Courthouse Hill Condominium in Arlington VA

I have recently been getting numerous emails about renters and buyers wanting to know the availability of properties in COURTHOUSE HILL CONDOMINIUM located in Arlington, Virginia. Located 2 blocks from the Courthouse metro, this property is in a terrific location, a quick stroll to the Courthouse movie theater, restaurants, and shopping. Different from the numerous high rise condominiums and apartments in the area, this "high-rise" mixed with a "garden style" design catches people's eye. Courthouse Hill is a much smaller scale development, with only four floors of condominiums. In addition, most of these units are two story. Although a condominium, this multi-level living space creates the feel of a private home with soaring ceilings, and a much more unique layout (compared to the standard cookie cutter layouts of many high rises.)

With it's uniqueness, location, and limited supply, these units do not last long on the market, in either rentals or sales. There is currently a 2 bedroom /2 bathroom unit for rent that just acme on the market two days ago for $2595/month. I guarantee you, with that price, this unit will go quickly. For more information on this rental or the building itself, contact Alexandra@condo1.com!

New Condominium Listings in Arlington, VA

Now that the Holidays are officially over, people have given up on their new years resolution, they have much more time on their hands. With that being said, there has been a wave of new properties coming on the market, and many potential buyers contacting Agents to start looking for properties to buy. Just today, a handful of GREAT condominiums have gone on the market. All of them are in great locations within Rosslyn-Ballston, in well known buildings, and will probably have offers on them soon. Don't miss out!

Here is a glimpse of what is available as of today:

- 2BR/1BA in Colonial Village located in Courthouse for $339,900. This garden style development has no weight restrictions for pets, and has courtyards surrounding each building.
-1BR/1BA in the Odyssey Condominium located in Courthouse, Arlington for $374,990. This luxurious high rise has a modern decor, and has the most amazing roof-top pool and viewing deck overlooking the DC monuments.
-1BR/1BA in Clarendon 1021 located in the heart of Clarendon, 1 block to the Clarendon metro listed at $379,990. This 10 story high rise is across the street from restaurants and shopping.
-1BR/1BA in 880 Ballston, located a block away from the Ballston Mall and Ballston Metro stop for $389,000.
-2BR/1BA in the stunning new building the Hawthorn Condominiums located in Ballston, Arlington, listed at $455,000.
-2BR/1BA in Station Square Condominiums located in Clarendon listed at $485,000. Terrific outdoor pool, and on top of shopping and dining.
-2BR/2BA in the Williamsburg located in Courthouse, Arlington listed at $635,000.

Contact Alexandra@condo1.com to schedule a viewing of any of these newly listed properties. I guarantee you these listings will go quick!

A breakdown of interest rates and how they impact your taxes...

Check out this article from the Washington Post talking about interest rates, loan points, and your taxes; and how they all fit together.

http://www.washingtonpost.com/wp-dyn/content/article/2010/01/21/AR2010012105409.html

The Residences at Liberty Center in Ballston

Sunday I went to The Residences at Liberty Center located in the heart of Ballston with one of my clients. The property has been for sale for about 2 years now, and the developer is now trying to get rid of their last handful of units. A great thing about this building is that it is a smaller development, with a wide range of floorplans, each quite unique. None of the units were cookie cutter simple floorplans. One floorplan really stood out to me. It was a corner 2 bedroom unit with 1183 sq.ft. overlooking an intersection, which gives you elongated views of both streets. Although that sounds somewhat of a boring view, there are no buildings directly in front of you, which allows immense sunlight into the unit. The corner features floor to ceiling windows on the two walls, which highlights the tall 9ft ceilings, and brings in a lot of sunlight. Also, the curved foyer gives the unit a modern architectural aspect.

There are only 17 units left from the developer. They have been making some terrific deals trying to get rid of these last units, so if you are interested in a terrific new building with large floor plans be sure to check out The Residences at Liberty Center.

