REALTOR VS. CRAIGSLIST

When renters are moving to a new area, craigslist seems quite convenient to see what is available...But here are a few reasons why you should think about working with a Realtor instead...

1. Pictures can be deceiving. You never know what you're going to get with Craigslist. Owners can make their property look very appealing, when in reality it is not a good rental.
2. A Realtor's job is to find rentals and sales for people. We know what is available and everything you want to know about a building. We can run a search for EVERYTHING and EVERYTHING with different criteria. You don't have to search on craigslist every day looking for new postings.
3. You don't pay for us. The owner does. You get our experience and knowledge without any cost to you.
4. If owners are skimping on trying to find a renter on craigslist, think of what they will skimp on when you actually move in. Owners who pay realtors to find them tenants and usually have them manage the unit do things by the books. They will spend the time and money making sure their condo is up kept.

Condominums Described as a Theater and a Stage

I was reading an article in the Washington Post by Katherine Salant this morning, and really liked her analogy she used describing a Home as theater and stage. Although this article specifically refers to a house, I quickly noticed a connection to high-rise condominiums.

Salant explains how a home needs to be both a theater and a stage. A home needs to be a stage in the sense that it needs to be able to adapt and be remodeled quickly, relating to the owners immediate needs. At the same time, the overall structure needs to be like a theater, anticipated to last well into the future. This is completely true to an extreme in high rise condominiums.

Styles and taste become outdated. Who would have guessed that Formica counter tops and mirrored walls would go out of style. As the times change, so does the decor and presentation of a building. For older high rise condominium buildings to compete with brand new developments, their entities need to be able to change and adapt.

At the same time, high rise condominiums hold sometimes hundreds of residences, compared to one single home. If a building isn't constructed well, a lot of money can be lost. Recently, some builders have been skimping on construction, settling for the cheaper building structure and material. This has really hurt them, and their owners. Many new buildings have reported preventable water leaks, noise problems, and structural deterioration. Sometimes you have to spend a little extra to make sure such a large investment will hold into the future.

I only took out a small part of this article, and Salant goes into much more detail about owners affordability, etc. If you want to read the whole article, here it is....

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/17/AR2009121705013.html

What Utilities are Included in Rent?

Renters...

When you are looking to rent and determining your price limit, take utilities into consideration. Each building varies, and some buildings include all utilities, some buildings include a few utilities, and others include none. Once you include the price for utilities, your price range can change drastically. Most condominium rentals will include utilities that are covered in the owners condo fee such as water, sewer, snow removal, grounds maintenance, and gas.

Here is a list of some common buildings in the Rosslyn-Ballston corridor that are out of the ordinary in terms of what the rent includes...

Atrium Condominium- Includes basic cable.
Tower Villas- All utilities are included.
Clarendon 1021- Rent does not include water.
River Place- All utilities are included.

Square Footage in Condominiums

When I say the word "condo," what comes to mind?

Originally, I used to think teeny tiny spaces, crammed together, stacked high. Now, after viewing numerous properties, my initial perception of condominiums have changed. There are many buildings with very large square feet units. These tend to be the older buildings, but at the same time bring their own charm and uniqueness.

Most new buildings are very cookie cutter. Although they might have stunning upgrades, top of the line appliances, imported granite, and flawless hardwood floors, they are designed to maximize the limited space. With that being said, most of the condos are on the smaller scale.

Older buildings are known for their larger square footage and unique floorplans. Also, many of these older buildings are not the typical "high-rise" and instead some are only a few stories tall, abnormal shapes etc. One building that really stands out in my mind is Tower Villas Condominium, located a block from the Virginia Square Metro stop in Arlington, VA. These condos are usually double the square feet of newer buildings, and for the same price. At this point, the owner would have to upgrade the appliances, think about redoing the floors, and even some structural changes to adapt to current trends, if you want square footage, here it is. They also each have their own extended balcony, that puts most newer buildings to shame.

