All homes listed have 1.5 baths, are close in square footage (1200-1270 sq feet), historic, built in same time period (1870s-1880s), and located in the same neighborhood:
Home #1: Sold for $517/sq ft this month. Three bedrooms. Two of three bedrooms are small but would accommodate twin bed, nursery, or office.
Home #2: Sold for $518/sq ft this month. Two bedrooms. Renovated kitchen with granite, cherry, stainless.
My house, home #3, sold for $480/sq ft one year ago. One true bedroom. Also has a large room (but no door) that is used as informal living space or could be a home office. A third small room is used as a laundry/walk-in closet. If the closet fittings were removed, it could be used as an office or nursery (it has windows). For listing purposes, it was counted as a second bedroom. To access the "laundry" room and the full bathroom from the rest of the house, you must walk through the bedroom.
What is Home 3 worth now relative to Homes 1 & 2?
Answer:
The prices of residential real estate are often "notional". That is to say that notions in the buyers and sellers of real estate will impact the price in ways that we can't always quantify. In a large market like Alexandria, real estate is a commodity in the sense that it is difficult to find something the market hasn't already rewarded or punished. But is it not a commodity in the sense that you can tally a square footage price and add an amount per bedrooms or multiply the price by a certain factor based upon the number of bedrooms.
Are they at the same address? In the same building? In your example above, what is the view from these units? Is the condition of these properties identical? Even a licensed appraiser with answers to all these questions would be hard-pressed to give you an answer without know the tax assessments and the contract price on these properties.
In the end, a home is worth exactly what a buyer will pay for it, if the seller will sell for that amount.
Will Nesbitt
Will Nesbitt is the principal broker of Condo Alexandria / Nesbitt Realty.
When you compare the real estate downturn to the real estate market in the 1980s, Blumberg Capital Partners, which provides real estate investment management, finds similarities that lead the company to think now is an optimal time to buy.
Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully and for unemployment to fall below 7 percent. It was another 10 months before unemployment was consistently below 7 percent.
Philip Blumberg, CEO of Blumberg Capital Partners, said in a note to investors that the real estate cycle is still three or four years from an optimal selling period, so now is the time for investors to buy.
Source: Blumberg Capital Partners (05/19/2010)
Home Prices In Arlington Continue To Hike
The housing market in Arlington County is getting more and more expensive as potential buyers continue to have fewer homes and condos to choose from.
Inlet Cove is alongside Route 1 This neighborhood of townhouses is near grocers and eateries Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge Interior to these properties are multilevel Inlet Cove is serene
Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1…
Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient. Buyers with cash have the best opportunities. Buyers who need a mortgage should move…
The National Association of Realtors recently did a study about the characteristics of home buyers. Some of the findings might surprise you. Thirteen percent of buyers purchased a home with one or more parents and grandparents together with adult children. There were several reasons given for purchasing a multi-generational home. Cost savings; Children over the…
The Market Activity Index in Crystal City continues show sawtooth pattern. This pattern often indicates tension between sellers who want to move property but who are not willing to dump property at lower prices. At the same time buyers are moving swiftly to snag deals, indicating we are near the bottom, or at least in a period of transition. The days on market fell dramatically, and this means that real estate is selling again.
The chart was drawn from the past 180 days of condo activity in 22202 zip code.
Here's a snapshot of what's going on in the real estate market in Arlington VA as of April 28, 2010. The median price of homes sold increased sharply after March and at the same time the average number of days on the market decreased. This is a strong indicator that the market is recovering. As we approach the end of the first-time homebuyer's tax credit, we'll see if this is a trend or if this is capturing sales that would have occurred in June anyway.
Will NesbittWill Nesbitt is the principal broker of Condo Alexandria.
Real estate investors worldwide are convinced the market is at or near bottom and about to shoot up, according the Colliers International’s first survey of global investor sentiment.
Luxury residences at Rosslyn in Arlington VA
Investors from Asia, Canada, Latin America, and Western European say financing is increasingly available, while investors in the Middle East and Eastern Europe make the opposite observation.
While there was considerable disagreement about what “normal” is, the majority of respondents say their respective markets will return to “normal” within 18 months.
Globally, rents are anticipated to hit bottom this year – the first quarter of 2010 for the office sector was the most frequently offered response, followed by the second quarter of 2010 for industrial, and the third or fourth quarter of 2010 for retail.
Source: Colliers International (04/14/2010)
Julie Nesbitt
Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.
Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…
According to research economist Jessica Lautz, "More than one-third of all home buyers buy a home for the desire to own. This has been the most cited reason consistently for the last several years, but it is even more true of single female buyers. Nearly half of single female buyers purchase a home because they have a desire to own a home. The second most cited reason for single female buyers in choosing to purchase a home is a change in family situation—13 percent of single female buyers purchase for this reason, compared to 9 percent of all buyers.
Court House Neighborhood in Arlington VA
"In comparison to other household types, single female buyers are more likely to have lived with parents, relatives or friends before buying their own residence, 20 percent compared to 12 percent of all buyers. Single female buyers are also more likely to rent an apartment or house before buying their own place compared to all buyers. Both previous living situations are related to the large share of single female buyers being first-time buyers."