How Technology is Helping the House Hunt!

When people start looking for homes, they will do a number of things. Many potential buyers drive around prospective neighborhoods praying that they see a "for sale" sign in a front yard before they contact a Realtor. This becomes a problem with high-rise condominiums in Arlington because Realtors can't put for sale signs in the condominiums common grounds, and there are no other means of public advertisement on the property. This is how technology is helping...

Many websites are providing listings broken down by criteria. Potential buyers can search in a specific area, street, building, etc. This allows buyers to do their homework before jumping into the buyer marking blindly.

To add on to this concept, the iPhone just created a free app so the high-tech buyers can look for listings on the go. Check out this article from the Washington Post describing how technology is assisting the buyers!

http://www.washingtonpost.com/wp-dyn/content/article/2010/01/14/AR2010011405334.html

Don't just look at MLS when buying a condominium in Arlington, VA.

When looking for condominiums in Northern Arlington, don't just look for what is available on MLS. There is usually more out there! Firstly, many new buildings do not put their properties on MLS just because they know that people/agents will come to them to see all of the available units. When new developments first start selling, the demand and turnover is so high that there is no need to put listings into MLS. Secondly, as new buildings are coming up left and right, not all buildings are completely selling out initially. Some developers will hold onto the remaining properties, waiting to put them on MLS. Even if the development is 1 or 2 years old, there is a good chance there are a few units left. Once only a handful are left, prices are slashed to "get rid" of the remaining condominiums, and deals are to be made.

It is important when trying to buy a condominium in Northern Arlington to use a Realtor who is very familiar with the area. This way the agent will know all the behind the scenes work and availability of each building instead of an agent who merely runs an MLS search. Condo 1, Inc. specializes in the Rosslyn through Ballston Corridor, and knows each building like the back of their hands. Check out our website for more information about our company, history, and how we can help you find your dream condominium in Northern Arlington, Virginia.

www.condo1.com

The asking price is not always the final price...even for rentals!

Of course when people put their home on the market for sale, they usually make the listing price higher than what they expect to get. This gives them some room for negotiation, and even cross their fingers for the chance that someone is willing to pay more than they expected. Surprisingly, the same goes for rentals.

Down in North Carolina, rental prices are in line with the saying..."what you see is what you get." Prices of rentals hold true to their asking price, and usually there is not much negotiation room. Very different story in Northern Arlington. Some owners ask a higher price than what it is "worth," or what similar properties have rented for in that building. There are some reasons for that. Firstly, someone might actually bite. If someone loves condominium, they might be willing to pay a little more than normal to secure it. Another reason owners might up the price is if there are no comparables. Especially in Northern Arlington, many renters know EXACTLY which building they want to be in. They request Realtors who know the ins and outs of a specific building to find options solely in one building. If there are no other comparable condominiums for rent, the owner holds a monopoly, and can ask a higher price. Also, if an owner knows ahead of time that the current tenant is leaving and has a gap before he/she needs to fill the condominium, they can afford to put a higher price, and then decrease price if need be.

With this being said, don't overlook properties that are slightly out of your price range. I'm not saying if your budget is $1800 look at places for $2500, but extend your price bracket up initially. When I run searches for clients I usually add $100 to their upper budget. So, in short...if you're looking for a rental, know that SOMETIMES (don't quote me assuming every condominium is the same) can be negotiated down.

What are interest rates doing this week?

Check out this article from the Washington Post describing how the interest rates have decreased this past week, and how it compares to the previous month.

http://www.washingtonpost.com/wp-dyn/content/article/2010/01/14/AR2010011405328.html

Looking for a rental in Arlington Virginia?

USE CONDO 1 to help you find your exact condominium rental in the Rosslyn through Ballston area in Arlington Virginia!

Email Alexandra@condo1.com with critiera such as price, # bedrooms, if you have animals, etc. and I can run a search for any rental in the area! Specializing in high rise condominiums in the Rosslyn-Ballston Corridor, Condo 1 knows everything on the market, and can help you find exactly what you are looking for!