On the other side, there are more small scale projects like the Dakota. Located on a hill overlooking Rosslyn, this small scale project adapted to the landscape. Most all units have private elevators to their unit, and stunning outdoor patio area. Sometimes owners would rather have this uniqueness and give up all the amenities, than to live in the brand new high rise being built 100 yards away.

New Year Home Buying Resolutions

As people are starting to think about their new years resolution of losing weight, eating better, picking up a hobby, why not add "home buying" resolutions?

This article from the Washington Post gives potential home buyers a great list of things to think about before they start thinking/looking for their new home (or condo). Kick in the new year right!

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/17/AR2009121705023.html

How much is a parking spot worth in Arlington, VA?

When looking for a rental, parking is an important factor. With the limit of parking in Arlington, building parking is in high demand, and tends to be somewhat pricey. If you're lucky, the condo comes with a parking spot, although the "price" is already included in your rent price. But, sometimes you need more parking spots, or the unit doesn't include a parking spot. Since owners pay anywhere from $20,000-$36,000 per parking spot (yes, ridiculous), and parking is rationed, they are able to charge about $100-$125/month for parking. Most buildings have bulletin boards in the garages of owners who are renting out parking spaces. This is your best bet to find addition parking spots.

Before you think paying this much for parking is outrageous, think of what you're paying for...When I was deciding between renting a parking spot for $125/month at my condominium, I decided it wasn't worth it, and decided to do street parking. Oh how quickly did I change my mind. I spent an hour shoveling my car out from street parking. Then, I remembered how annoying it is when I get home after peak rush hour and have to park 3 blocks away and walk to my condominium. Then I remembered walking out to my car and seeing a HUGE scrape spanning my entire side of my car where a car hit me while driving down my side street. Then I remember how miserable it was walking down the street in the pouring rain when I forgot an umbrella. Get my point?

Forgoing these moments is what you are paying for. Just this weekend, you wouldn't have had to worry about massive amounts of snow on your car, having to shovel your car out, worrying if the snow caused any damage to your car. You have a designated spot. No need to fight over prime parking on the street. Your assigned underground parking spot is in relation to your unit, so you're also as close as possible to the elevator to take you up. No need to walk blocks to your condo in the harsh weather. With shopping bags in hand, all you have to do is walk through a warm covered garage. You don't realize the small luxuries until you don't have them. So to emphasize my point just one more time...How much is the convenience of underground parking worth?

COMING ON THE MARKET SOON!! LEXINGTON SQUARE 1 BR+DEN

Coming on the market later today... Lexington Square 1 BR + Den/1.5 Bathroom for $1875/month. Here is a little more information about the unit:

-781 sq.ft.
-Hardwood floors in living room
-Freshly painted
-Large, bright den (many condo dens don't have windows)
-1 assigned garage parking spot
-Carpet in bedroom and den
-Separate dining area
-Open kitchen

Are you looking for a short term lease?

Especially in the Northern Virginia and DC area, work contracts can vary from a month or two to a few years. Sometimes while relocating for only a few weeks or months, renters have a hard time finding a place to live.

My best recommendation is trying to sublease a place, or go to an apartment building. Going through a Realtor helps you find places in condominium buildings, where each unit is individually owned. Many condominium buildings have strict restrictions on leasing periods, which usually are a minimum of a year. Even if the owner wanted to rent out their place for 2 or 3 months, the building itself will not permit it. This is just to minimize turnover, and have a steady stream of tenants. But youre not completely out of luck, some buildings do allow shorter leases, such as Clarendon 1021 which allows a minimum of 6 months.

Apartment buildings are ideal for short term leases. The building is owned by one company, and can do leases of various lengths. One thing to watch out for though, is the shorter the lease, the more expensive the rent. But, if you are only going to be in the area for a few months, this is your best option. Also, many apartment buildings have the option of being furnished. This is also ideal so people don't have to bring their own furniture for only a few months. Although this sounds like a terrific deal, watch out. Many apartment buildings charge steep one time "move in" and "amenities" fees, regardless of how long you stay, sometimes amounting to $600+.

