Thinking of a VA and FHA loan?

Before you think VA or FHA loans are the way to go while purchasing your condominium in Arlington, Virginia, double check to make sure the building allows these loans. These loans have specific criteria to be approved in a building, and before you write up an offer/negotiate a contract, make sure the building allows them.

Factors that go into the approval of FHA and VA loans in a building include:

Percentage of owner occupants
Age of the building
Commercial property involvement
Budgets
Condominium reserves
Financial positions

OPEN HOUSE SUNDAY MARCH 28, 2010 FROM 1-3PM LEXINGTON SQUARE PENTHOUSE 5!!

Stunning Penthouse in Lexington Square is having its FIRST open house this Sunday, March 28th from 1pm-3pm. Enjoy the private outdoor terrace!

3BR/2BA
1378 interior sq.ft.
420 sq.ft. outdoor terrace
9 ft. ceilings
Triple crown molding
Karastan wool carpets throughout
Custom cherry built in bookcases
Gas fireplace
Granite counter tops in kitchen and bathrooms
Chrome sconces and fixtures throughout
AND MUCH MORE....

Stop on by! Contact Alexandra@condo1.com for more information!

Mortgage Rates Stay Low While Volume Increases

Ever since the massive snow Northern Virginia faced, I have seen the volume of sales increase dramatically from the previous year. With that being said, prices and contracts are getting more competitive, yet mortgage rates are staying low. Check out this article from the Washington Post to learn more about the interest rates and how now might be a good time to start looking before the market picks up to normal speed.

http://www.washingtonpost.com/wp-dyn/content/article/2010/03/19/AR2010031906414.html

How extreme do you go for condominium renovations?

Of course everyone want their condominium to be exactly to their taste and style, but how extreme do you want your condominium renovation to be? This applies to both new and old buildings, to different levels.

In most older buildings, a buyer will purchase a property knowing that they will have to put a good chunk of money into the condominium to renovate the kitchen, but in hardwood floors, etc. But, at what point are you spending too much? Some buyers and owners need to be careful on how much they spend on renovations. Although you might think $30,000 on custom granite counters will help the property, some potential buyers in the future only wanted regular granite counter tops, and would only put a $10,000 price tag on the counters. When selling the property, many new purchasers won't put the same dollar amount of what the renovations are worth to them.

This is even more the case in newer buildings. Most new condominium buildings, especially in Northern Arlington, already have pulled out all the bells and whistles when it comes to appliances, flooring, lighting etc. If you spend even more money on top of the premium you paid for a newer building, your condo might not resell for the total amount you put in.

On another level, if you go overboard with renovations, decorations, etc., your condominium might not be in the same taste as many buyers, which majorly hurts your resale potential. For example, there is a new listing on the market in a stunning building, but the owner "glammed" up the condo, creating a bachelor pad, Vegas, shinny motif to it, installing numerous mirrors, ultra glossy paint, extreme crown molding, new cabinets, etc. Because the owner spent about $80,000 extra that what he paid to do all of these upgrades, he expects to get that back when he sells it, yet it is quite the opposite. The other units are much more low key, beautifully designed and finished from the developer, which makes them much desirable, and at a much more affordable price.

Just something to keep in mind if you're thinking about remodeling...

New Condominiums for Saled in the Odyssey Condominium

On Friday of last week I went to view two condos at the Odyssey Condominium building, which is located on 2001 15th St. North, Arlington, VA. It is about 2 blocks from the Courthouse Metro. There were two 2bedroom units for sale for about the same price, but wow, were they different. The first unit was on the front of the building overlooking Rosslyn on the 10th floor. The owners put in light wood flooring, beautiful white granite counter tops, light wood cabinetry, and a modern white fireplace. Although the unit itself was only 1125 sq.ft., but felt much bigger. The bathrooms were done very modern, with frosted glass, and upgrades throughout. I was very impressed with the condo, and thought it was priced very fairly at $599,000. This condo would be perfect for a buyer wanting to live in the unit as it has all the upgrades, or because of the terrific price, would be perfect as an investment property. The other condo, not so much. It was a 2 bedroom unit as well, but did not have ANY upgrades, felt very cramped, dark, and worn down. At 975 sq.ft., this unit had a much more "dorm like" feel to it, and I was not impressed by it at all. Also, being on the 4th floor did not give the condo any views. Priced only $20,000 less, lets just say this one will be sitting until the other one sells. And knowing the extreme interest the 10th floor unit has gotten in only the past month, it's not going to last long.

Interested in more pictures or information? Email me at Alexandra@condo1.com!