Property Management of Condominiums in Northern Virginia

Thinking about having your property professionally managed?

Owners, when you decide to rent out a property, one question that NEEDS to come to mind is, do I manage it myself, or do I hire a professional management company?

Here are so pros of having a management company professionally manage your company:

• Professional companies know all the rules and regulations of leasing, tenant's rights, owner's rights, etc.
• Option for company to pay all owner expenses such as condo fees, real estate taxes, mortgage payments
• Provides detailed monthly income and expense statements
• Coordination of necessary maintenance
• Contains strong relationships with contractors, painters, etc. to insure reliability and low prices
• Coordination of unit reconditioning between tenants such as cleaning, painting, etc.
• Detailed knowledge of buildings each property is in
• Terrific for owners who are not local
• Ideal for owners who have multiple properties
• Deals with all types of tenant requests (as small as fixing a door handle, to replacing a dishwasher, etc.)

Most large companies charge 10% of rent for their services. But, because Condo 1, Inc. is local and has such a specialized niche of Northern Arlington Condominiums, our overhead costs decrease dramatically, which allow us to only charge 7%.Want to know more about property management? Check out Condo 1, Inc.'s brochure on our website!

http://www.condo1.com/property-management.html

Get Them While They're Hot! RESIDENCES AT WATERVIEW

The ultra-luxury high rise condominium, RESIDENCES AT WATERVIEW located at 1111 North 19th St. Arlington, VA 22209, is almost completely sold out. With only a few units remaining for sale by the developer, deals are being made to completely sell out the building.

As of right now, they have two bedroom corner units starting in the mid $800,000s, and larger units ranging into the millions. If you are looking for a deal, here it is.

In addition to properties for sale by the developer, there are a handful of resale properties from the original buyers. These range from one bedrooms offered in the mid $500,000's to three bedrooms ranging into the millions.

Interested in the exact prices, floor plans, etc? Contact Alexandra@condo1.com for more information!

Odyssey Condominium Building Getting a New Addition...

One terrific thing about many high-rise Condominium buildings in Arlington is their convenience to shops, restaurants, metro stops, and nightlife. Many of these buildings are mixed use, with shops and restaurants on the ground level. The famous Odyssey Condominium located at 2001 15th St. N in Alrington VA (Courthouse) which was once home to Yaku restaurant, now has a new feature restaurant at the foot of the building.

Complete remodeling is currently underway for what is to be a hip sushi sports bar. With high ceilings, outdoor seating, and prime location, this restaurant is something to look out for with its projected opening in the following weeks.

What is a good time frame to start looking at rentals?

Condominium rentals differ from Apartment building rentals in the sense that Apartment buildings have a large amount of units, which are regularly turning over. Condominium rental units are individually owned, so owners only know their property will be on the market when their previous tenant gives notice. With that being said, the time frame of when to start looking for a rental varies from Condominium buildings and Apartment buildings.

When working with a Realtor, the best time frame to start looking is about a month before you want to move. Properties usually come on the market right before it will be come vacant, and the owner will want to fill the property as quickly as possible. If you start looking months in advance, what you see now will be gone by the time your desired move in date. Go ahead and do some research on the buildings and area, but don't start looking at exact units to rent until it's almost time to move. In Arlington, especially in the Rosslyn through Ballston corridor, rentals go VERY quickly, and wont sit for long. Because of this, owners are sometimes inclined to turn down applications of the start date is too far out (especially if the property is sitting vacant), just because they know there will be other bites, and usually for a sooner start date.

Tearing Down Key Blvd Apartments

Tearing down Key Blvd. Apartments...a good or bad idea?