Another option is subleasing. The best way to find these places are through websites like craigslist.

Relocating to Arlington and have a large animal? Here are the buildings that don't have a weight limit or allows larger dogs!

1. Station Square-Located in Clarendon. No weight limit. Maximum 1 domestic animal.
2. Continental in Ballston- Located in Ballston. No weight limit. Maximum of 2 domestic animals.
3. Clarendon 1021- Located in Clarendon. Maximum of 40 lbs.
4. Odyssey- Located in Courthouse. Maximum of 40 lbs.
5. Residences at Waterview- Located in Rosslyn. Maximum of 45lbs.
6. Lexington Square- Located in Virginia Square. No weight limit.
7. Eastview and Westview- Located in Ballston. No weight limit.

Minimizing your own personal touches when renting out your personal residence...

To all that are thinking about turning their residence into an investment property...

SIMPLE IS THE WAY TO GO. One big problem that owners are realizing when they want to put their personal residence on the market is that sometimes their personal taste doesn't match up with tenants taste. The best way to overcome this is make everything as neutral as possible in the unit. For example, you might like your bright red and pink floral wallpaper in your kitchen, or your deep blue custom paint in your bedroom but most renters won't. Think about painting the entire unit one neutral off white color. This eliminates the chance a potential tenant not liking your personal taste, and when you need to re-rent it, it is much easier to touch up this paint to make it look presentable.

Unique pieces, such as a Gothic chandelier, or gaudy bathroom sinks/tables can turn people off as well. More cookie cutter, standard touches are most welcome by tenants.

When is a good time to look for rentals?

November and December are the slowest months for real estate. Most people are thinking about the holidays, and don't have much time to look for rentals. That being said, if you can look for rentals in December, you should. Because not many people are looking, there is not as much competition for the same units. Tenants have much more negotiation power over the price, move in, and requests because owners are sitting on vacant properties. Interested in finding a rental? Contact a REALTOR to see what is available!

Looking for something different in Arlington? Check out the Wooster Lofts!

Many condominium buildings are cookie cutter units. 100 of the exact same floor plan. If you are willing to pay the premium, check out Wooster Lofts in Rosslyn. Their motto is "elegance with an edge." This smaller development of only 87 lofts, has stunning floor to ceiling windows, courtyard, and pool. These flats span from 10 ft ceilings, 17 ft ceilings, and penthouses containing 21 ft ceilings. This modern development has edgy floating stair cases, modern elegant hardware, and exposed vents and bricks. Although most of these units are already gone, a few are still on the market. Check out this website to see pictures...

http://www.abdo.com/upandcoming/clarendon_blvd.html

Perks of living in a multi use building...

Some people are hesitant about living in multi use condominiums because of the noise factor and increase amount of foot traffic within the building. But, you quickly forget all the great aspects of a building not being JUST a condominium building.

Here are some examples:

1. Station Square- You have a Gold's Gym one floor below your condo. Now there is no excuse that it is too cold outside or the gym is too far away. You also get membership discounts. There are also restaurants right at your fingertips. Grabbing a morning cup of coffee or meeting friends after work for a drink because quite easy and convenient.

2. Waterview- Being located above a prestigious hotel (Hotel Palomar), The Residences at Waterview get to reap the benefits. Not only is the exterior of the building stunning to match the elegant hotel, the interior decorations are just as stunning. With a private entrance, the residents are separate from the hotel guests. But, the residents have access to the hotel's room service, extensive state-of-the-art gym, valet services, ample parking for guests, access to their Domaso restaurant, and are able to enjoy the rooftop pool. The residents get to enjoy all the fine touches the hotel provides, without actually having to be a guest.

Turnberry Tower unveiled on MLS! Did they miss their target market?

Turnberry Tower has been the center of discussion in the real estate world lately. This intriguing all glass building in the center of Rosslyn has produced mixed feelings about whether or not it missed the target market.