Best Condominium Patios in Arlington, Virginia

Now that the weather is absolutely beautiful, why not enjoy it from your condo! High rise buildings are famous for tiny patios, that can barely fit a chair. But, there are some high rise condominium buildings in Arlington, Virginia (specifically Rosslyn through Ballston) that have terrific outdoor patios.

Here are my favorites:

1. Lexington Square Condominium- The regular condominiums in this building do not have patios, but the penthouse units take the cake for best patios in Arlington. They are so large, we refer to them as terraces. For example, one of our penthouse listings has a 460 sq.ft. terrace that holds table and seating, lounge chairs, and water fountain.

2. Atrium Condominium- Almost every condominium in this building has at least one patio off of their unit. Many of the condominiums have more than one patio depending on the number of levels, and how large the condo is. The front side of the building overlooks Georgetown, which makes these patios to die for. Also, the second floor condos on the back of the building each have their own private patio. Because they are on the second level, they are not on the main street, and are quite private.

3. Odyssey Condominium- The regular condominiums have very petite patios, but the penthouse suites have spectacular patios. Although they are side by side, you get terrific views of downtown DC.

4. Tower Villas Condominium- Although this building is somewhat older, each condominium has very large patios. If you are on the higher of levels you have terrific views of Arlington.

Our Stunning New Listing at the Atrium Condominium!

Drum roll please...our newest listing at the Atrium Condominium is finally unveiled!

The Atrium Condominium, located at 1530 Key Blvd. Arlington, VA 22209, a mere 2 blocks to the Rosslyn Metro, and a 5 minute walk to Key Bridge is in a prime location for those wanting to be near DC, Georgetown, but be in Arlington. This prestigious building is known for their granite foyer, spectacular views of Georgetown, massive outdoor pool, tennis court, and extensive fitness center. Although there are a few sales in this building, there is NOTHING like this.

2BR/2BA

1560 sq.ft.

Amazing views of Georgetown

3 private patios

Updated kitchen cabinets

Stainless steel appliances

2 assigned garage parking spots

What more could you ask for?

Listed at $925,000. OPEN HOUSE THIS SUNDAY 2-4pm! Come on out and see what all of the fuss is about!

Interested, but can't make the open house? Contact Alexandra@condo1.com for more information on the condo or to schedule a showing.

What makes your rental application unappealing?

Especially with renting condominiums, there are certain aspects of your rental application that can be unappealing to owners when trying to decide whether to have you as a tenant. If at all possible, try to eliminate these:

1. Pets- Many owners refuse to have any sort of pet in their property just to eliminate any risk of pet damages. Especially in Arlington, Virginia where most rentals are in condominium buildings, many buildings have restrictions on pets such as weight and number allowed in one unit. So first your pet needs to meet the requirements of the building, then the pet needs to meet the requirements of the owner. So if you're thinking about getting a pet and wanting to move to Arlington, don't. Your options will be cut in half.

2. Too many roommates- Specifically in 2 or 3 bedroom condos or townhomes, owners don't usually like a group of people living together. For example, if there is a 3 bedroom townhouse, the owner would be more willing to take a family of 4 than 3 unrelated roommates. Also, multiple roommates usually happen with the young professionals, so many owners are worried about the condition they will keep their property in. So, if you're thinking about living with a large group of friends, you might want to break up into smaller groupings of 2, because many owners will turn down an application if there are going to be too many people living in the property.

3. Date of move in- If you are wanting to move in 3 months out, and a property is vacant, the owner will more than likely pass on your application. Rentals turn over so quickly in Arlington, Virginia, that the owners know that they will be able to find someone who will be willing to move in sooner. I always recommend people looking about a month and a half at most out of their desired move in date to make sure the property will still be available then.

4. Credit Score- You need a good credit score. Rentals are quite pricey in Arlington, VA, so if an owner even has the slightest worry that you won't pay your rent on time or be able to pay at all, they will pass on your application.

Arlington has a very competitive rental market, so anything you can do to make your application more desirable, try to do it!

Want a sneak peak of what is coming available in Clarendon?

I have your sneak peak to terrific rentals coming on the market next week!

I have a 1BR/1BA condo in the Phoenix Condominiums being put on the market Tuesday. The building is located at 1020 N Highland in Clarendon, 2 blocks to the Clarendon metro, restaurants, bars, and shopping. It is 760 sq.ft. has a lot of counter top space in the kitchen, custom back splash, balcony with custom tile, stacked washer dryer, hardwood floors throughout, huge walk in close in bedroom, extra storage space and an assigned garage parking space being listed for $2200/month. This is a stunning condo in a new building! There have not been many units for rent in this building thus far because it is so new, so it's going to go quick!

