Arlington Condos

by 3 people | Log in to rate

Ranked #126 in Local, #15,544 overall

Condos in Arlington, Virginia

This lens focuses on real estate, and specifically condominiums, in Arlington County, Virginia. Though a small 26 square miles, Arlington is home to over 200,000 people. Its proximity to Washington, DC, and major employment centers makes it an ideal commuting location for those working almost anywhere in the area.

With conversions and new construction, the condo market in Arlington has exploded--and in some cases, imploded--in recent years. I've compiled this list of resources for those interested in the local real estate market.

I live and work in Arlington, and provide market commentary frequently at my blog at http://katiewethman.blogspot.com. You can see a few of my most recent posts below. I'm always happy to talk about the local market conditions - just contact me (or leave a comment) if you have a question.

Are you debating whether to rent or buy? Check out my other lens on that topic--there's a great calculator there that accounts for a lot of the "hidden" costs of homeownership.

Below I've included a lot of pricing data and stats that are updated monthly. Some neighborhoods are falling, many are flat, and believe it or not, some micro-markets are rising in value--seriously! The data changes very quickly, and varies my micro-market (think individual buildings) but feel free to contact me to discuss a particular neighborhood, zip code, or condo.

I'm always working to make this page better and more relevant for people seeking information on Arlington condos. If you have a suggestion on what other information you'd like to see here, please contact me!

Search the MLS for Condo Listings
Market Data & Pricing Trends
Northern Virginia and Washington, DC, Real Estate Blog
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
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
Looking for another building? Contact Katie here.: There are lots more buildings in Arlington - just email Katie to get recent listings that fit your criteria.

Market Data & Pricing Trends

Sales Prices, DOM, Interest Rates and More

Northern Virginia, Washington DC, and Arlington

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.
Arlington Condo Prices: A monthly snapshot of 1BR and 2BR condo sales in 22201.
Arlington Market Stats: Days on Market, Average Sales Price, and Inventory Levels

Northern Virginia and Washington, DC, Real Estate Blog

Fetching RSS feed... please stand by

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

The first classes of 2009 are now scheduled at Arlington County Library. As in the past, there is absolutely no cost or obligation to attend this one hour educational session where we will recap the current market conditions, discuss the future outlook, and provide an overview of the home purchase/sale process. Simply email katie@katiewethman.com to register so that we may have materials available for you. Space is limited. Details are as follows:

First Time Home Buyers - Feb 17 @ 7:15 pm
First Time Home Sellers (NEW!) - Feb 17 @ 6:00 pm

Arlington County Library
1015 N Quincy St, 2nd Floor Mtg Room
Ballston (Orange Line)

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 belief, 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.

Why use an agent when buying new construction?

Because the sales office represents the builder, not you! Builders use their own contracts and write on their own terms. Why not have someone on YOUR side?

New Construction Condos

New Construction and/or Conversion

PLEASE NOTE that most of these descriptions are from the developer's websites...want my opinion? After my experiences helping dozens of first time buyers looking at both new construction and resale, I have lots of opinions to share! Just send an email and we'll talk.

These links are DIRECTLY TO THE COMMUNITY'S SALES SITE. If you wish to work with a REALTOR, you will need to have the agent register you with the community and not register yourself. Not sure of the benefits of using an agent with new construction? Ask me! I've saved my clients thousands of dollars and made them aware of risks they had no idea they were taking on.

This is a work in progress -- have one to add? Add it to the comments and I'll be happy to add the link.

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.

Interested in buying or selling an Arlington condo?

Let's meet for coffee to see whether this is the right time for you to buy or sell. I would be happy to talk about the local market, where it's going, and how to get started. Let my experience helping dozens of first time buyers help you!