There has been much discussion and debate over the tearing down of Key Blvd Apartments for the development of a new building with half affordable housing and half condominiums. This new development would resemble a similar project called Park at Courthouse/ The Fredrick Apartments, located a few blocks from the Courthouse Metro. The plan for this new development was presented to the North Rosslyn Civic Association on Nov 24, 2009, with many oppositions. Although this building would double the affordable apartments in this building to roughly 80, the objections spanned numerous topics.

Many condo, townhouse and home owners in the immediate area were worried what the development would bring. Owners from the Atrium Condominium located directly across the street worried that an 8 story building would obstruct their view, which the owners paid a premium for by living in the Atrium. Others worried that this development would decrease the amount of green area and parking, which we all know is quite scarce in this area to begin with.

Then, to play devils advocate, many argue the pros of this development. Rosslyn of course is a very desirable area. This development would allow more people to buy and rent in this area. Being located a mere 2 blocks from the Rosslyn metro, and half a block to a grocery store, the building will promote "green" living, embracing the city life of less driving, and more accessible amenities. Also, the Park at Courthouse and the Fredrick apartments have shown to be somewhat of a success. Will this repeat also be?


So the questions is...should the actually build it?

Don't assume prices will only decrease...

Don't always assume prices will only decrease. January brings a new year, and a new buyer and renter mindset. November and December are slow months for both renting and buying because of the holidays, but come January, renters and buyers are in full force to find a condo.

Many owners will drop the price of a rental or even a condo for sale during November and December to make their property look most appealing to the minimal demand, but don't think these great deals and lower prices will stay this low forever. If their condo hasn't sold or rented in the slow months, sometimes owners will push their prices back up in hopes that the new year will bring more of a demand. So, especially for renters, if you think you have the upper hand and can take your time find a rental and find the "best" deal, think again. Competition will increase.

For example, one TERRIFIC rental I found for a 2BR/1BA with free parking for $1495/month located on the other side of Rt.50 in Courthouse is raising their price to $1595/month come January 15th. Also, a penthouse in Station Square Condominium located in the heart of Clarendon just raised their price from the slow month's price of $674,999 to $699,999. The new year brings a whole new demand, and in turn, a whole new price.

Looking for terrific amenities in Codominiums in Rosslyn?

Many renters and buyers want their condominium building to include as much as possible. Here are some buildings located in Rosslyn that have some added extras that make the building very desirable.

1. Atrium- Large pool, tennis court, grilling area, 2 concierge at all times, grilling area, in house dry cleaners, jacuzzi, fitness center
2. Waterview- Rooftop terrace with grilling area, Hotel Palomar room service, concierge, state-of-the-art fitness center
3. Belvedere- Outdoor pool, tennis court, fitness center

Economist Predictions of the Condominium Market in Northern Virginia

Read what economists predict for the coming year in homes and condominium buildings in Northern Virginia...

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/30/AR2009123003499.html

Buying a Condo in Arlington? You have to take what loan you're planning on getting into consideration...

Looking to buy a home? You're probably going to be getting a loan. When looking in the high-rise condominiums in Arlington Virginia, look into the buildings restrictions when it comes to loans. Because many of these condominiums are new, or part of mixed use buildings, some loans are not approved, such as FHA loans, which many first time home buyers prefer. Special loans such as FHA need to be approved for the building. This usually requires the building to be a year old, have a certain owner occupancy percentages, and be approved based on commercial space such as a hotel beneath the condos.

Before you fall in love with a unit, ask a realtor if the building allows the specific loan. There are other options such as spot approvals, etc., but with changing laws and regulations, these can also be quite difficult when trying to get a specific loan.

From experience with clients, look into buildings that fit around your loan guidelines before even checking them out...it can save you what would be wasted time, and a headache.

Washington Post Real Estate Headlines from the Past Decade

Now that we are in 2010, economists have a wide range of predictions for the housing and condo markets throughout the country. But before we try to see what the future will bring us, lets take a look at the leading real estate headlines from the Washington Post from the past decade...

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/30/AR2009123003497.html