Her research indicates: "The median age of all home buyers was 39 years old, compared to 41 for single female buyers. Among single-female buyers, 58 percent were first-time home buyers in 2009, compared to 47 percent of all home buyers. The median household income for single-women home buyers was lower than that of all other homebuyer household types. Single females reported a median household income of $47,900 in 2008 compared to $73,100 among all home buying households. This difference in household income should not be completely surprising as 68 percent of home buying households are couples – and so perhaps likely to have two income earners. The difference in median income for single women households compared to those for single men is less striking—single men typically made $53,700 in 2008. Additionally, single women households are less likely to have children living at home than couples. Results from the survey show that 22 percent of single women home buyers have children at home, while 38 percent of all home buyers have children at home."
Source NAR
Because we do business as Condo Alexandria, I'm often asked: do you only work with condos?
The answer is of course: no. Condo Alexandria works with all types of real estate in the Commonwealth of Virginia. But we do fill several niches and have expertise in a few specific areas that might be of interest to you.
brick home in Belle Haven
Condo Alexandria serves the condo market in Alexandria (mainly in the West End and Old Town), Crystal City, Pentagon City, Arlington, Fairfax County, and Kingstowne. Our focus these days is on buyers and landlords. As a buyer's agent we are well equipped to find the property that suits you needs and make the sale proceed smoothly and quickly. As property manager we take the hassle out of being a landlord. We of course have listings for sale but if the time isn't right to sell, we'll let you know and advise you of your best options.
Condo Alexandria also does business as Nesbitt Realty. In the capacity as Nesbitt Realty, we focus on homes and properties near our offices and homes.
Our agents and I have particularly good insight in Alexandria especially around Bucknell and Belle Haven, but also in Kingstowne and Old Town. These neighborhoods have condos, but they also have single family homes and town houses.
If you have questions or if I can be of service, please don't hesitate to contact me! If you need help finding properties please help yourself to our fast and free database of properties that are currently on the market. The number of listings that are available can sometimes be overwhelming, so feel free to contact me if you'd like for us to do the search.
Will Nesbitt of Condo AlexandriaWill Nesbitt is the Principal Broker of Condo Alexandria / Nesbitt Realty.
The federal government is driving demand for office space, according to Jones Lang LaSalle’s annual report on federal real estate procurement.
US Capitol Dome
In Washington, D.C., the federal government will require more than 5 million square feet of new office space by the end of 2010. That is more than both public and private entities combined will require elsewhere in the United States.
"I’d say it would make sense for brokers to be targeting federal agencies rather than private agencies," says Scott Homa, senior market research analyst at Jones Lang LaSalle.
Source: GlobeSt.com, Robert Carr (03/31/2010)
Alexandria Residents To Benefit From Emergency Rental Assistance Program
Residents in Alexandria who are facing financial hardship due to the coronavirus crisis can benefit from the COVID-19 Emergency Rent Relief Assistance Program recently launched by the City.
Alexandria Opens Temporary Drop Off Site For Collection Of Yard Waste
Reisdents of Alexandria will now be required to drop off their yard waste at a temporary drop off site set up by the City. Due to concerns of the coronavirus the City was forced to suspend the collection of garbage as it seeks to protect employees from the risk of the virus.
Amazon Makes Donation To Alexandria And Greater Washington In Fight Against COVID-19
Amazon has provided assistance to the City of Alexandria and the Greater Washington area through a monetary donation of $1mil. The $1 million donation will aid in the emergency COVID-19 response funds which will benefit four local community foundations.
Increase in Real Estate Tax To Be Approved By Alexandria City Council
The Alexandria City Council has voted for a real estate tax rate increase to $1.155 per $100 of assessed value from the current $1.13 which would represent an increase of 2.5 cent.
view of Pentagon CityThe expert says: “I understand. But no matter what price we set for your property, there is always a chance it may not sell. I would like to set an appointment to review the activity and reconsider the price in two weeks. We will be monitoring the calls from signs, ads, and open houses to determine our best strategy for locating a buyer. Then we will analyze this information and adjust our marketing campaign as needed until it is sold.”
— Rich Levin, Real Estate Trainer and Coach
It's true: we're still in a buyer's market. I don't see prices continuing to decline, but there are only two options if you want to sell your home: wait patiently for a buyer to see the value of your home, or lower the price to entice a buyer to act now. In the past, homes were selling for more than what they are worth. Today, they are probably selling for less than what they are worth. If you have the time to be patient, hold out to get your price. If you want to act now, don't worry too much because if you sell at a low price, you'll be buying at a low price.
Will NesbittWill Nesbitt is the Principal Broker of Condo Alexandria.
Julie Nesbitt is one of the hard-working real estate professionals at Condo Alexandria. As many people know, she's a force behind much of what gets done here. We snapped a few publicity photos of her this Spring. Which one do you like best?
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