you must register so that we have enough materials available. We will review market stats, the home buying process, financing and mortgages, and common pitfalls.

Understanding Condo Fees 

What You Get for the Money

Understanding Condo Fees
Condo fees vary widely from building to building in Arlington, but for budgeting purposes I recommend new buyers count on at least $300 for a one bedroom. Condo fees cover common area maintenance, building insurance (not insurance on your belongings, though), amenities like a concierge, pool, gym, etc., and capital improvements. The important thing to understand is that owners set and approve the budget, and the budget drives how much money is needed from the owners in the form of condo fees and /or special assessments.

Contrary to popular believe, condo fees are not handed down from some higher authority--the owners control the budget and condo fees represent the answer in an easy equation: money needed divided by number of unit owners. Smart owners also put aside money each year into "capital reserves" for future improvements and repairs, so that they aren't facing future special assessments. Not all owners and associations do that, though, so don't assume that low fees equal a better run condo--it might be quite the opposite if the building isn't saving for a rainy day.

Common Mistakes of Condo Buyers 

Top 3 Mistakes

I work with many first time buyers who look at condos, and I see the same mistakes over and over. Here are my top 3:
1) Not using an agent for new construction (or registering without an agent and then being denied the chance for representation later.) Builders use their own contracts and represent their own best interest. An agent can tell you what's common practice in a contract, and what's not. They frequently are also privy to other sales (both new and resales) and can advise accordingly. Similarly, focusing only on new construction can be a pricey mistake--often there are much better values with units just slightly older. Think of it as the "new car premium."

2) Forgetting to look at entry-level townhouses -- often you can find a small townhouse (without the high monthly fee) slightly further from the metro for the same monthly payment. $300 "buys" a lot of mortgage each month. With a condo, you often pay for amenities you won't use. Those "must haves" restrict your options, but I find most clients, once they move in, don't take advantage of all the things they just paid for, and then are stuck paying the condo fees to support them, regardless.

3) Making assumptions about the state of the market. All real estate is local. All real estate is local. All real estate is local. (Do I have to say it again?) And to clarify, local means not only Arlington, not only Ballston, but even down to individual buildings. Some have held their value incredibly well. Others are dropping like rocks. The best way to really get a feel is to pick individual buildings you can see yourself living in, and then studying the statistics on those.

Closing Costs 

What are all these fees?

Many buyers are aware that they have fees related to the purchase of a new home-a rough guide is 2.5%-3% of the transaction value--but what are these fees, and are there ways to minimize them?

First, a few clarifications. Both buyers and sellers have closing costs in a transaction; the sellers' are typically much higher (because they pay both real estate brokers) than the buyers'. These fees are typically paid at closing-they come out of the sellers' proceeds, and the buyer can either pay cash, or can negotiate to have their portion of the closing costs paid by the seller (read more here.)
A lender should provide you with a Good Faith Estimate (GFE) when you apply for a loan. This GFE is essentially an estimate of your "HUD-1" form, which you will receive at closing. Each lender has their own preferred format, but you should be able to compare apples-to-apples by looking at the section headers, or, even better, the line item numbers. It's important to note, though, that lenders only control certain sections, while others may be simply based on their own experience. When comparing lenders, it's important to focus only on the line items that the lender actually controls.

This is another area where new construction and conversions get pretty tricky--there are often additional fees (to compensate for their "contribution" to closing costs), capital contributions, and other fees. My advice is to work with an agent who can tell you what's common in your particular marketplace, and more importantly, what's not!

To continue reading this article, including more on categories of fees and "junk fees", visit my blog at http://katiewethman.blogspot.com

Risks When Buying New Construction 

Why Using An Agent May Help You

There are risks in any real estate transaction, but buying new construction has several unique ones:

1) Contract Risk - builders use their own contract and rarely (if ever) allow changes. Obviously the contract is written in the builder's favor, but how will you know which terms are commonplace in the local market and which are uniquely theirs?

2) Financing Risk - If the building isn't ready to be delivered yet, the buyer assumes any financing risk between contract date and delivery. If interest rates double between now and then, for example, it's the buyer's problem. Similarly, any change in the buyer's status (e.g., job loss) is rarely accepted as a reason to get out of the contract. Best case is that you lose your deposit and walk away.

3) Delivery Risk - Again, with buildings that aren't complete, builders write in a clause that give them a specific time frame-often 2 years in this area-in which they can deliver late with NO consequences. If a buyer's lease is up or they have no place to go, that's the buyer's issue. It also adds to the Financing Risk (see #2)

4) Sales Risk Part A - If the builder doesn't sell out, then it's nearly impossible for a resale owner to price competitively. Consider the math--a buyer purchases, and has to mark it up to cover their own sales costs. How will a resale ever compete with a builder that doesn't have that markup?

5) Sales Risk Part B - If a builder doesn't sell out, and money is getting short, they may decide to "repartment" the building - that is, convert partially to apartments. That's a bad situation for owners (who now have tenants in their building) as well as for re-sellers (who would buy in a building when they can rent for much less in the very same building?)

6) Fees - Not really a risk so much as an FYI. Don't get too excited about that huge closing cost credit with use of "preferred lender and settlement attorney." They're "preferred" because the fees are higher in the first place. Know what a reasonable fee is so you can make an informed decision.

New Construction Condos 

New Construction and/or Conversion

1800 Wilson

Luxury Condominiums in the Rosslyn Ballston Corridor

Club on Quincy

"Future Release" condos in Ballston on the site of the current Arlington funeral home. According to a Washington Post article, the 12 story building will house both the funeral home and 120 condos, two separate parking areas, ground floor retail and a "black box" theatre. Construction is scheduled to begin in late 2008.