Want a showing before it even comes on the market? Contact Alexandra@condo1.com!

Think living with a lot of people will make the rent cheaper? Think again!

Many roommates have this mindset that if they live with 3-4 people in a 3-4bedroom rental, the price per person will be cheaper. Although this reasoning makes sense, it is not always the case. Most of the time, the price per person is higher, and there are many less options than if you were looking for a smaller rental.

Arlington is full of investment properties, where owners will buy and rent out a property. They take into consideration what is in most demand, and buy accordingly. Usually 1 or 2 bedroom condos are easiest to rent out. Most owners who buy 3BR+ properties buy it for themselves to live in. In this sense, there are not that many 3+ bedroom rentals available. Also, most people who live in Arlington want the convenience of the Orange line. Because of this, buildings in the immediate metro area are all high rise buildings, which usually don't hold many 3 + bedroom units. Most rentals with numerous bedrooms will be further out from the metro, in a townhouse or an actual single family home. Because townhomes and single family homes have land, are taller, usually more spacious, these properties are very expensive, and in turn have a high rent price.

So, in short, if you think you are going to save money having 3 or 4 roommates in a rental close to the metro, think again. You will find your options are VERY limited, and although you will be looking at nice townhouses or penthouses (these usually have more bedrooms), you'll be paying a premium. If you're thinking about roommates, I would stick with 2 people at most. You'll be able to find many more options.

Interest Rates Drop...

Another drop? Want to borrow now?

Take a look at this article from the Washington Post about interest rates dropping this week....

http://www.washingtonpost.com/wp-dyn/content/article/2010/03/04/AR2010030405462.html

Want to live in the Residences in Waterview? I have your way in!

Listed by yours truly, a stunning 1 BR/1BA condominium on the 18th floor of Waterview is officially on the market. Located above the Hotel Palomar in Rosslyn at 1111 19th st. North, Arlington, VA 22209, you are 2 blocks away from the Rosslyn metro, a block to the Key Bridge connecting Georgetown, and footsteps from restaurants. It is 660 sq.ft. with floor to ceiling windows in both the living room and bedroom. The kitchen features state-of-the-art appliances, granite counter tops, and opens into the living room to give an roomy, spacious feel to the condo. The entire bathroom is imported marble, and has every show fixture you could ever imagine. The building itself is to die for, with a private 31st floor observation deck overlooking both downtown DC and Georgetown, with grill and seating area, ideal for parties. The building holds a terrific fitness center with all top of the line machines and weights. Residences at Waterview is connected to the Hotel Palomar, so as a resident you also have access to the hotel's room service and elaborate amenities.

Think you might be interested? Contact me at Alexandra@condo1.com for more information or to schedule a showing!

New listing at the Atrium Condominium!

Completely loyal to Condo 1, Inc? Here is our newest listing as of last night!

Located in the prestigious Atrium Condominium Building

Address: 1530 Key Blvd., Arlington, VA 22209

Condo features: 1BR/1BA, 895 sq.ft. Unobstructed view overlooking pool/tennis courts. Fabulous sunsets. The unit needs a little TLC but has terrific potential!

Building Amenities: 24-hour security, 2 concierges at all time, extensive fitness center with 1o person jacuzzi, tennis court, outdoor pool with immense seating, grilling area, underground parking, party room, in-house dry cleaners.

Contact Alexandra@condo1.com for more information or to schedule a private showing!

Looking for a steal in Rosslyn?

If you are on a tight budget, I have found your new rental.

RIVER PLACE CONDOMINIUMS. This studio apartment (although somewhat small being 383 sq.ft.) is located in Rosslyn, 1 block to the Rosslyn metro, and next to 50. It is listed at $1040/month, which includes ALL utilities except cable and Internet. The building has a terrific gym, pool, and 24-hour security. Check this one out before it gets snatched up! Contact Alexandra@condo1.com for more information about this studio, or to schedule a viewing.

Looking for a Penthouse in Arlington, VA?

Penthouses are a rare find in Arlington, Virginia. Most people who buy Penthouses keep them for a while, so there is rarely any turnover in the Penthouse market. But, if you're looking for one, you're in luck. We just put one on the market. Here are some of it's features...

Lexington Square Condominiums Penthouse 5 West.

• 3BR/2BA
• 1378 interior sq.ft.
• 440 sq.ft. private terrace
• Eat-in kitchen
• Carpet throughout
• Crown-molding throughout
• Gas fireplace
• Custom mantle and mirror centerpiece
• Custom storage in master bedroom
• Master suite with separate tub and shower
• 2 assigned garage parking spots

Interested? Contact Alexandra@condo1.com for a showing. This penthouse won't last long!