Turnberry Towers is a reputable and distinguished company known for their luxurious, spacious, and top of the line condominiums. With great success in Vegas and Miami, they moved to their next location...Arlington. Obviously no one is going to oppose over sized 1-5bedroom condos, private elevators to units, valet, indoor swimming pool, and unparalleled custom touches; but is that what Arlington resident really want or need? With all these celebrity level touches, there comes a price. A STEEP price. These condo fees are much higher than other Rosslyn condominiums (which is quite high as it is) and the prices of each unit are at a premium. A 1 bedroom/1 bathroom unit right now is starting at $670,000 with the condo fees stated at $508/month (which we all know will jump up...this is just a rough estimate). Two bedrooms listed right now are for $2,500,000.

Lets play a game...which one doesn't belong? Vegas, Miami, Arlington.

Obviously Vegas and Miami are terrific locations for the ultra luxurious crowd, but Arlington residents have shown to want new, nice, simple, and compact. With simple market research, Turnberry Towers would have realized that this is not what residents here are looking for.

Don't get me wrong, these condos are BEAUTIFUL, and if I could live in this building I would in a heart beat. But, the fact that other buildings in the immediate area have people lining up left and right to buy, and this project is not doing as well as expected shows you how important market research is to developers...

Any thoughts?

WASHINGTON POST ARTICLE FEATURING CONDO 1 PRESIDENT

Check out the article published yesterday in the WASHINGTON POST featuring Condo 1's President discussing condominium location vs condominium space in Northern Arlington!


http://www.washingtonpost.com/wp-dyn/content/article/2009/12/03/AR2009120305142.html

Top 5 Condominium Rooftop Pools and Views in Arlington VA

1. Waterview- Although this high-rise doesn't have a rooftop pool, the view makes up for any shortcomings. Located at the point of Northern Arlington to the right of Key Bridge, the Residences at Waterview has the prime monument and river views. With an amazing grilling area and ample seating and lounging, this rooftop is perfect for parties, or just a relaxing night of enjoying the view.

2. Odyssey- Don't let the location fool you. The Odyssey Condominiums are set further back in Arlington in Courthouse, but the building's height makes up for the distance. The rooftop pool has views on both sides, of Arlington and Alexandria, and the rooftop observation deck with tables and chairs overlooks all of DC.

3. Clarendon 1021- Located in Clarendon, Clarendon 1021 is still in direct competition with Rosslyn and Courthouse views. Although you overlook the green Arlington and Alexandria, their rooftop pool and year round Jacuzzi make this rooftop very desirable.

4. Residents at Liberty Center- In the heart of Ballston, this new development (with still some units available for sale by the developer) embraces an elegant feel with columns, seating, and rooftop pool overlooking the city.

5. Continental at Ballston- At the far end of the Ballston area, the Continental Condominium building has a fantastic rooftop pool. Although it does not have any monumental views, how can you not enjoy the fresh air, and open rooftop pool and patio?

Why have a pool on the ground level, when you could have a rooftop pool? Developers have noticed the demand for communal outdoor lounging. With the restrictions of space, high-rises make the best of it, making these rooftop pools and viewing areas a focal point of the building's amenities.

Do you buy that extra parking spot from the developer?

Something to keep in mind when buying new from the builder...

Many builders only offer one parking spot with each new unit, regardless if it is a 1 bedroom, 2 bedroom, 3 bedroom, etc. With each additional spot ranging from $20,000-$35,0000, many buyers decide to not dish out the extra money if they only have one car. Before you think of the short term savings, you might want to think about the resale potential. Once these parking spots are gone, they are gone. Once all the parking spots are sold, the only option is to rent a parking spot from another owner. Especially if it is a 2 or 3 bedroom unit, many buyers expect to have more than one parking spot, and if your unit does not offer more than 1, they won't even consider looking at your unit. So, in short, before you think $20,000-$35,000 is too much to tack on when buying a new unit from a developer, think if it's worth risking a potential resale buyer in the long run...