Eastview/Westview

In the heart of Ballston, these sister apartment conversions are still selling. One BR units are start in the low to mid 300s, including parking (while supplies last...these buildings are nearing the end of their inventories after several hard years -- I used to live in Eastview back when it was rental and have strong opinions on the building-- contact me for details.

Eclipse

A high-end, mixed-use community overlooking the Potomac in South Arlington.

Hawthorn

A striking new Arlington landmark, The Hawthorn combines urban sophistication and modern elegance with convenient on-site amenities. If you're seeking a new address, and a new style of living, discover the exceptional condominium residences at The Hawthorn. As of February 2008, 1BR units start at $435, 1BR+den start at $358 (ground floor) and then $445 (other floors). Contact me for details on a very unique and limited time opportunity to get into a 1BR unit for the mid- to upper- 300s!

Io Piazza

These are now "repartments" -- condos that we converted to apartments for rents. As of March 2008, 1BRs start at $1735, according to the Washington Post.

Liberty Center

Elegant condominium homes in Ballston surrounded by brand name shopping, plazas, and amenities, just blocks from the Metro at 888 N. Quincy Steet. Grand opening in mid-March. 1BRs in the mid 300s, 2BRs in the mid- to upper-400s.

Note from Katie: As expected, the finishes are great and the building looks fantastic. The view from the roof is simply amazing. As common with lots of new construction in this corridor, there aren't many units under $400K, and there are too many that are above $550K. As of mid-March, the building is about 60% of the 233 units are under contract (though some may fall out in the coming months.)

I recently represented a client on a purchase on this building--contact me if you're interested in buying here!

Pentagon Ridge

32 1BR and 2BR units located in Arlington Ridge, selling by appointment. (Note these were apartments converted to condos.)

Palatine

Update 4/08: The Palatine just re-partmented and went rental.

Park at Courthouse

Located in an area identified on the National Register of Historic Places, The Park at Courthouse offers the best of both worlds. A quiet setting nestled within mature trees and flourishing landscapes, while just steps away from the bustling urban lifestyle of Courthouse and Clarendon. As of February 2008, there is one 1BR unit left (ground floor) for approximately $374K. 2BRs start at $490.

Phoenix Condo

Update April 08: I recently represented a client on a purchase on this building--contact me if you're interested in buying here! There are only a handful of 1BR units left.

Sophisticated living at Clarendon Metro. 1BRs start in the mid to upper 300s. 1BR with den starts in the mid 400s.

Turnberry Towers

Luxury highrise condo in Rosslyn with views of Washington, DC

Waterview

Waterview is located at the base of the Key Bridge in Rosslyn, Virginia, Waterview Residences rise 17 stories above the 12-story Hotel Palomar-offering residents a variety of five-star quality hotel privileges and services.

Zoso

These are now "repartments" - condos converted to apartments for rent.

WestLee

Stunning, light-filled spaces just blocks from East Falls Church Metro.

Arlington Condos 

Other (i.e., not new construction) Condos in Arlington

The Arlington

The Arlington includes 518 condo units located along tree-lined streets in close-in South Arlington, just 5 miles from Washington, DC. Amenities include lighted tennis courts, swimming pools, and picnic areas.

Arlington Village

"Solidly built, colonial style, brick town homes are the pride of Arlington Village. A full-sized pool, two tennis courts and ample parking are just some of the many amenities."

Clarendon 1021

In the heart of Clarendon's eclectic urban village, these condos have "clean lines, stainless steel appliances, high ceilings and expanses of hardwood flooring characterize their designs. Bright and open, the residences of Clarendon1021 are equally suited to casual entertaining or easy everyday living."

Fairlington Villages

A collection of 7 different associations in southern Arlington and Alexandria.

Park Fairfax

A historic community of 1,684 units originally designed to meet wartime civilian housing needs.

Randolph Square

3BR townhouse-style condos located in the heart of Ballston.

River Place - Looking for it?

River Place is a co-op, not a condo -- see my site at www.katiewethman.com and look under "Buyer Resources" to learn about the very important differences.

Rosslyn Heights North

"The Rosslyn Heights North Condominium conveniently located in close-in Arlington, Virginia, boasts one of the most commanding views of the national monuments and downtown Washington, DC."

Windsor Plaza

Distinctive brick condos just across from the Ballston metro.

Real Estate Resources 

Katie Wethman's Website

Real estate news, resources, links, and tips and tricks for buyers and sellers.

Northern Virginia and Washington, DC, Real Estate Blog

My thoughts and information on the DC real estate market

Squidoo Northern Virginia and Washington, DC, Real Estate

My Squidoo page on NoVA real estate

Market Stats

Monthly MRIS (MLS) reports by County

Renting vs Buying

An explanation of some of the financial considerations of renting versus buying, including an overview of my favorite rent vs buy calculator.

Fed Cuts & Mortgage Rates

An explanation of why Fed cuts don't always correlate to 30 year mortgage rates.

Condos vs Co-ops

Learn more about the differences between condos and co-ops.

Arlington Resources 

Arlington County Website

Arlington County Website

Lot Coverage Rules

Arlington's rules for lot coverage - aka restrictions on McMansions

Metro

Metro maps

Arlington County Schools

Arlington County Schools

Arlington County Real Estate Assessments

Look up what someone paid for their home

Ballston-VA Square Civic Association

Updates on Ballston/VA Square area developments

New Guestbook 

About Me 

I'm a licensed REALTOR in VA, DC, and MD, affiliated with Long & Foster, REALTORS.

6849 Old Dominion Drive
Suite 200
McLean, VA 22101
(703) 903-8651
katie@katiewethman.com